Groupe SEB is the world leader in the small domestic equipment market, producing and selling small electrical appliances, cookware and professional coffee machines. It offers a broad range of products (electrical kitchen appliances, home, laundry and personal care, cookware and professional coffee machines), which are marketed under various brands including Krups, Lagostina, Moulinex, Rowenta, Tefal, Supor and WMF. It has global operations and distribution channels, with e-commerce accounting for around 35% of consumer sales. The group produces around two thirds of the articles it sells in 40 manufacturing sites worldwide, and sells its products in more than 150 countries, with China being its number one market. It has substantial exposure to emerging markets, which account for 45% of its revenue.
Stake in Groupe SEB
Peugeot Invest bought a 5.0% stake in SEB for €80 million in the first half of 2004.
On 27 July 2020, after 16 years of being a shareholder, Peugeot Invest sold 500,000 SEB shares, representing around 1.0% of the company’s equity, for €69 million.
At 31 December 2020, Peugeot Invest (via its wholly owned subsidiary Peugeot Invest Assets) held 4.0% of SEB.
The value of the shareholding, for the purposes of Net Asset Value and the consolidated financial statements, is based on the share price at 31 December 2020.
Peugeot Invest Assets, represented by Bertrand Finet, has a seat on SEB’s Board of Directors and is a member of its Governance and Remuneration Committee.
SEB proved resilient in the face of the global pandemic and its revenue totalled €6.9 billion in 2020, down 5.6% compared with 2019 and down 3.8% at constant scope and exchange rates. Revenue from its Consumer business was almost unchanged at constant scope and exchange rates (down 0.5%), due to firm consumer spending and rapid growth in online sales. Sales in the Professional business (mainly professional coffee machines) fell 28% year-on-year, affected by a sharp fall in business levels in the hospitality industry from the second quarter onwards.
Operating profit totalled €605 million, down from €740 million in 2019. Operating cash flow totalled €752 million (€367 million in 2019). Net debt ended the year at €1,518 million (including €339 million of IFRS 16 lease liabilities), equal to 1.8x adjusted EBITDA.
2nd semester 2020 organic growth