financial report and registration document 2011 - Groupe SEB
financial report and registration document 2011 - Groupe SEB
financial report and registration document 2011 - Groupe SEB
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Note 3.2. REVENUE BY GEOGRAPHICAL LOCATION OF THE CUSTOMER<br />
Financial Report <strong>and</strong> Registration Document <strong>2011</strong><br />
5<br />
Consolidated fi nancial statements<br />
Notes to the consolidated fi nancial statements<br />
(in € millions) <strong>2011</strong> 2010 2009<br />
France 705.4 711.7 685.3<br />
Other Western European countries (a) 806.7 786.9 728.3<br />
North America 410.1 404.4 348.9<br />
South America 427.9 345.7 261.5<br />
Asia-Pacifi c 919.6 764.0 599.9<br />
Central Europe, Russia <strong>and</strong> other countries 693.6 639.1 552.4<br />
TOTAL 3,963.1 3,651.8 3,176.3<br />
(a) “Other Western European countries” correspond to the 15 countries other than France comprising the pre-enlargement European Union. The new EU countries are included in the “Central<br />
Europe, Russia <strong>and</strong> other countries” segment.<br />
NOTE 4 OPERATING EXPENSES<br />
(in € millions) <strong>2011</strong> 2010 2009 restated<br />
Purchased raw materials <strong>and</strong> goods (1,861.6) (1,632.7) (1,414.1)<br />
Labour costs (128.4) (126.7) (125.4)<br />
Freight costs (71.3) (64.9) (22.1)<br />
Other production costs (334.2) (322.3) (305.4)<br />
COST OF SALES (SUB-TOTAL) (2,395.5) (2,146.6) (1,867.0)<br />
Research <strong>and</strong> development costs (63.5) (60.0) (50.0)<br />
Advertising expense (128.2) (143) (95.2)<br />
Distribution <strong>and</strong> administrative expenses (922.8) (864.3) (808.7)<br />
OPERATING EXPENSES (3,510.0) (3,213.9) (2,820.9)<br />
During 2010, the Group revamped its accounting plan, which resulted in<br />
certain expenses (mainly logistics expenses) being reclassifi ed in cost of<br />
sales. This changed the structure of gross margin for that year, but had<br />
NOTE 5 EMPLOYEE BENEFITS EXPENSE<br />
no impact on <strong>report</strong>ed operating result from activity (formerly “Operating<br />
margin”).<br />
(in € millions) <strong>2011</strong> 2010 2009<br />
Wages <strong>and</strong> salaries (excluding temporary staff costs) (456.0) (429.3) (381.2)<br />
Payroll taxes (116.1) (112.6) (104.1)<br />
Pension <strong>and</strong> other post-employment benefi t plan costs (42.3) (39.3) (38.3)<br />
Service cost under defi ned benefi t plans (7.1) (7.6) (5.0)<br />
Statutory <strong>and</strong> discretionary employee profi t-sharing (43.9) (50.4) (33.5)<br />
TOTAL EMPLOYEE BENEFITS EXPENSE (665.4) (639.2) (562.1)<br />
GROUPE <strong>SEB</strong><br />
5<br />
95
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