financial report and registration document 2011 - Groupe SEB

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GROUP PROFILE Groupe SEB, in touch with changing times REVENUE €3,963 M +8.5% OPERATING RESULT FROM ACTIVITY * €453 M +3.5% PROFIT FOR THE PERIOD €235 M +6.4% NET DEBT €673 M +€542 M CAPITAL EXPENDITURE €131 M -6.4% EMPLOYEES 25,000 PEOPLE 31/12/2011 WORLDWIDE * Formerly known as operating margin. With a presence in almost 150 countries, Groupe SEB has earned strong positions on all continents through a wide, diversifi ed product range and an exceptional brand portfolio. Today it is the world leader in Small Domestic Equipment. Its success is rooted in its ability to innovate and invent for daily life in tomorrow’s world. A multi-specialist Group � COOKWARE Frying pans, saucepans, casseroles, baking trays, oven dishes, pressure cookers, low-pressure steam pots, kitchen utensils, etc. � KITCHEN ELECTRICS Electrical cooking: deep fryers, table-top ovens, rice cookers, induction hobs, electric pressure cookers, barbecues, informal meal appliances, waffl e makers, meat grills, toasters, steam cookers, breadmakers, etc. Preparation: food processors, beaters, mixers, blenders, centrifugal juice extractors, small foodpreparation equipment, coffee makers (pod, fi lter and espresso), electric kettles, Quick Cup instant hot-water dispensers, home beer-tapping machines, soya milk maker, etc. World ranking No.1 No.2 No.3 � HOME AND PERSONAL CARE PRODUCTS Personal care: hair care equipment, depilators, bathroom scales, foot massage appliances, babycare equipment (bottles, bottle warmers, sterilisers, night lights), etc. Linen care: steam irons and steam systems, semiautomatic washing machines, garment steam brushes, etc. Home care: vacuum cleaners (upright or canister, with and without dust bag, compact and cordless), fans, heaters and air-conditioners, etc. Cookware – Pressure cookers – Steam irons and steam systems – Kettles – Steam cookers – Toasters – Fryers – Informal meal appliances – Scales (bathroom scales and kitchen scales) Espresso coffee machines – Table top ovens – Breadmakers – Grills and barbecues – Waffl e makers and toasted sandwich makers – Juicers Food preparation appliances – Drip coffee makers – Electric depilators OUR MARKET LEADERSHIP IS SUPPORTED BY FAMOUS BRANDS: � World brands: All-Clad, Krups, Lagostina, Moulinex, Rowenta and Tefal; � Regional brands: Calor and Seb (France and Belgium), T-fal, Mirro WearEver, AirBake, Regal (North America), Arno, Panex, Rochedo, Penedo, Clock, Samurai, Imusa, Umco (South America), Supor (China) and AsiaVina (Vietnam). * Maharaja Whiteline in India to be added in 2012. 2 GROUPE SEB Financial Report and Registration Document 2011
1Presentation of the Group 1.1. KEY FIGURES 4 1.2. MILESTONES IN THE HISTORY OF THE GROUP 5 External growth: a dynamic acquisition strategy 5 Organic growth: innovation and international expansion 6 1.3. BUSINESS SECTORS 7 Separate and complementary business models 8 Multiple forms of competition 8 1.4. GROUP STRATEGY 9 A long-term strategy 9 Innovation – Research and development 9 Partnerships 10 Industrial strategy 10 Purchasing 11 1.5. RISK MANAGEMENT 12 Risks inherent to operations 12 Dependency risks 15 Legal risks 16 Financial market risks 16 Sensitivity analysis 17 Insurance 18 Contingent assets 18 Financial Report and Registration Document 2011 GROUPE SEB 3 1
Page 1 and 2: FINANCIAL REPORT and REGISTRATION D
Page 3: This Registration Document was fi l
Page 7 and 8: Financial Report and Registration D
Page 9 and 10: 1.3. BUSINESS SECTORS As a global l
Page 11 and 12: 1.4. GROUP STRATEGY A long-term str
Page 13 and 14: In 2011, with only a few rare excep
Page 15 and 16: for an amount of €465 million, mo
Page 17 and 18: policy (monitored by a Steering Com
Page 19 and 20: INTEREST-RATE RISK AND CURRENCY RIS
Page 21 and 22: 2Corporate governance 2.1. BOARD OF
Page 23 and 24: DAMARYS BRAIDA Member of the Founde
Page 25 and 26: JEAN-NOËL LABROUE Independent dire
Page 29 and 30: Attendance fees The maximum amount
Page 31 and 32: 2.3. GROUP MANAGEMENT BODIES Group
Page 33 and 34: BENEFITS IN KIND Thierry de La Tour
Page 35 and 36: TABLE 4 Stock option allocation for
Page 37 and 38: TABLE 10 General information about
Page 39 and 40: � respect for rules governing div
Page 41 and 42: THE INFORMATION SYSTEMS DEPARTMENT
Page 45 and 46: 3Corporate, social and environmenta
Page 49 and 50: Breakdown of changes in staffi ng (
Page 51 and 52: Persons with disabilities (Worldwid
Page 53 and 54: Overtime (Worldwide) 2011: In Franc
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Bonuses and profi t sharing (France
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Financial Report and Registration D
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3 Corporate, social and environment
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4Commentary on the fi nancial year
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Raw materials The Group’s busines
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Groupe SEB receives recognition As
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Quarterly curve of 2010 organic gro
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In North America, 2011 was marked b
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in 2010 to €261 million in 2011)
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Cash fl ow and investment In €M 3
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4.5. FINANCIAL REVIEW OF SEB S.A. S
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5Consolidated fi nancial statements
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5.2. CONSOLIDATED RATIOS (in %) 201
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Consolidated balance sheet At 31 De
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Consolidated statement of changes i
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5.4. NOTES TO THE CONSOLIDATED FINA
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The assumptions used - which mainly
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Derivative instruments designated a
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C) RESTRUCTURING PROVISIONS The Gro
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The provisional value assigned to t
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(in € millions) France Financial
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Note 3.2. REVENUE BY GEOGRAPHICAL L
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� €1 million in compensation co
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NOTE 8 INCOME TAXES Note 8.1. INCOM
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NOTE 9 EARNINGS PER SHARE Financial
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The discount rates used were determ
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2009 (in € millions) Land Buildin
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NOTE 19 EQUITY Note 19.1. SHARE CAP
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Note 19.3. RESERVES AND RETAINED EA
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Note 21.1. PRODUCT WARRANTIES Provi
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NOTE 23 TRADE PAYABLES AND OTHER LI
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Note 24.2. NET DEBT Financial Repor
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Non-current financial assets consis
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currencies are partly hedged by mea
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The following table analyses fi nan
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(in € millions) Expenses Financia
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IFRIC interpretation no. 6 adopted
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NOTE 32 LIST OF CONSOLIDATED COMPAN
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Specifi c verifi cation Financial R
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6Company fi nancial statements 6.1.
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Note 2.3. NON-CURRENT FINANCIAL ASS
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NOTE 4 OTHER RECEIVABLES Financial
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NOTE 9 ACCRUALS ACCOUNTS Note 9.1.
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NOTE 13 OFF-BALANCE SHEET COMMITMEN
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6.4. STATUTORY AUDITORS’ REPORT O
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7Information on the Company and its
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7.3. FINANCIAL AUTHORISATIONS Finan
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HOLDING CONDITIONS APPLICABLE TO TH
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7.5. STOCK MARKET AND DIVIDEND INFO
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8Annual General Meeting 8.1. REPORT
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Board of Directors Financial Report
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8.3. PROPOSED RESOLUTIONS Proposed
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AUTHORISATION TO TRADE IN THE COMPA
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AUTHORISATION TO MAKE PERFORMANCE S
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� that the Board of Directors sha
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SEVENTEENTH RESOLUTION: EMPLOYEE SH
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9Additional information 9.1. CONSUL
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Fees paid to Statutory auditors The
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9.6. REGISTRATION DOCUMENT CROSS- R
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21 - ADDITIONAL INFORMATION Financi
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NOTES Financial Report and Registra
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FINANCIAL AGENDA 2012 26 APRIL AFTE
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