Groupe SEB First-Half Sales Up 3.3% Sep 6, 2005

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French small appliance maker Groupe SEB today reported sales for the first half of the year that are up 3.3 percent over the same period last year. The company credits the increase to its acquisitions strategy. It reported its operating margin to be stable at €67 million (U.S. $83.58 million).

"The generally unstable, mixed economic environment of the past two years and the structural changes in our business support our strategic commitment to global expansion, targeted acquisitions and constant adaptation. Pursuing these three paths will enable us to consolidate our market positions and performance over the long run," said Chairman and CEO Thierry de La Tour d’Artaise.

Income from ordinary activities before net financial expense rose by 35 percent to €51 million (U.S. $63.6 million) and actions taken to increase manufacturing competitiveness were pursued. Net income totaled €24 million (U.S. $29.9 million).

Following first-half acquisitions, net debt at 30 June 2005 amounted to €440 million (U.S. $548.9 million). Groupe SEB said its debt-to-equity ratio, at 0.6, confirmed the its healthy financial structure.

Groupe SEB is a maker of small electric housewares and floor care appliances, with a presence in more than 120 countries. It employs about 14,500 people in 49 countries

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