Groupe SEB is the world small domestic equipment no. 1 producing and selling small electrical appliances, cookware and professional coffee machines. It offers a broad product range covering electrical kitchen appliances, home, laundry and personal care, cookware and business 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 almost 25% of total revenues. SEB produces around two thirds of its products in global production facilities spanning 41 locations, and sells in more than 150 countries, with China being its biggest market. It has substantial exposure to emerging markets, which account for 45% of revenue.
Stake in Groupe SEB
FFP became a shareholder of SEB in the first half of 2004, spending €80 million for 5.0% of equity. At 31 December 2019, FFP (via wholly-owned subsidiary FFP Invest) held 5.0% of SEB.
The value of the shareholding for purposes of Net Asset Value and the consolidated financial statements is based on the 31 December 2019 share price.
FFP Invest, represented by Bertrand Finet, sits on SEB’s Board of Directors and is an Appointments and Remuneration Committee member.
In an uncertain and volatile operating environment, SEB achieved its sixth straight year of organic growth above 5%. All regions and all product lines posted revenue growth in the consumer business, while the Professional business unit (mainly business coffee machines) continued to surge following two acquisitions (Wilbur Curtis and Krampouz).
In 2019, SEB’s revenue totalled €7.4 billion, up 8.0% over 2018 and up 5.8% like for like. This compares well with SEB’s strong historical growth rates - like for like revenue growth of 9.2% in 2017 and 7.8% in 2018. Operating profit came in at €740 million, up from €695 million in 2018. Operating cash flow totalled €367 million (2018: €552 million). Net debt ended the year at €1,997 million, 2.1 times adjusted EBITDA.
2018 organic growth
Increase in operating profit