GROUPE SEB PRESENTATION - September 2021
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GROUPE SEB PRESENTATION September 2021
Disclaimer 2 September 2021 Groupe SEB Presentation
CONTENTS
1. Groupe SEB in a nutshell
2. Group Strategy and Positioning
3. Digital First
4. ESG: a committed Group
5. FY-2020 Results
6. H1-2021 Results
7. Issues 2021 & outlook
8. Appendix
3 September 2021 Groupe SEB Presentation
GROUPE SEB IN A NUTSHELL
2020 Key Figures
€6,940m €605m €301m 33,000
Operating Result
Sales Net income employees
from Activity
€240m ~1,300 40
Investments in own industrial sites
innovation retail stores
5 September 2021 Groupe SEB Presentation
An extensive and diversified product offering
SMALL ELECTRIC APPLIANCES
KITCHEN ELECTRICS COOKWARE - KITCHENWARE
HOME AND PERSONAL CARE PROFESSIONAL
Coffee machines Hotel Equipment
6 September 2021 Groupe SEB Presentation
Competing on a playfield of ~ €85bn
> €50bn
EMEA
~€25bn
Asia
EMEA
Asia
~€9bn*
Americas
Americas
Small Domestic Appliances Cookware / Kitchenware Professional Coffee
(SDA) (CW / KW) Machines
CONSUMER PROFESSIONAL
* as of end 2019
7 September 2021 Groupe SEB Presentation Addressed market size
Main trends structuring our Consumer industry
Scale effect
Improvement of technical capabilities in Asian countries
Local approach
Production
New models Expansion Critical size
Pure players (direct / marketplaces) of online Leadership By country and by segment
channel
Click & Mortars
SDA AND CW / KW
MARKET
Negotiation power Appropriate business model and strategy
Necessity for retail to create more value Growth in Competitiveness, logistics, commercial
Power of
emerging
distribution
markets
Consumer/
shopper
driven Value creation and strong growth lever,
innovation especially in mature countries
8 September 2021 Groupe SEB Presentation
A consumer in constant transformation…
… source of new opportunities for the Group
9 September 2021 Groupe SEB Presentation
A stable shareholding base allowing long-term vision…
Structure of shareholding at 31/12/2020 Distribution of voting rights at 31/12/2020
Treasury shares Treasury shares
Individual 0,3% 0,2%
VENELLE Individual
shareholders INVESTISSEMENT shareholders
5,4% & associates 4,8%
19,2%
VENELLE
INVESTISSEMENT
& associates
24,8%
GENERACTION Institutional
members investors
11,5% 27,3%
50.3 M shares 77.5 M effective
Institutional
investors (% capital) votes GENERACTION
40,9% members
Other family 14,5%
shareholders
1,2% Other family
Employees
FEDERACTIVE & 2,9% shareholders
associates 1,4%
9,4%
FSP FFP Invest
Employees 5,2% 5,2% FEDERACTIVE &
2,9% FFP Invest FSP associates
4,0% 6,8% 12,1%
Shareholders from Shareholders from
Free-Float Founder Group Free-Float Founder Group
46.3% of 41.2 % of capital 32.1% of 52.7 % of voting rights
capital *concerting voting block voting rights *concerting voting block
31.9% of capital 40.7% of voting rights
10 September 2021 Groupe SEB PresentationShare Capital Breakdown at 12/03/2021 11 September 2021 Groupe SEB Presentation
… and a value-creation strategy
Focus on Strengthen our
growth competitiveness
Strength and complementarity of our brands International industrial footprint
▪ Mature countries
Product innovation
▪ Emerging countries
Multi-channel distribution strategy
International expansion Lean structure
➔ Organic and through acquisitions
Long-term commitment on ESG values
12 September 2021 Groupe SEB Presentation02 GROUP STRATEGY AND POSITIONING
Relevance of our balanced business model
1 GEOGRAPHIES
2 CATEGORIES
MULTI 3 BRANDS
4 CHANNELS
5 ESG
14 September 2021 Groupe SEB PresentationBalanced sales breakdown
A global balanced presence
1
▪ Unrivalled global footprint, strong local positions
✓ ¾ of sales in countries where we are #1 or #2
Emerging markets
✓ Increased critical mass across countries Mature markets
45%
55%
▪ Long-term growth enablers
✓ Mature markets ➔ Renewal, premiumization
✓ Emerging markets ➔ Growth of middle classes
▪ Pool of fast-growing countries
▪ Acquisitions as an additional catalyst
▪ Worldwide industrial footprint
15 September 2021 Groupe SEB PresentationA presence on numerous product 2020 sales by category
categories...
Professional
Kitchen
2 ~10% Electrics
Home and ~40%
▪ Global leader in Cookware, Kitchen Electrics and Linen Personal ~20%
care Care
✓ Growing steadily in all Consumer categories ~30%
▪ Global leader in Professional Coffee (automatic espresso Cookware &
machines): Kitchenware
✓ Key milestones in the US and China
✓ Acquisition 2019: Wilbur Curtis
16 September 2021 Groupe SEB PresentationVersatile Vacuum Cleaners
...and a capacity to reinvent ourselves +€100m
constantly
2 Garment
▪ Creating new product opportunities by leveraging: steamers Sales ≥ €100m Mugs
✓ Technological developments and consumer trends x2 x3
✓ Our innovation capabilities
✓ Targeted external growth acquisitions
▪ Constantly speeding-up road-to-market and optimizing x2
the Consumer journey Full Auto Coffee Machines
▪ Driving the circular economy
Sales 2016 - 2020
▪ Investing in disruptive technologies through SEB
Alliance
17 September 2021 Groupe SEB PresentationA constant focus on innovation
2
~1,500 €240m ~10,000 Passion for
Innovation,
people expenses Active patents one of the 5 values
(R&D, Marketing, Design) of the Group
2020 figures
Moulinex Supor Rowenta Heritage Moulinex Rowenta Krups Moulinex Rowenta Tefal
Extra Crisp Steam Pro RC Ixeo Pierre Gagnaire Cookeo Touch Air force 560 - Flex Intuition i-Companion Eclips Optigrill
18 September 2021 Groupe SEB PresentationA product offering constantly adapted to meet new needs (1/3)
Innovations in Professional Coffee
WMF Expresso roll-out MyAppCafé coffee station
at McDonald’s robot barista
Schaerer Soul
19 September 2021 Groupe SEB PresentationA product offering constantly adapted to meet new needs (2/3)
Innovations in Small Domestic Equipment ➔ Home-made cooking
connected
Cookeo Touch & Icompanion XL Touch Easy Fry Arno New pan in South Korea
Kitchen Chef Supor & Steam Tender Fried Air Fryer
Nespresso Atelier Krups Silent Hi-Speed Blender Supor
20 September 2021 Groupe SEB PresentationA product offering constantly adapted to meet new needs (3/3)
Innovations in Small Domestic Equipment ➔ Healthy home
connected
CUBE Robot X-PLORER SERIE 95
connected
Rowenta Xforce vacuum cleaner
(new generation)
Clean & Steam, latest génération
INTENSE PURE AIR Connect Rowenta
21 September 2021 Groupe SEB PresentationA unique brand portfolio...
3
▪ Strong, diversified and complementary brands
✓ Consumer, global and regional
✓ Premium
✓ Professional
▪ Organized on platforms
▪ Responsible and inspiring brands
ALL-CLAD I ARNO I ASIAVINA I CALOR I CLOCK I DASH I EMSA 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
22 September 2021 Groupe SEB Presentation...and strong local roots
3
▪ Emblematic local brands appealing to consumers in
their day-to-day lives for 3 generations
✓ Heritage and credibility
✓ Average age of our brands: 85 years old
▪ Supported by local brand ambassadors
✓ Chefs, influencers, communities of consumers, etc.
▪ Stakeholders in society:
✓ Imusa: “Tinteros Day” in Colombia
✓ Supor: Financing the construction of schools in China
✓ France: Moulinex “Malin” initiative
23 September 2021 Groupe SEB PresentationSales by distribution channel
(2020 figures, Consumer)
A multi-channel approach...
Other Mass retail
8% 20%
4
▪ Coverage of all distribution channels
✓ Accessing all consumers Traditional
Online 16%
35%
✓ Adapting to local habits
Specialists
▪ Long-term partnerships with retailers Group Retail
7%
14%
✓ Execution, category management, merchandising
✓ Specific sales offers, LPs
24 September 2021 Groupe SEB Presentation...and an increased proximity Digital share in media investment
with end-consumers
>60%
4
▪ Targeted digital approaches
✓ E-Commerce
✓ Digital investments
✓ Direct relationship with Consumers (CRM) 2016 2020
✓ Communities & apps
▪ Direct approaches
✓ Group Retail = ~1,300 stores (as of end-2020)
➔ 50 new openings in 2020 (exc. China)
✓ “Online DTC” development
25 September 2021 Groupe SEB PresentationAcquisitions as an additional catalyst, on top of LFL growth
8000
2005 2019 2020
2016
2018
7000 7354
1988 2011 6485
6812 6940
2001
6000
1998
1972 4770
5000 2004
2007
4000 1997
1968
2870 2015
3000
2000
Sales in €m
1825 2006
1764 Acquisitions
1000
170
7
0
1953 1975 1998 2000 2007 2015 2016 2017 2018 2019 2020
26 September 2021 Groupe SEB PresentationGroup competitiveness based on a worldwide industrial footprint
GERMANY
Emsdetten
FRANCE
St Lô Vernon Diez
40 industrial sites Erbach
Mayenne Selongey Geislingen CHINA
Pluguffan Hayingen
Is/Tille Shanghaï
Tournus Rumilly Riedlingen Taicang
Pont Evêque Marigny RUSSIA Shaoxing
Hangzhou
~2/3 of products St Petersburg Yuhuan
Wuhan
manufactured in- Lourdes CZECH REPUBLIC VIETNAM Heshan
house Domazlice Binh Duong
Zuchwill SWITZERLAND Thuan An
USA Vinh Loc
Omegna ITALY
Canonsburg
€183m Montebello EGYPT
Borg El Arab
Capex Baddi
INDIA
Rionegro Bangalore
100 % Cajica Americas Other
COLOMBIA
5% 1%
ISO 14001 certified Recife
Europe
entities BRAZIL
24%
Outsourced
Itatiaia products Production by
38% region - 2020
Figures at end 2020
Asia 32%
27 September 2021 Groupe SEB Presentation03 DIGITAL FIRST
Digital First
Livestreaming
Virtual launches
DTC
E-commerce brand.com
35% of sales Market places
Digital investments
~60% of media investments
MORE CLOSER
to consumers
DIGITAL
M&A, stakes taken
StoreBound, ChefClub
Chefs
Influencers
29 September 2021 Groupe SEB PresentationSubstantial e-commerce growth in 2020…
Pure players
Others
Eurasia: 35%, +10 pts
E-Commerce Market places China: 62%, +9 pts
Offline
Mass retail 35% of sales Russia: 40%, +20 pts
65%
+8 pts Click&Mortar Germany, Brazil, Poland:
vs. 2019 +10 pts
Group
retail DTC online
Specialists
Traditional
Groupe SEB
2020 Consumer sales
Group estimates/GfK
30 September 2021 Groupe SEB Presentation… bolstered by major online events...
Livestreaming Moulinex, France G6 virtual launch, South Korea
Double 11, China
Livestreaming Krups, France
31 September 2021 Groupe SEB Presentation... and an increased presence with our ambassadors: Chefs and influencers
Brazil + 40 countries Atelier De Roxane,
@latelierderoxane, Luderchris,
France @luderchris,
Germany
Alice Trewinnard,
@alicetrewinnard, Elif Tokdemir,
Portugal @eliftokdemir,
Turkey
Czech Republic Australia
Daniel Marin
Thiago Monteiro @dfmartin,
@tiagosworld18, UK
Portugal
32 September 2021 Groupe SEB PresentationDevelopment of online Direct to Consumer…
~100 online DTC points of sale at end-2020
+30 over the year
33 September 2021 Groupe SEB Presentation… via roll-out of brand.com and marketplaces 34 September 2021 Groupe SEB Presentation
Opening-up to new business models
SEB Alliance investment
▪ Leader in the production and distribution of cooking content
▪ Online recipes with communities, multiplatform
▪ Wide geographic coverage: Europe, US, China
▪ Launch in H1 2021 of a range of products under the
"Chefclub by Tefal" brand license
Key figures
FoodTech brand reporting the strongest growth in 2020 worldwide on
social media
1.6bn monthly views in December and January
700,000 books sold
35 September 2021 Groupe SEB PresentationAcquisition of StoreBound
Majority stake in StoreBound
Unrivaled know-how in digital marketing
▪ Expertise in community management
➔ Product development
➔ Marketing
▪ Priority to the consumer experience
Key figures
> 1 million Instagram followers
Important partnerships (brands, chefs, influencers…)
➔ Between 500,000 and 20m followers
2015-2020 sales: from ~ 25 M to > $120m ➔ CAGR > 35%
36 September 2021 Groupe SEB Presentation04 ESG: A committed group
Sustainable development pillars 38 September 2021 Groupe SEB Presentation
People matter
1 2 3
ETHICS HUMAN RESOURCES PHILANTHROPY
• Social protection floor : • Fight against exclusion:
• Code of ethics
✓ Death benefit > 400 projects aiming
• Responsible purchasing ✓ Medical plan for “a better life for all”
✓ Parenthood
• Audits • Health & safety • Employees’ commitment:
• Diversity • Charity week & days
• Mentoring, team buildings…
39 September 2021 Groupe SEB PresentationCooking for good
1 2 3
H E A LT H Y E AT I N G HOMEMADE FOR ALL S U S TA I N A B L E
COOKING
→ Creation of a Healthy and • Help families in difficulty to improve the → Respond to new zero waste
sustainable recipe Charter diet of their children from 0 to 3 years old consumption trends
→ Respond to new food trends
→ 2020 : 22 000 families (vegetarianism, flexitarianism)
→ Private sales → Create customer operations to limit
→ Tips and advice non-reusable packaging
Events to raise
→ Develop new solutions to promote
awareness on
healthy & nutritive eating
homemade food
40 September 2021 Groupe SEB PresentationBetter homelife
1 2 3
INDOOR AIR
SANITIZE W AT E R T R E AT M E N T
PURIFIERS
→ Participation in Castalie
→ Clean & Steam range: clean floors
→ Intense Pur Air & Pure air Genius ranges without detergent → Complete solutions: micro-filtered
➔ indoor air purified from Volatile Organic
water fountains for businesses and
Compounds → Cube: Kills up to 99% of bacteria by
restaurants + reusable containers
heat
→ Capture of formaldehyde and more than
99% of fine particles and allergens
→ Purification monitoring via an app
41 September 2021 Groupe SEB PresentationCircular revolution
1 2 3
R E PAI R A B I L I T Y RECYCLING SECOND LIFE
→ Recycling operations with distributor
customers → Product rental
→ 92% of electrical appliances
marked "10 years repairable“
→ 2,800 tons of recycled aluminum → Retreading stoves
used since 2018
→ Lever for developing consumer
→ Product repackaging and resale at
loyalty and confidence → "Eco-Respect" range in 100% reduced prices
recycled aluminum
→ 6,200 authorized repairers
worldwide → Extension of the volume of recycled
plastic in our SDA ranges: 2000 t in
2020
42 September 2021 Groupe SEB PresentationAct for the Climate
1 2 3
ECO DESIGN ECO MANUFACTURING ECO LOGISTIC
→ Eco innovative projects
→ Eco design politic : → Prioritizes non-road transport:
▪ Durable & recyclable → > 150 best practices transport by rail and river.
▪ Energy efficiency or use of
alternative materials → Renewable energies in France, Egypt, → In EMEA, 41% of alternative journeys
Colombia and Brazil
• Eco pack :
▪ 0 EPS
▪ 90% recycled carboard
▪ 0 plastic packaging 36% 3%
Logistic costs
CO2
avoided avoided
43 September 2021 Groupe SEB PresentationGroupe SEB Executive Committee
Thierry de La Tour d’Artaise Stanislas de Gramont
Chairman and CEO Chief Operating Officer
Nathalie Lomon Philippe Schaillee
Senior Executive VP, Senior Executive VP, Products & Innovation
Finance
Vincent Tai
Delphine Segura Vaylet Executive VP, Asia
Senior Executive VP,
Human Resources
Cyril Buxtorf
Executive VP, EMEA
Alain Leroy
Executive VP, Martin Zouhar
Industrial Operations Executive VP, SEB Professional
PCM & Hotel
Olivier Naccache
Executive VP, SDA Pierre-Armand Lemoine
Philippe Sumeire Executive VP, Cookware
Executive VP, Legal Oliver Kastalio
Cathy Pianon WMF CEO
Executive VP, Public Affairs & Vincent Rouiller
Communication Executive VP, Research
44 September 2021 Groupe SEB PresentationOur values
Global vision Respect
Leadership for change Passion for Products Pragmatism Loyalty Shared ambition
Determination Innovator Know-how Corporate Social Trust
Agility Daring High standards Responsibility Transparency
ENTREPRENEURIAL PASSION RESPECT GROUP
DRIVE FOR INNOVATION PROFESSIONALISM SPIRIT
FOR PEOPLE
45 September 2021 Groupe SEB Presentation05 FY-2020 RESULTS
2020 Key figures
Operational Result
from Activity
Sales €605m Net debt
-18.2% -4.8% LFL
€6,940m €1,518m
-5.6% -3.8% LFL -€479m vs. 2019
Net profit
€301m
-20.9%
Dividend in respect of FY 2020 €2.14
After free allocation of 1 new share
per 10 existing
47 September 2021 Groupe SEB PresentationDevelopment in sales 2019→ 2020
In €m 7,354
-276
-219 6,940
+81*
Organic Currency
growth effect Scope
-3.8% -3.0% +1.2%
-5.6%
2019 2020
*o/w €60m for StoreBound (5-month consolidation)
48 September 2021 Groupe SEB PresentationVolatile activity, with a brisk H2 performance in the Consumer business
LFL development in sales (% vs. 2019)
10,0% 7.8%
CONSUMER 3.6%
0,0%
-0.5%
PRO -3.8%
-10,0%
-10.6%
-12.6%
GROUP
TOTAL -20,0%
-30,0% -27.6%
-30.7%
-33.8%
-40,0%
% of 2020 sales H1 42% H2 58% FY 100%
49 September 2021 Groupe SEB PresentationDevelopment in sales per product line
15,0% 2020 sales
growth, LFL Annual Consumer sales: €6,365m, -0.5% LFL
10,0%
5,0%
Food
Home preparation
0,0% comfort
Electrical
cooking
Personal
-5,0% Home care
care
Beverage Cookware
-10,0%
LKA* Linen care
-15,0%
*Large Kitchen Appliances
50 September 2021 Groupe SEB PresentationDevelopment in sales per product line
H2 Consumer sales: €3,756m, +7.8% LFL
25,0%
H2 2020
sales growth, LFL
20,0%
15,0% Food
Home
preparation
comfort
10,0%
Home
care Electrical
cooking
5,0% Personal
Cookware care
Beverage
0,0% LKA*
-5,0%
Linen care
-10,0%
*Large Kitchen Appliances
51 September 2021 Groupe SEB PresentationOperating Result from Activity (ORfA)
In €m 2019 2020 Δ Δ LFL
Sales 7,354 6,940 -5.6% -3.8%
ORfA 740 605 -18.2% -4.8%
Op. margin 10.1% 8.7% -1.4 pt
52 September 2021 Groupe SEB PresentationORfA bridge, 2019 ➔ 2020
In €m
740
-126
705
+23 -109
+9 -1
+60 605
+9
Volumes Price COGS Growth Administrative Currencies Scope
Mix drivers & commercial effect
expenses
2019 2020 2020
LFL
53 September 2021 Groupe SEB PresentationGrowth drivers
Advertising and marketing
Half-year phasing
In €m 2019 2020 ~+€50m
Innovation 267 240
Advertising
461 472
and marketing
Total growth drivers 728 712
~-€40m
H1-2020 vs. H1-2019 H2-2020 vs. H2-2019
Innovation: gross amount, before French research tax credit and capitalized costs
54 September 2021 Groupe SEB PresentationOperating profit
2019 2020 Δ%
In €m
ORfA 740 605 -18.2%
Statutory and discretionary employee
-37 -24
profit-sharing
Other operating income and expense -82 -78
Operating profit 621 503 -18.9%
55 September 2021 Groupe SEB PresentationNet profit
In €m 2019 2020 Δ%
Operating profit 621 503 -18.9%
Financial result -61 -60
Tax -131 -94
Non-controlling interests -49 -48
Net profit 380 301 -20.9%
56 September 2021 Groupe SEB PresentationSimplified balance sheet
31/12/2019 31/12/2020 Δ €M
In M€
Tangible fixed assets 4,263 4,250 - 13
Operating WCR 1,215 848 - 367
Total capital employed 5,478 5,098 - 380
Equity 2,628 2,735 + 107
Provisions 423 454 + 31
Other current assets and liabilities 430 391 - 39
Net financial debt 1,997* 1,518* - 479
Total financing 5,478 5,098 - 380
*o/w €334m and €339m in IFRS16 impact for 2019 and 2020 respectively
57 September 2021 Groupe SEB PresentationChange in Operating WCR
2019 2020
€m % Sales €m % Sales
€367m WCR improvement mainly due to:
Receivables 1,017 13.8% 841 12.1% ▪ A change in business model with a retailer in
China
Inventories 1,189 16.2% 1,212 17.4%
▪ Favorable seasonality effects on receivables
and payables
Payables - 991 - 13.5% - 1,205 - 17.3%
▪ Favorable currency effects
WCR 1,215 16.5% 848 12.2%
58 September 2021 Groupe SEB PresentationCash flow generation/Free cash flow
In €m
+299 -274
Investments
Chg. Operating -194
WCR +69
+246
Tax and Chg. Non
interest operating WCR
and others +752
Amortization/
Statutory and
+605 discretionary
+851
employee profit-
sharing
ORfA Adjusted Free cash flow
EBITDA
59 September 2021 Groupe SEB PresentationChange in debt
In €m
1,997 Free cash
flow
Currencies
1,518
-752 -17
+101
+189 Dividends
Acquisitions
and other non
operating
Net debt Net debt
end-2019 end-2020
60 September 2021 Groupe SEB PresentationHealthy and well-balanced financing structure
Confirmed undrawn
credit lines 71
~€1.3bn ▪ Diversified sources of
Cash & equiv.
~€2.4bn financing (Bonds,
Schuldschein, ORNAE, NEU
MTN, NEU CP…)
1,601
▪ No financial covenants
66 52
43
▪ New €500m bond issue,
535
57
539 502 June 2020 (maturing 2025)
50
285
156
▪ Syndicated credit line
2021 2022 2023 2024 2025 2026 and
onwards maturity extended until
Financial debt IFRS 16 debt July 2022
Available liquidity Gross financial debt
~€3.7bn ~€4.0bn
As of 12/31/2020
61 September 2021 Groupe SEB PresentationFinancial ratios
*excl. IFRS 16
2.8
2.4
2.1
1.9
1.8
1.3
1.2
1.9* 1.6*
1.1
1.0 1.0
0.9
0.7 0.8
0.6
0.5
0.3
0.4
0.3 0.3 0.6
0.1 0.2
10 11 12 13 14 15 16 17 18 19 20
Net debt/Adjusted EBITDA Net debt/Equity
Ratios at 12/31
62 September 2021 Groupe SEB Presentation06 Q1-2021 RESULTS
An uncertain overall environment, but buoyant markets
▪ COVID-19, continued: the crisis persists
▪ Ongoing good momentum for small domestic equipment in H1 2021
▪ Gradual recovery in the Professional market starting in Q2
▪ Headwinds
• Unprecedented inflationary tensions in the supply chain
• Currency volatility
64 September 2021 Groupe SEB PresentationKey figures at end-June 2021
Operational Result
from Activity
Sales €320m Net debt
X 3.1
€3,610m €1,850m
+23.9% +26.3% LFL -€235m vs. 30.06.2020
Net profit
€151m
vs. €3m in H1 2020
65 September 2021 Groupe SEB PresentationFirst-half 2021 sales
Sales
€3,610m
+23.9% +26.3% LFL
Consumer Professional
€3,319m €290m
+27.3% +29.6% LFL -5.1% -1.7% LFL
66 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
Consumer business Consumer +39.1% + 20.6% +29.6% +27.3%
Sales €3,319m
+27.3% +29.6% LFL
▪ Persistent strong demand for small domestic
equipment
▪ Promotional pressure remaining moderate
➔ Price-mix holding up firm
▪ Sales growing faster than market, driven by:
• all geographies
• all categories
• e-commerce, as an accelerator
▪ Supply chain tensions
67 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
Professional business Professional -26.2% +34.2% -1.7% -5.1%
Sales €290m
-5.1% -1.7% LFL
▪ Q1 negatively impacted by:
• Hospitality and catering sector at a standstill
• Demanding 2020 comparatives
▪ Return to growth in Q2:
• Better trend in core business, machines and
service
• Roll-out of contracts in EMEA and USA
• Much lower 2020 comparatives
* Professional business = Professional Coffee Machines (PCM) + Hotel Equipment + Krampouz
68 September 2021 Groupe SEB PresentationChange in sales - H1 2020 → 2021
In €m
+ 768 - 125 + 53 3,610
2,914
Organic Currency
growth effect StoreBound
+26.3% -4.3% +1.8%
+23.9%
2020 2021
69 September 2021 Groupe SEB PresentationCurrency impact on H1 2021 sales
In €m
5
0
-5
-10
-15
-€125m
-20
Q1 : -€81m
-25 Q2 : -€44m
-30
-35
AUD
JPY
SEK
THB
CHF
EGP
ARS
UAH
CNY
BRL
TRY
RUB
PLN
MXN
COP
USD
Others
70 September 2021 Groupe SEB PresentationQuarterly sales phasing by activity
LFL sales growth (% vs. 2020)
50%
+39.1%
40%
+34.2%
+30.9% +29.6%
30% +26.3%
CONSUMER +20.6% +21.8%
20%
10%
PRO
0%
-1.7%
-10%
GROUP
TOTAL
-20%
-30% -26.2%
Q1 Q2 H1
Change 2021 vs 2019,
+11.9% -29.2% +7.5% +13.5% -22.7% +8.9% +12.7% -25.8% +8.2%
reported data
71 September 2021 Groupe SEB PresentationTop 20 countries – Consumer revenue, H1 2021
EMEA +34,9% AMERICAS +57,2% ASIA +15,3%
LFL
≥ 50% Turkey ITALY RUSSIA Canada BRAZIL
Ukraine Romania Colombia USA
FRANCE Netherlands
Mexico
≥ 30%
Belgium Poland
JAPAN
≥ 10%
GERMANY SPAIN United Kingdom
SOUTH KOREA CHINA
72 September 2021 Groupe SEB Presentation
TOP 10 COUNTRIESSales change by product line
2021 H1 Sales LFL
70 %
Home care
60 %
50 %
Electrical Cookware Beverage LKA*
cooking
40 %
Food
Personal preparation
30 % care
Linen care
20 %
Home
comfort
10 %
Professional
0%
-10 %
-20 % Consumer organic growth: +29.6%
*LKA = Large Kitchen Appliances
73 September 2021 Groupe SEB PresentationOperating Result from Activity (ORfA)
In €m 2020 2021 Δ Δ LFL
Sales 2,914 3,610 +23.9% +26.3%
ORfA 103 320 x3.1 x3.4
ORfA. margin 3.5% 8.9% +5.3 pts +6.0 pts
74 September 2021 Groupe SEB PresentationORfA bridge: H1 2020 ➔ 2021
In €m + 161 - 11 - 87
-3 353 - 36
+3 320
+ 190
103
Volumes Price COGS Growth Administrative Currencies Scope
Mix drivers & commercial effect
expenses
2020 2021 2021
LFL
75 September 2021 Groupe SEB PresentationGrowth drivers – First half-year
In €m 2019 2020 2021 Δ LFL
Innovation* 128 117 127 +8.5%
Marketing and
214 176 244 +43.5%
advertising
Total growth
342 293 371 +30.0%
drivers
*Innovation: gross amount, before French research tax credit and capitalized costs
76 September 2021 Groupe SEB PresentationFrom ORfA to Net profit – First half-year
In €m 2020 2021
Operating Result from Activity (ORfA) 103 320
Discretionary and non-discretionary profit-sharing (5) (16)
Other operating income and expense (40) (46)
Operating profit 58 258
Net financial expense (29) (27)
Tax (7) (53)
Non-controlling interests (19) (27)
Net profit 3 151
77 September 2021 Groupe SEB PresentationSimplified balance sheet
30/06/2020 31/12/2020 30/06/2021
In €m
Tangible fixed assets 4,200 4,250 4,285
Operating WCR 1,168 848 1,128
Total assets to be financed 5,368 5,098 5,413
Equity 2,499 2,735 2,816
Provisions 424 454 438
Other current assets and liabilities 360 391 309
Net financial debt 2,085* 1,518* 1,850*
Total financing 5,368 5,098 5,413
*o/w €306m, €339m and €333m in IFRS16 impact, respectively
78 September 2021 Groupe SEB PresentationCash flow generation / Free cash flow
In €m
438 Chg. Operating
WCR
320 + 118
- 279
Amortization/
Employee Investments
profit-sharing
- 104 Tax and
interest
Chg. non - 67
operating WCR
- 98 and others
ORfA Adjusted
EBITDA
- 24
Free cash flow
79 September 2021 Groupe SEB PresentationChange in net debt
In €m
- 16
1 850
+ 147 Currencies
Dividends
+ 134
1 518
+ 67 Other non
operating
Free
cash flow
Net debt end 2020 Net debt end-June
2021
80 September 2021 Groupe SEB PresentationRatios at June 30
Operating WCR as % of sales
21.1% 21.1%
20.2%
23.1% 19.0% 18.4% 19.1%
17.6% 16.8%
14.8%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net debt/equity
0.7
0.5 0.4 0.4 0.4 1.2
0.3 1.0 1.0
0.8
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net debt/adjusted EBITDA* 2.7 2.5
1.8
1.3 1.2 2.7 2.6
1.2 0.9 1.1 2.4
2.2 1.6
With IFRS 16
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
* Rolling 12-month
81 September 2021 Groupe SEB Presentation07
ISSUES 2021 &
OUTLOOK
8283
0
1000
2000
3000
4000
5000
juil.-16
août-16
sept.-16
September 2021
oct.-16
nov.-16
déc.-16
janv.-17
févr.-17
➔ Price x20 to x50
mars-17
avr.-17
mai-17
juin-17
juil.-17
Groupe SEB Presentation
août-17
sept.-17
Supply chain issues:
oct.-17
nov.-17
déc.-17
▪ Commodities inflation since mid-2020
janv.-18
févr.-18
mars-18
avr.-18
Avg 2017
mai-18
juin-18
juil.-18
août-18
sept.-18
Avg 2018
oct.-18
nov.-18
déc.-18
▪ Shortage of electronic components, worsened since May
janv.-19
▪ Since autumn 2020, freight tensions and shooting up prices
févr.-19
($/ TEU)
Avg 2019
mars-19
lack of availability, additional costs, delays…
avr.-19
mai-19
1000
1300
1600
1900
2200
2500
2800
juin-19 Jul-16
juil.-19 Sep-16
Avg 2020
août-19 Nov-16
sept.-19 Jan-17
Shanghai Containerized Freight Index
oct.-19 Mar-17
Avg 2017
nov.-19 May-17
déc.-19 Jul-17
janv.-20 Sep-17
Nov-17
févr.-20
Avg 2021 YTD
Jan-18
mars-20
Avg 2018
Mar-18
avr.-20 May-18
mai-20 Jul-18
juin-20 Sep-18
juil.-20 Nov-18
août-20 Jan-19
Avg 2019
sept.-20 Mar-19
($/ tonne)
oct.-20 May-19
nov.-20 Jul-19
LME Aluminium
Sep-19
déc.-20
Nov-19
janv.-21
Avg 2020
Jan-20
févr.-21 Mar-20
mars-21 May-20
avr.-21 Jul-20
mai-21 Sep-20
juin-21 Nov-20
Jan-21
Avg 2021 YTD
Mar-21
May-21…resulting in stronger headwinds than anticipated at the end of April
Detailed headwinds for FY-2021
Estimate end-April Estimate end-July
Components/raw materials €50m > €110m
Freight €50m > €110m
Currencies €40m ~ €30m
Total impact on ORfA €140m > €250m
Price increases in Q4-2021
84 September 2021 Groupe SEB PresentationOutlook for 2021
▪ Excellent first half, Q2 better than expected
▪ Caution remains the watchword for the second half
• Limited visibility on the Consumer business
• Uncertainties over the pace of recovery for Professional Coffee
▪ In this context:
• 2021 revenue growth assumption (as reported) revised upwards
➔ Should exceed 10% (vs. previous assumption of around 10%)
• Maintained assumption of an ORfA margin close to 10%
Despite headwinds currently estimated at more than €250m (vs. €140m estimate at end-April)
85 September 2021 Groupe SEB Presentation08 APPENDIX
H1 sales
In €m H1 2020 H1 2021
As Like-for- Q2 2021
reported like LFL
EMEA 1,272 1,662 +30.7% +34.9% +28,2%
Western Europe 920 1,171 +27.3% +27.2% +20.2%
Other countries 352 490 +39.6% +55.0% +52.5%
AMERICAS 298 480 +61.2% +57.2% +53.4%
North America 209 348 +66.6% +50.8% +38.9%
South America 89 132 +48.5% +72.2% +96.5%
ASIA 1,039 1,178 +13.4% +15.3% +3.3%
China 794 898 +13.1% +13.8% -0.1%
Other countries 245 280 +14.3% +20.0% +14.8%
TOTAL Consumer 2,608 3,319 +27.3% +29.6% +20.6%
Professional 306 290 -5.1% -1.7% +34.2%
Groupe SEB 2,914 3,610 +23.9% +26.3% +21.8%
% based on non-rounded figures
87 September 2021 Groupe SEB PresentationQ2 sales
In €m Q2 2020 Q2 2021 As reported LFL
EMEA 631 791 +25.4% +28.2%
Western Europe 475 572 +20.4% +20.2%
Other countries 156 219 +40.7% +52.5%
AMERICAS 149 237 +59.3% +53.4%
North America 112 170 +52.6% +38.9%
South America 37 67 +79.1% +96.5%
ASIA 556 568 +2.1% +3.3%
China 429 430 +0.1% -0.1%
Other countries 127 138 +8.7% +14.8%
TOTAL Consumer 1,336 1,597 +19.5% +20.6%
Professional 124 161 +29.5% +34.2%
Groupe SEB 1,460 1,758 +20.3% +21.8%
% based on non-rounded figures
88 September 2021 Groupe SEB PresentationH1 2021 sales by region
Other Asian countries Emerging markets Mature markets
8% 47% 53%
Western Europe
37%
China
25% €3,610m
+26.3% LFL
South America
4% Other EMEA countries
14%
North America
12%
89 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
Western Europe Western Europe +34.7% +20.2% +27.2% +27.3%
H1 sales: €1,171m, +27.2% LFL
▪ Persistent strong demand for small domestic equipment
➔ Widespread growth, all countries
▪ Restrictive health measures in Q1, eased at end of Q2.
Gradual reopening of physical retail
▪ E-commerce as the main growth driver, across all channels and formats
▪ Reported growth vs. 2019: ~ +13%
▪ Blockbusters: multicookers, grills, WMF products, full auto coffee
machines, versatile and robot vacuum cleaners…
90 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
Other EMEA countries Other EMEA
H1 sales: €490m, +55.0% LFL countries
+57.1% +52.5% +55.0% +39.6%
▪ Confirmed excellent general momentum
▪ Consolidated presence in the large markets: Russia, Ukraine, Central Europe,
etc.
▪ Return to organic growth in Turkey
▪ Rapid advances in new territories: Croatia, Slovakia, Kazakhstan, Bulgaria,
Israel, etc.
▪ Flagship products: versatile and robot vacuum cleaners, cookware, electrical
cooking (grills, oil-less fryers), full auto coffee machines, WMF products, etc.
91 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
North America North America +64.4% +38.9% +50.8% +66.6%
H1 sales: €348m, +50.8% LFL
▪ Unprecedented growth in the United States driven by strong demand
• Economic recovery, consumption incentives
• Cookware as a key driver ➔ Record performances under the All-Clad, T-fal and
Imusa brands
▪ StoreBound (6-month scope effect)
• Excellent sales growth vs. H1-2020
• Continued expansion of the retail network
▪ Canada and Mexico: robust momentum
92 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
South America
South America +54.6% +96.5% +72.2% +48.5%
H1 sales: €132m, +72.2% LFL
▪ Economic and health situation still a source of concern
▪ Very strong organic growth in South America
• Driving categories: cookware and food preparation
▪ Brazil: sales doubled in Q2 (low comparatives)
• Growth fueled by volumes and price increases
(vs. currency depreciations and higher material costs)
▪ Colombia: record performances, Q2 sales +73% LFL
93 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
China
China +30.2% -0.1% +13.8% +13.1%
H1 sales: €898m, +13.8% LFL
▪ H1 2021 sales +13.8% LFL, with reverse trends in Q1 and Q2
• Q2 sales stable vs. 2020, but return to growth vs. 2019
▪ Recovery in cookware business vs. weak H1 2020
▪ Solid sales dynamic in kitchen electrics, excluding food preparation
▪ Consumption momentum slowdown and continuous transformation of retail
• Increased weight of e-commerce ➔ Drop in average prices
▪ Adaptation of Supor to retail changes
• Extension and upgrading of product offering in e-commerce
• Strong and proven innovation capabilities
94 September 2021 Groupe SEB PresentationQ1 2021 Q2 2021 H1 2021 H1 2021 as
Growth vs LY %
LFL LFL LFL reported
Other Asian countries
Other Asian
H1 sales: €280m, +20.0% LFL countries
+25.5% +14.8% +20.0% +14.3%
▪ Very good performance vs. resilient H1 2020
▪ Japan: double-digit growth in Q1 and Q2
• Flagship products: Cookware (Ingenio, new G6 range) and electrical
cooking
• Covid-19 new surge ➔ State of emergency reinstated
▪ South Korea : sustained growth in H1, driven by e-commerce
• Best sellers: Cookware and vacuum cleaners
▪ Buoyant business in the other countries over the period
95 September 2021 Groupe SEB PresentationInvestor/Analyst relations Media Relations
Groupe SEB Groupe SEB
Financial Communication Corporate Communication Dept
and Investor Relations Dpt
C O N TA C T S
Cathy Pianon
Isabelle Posth Anissa Djaadi
Raphaël Hoffstetter
cpianon@groupeseb.com
iposth@groupeseb.com adjaadi@groupeseb.com
rhoffstetter@groupeseb.com
Phone: + 33 (0) 6 33 13 02 00
Phone: +33 (0) 4 72 18 16 04
Phone: + 33 (0) 6 88 20 90 88
comfin@groupeseb.com
Image Sept
Caroline Simon
Claire Doligez
Isabelle Dunoyer de Segonzac
www.groupeseb.com caroline.simon@image7.fr
cdoligez@image7.fr
isegonzac@image7.fr
Phone: +33 (0) 1 53 70 74 48
96 September 2021 Groupe SEB Presentation2021 key dates
October 26 | after market closes Nine-month 2021 sales and financial data
AGENDA
97 September 2021 Groupe SEB PresentationYou can also read
