Resilient Business Activity Following a
Record Year Profitability Temporarily Impacted in the Second
Quarter
- First-half sales: €3,666m; +1.6%, -2.3% LFL*
- Second quarter sales: €1,750m; -0.4%, -5.1% LFL*
- First-half Operating Result from Activity (ORFA): €199m,
-€121m vs 2021
- Second quarter ORFA: €59m; -€63m vs 2021
- Profit attributable to owners of the parent: €72m, -€79m
vs 2021
- Net financial debt at June 30, 2022: €2,447m, up €597m vs
June 30, 2021 (inventory building to address supply chain
tensions)
- Full-year assumptions revised:
- Overall stable 2022 sales vs 2021
- Operating margin from activity in the range of 8% to
8.5%
* LFL: like-for-like (at constant exchange rates and scope) –
Changes vs 2021
Regulatory News:
Groupe SEB (Paris:SK):
Statement by Stanislas de Gramont, Chief Executive Officer of
Groupe SEB
“2022 started in a favorable environment, which deteriorated in
the second quarter, with the war ongoing in Ukraine, currency
volatility and the acceleration in inflation.
Sales were resilient, driven by an excellent performance in
China and by the solid momentum in the Professional business. As in
2021, the Group absorbs the impact of headwinds while the operating
profitability is temporarily hit by the combined effect of the
slowdown in second-quarter business in Europe and the continuation
of investments already undertaken.
We keep on fueling our growth pillars: China, where we will
exceed €2bn revenue this year, with great development prospects
ahead; the Professional activity which is paving the way for new
buoyant and profitable markets; innovation and digitization, which
represent fundamentals in our businesses.
We do not expect any significant improvement in the economic
situation before year-end in mature countries. This leads us to
target for the full year overall stable sales and an operating
margin in the range of 8% to 8.5%.
I know I can count on the commitment and agility of our teams
throughout the world to pursue our strategy of profitable
growth.”
GENERAL COMMENTS ON GROUP SALES
After a solid first quarter, the second quarter was
characterized by a deterioration in the general environment, with
the worsening economic consequences of the Russian-Ukrainian
conflict, ongoing supply chain tensions and the return of
inflation. This fueled consumers’ concerns about their purchasing
power and impacted demand, with tradeoffs of spending to services
and leisure, having an adverse impact on small domestic equipment
–mainly the cooking categories– which had benefited strongly from
the stay-at-home requirements in 2020 and 2021. It is positive,
however, for the hospitality and catering sector.
In this context, Groupe SEB achieved first-half sales of
€3,666m, up 1.6% versus demanding end-June 2021 comparatives.
This increase includes an organic decline of 2.3% (-€81m), offset
by a +3.9% currency effect (+€137m) due mostly to the Chinese yuan
and US dollar. Revenue in the second quarter was down 0.4% and 5.1%
LFL.
As was the case in the first quarter, organic growth was
penalized by specific factors:
- the war in Ukraine: -1.6 pts in the first half and -2 pts in
the second quarter;
- the non-recurrence of 2021 loyalty programs: -1.4 pts in the
first half and -0.6 pt in the second quarter;
- the lockdowns in China in the second quarter: -1.1 pts in the
first half and -2.2 pts in the second quarter.
Combined, these factors –concentrated mainly in the Consumer
business– translated into a growth shortfall of 4.1 pts in the
first half and 4.8 pts in the second quarter. Excluding these
items, sales would have risen by 1.8% at June 30 and been virtually
stable in the second quarter, on a like-for-like basis.
Moreover, compared with 2019, the last “normal” year
pre-COVID, our half-year sales increased by 9.9%, pointing to a
healthy trajectory over time.
The Consumer business revenue fell 3.3% in the first six
months of the year. This decline occurred in the second quarter,
which saw a sharper-than-expected slowdown in demand. The issues
are concentrated on a few major markets which were hit particularly
hard (France, Russia-Ukraine, of course, Japan and South Korea)
while our sales in China grew steadily despite the second-quarter
lockdowns.
Compared with 2019, first-half revenue are up 13.2%.
The Professional business, with 9.5% organic growth in the
first half, confirmed its recovery, on more demanding 2021
comparatives in the second quarter for Professional Coffee.
Excluding specific deals, the core business –machines and services–
surged by some 25% LFL versus first-half 2021. This solid momentum,
based largely on the expansion of our customer portfolio, covered
all regions. Of particular note is the very strong performance by
Wilbur Curtis in the United States and the resumption of the
rollout of the Luckin Coffee contract in China.
REVENUE BY REGION – 1st HALF-YEAR
Sales (€m)
H1 2021
H1 2022
Change 2022/2021
Q2 2022 Like-for-like
As reported
LFL*
EMEA
1,662
1,494
-10.1%
-8.9%
-13.4%
Western Europe
1,171
1,072
-8.5%
-8.7%
-14.5%
Other countries
490
422
-14.0%
-9.3%
-10.6%
AMERICAS
480
515
+7.2%
-2.2%
+1.8%
North America
348
358
+2.9%
-6.5%
-3.8%
South America
132
157
+18.6%
+9.0%
+16.0%
ASIA
1,178
1,327
+12.7%
+4.2%
+1.3%
China
898
1,054
+17.4%
+6.6%
+1.9%
Other countries
280
273
-2.3%
-3.3%
-0.7%
TOTAL Consumer
3,319
3,336
+0.5%
-3.3%
-5.9%
Professional
290
330
+13.6%
+9.5%
+3.6%
GROUPE SEB
3,610
3,666
+1.6%
-2.3%
-5.1%
*Like-for-like: at constant
exchange rates and scope of consolidation
Rounded figures in €m
% calculated in non-rounded
figures
COMMENTS ON CONSUMER BUSINESS BY REGION
Sales (€m)
H1
2021
H1
2022
Change 2022/2021
Q2 2022 LFL
Reported
LFL
EMEA
1,662
1,494
-10.1%
-8.9%
-13.4%
Western Europe
1,171
1,072
-8.5%
-8.7%
-14.5%
Other countries
490
422
-14.0%
-9.3%
-10.6%
WESTERN EUROPE
In Western Europe, the deterioration in the economic environment
led to a sharper decline in our sales in the second quarter. In
addition, the non-recurrence of major loyalty programs in 2021
adversely affected first-half revenue by 3.3 points.
In this environment, the most popular products during the
lockdown (food preparation, for instance) leveled off while
cookware, floor care and linen care enjoyed positive momentum.
In France, in a sharply contracting small domestic
equipment market in the second quarter, our sales fell by about 20%
LFL vs the record performance in 2021. Within this decline, the
non-recurrence of loyalty programs had a 6-point negative impact.
Compared with 2019, revenue rose by 4%, reflecting a positive
business trend over time in almost all product lines, despite the
challenges faced.
In Germany, the market was still slightly growing in the
first quarter but reversed course as from April, as it was impacted
by the collapse in household confidence. Our sales, which had been
robust at the beginning of the year, thus dropped in the second
quarter.
In other European countries, performances varied by
market, with Italy, Spain, the Netherlands and the United Kingdom
holding up better than Belgium, for example. Half-year revenue was
nonetheless stable at constant exchange rates compared with 2021,
after a more challenging second quarter.
OTHER EMEA COUNTRIES
After years of strong, uninterrupted organic growth, our sales
in the region slackened in the first half of the year due to the
impacts of the war in Ukraine. This was reflected in a ca. €60
million loss of revenue as of June 30, with a sharp acceleration in
the second quarter. As a result, growth in the region was penalized
by 12 points. Excluding this impact, sales in the region would have
been up by nearly 3% LFL. Currencies – mainly the Turkish lira –
also had a €23m negative impact on revenue.
Against this backdrop, momentum in the small domestic equipment
market has slowed since March/April, with more promotional
activity. The product categories that remained promising were robot
vacuum cleaners, automatic espresso machines and “oil-less” fryers.
We also continued our successful rollout of the Ingenio cookware
ranges and the Cookeo pressure multicooker.
Beyond the issues in Russia and Ukraine, there were contrasting
performances across countries.
In Central Europe, our sales were down overall, with the
exception of Poland where the Group continued to progress
and increased its market share. In Turkey, the nearly 70%
organic growth (driven solely by price increases) should not mask
the fact that the general environment has deteriorated
significantly. In other countries, we note in particular the
further inroads made in Egypt, where the Group keeps on
investing in order to develop pillars of future growth. Moreover,
the Groupe SEB Morocco joint venture, which is 55% controlled by
the Group, was set up in Casablanca to start operations in
July.
Sales (€m)
H1
2021
H1
2022
Change 2022/2021
Q2 2022
LFL
Reported
LFL
AMERICAS
480
515
+7.2%
-2.2%
+1.8%
North America
348
358
+2.9%
-6.5%
-3.8%
South America
132
157
+18.6%
+9.0%
+16.0%
NORTH AMERICA
In North America, reported growth in first-half sales can be
attributed to the significant appreciation of the three currencies
in the region in the second quarter, with a dominant impact from
the US dollar. On a like-for-like basis, sales for the six months
ended June 30 were down 6.5%, on the back of extremely high 2021
comparatives (+51% LFL).
This base of comparison is particularly demanding in the
United States, where the economic recovery was accompanied
by substantial government consumption support packages. Conversely,
in the first half of 2022, acceleration in inflation and its
effects on consumer behavior affected demand for small electrical
appliances and cookware. However, T-fal and All-Clad remain the
leading brands on the US cookware market, in the mid-range and
high-end segments, respectively. Our sales were also temporarily
held back by the non-recurrence of a major campaign with one of our
clients in 2021. Conversely, against a backdrop of a return to
socializing and to the office, our linen care business recovered
strongly, driven by all product categories (steam irons, steam
generators and garment steamers).
In Canada, in a highly competitive market, the Group
returned to growth in the second quarter with, in particular, very
satisfactory performances for linen care and the assertion of the
Group’s leadership in this category.
In Mexico, our half-year sales increased by more than 25%
LFL. The solid start to the year gained additional steam in the
second quarter, driven by nearly all product families in small
domestic appliances and cookware. This led to the continued
strengthening of our market positions.
SOUTH AMERICA
Like North America, the differential between reported growth and
organic growth stems from currency appreciation (Brazilian real and
Colombian peso mainly), which gathered pace in the second
quarter.
Like-for-like sales were up 9% over the first half, with a
marked acceleration in the second quarter.
In Colombia, in a buoyant market, the Group generated
organic growth of close to 30% for the first-half, which surged to
almost 40% in the second quarter. These very impressive
performances were driven by continued progress in cookware and
small domestic appliances where all product categories contributed
to growth. Despite the persistence of certain raw material and
component procurement issues, the Group leveraged the
competitiveness of its local industrial sites to pursue its
expansion and market share gains.
In Brazil, significant inventory destocking in the retail
was unfavorable for sell-in, overall. The decline in our sales
eased somewhat by June 30, after a second quarter that enjoyed
slight organic growth. Business held up well for cookware, through
sustained activation both offline and online, but trends were more
mixed in small domestic appliances amid heavy promotional
activity.
Sales (€m)
H1
2021
H1
2022
Change 2022/2021
Q2 2022 LFL
Reported
LFL
ASIA
1,178
1,327
+12.7%
+4.2%
+1.3%
China
898
1,054
+17.4%
+6.6%
+1.9%
Other countries
280
273
-2.3%
-3.3%
-0.7%
CHINA
In China, despite severe restrictive travel measures
imposed by the government to combat the resurgence in COVID-19
infections, the Group confirmed solid growth in activity at June
30.
At 6.6%, organic growth in half-year sales breaks down between a
robust start to the year (+10.9% LFL) and a more modest
second-quarter performance (+1.9%). The shortfall in April/May,
owing to lockdowns, was more than offset by a strong June (+12%),
boosted by the outperformance of Supor at the 618 Shopping
Festival.
This strong sales momentum was driven by small electrical
appliances, including kitchen electrics (oil-less fryers, rice
cookers, etc.) as well as food preparation (broad range of
blenders), and large kitchen appliances (LKA). Sales of cookware,
conversely, were down, despite very solid performances for woks and
pans.
The good dynamic also enabled Supor to continue to largely
outperform a sluggish market and to strengthen its market share. As
a result, Supor became the leader in kitchen electrics during the
second quarter thanks to significant market share gains both in
physical retail and e-commerce. Simultaneously, it continued to
consolidate its leadership in cookware, making further progress in
e-commerce.
Supor pursued the leverage of its growth pillars, built around
innovation, extension of its product offering and ongoing
development of online sales, with, in particular, a stronger
presence on new emerging platforms such as TikTok.
OTHER ASIAN COUNTRIES
In Asia excluding China, sales at end-June declined by
3.3% LFL at the close of a stable second quarter versus 2021,
markedly better-oriented than the first three months of the
year.
In Japan, after a first quarter severely impacted by the
resumption of the near state of emergency (owing to the resurgence
of the COVID-19 epidemic), the Group returned to organic growth in
the second quarter. Demand remained lackluster, however, in an
inflationary context. In cookware, the performance was good, both
for fixed and removable handle ranges (Ingenio). For small domestic
appliances, however, our sales were down over the period, suffering
notably from high levels of inventories in the retail.
In South Korea, like for the start of the year, business
remained under pressure in the second quarter in an overall dull
consumption environment, mainly focused on services.
In Australia, the launch of new products and gains in
retail listings generated a solid quarterly performance.
In other South-East Asian countries (Thailand, Malaysia,
Singapore, Hong Kong, etc.), first-half sales were up almost
everywhere, in a market environment that was nevertheless showing
signs of slowing towards the end of the period.
COMMENTS ON PROFESSIONAL BUSINESS ACTIVITY
Sales (€m)
H1
2021
H1
2022
Change 2022/2021
Q2 2022 LFL
Reported
LFL
Professional
290
330
+13.6%
+9.5%
+3.6%
In the first half of 2022, revenue from the Professional
business (professional coffee, hotel equipment and Krampouz)
amounted to €330m, up 13.6%. On a like-for-like basis,
growth came to 9.5%.
In Professional Coffee, which accounts for 90% of
business, first-half sales were solid, reflected by organic
growth of more than 6%. Growth trends were stronger in the
first quarter than in the second, for which the basis of comparison
in 2021 was more demanding owing to the delivery of major specific
contracts last year.
Excluding major contracts, organic growth in core
business over the first six months was around 25%, driven by
both sales of machines and a strong recovery in services. In terms
of regions, particular mention goes to:
- Europe, with growth of around 20% LFL;
- North America, on the back of continued extension of the
customer portfolio, almost doubling WMF/Schaerer
sales and an excellent performance from Wilbur Curtis
where sales enjoyed growth of more than 50%.
Furthermore, in China, the redeployment of the contract with
Luckin Coffee largely offset the impact of nine weeks of lockdown,
and our first-half sales were up more than 10%.
The Hotel Equipment activity benefited from a recovery in
orders and turned in a very strong first half, with LFL sales
growth in excess of 50%.
Krampouz have been progressing by close to 25% LFL
over the period, reflecting the rapid development of the activity
and lending weight to the announced plans to invest in the
Pluguffan industrial site.
OPERATING RESULT FROM ACTIVITY (ORFA)
Operating Result from Activity (ORFA) in first-half 2022 was
€199m (ORFA margin of 5.4%), versus a record €320m at end-June
2021 (ORFA margin of 8.9%). The figure includes a negative
currency effect of €43m and there is no scope effect.
Like-for-like, ORFA in first-half 2022 was therefore €242m,
representing an operating margin of 6.8%. The explanations for this
change versus first-half 2021 are as follows:
- a negative volume effect of €149m, reflecting the Consumer
business slowdown which amplified in the second quarter;
- a significant price-mix effect (+€366m), fueled by the embedded
effect of the price increases implemented by the Group in October
2021, as well as the increases applied in early March;
- an increase in the cost of sales to -€189m, including, in
particular:
- significant headwinds (raw materials, components, freight,
storage, etc.), further inflated by the appreciation of the dollar
and the Chinese yuan, in particular in the second quarter;
- the negative effect of the contraction in sales volumes on the
workload of our plants and therefore on the absorption of fixed
costs, compared with a very strong over-absorption in 2021;
- a €61m increase in growth drivers (innovation, advertising,
marketing, etc.), with the strong investment policy introduced at
the beginning of the year being curtailed at the end of the
period;
- a €45m increase in sales and administrative expenses, including
the continued strengthening of sales resources and long-term
investments (IT, offline and online D2C, etc.).
We also highlight, as usual, that given the seasonal nature of
the Group's business, first-half ORFA is not representative of the
full year.
OPERATING PROFIT AND NET PROFIT
At end-June 2022, Group operating profit amounted to
€179m, versus €258m at June 30, 2021. This result includes an
employee profit-sharing expense of about €13m (€16m in 2021) and
other operating income and expense of -€7m, compared with -€46m in
first-half 2021.
At -€47m, net financial expense at June 30, 2022 deteriorated by
€20m from -€27m in first-half 2021. This was mainly due to the
increase in the cost of intragroup refinancing (revaluation of
intragroup current accounts, cost of hedges contracted) and in
other financial expenses.
In these circumstances, profit attributable to owners of the
parent totaled €72m in the first half, compared with €151m at
end-June 2021. This comes after a tax charge of €31m, based on an
estimated effective tax rate of 23%, and after minority interests
of €30m versus €27m in first-half 2021, reflecting improved results
for Supor, in yuan and in euros.
FINANCIAL STRUCTURE AT JUNE 30, 2022
Consolidated shareholders’ equity stood at €3,108m at June
30, 2022, up €118m from end-2021 and up €560m from June 30,
2021.
At the same date, the Group's net financial debt was
€2,447m (including €350m of IFRS 16 debt), up €597m versus June
30, 2021 and up €924m versus December 31, 2021. This rise is mainly
due to negative free cash flow of €683m linked to an increase in
the working capital requirement (WCR).
At June 30, 2022, the operating WCR amounted to 22.3% of
sales, a significant increase compared with end-June 2021
(14.8%) and end-December 2021 (13.8%). This increase is
concentrated in inventories, reflecting:
- the policy of high inventories implemented by the Group in
response to persistent supply chain issues;
- the increase in value related to higher prices for raw
materials, components and freight;
- the increase in transport times for our finished products
(inventories in transit).
Based on net financial debt of €2,447m, the Group’s debt
ratio (net financial debt/equity) at June 30, 2022 was
0.7 and the net financial debt/adjusted EBITDA ratio was
2.7 (2.5 excluding IFRS 16).
The Group continues to benefit from a stable financial base,
underpinned by a healthy and well-balanced financing structure in
terms of instruments and maturity, and free of financial
covenants.
OUTLOOK
After a solid first quarter, the Group had made the assumption
of a gradually improving economic situation for the rest of the
year but the climate worsened in the second quarter (war in
Ukraine, slowdown in demand, inflation, etc.).
The Group now expects this environment to persist in the second
half of the year.
Under these conditions, the Group is revising its previously
announced growth assumptions for 2022 sales and Operating Result
from Activity and is now targeting:
- Stable 2022 sales overall vs 2021
- An ORFA margin in the range of 8% to 8.5% for the full
year.
These new assumptions factor in additional costs (raw materials,
components, freight, currencies) now estimated at €300m, compared
with the initial estimated amount of €200m.
In response to the current economic environment, the Group has
rapidly taken the necessary actions in terms of prices and strict
control of its operating costs, including the adaptation of growth
drivers to present market conditions. Furthermore, it also
kick-started a plan to gradually adjust its inventories to expected
second-half levels of activity.
Groupe SEB will pursue its long-term value-creation strategy
based on profitable growth, leadership through innovation,
environmental responsibility and market consolidation.
Groupe SEB's company and consolidated financial statements at
June 30, 2022 were approved by the Board of Directors meeting held
on July 20, 2022.
CONSOLIDATED INCOME STATEMENT
(€ million)
06/30/2022
6 months
06/30/2021
6 months
12/31/2021
12 months
Revenue
3.665.6
3,609.6
8,058.8
Operating expenses
(3,467.0)
(3,289.6)
(7,245.5)
OPERATING RESULT FROM ACTIVITY
198.6
320.0
813.3
Statutory and discretionary employee
profit-sharing
(13.3)
(15.7)
(39.4)
RECURRING OPERATING PROFIT
185.3
304.3
773.9
Other operating income and expense
(6.6)
(46.3)
(59.1)
OPERATING PROFIT
178.7
258.0
714.8
Finance costs
(19.0)
(21.6)
(43.1)
Other financial income and expense
(27.9)
(5.7)
(21.4)
PROFIT BEFORE TAX
131.8
230.7
650.3
Income tax expense
(30.7)
(53.0)
(142.7)
PROFIT FOR THE PERIOD
101.1
177.7
507.6
Non-controlling interests
(29.5)
(27.2)
(53.8)
PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT
71.6
150.5
453.8
PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT PER SHARE (in units)
Basic earnings per share
1.30
2.79
8.42
Diluted earnings per share
1.29
2.78
8.36
CONSOLIDATED BALANCE SHEET
ASSETS (in € millions)
06/30/2022
06/30/2021
12/31/2021
Goodwill
1,739.0
1,671.6
1,707.8
Other intangible assets
1,311.6
1,272.7
1,289.9
Property, plant and equipment
1,319.9
1,201.4
1,265.6
Other investments
194.3
120.7
162.0
Other non-current financial assets
16.3
15.9
16.3
Deferred tax liabilities
157.4
120.3
129.8
Other non-current assets
61.7
54.7
52.9
Long-term derivative instruments -
assets
35.0
20.1
11.6
NON-CURRENT ASSETS
4,835.2
4,477.4
4,635.9
Inventories
2,240.3
1,455.3
1,839.6
Customers
761.2
785.9
934.6
Other receivables
246.2
188.0
232.4
Current tax assets
51.5
44.9
38.9
Short-term derivative instruments -
assets
191.3
64.7
115.7
Other investments and other financial
assets
272.2
686.0
60.6
Cash and cash equivalents
1,392.6
1,437.7
2,266.5
CURRENT ASSETS
5,155.3
4,662.5
5,488.3
TOTAL ASSETS
9,990.5
9,139.9
10,124.2
EQUITY & LIABILITIES (in €
millions)
06/30/2022
06/30/2021
12/31/2021
Share capital
55.3
55.3
55.3
Reserves and retained earnings
3,085.9
2,523.6
2,969.1
Treasury stock
(33.3)
(30.5)
(34.3)
Equity attributable to owners of the
parent
3,107.9
2,548.4
2,990.1
Non-controlling interests
298.2
268.0
300.6
CONSOLIDATED SHAREHOLDERS’
EQUITY
3,406.1
2,816.4
3,290.7
Deferred tax liabilities
254.2
176.1
234.0
Employee benefits and other long-term
provisions
226.8
328.1
298.9
Long-term borrowings
2,207.7
2,352.8
2,230.8
Other non-current liabilities
51.5
56.2
54.1
Long-term derivative instruments -
liabilities
31.6
9.4
15.3
NON-CURRENT LIABILITIES
2,771.8
2,922.6
2,833.1
Employee benefits and other short-term
provisions
121.5
135.7
132.0
Suppliers
1,214.2
1,161.4
1,614.7
Other current liabilities
455.4
389.0
546.7
Current tax liabilities
55.4
51.2
51.8
Short-term derivative instruments -
liabilities
72.7
48.8
50.0
Short-term borrowings
1,893.4
1,614.8
1,605.2
CURRENT LIABILITIES
3,812.6
3,400.9
4,000.4
TOTAL CONSOLIDATED EQUITY AND
LIABILITIES
9,990.5
9,139.9
10,124.2
APPENDIX
REVENUE BY REGION – 1ST QUARTER
Sales (€m)
Q1
2021
Q1
2022
Change 2022/2021
As reported
LFL*
EMEA
870
813
-6.6%
-4.8%
Western Europe
599
582
-2.9%
-3.2%
Other countries
271
231
-14.6%
-8.3%
AMERICAS
243
243
+0.3%
-6.2%
North America
178
173
-2.3%
-9.1%
South America
65
70
+7.4%
+1.6%
ASIA
609
703
+15.4%
+7.0%
China
468
569
+21.7%
+10.9%
Other countries
142
134
-5.4%
-5.8%
TOTAL Consumer
1,722
1,760
+2.2%
-0.8%
Professional
130
156
+20.1%
+16.8%
GROUPE SEB
1,852
1,915
+3.4%
+0.4%
*Like-for-like: at constant
exchange rates and scope of consolidation
Rounded figures in €m
REVENUE BY REGION – 2ND QUARTER
Sales (€m)
Q2
2021
Q2
2022
Change 2022/2021
As reported
LFL*
EMEA
791
680
-14.0%
-13.4%
Western Europe
572
490
-14.3%
-14.5%
Other countries
219
190
-13.3%
-10.6%
AMERICAS
237
271
+14.3%
+1.8%
North America
170
185
+8.4%
-3.8%
South America
67
87
+29.4%
+16.0%
ASIA
568
624
+9.8%
+1.3%
China
430
485
+12.7%
+1.9%
Other countries
138
139
+0.9%
-0.7%
TOTAL Consumer
1,597
1,576
-1.3%
-5.9%
Professional
161
174
+8.5%
+3.6%
GROUPE SEB
1,758
1,750
-0.4%
-5.1%
*Like-for-like: at constant
exchange rates and scope of consolidation
Rounded figures in €m
GLOSSARY
On a like-for-like basis (LFL) – Organic
The amounts and growth rates at constant exchange rates and
consolidation scope in a given year compared with the previous year
are calculated:
- using the average exchange rates of the previous year for the
period in consideration (year, half-year, quarter)
- on the basis of the scope of consolidation of the previous
year.
This calculation is made primarily for sales and Operating
Result from Activity.
Operating Result from Activity (ORFA)
Operating Result from Activity (ORFA) is Groupe SEB’s main
performance indicator. It corresponds to sales minus operating
expenses, i.e. the cost of sales, innovation expenditure (R&D,
strategic marketing and design), advertising, operational marketing
as well as sales and marketing expenses. ORFA does not include
discretionary and non-discretionary profit-sharing or other
non-recurring operating income and expense.
Adjusted EBITDA
Adjusted EBITDA is equal to Operating Result from Activity minus
discretionary and non-discretionary profit-sharing, to which are
added operating depreciation and amortization.
Free cash flow
Free cash flow corresponds to the “net cash from operating
activities/net cash used by operating activities” item in the
consolidated cash flow table, adjusted from non-recurring
transactions with an impact on the Group’s net debt (for example,
cash outflows related to restructuring) and after taking account of
recurring investments (CAPEX).
SDA
Small Domestic Appliances. Kitchen Electrics, Home and Personal
Care.
Net financial debt
This term refers to all recurring and non-recurring financial
debt minus cash and cash equivalents, as well as derivative
instruments linked to Group financing. It also includes debt from
application of the IFRS 16 standard “Lease contracts” in addition
to short-term investments with no risk of a substantial change in
value but with maturities of over three months.
Loyalty program (LP)
These programs, run by distribution retailers, consist in
offering promotional offers on a product category to loyal
consumers who have made a series of purchases within a short period
of time. These promotional programs allow distributors to boost
footfall in their stores and our consumers to access our products
at preferential prices.
This press release may contain certain forward-looking
statements regarding Groupe SEB’s activity, results and financial
situation. These forecasts are based on assumptions which seem
reasonable at this stage, but which depend on external factors
including trends in commodity prices, exchange rates, the economic
climate, demand in the Group’s large markets and the impact of new
product launches by competitors.
As a result of these uncertainties, Groupe SEB cannot be held
liable for potential variance on its current forecasts, which
result from unexpected events or unforeseeable developments.
The factors which could considerably influence Groupe SEB’s
economic and financial result are presented in the Annual Financial
Report and Universal Registration Document filed with the Autorité
des Marchés Financiers, the French financial markets authority. The
balance sheet and income statement included in this press release
are excerpted from financial statements consolidated as of June 30,
2022 examined by SEB S.A.’s Statutory Auditors and approved by the
Group’s Board of Directors, dated July 20, 2022.
Conference with management on July 21 at
10:00 a.m. CET
Click here to access the webcast
live
Replay available on our website:
www.groupeseb.com
Access (audio only): From France: +33 (0)1 7037
7166 – Password: SEB Français From abroad: +44 (0) 33 0551 0200 –
Password: SEB English
Upcoming events – 2022
October 24 | after market
closes
9-month 2022 sales and financial
data
Find us on www.groupeseb.com
World reference in small domestic equipment, Groupe SEB operates
with a unique portfolio of 30 top brands including Tefal, Seb,
Rowenta, Moulinex, Krups, Lagostina, All-Clad, WMF, Emsa, Supor,
marketed through multi-format retailing. Selling more than 360
million products a year, it deploys a long-term strategy focused on
innovation, international development, competitiveness, and client
service. Present in over 150 countries, Groupe SEB generated sales
of €8 billion in 2021 and has more than 33,000 employees
worldwide.
SEB SA ■ SEB SA - N° RCS 300 349 636 RCS
LYON – with a share capital of €55,337,770 – Intracommunity VAT: FR
12300349636
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220720005901/en/
Investor/Analyst Relations Groupe SEB Financial
Communication and IR Dept Isabelle Posth
comfin@groupeseb.com +33 (0) 4 72 18 16 04
Media Relations Groupe SEB Corporate
Communication Dept Cathy Pianon com@groupeseb.com
+33 (0) 6 33 13 02 00
Image Sept Caroline Simon Claire
Doligez Isabelle Dunoyer de Segonzac
caroline.simon@image7.fr cdoligez@image7.fr
isegonzac@image7.fr +33 (0) 1 53 70 74 70
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