financial report and registration document 2011 - Groupe SEB

Quarterly curve of 2010 organic growth
In %
14
12
10
8
6
4
2
0
11.0
Q1 Q2 Q3 Q4
Organic sales growth
8.0
Total 2010: +9.6%
11.8
In addition to organic growth, 2011 entailed certain changes in scope: the
consolidation of companies acquired during the year generated additional
sales in the amount of €87 million, with Imusa contributing €82 million
(since 1 March) and Asia Fan contributing €5 million (the company is newly
consolidated with retroactive effect as of 1 June).
Product sales performance
In 2011, the Group launched almost 300 new products and models, some
of which have frequently served as engines for the entire range. In addition,
the Group capitalised on its fl agship products, working to transform them
into product categories by examining them in-depth to exploit all possible
applications and thereby create a product family.
The performance of the Group’s products did not waiver in 2011, and these
products continue to enjoy an increasingly large presence worldwide, with
products specifi cally designed for certain markets.
In 2011, strong contributors to Group organic growth included:
� Electrical cooking continued to be driven by a strong momentum.
This area benefited from further international expansion of Actifry
(United Kingdom, Central Europe, Canada, United States, Turkey,
Australia, etc.), the steady growth of the rice cookers, electric pressure
cookers and induction hobs marketed by Supor in China, renewed interest
in breadmakers and an upswing in toasters. Planchas and barbecues
performed well at the end of the year, especially in France. Business
remained slow, however, for ovens, steam cookers and informal meal
appliances;
Financial Report and Registration Document 2011
8.2
4
Commentary on the fi nancial year
Commentary on 2011 consolidated sales
Quarterly curve of 2011 organic growth
In %
14
12
10
8
6
4
2
0
11.6
Q1 Q2 Q3 Q4
Organic sales growth
5.4
Total 2011: +6.9%
The still very volatile currency situation led to a -€26 million negative currency
effect on sales for the year, as opposed to the positive effect of +€170 million
seen in 2010. This negative impact resulted from the signifi cant depreciation
– based on average 2011 exchange rates in relation to 2010 – of several
currencies with respect to the euro, particularly the Turkish lira and the US
dollar. The sharp fl uctuations in exchange rates during the second part of
the year led the Group to actively manage its prices from country to country.
� Food preparation had a good showing thanks, especially, to the
relaunching of Moulinex in Europe, which took the form of the creation
of a line of food preparation appliances, led by certain “pilot” products
such as Fresh Express (which continued to expand internationally) and
the Masterchef 5000 food processor. Moulinex’s relaunch was supported
by an advertising campaign and competitive marketing and sales actions.
Meat mincers served as a major growth driver in Russia and Central
Europe, their success owing both to a broad range and to new functional
features. This general dynamic also included the successful comeback
on the yoghurt maker market, with a variety of models offered, some
being region-specifi c, to take local consumer habits into account. This
growth stems from the current major trend toward “home-made” food
and “healthy eating”, which has been driving the global food preparation
appliance market for more than two years;
� Home care confi rmed its vibrancy in 2011 with renewed and robust sales
growth based on the continued success of the Silence Force line of vacuum
cleaners. These included the Silence Force Extreme and the Air Force
upright models, sales of which grew both in Europe and, progressively,
7.2
4.6
GROUPE SEB
4
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