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Groupe SEB generated revenues of €1,835 million in the first half of 2013, up 2.5% compared with the first half of 2012, +3.1 % at constant consolidation scope and exchange rates.

In France, the difficult economic situation took a significant toll on consumption and the small domestic equipment market. Against this backdrop, Groupe SEB’s revenue was down by nearly 9% at the end of June, in particular due to the non-recurrence of a cookware loyalty program carried out in the second quarter of 2012. In small electric equipment the situation is more balanced and sales proved strong in vacuum cleaners, pastry mixers, espresso machines and hair dryers.

In other Western European countries, the macro-economic context remains bleak and precarious. Nonetheless, the small domestic equipment market has witnessed positive development. Groupe SEB ended the first half of the year with strong sales growth. In Spain, growth accelerated, fuelled by a far-reaching loyalty program. In Portugal and Italy, the outlook is positive. Sales have continued witnessing positive momentum in Germany and the UK thanks to a strong product offering.

In North America, sales growth is steady at constant exchange rates. In the US, in a healthier context, sales growth accelerated in the second quarter. T-fal performed well in cookware and results were better in small domestic equipment with new referencing in the distribution of ironing products. The trend remains positive in Canada, however, Mexico was affected as a loyalty program with a distributor came to an end.

In South America, at the end of June, sales reflected both the continuing depreciation of the Brazilian Real and the effects of the events in Brazil slowing the steady growth of April/May, which was driven by a robust product offering (fans, food processors, Actifry, Beertender…) and the development of e-commerce. In Columbia, sales growth accelerated in the second quarter, fuelled by ironing, food processors, fans, and cookware.

In Asia Pacific, revenue growth mainly comes from a return to sales growth in China, driven by a strong product offering in electric pressure cookers, rice cookers, and cookware as well as the improvement of its geographical coverage in third and fourth-tier cities. In Japan, Groupe SEB’s growth is relatively steady at constant exchange rates, with newly launched products such as vacuum cleaners and the Freemove iron contributing to growth. In Korea, where the economic environment was more strained, sales were moderately affected by a client discontinuing business.

In Central Europe, Russia, and other countries (Turkey, the Middle East, Africa…),  growth in revenues accelerated in the second quarter. In Russia, Groupe SEB’s sales continued to rise, driven in particular by meat mincers, multicookers, and ironing appliances. In Poland, economic recovery enabled us to get back to solid growth. In the Ukraine, sales rose in the second quarter. In Turkey, a complex market, we implemented specific product action plans to re-establish profitable growth. Finally, business recovered in the second quarter, as expected, in the Middle East.


Operating result from activity


At €137 million, the operating result from activity of the first half of 2013 were in line with expectations and moderately less than the first half of 2012, at 3.8%. This change is due to three distinct factors: – A positive volume effect of €20 million, reflecting organic sales growth and good coverage of production costs;

– A negative price-mix effect of €17 million mainly due to geographic sales coverage;

– Slightly improved purchase prices (of €3 million);

– A negligible currency impact at the end of June (-€1 million);

– Expenses up €11 million, with investment in growth drivers and organization.

Operating profit and attributable profit

Operating profit reached €177 million, representing a 7.2% decline, linked with the decline in operating result from activity, as well as non-recurring charges of €4 million. Discretionary and non-discretionary profit-sharing was stable at €16 million.

The financial result is -€25 million, reflecting a slight increase in financing costs, exchange rate losses and employee benefits of €4 million. Net revenue reached €52 million, down 29% compared with the first half of 2012. It included income tax of €27 million and net of Supor’s minority interests of €13 million.

Financial position

At June 30 2013, the group’s equity reached €1,455 million, having risen from €87 million year-on-year. The net financial debt at June 30 reached €516 million, a decline of €138 million from 30 June 2012. The Group is in a strong financial position with a solid balance sheet.


Well positioned and responsive, the Group is confident in its ability to generate slight organic sales growth in 2013, to preserve the 2012 operating result from activity and to further reduce debt.