Solid revenue growth in 2011, a satisfactory end of the year

• Revenue up 8.6% to €3,965 million
• Like-for-like growth of 6.9% (at constant scope of consolidation and exchange rates)
• In the end, business remained firm in the fourth quarter, rising 4.7% like-for-like

In 2011, the economic climate became gradually more difficult during the year. In the second half, most economic indicators trended unfavourably and the crisis in Europe worsened. Against this backdrop, demand for small household equipment generally remained on an upward path (although slowed beginning in the summer) but varied from one region to other, in an overall environment that was much more competitive and more promotion-driven.

For the year, Groupe SEB reported revenue of €3,965 million, an increase of 8.6% as reported and 6.9% on an organic basis, generally in line with its initial forecasts. Revenue rose by 2% in mature markets and 14% in emerging economies. Fourth-quarter growth turned out to be more sustained that the Group had anticipated in mid-December. Led by late Christmas sales, revenue for the last three months of the year increased by 4.7% like-for-like. This satisfactory performance (compared with high prior-period comparatives as revenue rose 8.2% in fourth-quarter 2010) stems from the Group’s efforts to find the right balance between defending its market share, generating revenue and preserving profitability.

The consolidation of companies acquired during the year added €87 million to revenue, with Imusa (consolidated since 1 March) accounting for €82 million and Asia Fan (newly consolidated with retroactive effect to 1 June) for €5 million.

Pronounced exchange rate volatility had a negative €26 million impact on revenue for the year, which contrasted sharply with 2010’s positive €170 million effect. This unfavourable impact was due to a substantial decline in several currencies against the euro, in particular the Turkish lira and the US dollar (based on average exchange rates for 2010 and 2011). The significant currency fluctuations in the second half led the Group to actively manage its pricing policy, depending on the situation in each country.

In these circumstances, Groupe SEB should achieve a further increase in Operating result from Activities (formerly Operating margin), which, after the exceptional level of €438 million reported in 2010, should rise to a new record high.