Seb Sa · EURONEXT:SK
Seb Sa — Groupe SEB — Investor Presentation (September 2021)
97 slides from Seb Sa's investor presentation, September 2021
Slide 1: Groupe SEB Presentation September 2021
GROUPE SEB PRESENTATION September 2021
Slide 2: Disclaimer
Disclaimer 2 September 2021 Groupe SEB Presentation
Slide 3: Contents
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
Slide 4: Groupe SEB in a nutshell
. GROUPE SEB IN A NUTSHELL
Slide 5: 2020 Key Figures
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
Slide 6: An extensive and diversified product offering
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
Slide 7: Competing on a playfield of ~€85bn
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
Slide 8: Main trends structuring our Consumer industry
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
Slide 9: A consumer in constant transformation
A consumer in constant transformation… … source of new opportunities for the Group 9 September 2021 Groupe SEB Presentation
Slide 10: A stable shareholding base allowing long-term vision
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 INVESTISSEME
Slide 11: Share Capital Breakdown at 12/03/2021
Share Capital Breakdown at 12/03/2021 11 September 2021 Groupe SEB Presentation
Slide 12: A value-creation strategy
… 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
Slide 13: Group Strategy and Positioning
02 GROUP STRATEGY AND POSITIONING
Slide 14: Relevance of our balanced business model
Relevance of our balanced business model 1 GEOGRAPHIES 2 CATEGORIES MULTI 3 BRANDS 4 CHANNELS 5 ESG 14 September 2021 Groupe SEB Presentation
Slide 15: A global balanced presence
Balanced 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, premi
Slide 16: A presence on numerous product categories
A 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 (automati
Slide 17: A capacity to reinvent ourselves constantly
Versatile 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 ▪
Slide 18: A constant focus on innovation
A 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 Gagna
Slide 19: Product offering adapted to new needs (1/3)
A 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 Presentation
Slide 20: Product offering adapted to new needs (2/3)
A 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 Blende
Slide 21: Product offering adapted to new needs (3/3)
A 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 Gro
Slide 22: A unique brand portfolio
A 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 LAGOST
Slide 23: ...and strong local roots
...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
Slide 24: A multi-channel approach
Sales 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
Slide 25: Increased proximity with end-consumers
...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) ➔ 5
Slide 26: Acquisitions as an additional catalyst
Acquisitions 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 2
Slide 27: Worldwide industrial footprint
Group 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 product
Slide 28: Digital First
03 DIGITAL FIRST
Slide 29: 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 Presentation
Slide 30: Substantial e-commerce growth in 2020
Substantial 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
Slide 31: Major online events
… 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
Slide 32: Chefs and influencers as ambassadors
... 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
Slide 33: Development of online Direct to Consumer
Development of online Direct to Consumer… ~100 online DTC points of sale at end-2020 +30 over the year 33 September 2021 Groupe SEB Presentation
Slide 34: Roll-out of brand.com and marketplaces
… via roll-out of brand.com and marketplaces 34 September 2021 Groupe SEB Presentation
Slide 35: Opening-up to new business models
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 licen
Slide 36: Acquisition of StoreBound
Acquisition 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…)
Slide 37: ESG: A committed group
04 ESG: A committed group
Slide 38: Sustainable development pillars
Sustainable development pillars 38 September 2021 Groupe SEB Presentation
Slide 39: People matter
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: •
Slide 40: Cooking for good
Cooking 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 ne
Slide 41: Better homelife
Better 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
Slide 42: Circular revolution
Circular 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
Slide 43: Act for the Climate
Act 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 i
Slide 44: Groupe SEB Executive Committee
Groupe 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 V
Slide 45: Our values
Our 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
Slide 46: FY-2020 Results
05 FY-2020 RESULTS
Slide 47: 2020 Key figures
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 Presentation
Slide 48: Development in sales 2019→2020
Development 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 Presentation
Slide 49: Volatile activity, with a brisk H2 in Consumer
Volatile 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 Pr
Slide 50: Development in sales per product line
Development 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 Grou
Slide 51: Development in sales per product line (H2)
Development 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
Slide 52: Operating Result from Activity (ORfA)
Operating 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 Presentation
Slide 53: ORfA bridge, 2019 to 2020
ORfA 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 Presentation
Slide 54: Growth drivers
Growth 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 Sept
Slide 55: Operating profit
Operating 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 Presentation
Slide 56: Net profit
Net 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 Presentation
Slide 57: Simplified balance sheet
Simplified 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*
Slide 58: Change in Operating WCR
Change 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%
Slide 59: Cash flow generation/Free cash flow
Cash 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 Prese
Slide 60: Change in debt
Change 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 Presentation
Slide 61: Healthy and well-balanced financing structure
Healthy 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
Slide 62: Financial ratios
Financial 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 Presentation
Slide 63: H1-2021 Results
06 Q1-2021 RESULTS
Slide 64: An uncertain overall environment, but buoyant markets
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 • Curren
Slide 65: Key figures at end-June 2021
Key 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 Presentation
Slide 66: First-half 2021 sales
First-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 Presentation
Slide 67: Consumer business
Q1 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
Slide 68: Professional business
Q1 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: • Bet
Slide 69: Change in sales - H1 2020 to 2021
Change 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 Presentation
Slide 70: Currency impact on H1 2021 sales
Currency 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 Presentation
Slide 71: Quarterly sales phasing by activity
Quarterly 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 Se
Slide 72: Top countries – Consumer revenue, H1 2021
Top 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 Present
Slide 73: Sales change by product line
Sales 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 G
Slide 74: Operating Result from Activity (ORfA)
Operating 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 Presentation
Slide 75: ORfA bridge: H1 2020 to 2021
ORfA 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 Presentation
Slide 76: Growth drivers – First half-year
Growth 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 Presentation
Slide 77: From ORfA to Net profit – First half-year
From 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 intere
Slide 78: Simplified balance sheet
Simplified 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 2,08
Slide 79: Cash flow generation / Free cash flow
Cash 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 Presentation
Slide 80: Change in net debt
Change 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 Presentation
Slide 81: Ratios at June 30
Ratios 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
Slide 82: Issues 2021 & Outlook
07 ISSUES 2021 & OUTLOOK 82
Slide 83: Supply chain issues: commodities and freight
83 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 jan
Slide 84: Stronger headwinds than anticipated at end of April
…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
Slide 85: Outlook for 2021
Outlook 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) revis
Slide 86: Appendix
08 APPENDIX
Slide 87: H1 sales
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
Slide 88: Q2 sales
Q2 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%
Slide 89: H1 2021 sales by region
H1 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 Presentation
Slide 90: Western Europe H1 sales
Q1 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
Slide 91: Other EMEA countries H1 sales
Q1 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
Slide 92: North America H1 sales
Q1 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 ➔ Reco
Slide 93: South America H1 sales
Q1 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 p
Slide 94: China H1 sales
Q1 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
Slide 95: Other Asian countries H1 sales
Q1 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, n
Slide 96: Contacts
Investor/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@
Slide 97: Agenda: 2021 key dates
2021 key dates October 26 | after market closes Nine-month 2021 sales and financial data AGENDA 97 September 2021 Groupe SEB Presentation