financial report and registration document 2011 - Groupe SEB

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3 Report Corporate, social and environmental responsibility based on the review by a Statutory auditor of the environmental and social performance indicators selected Nature and scope of our work We performed our assignment in accordance with the IFAC-ISAE 3000 standard “Assurance Engagements Other than Audits or Reviews of Historical Financial Information” and according to the professional guidelines applicable in France. We carried out the following procedures to obtain limited assurance that these selected indicators are free of material misstatements. A higher level of assurance would have required a more extensive review. � We examined the reporting procedures developed by Groupe SEB in terms of their relevance, reliability, objectivity and clarity. � At the Group level: — We carried out analytical procedures and used samples to verify the calculations and the consolidation of data used to produce the environmental and social performance indicators. This work drew on interviews with the individuals responsible for this reporting within the Sustainable Development department, the Personnel Administration and HR Reporting department, the Training and School Relations department, the Industrial department, the Supply Chain department and the Standards and Environmental Quality department, — Based on our consultations with the individuals responsible for producing the social and environmental performance indicators within these various departments, we verified that procedures had been properly applied. We also conducted tests of detail that involved verifying the calculations and comparing data against supporting documentation; � We selected a sampling of entities: � Mooca – Saõ Paulo, Brazil (social and environmental performance indicators), � Saõ Bernardo do Campo – Brazil (social and environmental performance indicators), � GSF – Lyon, France (social performance indicators), � CALOR – Pont Evêque, France (social and environmental performance indicators), � SEB Développement – Ecully, France (social and environmental performance indicators), � SSEAC – Shanghai, China (social and environmental performance indicators), � Tefal – Rumilly, France (social and environmental performance indicators). These entities were selected based on quantitative and qualitative criteria applied to the indicators. � At the level of the selected entities: � Based on our consultations with the individuals responsible for preparing the data, we verifi ed proper understanding and application of the procedures, � We conducted tests of detail, based on samples, that involved verifying the calculations and comparing data against supporting documentation. These entities’ contribution to Groupe SEB’s consolidated indicators represents 21-15% for the social performance indicators and 51-78% for the environmental performance indicators. To assist us with these tasks, we drew on the support of our teams specialising in sustainable development. Conclusion Based on our audit, we did not observe any material misstatements likely to cast doubt on the fact that (a) the process for establishing the social and environmental performance information and (b) the selection of the social and environmental performance indicators in question have been established, in all signifi cant respects, in accordance with the guidelines entitled “Sustainability information reporting protocol” (Protocole de reporting informations DD) used by Groupe SEB and applicable in 2011. Neuilly-sur-Seine, 19 March 2012 Statutory auditor PricewaterhouseCoopers Audit Partner of PricewaterhouseCoopers Advisory within the Sustainable Development department Bernard Rascle Sylvain Lambert 58 GROUPE SEB Financial Report and Registration Document 2011
4Commentary on the fi nancial year 4.1. 2011 HIGHLIGHTS 60 General environment 60 Currencies 60 Raw materials 61 First bond issue 61 Continued expansion in emerging markets 61 Creation of the investment company SEB Alliance 62 Expansion of Supor’s Wuhan site 62 Groupe SEB receives recognition 63 4.2. COMMENTARY ON 2011 CONSOLIDATED SALES 64 Product sales performance 65 Geographical performance 66 4.3. COMMENTARY ON THE CONSOLIDATED RESULTS 68 Income statement 68 Balance sheet 69 4.4. OUTLOOK 72 4.5. FINANCIAL REVIEW OF SEB S.A. 73 Signifi cant events of the year 73 Financial Report and Registration Document 2011 GROUPE SEB 59 4
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FINANCIAL REPORT and REGISTRATION D
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This Registration Document was fi l
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1Presentation of the Group 1.1. KEY
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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
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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
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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
Page 55 and 56: Bonuses and profi t sharing (France
Page 59: 3 Corporate, social and environment
Page 63 and 64: Raw materials The Group’s busines
Page 65 and 66: Groupe SEB receives recognition As
Page 67 and 68: Quarterly curve of 2010 organic gro
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Page 71 and 72: in 2010 to €261 million in 2011)
Page 73 and 74: Cash fl ow and investment In €M 3
Page 75 and 76: 4.5. FINANCIAL REVIEW OF SEB S.A. S
Page 77 and 78: 5Consolidated fi nancial statements
Page 79 and 80: 5.2. CONSOLIDATED RATIOS (in %) 201
Page 81 and 82: Consolidated balance sheet At 31 De
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Page 91 and 92: C) RESTRUCTURING PROVISIONS The Gro
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Page 95 and 96: (in € millions) France Financial
Page 97 and 98: Note 3.2. REVENUE BY GEOGRAPHICAL L
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Page 101 and 102: NOTE 8 INCOME TAXES Note 8.1. INCOM
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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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