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Groupe SEB: Half-Year 2017 Sales and Results | 07/26/17 | Markets … |

Groupe SEB: Half-Year 2017 Sales and Results | 07/26/17 | Markets …

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Regulatory News:

Groupe SEB (Paris:SK):


  • Sales: €2,941m, +35.9% and +10.1% LFL*
  • Operating Result from Activity:

    • €213m after impacts of WMF PPA**, +24.1%
    • €230m, excluding one-off impacts of WMF PPA, or +33.7%
  • Net profit: €83m, +33.7%
  • Net financial debt: €2,065m. Operating cash flow generation: €91m

* Like-for-like: at constant exchange rates and scope of consolidation
**
Impacts of WMF PPA: impacts of WMF purchase price allocation, one-offs
(revaluation of inventories, order book) and recurrent ones (customer
relationship, technologies…)

Statement of Thierry de La Tour d’Artaise, Chairman and Chief
Executive Officer of Groupe SEB:

“Groupe SEB posted a high-quality first half-year, combining strong
organic sales growth and a robust increase in results.

The first six months of 2017 were marked primarily by the integration
of WMF, over which we took control in December 2016. The period
confirmed our conviction as regards the strategic relevance of this
acquisition for the Group’s future growth and the full achievement of
synergies by the end of 2020. Most of the integration process will be
spread over the next 18 months, but many initiatives have already been
launched in the shape of projects covering both the alignment of WMF
with the Group and the value creation areas. This work has been
undertaken in an excellent spirit of collaboration between the teams and
with the ambition to make swift headway. The very good performance of
WMF in the first half of the year, reflecting strong momentum in
professional coffee and an improvement in small domestic equipment, also
testify to the commitment of all those involved to the success of this
exciting project.

Given this solid start to the year, and despite ongoing
macro-economic uncertainties and high comparatives in the second-half, I
am confident in our ability to achieve an excellent performance in 2017.
As such, the Group aims at an organic sales growth exceeding 7% and, on
the basis of current exchange rates, an increase in published revenue by
more than 30%. Under these circumstances, the Operating Result from
Activity, excluding one-off impacts of WMF purchase price allocation,
should grow by at least 30%.�

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated financial results (€m)

 

 

 

H1
2016

 

 

 

H1
2017

 

 

 

Change
2016/2017
As reported

 

 

 

Change
2016/2017
Like-for-like

 

 

Revenue

 

 

 

2,164

 

 

 

2,941

 

 

 

+35.9%

 

 

 

+10.1%

 

 

Operating Result from Activity (ORfA)

 

 

 

172

 

 

 

213

 

 

 

+24.1%

 

 

 

+27.4%

 

 

ORfA before PPA one-offs

 

 

 

172

 

 

 

230

 

 

 

+33.7%

 

 

 

 

 

 

Operating profit

 

 

 

134

 

 

 

178

 

 

 

+33.4%

 

 

 

 

 

 

Profit attributable to owners of the parent

 

 

 

62

 

 

 

83

 

 

 

+33.7%

 

 

 

 

 

 

Net debt at 30/06

 

 

 

629

 

 

 

2,065

 

 

 

+€1,436m

 

 

 

 

 

 

 

 

 

Rounded figures in €m

 

 

 

% calculated in non-rounded figures

 

GENERAL COMMENTS ON GROUP PERFORMANCE

In first-half 2017, in a global market which remains contrasted and in
spite of ongoing political tensions and economic uncertainties, Groupe
SEB recorded an excellent performance.

Sales came out at
€2,941 million, up 36%, including organic
growth of 10.1%,
a positive scope effect of €587 million (EMSA
and WMF, each consolidated for 6 months) and a reclassification
effect of €36 million
of some of Supor’s marketing spend to sales
deductions, with no impact on Operating Result from Activity. The
currency effect was positive at €8 million.

The 10.1% like-for-like increase in sales was fueled by all the
geographical regions,
the strong momentum being driven in particular
by several large countries including Germany, Russia, Turkey, China,
South Korea and Mexico. Following a brisk first quarter, the Group
successfully maintained vigorous business activity between April and
June (+8.6%). All the product lines contributed to the rapid growth
in sales
, the star categories being vacuum cleaners and electrical
cooking. This robust growth is to be seen in the light of high
comparatives, with increases of +6% and +8.7% in the first six months of
2016 and 2015 respectively.

In parallel, WMF business grew 10.3% over the period, boosted by
professional coffee, while Small Domestic Equipment enjoyed a strong
pick-up in the second quarter.

Operating Result from Activity (ORfA) in the first half came out at
€213 million, compared with €172 million at end-March 2016. The
amount does not include the one-off impacts of the WMF purchase price
allocation (-€17m)
. Excluding these first consolidation entries,
ORfA totaled €230 million.

At June 30, 2017, net financial debt stood at €2,065 million and the
cash flow generation for the period amounted to

€91 million.

DETAIL OF REVENUE GROWTH BETWEEN 1ST HALF
2016 AND 2017

REVENUE BY REGION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in €M

 

 

 

H1
2016

 

 

 

H1
2017

 

 

 

Change 2017/2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

 

 

 

Like for like *

 

EMEA

EMEA

1,016

1,118

 

+10.1%

 

 

 

+7.0%

Western Europe

731

797

+9.0%

+4.8%

 

 

 

 

Other countries

 

 

 

285

 

 

 

321

 

 

 

+13.0%

 

 

 

+12.6%

 

AMERICAS

AMERICAS

352

400

+13.7%

+7.1%

North America

214

243

+13.3%

+10.9%

 

 

 

 

South America

 

 

 

138

 

 

 

157

 

 

 

+14.3%

 

 

 

+1.3%

 

ASIA

ASIA

796

879

+10.4%

+15.3%

China

585

658

+12.3%

+20.7%

 

 

 

 

Other countries

 

 

 

211

 

 

 

221

 

 

 

+4.8%

 

 

 

+0.4%

 

 

 

 

 

 

TOTAL EXCL. WMF

 

 

 

2,164

 

 

 

2,397

 

 

 

+10.8%

 

 

 

+10.1%

 

 

 

 

 

 

WMF

 

 

 

na

 

 

 

544

 

 

 

+10.3%

 

 

 

 

 

 

 

 

 

 

GROUPE SEB

 

 

 

 

 

 

 

2,941

 

 

 

+35.9%

 

 

 

 

 

 

* Like-for-like: at constant
exchange rates and
scope

 

 

 

Rounded figures in €m

 

 

 

% calculated in non-rounded figures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in €M

Q2
2016

Q2
2017

 

Change 2017/2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

 

 

 

Like-for-like*

 

EMEA

EMEA

508

567

+11.7%

+9.2%

Western Europe

372

407

+9.5%

+6.1%

 

 

 

 

Other countries

 

 

 

136

 

 

 

160

 

 

 

+17.8%

 

 

 

+17.7%

 

AMERICAS

AMERICAS

187

199

+6.4%

+2.8%

North America

114

119

+4.3%

+2.5%

 

 

 

 

South America

 

 

 

73

 

 

 

80

 

 

 

+9.6%

 

 

 

+3.1%

 

ASIA

ASIA

354

377

+6.5%

+10.8%

China

250

265

+5.9%

+13.4%

 

 

 

 

Other countries

 

 

 

104

 

 

 

112

 

 

 

+8.0%

 

 

 

+4.6%

 

 

 

 

 

 

TOTAL EXCL. WMF

 

 

 

1,049

 

 

 

1,143

 

 

 

+9.0%

 

 

 

+8.6%

 

 

 

 

 

 

WMF

 

 

 

na

 

 

 

271

 

 

 

+13.0%

 

 

 

 

 

 

 

 

 

 

GROUPE SEB

 

 

 

 

 

 

 

1,414

 

 

 

+34.8%

 

 

 

 

 

 

* Like-for-like: at constant
exchange rates and
scope

 

 

 

Rounded figures in €m

 

 

 

% calculated in non-rounded figures

 

 

SALES BY REGION

EMEA

WESTERN EUROPE

In a European market that continued to trend positively overall, the
Group achieved organic sales growth of 4.8% for the first half year,
subsequent to a sharp acceleration (+6.1%) in the second quarter
compared with the first (+3.5%) This vitality was fueled by most of the
large countries, with remarkable performances in certain cases and a
reinforcement of our positions in the markets, both in physical and
online retail.

In France, after practically stable sales in the first quarter, business
activity improved between April and June (+2%) while remaining
contrasted between cookware, the downturn in which mainly resulted from
the non-repeat of the 2016 loyalty programs, and small electrical
appliances, where sales were very brisk. As in the first quarter,
numerous products drove this growth: vacuum cleaners (launch of the
multi-function Air Force 360 handstick vacuum cleaner, success of Clean
Steam, Air Force, bagless vacuum cleaners); steam generators and
irons, which made a strong recovery; fans, thanks to favorable weather
conditions; new “breakfast” sets; Dolce Gusto; and automatic espresso
machines. Consequently, the Group considerably outperformed the small
electrical appliance market.

In Germany, the Group confirmed its strong sales momentum in the second
quarter, continuing to nurture product roll-out (automatic espresso
machines and pod coffee makers, OptiGrill, Actifry, vacuum cleaners)
with strong initiatives in the field and large-scale advertising
campaigns. In Switzerland and Austria, the start of a new Nespresso
partnership led to additional revenue. In the Netherlands, the brisk
business activity posted in the first quarter continued in the second.
In Spain, the sustained rise in sales stemmed from excellent
performances in vacuum cleaners and coffee, supplemented over the period
by fans as well as ironing and personal care, underpinned by promotional
campaigns. Following a downturn at the start of the year, Italy achieved
a sharp recovery in the second quarter, in which floor care played a key
role (notably with the roll-out of Air Force 360), as did linen care and
the launch of Optigrill. In the UK, after a good start to the year,
sales growth in pound sterling held up firmly despite the price
increases implemented. However, visibility remains weak for this market.

Of particular note, beyond organic growth, the scope effect resulting
from the consolidation of EMSA in the first half-year (globally
integrated as of July 1, 2016), added to Western European sales about
€40 million, most of which achieved in Germany.

OTHER EMEA COUNTRIES

In the other EMEA countries, the sharp momentum of 2016 and early 2017
gathered significant pace in the second quarter, with revenue growth of
nearly 18% on a like-for-like basis. From the standpoint of a longer
period, this excellent performance resulted from the systematic roll-out
of the Group’s major innovations and leading products in the region,
underpinned by considerable investments in advertising and operational
marketing as well as the reinforcement of sales teams. Implemented for
several years now despite market turbulence, this policy has proved
effective and we are now reaping the rewards, both in sales and market
share.

In Central Europe and the Balkan countries, the markets continued to
trend positively and the Group is particularly well structured to meet
demand through its broad and diverse range, its presence in all
distribution channels, and strong activation in stores and on line. This
momentum enabled the Group to take numerous leadership positions in the
countries. In Poland, long the Group’s largest market in the region,
business activity made a sharp recovery in the second quarter, after
being negatively impacted at the start of the year by high inventory
levels in retail.

In Russia, the Group enjoyed an excellent second quarter and ended the
first half-year with an over 20% increase in sales in roubles and
further gains in market share. The majority of the product families
contributed to this vigorous performance, including cookware, grills and
barbecues, driven by the success of Optigrill, kettles, linen care, and
vacuum cleaners, the relaunch of which proved extremely encouraging. The
robust upturn was also confirmed and heightened in Turkey, fueled by a
mix of international flagship products (cookware, vacuum cleaners) and
products manufactured locally or at our industrial site in Egypt (food
preparation appliances, irons, vacuum cleaners, etc.). The trend is
based on all distribution channels, including proprietary stores and
e-commerce. In Egypt, in a sharply declining market, due to the massive
devaluation of the currency, the Group maintained its positions, while
the situation improved somewhat in Saudi Arabia and remained complicated
in India.

AMERICAS

NORTH AMERICA

The Group grew its sales in the region by 11% like-for-like in
first-half 2017. This was a strong performance in absolute terms but
substantially lower than the 20% recorded in the first quarter. After a
strong start to the year in the United States, thanks to the
introduction of a range of Krups kitchen electrics (coffee makers,
toasters, sandwich makers) in over 2,000 mass-retail stores and
e-commerce, the second quarter saw the initiation of the ramp-up in
resale, which proved slower than expected. In cookware, activity was
contrasted: difficult in the core business for T-fal, it trended
positively for Imusa and was solid in the premium segment for All-Clad,
which by the way continues its development in small electrical
appliances. As regards ironing, Rowenta suffered somewhat in irons but
made further progress in garment steamers. Generally speaking, the US
market is significantly affected by the financial difficulties of
several physical retail and telesales banners, whose business has been
adversely impacted by the rise of e-commerce. This development has led
in particular to destocking, limited orders or store closings.

In Canada, the first-half recovery in sales was mainly driven by
cookware and linen care, together with great performances by Actifry and
OptiGrill, especially in the first few months of the year. In Mexico,
organic sales growth of over 30% at end-June reflects a significant
acceleration in the last three months, underpinned by core-business
mainstays – cookware, ironing and, more recently, blenders – as well as
by a new loyalty program with Soriana.

SOUTH AMERICA

First-half sales grew by over 14%, boosted by the sharp appreciation of
the real and by the strengthening of the Colombian peso compared with
first-half 2016. On a like-for-like basis, first-half growth came out at
a little over 1%, following 3% growth in the second quarter.

In Brazil, in what continues to be a complex overall environment, with
lackluster consumption and a highly competitive and promotion-driven
market, the Group reported a slight revenue increase despite the
negative effect on volumes of price hikes implemented since the start of
the year. Business activity remained difficult in cookware but trended
more favorably in small electrical appliances. However, performances
were contrasted from one product family to the next, with a double-digit
increase in fan sales, which benefited from favorable weather and new
products; buoyant sales of semi-automatic washing machines (reflected in
increased market share) and food processors, thanks to strong in-store
activation; and a major pick-up for Dolce Gusto. In contrast, ironing
sales were down. Moreover, the transfer of small electrical appliance
production to the newly constructed Itatiaia site was completed 2 months
ahead of schedule and the transfer of cookware production has started.

In Colombia, the like-for-like revenue decrease can be attributed to
fans, sales of which were negatively impacted by weather conditions – a
result that strong growth in cookware and blenders failed to offset.
Lastly, business momentum remained strong in Argentina.

ASIA

CHINA

The Group posted an excellent first half in China, achieving organic
growth of over 20%, still largely driven by online sales. In a
competitive and promotion-driven market that nevertheless remains highly
promising, Supor’s momentum continued to be fueled by its pillars,
namely cookware (frying pans, saucepans, woks, sets, kitchen utensils
and thermos mugs) and small electrical appliances such as rice cookers,
electric pressure cookers, kettles and high-speed blenders. In addition,
the Group confirms its inroads in non kitchen electrical appliances,
especially in air purifiers and garment steamers. Business activity is
also boosted by innovation, which nurtures Supor’s entire product
offering, enhances differentiation from the competition, and has been
helping to strengthen our positions in the market since the start of the
year. In-store execution and intensified development of online content
and advertising campaigns, in close coordination with retailers, also
remain key success factors, which we roll out continuously to stimulate
sales.

It should be recalled that, to better reflect the nature of certain
expenditure and ensure complete accounting consistency amid Group
entities, a change in the accounting presentation has been implemented,
whereby €36 million in marketing spend was reclassified and directly
deducted from first-half sales, with no impact on Operating Result from
Activity.

OTHER ASIAN COUNTRIES

Group sales were up slightly at end-June on a like-for-like basis,
reflecting a sharp recovery in business activity in the second quarter,
despite the persistence of contrasted market situations. The main
drivers of this growth were Japan and South Korea, while elsewhere
activity varied greatly from one country to the next.

In Japan, sales growth accelerated in the second quarter, driven by the
same products as in the first few months of the year, with strong
momentum in cookware (fixed and removable handles), brisk growth in
kitchen utensils (notably thermo mugs and vacuum flasks), continued
headway in garment steamers, and confirmed success for kettles,
materialized by strengthened positions in the market. The Group’s
proprietary stores, totaling 28 at end-June following several new
openings, made a substantial contribution to business growth. In South
Korea, the Group stepped up growth in the second quarter thanks to
cookware, food preparation (particularly blenders) and haircare
appliances, as well as a special promotional campaign on ovens with a
retailer. The Group also posted a good half-year in Australia, mainly
due to cookware and the launch of the Cook4Me (Cookeo) multicooker.

In the other countries in South-East Asia, after a difficult start to
the year, the situation improved slightly, but suffered in Hong Kong and
Singapore from high comparatives in 2016 (non-recurring loyalty programs
and special campaigns). While business momentum remains positive in
Malaysia and is trending slightly better in Thailand, it nevertheless
remains disappointing in Vietnam.

WMF

WMF sales in first-half 2017 came out at €544 million, up 10.3% on
first-half 2016. The total was divided evenly between Professional
Business (professional coffee and hotel equipment) and Small Domestic
Equipment.

In the professional segment, sales growth of 20% was fueled by strong
momentum in automatic coffee machines (+27%), attributable to:

  • robust development in the core business in Germany, Central Europe and
    Asia-Pacific with existing customers but also with new “accounts”;
  • the highly positive effect of the contracts signed in 2016 with
    Canadian and Japanese customers. With the majority of the machines
    having been delivered in the first half-year, this contribution will
    in all likelihood have a lower positive effect from the third quarter
    on.

Sales were down in hotel equipment, notably due to internal
reorganizations and the harmonization of IT systems.

The Consumer business (Small Domestic Equipment) made a significant
pick-up in the second quarter, leading to a stable situation at June 30.
The downturn in Germany, focused on cookware and stemming from the
impact of the logistics reorganization carried out in 2016, is almost
entirely offset by the progress made elsewhere: solid growth in
Asia-Pacific, boosted by a cookware loyalty program in Taiwan and strong
headway in China and South Korea; development of online sales; and a
strong increase in small electrical appliance sales, the leading product
being the Kult X MixGo blender. In addition, the traffic in WMF stores
in Germany was satisfactory over the period.

OPERATING RESULT FROM ACTIVITY

Operating Result from Activity (ORfA) in first-half 2017 came to €213
million. The total notably includes:

  • Group ORfA, excluding WMF, of €200 million, up 16.4% on end-June 2016
    and 27% on a like-for-like basis;
  • WMF ORfA of €30 million, for an estimated increase of 50% on
    first-half 2016;
  • a -€17 million non-recurring impact from the WMF purchase price
    allocation (revaluation of inventories and order books). The net
    contribution of WMF to Group ORfA thus came out at €13 million.

Excluding these first consolidation entries, ORfA totaled €230 million
in first-half 2017. The currency effect was -€16 million, compared with
-€61 million in the first six months of 2016.

Organic growth in ORfA can be broken down as follows:

  • A positive volume effect of €70 million resulting from organic sales
    growth;
  • A positive mix-price effect of €23 million, much lower than in
    previous years, reflecting a less inflationary price environment
    overall;
  • Practically stable purchasing costs, despite the rise in commodities
    prices, and favorable industrial absorption and productivity gains,
    for €9 million;
  • A €40 million increase in investments in growth drivers: in innovation
    as well as in advertising and marketing, with strong activation in
    several major markets (including China, United States, Germany,
    France, South Korea and Turkey);
  • A €15 million increase in commercial and administrative costs.

As a reminder, given the seasonal nature of the Group’s business,
first-half ORfA is not representative of the financial year as a whole
and cannot be extrapolated.

OPERATING PROFIT AND NET PROFIT

At €178 million, compared with €134 million at June 30, 2016, operating
profit, in addition to the contribution of WMF and EMSA, includes
various items, the variation in which merits some attention. The
anticipated cost of discretionary and non-discretionary profit sharing
came to €11 million, compared with €14 million in first-half 2016. Other
operating income and expense, at -€24 million, is in line with the
figure in first-half 2016. The total includes restructuring costs in
Brazil (the closing of the Mooca site and the transfer of production to
the new Itatiaia site), spendings incurred by the creation in Lyon of
the Innovation Hub for the Small electrical appliance business, and
provisions for expenses involved in the integration of WMF and the
regrouping of Groupe SEB entities and WMF in several countries.

Net financial expense came out at -€44 million, compared with -€26
million at June 30, 2016. The change reflects the refinancing, at highly
attractive conditions, of the acquisition of WMF as well as the €12
increase in the fair value of the optional part of the convertible bond
issued last November.

Lastly, after taxes at a rate of 23.5% (24% in first-half 2016) and the
elimination of non-controlling interests in the results, for a total €19
million, net profit totaled €83.3 million in the first half-year, for an
increase of nearly 35%.

FINANCIAL STRUCTURE AT JUNE 30, 2017

At June 30, 2017, equity stood at €1,739 million, down €97 million on
December 31, 2016, primarily due to negative currency adjustments on the
yuan, the US dollar and the Brazilian real.

Tangible fixed assets increased by €110 million on end-2016 owing to the
valuation of the brands and the reassessment of other intangible assets,
ultimately leading to a revaluation of goodwill of €180 million.

At June 30, 2017, net financial debt amounted to €2,065 million,
compared with €2,019 million at end-December 2016. This change takes
account of a cash flow generation of €91 million, related to the
increase in cash flow and a further improvement in the working capital
requirement, which stood at 17.9% of sales compared with 19% at the end
of first-half 2016. It also includes non-operating items such as
dividends paid (€101 million), the acquisition of Swizzz Prozzz, and
cash outflows linked to the restructurings under way.

At June 30, 2017, the gearing ratio stood at 119% and the estimated
year-on-year adjusted debt-to-EBITDA ratio at 2.7.

2017 OUTLOOK

The strong performance in the first half of the year provides a robust
platform for the coming months, but the Group must nevertheless remain
cautious regarding macro-economic uncertainties and potential market
turbulence.

In this context, and given the very high quality second half-year in
2016, the Group aims for 2017 at an organic sales growth exceeding 7%
and, on the basis of current exchange rates, an increase in published
revenue by more than 30%. Under these circumstances, the Operating
Result from Activity, excluding one-off impacts of WMF purchase price
allocation, should grow by at least 30%. The Group also confirms that
the consolidation of WMF is expected to have an accretive impact of more
than 20% before the impact of the purchase price allocation on net
earnings per share from 2017 onwards.

CONSOLIDATED INCOME STATEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in € millions)

 

 

 

6.30.2017
6 months

 

 

 

6.30.2016
6 months

 

 

 

12.31.2016
12 months

 

 

Revenue

 

 

 

2,941

 

 

 

2,164

 

 

 

5,000

 

 

Operating expenses

 

 

 

(2,727.8)

 

 

 

(1 991.9)

 

 

 

(4,494.5)

 

 

OPERATING RESULT FROM ACTIVITY

 

 

 

213.4

 

 

 

171.9

 

 

 

505.2

 

 

Discretionary and non-discretionary profit-sharing

 

 

 

(10.7)

 

 

 

(13.9)

 

 

 

(36.7)

 

 

RECURRING OPERATING PROFIT

 

 

 

202.7

 

 

 

158.0

 

 

 

468.5

 

 

Other operating income and expense

 

 

 

(24.4)

 

 

 

(24.3)

 

 

 

(42.2)

 

 

OPERATING PROFIT

 

 

 

178.3

 

 

 

133.7

 

 

 

426.3

 

 

Finance costs

 

 

 

(17.2)

 

 

 

(17.1)

 

 

 

(29.8)

 

 

Other financial income and expense

 

 

 

(27.4)

 

 

 

(8.1)

 

 

 

(28.2)

 

 

Share of profits of associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT BEFORE TAX

 

 

 

133.7

 

 

 

108.5

 

 

 

368.3

 

 

Income tax expense

 

 

 

(31.4)

 

 

 

(26.0)

 

 

 

(77.7)

 

 

PROFIT FOR THE PERIOD

 

 

 

102.3

 

 

 

82.5

 

 

 

290.8

 

 

Non-controlling interests

 

 

 

(19.0)

 

 

 

(20.2)

 

 

 

(32.2)

 

 

PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT

 

 

 

83.3

 

 

 

62.3

 

 

 

258.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share (in €)

 

 

 

1.68

 

 

 

1.27

 

 

 

5.20

 

 

Diluted earnings per share (in €)

 

 

 

1.66

 

 

 

1.25

 

 

 

5.15

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS (in € millions)

 

 

 

6.30.2017

 

 

 

6.30.2016

 

 

 

12.31.2016

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

 

1,436.8

 

 

 

528.3

 

 

 

1,847.0

 

 

Other intangible assets

 

 

 

1,242.3

 

 

 

486.9

 

 

 

720

 

 

Property, plant and equipment

 

 

 

805.2

 

 

 

642.6

 

 

 

807.7

 

 

Investments in associates

 

 

 

 

 

 

 

 

 

 

 

11.1

 

 

Other investments

 

 

 

27.0

 

 

 

43.6

 

 

 

18.0

 

 

Other non-current financial assets

 

 

 

15.5

 

 

 

46.3

 

 

 

13.3

 

 

Deferred tax assets

 

 

 

50.4

 

 

 

67.9

 

 

 

71.1

 

 

Other non-current assets

 

 

 

14.6

 

 

 

14.3

 

 

 

13.3

 

 

Long-term derivative instruments

 

 

 

5.5

 

 

 

3.9

 

 

 

0.5

 

 

NON-CURRENT ASSETS

 

 

 

3,597.3

 

 

 

1,833.8

 

 

 

3,502.0

 

 

Inventories

 

 

 

1,129.4

 

 

 

838.1

 

 

 

1,076.3

 

 

Trade receivables

 

 

 

759.5

 

 

 

688.1

 

 

 

1,060.1

 

 

Other receivables

 

 

 

104.1

 

 

 

85.2

 

 

 

100.6

 

 

Current tax assets

 

 

 

53.1

 

 

 

42.0

 

 

 

59.6

 

 

Short-term derivative instruments

 

 

 

32.0

 

 

 

31.1

 

 

 

50.6

 

 

Other short-term investments

 

 

 

259.7

 

 

 

137.6

 

 

 

204.6

 

 

Cash and cash equivalents

 

 

 

657.1

 

 

 

322.3

 

 

 

414.5

 

 

CURRENT ASSETS

 

 

 

2,994.9

 

 

 

2,144.4

 

 

 

2,966.3

 

 

TOTAL ASSETS

 

 

 

6,592.2

 

 

 

3,978.2

 

 

 

6,468.3

 

EQUITY LIABILITIES (in € millions)

30.06.2017

30.06.2016

31.12.2016

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

50.2

 

 

 

50.2

 

 

 

50.2

 

 

Reserves and retained earnings

 

 

 

1,581.8

 

 

 

1,508.0

 

 

 

1,677.6

 

 

Treasury stock

 

 

 

(56.2)

 

 

 

(75.7)

 

 

 

(56.8)

 

 

Equity attributable to owners of the parent

 

 

 

1,575.8

 

 

 

1,482.5

 

 

 

1,671.0

 

 

Non-controlling interests

 

 

 

162.9

 

 

 

143.6

 

 

 

165.2

 

 

EQUITY

 

 

 

1,738.7

 

 

 

1,626.1

 

 

 

1,836.2

 

 

Deferred tax liabilities

 

 

 

205.6

 

 

 

44.2

 

 

 

111.4

 

 

Long-term provisions

 

 

 

386.6

 

 

 

212.0

 

 

 

378.7

 

 

Long-term borrowings

 

 

 

2,071.1

 

 

 

744.5

 

 

 

1,553.6

 

 

Other non-current liabilities

 

 

 

47.9

 

 

 

43.6

 

 

 

45.7

 

 

Long-term derivative instruments

 

 

 

24.2

 

 

 

4.9

 

 

 

10.5

 

 

NON-CURRENT LIABILITIES

 

 

 

2,735.4

 

 

 

1,049.2

 

 

 

2,099.9

 

 

Short-term provisions

 

 

 

97.6

 

 

 

60.6

 

 

 

102.5

 

 

Trade payables

 

 

 

748.2

 

 

 

602.9

 

 

 

911.7

 

 

Other current liabilities

 

 

 

304.1

 

 

 

225.0

 

 

 

380.0

 

 

Current tax liabilities

 

 

 

45.2

 

 

 

51.0

 

 

 

42.3

 

 

Short-term derivative instruments

 

 

 

30.7

 

 

 

29.2

 

 

 

23.0

 

 

Short-term borrowings

 

 

 

892.3

 

 

 

334.2

 

 

 

1,072.7

 

 

CURRENT LIABILITIES

 

 

 

2,118.1

 

 

 

1,302.9

 

 

 

2,532.2

 

 

TOTAL EQUITY AND LIABILITIES

 

 

 

6,592.2

 

 

 

3,978.2

 

 

 

6,468.3

 

 

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 costs, i.e. the cost
of sales, innovation expenditure (RD, strategic marketing and design),
advertising, operational marketing as well as commercial and
administrative costs. 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.

Net debt (or Net indebtedness)

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 having a maturity of under one year and easily disposed
of. Net debt may also include short-term investments with no risk of a
substantial change in value but with maturities of over three months.

Operating cash flow

Operating cash flow corresponds to the “net cash from operating
activities / net cash used by operating activities� item in the
consolidated cash flow table, restated 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).

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 environment, demand in the Group’s
large markets and the impact of new product launches by competitors.

As a result of these uncertainties, 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
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 December 31, 2016, examined by SEB SA’s
Statutory Auditors and approved by the Group’s Board of Directors, on
February 17, 2017.

Listen to the recorded audiocast of the presentation on our website at
2:30 PM CET:

www.groupeseb.com
or click
here

Next key dates

Find us on www.groupeseb.com

The world leader in small domestic equipment, Groupe SEB operates in
nearly 150 countries with a unique portfolio of top brands including
Tefal, Rowenta, Moulinex, Krups, Lagostina, All-Clad, WMF and Supor,
marketed through multi-format retailing. Selling some 250 million
products a year, it deploys a long-term strategy focused on innovation,
international development, competitiveness and service to clients.
Groupe SEB has nearly 32,900 employees worldwide.

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