financial report and registration document 2011 - Groupe SEB

4 Commentary
Commentary on the fi nancial year
on 2011 consolidated sales
4.2. COMMENTARY ON 2011
CONSOLIDATED SALES
Sales in € millions 2011 2010
Change (based on exact fi gures, not rounded off )
Reported Like-for-like
France 706 712 -0.8% -0.8%
Other Western European countries 807 787 +2.6% +2.7%
North America 410 404 +1.4% +0.2%
South America 427 346 +23.5% +8.5%
Asia/Pacifi c 920 764 +20.4% +16.7%
Central Europe, Russia and other countries 693 639 +8.5% +12.2%
TOTAL 3,963 3,652 +8.5% +6.9%
Sales in € millions 4 th quarter 2011 4 th quarter 2010
Change (based on exact fi gures, not rounded off )
Reported Like-for-like
France 262 260 +1.0% +1.0%
Other Western European countries 280 291 -3.7% -3.6%
North America 139 129 +7.8% +4.1%
South America 122 106 +14.6% +4.1%
Asia/Pacifi c 266 221 +20.4% +14.1%
Central Europe, Russia and other countries 233 222 +4.9% +10.7%
TOTAL 1,302 1,229 +6.0% +4.6%
In a macroeconomic climate that declined as the months went on, marked by
a series of new concerns, grim economic indicators and the intensifi cation
of the European crisis during the second half of the year, demand for small
domestic equipment remained more or less on track throughout the fi nancial
year. Nevertheless, after strong growth in the early part of the year, the
trend slackened, especially in Europe and the United States, starting in the
third quarter, although most emerging markets continued to benefi t from
robust growth in consumer spending. Geographically mixed, the general
environment surrounding the Group’s business activity was much more
competitive and discount-oriented. It should be noted as well that 2011 is
being compared against a very strong, demanding historical basis, after the
particularly outstanding performance seen in 2010.
With 2011 sales at €3,963 million, Groupe SEB’s total stands at 8.5% as
reported and at 6.9% on an organic basis. These fi gures are broadly in
line with its initial expectations. Organic growth comprises a 2% increase
in mature markets and a 14% increase in emerging economies. The
fourth quarter turned out to be stronger than anticipated: driven by late
Christmas sales, it posted growth of 4.6% on a like-for-like basis.
Quarterly curve of 2009 organic growth
Q1 Q2 Q3 Q4
64 GROUPE SEB Financial Report and Registration Document 2011
In %
8
6
4
2
0
-2
-4
-6
-4.8
Organic sales growth
Total 2009: +0.3%
-0.7
-2.9
6.7