Each brand has a well-defined identity, with a specific values which are reflected in the product offering, features and design, as well as in appropriate communication mechanics.
We remain convinced that our balanced business model, combining profitable growth and a resolutely responsible approach, creates value for all and plays a full part in our contribution to better living in households around the world.
Provisional 2020 sales
2020 Annual results
First-quarter 2021 sales and financial data
Like-for-like revenue down -1,5%, +3% as reported at €916 million
Operating result from activity lower, as expected
Debt reduced by €8 million during the period
The economic environment in first-quarter 2012 was much more challenging than in fourth-quarter 2011 and contrasted sharply with the extreme buoyancy seen in the first three months of 2011. The marked slowdown in consumer spending in a number of countries also impacted demand for small domestic equipment. In addition to the lacklustre environment, Groupe SEB’s prior-year comparatives were very high in almost all geographies, as organic sales growth in first-quarter 2011 amounted to 11.6%.
Given these conditions, the slight 1.5% contraction in like-for-like revenue in the first three months of 2012 was a satisfactory performance, although the situation varied depending on the country. Changes in the scope of consolidation added €21 million to revenue, with two additional months of consolidation for Imusa (Colombia and the US) and three months for Asia Fan (Vietnam) and Maharaja Whiteline (India), which were not consolidated in first-quarter 2011.
In an environment shaped by continued exchange rate instability, the positive €19 million currency effect was due mainly to the increase in the Chinese yuan, US dollar and Japanese yen against the euro, based on average exchange rates for first-quarter 2011 and 2012.
Operating result from activity (formerly called operating margin) amounted to €78 million, a 15% decline from its all-time high of €92 million in the first three months of 2011. As mentioned every year, first-quarter operating result from activity is not representative of full-year performance.
With €585 million in debt at 31 March 2012, Group SEB’s financial position is solid.