PARIS, Jan. 15, 2002 (PRIMEZONE) -- SEB (Paris Stock Exchange:12170)
At constant Dec. 31, 2001 % Change % Change consolidation scope EUR millions at constant exchange rates France 511 5.2 5.2 Other EU countries 553 3.7 4.2 Americas 441 - 12.7 - 8.0 Other countries 311 3.6 5.3 TOTAL 1,816 - 0.5 1.3
Full-year sales were in line with forecasts, although the regional breakdown shows mixed results, notably in the fourth quarter.
Year-end sales were very strong in France thanks partly to one-time market share gains because retailers no longer had certain Moulinex products in stock.
In the rest of the EU, the favorable trend seen over the last few months grew stronger in the fourth quarter. Groupe SEB sales rose in almost all European countries. In Germany, where sales declined 3%, the Group pursued its turnaround strategy by putting operating profitability ahead of sales volumes.
In the Americas, sales decreased 12.7% from the year-earlier period, with the decline particularly noticeable in the US and Brazil.
-- US sales, which were down slightly at September 30, plummeted 21% in dollar terms in the fourth quarter following the September 11 terrorist attacks. Full-year sales declined by 9.6% to $201 million (EUR 224 million). -- In Brazil, the fall in sales amounted to EUR 54 million, due in equal parts to the deprecation of the real and the implementation of an energy savings program that significantly impacted appliance sales starting in June. Full-year sales were down 15% to 240 million reals (EUR 113 million).
Sales in other countries, which increased by 3.6% to EUR 311 million, reflected contrasting trends:
-- In Turkey, the Group felt the full impact of currency devaluation and recession, which pushed down sales by EUR 44 million to EUR 23 million. -- Performance was very satisfactory in the other countries, with continued strong growth in the CIS, South Korea and Central Europe.
Quarterly Sales by Region
EUR France Other EU Americas Other Total %Change millions countries At constant Consoli- dation scope 2001 2000 2001 2000 2001 2000 2001 2000 2001 2000 Q1 100 102 118 118 105 104 73 67 396 391 1.3 Q2 114 111 127 122 97 102 71 67 409 402 1.7 Q3 110 107 122 121 115 132 70 71 417 431 -3.2 Q4 187 164 186 172 124 167 97 96 594 599 -0.8 Total 511 484 553 533 441 505 311 301 1816 1823 -0.5
Including Dec. 31, 2001 % Change % Change Moulinex EUR millions At constant assets taken exchange rates over France 528 8.8 8.8 Other EU countries 568 6.4 6.9 Americas 443 - 12.3 - 7.6 Other countries 314 4.6 6.5 TOTAL 1,853 1.6 3.3
Groupe SEB's reported 2001 sales of EUR 1,853 million include two months of sales from the businesses taken over from Moulinex. The additional EUR 37 million:
-- Was generated under a business lease in France in effect since October 29, 2001. -- Include the sale of Moulinex and Krups inventories by certain of Groupe SEB's European subsidiaries. -- Do not include the sales of Moulinex foreign subsidiaries that were not consolidated in 2001.
In light of the partial takeover of Moulinex assets, and of the gradual re-launch of the plants the two-month sales figure of EUR 37 million should not be extrapolated over a full year.