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B U S I N E S S A N D S U S T A I N A B L E D E V E L O P M E N T R E P O R T 2010 FINANCIAL OVERVIEW RECORD PERfORMANCE “2010, an excellent year in many ways. The general economic context last year was more favourable than in 2009: good overall trading in mature markets, revived consumer spending in most emerging economies, brisk demand in small domestic equipment, and a rise in the value of most currencies in relation to the euro. In this favourable environment, our strong world positions, the constant enrichment and renewal of our product offer, our competitive pricing policy, and reinforced marketing and advertising campaigns were all decisive in bolstering sales, which recorded 9.6% organic growth. There was also a significant positive exchange effect, in sharp contrast with the very negative impact in 2009. Meanwhile, our operating performance saw a further marked improvement, with an operating margin of €438 million – up 23% due largely to a favourable volume effect and, to a lesser extent, to a positive exchange impact. The Group achieved this while, at the same time, it increased its investment for the future in the areas of R&D, marketing, advertising and sales. With much lower restructuring charges than in 2009, and notwithstanding a rise in bonus and profit sharing (which reflected good performance levels in France), net income came to €220 million, which was a year-on-year gain of 51%. Moreover, cash flow generated by this robust trading helped us again to reduce our level of debt by €112 million, thus further strengthening our balance sheet and giving the Group ample scope for financial manoeuvre. The acquisition of the Colombian company, Imusa, finalized on 28 February 2011, offers an ideal opportunity to expand the Group’s operations in Latin America. ” Jean-Pierre Lac, Senior Executive Vice-President, Finance
G R O U P E S E B I N F I G U R E S 10 -11 KEY fIGURES AT THE END Of DECEMBER 2010 Sales €3,652 M +15%* (+9.6% at constant parity) Operating margin €438 M +23% Net income €220 M +51% Debt €131 M €-112 M (on 2009) CHANGE IN SALES, OVER 5 YEARS Consolidated (€M) 3,652 3,230 3,176 2,870 2,652 CHANGE IN SALES 2010 – 2009 In €M +305 Organic growth +171 Currencies 3,176 + 9.6% + 5.4% 3,652 + 15% 2009 2010 2006 2007 2008 2009 2010 ANNUAL SALES BY GEOGRAPHIC ZONE In €M 2009 2010 Current Constant exchange parity rates France 685 712 + 3.9% + 3.9% Other western Europe countries728 787 + 8.1% + 7.5% North America 349 404 + 15.9% + 7.5% South America 262 346 + 32.2% + 12.4% Asia-Pacific 600 764 + 27.4% + 18.9% Central Europe, Russia and other countries 552 639 + 15.7% + 9.4% Total 3,176 3,652 + 15.0% + 9.6% BALANCED SALES BETWEEN MATURE AND EMERGING MARKETS Mature markets: 56% Emerging markets: 44% Organic growth +4% 2010 SALES: GROWTH PERfORMANCE BY PRODUCT LINE Growth at constant parity (%) 30 Organic 20 growth +18% Food preparation 10 0 Personal care Beverage preparation Linen care Home comfort Home cleaning Electric cooking Cookware
Page 1 and 2: BEYOND LIMITS B U S I N E S S A N D
Page 3 and 4: B U S I N E S S A N D S U S T A I N
Page 5 and 6: 1 Chairman’s message A BUSINESS M
Page 7 and 8: C H A I R M A N ’ S M E S S A G E
Page 9 and 10: G O V E R N A N C E 04 - 05 ACTIVE
Page 11 and 12: G O V E R N A N C E 06 - 07 THE GRO
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Page 25 and 26: TRANSfORMATION G R O U P E S E B I
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Page 29 and 30: O P E R A T I O N S 24-25 T R E N D
Page 31 and 32: O P E R A T I O N S 26-27 B R A N D
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Page 43 and 44: O P E R A T I O N S 38-39 PRESENT I
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Page 57 and 58: E X P E R T I S E 52-53 WORKING IN
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E X P E R T I S E 60-61 H U M A N R
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S U S T A I N A B L E D E V E L O P
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E X P E R T I S E 70-71 E T H I C S
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ACKNOWLEDGMENTS This document was p
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