Financial Report and Registration Document 2010 - Groupe Seb

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GROUPE SEB IN 2010
MANAGEMENT REPORT ON 2010
the Group received another award when the Information Systems
department was awarded the Club 01DSI special prize for implementing
a methodology for integrating acquired companies. In addition,
the DFCG (French national association for CFOs and Management
Controllers), in partnership with Les Échos, also praised the Group’s
Financial department, with a special mention for risk management,
productivity and performance control;
COMMENTS ON 2010 SALES
lastly, Groupe SEB obtained silver in the 2010 Grand Prix des Actions
compiled by the “Mieux vivre votre Argent” magazine (after bronze in 2009)
for its stock market performance (where it obtained the best score) as well
as its corporate, societal, environmental and shareholding responsibility.
The stock market record of the SEB share was also praised by the BFM
Award for Best Stock Market Performance in the context of the 6th edition
of the BFM Awards, organised by BFM economic radio.
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Changes as %
(in € millions)
Sales 2009 Sales 2010 Current exchange rates Constant exchange rates
France 685 712 3.9 3.9
Other Western European countries 728 787 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
% based on exact figures, not rounded off.
In a context of solid demand for Small Household Equipment, growth in
most mature markets and rapid recovery in nearly all emerging markets,
in 2010 Groupe SEB achieved robust and very linear sales from quarter to
quarter. Although it benefited from the undemanding time in 2009 until the
end of September, the same did not apply in the fourth quarter, for which it
nevertheless recorded very sturdy growth in turnover.
QUARTERLY CURVE OF 2010 ORGANIC GROWTH
+ 10.9%
Q1
+ 8.1%
Q2
Year + 9.6%
+ 11.8%
Q3
+ 8.2%
Q4
As a %
The monetary environment remained highly volatile, but the appreciation
of nearly all currencies against the euro (real, rouble, yuan, dollar, etc.),
especially in the second half, had a very positive impact on sales, reaching
€171 million.
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In light of this more favourable monetary context, the Group selectively
readjusted its prices downwards in certain countries where prices had
been raised in 2009 to offset currency depreciation. The purpose of these
tariff adjustments was to preserve market dynamism and the Group’s
competitiveness.
Accordingly, Groupe SEB’s turnover climbed 15% at current exchange rates
and 9.6% at constant exchange rates. This robust growth was driven by an
extended and widely-renewed product offer as well as enhanced marketing
and advertising support.
SALES PERFORMANCE OF PRODUCTS
In 2010, the Group launched some 250 new products and models which
have frequently served as engines for the entire range. The market remained
buoyant and, except for Personal Care, was stable in comparison with 2009;
all trading activities significantly contributed to increasing turnover.
Strong contributors to Group organic growth included:
Home comfort, although still a small category in terms of sales, posted a
very robust trading performance driven by particularly favourable climatic
conditions for fan sales in South America (Brazil and Colombia, mostly)
and by the commercial successes of the latest models introduced in the
markets, especially the Turbo Silencio;
GROUPE SEB
FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010
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