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

GROUPE SEB S.A.

(SK)
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Groupe SEB S A : Presentation

10/27/2020 | 03:35am EST

2020 NINE-MONTH SALES AND FINANCIAL DATA

October 26, 2020

Listen to the audiocast (available on October 26 at 9:00 pm), click here

2020 NINE-MONTH SALES AND FINANCIAL DATA

DISCLAIMER

Some of the statements contained in this document may be forward- looking statements concerning Groupe SEB's financial position, results, businesses, strategy or projects. Groupe SEB considers that such statements

are based on reasonable assumptions but cannot and does not give any

assurance that the Group's future

performance will be consistent

with those statements. Actual results could

differ from those currently anticipated

in such statements due to a

certain number of inherent risks and uncertainties, most of which are beyond Groupe

SEB's control, such as those described in the documents filed or to be filed by Groupe SEB with the French securities regulator (Autorité des Marchés Financiers) and made available for downloading from the Company's website

www.groupeseb.com

2 26/10/2020 Nine-month sales and financial data

  1. 9-month2020 performance
  2. Focus on businesses
  3. Review by geography
  4. Outlook
  5. Appendix

C O N T E N T S

3 26/10/2020 Nine-month sales and financial data

01

9-MONTH 2020 PERFORMANCE

4

9-month and Q3 2020 sales

Sales

€4,712m -6.7%

Consumer

€4,284m -3.4%

Q3: €1,675m, +9.9%

Q3: €1,797m, +4.4%

LFL changes

Professional

€428m -31.6%

Q3: €122m, -39.4%

5 26/10/2020 Nine-month sales and financial data

Key figures

Q3

9 months

Sales

Operating Result

from Activity

€1,797m

+1.1%

+4.4% LFL

€221m

+24.4%

+44,2% LFL

€4,712m

-7.9%

-6.7% LFL

€324m

-20.4%

-6.5% LFL

Net debt

at 30/09/2020

€1,971m

-€488m vs 30/09/2019

incl. an IFRS 16 impact of €293m

6 26/10/2020 Nine-month sales and financial data

Analysis of 9-month sales growth, 2019 2020

In €m

5,114

-341

-110

4,712

+49

Organic

Currency

Scope

growth

effect

-6.7%

-2.2%

+1.0%

-7.9%

9 months

9 months

2019

2020

7 26/10/2020 Nine-month sales and financial data

Currency impact on 9-month 2020 sales: -€110m

In €m

5

0

-5

-10

-15

-€110m

-20

Q1: +€3m

-25

Q2: -€23m

Q3: -€90m

-30

-35

OTHER

CHF

EGP

JPY

PLN

CAD

UAH

USD

KRW

ARS

MXN

COP

TRY

RUB

CNY

BRL

8 26/10/2020 Nine-month sales and financial data

02

FOCUS ON

BUSINESSES

9

Q3 back to growth in a volatile year

20,0%

LFL sales growth (% vs. 2019)

CONSUMER

PRO

GROUP

TOTAL

10,0%

9,9%

4,4%

0,0%

-3,2%

-3,4%

-10,0%

-8,4%

-6,7%

-9,7%

-20,0%

-17,3%

-16,5%

-30,0%

-31,6%

-40,0%

-39,4%

-43,4%

-50,0%

Q1

Q2

Q3

9 months

10 26/10/2020 Nine-month sales and financial data

Covid crisis impacts on consumer and retail

CONSUMER BEHAVIOURS

SHIFT TO HOME

ESPECIALLY IN

CONSUMPTIONCOOKING

EVOLUTION IN RETAIL

ACCELERATION

GRADUAL RECOVERY

OF E-COMMERCE

OF OFFLINE CHANNELS

Pure player websites,

Drop in traffic but better

global and national

conversion rate and higher

Market places

average basket

Click&mortar

Nearby shopping

DTC

  • Government consumption incentive programs in some countries
  • More spending for home equipment
  • More time and interest for cooking
  • Benefiting to cookware and kitchen electrics
  • Healthy cooking trend, ethical approach

FAST DEVELOPING OMNI-CHANNEL RETAIL

Increased synergies offline online

11 26/10/2020 Nine-month sales and financial data

Consumer product lines: 9-month sales change vs 2019, LFL

9-month Consumer sales: €4,284m

10,0%

5,0%

Excl. China

+1.8%

0,0%

- 3.4%

-5,0%

Personal

Electrical

Home

Food

Cookware

preparation

-10,0%

care

cooking

comfort

LKA*

-15,0%

Linen care Beverage Home care

-20,0%

Cooking categories ~ 3/4 of Consumer business

Almost all of our product categories back to LFL growth in Q3

*LKA = Large Kitchen Appliances

12 26/10/2020 Nine-month sales and financial data

Focus on Professional

9-month sales: €428m

Growth vs

Q1 2020

Q2 2020

Q3 2020

9m 2020

9m 2020

LY %

LFL

LFL

LFL

LFL

as reported

Professional

-9.7%

-43.4%

-39.4%

-31.6%

-27.3%

  • ~10% of 2019 Group revenue
  • High 2019 comps in H1 for Professional Coffee Machines (PCM) due to large deals
  • PCM sales severely affected by the impact of COVID-19 crisis on the Hotel-Restaurant-Catering industry
  • investments suspended or postponed
  • Service & maintenance business holding up firmer in Europe, mainly Germany
    • Professional business = Professional Coffee Machines (PCM) + Hotel Equipment

13 26/10/2020 Nine-month sales and financial data

03

REVIEW BY GEOGRAPHY (CONSUMER)

14

9-month 2020 sales by geography, LFL - Consumer

AMERICAS

584m / -3.1%

+10.8%

-8.6%

-17.4%

Q1

Q2

Q3

EMEA

€2,118m / -1.4%

+12.2%

-7.5%

-10.4%

Q1 Q2 Q3

ASIA

€1,582m / -6.2%

+7.6%

+6.0%

-26.9%

Q1

Q2

Q3

All sub-continents posted positive LFL growth in Q3

15 26/10/2020 Nine-month sales and financial data

EMEA

9-month sales: €2,118m

Growth vs

Q3 2020

Q3 2020

9 months 2020

9 months 2020

LY %

LFL

as reported

LFL

as reported

Western Europe

+9.4%

+9.4%

-4.2%

-4.2%

Other EMEA

+19.2%

+6.7%

+6.1%

+0.7%

countries

Western Europe, LFL

Positive market momentum in Western Europe Continued strong

+9.4%

restocking by retailers in July & very good month in September

Double-digit growth in France

-8,3%

Positive trends in other countries, except for Italy

-14,7%

E-commerce as a key growth driver

Q1

Q2

Q3

Negative currency impact in Q3, mainly on RUB and TRY

Other EMEA countries, LFL

Buoyant sales in other EMEA countries driven by our large markets

+19.2%

and continued rapid development in Central Asia

More contrasted performance in Central Europe due to high comps

+1.0%

(LPs in 2019)

-5.2%

Q1

Q2

Q3

16 26/10/2020 Nine-month sales and financial data

AMERICAS

9-month sales: €584m

Growth vs

Q3 2020

Q3 2020

9 months 2020

9 months 2020

LY %

LFL

as reported

LFL

as reported

North America

+8.6%

+18.0%

-0.1%

+4.2%

South America

+15.0%

-14.8%

-8.3%

-27.5%

North America, LFL

Increased FX headwinds in Q3

+8.6%

Still difficult health situation in the continent

Ongoing tensions in offline distribution in North America

Acceleration in the US driven by 'cooking at home' and temporary

-7.2%

-6.7%

Q2

Q3

Q1

consumption incentives Brisk sales in cookware, fueled by both

e-commerce and brick-&-mortar stores

South America, LFL

Newly-acquired Storebound contributing to strong momentum

+15.0%

Sales up > 80% in Q3

-10.9%

Despite a complicated context in South America, solid momentum in

Brazil & Colombia driven by volumes, product mix & price hikes

-35.3%

Q1

Q2

Q3

17 26/10/2020 Nine-month sales and financial data

ASIA

9-month sales: €1,582m

Growth vs

Q3 2020

Q3 2020

9 months 2020

9 months 2020

LY %

LFL

as reported

LFL

as reported

China

+3.9%

+0.1%

-8.9%

-10.7%

Other Asian

+12.4%

+7.6%

+3.8%

+2.7%

countries

  • Favorable trend in Chinese cookware market in Q3. Waning Chinese SDA market over the summer, following promotional events of June (Shopping festival)
  • Offline channels still contracting sharply
  • Supor's sales momentum fueled by flagship products (woks, high- speed blenders, garment steamers…) and ongoing development in new categories
  • Steep acceleration in Q3 in other Asian countries nurtured by almost all markets including Group's largest ones - Japan, South Korea and Australia.

China, LFL

+10.2%

+3.9%

-32.4%

Q1

Q2

Q3

Other Asian countries, LFL

+12.4%

-0.3%

-1.5%

Q1

Q2

Q3

18 26/10/2020 Nine-month sales and financial data

04

OUTLOOK

19

2020 Outlook

  1. Overall environment severely impacted by the COVID-19 crisis. Caution still applies given the resurgence of the epidemic
  2. FY-2020sales
    • Annual sales to contract by around 5% to 6% on a LFL basis
    • Negative currency effect of €200-€250m.
    • Some normalization in demand for the Consumer business in Q4
    • Professional division to remain heavily impacted in Q4
  3. FY-2020ORfA
    • Growth drivers: substantially more proactive policy in Q4 after two quarters of reduced investments
    • Negative currency effect slightly above €100m & positive raw material effect
    • On this basis, FY-2020 ORfA could fall by 25-30% versus 2019

20 26/10/2020 Nine-month sales and financial data

05

APPENDIX

21

9-month 2020 sales by region

Other Asia 9%

China

€4,712m

26%

-6.7% LFL

South America 4%

North America 11%

Emerging countries

Mature countries

46%

54%

Western Europe 37%

€4,712m

-6.7% LFL

Other EMEA 13%

22 26/10/2020 Nine-month sales and financial data

9-month 2020 sales

In €m

9 months

9 months

As reported

9 months

Q3 2020

2019

2020

2020 LFL

LFL

EMEA

2,180

2,118

-2.9%

-1.4%

+12.2%

Western Europe

1,586

1,520

-4.2%

-4.2%

+9.4%

Other countries

594

598

+0.7%

+6.1%

+19.2%

AMERICAS

630

584

-7.4%

-3.1%

+10.8%

North America

400

417

+4.2%

-0.1%

+8.6%

South America

230

167

-27.5%

-8.3%

+15.0%

ASIA

1,715

1,582

-7.7%

-6.2%

+6.0%

China

1,339

1,196

-10.7%

-8.9%

+3.9%

Other countries

376

386

+2.7%

+3.8%

+12.4%

TOTAL Consumer

4,525

4,284

-5.3%

-3.4%

+9.9%

Professional

589

428

-27.3%

-31.6%

-39.4%

Groupe SEB

5,114

4,712

-7.9%

-6.7%

+4.4%

% based on non-rounded figures

23 26/10/2020 Nine-month sales and financial data

Q3 2020 sales

In €m

Q3 2019

Q3 2020

As reported

Q3 2020

Q3 2019

LFL

LFL

EMEA

779

846

+8.6%

+12.2%

+7.1%

Western Europe

553

605

+9.4%

+9.4%

+2.4%

Other countries

226

241

+6.7%

+19.2%

+21.7%

AMERICAS

268

286

+6.7%

+10.8%

+11.6%

North America

176

208

+18.0%

+8.6%

+11.2%

South America

92

78

-14.8%

+15.0%

+12.5%

ASIA

533

543

+2.0%

+6.0%

+7.7%

China

401

401

+0.1%

+3.9%

+7.5%

Other countries

132

142

+7.6%

+12.4%

+8.2%

TOTAL Consumer

1,579

1,675

+6.0%

+9.9%

+8.0%

Professional

198

122

-38.4%

-39.4%

+4.6%

Groupe SEB

1,777

1,797

+1.1%

+4.4%

+7.7%

% based on non-rounded figures

24 26/10/2020 Nine-month sales and financial data

Glossary

On a like-for-like basis (LFL) - Organic

The amounts and growth rates at constant exchange rates and consolidation scope in a given year compared with the previous year are calculated:

  • using the average exchange rates of the previous year for the period in consideration (year, half-year, quarter);
  • on the basis of the scope of consolidation of the previous year.

This calculation is made primarily for sales and Operating Result from Activity.

Adjusted EBITDA

Adjusted EBITDA is equal to Operating Result from Activity minus discretionary and non-discretionaryprofit-sharing, to which are added operating depreciation and amortization.

Operating Result from Activity (ORfA)

Operating Result from Activity (ORfA) is Groupe SEB's main performance indicator. It corresponds to sales minus operating costs, i.e. the cost of sales, innovation expenditure (R&D, strategic marketing and design), advertising, operational marketing as well as commercial and administrative costs. ORfA does not include discretionary and non-discretionaryprofit-sharing or other non-recurring operating income and expense.

Net debt

This term refers to all recurring and non-recurring financial debt minus cash and cash equivalents, as well as derivative instruments linked to Group financing. It also includes financial debt from application of the IFRS 16 standard "Leases" in addition to short- term investments with no risk of a substantial change in value but with maturities of over three months.

Loyalty program (LP)

These programs, led by the distribution retailers, consist in offering promotional offers on a product category to loyal consumers who have made a series of purchases within a short period of time. These promotional programs allow distributors to boost footfall in their stores and our consumers to access our products at preferential prices.

Free cash flow

Free cash flow corresponds to the "net cash from operating activities" item in the consolidated cash flow statement, adjusted from non-recurring transactions with an impact on the Group's net debt (for example, cash outflows related to restructuring) and after taking account of recurring investments (CAPEX).

SDA

Small Domestic Appliances: Kitchen Electrics, Home and Personal Care

PCM

Professional Coffee Machines

25 26/10/2020 Nine-month sales and financial data

Investor/Analyst relations

Groupe SEB

Financial Communication and Investor Relations Dpt

Isabelle Posth

Raphaël Hoffstetter

iposth@groupeseb.com

rhoffstetter@groupeseb.com

Phone: +33 (0) 4 72 18 16 04 comfin@groupeseb.com

www.groupeseb.com

Media Relations

Groupe SEB

Corporate Communication Dept

Cathy Pianon

Anissa Djaadi

cpianon@groupeseb.com

adjaadi@groupeseb.com

Phone: + 33 (0) 6 33 13 02 00

Phone: + 33 (0) 6 88 20 90 88

Image Sept

Caroline Simon

Claire Doligez

Isabelle Dunoyer de Segonzac

caroline.simon@image7.fr

cdoligez@image7.fr

isegonzac@image7.fr

Phone: +33 (0) 1 53 70 74 48

C O N TA C T S

26 26/10/2020 Nine-month sales and financial data

2021 key dates

January 21 | after market close

Provisional 2020 sales

February 25 | before market opens

2020 sales and results

April 22 | after market closes

Q1 2021 sales and financial data

May 20 | 15:00

Annual general meeting

July 23 | before market opens

H1 2021 sales and results

October 26 | after market closes

Nine-month 2021 sales and financial data

27 26/10/2020 Nine-month sales and financial data

A G E N D A

Disclaimer

SEB SA published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 08:34:06 UTC


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Financials
Sales 2020 6 876 M 8 231 M 8 231 M
Net income 2020 288 M 344 M 344 M
Net Debt 2020 1 833 M 2 195 M 2 195 M
P/E ratio 2020 26,8x
Yield 2020 1,05%
Capitalization 7 500 M 8 967 M 8 977 M
EV / Sales 2020 1,36x
EV / Sales 2021 1,22x
Nbr of Employees 34 000
Free-Float 49,7%
Chart GROUPE SEB S.A.
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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 149,50 €
Spread / Highest target 18,4%
Spread / Average Target 5,65%
Spread / Lowest Target -9,70%
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-Nol Labroue Independent Director
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