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Very strong growth

  • 22 Feb 17

Organic sales growth remained dynamic in Q4 16 (+6%) and China contributed largely to the positive trend (+17.1%). In 2016, the operating income from the activity (€505m, +18%), or 10.1% of sales (+1.1pts), was above expectations despite a huge negative currency effect (€-122m). Q4 2016 sales: Sales reached €1,632m (+6.7%). Organic sales growth was significant (+6%) driven by Asia and the Other EMEA countries (respectively +13.3% and +19.5%). In Asia, China continued to be a fast-growing market for Seb (+17.1%). Conversely, there was practically no organic growth in Western Europe (+0.7%, o/w +4.1% in France) considering the high basis of comparison in Q4 15 (+9.1%) and the Americas (+0.1%, o/w -1.5% in North America and +3.1% in South America). FY2016 figures: Sales reached €5,000m (+4.8%). This included a negative currency effect (€-122m) and a change in the perimeter (€+60m) reflecting the contribution of OBH Nordica for 12 months vs 4 months in 2015 and EMSA for 6 months. Organic revenue growth was strong (+6.1% vs +8% in 2015) thanks to Asia (+12.3%, o/w +15.4% in China), EMEA (+5.6%, o/w +3.1% in Western Europe and +12.7% in the Other EMEA countries). Conversely, organic sales decreased in the Americas (-1.8%, o/w -4% in North America and +1.8% in South America). The operating income from the activity surged to €505m (+18%) and the margin rate improved to 10.1% of sales (+1.1pts) despite a huge negative currency effect (€-122m vs €-100m in 2015). The operating income was €426m (+15%) after higher other net operating expenses (€-42m vs €-25m in 2015) due to the reorganisation of operations in Brazil and acquisition/consulting fees related to EMSA and WMF. Group net profit was €259m (+26%) after higher net financial expenses (€-58m, +21%) due to commitment fees for the funding of WMF, a lower income tax rate (21.1%, -4.4pts) due to the utilisation of tax loss carryforwards in the US, lower minority interests in Supor following the purchase of 50m shares for a total of €196m. The operating cash flow was €452m. Seb funded the acquisition of EMSA and WMF by debt. At year-end 2016, net debt amounted to €2,019m and represented 110% of total equity. The net debt/adjusted pro forma EBITDA ratio was below 3x (2.81x). The proposed dividend in respect of FY2016 is €1.72/share (+11.7%).

Strong organic growth and margin improvement

  • 26 Oct 16

Seb had a very good Q3 16 with strong organic revenue growth (+6.5%) and a significant increase in the operating result from activity (+21%) despite a negative currency effect. Q3 2016: Sales reached €1,204m (+6.8%). Overall growth included a negative currency effect (-1.7% or €-18m) and a change in perimeter (+2% or €21m) related to the full contribution of OBH Nordica (vs one month in Q3 15) and the integration of EMSA since 1 July 2016. Organic growth was 6.5%. Organic sales growth was attributable to Asia (+9.5%, o/w +10.2% in China) and the EMEA region (+6.9%, o/w +4.6% in Western Europe, +13.1% in other countries). The Americas was the weakest market (+2%, o/w +1.4% in North America, +3% in South America). The operating result from activity was €140m (+21%) corresponding to 11.6% of sales (+1.3pts). The improvement in the operating performance was attributable to the increase in volume, a price/mix effect and favourable raw material costs. 9 months 2016: Seb posted sales of €3,368m (+3.9%). Organic growth was 6.2%, o/w +11.9% in Asia (including +14.9% in China), +6.1% in EMEA (including +4.7% in Western Europe), -2.6% in the Americas (including -5.3% in North America, +1.4% in South America). The operating result from activity surged to €312m (+19%) after a significant negative currency effect of €-104m and a negative impact of €-3m related to the change of perimiter. Net debt increased to €619m on 30 September 2016 (vs €481m on 30 September 2015). In H1 16, the group funded the purchase of an additional 7.9% stake in Supor and the acquisition of EMSA in Germany.

A significant and attractive acquisition in Germany.

  • 26 May 16

Seb has signed an agreement with KKR for the acquisition of WMF in Germany. The company’s product-portfolio includes automatic coffee machines for the professional market segment (37% of sales), cookware which comprises high-end stainless steel articles essentially (56% of sales) and premium tabletop equipment for hotels/restaurants/cruise ships (7% of sales). WMF sells its products under the leading WMF-brand and other brands such as Schaerer in Switzerland (professional coffee machines), Silit and Kaiser (cookware) and HEPP (hotel equipment). The company owns a network of 200 shops in Germany. In 2015, WMF had sales of €1,060m (+4.3%) o/w 74% in Europe (51% in Germany) and 26% well-balanced in the US (6%), China (5%), Japan and Korea (9%), rest of world (6%), and adjusted EBITDA of €118m, c.11% of revenue. The headcount comprises 5,700 employees o/w 3,800 people in Germany. WMF operates six plants in Europe (four manufacturing facilities in Germany, one site in Switzerland and one site in Czech Republic) and two plants in Asia (one site in China and one site in India). The purchase price for the WMF shares is €1,020m. In addition, the transaction includes the acquisition of WMF’s net debt and early retirement and pension liabilities by Seb, representing a respective €565m and €125m at year-end 2015. The operation will be funded by debt. Seb had low financial net debt of €184m as of 31 March 2016. The approval from the relevant competition authorities is expected in H2 16, but more probably at the end of the year. Seb has said that the integration of WMF will be accretive (>20%) at the EPS level during the first full year of consolidation.

A really good set of figures

  • 29 Apr 16

Q1 16 figures Sales reached €1,115m (+2.3%). Sales growth included a negative currency impact (€-39m vs €+60m in Q1 15). Integrated on 1 September 2015, OBH brought in €9m for the quarter. Organic sales grew by 5.1%. This was a very good performance considering the high basis of comparison last year (Q1 14: +9.4%). Q1 16 organic growth corresponded to volume increases and a substantial positive price/mix effect. Price increases were implemented in various countries to offset the negative currency headwinds. Organic sales growth was driven by EMEA (+5.3% vs +7.9% in Q1 15) and Asia (+10.1% vs +15.1% in Q1 15). Within EMEA, Seb performed well in France (+5% vs +11.9% in Q1 15 which was boosted by a number of loyalty programmes). In Asia, China was the most dynamic market and Supor’s organic sales were up 12.5%. Conversely, organic sales decreased in the Americas (-5.5% vs +3.4% in Q1 15) due to a drop in sales in North America (-12.4% vs +6.4% in Q1 15). In South America, Seb performed well. Organic sales were up 4.3% (vs -0.1% in Q1 15) despite the adverse macro-economics in Brazil. The operating result from activity increased very slightly to €93m (+1%). It included a significant negative currency effect of €-45m which was higher than last year in the same period (€-15m in Q1 15). Price increases and the favourable product-mix offset the negative currency effects. In addition, Seb benefited from savings on raw material costs, reflecting lower prices and negotiations with suppliers. Seb continued to invest in marketing/advertising and R&D which are key-expenses for growth. On 31 March 2016, Seb had low net debt, i.e. €184m (vs €132m at year-end 2015 and €357m on 31 March 2015), thanks to a reduction in inventories.