financial report and registration document 2011 - Groupe SEB

Commentary on the fi nancial year
4 Outlook
4.4. OUTLOOK
In a promising economic context, marked by recovery or strong market
performance, Groupe SEB performed exceptionally well. Despite such a
demanding basis for comparison and a certain decline in the economic
situation from the third quarter, the Group was able to demonstrate strong
sales growth in 2011 and improved performance at all levels. 2011 was also
a very dynamic year, with the following events of note:
� the successful relaunch of the Moulinex brand in Europe;
� the continued strengthening of the Group’s presence in emerging, rapidlygrowing
economies through acquisitions and takeovers in Colombia,
Vietnam and India;
� the acquisition of an additional 20% stake in Supor;
� the offi cial launch of the innovation policy with the founding of investment
company SEB Alliance;
� diversifi cation of the Group’s funding mechanisms with the launch of its
fi rst bond issue, etc.
After two strong years in 2010 and 2011, 2012 began amidst an uncertain
economic climate and major challenges at the international level. The
macroeconomic context remains volatile and mixed, and visibility is very
limited with regard to consumer spending in Europe, the price of raw
materials, exchange rates, etc. Against this backdrop, Groupe SEB’s priority
will be to manage this year of uncertainty very tightly and with determination
drawing on the strength of its business model and maintaining its long-term
vision.
In 2012, the Group’s objectives include to continue generating organic
growth in sales, led by demand that is expected to remain solid in emerging
economies but may be generally weak in mature markets. It will defend or
even reinforce its market share by constantly expanding its offering and
gaining new product listings with retailers, backed by its product dynamic
and the success of forthcoming launches. It will also pursue its strategy
of actively managing prices and strictly controlling costs. Together, these
initiatives should enable the Group’s operating result from activity to hold
up well.
Lastly, it will strive to improve its working capital requirement and generate
more cash in 2012.
72 GROUPE SEB Financial Report and Registration Document 2011