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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 A MARKED INCREASE IN THE OPERATING MARGIN The Group has seen its operating margin rise steadily over the last five years, despite the difficult economic context. Constant adaptation to market realities is an important key to the Group’s enduring performance. fINANCING Beyond the exceptional level of 2009, good financial management has led to a significant overall improvement in the working capital requirement over the last five years. A HEALTHY fINANCIAL POSITION At the end of 2010, the level of net debt was at its lowest in the last 15 years. The debt ratio of less than 10% of equity testifies to the financial health and soundness of the Group. HIGHLIGHT ! TOP TRIBUTE fOR GROUPE SEB fINANCIAL MANAGEMENT Last December, for the first time, France’s National Association of Financial Managers and Management Control (DFCG), via its magazine ‘Echanges’ and in partnership with the financial daily ‘Les Echos’, ranked French companies for outstanding financial management. The ranking was based on 1,500 questionnaires sent to leading French listed and unlisted companies. Groupe SEB was singled out for the top award, with special mention for its risk control management, productivity and financial performance strategy.
G R O U P E S E B I N F I G U R E S 12-13 fINANCIAL POSITION fURTHER IMPROVED CHANGE IN OPERATING MARGIN OVER 5 YEARS (IN VALUE) In €M BREAKDOWN Of THE OPERATING MARGIN In €M 262 301 +67% 342 355 438 +156 -10 -19 -76 +32 355 438 Volume effect Price & mix effect Purchase Overheads Currency costs impact 2006 2007 2008 2009 2010 2009 2010 NET DEBT/ EBITDA OPERATIONAL WORKING CAPITAL REQUIREMENT as % of sales 3 2 1 1.3 1.9 1.7 0.6 30.5 28.6 27.7 21.9 24.0 0 0.3 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 BREAKDOWN Of CHANGE IN NET DEBT In €M CHANGE IN fINANCIAL DEBT OVER 5 YEARS 243 -456 +56 -33 +119 +30 +124 -63 131 0.5 422 0.7 585 0.6 649 243 Debt at end 2009 Cash flow +111 Taxes and financial expense Dividends Sale of shares Investments Restructuring WCR* Other Debt at end 2010 2006 2007 2008 0.2 2009 0.1 131 2010 *Working capital requirement Net debt at 31.12 (€M) Gearing ratio
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
Page 13 and 14: G R O U P E S E B I N F I G U R E S
Page 15: G R O U P E S E B I N F I G U R E S
Page 25 and 26: TRANSfORMATION G R O U P E S E B I
Page 27 and 28: O P E R A T I O N S 22-23
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
Page 33 and 34: O P E R A T I O N S 28-29 20 EMBLEM
Page 39 and 40: O P E R A T I O N S 34-35 THERMO-SP
Page 43 and 44: O P E R A T I O N S 38-39 PRESENT I
Page 45 and 46: O P E R A T I O N S 40-41 I N T E R
Page 55 and 56: E X P E R T I S E 50-51
Page 57 and 58: E X P E R T I S E 52-53 WORKING IN
Page 59 and 60: E X P E R T I S E 54-55 OUTSOURCING
Page 61 and 62: E X P E R T I S E 56-57 O P E R AT
Page 63 and 64: E X P E R T I S E 58-59 O P E R AT
Page 65 and 66: E X P E R T I S E 60-61 H U M A N R
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E X P E R T I S E 62-63 H U M A N R
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E X P E R T I S E 64-65 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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