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Empresas y finanzas

Groupe SEB: Provisional 2006 Sales


    Groupe SEB (Paris:SK)(ISIN:FR0000121709):

    IFRS

    -0-
    *T
    %
    change
    (in EUR millions) ==================
    Current Constant
    exchange exchange
    2005 2006 rates rates
    ===================================== ====== ====== ======== =========
    France 591 595 + 0.6 + 0.6
    ===================================== ====== ====== ======== =========
    Other EU countries 677 691 +2.1 + 2.0
    ===================================== ====== ====== ======== =========
    North America 352 390 + 11.0 + 11.5
    ===================================== ====== ====== ======== =========
    South America 204 246 + 20.7 + 16.8
    ===================================== ====== ====== ======== =========
    Central Europe, CIS, Asia and other
    countries 639 729 + 14.0 + 16.2
    ===================================== ====== ====== ======== =========
    TOTAL 2,463 2,651 + 7.6 + 7.9
    ===================================== ====== ====== ======== =========
    Rounded Percentages based
    figures on exact figures
    *T

    For Groupe SEB, 2006 marked a return to robust growth.
    Consolidated sales totalled EUR 2,651 million, an increase of 7.6% at
    current exchange rates and 7.9% at constant exchange rates. This
    performance includes:

    -- 5.4% organic growth over the year, with a 6.5% rise in the
    fourth quarter, significantly outperforming the last three
    months of 2005;

    -- the full-year contribution of businesses acquired in 2005
    (representing an extra 4 months' sales for Lagostina and 5
    months' sales for Panex), and the consolidation over the last
    four-and-a-half months of newly-acquired Mirro WearEver, based
    in the USA. In all, these changes in scope of consolidation
    added EUR 63 million to reported sales;

    -- a EUR 7 million unfavourable currency effect, reflecting the
    euro's appreciation against virtually all of the Group's
    functional currencies, particularly in the fourth quarter.

    The significant improvement in organic growth, after several flat
    years, is primarily attributable to the Group's continued rapid
    international expansion, accompanied this year by an upswing in
    Europe.

    In France, sales ended the year above their 2005 level, reflecting
    a stronger second half compared with the first six months. In the
    generally more favourable environment, prices in the small domestic
    equipment market held up better than in the previous years and product
    mix improved again, as consumers showed a renewed interest in
    established brands. Groupe SEB enjoyed brisk sales of cookware, hair
    care appliances and espresso coffee machines, while the successful
    launches of Beertender, Actifry, an oil-free fryer, new breadmakers
    and the Intens vacuum cleaner helped to drive momentum.

    Elsewhere in the 15-country European Union, sales growth was led
    by the extra 4 months' contribution by Lagostina. Based on a
    comparable scope of consolidation and constant exchange rates, sales
    were unchanged from 2005, representing a reversal of the trend
    observed in previous years. The situation continued to vary, however,
    from one country to another. In Germany, the overall environment
    improved and the modest decline in sales was entirely attributable to
    the absence of promotional offers by discount stores, while sales via
    all other channels increased. In the United Kingdom, the Group chose
    to preserve its margins in the face of heavy pricing pressure from
    certain retailers, leading to a fall in unit sales. Business held firm
    in Italy and Belgium and rose in substantially all other countries,
    led by Austria, Spain, Greece and Portugal.

    In North America, turnover rose 12.9% at constant exchange rates,
    including a EUR 25 million contribution from US-based Mirro WearEver,
    which was consolidated as from mid-August. Based on a comparable scope
    of consolidation and at constant exchange rates, North American sales
    were 3.8% higher. Organic growth in the United States came to 3.3%,
    reflecting less buoyant conditions in the latter part of the year
    compared with the first half. The various brands performed unevenly.
    All-Clad continued to expand rapidly, sustained by strong demand for
    premium products, and Rowenta's successful new irons helped to
    strengthen the brand's market position. T-Fal turned in an erratic
    performance, however, in a highly competitive environment, while Krups
    was less successful than expected, particularly its coffee machines,
    leading to a sharp drop in sales. Sales in Mexico and Canada grew.

    In South America, growth at comparable scope of consolidation and
    constant exchange rates amounted to 8.1%, reflecting the generally
    buoyant conditions in the region's markets. In Brazil, sales remained
    brisk throughout the year, despite the unfavourable impact of the
    strong real on Arno's sales. Growth was led by high consumer spending
    and by successful new product launches, including filter coffeemakers,
    blenders, mixers and personal care appliances. Seasonal demand for
    electric fans was strong and the new vacuum cleaner models proved to
    be a hit in the market. Sales of Panex's revamped product ranges were
    in line with budget. Excluding Brazil, sales dynamics in South America
    was led primarily by Venezuela and Colombia, two extremely fast
    growing markets.

    In Central Europe, CIS, Asia and other countries, which together
    account for over 27% of consolidated sales, organic growth came to
    16%, helped by a very good fourth quarter all round. Except for South
    Korea, sales increased in all markets, despite the fall in
    substantially all local currencies against the euro:

    -- in Central Europe, where demand remains as strong as ever;

    -- in the CIS, helped by continued sustained growth in Ukraine;

    -- in Turkey, despite a difficult year shaped by a number of
    unfavourable events;

    -- in Japan, where growth was driven primarily by the outstanding
    success of the electric kettle range;

    -- in Australia, led by significant advances in cookware sales;

    -- in China and the "new markets" (including Singapore, Thailand
    and Malaysia), where the Group is currently laying the
    foundations for future growth.

    About Groupe SEB

    Groupe SEB is the world leader in small domestic equipment. It
    operates in more than 120 countries through its prestige
    brands--All-Clad, Arno, Calor, Krups, Lagostina, Mirro, Moulinex,
    Panex, Rowenta, Samurai, Seb, Tefal and WearEver--and has 14,400
    employees.

    http://www.groupeseb.com