financial report and registration document 2011 - Groupe SEB

5.4. NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
Years ended 31 December, in millions of euros
SEB S.A. (“the Company”) and its subsidiaries (together “Groupe SEB” or
“the Group”) are a world leader in the design, manufacture and marketing
of cookware and small household appliances such as pressure cookers,
irons and steam generators, kettles, coffee machines, deep fryers, toasters
and food processors.
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated fi nancial statements were authorised for publication by
the Board of Directors on 17 February 2012.
As a company listed in a European Union country and in compliance with
European Commission regulation 1606/2002/EC dated 19 July 2002, the
2011 consolidated fi nancial statements and the 2010 and 2009 comparative
information have been prepared in accordance with the International
Accounting Standards (lASs) and International Financial Reporting
Standards (IFRSs) adopted by the European Union as of 31 December 2011,
including the interpretations issued by the International Financial Reporting
Interpretations Committee (IFRIC) and its predecessor, the Standing
Interpretations Committee (SIC). These documents can be downloaded from
the European Commission’s website, http://ec.europa.eu/internal_market/
accounting/ias_en.htm.
New standards, amendments and interpretations whose application
was mandatory from 1 January 2011
The following standards, amendments and interpretations whose application
was mandatory as from 1 January 2011 had no material impact on the
Group’s fi nancial statements:
� IAS 24 (revised) – Related Party Disclosures, which clarifi es the defi nition
of a related party and broadens the scope of disclosure requirements to
include commitments with related parties rather than just transactions
recognised in the fi nancial statements;
� amendment to IAS 32 – Financial Instruments: Presentation, concerning
the classifi cation of rights issues denominated in a currency other than
the issuer’s functional currency;
� amendment to IFRIC 14 – Prepayments of a Minimum Funding
Requirement. This amendment states that when an entity is subject to
minimum funding requirements under a defi ned benefi t plan and makes
an early payment of contributions to cover those requirements, the benefi t
of such an early payment can be treated as an asset in the same way as
other forms of prepayments;
� IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments,
which provides guidance on accounting for agreements to settle a fi nancial
liability fully or partially with shares or other equity instruments;
Financial Report and Registration Document 2011
5
Consolidated fi nancial statements
Notes to the consolidated fi nancial statements
SEB S.A.’s registered office is at Chemin du Petit Bois, Ecully (69130
Rhône, France). The Company is listed on Eurolist by Euronext Paris (ISIN
FR0000121709).
� amendment to IFRS 1 – Limited Exemption from Comparative IFRS 7
Disclosure for First-time Adopters;
� annual Improvements to IFRSs (May 2010), which mainly concern
clarifications related to (i) the application of IFRS 3R – Business
Combinations and IAS 27R, and (ii) the presentation of fi nancial statements
in accordance with IAS 1, notably the disclosures required concerning
items of other comprehensive income.
New standards, amendments and interpretations not early adopted
The following new standards, amendments and interpretations whose
application is mandatory from 1 January 2012 or which may be applied
even if they are not adopted by the European Union, provided that they do
not confl ict with current standards, were not early adopted by the Group in
2011. Apart from the amendment to IAS 19 described below they are not
expected to have any material impact on the Group’s fi nancial statements;
� amendments to IFRS 7 – Financial Instruments: Disclosures, which are
intended to improve the understanding of transfer transactions of fi nancial
assets by requiring disclosures that enable users of fi nancial statements
to (i) understand the relationship between transferred fi nancial assets that
are not derecognised in their entirety and the associated liabilities and
(ii) evaluate the nature of, and risks associated with, the entity’s continuing
involvement in derecognised fi nancial assets;
� amendment to IAS 1 – Presentation of Items of Other Comprehensive
Income, which requires entities to group items presented in other
comprehensive income on the basis of whether they are subsequently
reclassifi able to profi t or loss;
� amendment to IAS 12 – Income Taxes, concerning the measurement
of deferred taxes relating to certain assets measured at fair value. This
amendment is not expected to have a material impact on the consolidated
fi nancial statements;
� amendments to IAS 19 – Employee Benefits, which (i) eliminate the
option to defer the recognition of actuarial gains and losses, known as
the “corridor method” (at 31 December 2011, the Group’s unrecognised
actuarial gains and losses represented a net loss of €30.2 million), (ii) clarify
the presentation of changes in assets and liabilities arising from defi ned
benefi t plans, (iii) remove the notion of expected return on plan assets,
GROUPE SEB
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