First-quarter 2017 Sales and Financial Data
A brisk first quarter
- Sales: €1,527m, +37% as reported and +11.5% LFL*
- Operating Result from Activity: €131m, +40% and +34% LFL*
- Net financial debt: €1,902m, down €117m on December 31, 2016
*Like-for-like: at constant exchange rates and scope of consolidation
In a global environment that continues to be marked by strong geopolitical tensions and economic uncertainties, Groupe SEB posted a brisk first quarter.
Sales came out at €1,527 million, up 37%, including organic growth of €128 million, or 11.5%, a positive currency effect of €9 million and a scope and reclassification effect of €275 million. This last item includes the sales over a three-month period of EMSA (integrated from July 1, 2016) and WMF, consolidated as of January 1, 2017, for the respective amounts of €24 million and €274 million. It also comprises a reclassification of €23 million of Supor’s marketing spend to sales deductions, with no impact on the Operating Result from Activity.
Sales growth of 11.5% on a like-for-like basis was driven by a vast majority of the large countries –particularly China, the US, Turkey, Russia or Germany – and by all product lines. The vitality of our business activity is even more remarkable when put into perspective with the last three years of sustained or strong growth in the first quarter, with organic growth of 6.2% in 2014, 9.4% in 2015 and 5.1% in 2016.
Operating Result from Activity (ORfA) in the first quarter totaled €131 million, compared with €93 million at end-March 2016. The 40% rise is attributable primarily to sharp organic sales growth while the contribution of EMSA and WMF, amounting to €20 million, was reduced to €10 million due to first consolidation entries for WMF. Currency effects were marginal for the period.
Net financial debt stood at €1,902 million at March 31, 2017, down €117 million on end-2016.