Seb Sa · EURONEXT:SK
Seb Sa — Groupe SEB — Q1 2022 Earnings Presentation
33 slides from Seb Sa's earnings presentation, Apr 28, 2022
Slide 1: 2022 First-Quarter Sales and Financial Data
2022 FIRST-QUARTER SALES AND FINANCIAL DATA April 28, 2022 Listen to the live webcast click here
Slide 2: Disclaimer
2022 First-quarter sales and financial data DISCLAIMER Some of the statements contained in this document may be forward- looking statements concerning Groupe SEB's financial position, results, businesses, strategy or projects. Groupe SEB considers that such statements are based on reasonable assumpt
Slide 3: Contents
CONTENTS 1. Q1 performance, general overview 2. Deep dive in Q1 sales 3. Focus on businesses 4. Review by geography 5. ORFA & Net financial debt 6. Outlook 2022 7. Appendix
Slide 4: Q1 Performance, General Overview
01 Q1 PERFORMANCE, GENERAL OVERVIEW
Slide 5: A fluctuant and volatile global environment
A fluctuant and volatile global environment… ▪ Ukraine/Russia ▪ Covid upsurge in China/Japan ▪ Ongoing supply chain issues and input cost rise 5 28/04/2022 First-quarter sales and financial data
Slide 6: Key figures at end-March 2022
Key figures at end-March 2022 In €m 1,915 1,852 1,722 +0.4% 1,559 +30.9% +8.5% -16.5% 1,454 Sales €1,915m +3.4% +0.4% LFL CAGR: +5.3% Q1 2022 vs. Q1 2021 2018 2019 2020 2021 2022 6 28/04/2022 First-quarter sales and financial data
Slide 7: We rate the start to the year as a good one
We rate the start to the year as a good one considering the following: ▪ We beat the record-high sales of Q1 2021, up 31% LFL vs 2020 ▪ Q1 sales growing by 11% vs 2019 (as reported) ▪ 2 one-offs negative impacts in Q1 2022 ~ 3.4pts of growth • LPs: - €48m, 2.6pts • Anticipated purchases in China in
Slide 8: Small Domestic Equipment and Professional market trends
The Small Domestic Equipment remains well-oriented… ▪ … following a buoyant 2021 ▪ Market above 2019 level, overall ▪ Underlying favourable trends … and the Professional market continues to recover ▪ The Horeca industry has resumed ▪ Gradual pick-up in investments 8 28/04/2022 First-quarter sales an
Slide 9: Deep Dive in Q1 Sales
02 DEEP DIVE IN Q1 SALES
Slide 10: A good start to the year, in both businesses
A good start to the year, in both businesses Sales €1,915m +3.4% +0.4% LFL Professional Consumer €156m €1,760m +20.1% +16.8 % LFL +2.2% -0.8% LFL 10 28/04/2022 First-quarter sales and financial data
Slide 11: Q1 sales bridge 2021 to 2022
Q1 sales bridge 2021 ➔ 2022 in €m - 1,915 +56 1,852 +8 Organic Currency Scope growth effect +0.4% +3.0% 0.0% +3.4% Q1 2021 Q1 2022 11 28/04/2022 First-quarter sales and financial data
Slide 12: Currency impact on Q1 2022 sales
Currency impact on Q1 2022 sales (vs Q1 2021) In €m 60 50 + €56m 40 30 20 10 0 - 10 - 20 BRL CNY CHF CAD CZK UAH KRW JPY RUB TRY USD MXN GBP VND COP PLN Others 12 28/04/2022 First-quarter sales and financial data
Slide 13: Q1 2022 sales by region
Q1 2022 sales by region Reminder ∆ 22-21 ∆ 22-21 ∆ 22-19 In €m Q1 2021 Q1 2022 Q1 2021 reported LFL reported LFL TOTAL 870 813 -6.6% -4.8% +41.5% +14.3% EMEA Western Europe 599 582 -2.9% -3.2% +34.7% +12.2% Other countries 271 231 -14.6% -8.3% +57.1% +20.1% TOTAL 243 243 +0.3% -6.2% +61.0% +44.4% AM
Slide 14: Focus on Businesses
03 FOCUS ON BUSINESSES
Slide 15: Professional business continuing to recover
Professional business continuing to recover Sales €156m +20.1% +16.8% LFL ▪ Low comps in Q1 2021 (lockdowns) ▪ Growth driven by the core business, equipment and services, primarily in EMEA ▪ Diversified customer portfolio as a strong base for recovery ▪ Business with Luckin Coffee resuming in China
Slide 16: Steady Consumer business on demanding Q1 2021 comps
Steady Consumer business, LFL, on demanding Q1 2021 comps Sales €1,760m +2.2% -0.8% LFL ▪ Sales increasing by 14% vs Q1 2019 ▪ Overall well-oriented business activity • The vast majority of markets achieving growth • Impact of Ukraine and Russia ▪ Continuous price-mix improvement ▪ Persisting supply
Slide 17: Change in Consumer sales by product line
Change in Consumer sales by product line, Q1 2022 vs Q1 2021, LFL 30% Q1 sales, 2022: €1,760m, -0.8% LFL LKA* 20% Floor care Linen care Electrical 10% Cookware cooking Home comfort 0% Beverage -10% Food preparation Personal -20% care -30% *LKA = Large Kitchen Appliances 17 28/04/2022 First-quarter s
Slide 18: Change in Consumer sales – Top 20 countries (vs Q1 2021)
Change in Consumer sales – Top 20 countries Q1 2022 vs Q1 2021, LFL EMEA - 4.8% AMERICAS - 6.2% ASIA +7.0% > 40% Turkey Netherlands Egypt Mexico 20-40% GERMANY SPAIN Austria 0-20% ITALY Belgium Poland Colombia CHINA United Kingdom BRAZIL < 0% FRANCE RUSSIA SOUTH KOREA JAPAN USA Canada TOP 10 COUNTRI
Slide 19: Change in Consumer sales – Top 20 countries (vs Q1 2019)
Change in Consumer sales – Top 20 countries Q1 2022 vs Q1 2019, as reported EMEA +14.3% AMERICAS +44.4% ASIA +6.7% Belgium Egypt USA Colombia > 40% Mexico Poland Turkey 20-40% United Kingdom FRANCE RUSSIA ITALY 0-20% Canada CHINA JAPAN GERMANY SPAIN Austria < 0% Netherlands BRAZIL SOUTH KOREA TOP 10
Slide 20: Review by Geography (Consumer)
04 REVIEW BY GEOGRAPHY (CONSUMER)
Slide 21: EMEA Q1 sales
22-19 Q1 sales / €m 2021 2022 Reported LFL reported EMEA Western Europe 599 582 -2.9% -3.2% +12.2% Q1 sales, 2022: €813m Other EMEA 271 231 -14.6% -8.3% +20.1% countries ▪ Western Europe: revenue slightly down LFL, on Q1 2021 35% above Q1 2020 • Drop in sales in France on high comps (+63% vs Q1 2020
Slide 22: Americas Q1 sales
22-19 Q1 sales / €m 2021 2022 Reported LFL reported Americas North America 178 173 -2.3% -9.1% +69.1% Q1 sales, 2022: €243m South America 65 70 +7.4% +1.6% +5.9% ▪ Revenue contraction in the US, -9% LFL, on Q1 2021 64% above Q1 2020 • Market and sales downtrend for cookware and electrical cooking •
Slide 23: Asia Q1 sales
22-19 Q1 sales / €m 2021 2022 Reported LFL Asia reported China 468 569 +21.7% +10.9% +5.2% Q1 sales, 2022: €703m Other Asian 142 134 -5.4% -5.8% +13.6% countries ▪ Solid start to the year for Supor (+11% LFL) with a favorable price-mix effect • Solid momentum in Cookware and Kitchen electrics • Stro
Slide 24: ORFA & Net Financial Debt
05 ORFA & NET FINANCIAL DEBT
Slide 25: A sound profitability
A sound profitability… Operating Result €140m, 7.3% ORFA margin from Activity €172m LFL, 9.2% ORFA margin ▪ Reminder: Q1 not representative of FY performance (business seasonality) ▪ Record-high ORFA level : €198m and operating margin: 10.7% in Q1 2021 ▪ Gross margin holding up firm ▪ Q1 ORFA margin
Slide 26: A healthy financial structure
…and a healthy financial structure Net financial debt €1,850m* at 31/03/2022 +€385m vs 31/03/2021 ▪ Increase in net debt as compared to 31/03/2021 • WCR increase due to Group’s high inventory policy / Supply chain disruptions ▪ Healthy and well-balanced financing structure • Medium-long term debt pr
Slide 27: Outlook 2022
a aN OUTLOOK 2022
Slide 28: We maintain our ambitions for 2022
We maintain our ambitions for 2022 ▪ Caution regarding the geopolitical and sanitary situation ▪ Ambitions for 2022 maintained: Growth in sales and increase in ORFA ▪ Assuming gradually improving environment ▪ Leveraging the Group’s innovation dynamic and commercial strength ▪ Continued confidence i
Slide 29: Appendix
APPENDIX 07 /
Slide 30: Q1 sales by region
Q1 sales by region Total sales Consumer sales Professional Consumer Other Asia 8% 92% 8% Western Europe 33% China €1,915m 32% €1,760m +0.4% LFL -0.8% LFL South America 4% Other EMEA 13% North America 10% 30 28/04/2022 First-quarter sales and financial data
Slide 31: Glossary
Glossary On a like-for-like basis (LFL) – Organic Net debt The amounts and growth rates at constant exchange rates and consolidation scope in a This term refers to all recurring and non-recurring financial debt minus cash and cash given year compared with the previous year are calculated: equivalent
Slide 32: Contacts
Investor/Analyst Relations Media Relations Groupe SEB Groupe SEB Financial Communication Corporate Communication Dept and Investor Relations Dpt Isabelle Posth Cathy Pianon C O N TA C T S Raphaël Hoffstetter Anissa Djaadi iposth@groupeseb.com cpianon@groupeseb.com rhoffstetter@groupeseb.com adjaadi@
Slide 33: Agenda: Upcoming events 2022
Upcoming events – 2022 AGENDA May 19 | 3:00pm Annual General Meeting July 21 | before market opens H1 2022 sales and results October 24 | after market closes 9-month 2022 sales and financial data 33 28/04/2022 First-quarter sales and financial data