Strong Recovery in the Second Quarter –
Reinforced Full Year Guidance
Regulatory News:
GROUPE SEB (Paris:SK):
- H1 sales: €3,612m; -1.5% reported, +1.3% LFL*
- Q2 sales: €1,790m; +2.3% reported, +6.8% LFL*
- H1 Operating Result from Activity (ORFA): €180m vs €199m
in 2022
- Q2 ORFA: €115m vs €59m in Q2 22 (+€56m)
- Net Financial Debt at end-June 2023: €2,346m vs €2,447m
at end-June 2022
- Reinforced FY 2023 Guidance following a better-than-expected
recovery in Q2:
- Mid-single digit LFL revenue growth
- At least 10% growth in ORFA
Statement by Stanislas de Gramont, Chief Executive Officer of
Groupe SEB
“We have posted a very satisfactory sales and profit performance
in the second quarter.
Our Consumer activity is back to organic growth, fueled by our
major and historical markets, such as Western Europe and China.
This growth was driven by the successful implementation of our
long-term strategy based on the appeal of our brands, product
innovation, international expansion and the activation of all
distribution channels.
Our Professional business achieved an outstanding performance in
the first half, which confirms our confidence and our ambition in
this fast-growing industry. We have continued to invest through
several bolt-on acquisitions to reinforce the weight of this
business in the Group’s portfolio.
In a market environment that remains uncertain, and in an
adverse currency context, Groupe SEB will further improve its
performance during the rest of the year. Hence, we are
strengthening the Group’s targets for the full year and are now
aiming to deliver a mid-single digit organic revenue growth and an
increase in our Operating Result from Activity of at least
10%”.
*LFL = organic:on a like-for-like basis
GENERAL COMMENTS ON GROUP SALES
In the first half of 2023, Groupe SEB generated sales of
€3,612m, up 1.3% LFL (-1.5% on a reported basis) vs 2022.
After a negative start to the year with Q1 sales down -3.7% LFL,
the Group delivered solid organic revenue growth in Q2 (+6.8% LFL)
in a global macro environment that remained challenging. This
positive performance was driven by:
(1) the continued buoyant dynamic in the
Professional segment (up 21% LFL in Q2) which benefited from
favorable business trends across the Group’s major markets
(2) and the return to positive revenue growth
in the Consumer segment (up 5.2% LFL in Q2) thanks to a sequential
improvement (Q2 vs Q1) in all its key markets and a more favorable
comparable base (after 5 consecutive quarters against high
comps)
The 1.5% decrease in Group reported turnover in the first half
(-€54m) includes a 1.3% organic increase (€47m), a currency effect
of -3.3% (-€121m) mainly from the Chinese Yuan and emerging
currencies, and a scope effect of +0.5% (€20m) related to the
acquisition of Zummo in July 2022 and La San Marco in February
2023*.
The Consumer business posted sales of €3,177m, down 1.0%
LFL (-4.7% on a reported basis) in the first half of 2023. After a
first quarter with sales down 6.6% on a LFL basis, the Group
delivered a significant improvement of its revenue in the second
quarter, up 5.2% LFL. This positive performance was achieved in a
challenging environment with mixed market dynamics across the globe
and high inflation impacting consumer sentiment. Nonetheless, The
Group delivered positive revenue growth in several of its core
markets, such as Western Europe and China, and was able to defend
its leading market positions. In the first half, the bestselling
product categories were: the Ingenio pots and pans range as well as
the Renew Ceramic range in cookware; drinkware; oil-less fryers,
rice cookers and kettles; linen care (steam irons and garment
steamers) and fans.
Professional sales totaled €435m in the first half of
2023, an increase of 25% LFL (+32% on a reported basis). After a
stellar performance in the first quarter (+29% LFL), the Group
confirmed its outstanding progress in the second quarter (+21%
LFL). This strong momentum was fueled by most markets with China
still delivering the highest growth and key historical markets such
as Germany or the UK being highly contributive to the buoyant
revenue development. The overall performance in Q2 relied on the
same healthy mix as in Q1 based on large deals and core business
(machine sales and services).
* the more recent acquisitions of Pacojet and Forge Adour will
be fully consolidated in H2 2023.
BREAKDOWN OF REVENUE BY REGION
Revenue in €m
H1
2022
H1
2023
Change 2023/2022
Q2 2023
vs 2022, LFL
As reported
LFL*
EMEA
Western Europe
Other countries
1,494
1,072
422
1,489
1,029
460
-0.3%
-4.0%
+9.0%
+3.1%
-3.7%
+20.5%
+12.8%
+3.3%
+37.3%
AMERICAS
North America
South America
515
358
157
458
315
143
-11.1%
-12.1%
-8.7%
-10.0%
-14.5%
+0.4%
-6.6%
-7.4%
-5.1%
ASIA
China
Other countries
1,327
1,054
273
1,231
998
232
-7.3%
-5.3%
-15.0%
-2.2%
+0.1%
-11.1%
+2.2%
+5.5%
-9.4%
TOTAL Consumer
3,336
3,177
-4.7%
-1.0%
+5.2%
Professional
330
435
+31.7%
+24.8%
+21.0%
GROUPE SEB
3,666
3,612
-1.5%
+1.3%
+6.8%
*LFL: on a like-for-like
basis
Rounded figures in €m
% calculated on non-rounded
figures
COMMENTS ON CONSUMER SALES BY REGION
Revenue in €m
H1
2022
H1
2023
Change 2023/2022
Q2 2023
vs 2022, LFL
As reported
LFL*
EMEA
Western Europe
Other countries
1,494
1,072
422
1,489
1,029
460
-0.3%
-4.0%
+9.0%
+3.1%
-3.7%
+20.5%
+12.8%
+3.3%
+37.3%
WESTERN EUROPE
In Western Europe, after a 10% decline in the first
quarter, Groupe SEB achieved a clear improvement in sales in the
second quarter with organic revenue growth reaching 3.3%, on a more
favorable comparison basis. In the first half of 2023, sales
declined by 3.7% LFL.
Despite some retailers pursuing their inventory level reduction
in the region, impacting somewhat our sell-in, the Group’s sales
dynamics in Western Europe was fueled by key categories like
electrical cooking, linen care and home comfort (fans).
In France, the Group grew its sales by more than 10% in
the second quarter with the continuation of a large cookware
loyalty program, and a strong commercial execution in a still
challenging small domestic appliances market. Linen care was a
dynamic category, where the Group retained its undisputed leader
position. Electrical cooking benefited from the success of oil-less
fryers. The Group achieved good sales performance in floor care
with both canister and versatile vacuum cleaners.
In Germany, the overall macro environment weighed on
household consumption, and despite a sequential improvement, the
Group’s revenue remained in negative territory in the second
quarter. In this context, electrical cooking with products such as
Optigrill or oil-less fryers were successful with end
consumers.
In other Western Europe countries, similarly to France,
sales performance regained a positive momentum in the second
quarter with a healthy core business*. This was particularly true
in Spain, Italy and Belgium. In the Netherlands and the Nordics,
the launch of the Group’s new range of ceramic coated pots and pans
called Renew was promising. Sales in the United Kingdom remained
solid during the whole semester.
OTHER EMEA COUNTRIES
Sales in other EMEA countries were up 21% LFL during the
first half of the year, and up 37% LFL in the second quarter. This
increase in sales was 9% on a reported basis in the first half due
to the sharp depreciations of the Turkish lira and the Egyptian
pound.
In Central and Eastern Europe, markets were impacted by a
high inflationary environment but operated a turnaround in the
second quarter. Sales growth for the Group was pulled by several
fast-growing categories like electrical cooking (Optigrill, Cookeo,
oil-less fryers), floor care (particularly in versatile vacuum
cleaners), and linen care which delivered a satisfactory
performance. The Group continues to reap the benefits of its strong
competitive positions across many of these markets.
Finally, organic sales growth was also strong in Turkey
and Egypt, bearing in mind that a large part of this growth
was linked to the implementation of price increases to compensate
for the devaluation of local currencies.
*excluding loyalty programs and partnerships
Revenue in €m
H1
2022
H1
2023
Change 2023/2022
Q2 2023
vs 2022, LFL
As reported
LFL*
AMERICAS
North America
South America
515
358
157
458
315
143
-11.1%
-12.1%
-8.7%
-10.0%
-14.5%
+0.4%
-6.6%
-7.4%
-5.1%
NORTH AMERICA
First half sales in North America were down around 15%
LFL and 12% on a reported basis, with a positive effect on Group
sales coming from the exchange rates of the US dollar and the
Mexican peso. Sales decline mitigated in the second quarter (with a
LFL decline of only 7%) thanks to a sequential improvement in the
US and in Mexico, while business activity remained tough in
Canada.
Continued destocking in retail and persistent weak demand
weighed on sales in the United States. Nevertheless, the
Group continued to outperform the market and as such, was able to
consolidate its leadership in cookware thanks to its strong and
complementary brands T-Fal, All Clad and Imusa. In linen care, the
Group maintained its dynamic product activation strategy with the
launch of a new range of colorful garment steamers.
In Mexico, the market continued to benefit from a strong
and structural demand for small domestic appliances and the Group
delivered yet another robust sales performance throughout the first
half of the year. With leading positions in all its key categories,
the Group is at the forefront of this positive momentum. Sales were
up double digit LFL in the second quarter, with a strong core
business* performance and gains of new listings across all
distribution channels.
SOUTH AMERICA
In South America, Group first half turnover grew by 0.4%
LFL but was down 8.7% on a reported basis mainly due to the
weakness of the Colombian and Argentinian pesos.
The macroeconomic environment was challenging in Colombia
with high inflation and high interest rates leading retailers to be
prudent in their replenishment strategies. Moreover, the Group
faced a high comparison base due to (1) some VAT free days that
boosted sales in the first half of 2022 and (2) record-high sales
growth (around 40%) in the second quarter of 2022. Group sales were
thus slightly down LFL in the first semester, but our sell-out
performance was satisfactory. The Group gained market share across
various market categories and is now the market leader in both
small domestic kitchen appliances as well as in cookware where the
company has had a long-lasting leadership.
In Brazil, after a positive first-quarter, sales were
down in the second quarter notably due to the Group’s eagerness to
find a careful balance between promotional activity and margin
management in a highly competitive environment. Nevertheless, the
Group showed good performance in the premium fan segment and in
single-serve espresso multi-beverage machines (Dolce Gusto).
*excluding loyalty programs and partnerships
Revenue in €m
H1
2022
H1
2023
Change 2023/2022
Q2 2023
vs 2022, LFL
As reported
LFL*
ASIA
China
Other countries
1,327
1,054
273
1,231
998
232
-7.3%
-5.3%
-15.0%
-2.2%
+0.1%
-11.1%
+2.2%
+5.5%
-9.4%
CHINA
In the first half, sales in China were up 0.1% on a LFL basis.
This is the result of a negative performance in Q1 (-4.6% LFL) and
a significant improvement in the second quarter (+5.5% LFL). This
solid growth in Q2 was anticipated and is all the more satisfying
as it was achieved in a soft market environment.
Supor has continued to gain market share across all its major
categories thanks to the success of its premiumization strategy and
multiple new product launches.
Beyond continued product dynamic in flagship categories such as
woks, rice cookers and electrical pressure cookers, Supor pursued
the enrichment of its product offering in newer families such as
coffee machines, automatic stir-fry machines or floor vacuum
washers.
The Chinese market environment will remain challenging but we
remain confident in Supor’s ability to deliver positive organic
revenue growth, outperform its markets and hence continue to
consolidate its market share during the second half of the
year.
OTHER ASIAN COUNTRIES
In Asia excluding China, first half revenue declined by around
11% LFL, following a slight sequential improvement in sales in the
second quarter.
Overall, the market environment remained challenging throughout
the first semester, with (1) inflation weighing on consumer demand
and (2) retailers willing to continue to deplete their inventories.
This has been particularly true for our major markets in the
region, Japan and South Korea. However, the new range of kettles
launched at the end of 2022 is proving highly successful.
Against this backdrop, the Group managed to protect its market
positions in both countries.
The same conditions (weak demand, destocking by retailers)
prevailed throughout the first half in the negative performance in
Southeast Asia and in Australia. Nonetheless, a recovery in sell-in
trends materialized towards the end of the quarter, reflecting the
return to more normal inventory levels across most countries in the
region.
COMMENTS ON PROFESSIONAL BUSINESS ACTIVITY
Revenue in €m
H1
2022
H1
2023
Change 2023/2022
Q2 2023
vs 2022, LFL
As reported
LFL*
Professional
330
435
+31.7%
+24.8%
+21.0%
PROFESSIONAL
In line with the Group’s 2022 performance, our Professional
business made an excellent start to 2023 by posting growth of 25%
LFL in the first half.
Professional delivered another strong revenue progression in the
second quarter (+21% LFL) after a stellar performance in Q1 (+29%).
This sales dynamic reflected a strong momentum across all key
markets in professional coffee machines (PCM), with China achieving
the highest growth thanks to good momentum in large deals. Beyond
the Chinese buoyant progress, key markets such as Germany, the UK
and the US markedly nurtured revenue development in PCM. The
performance in Q2 relied on the same healthy mix as in Q1 between
large deals and core business (machine sales and services).
The Group confirmed its leadership and its strong development
ambitions in the professional segment with two acquisitions, La San
Marco in February and Pacojet in May.
La San Marco is the recognized leader in the espresso
machine with traditional lever system and this iconic Italian
manufacturer will enrich the Group's existing product offering. In
2022, La San Marco generated €20m in revenue.
Pacojet is a Swiss family-owned company specializing in
the development and marketing of a revolutionary culinary appliance
that has been a favorite of chefs for thirty years. Founded in
1992, Pacojet has developed a unique emulsifier that can make ice
creams, sorbets, sauces, mousses, fillings, purées and much more in
less than 90 seconds. In 2022, Pacojet generated €24m in
revenue.
OPERATING RESULT FROM ACTIVITY (ORFA)
Operating Result from Activity (ORFA) in first half 2023 was
€180m (ORFA margin of 5%), versus €199m at end-June 2022 (ORFA
margin of 5.4%), driven by a strong Q2 at €115m (+€56m vs. Q2
2022). The figure includes a negative currency effect of
€20m and a scope effect of €2m.
On a LFL basis, ORFA in first half was therefore €198m
representing a margin of 5.3%. The changes versus first half 2022
can be explained as follows:
- A slightly positive volume effect of €12m reflecting the
Consumer business dynamic that started to reverse in the second
quarter and a continued vigorous trend in Professional
business;
- A positive price mix effect of €35m composed of an improved mix
and of the residual effects from price increases implemented last
year;
- Although still negative by €31m overall, the trend in our cost
of sales reversed between the first and the second quarter mainly
due to a reduction in raw material and freight costs;
- A €32m decrease in growth drivers compared to last year, driven
by more balanced investment policy between both semesters;
- Inflation led to a €49m negative effect from sales and
administrative expenses in the first half.
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 2023, Group operating profit amounted to
€160m, versus €179m at June 30, 2022. This result includes an
employee profit-sharing expense of about €11m (€13m in H1 2022) and
other operating income and expense of -€9m, compared with -€7m in
first half 2022.
At -€33m, net financial expense at June 30, 2023 improved by
€14m from -€47m in first half 2022. This was mainly due to the
decrease in the cost of intragroup refinancing and to the change in
fair value of performance shares related derivative
instruments.
As a result, profit attributable to owners of the parent
totalled €76m in the first half, compared with €72m at end-June
2022. This comes after a tax charge of €31m, based on an estimated
effective tax rate of 24%, and after minority interests of €21m
versus €30m in first half 2022.
FINANCIAL STRUCTURE AT JUNE 30, 2023
Consolidated shareholders’ equity stood at €2,923m at June
30, 2023, down €246m from end-2022 and down €185m from June 30,
2022, mainly explained by a decrease in foreign currency
translation reserve.
At the same date, the Group's net financial debt was
€2,346m (including €352m of IFRS 16 debt), down €101m versus
June 30, 2022, and up €373m versus December 31, 2022. This rise
versus end of 2022 is explained by a combination of a €132m free
cash flow generation during H1 2023, disbursements
related to the acquisitions closed since beginning of 2023 (La San
Marco, Pacojet, Forge Adour), dividends paid and share buybacks at
SEB and Supor.
The Group’s debt ratio (net financial debt/equity) at
June 30, 2023 was 0.7 and the net financial debt/adjusted
EBITDA ratio was 2.7 (2.3 excluding IFRS 16 and M&A).
At June 30, 2023, the operating working capital requirement
amounted to 18.1% of sales, a significant improvement of more
than 400 basis points compared to 2022, thanks to a voluntary
inventories reduction policy implemented since then.
RECENT ACQUISITION
On July 4th, Groupe SEB announced the acquisition of Forge
Adour, an expert manufacturer of enamelled cast-iron planchas.
Established in 1978, Forge Adour is a French family-owned company
that specializes in the design, manufacture and marketing of
planchas, accessories and outdoor kitchens for the Consumer
market.
OUTLOOK
The Group had previously guided to achieve a progressive
recovery in consumer sales, a strong growth in professional sales
and an increase in full year Group ORFA margin.
Given a better than expected recovery in the second quarter, the
Group is strengthening its targets for the full year 2023, in a
context of increasingly adverse currency fluctuations. The Group
now expects a stronger Euro in the second half of the year, as well
as continued improvements in its cost of goods sold leading to the
following impacts:
(1) a pronounced negative impact on reported
sales that based on current FX spot rates is currently estimated to
represent around 5% of Group’s sales on a full year basis;
(2) a neutral impact on ORFA as:
- in emerging markets, price increases will
compensate for currency depreciation (TRY, EGP, ARS, RUB, UAH,
BRL); and - tailwinds from freight, raw materials and components
costs will offset other negative currency effects stemming from
lower hedging results vs. 2022.
Hence, the Group is now aiming to achieve:
- Mid-single digit LFL Group revenue growth, with:
- Positive LFL revenue growth in Consumer;
- Strong LFL revenue growth in Professional.
- At least 10% growth in Group ORFA
Groupe SEB's company and consolidated financial statements at
June 30, 2023 were approved by the Board of Directors meeting held
on July 26, 2023.
CONSOLIDATED INCOME STATEMENT
(€ million)
06/30/2023
6 months
06/30/2022
6 months
12/31/2022
12 months
Revenue
3,611.9
3,665.6
7,959.7
Operating expenses
(3,431.8)
(3,467.0)
(7,339.4)
OPERATING RESULT FROM ACTIVITY
180.1
198.6
620.3
Statutory and discretionary employee
profit-sharing
(11,0)
(13.3)
(17.6)
RECURRING OPERATING PROFIT
169.1
185.3
602.7
Other operating income and expense
(8.7)
(6.6)
(55.7)
OPERATING PROFIT
160.4
178.7
547.0
Finance costs
(16.5)
(19.0)
(35.1)
Other financial income and expense
(16.1)
(27.9)
(45.6)
PROFIT BEFORE TAX
127.8
131.8
466.3
Income tax expense
(30.7)
(30.7)
(98.0)
PROFIT FOR THE PERIOD
97.1
101.1
368.3
Non-controlling interests
(21.1)
(29.5)
(52.1)
PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT
76.0
71.6
316.2
PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT PER SHARE (in units)
Basic earnings per share
1.38
1.30
5.74
Diluted earnings per share
1.38
1.29
5.71
CONSOLIDATED BALANCE SHEET
ASSETS (in € millions)
06/30/2023
06/30/2022
12/31/2022
Goodwill
1,757.6
1,739.0
1,767.9
Other intangible assets
1,303.0
1,311.6
1,305.1
Property, plant and equipment
1,295.0
1,319.9
1,338.8
Other investments
325.3
194.3
218.3
Other non-current financial assets
26.6
16.3
18.2
Deferred tax liabilities
152.0
157.4
135.2
Other non-current assets
66.3
61.7
58.3
Long-term derivative instruments -
assets
18.1
35.0
26.3
NON-CURRENT ASSETS
4,943.9
4,835.2
4,868.1
Inventories
1,625.2
2,240.3
1,682.1
Customers
788.8
761.2
891.5
Other receivables
175.8
246.2
217.1
Current tax assets
41.8
51.5
53.2
Short-term derivative instruments -
assets
51.2
191.3
76.8
Financial investments and other current
financial assets
58.3
272.2
102.0
Cash and cash equivalents
828.2
1,392.6
1,237.0
CURRENT ASSETS
3,569.3
5,155.3
4,259.7
TOTAL ASSETS
8,513.2
9,990.5
9,127.8
EQUITY & LIABILITIES (in €
millions)
06/30/2023
06/30/2022
12/31/2022
Share capital
55.3
55.3
55.3
Reserves and retained earnings
2,895,0
3,085.9
3,146.8
Treasury stock
(27.7)
(33.3)
(33.3)
Equity attributable to owners of the
parent
2,922.6
3,107.9
3,168.8
Non-controlling interests
230.9
298.2
280.1
CONSOLIDATED SHAREHOLDERS’
EQUITY
3,153.5
3,406.1
3,448.9
Deferred tax liabilities
181.9
254.2
212.6
Employee benefits and other long-term
provisions
213.3
226.8
213.4
Long-term borrowings
1,405.8
2,207.7
1,922.6
Other non-current liabilities
57.2
51.5
53.8
Long-term derivative instruments -
liabilities
21.4
31.6
32.9
NON-CURRENT LIABILITIES
1,879.6
2,771.8
2,435.3
Employee benefits and other short-term
provisions
105,0
121.5
138.4
Suppliers
966.8
1,214.2
1,027.1
Other current liabilities
447.9
455.4
583.8
Current tax liabilities
45.4
55.4
52.6
Short-term derivative instruments -
liabilities
83.4
72.7
52.2
Short-term borrowings
1,831.6
1,893.4
1,389.5
CURRENT LIABILITIES
3,480.1
3,812.6
3,243.6
TOTAL CONSOLIDATED EQUITY AND
LIABILITIES
8,513.2
9,990.5
9,127.8
APPENDIX
REVENUE BY REGION – 1ST QUARTER
Sales (€m)
Q1
2022
Q1
2023
Change 2023/2022
As reported
LFL*
EMEA
Western Europe
Other countries
813
582
231
760
524
236
-6.5%
-9.9%
+2.0%
-5.0%
-9.6%
+6.7%
AMERICAS
North America
South America
243
173
70
212
143
69
-12.8%
-17.6%
-0.8%
-13.7%
-22.1%
+7.2%
ASIA
China
Other countries
703
569
134
640
527
113
-8.9%
-7.4%
-15.3%
-6.1%
-4.6%
-12.9%
TOTAL Consumer
1,760
1,613
-8.4%
-6.6%
Professional
156
209
+34.1%
+29.1%
GROUPE SEB
1,915
1,822
-4.9%
-3.7%
*LFL: on a like-for-like basis
Rounded figures in €m
% calculated on non-rounded figures
REVENUE BY REGION – 2ND QUARTER
Sales (€m)
Q2
2022
Q2
2023
Change 2023/2022
As reported
LFL*
EMEA
Western Europe
Other countries
680
490
190
729
505
224
+7.1%
+3.0%
+17.6%
+12.8%
+3.3%
+37.3%
AMERICAS
North America
South America
271
185
87
246
172
74
-9.5%
-6.9%
-15.0%
-6.6%
-7.4%
-5.1%
ASIA
China
Other countries
624
485
139
590
471
119
-5.4%
-2.7%
-14.7%
+2.2%
+5.5%
-9.4%
TOTAL Consumer
1,576
1,565
-0.7%
+5.2%
Professional
174
226
+29.6%
+21.0%
GROUPE SEB
1,750
1,790
+2.3%
+6.8%
*LFL: on a like-for-like basis
Rounded figures in €m
% calculated on non-rounded figures
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.
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.
Conference with management on July 27 at
10:00 a.m. CET
Click here to access the webcast live (in
English only)
Replay available on our website on July 27 at
www.groupeseb.com
Access (audio only): From France: +33 (0) 1
7037 7166 – Password: SEB From abroad: +44 (0) 33 0551 0200 –
Password: SEB From the United States: +1 786 697 3501 – Password:
SEB
Next key dates - 2023
October 26 | after
market
9-month 2023 sales and financial
data
Find us on www.groupeseb.com
World reference in small domestic equipment, Groupe SEB operates
with a unique portfolio of 33 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
near €8 billion in 2022 and has more than 33,000 employees
worldwide.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726019649/en/
Investor/Analyst relations Groupe SEB Financial
Communication and IR Dept
Olivier Gernandt Guillaume Baron
ogernandt@groupeseb.com gbaron@groupeseb.com
Tel. : +33 (0) 4 72 18 16 04
comfin@groupeseb.com
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)
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