Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Groupe SEB Reports First-Half Results
Sep 7, 2004
 Printable format
 Email this Article
 Search

Appliance maker Groupe SEB said it maintained a historically high level of operating margin and continued to reduce debt in the first half of 2004. Backed by a solid balance sheet, the Group continued to assertively respond to the fast changes in the small domestic equipment market.

The company reported that in the 6 months ended June 30, 2004, consolidated sales were 991 million euros (approx. U.S. $1.2 billion), declining 3.5 percent at current exchange rates and by 1.6 percent at constant rates.

According to the appliance maker, business recovered in the second quarter after doing poorly in the first, while geographically, sales growth remained strong in more than half of the Group's markets that include Spain, the UK, Portugal, Scandinavia, South America, Russia, Eastern Europe, and Asia. Despite the strong sales, the company reported that sales were lower than expected in the U.S., France, and Germany.

At 59 million euros (approx. $71.2 million), or 5.9 percent of net sales, operating margin remained historically high, although declining from the 70 million euros (approx. $85 million) reported for the same period last year. Groupe SED said this was primarily due to the under capacity of several plants that are facing output competition from Asian imports.

The company reported 20 million euros (approx. $24.2 million) in restructuring costs, as net income for the 6-month period was 29 million euros (approx. $35 million), down from 54 million euros (approx. $65.2 million) from the 6-month period in 2003.

Inventory management was said to help enable a 40 percent year-on-year reduction in debt, to 195 million euros (approx. $235 million) from 324 million euros (approx. $391 million) reported the same period last year.

Groupe SEB said it planned to continue expanding in the global marketplace, maintain a good operating margin, and further reduced debt. Additionally, the company said it is confident that consumer spending will recover in Europe and that new products launched in the second half are expected to experience strong sales.

The company confirmed its full-year objective of a slight increase in sales at constant exchange rates, with operating margin experiencing similar growth. Margins are also expected to benefit from the consolidation over 5 months of earnings from All-Clad, whose acquisition was finalized in July.

Separately, the company announced that Societe Fonciere, Financiere et de Participations (FFP) has acquired a 5 percent stake in SEB S.A. Of the acquired shares, the company previously held 300,000 and the remainder were purchased on the open market. The acquisition is said to enhance the stability of the company's ownership structure.

Back to Daily News

 

Daily News

...........................................................

Apr 23, 2014: Bosch Home Appliances Garners EPA Energy Star Partner of the Year - Sustained Excellence Award

Apr 23, 2014: AO Smith Develops Ultra-Low NOx, Compact Commercial Water Heater for California

Apr 23, 2014: Dacor Launches First North American Cooktop with Touch Control

Apr 23, 2014: Existing-Home Sales Show Slight March Decrease

Apr 23, 2014: CEA: Consumer Sentiment Down in April

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows