2023 provisional sales - unaudited
figures -
- Annual sales: €8,006m, +5.3% LFL* (+0.6% as reported)
- In line with full-year outlook
- Continued recovery of the Consumer business
- Outstanding performance by the Professional business
- A strong fourth quarter: sales of €2,474m, up 8.5% LFL
(+3.1% as reported)
- 2023 Operating Result from Activity now expected to grow by
more than 15% (vs. more than 10% previously)
Regulatory News:
Groupe SEB (Paris:SK):
Statement by Stanislas de Gramont, Chief Executive Officer of
Groupe SEB
"In 2023, Groupe SEB's sales returned to a good organic growth
dynamic, and its sales are back above the €8 billion mark in this
financial year.
As expected, our Consumer business returned to a good level of
organic growth as of the second quarter and since then continued on
this trajectory. This performance is primarily the result of
constant investment in a sustained innovation policy, and a solid
commercial dynamic. The Small Domestic Equipment market
demonstrated its resilience in 2023, in a complex macro-economic
environment.
In a very buoyant market, the Group's Professional business
achieved a record year, driven by commercial successes in the
Coffee business in its main geographies, allowing the Group to
consolidate its world leading position.
Based on these solid sales performances and rigorous operational
management, the Group is revising upwards its growth forecast for
its 2023 Operating Result from Activity, from an increase of at
least 10% to at least 15%. "
* LFL: on a like-for-like basis (= organic)
GENERAL COMMENTS ON GROUP SALES
Groupe SEB generated sales of €8,006m in 2023, up 0.6% (i.e.
€46m) as reported. Organic growth was of a good level at 5.3%, i.e.
+€420m. It was counterbalanced by a negative currency effect of the
same magnitude, resulting from the depreciation of a number of
currencies against the euro (in particular, the Chinese yuan). The
revenue also includes a limited scope effect linked to the
integration of the acquired companies, Zummo, La San Marco and
Pacojet.
In a generally unfavorable macro-economic environment, this
performance is very satisfactory. It is in line with the Group's
objective of achieving mid-single digit organic sales growth in
2023, reflecting a return to growth for the Consumer business and
strong sales growth for the Professional business.
Over 2023, Consumer sales reached €7,045m, up 3.2% LFL from
2022. The fourth quarter saw organic growth of 7.7%, compared with
5.5% in the third quarter and 5.2% in the second quarter. Hence,
the Group was back on a good LFL growth trajectory in 2023 in a
resilient Small Domestic Equipment market, despite an uncertain
macro-economic environment.
This positive performance was fueled by our continued
development dynamic based on innovation, a constantly enhanced
offering, the roll-out of our flagship products in our markets, and
an efficient sales execution. In terms of products, the growth was
notably driven by linen care, versatile vacuum cleaners, fans,
oil-less fryers, rice cookers, kettles, full-automatic coffee
machines and cookware (in particular the Ingenio range).
Sales generated by the Professional business amounted €962m in
2023, up 26.5% LFL from 2022, driven by the continued growth of the
Professional Coffee business across all major geographies,
including in China, the United States, the United Kingdom and the
DACH region (Germany, Austria and Switzerland). It was fueled by
the roll-out of large contracts and by dynamic core business
activity.
The Group's organic growth in the fourth quarter was +8.5%
with:
- sales increase of 7.7% LFL in the Consumer business, in all
regions, with, in particular, a significant improvement in Western
Europe (+6.1%), continued buoyant momentum in other EMEA countries
(+21.7%) and growth in business activity in China (+3.3%);
- sustained excellent dynamic in the Professional business
(+16.2%), despite demanding comparison base.
REVENUE BY REGION - 2023 Unaudited figures
Revenue in €m
2022
2023
Change 2023/2022
As reported
LFL
EMEA
Western Europe
Other countries
3,444
2,416
1,028
3,475
2,401
1,074
+0.9%
-0.6%
+4.5%
+6.6%
-0.4%
+23.2%
AMERICAS
North America
South America
1,130
797
333
1,113
767
345
-1.5%
-3.7%
+3.7%
+1.4%
-2.8%
+11.5%
ASIA
China
Other countries
2,660
2,101
559
2,457
1,966
492
-7.6%
-6.5%
-12.1%
-0.6%
+1.0%
-6.5%
TOTAL Consumer
7,234
7,045
-2.6%
+3.2%
Professional
725
962
+32.6%
+26.5%
GROUPE SEB
7,960
8,006
+0.6%
+5.3%
Rounded figures in €m
% calculated on non-rounded figures
REVENUE BY REGION - FOURTH QUARTER Unaudited figures
Revenue in €m
Q4
2022
Q4
2023
Change 2023/2022
As reported
LFL*
EMEA
Western Europe
Other countries
1,142
791
350
1,192
839
353
+4.4%
+6.0%
+0.9%
+10.9%
+6.1%
+21.7%
AMERICAS
North America
South America
326
240
86
335
232
103
+2.6%
-3.3%
+19.1%
+7.0%
+0.0%
+26.3%
ASIA
China
Other countries
711
557
154
682
536
146
-4.0%
-3.7%
-5.1%
+2.9%
+3.3%
+1.6%
TOTAL Consumer
2,179
2,209
+1.4%
+7.7%
Professional
221
264
+19.6%
+16.2%
GROUPE SEB
2,400
2,474
+3.1%
+8.5%
Rounded figures in €m
% calculated on non-rounded
figures
COMMENTS ON CONSUMER SALES BY REGION
Revenue in €m
2022
2023
Change 2023/2022
Q4 Change 2023/2022
As reported
LFL
As reported
LFL
EMEA
Western Europe
Other countries
3,444
2,416
1,028
3,475
2,401
1,074
+0.9%
-0.6%
+4.5%
+6.6%
-0.4%
+23.2%
+4.4%
+6.0%
+0.9%
+10.9%
+6.1%
+21.7%
WESTERN EUROPE
In the fourth quarter, the Group's sales were up 6.1% LFL thanks
to improved performances in its main markets, particularly in
France and Germany. This positive momentum was driven by most
product categories, in particular cookware, electrical cooking and
floor care. Furthermore, the negative impact related to destocking
from European distributors is mostly over.
Over the year, revenue fell slightly by 0.4% LFL. The European
Small Domestic Equipment market demonstrated a certain degree of
resilience, in a difficult economic environment.
In France, the Group generated organic growth of around 5% over
the year, driven by strong momentum in cookware (supported by a
significant loyalty program in the first half of the year), floor
care and electrical cooking (in particular, oil-less fryers).
In Germany, sales decreased in 2023 in a gloomy economic
environment. However, the Group ended the year on a much more
positive note, delivering double-digit growth in the fourth
quarter, confirming an improvement in sell-out in the second half
of the year.
The Group generated higher revenue in 2023 in several countries
in the region, including Spain, Belgium and the Nordics, benefiting
from favorable markets.
OTHER EMEA COUNTRIES
The Group's sales in other EMEA countries increased by 21.7% LFL
in the fourth quarter and by 23.2% LFL over the year as a whole,
with markets in the region generally posting growth. The reported
rise in revenue in 2023 was only 4.5%, mainly due to the
significant devaluations of the Turkish lira and the Egyptian
pound.
In Central and Eastern Europe, the Group's sales were up sharply
in 2023. Throughout the year, the Group leveraged its strong
relationships with its main distributors and its excellent
commercial execution, both online and offline. It also continued to
strengthen its competitive positions in important categories, such
as oil-less fryers, floor care or linen care and to roll-out its
flagship products such as Optigrill, Ingenio, and Cookeo.
Organic growth has also been robust in Turkey and Egypt,
countries in which the Group quickly applied price increases in
highly inflationary environments. In Turkey, the Group capitalized
on the strong momentum of the Small Domestic Equipment market,
particularly in cookware and oil-less fryers. In Egypt, it
continued to expand and consolidated its position, particularly in
fans, linen care, food preparation and cookware.
Revenue in €m
2022
2023
Change 2023/2022
Q4 Change 2023/2022
As reported
LFL
As reported
LFL
AMERICAS
North America
South America
1,130
797
333
1,113
767
345
-1.5%
-3.7%
+3.7%
+1.4%
-2.8%
+11.5%
+2.6%
-3.3%
+19.1%
+7.0%
+0.0%
+26.3%
NORTH AMERICA
In the fourth quarter, sales in North America were stable on a
LFL basis (down by 3.3% as reported), after a very strong third
quarter (+14,9% LFL). The Group thus delivered an improved sales
growth level of 6.8% LFL in the second half.
Over the year, sales decreased by 2.8% LFL and by 3.7% as
reported.
In the United States, in a volatile consumer environment marked
by retailers’ very cautious stock management, the Group continued
to outperform the cookware market. Hence, it further strengthened
its leadership based on its three complementary brands (T-fal,
All-Clad and Imusa).
As in 2022, the Group generated double-digit organic growth in
Mexico, fueled by the constant consolidation of its leading
position in cookware, and by enhanced market shares in linen care,
food preparation (in particular, blenders) and fans. The Group also
successfully pursued the roll-out of its full-automatic coffee
machine offering and innovations.
SOUTH AMERICA
Revenue grew by 26.3% LFL in the fourth quarter, due in
particular to an excellent season for sales of fans in Colombia and
Brazil driven by the El Niño climate phenomenon.
Annual sales rose by 11.5% LFL, driven by a solid second half of
the year, after a stable first half.
In Colombia, the Group continued to gain market share in a
difficult environment due to a strong inflation. As such, it
strengthened its leadership in cookware. Moreover, excellent
performance in fans and strong market share gains in food
preparation (blenders) gave the Group a leading position in small
electrical appliances in 2023.
In Brazil, demand for fans fueled growth. Despite an intense
competitive context, the Group also successfully increased its
sales volumes, particularly in oil-less fryers and single-serve
coffee machines.
Revenue in €m
2022
2023
Change 2023/2022
Q4 Change 2023/2022
As reported
LFL
As reported
LFL
ASIA
China
Other countries
2,660
2,101
559
2,457
1,966
492
-7.6%
-6.5%
-12.1%
-0.6%
+1.0%
-6.5%
-4.0%
-3.7%
-5.1%
+2.9%
+3.3%
+1.6%
CHINA
In the fourth quarter, sales in China increased by 3.3% LFL.
Over the year, Supor's domestic sales grew by 1.0% LFL and declined
by 6.5% as reported, with the difference between the two figures
being due to the depreciation of the yuan against the euro over the
period.
These annual and quarterly performances reflect Supor’s
strengthened leadership position, in a context of weak consumer
confidence in China. Supor consolidated its market position in all
its major categories thanks to its numerous assets: a less
discretionary product mix than its competitors, significant
innovation capabilities with fast roll-out of new products and
proven and recognized online expertise in sales activation.
Supor continued to enrich its product offering by constantly
revitalizing its flagship categories such as woks, rice cookers,
electric pressure cookers, and kettles, and by developing new
segments, such as portable coffee machines, auto-frying machine,
insulated mugs and floor washers.
OTHER ASIAN COUNTRIES
Group sales in the other Asian countries grew 1.6% LFL in the
fourth quarter, thanks to an improved performance in several key
markets in the region, such as Japan, South Korea, Australia and
Thailand. This stronger momentum at the end of the year was notably
underpinned by the commercial success of our kettles in Japan,
solid sales of cookware in South Korea and sales upturn in
Australia. The pick-up in organic sales growth in the fourth
quarter seems to point to a normalization of retailers’ inventory
levels.
Over the year, revenue were down 6.5% LFL, in a complicated
macro-economic environment for most countries in the region. The
high levels of inflation and the significant increases in interest
rates weighed on consumer demand, while encouraging distributors to
reduce their inventory levels. The best performing categories in
2023 were kettles, oil-less fryers, linen care, and floor care.
COMMENTS ON PROFESSIONAL BUSINESS ACTIVITY
Revenue in €m
2022
2023
Change 2023/2022
Q4 Change 2023/2022
As reported
LFL
As reported
LFL
Professional
725
962
+32.6%
+26.5%
+19.6%
+16.2%
The Group's Professional business continued its excellent
trajectory, generating organic sales growth of 16.2% in the fourth
quarter, despite more demanding comparison base. This business
encompasses Professional Coffee, which accounts for more than 90%
of sales, hotel equipment, Krampouz, Zummo and Pacojet.
In 2023, revenue from the Professional business was €962m, up
26.5% LFL from the previous year.
This outstanding performance was mainly due to record sales of
both machines and services in Professional Coffee, achieved in the
Group's main markets (China, the United States, Germany and the
United Kingdom). Sales of machines relied on an ever broader and
more diversified client portfolio, supporting sales recurrence, and
on the roll-out of major contracts with key customers such as
Luckin Coffee in China, Greggs in the United Kingdom and QuikTrip
in the United States. The continuous development of services and
their digital dimension are improving the attractiveness of the
Group's offering and contributing to its strong revenue growth.
In 2023, the Group also made significant progress in developing
its Professional strategy. The acquisition of La San Marco broadens
the Group's product offering into traditional coffee machines,
while the acquisition of Pacojet strengthens the Group's presence
in professional kitchens.
2023 ORFA GROWTH EXPECTATIONS REVISED UPWARDS
As a result of the solid growth in sales in 2023, the continued
recovery in its gross margin, and the disciplined management of its
operating costs, the Group now expects its Operating Result from
Activity to increase by at least 15% over the year (vs. at least
10% previously).
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. This press
release may contain individually rounded data. The arithmetical
calculations based on rounded data may present some differences
with the aggregates or subtotals reported.
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 adjusted
EBITDA, after accounting for the change in the operating capital
requirement, recurring investments (CAPEX), taxes and financial
expense, as well as other non-operational items.
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.
Conference with management on January 30 at
6:00 p.m. CET
Please click on the following
link to access the live webcast
The webcast will also be available at
www.groupeseb.com on January 30 as of 8:00 p.m. CET
Access (audio only): From France: +33 (0)1 7037
7166 – Password: SEB From other countries: +44 (0) 33 0551 0200 –
Password: SEB From USA: +1 786 697 3501 – Password: SEB
Next key dates – 2024
February 22 | before
market
2023 results
April 25 | after
market
Q1 2024 sales and financial
data
May 23 | 2:30 p.m.
Annual General Meeting
July 25 | before
market
H1 2024 sales and results
October 24 | after
market
9-month 2024 sales and financial
data
Find us on www.groupeseb.com
World reference in small domestic equipment, Groupe SEB operates
with a unique portfolio of 35 top brands including Tefal, Seb,
Rowenta, Moulinex, Krups, Lagostina, All-Clad, WMF, Emsa, Supor,
marketed through multi-format retailing. Selling more than 400
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 2023 and has more than 33,000 employees
worldwide.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130081457/en/
Investor/Analyst relations GROUPE SEB Financial
Communication and IR Dept
Raphael Hoffstetter Guillaume Baron
comfin@groupeseb.com
Tel. +33 (0) 4 72 18 16 04
Media Relations
GROUPE SEB Corporate Communication Dept
Cathy Pianon Anissa Djaadi Marie Leroy
presse@groupeseb.com
Tel. + 33 (0) 6 33 13 02 00 Tel. + 33 (0) 6 88 20 90
88 Tel. + 33 (0) 6 76 98 87 53
Image Sept Caroline Simon Claire Doligez
Isabelle Dunoyer de Segonzac
caroline.simon@image7.fr
cdoligez@image7.fr
isegonzac@image7.fr
Tel. +33 (0) 1 53 70 74 70
SEB (EU:SK)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
SEB (EU:SK)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024