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Half-year 2018 Sales and Results: "Continued good momentum - Sales objective revised upwards"
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- Sales: €3,025m, +2.9% and +7.4% LFL*
Operating Result from Activity:
- €208m, -2.8%
- €224m LFL*, -2.9% excl. 2017 one-off impacts of WMF PPA**
- Net profit: €91m, +9.5%
- Net financial debt: €2,015m
- Operating cash flow generation: €62m
* Like-for-like: at constant exchange rates and scope of consolidation
** Impacts of WMF PPA: impacts of WMF purchase price allocation: revaluation of inventories, order book
Statement of Thierry de La Tour d’Artaise, Chairman and Chief Executive Officer of Groupe SEB:
“Groupe SEB achieved a first half of good quality, on high comparatives. During these first six months, our organic growth remained robust, Operating Result from Activity held up strongly in a more challenging raw material and currency environment than anticipated and Net profit grew by nearly 10%.
Consumer business activity was brisk, propelled by China and the EMEA region. The rapid development of the Professional business was confirmed thanks to the win of new contracts.
The coming months should see continued growth momentum in the Group. The outlook is favorable in many of our large markets and we have implemented vigorous action plans to take best advantage of that outlook, through increased marketing investments and the build-up of stocks. Against this backdrop, the Group is revising upwards its objective of organic growth in sales for 2018, which should exceed 7%. Furthermore, the Group is confirming, on the basis of present exchange rates -more challenging than anticipated-, its objective of an over 5% increase in Operating Result from Activity vs that of first-half 2017, excluding the one-off impacts of the WMF purchase price allocation. Lastly, Groupe SEB is also confirming further debt reduction to bring the net debt / adjusted EBITDA ratio down to below 2 at end-2018.”