Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Groupe SEB S.A.    SK   FR0000121709

GROUPE SEB S.A.

(SK)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 11/24 11:30:00 am
146.85 EUR   +0.31%
10/31GROUPE SEB S.A. : Monthly statement on outstanding equity shares and voting rights
CO
10/27GROUPE SEB : Nine-month 2020 Sales and Financial Data
PU
10/27GROUPE SEB S A : Press release
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

GROUPE SEB : Nine-month 2020 Sales and Financial Data

10/27/2020 | 06:25am EST

Press release

Better Living

October 26, 2020 - 5:40 p.m.

Nine-month 2020 Sales and Financial Data

1

Return to organic growth in the third quarter and improved ORfA

  • Nine-monthsales: €4,712m, -7.9% as reported and -6.7% LFL*
  • Third-quartersales: €1,797m, +1.1% as reported and +4.4% LFL*, including +9.9% on Consumer business
  • Operating Result from Activity (ORfA): €324m, -20.4% as reported and -6.5% LFL*
  • Net financial debt: €1,971m, -€488m vs 30/09/2019

Expected performance for full-year 2020

  • Sales down between 5% and 6% LFL, with negative currency impacts in the range of €200m/€250m
  • ORfA could fall by 25-30% including a negative currency impact slightly above €100m

Statement of Thierry de La Tour d'Artaise, Chairman and Chief Executive Officer of Groupe SEB:

"The health and economic situation that we are currently facing is unprecedented, but the small domestic equipment industry once again demonstrates its resilience. We have succeeded in limiting the impact of the crisis on our performances thanks to the responsiveness of our teams and a solid financial structure. We have been posting a positive turnaround in the Consumer business. Conversely, Professional business remains complicated, owing to the difficulties experienced by the hotel, restaurant and café sector.

We are confident about the future, our fundamentals are solid, our capacity for innovation is constantly renewed and our teams are agile."

* LFL: like-for-like (organic); at constant exchange rates and scope

ALL-CLAD I ARNO I ASIAVINA I CALOR I CLOCK I EMSA I HEPP I IMUSA I KAISER I KRAMPOUZ | KRUPS I LAGOSTINA I MAHARAJA WHITELINE I MIRRO MOULINEX I OBH NORDICA I PANEX I ROCHEDO I ROWENTA I SAMURAI I SCHAERER I SEB I SILIT I SUPOR I TEFAL I T-FAL I UMCO I WEAREVER I WILBUR CURTIS | WMF

2

GENERAL COMMENTS ON GROUP SALES

Against the backdrop of an unprecedented crisis, Group revenue at end-September totaled €4,712m, down 7.9%. The decline can be broken down into an organic decrease of 6.7%, a currency effect of -2.2% and a scope effect of +1% (mainly the US company Storebound, for 2 months). The change in sales comprises a third quarter back to growth (+4.4% LFL). The difference between reported and organic growth mainly reflects the amplified depreciation of some currencies against the euro, including the Brazilian real, the Russian ruble, the Chinese yuan, the Turkish lira, and the Mexican and Colombian pesos… (currency effect of €-91m,-5.1% in the third quarter). This effect was partially offset by price increases in the markets concerned. In addition, for the last three months, the scope effect amounts to +€32m or +1.8%.

The good performance in the third quarter was driven by our Consumer business, up 10% LFL, bolstered by a globally buoyant small domestic appliance market (reallocation of household expenditure), a highly favorable trend for cooking products (more "home cooking"), and e-commerce. All the major regions contributed to the organic growth in quarterly sales.

In contrast, the Professional business, and notably Professional Coffee, continues to be heavily impacted by the difficulties in the hospitality and catering sector and by persistent uncertainties that are hindering investments.

DETAIL OF REVENUE BY REGION

Revenue in €m

9 months

9 months

Change 2020/2019

Q3 Change 2020/2019

2019

2020

As reported

Like-for-like*

As reported

Like-for-like

*

EMEA

2,180

2,118

-2.9%

-1.4%

+8.6%

+12.2%

Western Europe

1,586

1,520

-4.2%

-4.2%

+9.4%

+9.4%

Other countries

594

598

+0.7%

+6.1%

+6.7%

+19.2%

AMERICAS

630

584

-7.4%

-3.1%

+6.7%

+10.8%

North America

400

417

+4.2%

-0.1%

+18.0 %

+8.6%

South America

230

167

-27.5%

-8.3%

-14.8%

+15.0%

ASIA

1,715

1,582

-7.7%

-6.2%

+2.0%

+6.0%

China

1,339

1,196

-10.7%

-8.9%

+0.1%

+3.9%

Other countries

376

386

+2.7%

+3.8%

+7.6%

+12.4%

TOTAL Consumer

4,525

4,284

-5.3%

-3.4%

+6.0%

+9.9%

Professional business

589

428

-27.3%

-31.6%

-38.4%

-39.4%

GROUPE SEB

5,114

4,712

-7.9%

-6.7%

+1.1%

+4.4%

* Like-for-like: at constant exchange rates and scope

Rounded figures in €m

% calculated in non-rounded figures

ALL-CLAD I ARNO I ASIAVINA I CALOR I CLOCK I EMSA I HEPP I IMUSA I KAISER I KRAMPOUZ | KRUPS

I LAGOSTINA I MAHARAJA WHITELINE I MIRRO

MOULINEX I OBH NORDICA I PANEX I ROCHEDO I ROWENTA I SAMURAI I SCHAERER I SEB I SILIT I SUPOR I TEFAL I T

-FAL I UMCO I WEAREVER I WILBUR CURTIS | WMF

COMMENTS ON CONSUMER SALES BY REGION

Revenue in €m

9 months

9 months

Change 2020/2019

Q3 Change 2020/2019

2019

2020

As reported

Like-for-like*

As reported

Like-for-like

*

EMEA

2,180

2,118

-2.9%

-1.4%

+8.6%

+12.2%

Western Europe

1,586

1,520

-4.2%

-4.2%

+9.4%

+9.4%

Other countries

594

598

+0.7%

+6.1%

+6.7%

+19.2%

WESTERN EUROPE

After a difficult second quarter (-8.3% LFL), the region posted a substantial turnaround in the third quarter, with sales up 9.4% LFL. In almost all the countries, this performance reflected positive market momentum (particularly in cooking products, which benefited from the strong resurgence of home cooking), continued restocking by retailers in July, and a very good month in September. Generally speaking, the dynamic remains largely driven by e-commerce.

France posted double-digit sales progression in the quarter, nurtured by most distribution channels, including our proprietary retail network. Almost all product categories contributed to growth, including cooking, of course, as well as home care, staging a marked recovery.

In other Western European countries, except for Italy, where activity resumption occurred later, business trended well overall in the third quarter. This was notably the case in Germany, where our revenue grew slightly in the third quarter, fueled among other things by the good performances of WMF product lines and the continued ramp-up in online sales. Momentum was particularly brisk in the Nordic countries, Belgium and the Netherlands (despite demanding 2019 comparatives resulting from loyalty programs), the UK and Spain.

Overall sales dynamic stemmed from robust performances in cookware and electrical cooking (pots and pans, electrical cooking, food and beverage preparation, depending on the country), a good season for fans (including in Northern Europe) and a rebound in vacuum cleaners (robot and versatile).

OTHER EMEA COUNTRIES

In the third quarter, the region posted vigorous

organic sales growth of 19.2%, leading to an 3 increase of over 6% LFL at end-September.

The difference with the performance in euros results from the amplified depreciation of certain currencies over the quarter, notably the Russian ruble and Turkish lira. These effects were offset in part by price increases.

Despite the continued precarious health situation, reflected in localized (re)lockdowns, the small domestic equipment market was buoyant overall and our quarterly turnover rose in most countries.

The solid sales growth was driven both by our large markets (Russia, Poland, Ukraine, Romania and Turkey) and the continued rapid development in Central Asia.

Performances for the quarter and through end- September were more contrasted in Central Europe, owing notably to demanding 2019 comparatives stemming from loyalty programs.

Overall, e-commerce was a key driver of the strong sales momentum, be it in the form of business with click-and-mortar customers, e- commerce specialists (pure players) or direct-to- consumer sales.

As in the second quarter, activity was spurred by our flagship products and new categories (cookware, grills, garment steamers, versatile and robot vacuum cleaners, etc).

These solid performances served to strengthen our positions in several large markets.

ALL-CLAD I ARNO I ASIAVINA I CALOR I CLOCK I EMSA I HEPP I IMUSA I KAISER I KRAMPOUZ | KRUPS I LAGOSTINA I MAHARAJA WHITELINE I MIRRO MOULINEX I OBH NORDICA I PANEX I ROCHEDO I ROWENTA I SAMURAI I SCHAERER I SEB I SILIT I SUPOR I TEFAL I T-FAL I UMCO I WEAREVER I WILBUR CURTIS | WMF

Revenue in €m

9 months

9 months

Change 2020/2019

Q3 Change 2020/2019

2019

2020

As reported

Like-for-like*

As reported

Like-for-like

*

AMERICAS

630

584

-7.4%

-3.1%

+6.7%

+10.8%

North America

400

417

+4.2%

-0.1%

+18.0 %

+8.6%

South America

230

167

-27.5%

-8.3%

-14.8%

+15.0%

NORTH AMERICA

After a 6.6% contraction in the first half, sales returned to growth in the third quarter. Despite

44 unfavorable currency effect across the region, sales gained 18% in euros, following the integration of Storebound. On a like-for-like basis, sales increased by 8.6%.

The pick-up in business activity in the United States has been the main growth driver, despite the tough health context and continuing difficulties in traditional retail. The Group benefited from the consumer preference for cooking at home as well as from the temporary consumption incentives granted by the US government. Cookware sales rose strongly over the quarter for all our leading brands -T-Fal, All Clad and Imusa - and across all retail networks, both in e-commerce and brick-and-mortar stores. While electrical cooking held up well, linen care continued to trend markedly downwards. However, thanks to the expansion of its retail network end 2019, Rowenta was able to outperform the contracting market.

Furthermore, Storebound's solid business momentum accelerated in the third quarter with turnover up by more than 80%, primarily under the Dash brand.

In Canada, our sales were down, penalized by continued listing selection and an unfavorable base effect in SDA. Cookware revenue trended more positively.

In Mexico, in a highly deteriorated health and economic context, the decrease in quarterly sales resulted from high comparatives (loyalty program in 2019).

SOUTH AMERICA

The overall environment remained very challenging in South America, owing to the continuation of the COVID-19 health crisis and its societal and economic consequences, particularly in Brazil and Argentina. The third quarter also saw the amplified depreciation of currencies (notably the Brazilian real and the Colombian and Argentine pesos), with a strong impact on our sales as reported.

In Brazil, after a very difficult first half, the recovery of the small domestic equipment market initiated in June picked up speed, buoyed by a highly favorable cooking trend. The Group's quarterly performances were consistent with this positive trend, with sales increasing by over 10% in real*, fueled by volumes. Almost all product families contributed to the solid momentum which was driven by the vast majority of distribution channels, with stores reopened as from June and a rapid development in online sales.

However, the sharp depreciation of the currency could not be offset by price hikes that have been passed on.

In Colombia, the control over the health situation and the return to a certain normality in retail enabled us to respond to firm demand in the third quarter. As such, our revenue rose strongly in organic terms, including notably price increases that have been implemented. Imusa cookware as well as electrical cooking were the main contributors to growth, achieved in traditional stores, our proprietary network and online.

*Including the PIS-COFIN effect (+€8m) in Q3 2019

ALL-CLAD I ARNO I ASIAVINA I CALOR I CLOCK I EMSA I HEPP I IMUSA I KAISER I KRAMPOUZ MOULINEX I OBH NORDICA I PANEX I ROCHEDO I ROWENTA I SAMURAI I SCHAERER I SEB I SILIT I SUPOR I

| KRUPS I LAGOSTINA I MAHARAJA WHITELINE I MIRRO TEFAL I T-FAL I UMCO I WEAREVER I WILBUR CURTIS | WMF

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

SEB SA published this content on 26 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 11:24:00 UTC


© Publicnow 2020
All news about GROUPE SEB S.A.
10/31GROUPE SEB S.A. : Monthly statement on outstanding equity shares and voting righ..
CO
10/27GROUPE SEB : Nine-month 2020 Sales and Financial Data
PU
10/27GROUPE SEB S A : Press release
PU
10/27GROUPE SEB S A : Presentation
PU
10/27GROUPE SEB S.A. : 3rd quarter earnings
CO
10/26GROUPE SEB : Nine-month 2020 Sales and Financial Data
BU
10/26WALL STREET STOCK EXCHANGE : US companies under China sanctions, Many acquisitio..
10/26GROUPE SEB S.A. : Press Release
CO
10/21GROUPE SEB S.A. : quaterly sales release
09/30GROUPE SEB S.A. : Monthly statement on outstanding equity shares and voting righ..
CO
More news
Financials
Sales 2020 6 871 M 8 159 M 8 159 M
Net income 2020 275 M 326 M 326 M
Net Debt 2020 1 859 M 2 207 M 2 207 M
P/E ratio 2020 27,0x
Yield 2020 1,07%
Capitalization 7 344 M 8 676 M 8 721 M
EV / Sales 2020 1,34x
EV / Sales 2021 1,20x
Nbr of Employees 34 000
Free-Float 49,7%
Chart GROUPE SEB S.A.
Duration : Period :
Groupe SEB S.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GROUPE SEB S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 157,95 €
Last Close Price 146,40 €
Spread / Highest target 20,9%
Spread / Average Target 7,89%
Spread / Lowest Target -7,79%
EPS Revisions
Managers
NameTitle
Thierry Arnaud de La Tour d'Artaise Chairman & Chief Executive Officer
Stanislas de Gramont Chief Operating Officer
Nathalie Lomon Chief Financial Officer & Senior Executive VP
Damarys Braida Director
Jean-Noël Labroue Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
GROUPE SEB S.A.10.57%8 676
MIDEA GROUP CO., LTD.55.62%99 159
HAIER ELECTRONICS GROUP CO., LTD.57.70%14 150
ZHEJIANG SUPOR CO., LTD.-5.72%8 990
NEWELL BRANDS INC.6.71%8 702
THE MIDDLEBY CORPORATION25.10%7 619