Regulatory News:
Groupe SEB (Paris:SK):
AN EXCELLENT FIRST HALF
Consolidated financial results
(€m)
H1 2020
H1 2021
Change 2021/2020
Q2 2021
Change 2021/2020
Sales
2,914
3,610
+23.9% +26.3% LFL
1,758
+20.3% +21.8% LFL
Operating Result from Activity
(ORfA)
103
320
x3.1
122
+42.5%
Operating profit
58
258
x4.4
Profit attributable to owners
of the parent
3
151
x50
Net debt at 06/30
2,085
1,850
-€235m
Statement by T. de La Tour d’Artaise, Chairman and CEO of
Groupe SEB
“Groupe SEB posted an excellent first half, with performance
even outstripping pre-pandemic levels despite unprecedented
external tensions in the supply chain relating to raw materials and
components, delays and additional freight costs. These performances
were driven by buoyant demand for small domestic equipment and
continued strong momentum in e-commerce. Our Consumer business grew
faster than the market, fueled by all geographies and categories.
The quarter was also market by the return to growth of the
Professional division, with an improved trend in the Professional
Coffee core business.
These very good results reflect above all the outstanding
commitment of all of the Group’s employees, that I wish to thank
warmly again.
The Group pursues its strategy of profitable and responsible
growth multiplying initiatives in the field of environment, as well
as circular and social economy, which prove to be strong drivers of
value creation.
In a context of a still unstable global health environment, but
given the performance of the first half, we now anticipate for
full-year 2021 a growth in reported sales exceeding 10%, along with
an operating margin of close to 10%.”
GENERAL COMMENTS ON GROUP SALES
In what remains a disrupted overall environment marked by the
continuation of the COVID-19 crisis and unprecedented inflationary
tensions in the supply chain, Groupe SEB reported sales of
€3,610m in first-half 2021, up 23.9% compared with end-June
2020. The increase includes organic growth of 26.3% (€768m),
a currency effect of -4.3% (-€125m), and a scope effect
of +1.8% (+€53m; StoreBound, acquired in July 2020). Though the
increase is to be compared with a first-half 2020 that was heavily
impacted by the spread of the pandemic, it also reflects solid
growth relative to first-half 2019, with sales up
8.2%.
The excellent performance was underpinned both by vigorous
Consumer business and a significant rebound in Professional sales
in the second quarter.
The Consumer business posted organic growth of 29.6% in
the first six months, against weak 2020 comparatives in all
regions. After a brisk start to the year (+39.1% LFL), the Group
maintained robust sales momentum in the second quarter
(+20.6% LFL), still driven by strong demand for small
domestic equipment around the world. In this environment,
promotional pressure remained moderate, ensuring a firm price-mix.
E-commerce continued to be a powerful growth engine, the reopening
of stores having come late in numerous countries.
After a 12-month period heavily impacted by the almost complete
closure of the hospitality and catering sector, the Group’s
Professional business returned to growth in the second
quarter. Coming out at 34.2% LFL, growth did reflect a
certain recovery in the Professional Coffee core business (coffee
machines and service) and included the roll-out of a few contracts
with European and US customers. It almost entirely offsets the
shortfall at end-March (-26.2% LFL) leading to a very limited
decline in Professional sales at June 30, 2021 (-1.7%
LFL).
DETAIL OF REVENUE BY REGION – 1st HALF-YEAR
Revenue (€m)
H1
H1
Change 2021/2020
Q2 2021
2020
2021
As reported
Like-for-like*
Like-for-like
EMEA
1,272
1,662
+30.7%
+34.9%
+28.2%
Western Europe
920
1,171
+27.3%
+27.2%
+20.2%
Other countries
352
490
+39.6%
+55.0%
+52.5%
AMERICAS
298
480
+61.2%
+57.2%
+53.4%
North America
209
348
+66.6%
+50.8%
+38.9%
South America
89
132
+48.5%
+72.2%
+96.5%
ASIA
1,039
1,178
+13.4%
+15.3%
+3.3%
China
794
898
+13.1%
+13.8%
-0.1%
Other countries
245
280
+14.3%
+20.0%
+14.8%
TOTAL Consumer
2,608
3,319
+27.3%
+29.6%
+20.6%
Professional business
306
290
-5.1%
-1.7%
+34.2%
GROUPE SEB
2,914
3,610
+23.9%
+26.3%
+21.8%
*Like-for-like: at constant exchange rates and scope Rounded
figures in €m % calculated in non-rounded figures
SALES BY REGION
Revenue (€m)
H1
H1
Change 2021/2020
Q2 2021
2020
2021
As reported
Like-for-like
LFL
EMEA
1,272
1,662
+30.7%
+34.9%
+28.2%
Western Europe
920
1,171
+27.3%
+27.2%
+20.2%
Other countries
352
490
+39.6%
+55.0%
+52.5%
WESTERN EUROPE
In what remains a delicate health situation, the Groupe achieved
organic sales growth of 27.2% in Western Europe in the first half
of the year. The performance stems from continued sustained demand
for small domestic equipment, persistently strong momentum in
e-commerce, and the easing of restrictive measures, as well as the
gradual reopening of physical retail.
In France, after an extremely vigorous start to the year,
the Group maintained a robust pace of growth in the second quarter
despite unfavorable comparatives in cookware (owing to a major
loyalty program last year with a key customer). Increase in revenue
was driven by small electrical appliances, with a positive
contribution from almost all our product categories and in
particular electrical cooking, notably thanks to the new Cookeo
range, and food and beverage preparation (full-automatic espresso
coffee machines in particular).
In Germany, the second quarter confirmed the brisk
momentum of the start of the year, propelled more specifically by
e-commerce. Bestsellers in electrical cooking, our progress in
cookware and the positive performances of WMF, notably online, were
the main growth drivers.
In all the other key European markets, the Group reported
double-digit sales growth, with remarkable scores in Italy, the
Netherlands, the UK and Belgium. The leading product categories
over the period were electrical cooking and floor care, as well as
WMF ranges.
OTHER EMEA COUNTRIES
In a still volatile and uncertain overall environment, with the
health crisis, lockdowns and currency issues, the Group posted
organic growth of 55% in first-half 2021, with similar paces in
both quarters. This confirmed the excellent general dynamic in the
area over time, based on the consolidation of our positions in the
large markets and rapid progress in new territories.
The widespread vigorous performance in the first half of the
year was notably fueled by:
- strengthened Group presence in e-commerce, with our
electro-specialists or pure players partners,
- ongoing development in direct-to-consumer sales, offline and
online;
- further inroads in WMF’s Consumer business.
Russia, our largest market in the region, Ukraine, as
well as most other Central European countries, Poland, Romania,
the Czech Republic, Slovakia, Bulgaria, and Croatia, also
achieved substantial business expansion (frequently over 50%),
confirming the Group’s fresh advances in these markets.
Turkey, which was heavily impacted in 2020 by the
pandemic and an unfavorable economic and monetary environment,
posted like-for-like growth of nearly 100% in the period.
In the first half of the year, and in a cross-functional manner,
the flagship products were versatile and robot vacuum cleaners,
cookware, electrical cooking (with a special mention for oil-less
fryers) and full-automatic espresso machines.
Revenue (€m)
H1
H1
Change 2021/2020
Q2 2012
2020
2021
As reported
Like-for-like
LFL
AMERICAS
298
480
61.20%
57.20%
53.40%
North America
209
348
66.60%
50.80%
38.90%
South America
89
132
48.50%
72.20%
96.50%
NORTH AMERICA
In North America, the strong rise in revenue in the first half
(+66.6% as reported) comprises the integration of StoreBound,
acquired in July 2020, along with negative currency effects (US
dollar, Mexican peso). Like-for-like growth amounted to 50.8% at
June 30 and 38.9% for the second quarter.
As in the first quarter, business momentum was fueled by the
three countries of the region.
In the United States, strong demand was fueled by the
economic recovery and government stimulus plans, still in place.
These consumption incentives, as well as the requirement to stay at
and work from home, continued to prove extremely favorable to small
domestic equipment. As in 2020, cooking was a powerful growth
driver. As a result, we posted record performances in cookware in
the first six months of the year, nourished by our three brands,
All Clad, T-Fal, and Imusa. StoreBound also reported excellent
business activity development, underpinned by the continued
expansion of its distribution network.
In Canada and Mexico, sales momentum was extremely
buoyant throughout the first half of the year, served primarily by
our performances in cookware and electrical cooking.
SOUTH AMERICA
Although concerns persist regarding the economic and health
situation, Group revenue in South America increased 72.2% LFL and
48.5% in euros in the first half. The significant difference
between the two figures can be attributed to important currency
depreciations (Brazilian real, Colombian peso, Argentinian peso).
The surge in turnover at June 30 reflect a strong pick-up in growth
in the second quarter, as the Group benefited from a weaker
comparison base in 2020. Organic revenue growth came out at 96.5%
in the second quarter.
Sales in Brazil, the largest country in the region, more
than doubled on a like-for-like basis in the second quarter.
However, this performance should be seen in the light of very low
2020 comparatives, strongly impacted by the COVID crisis. Most
product categories contributed to growth, both in volume and value
terms, mainly owing to price increases made to counter negative
currency and raw material effects. Major contributors to this solid
sales momentum included food preparation and cookware. In
electrical cooking, the stand-out category over the period was
oil-less fryers, whose market is developing rapidly.
In Colombia, despite a tense political environment since
May, the Group posted a record second quarter with like-for-like
sales growth of over 70%, driven by electrical cooking, and in
particular by oil-less fryers, as well as blenders and Imusa
cookware.
Revenue (€m)
H1
H1
Change 2021/2020
Q2 2021
2020
2021
As reported
Like-for-like
LFL
ASIA
1,039
1,178
+13.4%
+15.3%
+3.3%
China
794
898
+13.1%
+13.8%
-0.1%
Other countries
245
280
+14.3%
+20.0%
+14.8%
CHINA
In China, in the first half of the year, the Group achieved
organic revenue growth of close to 14%. This positive change was
the result of opposite dynamics in the first and second quarters,
mirroring business volatility in 2020, with sales up 30% at
end-March (compared with -32% in 2020) and stable in the second
quarter (vs. +10% in 2020). Recovery in cookware (against low 2020
comparatives) and a firm momentum in electrical cooking (flagship
products and new, more Western categories such as oil-less fryers)
fueled rise in half-year sales. Conversely, following several years
of brisk growth, business was more difficult in food
preparation.
In a context of milder consumption dynamic and ongoing
transformation in the retail industry, footfall in stores remained
low versus the continued progress of e-commerce thanks to
ramping-up new web platforms. The increased weight of online sales
resulted since last year in a drop in average prices, weighing on
the growth in value of the small domestic equipment market.
The Group is constantly adapting to the changes in the
distribution sector. As achieved in the past in the offline
channels, Supor is now working on the extension and upgrading of
its product offering online, leveraging its strong and proven
innovation capabilities. The latter materialize in 2021 in several
major launchings and in a rich and diversified new product
pipeline.
OTHER ASIAN COUNTRIES
In Asia excluding China, sales at end-June were up 20%
LFL following a more modest second quarter yet still showing
double-digit organic growth. This stands as an excellent
performance relative to the strong business resilience in 2020 over
the period in the midst of the COVID crisis.
In Japan, our number-one market in the region, sales
continued to trend extremely positively, up double-digit, LFL, in
both first and second quarters. The long-term positive momentum in
the country is based on flagship product families such as cookware
(Ingenio, G6 range) and electrical cooking (Cook4me electric
pressure cooker). Following an upsurge of the pandemic, a state of
health emergency was decreed again, twice since late April. This
led to the closure of some of our physical points of sales over the
semester, with an impact on business activity.
In South Korea, following a solid first quarter and a
stable second quarter, the Group ended the first half with
sustained LFL sales growth. The latter can be attributed to
cookware (success of the new Tefal G6 range launched last November)
and vacuum cleaners. While the health crisis continues to weigh on
store footfall, e-commerce remained our main growth engine at June
30.
In the other countries in the region, despite the
reintroduction of some restrictive measures to address a resurgence
of the pandemic (lockdowns, curfews, store closures, etc.),
business activity trended positively overall, both for the second
quarter and the first half.
COMMENTS ON PROFESSIONAL BUSINESS
Revenue (€m)
H1
H1
Change 2021/2020
Q2 2021
2020
2021
As reported
LFL
LFL
Professional business
306
290
-5.1%
-1.7%
+34.2%
The Professional division, composed 90% of the
Professional Coffee business, posted half-year revenue of €290m,
down 1.7% on a like-for-like basis. The slight decrease
resulted from two contrasting trends:
- a 26.2% LFL decrease in the first quarter, impacted by
the near-total closures in the hospitality and catering sector and
by demanding 2020 comparatives (pre-COVID);
- a substantial rebound in the second quarter, with revenue up
by over 34% LFL against extremely low 2020 comparatives. Growth
was fueled by a more positive trend in core business (notably in
Germany, Switzerland and Austria) and by the fresh implementation
or continued roll-out of a few contracts signed with key customers
in EMEA and North America. While sales of professional coffee
machines were the main contributor to the trend reversal in the
second quarter, service (maintenance) also contributed to the
change in dynamic.
In contrast, hotel equipment continued to be affected by the
extended closure of hotels and restaurants, with a sharp decline in
revenue over the period.
OPERATING RESULT FROM ACTIVITY (ORfA)
Operating Result from Activity (ORfA) amounted to €320m in
first-half 2021, versus €103m at end-June 2020. The total
includes a currency effect of -€36m and a scope effect of
+€3m (StoreBound).
The constituent items of the change in ORfA on a like-for-like
basis at end-June 2021 are as follows:
- a highly positive volume effect (+€190m), directly linked to
very robust growth in sales;
- a price-mix effect that was also sharply positive (+€161m),
reflecting a less promotional environment and upselling;
- cost of sales at -€11m, resulting from strong industrial
activity, with excellent absorption of costs but significant
headwinds (raw material procurement, components, freight, etc.) as
from the second quarter;
- a €87m increase in growth drivers, compared with very low
investments in first-half 2020;
- strict control of sales, marketing and administrative expenses
(slightly increased by €3m), despite a buoyant context.
After a completely atypical first-quarter (ORfA increased by a
factor of 11 compared with March 31, 2020), second-quarter
ORfA came out at €122m, versus €86m in 2020
(+42.5%).
It should also be noted that while Operating Result from
Activity at June 30, 2021 was three times higher than in first-half
2020, which was heavily impacted by the effects of the COVID-19
crisis, it also shows an increase by 39% on the ORfA achieved in
the first semester of 2019.
OPERATING PROFIT AND NET PROFIT
At end-June 2021, Group operating profit amounted to
€258m, versus €58m at June 30, 2020. This result includes an
employee profit-sharing expense of €16m (€5m in 2020) and other
operating income and expense of -€46m, compared with -€40m in
first-half 2020. Most of these expenses stem from the costs related
to the closure of the Erbach site in Germany, with the remainder
relating to several items of modest amounts.
The net financial expense at June 30, 2021 came out at -€27m, a
slight improvement on -€29m in first-half 2020 (mainly attributable
to a decrease in other financial expenses).
In these circumstances, profit attributable to owners of the
parent totaled €151m in the first half, compared with €3m at
end-June 2020. This comes after a tax charge of €53m, based on an
estimated effective tax rate of 23%, and after minority interests
of €27m (versus €19m in first-half 2020) owing to improved results
for Supor in China and, to a lesser extent, the consolidation of
StoreBound.
FINANCIAL STRUCTURE AT JUNE 30, 2021
Consolidated equity stood at €2,816m at June 30, 2021, up
€81m from end-2020 and up €317m from June 30, 2020.
At the same date, the Group's net debt was €1,850m
(including €333m of IFRS 16 debt), down €235m versus June 30, 2020
and up €332m versus December 31, 2020, due to business seasonality
as well as to non-operational items, including the payment of
dividends (€147m) and Supor’s share buybacks. Capital expenditures
were stable in the first half compared with the same period in
2020. At June 30, 2021, the operating working capital
requirement amounted to 14.8% of sales, an improvement of 200
basis points compared with the same date last year, but an increase
versus the ratio of 12.2% of sales at end-December 2020. The
increase largely owes to the exceptional level reached at end-2020
and the usual seasonality effects.
At June 30, 2021, the Group’s debt ratio stood at 0.7
(0.5 excluding IFRS 16) and the net debt/adjusted EBITDA ratio
at 1.75 (1.6 excluding IFRS 16). The Group continues to rely on
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
As a reminder, given the seasonal nature of the Consumer
business, the first half of the year is not traditionally
representative of the entire year. Furthermore, in 2021,
performance should be viewed in light of the very atypical level of
business in 2020, disrupted by the effects of the Covid-19 pandemic
and the related health crisis.
That said, the Group reported an excellent performance in the
first half. Ultimately, the second-quarter showing was better than
expected, thanks to maintained robust momentum for the Consumer
division and a solid rebound in Professional Coffee.
However, caution remains the watchword for the second half of
the year. Visibility is still limited for the Consumer business, in
between the widespread reopening of stores and public
places—potentially resulting in a reallocation of consumer
spending—and the spread of new variants leading to further health
restrictions in some countries.
Moreover, uncertainties persist regarding the pace of recovery
for Professional Coffee, despite the low comparison base from the
second semester of 2020.
Pulling all this together leads the Group:
- to upgrade its reported sales growth assumption for 2021, which
should exceed 10% (vs around 10% previously);
- to maintain its ORfA margin assumption for the full year at
close to 10%, despite significantly more penalizing headwinds (FX,
raw materials, components and freight) than anticipated and
currently estimated at more than €250m on the Operating Result from
Activity (vs. €140m estimate at end-April). These very negative
effects will lead the Group to apply price increases in the fourth
quarter 2021.
The Group is on track to ensure the continuation of its
profitable and responsible growth.
Groupe SEB’s company and consolidated financial statements at
June 30, 2021, were approved by the Board of Directors’ meeting
held on July 22, 2021.
CONSOLIDATED INCOME STATEMENT
(in € millions)
30/06/2021 6 months
30/06/2020 6 months
31/12/2020 12 months
Revenue
3,609.6
2,914.4
6,940.0
Operating expenses
(3,289.6)
(2,811.0)
(6,334.6)
OPERATING RESULT FROM ACTIVITY
320.0
103.4
605.4
Statutory and discretionary employee
profit-sharing*
(15.7)
(5.0)
(24.2)
RECURRING OPERATING PROFIT
304.3
98.4
581.2
Other operating income and expense
(46.3)
(40.2)
(77.9)
OPERATING PROFIT
258.0
58.2
503.3
Finance costs
(21.6)
(16.5)
(39.8)
Other financial income and expense
(5.7)
(12.2)
(21)
Share of profits of associates
0.0
PROFIT BEFORE TAX
230.7
29.5
442.5
Income tax expense
(53.0)
(7.4)
(93.8)
PROFIT FOR THE PERIOD
177.7
22.1
348.7
Non-controlling interests
(27.2)
(19.4)
(48.2)
PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT
150.5
2.7
300.5
PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT PER SHARE (IN UNITS)
Basic earnings per share
2.79
0.05
6.00
Diluted earnings per share
2.78
0.05
5.96
BALANCE SHEET
ASSETS (in € millions) 30/06/2021 30/06/2020
31/12/2020
Goodwill
1,671.6
1,642.6
1,642.4
Other intangible assets
1,272.7
1,259.7
1,261.6
Property, plant and equipment
1,201.4
1,189.4
1,219.5
Investments in associates
-
Other investments
120.7
87.0
108.0
Other non-current financial assets
15.9
19.0
15.9
Deferred tax assets
120.3
95.7
107.7
Other non-current assets
54.7
48.2
47.2
Long-term derivative instruments -
assets
20.1
6.3
17.9
NON-CURRENT ASSETS
4,477.4
4,347.9
4,420.2
Inventories
1,455.3
1,194.0
1,211.5
Trade receivables
785.9
860.5
965.4
Other receivables
188.0
135.9
160.6
Current tax assets
44.9
51.9
42.0
Short-term derivative instruments -
assets
64.7
39.1
36.2
Financial investments and other financial
assets
686.0
47.4
664.7
Cash and cash equivalents
1,437.7
1,746.3
1,769.4
CURRENT ASSETS
4,662.5
4,075.1
4,849.8
TOTAL ASSETS
9,139.9
8,423.0
9,270.0
EQUITY & LIABILITIES (in € millions) 30/06/2021
30/06/2020 31/12/2020
Share capital
55.3
50.3
50.3
Reserves and retained earnings
2,523.6
2,237.0
2,436.8
Treasury stock
(30.5)
(18.8)
(19.6)
Equity attributable to owners of the
parent
2,548.4
2,268.5
2,467.5
Non-controlling interests
268.0
230.3
267.3
CONSOLIDATED SHAREHOLDERS’
EQUITY
2,816.4
2,498.8
2,734.8
Deferred tax liabilities
176.1
242.2
191.0
Employee benefits and other long-term
provisions
328.1
340.4
355.9
Long-term borrowings
2,352.8
2,638.2
2,285.8
Other non-current liabilities
56.2
52.5
52.0
Long-term derivative instruments –
liabilities
9.4
19.4
15.5
NON-CURRENT LIABILITIES
2,922.6
3,292.7
2,900.2
Employee benefits and other short-term
provisions
135.7
106.1
122.9
Trade payables
1,161.4
853.2
1,260.3
Other current liabilities
389.0
415.2
493.3
Current tax liabilities
51.2
1.8
35.9
Short-term derivative instruments –
liabilities
48.8
16.8
50.4
Short-term borrowings
1,614.8
1,238.4
1,672.2
CURRENT LIABILITIES
3,400.9
2,631.5
3,635.0
TOTAL EQUITY AND LIABILITIES
9,139.9
8,423.0
9,270.0
APPENDIX
REVENUE BY REGION – 2ND QUARTER
Revenue (€m)
Q2 2020
Q2 2021
Change 2021/2020
As reported
LFL*
EMEA
631
791
+25.4%
+28.2%
Western Europe
475
572
+20.4%
+20.2%
Other countries
156
219
+40.7%
+52.5%
AMERICAS
149
237
+59.3%
+53.4%
North America
112
170
+52.6%
+38.9%
South America
37
67
+79.1%
+96.5%
ASIA
556
568
+2.1%
+3.3%
China
429
430
+0.1%
-0.1%
Other countries
127
138
+8.7%
+14.8%
TOTAL
Consumer
1,336
1,597
+19.5%
+20.6%
Professional
business
124
161
+29.5%
+34.2%
GROUPE
SEB
1,460
1,758
+20.3%
+21.8%
*Like-for-like: at constant exchange rates and scope Rounded
figures in €m % calculated in non-rounded figures
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 “cash from operating
activities” item in the consolidated cash flow statement, adjusted
for 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 investment (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 “Leases” 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,
2021 examined by SEB SA’s Statutory Auditors and approved by the
Group’s Board of Directors, dated July 22, 2021.
Watch the live webcast and presentation at
10:00 a.m. CET on our website: www.groupeseb.com or click here
Next key dates - 2021
August 6 | 10:00 am (Paris time)
Ordinary
general Meeting
October 26 | after market closes
9-month
2021 sales and financial data
Find us on www.groupeseb.com
World reference in small domestic equipment, Groupe SEB operates
with a unique portfolio of 31 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 €6.9 billion in 2020 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/20210722006029/en/
Investor/Analyst Relations Groupe SEB Financial
Communication and IR Dept Isabelle Posth Raphaël
Hoffstetter comfin@groupeseb.com +33 (0) 4 72 18 16
04
Media Relations Groupe SEB Corporate
Communication Dept Cathy Pianon Anissa Djaadi
com@groupeseb.com +33 (0) 6 33 13 02 00 +33 (0) 6
88 20 90 88
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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