the file.

Transcription

the file.

Tel: +33 (0)4 72 18 18 18
www.groupeseb.com
IN TRO D UCT ION
1-7
GROUPE SEB – BUSINESS AND SUSTAIN ABLE DEVELOPMENT REPORT 2010
Les 4 M – chemin du Petit Bois – BP 172
69134 Écully Cedex France
+33(0)1 56 88 11 11 - Photos: Photothèque Groupe SEB / Philippe Schuller ; Michel Mouteaux ; Cyril Coussat ; Eduardo Marino - Gamma.Eyedea - gettyimages EschCollection, Yury Kuzmin, Andrea Pistolesi, Siri Stafford - GraphicObsession AAGAMIA, Bader-Butowski, Mike Kemp - DR. Translation: Patrick Duffy.
Groupe SEB
Contents
BEYOND
LIMITS
GRO U PE SEB
IN F IG URES
8-21
O PERAT IO N S
EXP ERT ISE
SUSTAIN AB LE
D EVELO PM EN T
22-49 50-65 66-83
A WORLD
LEADING GROUP
IN SMALL DOMESTIC
EQUIPMENT
BUSINESS AN D SUSTAINABLE D EVELOPMENT REPORT 2010
Sales
€
3,652 million
+15%
Operations
in almost
countries
23,000employees
150
Net income
€
million
220
60
marketing
companies
+51%
24
production
sites
at 31 December 2010
Tel: +33 (0)4 72 18 18 18
www.groupeseb.com
IN TRO D UCT ION
1-7
Groupe SEB
Contents
BEYOND
LIMITS
GRO U PE SEB
IN F IG URES
8-21
O PERAT IO N S
EXP ERT ISE
SUSTAIN AB LE
D EVELO PM EN T
22-49 50-65 66-83
A WORLD
LEADING GROUP
IN SMALL DOMESTIC
EQUIPMENT
Sales
€
3,652 million
+15%
Operations
in almost
countries
23,000employees
150
Net income
€
million
220
60
marketing
companies
+51%
24
production
sites
at 31 December 2010
BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
2010
MORE THAN WORDS, LONG-TERM
FOCUS
OUR STRENGTHS
ACKNOWLEDGMENTS
43.7%
The Group’s key strengths provide a solid basis for all its endeavours, allowing it to go beyond limits and
achieve well-dened strategic goals.
This document was produced by the Financial Communications department in cooperation with the Sustainable Development department. It is the fruit
of the efforts of many members of Group staff and stakeholders whom we would like to thank for their contribution.
Our stable investor base (
are Group family shareholders)
allows us to look beyond cyclical swings
with a strategy oriented to the future.
We would like to thank in particular:
BALANCED
A
SPREAD
• Stakeholders and those interviewed:
of global sales. Expansion
in emerging markets, which now
account for
of our revenues,
gives driving force to our growth.
44%
COMMITMENT
to corporate responsibility. We aim for both the economic and sustainable
development of our company, while being attentive to the wellbeing
of humanity and our planet. Our products are more than
potentially
recyclable.
70%
SOLID
financial fundamentals. A very low level of
debt, at
of equity, and a healthy
balance sheet, give the Group a comfortable
margin of financial manoeuvre.
9%
The Group’s history is dotted with landmark innovations:
the pressure cooker, nonstick pans, multi-function
food processors…and still today, the Nutricook,
the minimal-oil Actifry, the AutoClean iron
with its self-cleaning soleplate, or the low-noise
Silence Force vacuum cleaner. More than
new products and models launched each year.
200
A CULTURE OF
INNOVATION
• Gabriele Rizzoli, a Rowenta Intensium vacuum-cleaner user in Italy.
• Carlos Muñoz, Sales Manager, Industrias Electroquímicas, Groupe SEB supplier based in Bogotá, Colombia.
• Yvonne Matuturu, Head of the UNESCO Social and Human Sciences programme in Bujumbura, Burundi.
• Ryadh Sallem, President of the CAPSAAA association.
• Jacques-Etienne de T’Serclaes, Founder-President of l’Agence du Don en Nature.
• Stéphane Gautrais, Managing Director of DSV Air & Sea, France.
BRAND
CAPITAL
20
An outstanding portfolio of
famous iconic
brands, with complementary appeal that gives
greater coherence and added value to our
product offer.
The number of pages in this report has been reduced to limit the consumption of paper.
Certain information, particularly relating to sustainable development,
has been summarized (complete information is available on our website).
This report is printed on chlorine-free recycled paper.
The printer is environmentally certied by
(environment protection charter).
ETHICAL
GROWTH
A
DYNAMIC
fuelled by a balanced combination of organic growth and
acquisitions: sales multiplied by between 2000 and 2010;
acquisitions or takeovers in 10 years.
7
2
VALUES
inherited from the Group’s founders. Shared by all,
these values are another key to our success:
spirit of enterprise, a passion for innovation,
professionalism, corporate team spirit and
respect for the individual.
For further information
consult our website
www.groupeseb.com
2010
FOCUS
OUR STRENGTHS
ACKNOWLEDGMENTS
43.7%
BALANCED
A
SPREAD
account for
of our revenues,
44%
COMMITMENT
potentially
recyclable.
70%
SOLID
debt, at
9%
200
A CULTURE OF
INNOVATION
BRAND
CAPITAL
20
famous iconic
product offer.
ETHICAL
GROWTH
A
DYNAMIC
7
2
VALUES
consult our website
www.groupeseb.com
1
Chairman’s
message
A BUSINESS MODEL BASED ON PROFITABLE GROWTH
Our business model is, first and foremost, focused on achieving growth
through innovation, continued global expansion, powerful brands and
diversified distribution. It also relies on our ability to be competitive,
which springs from our industrial strategy and strict management of
invested capital and costs, with a constant eye on the goal of financial
stability.
2010: A RECORD PERFORMANCE
After a decade of exploits and steady progress, which saw our sales
double and our operating margin rise uninterruptedly to almost triple
its level over the period, Groupe SEB put in a record performance
in 2010.
This achievement was built on the sound fundamentals that form the
bedrock of our enterprise, underpinned by a stable shareholder base
favourable to a long-term outlook, and by the founding values that we
put to work each day to meet our obligations to all our stakeholders.
The Group’s performance in 2010 was also thanks to the dynamism
of our business model and our resolutely long-term strategy.
To ensure growth, we use innovation – a mainstay of our strategy
and a motive force behind our development. Indeed, innovation is built
into our genes. The Group’s history is dotted with market triumphs,
innovative breakthroughs, clever ideas and novel solutions that offer
benefits to consumers and create value. Two recent examples are the
minimal-oil Actifry and the Silence Force low-noise vacuum cleaner.
Our international expansion, pursued over the last 40 years, has
given us the most far-reaching global presence in our industry today,
with number 1 positions in many countries. Our comprehensive product offer, spanning most market segments, is built around a large
portfolio of powerful brands with high-profile regional or global
impact. selling through all distribution channels, both modern and
traditional, gives us access to a broad spectrum of consumers.
The coordinated deployment of all these vectors of growth can only
continue to add to the status of Groupe SEB as a global benchmark
in the small Domestic equipment sector.
To ensure profitability, the Group’s competitive performance relies on
its industrial strategy, based on the expertise of our working teams,
unique industrial processes, constant adaptation of our manufacturing
base, and a balanced geographic spread of production between
mature and emerging markets. Keys to boosting profitability include
rigorous management of our plant investment and of the working
capital requirement, and strict control of costs.
2010
our mission is To ConTinue
invenTing Tomorrow’s
worlD anD pave The way
for progress...
THE ONLY LIMIT TO INNOVATION IS IMAGINATION
GOING BEYOND FRONTIERS
Our industry and our products are central to the daily lives
of consumers around the globe. Our mission is to continue
inventing tomorrow’s world and pave the way for progress
through cutting-edge concepts and new functional features
that improve the quality of day-to-day life. To do this, we must
anticipate desires to make innovation relevant by being
alert to fast-changing consumer habits, and to growing
demands for products attentive to human health, the
environment and specific local needs. The Group’s aim is not
to impose standardized products across all markets, but
to offer an adapted response to the needs and desires of
consumers, wherever they may be. Indeed, despite a growing
trend to similitude and the crossbreeding of cultures,
regional food habits persist: we need efficient soya milk
extractors for China, compact storable electric kettles and
pressure cookers for Japan, appliances for healthy and tasty
cooking in Europe, and mini spice-grinders for the Middle
East. For Groupe SEB, the diversity of these needs is an
enticement to enrich and expand its product offer,
while seizing new opportunities for growth. in these
circumstances, there is no limit to innovation.
The desire to reach out to consumers around the world is
what motivates our global expansion strategy. Today, this has
given the Group a balanced spread of business between
mature markets (56% of sales) and emerging markets (44%
of sales), which require different marketing approaches.
S ALES GROW TH IN EMERGING M ARK ETS:
+18%
in 2010
in developed markets, where demand is driven mainly by
product renewal and moving up-range, a rise of 4% in sales
in 2010 reveals the growth potential of these markets, which
are today strongly drawn by innovation. Hence, the Group’s
strategy of launching lots of new products and models each
year to stimulate sales and add fresh interest to product
displays in retail stores. This demand will also be met in 2010
with the re-launch of the Moulinex brand in the nine
European countries ruled out by the European Commission
in 2002 – which offers a bright prospect for the Group, as it
re-gains a foothold in these markets where the Moulinex
brand still enjoys a strong reputation.
in emerging markets, driven by demand for first-time
equipment, the Group recorded 18% growth in sales in
2010, thanks in particular to robust trading in China, revived
demand in Brazil and a marked recovery in Russia, Ukraine
and Turkey. Continued development in these rapid-growth
markets, which today represent more than three-quarters of
the world's population, offers an excellent springboard for
future sales and a unique opportunity to broaden our global
consumer audience. As in the past, we will continue to
combine organic growth and tactical or strategic acquisitions
to make advances and exploit the high potential of these
markets. Promising signs are already seen in the strong
progress of Supor in China in 2010, and in the acquisition
of Colombia’s Imusa in February 2011. In addition to extra
business in the Colombian market, this takeover brings new
opportunities for the Group both in Central America and
among the Hispanic community in the United States.
CHAIRMAN’S MESSAGE
CO RPORATE
OPERAT ING MARGIN:
+23%
in 2010
CORPORATE RESPONSIBILITY
AND THE BALANCE OF STAKEHOLDER INTERESTS
While the progress of Groupe SEB is indeed measured by
market share gains and regular improvement in its financial
performance, its corporate project is not limited to financial
goals, but is also concerned with the need to respect the
balance of interests involved in environmental, social and
ethical issues.
In keeping with the corporate values that inspire the Group,
we pay special attention to sustainable development at every
stage in the life of our products. Constantly aware of the need
to respect natural ecological principles, we strive at the
design stage to ensure optimum recyclability, at the production stage to reduce energy consumption, and in the supply
chain to limit the impact of transport on the environment.
CONFIDENCE FOR 2011
Encouraged by the dynamic performance of 2010, and
backed by the professionalism, talent and resolute commitment of all our employees, we can look forward to 2011 and
the coming decade with confidence and ambition. We will
take full advantage of our strong global positions to get the
best out of all our assets, and to ensure the continued growth
of our business. In this context of widely fluctuating currencies
and the still-rising cost of raw materials, the Group’s active
pricing strategy, strict control of overheads and an adapted
product mix, will be used as combined levers to spur sales
growth and ensure further rises in the value of our operating margin and continued generation of cash flow.
Clearly, we must take account of tragic events like those
that occurred in Japan in recent weeks, as well as the
consequences of socio-political unrest in a number of
countries since the beginning of the year. Our thoughts are
primarily for the people affected by those tragedies.
In the area of human resources, we provide for the Group’s
strong expansion by actively collaborating with French
universities and Grandes Ecoles to attract graduates at every
level of the company. We also work to promote youth
employment through apprenticeship, day-release and
internship schemes.
Meanwhile, the Group continues to closely associate its
employees with the company’s results through, for example,
bonus and profit sharing schemes in France.
The announced plan to raise our stake in Supor’s capital by
a further 20% (subject to obtaining the required approval)
is intended to consolidate the long-term investment we
made in China in 2007 and thus ensure the continued
growth of supor with the backing of a solid and stable
shareholder base.
We are also committed to promoting social integration.
This is a particular concern of the Groupe SEB Foundation,
which is focused on three action areas: return to employment,
housing, and education & training. It funded more than
45 projects in 2010. Our Foundation has also provided
humanitarian aid at times of natural disaster – events which,
unhappily, have been on the increase in recent years, for
example, in China, Haiti, and, more recently, Japan.
Overall, our business model which is focused on profitable
growth has helped us to steer safely through structural crises
and fluctuating markets, thanks to our ability to adapt as
needed, while keeping our sights firmly set on the future.
We have never sacrificed our long-term goals to short-term
expedient. We will continue to combine these two
perspectives, as we respond to market realities and changing
trends, and go on consolidating our global leadership.
By contributing in this way to resolving some of the world’s
major environmental and social issues, the Group
demonstrates its willingness to fully participate in the society
in which it operates.
Thierry de la Tour d’artaise
Chairman and Chief Executive Officer
2-3
2010
BOARD
Of DIRECTORS
7 MEETINGS IN 2010
WITH 90% ATTENDANCE
CLEAR OPERATING PRINCIPLES
Representative of all the shareholders, the Board of Directors determines Group strategy and makes decisions about Group management structures and
takeovers. It also carries out any audits or verifications, as appropriate.
The Board of Directors comprises 15 members elected for four years, with terms of office renewed on a rotating basis. Four of these are independent
Directors, in compliance with AFEP-MEDEF corporate governance rules.
It operates specialist sub-committees to assist it in specific areas. Each committee reports to the Board on the results of its studies and preparatory work in its
specialist area.
1 - TRISTAN BOITEUX
Member of the Founder group,
member of FÉDÉRACTIVE, aged 48.
102,625 shares held
(of which 99,610 bare-owner shares).
1
2
3
4
5
6
2 - DAMARYS BRAIDA
member of VENELLE INVESTISSEMENT, aged 43.
187,194 shares held
3 - NORBERT DENTRESSANGLE
Independent Director, aged 56.
4,950 shares held.
4 - FÉDÉRACTIVE
Shareholder investment company,
represented by its Chairman, Pascal Girardot, aged 55.
Member of the Founder group.
10,225,760 shares held (of which 10,225,757 usufruct shares).
THIERRY DE LA TOUR D’ARTAISE
Member of the Founder group, aged 56.
5 - HUBERT FÈVRE*
Chairman and Chief Executive
Officer of SEB SA.
119,479 shares held.
543,280 shares held (of which 533,380 bare-owner shares).
6 - FFP – SOCIÉTÉ FONCIÈRE, FINANCIÈRE
ET DE PARTICIPATIONS
A holding company listed on the Paris stock exchange
and majority-held by the Peugeot family group,
represented by Christian Peugeot, aged 57.
2,521,522 shares held.
7
7 - JACQUES GAIRARD*
Chairman and Chief Executive Officer of SEB SA
from 1990 to 2000.
100,650 shares held.
GOVERNANCE
ACTIVE COMMITTEES
THE AUDIT COMMITTEE informs the Board on the identification, evaluation and handling of the main risks to which the
Group is exposed. In particular, it ensures the suitability of the methods used for drawing up the accounts, advises and makes
recommendations to the Board as relevant, and participates in the appointment of statutory auditors. It met four times in 2010,
with 82% attendance.
4 MEMBERS:
Philippe Lenain, Chairman, Norbert Dentressangle,
Hubert Fèvre representing FÉDÉRACTIVE, and Jérôme Wittlin representing VENELLE INVESTISSEMENT.
THE NOMINATIONS AND REMUNERATION COMMITTEE reports to the Board on its work, makes recommendations on
the composition of the Board, the terms of office of members and the organization and structure of the Group. It also makes
proposals to the Board on policy for the remuneration of company officers, and on stock option plans. It met four times in
2010, with full attendance.
4 MEMBERS:
Jean-Noël Labroue, Chairman, Philippe Lenain, Pascal Girardot representing FÉDÉRACTIVE, and Olivier Roclore representing VENELLE INVESTISSEMENT.
8
9
10
12
13
14
11
8 - JEAN-NOËL LABROUE
800 shares held.
12 - JEAN-DOMINIQUE SENARD
2,000 shares held.
9 - PHILIPPE LENAIN
1,650 shares held.
13 - VENELLE INVESTISSEMENT
A family company formed in 1997,
represented by Olivier Roclore, aged 56,
member of the Founder group.
7,461,243 shares held
(of which 7,443,341 usufruct shares).
10 - CÉDRIC LESCURE*
529,039 shares held
11 - FRÉDÉRIC LESCURE
46,148 shares held
14 - JÉRÔME WITTLIN
6,338 shares held
(of which 330 bare-owner shares).
At 31 December 2010, Board members held 43.75% of capital and 57.51% of voting rights.
*Renewal proposed at the AGM of 17 May 2011.
04 - 05
2010
MANAGEMENT
BODIES
THE GROUP EXECUTIVE COMMITTEE implements overall Group strategy. In addition to the Chairman and Chief Executive Officer, it comprises five members with extensive professional experience, including in major international groups in France and abroad, and who now
occupy key company functions. Meeting twice a month, the Group Executive Committee oversees strategic plans, defines consolidated goals,
decides on priorities and allocates the resources needed for Strategic Business Areas, Continental Structures and Group Functions.
1 - Thierry de LA TOUR D’ARTAISE
Chairman and Chief Executive Officer of SEB SA since
2000, aged 56.
A graduate of the Ecole Supérieure de Commerce de Paris,
he began his career in the United States as Audit
Manager with Coopers & Lybrand, then serving as Chief
Financial Officer and later as Chief Executive Officer of
Croisières Paquet (Groupe Chargeurs).
He joined Groupe SEB in 1994, becoming Chairman
of Calor, before being appointed Deputy Chairman of
SEB SA in 1999.
Board member of Club Méditerranée SA, Plastic
Omnium and Legrand, and permanent representative
of Sofinaction on the Board of Lyonnaise de Banque.
Board member of Supor since January 2008.
2 - Jean-Pierre LAC
Senior Executive Vice-President, Finance, since 2002,
aged 60.
A graduate of the École des Hautes Etudes Commerciales,
he worked in various countries in different financial posts
for Rhône Poulenc, and then for Philips where he was
Corporate Treasurer in the Netherlands. Before joining
Groupe SEB, he was Finance Director and a member of
the Executive Committee of Aventis Cropscience.
Board member of Siparex Associés since 2007.
3 - Stéphane LAFLÈCHE
Senior Executive Vice-President, Industrial Operations,
since 2009, aged 56.
A graduate of the Institut Supérieur d’Electronique de
Paris, he began his career as a Development Engineer
with Dassault Electronics. He then moved to the Philips
Consumer Electronics group, and later to Mannesmann
VDO Automotive, before returning to Philips Consumer
Electronics in 1999 as Director of Industrial Operations.
Director of Supor since March 2010.
4 - Bertrand NEUSCHWANDER
Senior Executive Vice-President, Strategic Business
Areas, since 2010, aged 49.
A graduate engineer of INSA Paris-Grignon, he holds
an MBA from INSEAD. He began his career with Arthur
Andersen & Cie., later moving to Apax Partners & Cie.
He then joined Groupe Aubert as Chairman and Chief
Executive Officer, and later Groupe Devanlay/Lacoste
where he served as Managing Director.
6 - Frédéric VERWAERDE
Senior Executive Vice-President, Continental Structures,
A graduate of Audencia, Nantes, he gained experience
with Proctor & Gamble and Renault Trucks before
embarking on an international career with Black &
Decker. He entered Groupe SEB as Director of Products
and later became Export Director. Appointed Director
for Mercosur markets in 1998 in São Paulo, he was
given charge of the Group’s Cookware business in
2000, and of Western European markets in 2005.
5 - Harry TOURET
Senior Executive Vice-President, Human Resources,
He holds post-graduate diplomas in management
science and corporate human resources. He worked for
Rhône Poulenc Agro in human resources, and then for
Aventis Cropscience as World Human Resources
Director.
1
4
2
3
5
6
GOVERNANCE
THE GROUP MANAGEMENT BOARD comprises the members of the Group Executive
Committee and the Presidents of Strategic Business Areas, Continental Structures, Strategy and
Innovation. It meets on average every two months to follow up and monitor the Group’s
performance and results, and if necessary, adjust its commercial or industrial strategy. A forum
for exchange of views and reflection, the Group Management Board plays a supervisory role and
ensures the proper overall functioning of the Group.
CONTINENTAL GENERAL MANAGEMENT
LUC GAUDEMARD
VOLkER LIXFELD
PATRICk LLOBREGAT
GÉRARD SALOMMEz
FERNANDO SOARES
President, Western Europe
President, North America
President, Eastern Hemisphere
President, France, French overseas territories, and Belgium
President, South America
STRATEGIC BUSINESS AREAS
CYRIL BUXTORF
PHILIPPE CREVOISIER
CHRISTIAN RINGUET
President, Home and Personal care
President, kitchen electrics
President, Cookware
OTHER GENERAL MANAGEMENT
PATRICk LE CORRE
President, Strategy
JEAN-CHRISTOPHE SIMON President, Innovation
06 - 07
2010
GROUPE SEB IN FIGURES
MORE THAN WORDS,
THE fIGURES
OVERVIEWS
10
S E B S H A R E 16
FINANCIAL
SOCIAL PERFORMANCE
ENVIRONMENT
20
18
8 -9
2010
FINANCIAL
OVERVIEW
“
RECORD PERfORMANCE
2010, an excellent year in many ways.
The general economic context last year was more favourable than in 2009: good overall
trading in mature markets, revived consumer spending in most emerging economies,
brisk demand in small domestic equipment, and a rise in the value of most currencies in
relation to the euro. In this favourable environment, our strong world positions, the constant
enrichment and renewal of our product offer, our competitive pricing policy, and reinforced
marketing and advertising campaigns were all decisive in bolstering sales, which recorded
9.6% organic growth. There was also a significant positive exchange effect, in sharp contrast
with the very negative impact in 2009.
Meanwhile, our operating performance saw a further marked improvement, with an
operating margin of €438 million – up 23% due largely to a favourable volume effect and,
to a lesser extent, to a positive exchange impact. The Group achieved this while, at the same
time, it increased its investment for the future in the areas of R&D, marketing, advertising
and sales. With much lower restructuring charges than in 2009, and notwithstanding a rise
in bonus and profit sharing (which reflected good performance levels in France), net income
came to €220 million, which was a year-on-year gain of 51%.
”
Moreover, cash flow generated by this robust trading
helped us again to reduce our level of debt
by €112 million, thus further strengthening our
balance sheet and giving the Group ample scope
for financial manoeuvre. The acquisition
of the Colombian company, Imusa, finalized on
28 February 2011, offers an ideal opportunity
to expand the Group’s operations in Latin
America.
Jean-Pierre Lac,
Senior Executive Vice-President, Finance
10 -11
KEY fIGURES AT THE END Of DECEMBER 2010
€3,652 M
+15%* (+9.6%
at constant
parity)
Operating margin
€438 M
+23%
Net income
€220 M
+51%
Sales
Debt
€-112 M
(on 2009)
€131 M
CHANGE IN SALES, OVER 5 YEARS
CHANGE IN SALES 2010 – 2009
Consolidated (€M)
In €M
3,652
3,230
+171
+305
3,176
Currencies
2,870
2,652
Organic
growth
3,176
+ 9.6%
+ 5.4%
3,652
+ 15%
2009
2006
2007
2008
2009
2010
ANNUAL SALES
BY GEOGRAPHIC ZONE
In €M
2009
France
685
Other western Europe countries728
North America
349
South America
262
Asia-Pacific
600
Central Europe, Russia
and other countries
552
Total
3,176
2010
BALANCED SALES BETWEEN
MATURE AND EMERGING MARKETS
2010
712
787
404
346
764
639
3,652
Current
exchange
rates
+ 3.9%
+ 8.1%
+ 15.9%
+ 32.2%
+ 27.4%
+ 15.7%
+ 15.0%
Growth at constant parity (%)
Constant
parity
+ 3.9%
+ 7.5%
+ 7.5%
+ 12.4%
+ 18.9%
+ 9.4%
+ 9.6%
2010 SALES:
GROWTH PERfORMANCE BY PRODUCT LINE
Home
comfort
Home
cleaning
30
Organic
growth
Mature markets: 56%
20
+18%
Emerging markets: 44%
Food
preparation
10
Organic
growth
+4%
Beverage
preparation
Personal
care
0
Linen
care
Electric
cooking
Cookware
2010
FINANCIAL
OVERVIEW
A MARKED INCREASE IN THE OPERATING MARGIN
The Group has seen its operating margin rise steadily over the last
five years, despite the difficult economic context. Constant
adaptation to market realities is an important key to the Group’s
enduring performance.
fINANCING
Beyond the exceptional level of 2009, good financial management
has led to a significant overall improvement in the working capital
requirement over the last five years.
A HEALTHY fINANCIAL POSITION
HIGHLIGHT
At the end of 2010, the level of net debt was at its lowest
in the last 15 years. The debt ratio of less than 10% of equity
testifies to the financial health and soundness of the Group.
!
TOP TRIBUTE fOR GROUPE SEB fINANCIAL MANAGEMENT
Last December, for the first time, France’s National Association of Financial Managers and Management Control (DFCG), via its magazine
‘Echanges’ and in partnership with the financial daily ‘Les Echos’, ranked French companies for outstanding financial management. The ranking
was based on 1,500 questionnaires sent to leading French listed and unlisted companies. Groupe SEB was singled out for the top award, with
special mention for its risk control management, productivity and financial performance strategy.
fINANCIAL POSITION
fURTHER IMPROVED
CHANGE IN OPERATING MARGIN
OVER 5 YEARS (IN VALUE)
BREAKDOWN Of THE OPERATING MARGIN
In €M
In €M
-10
438
+67%
342
-19
+156
355
-76
+32
301
262
355
438
Volume Price & Purchase Overheads Currency
effect mix effect costs
impact
2006
2007
2008
2009
2009
2010
2010
OPERATIONAL WORKING CAPITAL
REQUIREMENT as % of sales
NET DEBT/ EBITDA
30.5
3
28.6
27.7
24.0
1.9
2
21.9
1.3
1.7
1
0.6
0.3
0
2006
2007
2008
2009
2010
2006
2007
2008
-63
649
+124
585
+30
243 -456
131
+119
+111 Dividends
422
0.7
0.6
-33
Sale of
shares
0.5
Investments
2010
CHANGE IN fINANCIAL DEBT
OVER 5 YEARS
BREAKDOWN Of CHANGE IN NET DEBT
In €M
+56
2009
Restructuring
WCR*
243
Other
131
0.2
0.1
Debt at
end 2009
Cash
flow
Taxes and
financial
expense
*Working capital requirement
Debt at
end 2010
2006
2007
Net debt at 31.12 (€M)
2008
2009
Gearing ratio
2010
12-13
2010
FINANCIAL
OVERVIEW
CONSOLIDATED INCOME STATEMENT
Years ended 31 December (in € millions)
Revenue
Operating expenses
OPERATING MARGIN
Discretionary and non-discretionary profit-sharing
RECURRING OPERATING PROfIT
Other operating income and expense
OPERATING PROfIT
Finance costs
Other financial income and expense
Share of profits/(losses) of associates
PROfIT BEfORE TAX
Income tax expense
PROfIT fOR THE PERIOD
Non-controlling interests
PROfIT ATTRIBUTABLE TO OWNERS Of THE PARENT
2010
2009
2008
3,651.8
(3,213.9)
437.9
(50.4)
387.6
(38.5)
349.0
(12.0)
(3.9)
0.0
333.1
(89.5)
243.6
(23.2)
220.4
3,176.3
(2,820.9)
355.4
(33.5)
321.9
(73.8)
248.1
(22.6)
(4.6)
0.0
220.9
(58.1)
162.8
(16.8)
146.0
3,230.2
(2,888.5)
341.7
(38.2)
303.5
(24.3)
279.2
(37.9)
(10.7)
(1.3)
229.3
(66.5)
162.8
(11.2)
151.6
2010
2009
2008
1,289.7
635.5
733.9
59.4
26.8
14.1
236.6
1,706.3
2,996.0
1,201.0
466.3
627.1
48.1
15.1
5.2
307.8
1,469.6
2,670.6
1,232.0
614.6
645.6
54.9
38.8
11.7
224.6
1,590.1
2,822.1
2010
2009
2008
1,398.2
173.1
1,571.3
201.8
198.9
400.7
494.4
359.5
170.1
1,024.0
2,996.0
1,081.3
138.8
1,220.1
301.1
193.0
494.1
398.0
311.7
246.7
956.4
2,670.6
905.9
131.6
1,037.5
213.5
233.5
447.0
366.3
309.8
661.5
1,337.6
2,822.1
CONSOLIDATED BALANCE SHEET
ASSETS (in € millions)
NON-CURRENT ASSETS
Inventories
Trade receivables
Other receivables
Current tax assets
Current derivative instruments - assets
Cash and cash equivalents
CURRENT ASSETS
TOTAL ASSETS
EQUITY AND LIABILITIES (in € millions)
Equity attributable to owners of the parent
Non-controlling interests
EQUITY
Long-term borrowings
Other non-current liabilities
Non-current liabilities
Trade payables
Other current liabilities
Short-term borrowings
CURRENT LIABILITIES
TOTAL EQUITY AND LIABILITIES
REVENUE BREAKDOWN
SUPPLIERS:
€2,501.4 M
1,202 industrial suppliers*, including a panel
CLIENTS:
€3,651.8 M
of 375 suppliers representing more than 87%
of these purchases
• Western Europe: 41% (of which France: 19%)
• North America: 11%
• South America: 9.5%
• Asia-Pacic: 21%
• Central Europe, CIS and other countries: 17.5%
Sourced products represent almost 30% of sales
STATE AND LOCAL AUTHORITIES:
€140.9 M
• Corporation tax: €89.5 M
• Local taxes: €51.4 M
SHAREHOLDERS:
€55.9 M
paid in 2010 in respect of the 2009 trading year
EMPLOYEES:
€647.8 M
Paid to 23,058 employees
• 74% total salary
• 26% social charges
RESERVED fUNDS:
€289.8 M
• Bonus and prot sharing:
€47.5 M to be paid in 2011
(not including €1.3 M in taxes paid to the State)
• Renancing of investments: €118.3 M
• Variations of provisions linked to business risks: €-16.2 M
• Transferred to reserves: €187.7 M
BANKS AND BONDHOLDERS::
€16.0 M
Mainly nancial charges linked to interest
on bank loans
* Suppliers, Production and Sourced Products
Data excluding Supor.
14-15
2010
SEB SHARE
OVERVIEW
GROUPE SEB WINS SILVER MEDAL
AT THE GRAND PRIX DES ACTIONS 2010
Groupe SEB was once again named recipient of an award at
the ‘Grand Prix des Actions’ organized by the magazine
‘Mieux Vivre Votre Argent’ in partnership with Vigeo.
It won the 2010 silver medal (having won the bronze medal
in 2009) for its stockmarket performance, and for its social,
corporate and environmental responsibility.
BREAKDOWN Of CAPITAL AT 31.12.2010
49,951,826 shares
Treasury stock: 3.97%
FÉDÉRACTIVE* and associates: 23.68%
Individual shareholders: 5.72%
Foreign investors: 21.28%
VENELLE INVESTISSEMENT**
and associates: 20.00%
FFP: 5.05%
French investors: 17.32%
Employees: 2.98%
BREAKDOWN Of VOTING RIGHTS AT 31.12.2010
73,718,840 voting rights
Individual shareholders: 5.04%
Foreign investors: 14.54%
FÉDÉRACTIVE* and associates: 30.74%
French investors: 12.76%
Employees: 3.80%
VENELLE INVESTISSEMENT**
and associates: 26.73%
FFP: 6.39%
* A shareholder investment company which holds mainly beneficial-owner shares, bare-owner shares being held mostly by Founder-group individuals.
** A family shareholder company which holds mainly beneficial-owner shares, bare-owner shares being held by Founder-group individuals.
SEB SHARE
Number of shares
€
500,000
100
07/12/2010
82.78
400,000
80
300,000
60
200,000
40
100,000
0
20
01/10
02/10
03/10
04/10
05/10
06/10
07/10
08/10
09/10
SEB
10/10
11/10
12/10
CAC 40 (adjusted)
01/11
02/11
Volumes
16-17
PERFORMANCE IN 2010
SEB
CAC 40
%
+96% - 5
GROUPE SEB WINS BfM
BUSINESS RADIO AWARD
fOR BEST SHARE PERfORMANCE
Capital at 31.12.2010
Stockmarket capitalization at 31.12.2010
Price on 31 December 2010
Average closing price for 2010
Average of last 30 closing prices in 2010
Lowest price – 5 January 2010
Highest price – 7 December 2010
49,951,826 shares
€3,883 million
€77.730
€57.821
€76.171
€39.150
€82.780
The SEB share put in an exceptional performance in 2010. Up 96% over the
twelve-month period, it was one of the steepest-rising SBF 120 stocks – as well
as a top performer over 3 and 5 years. The share repeatedly surpassed historic
highs to reach a record €82.78 during trading on 7 December 2010. This
remarkable record reflects the enduring commitment of institutional and private
investors to Groupe SEB, and recognition of the relevance of our strategy based
on innovation, powerful brands and international expansion – notably in emerging
markets. Investor confidence was also encouraged by our sound financial
fundamentals, and the publication of steadily rising sales and results throughout
the year. After the announcement of our 2010 sales figures, the consensus
view of 80% of financial analysts was to reiterate support for the SEB share,
recommending its purchase to investors at a prospective average price of €88.
BFM Business Radio named Groupe SEB a prizewinner at its 6th
Annual Awards ceremony in 2010. Trophies were presented
at the Paris event in the presence of the French Minister for the
Economy, Finance and Industry, Christine Lagarde, and almost
1,000 financial and economic professionals working in France.
In all, six business leaders were honoured for their company’s
performance and strategy. Thierry de La
Tour d'Artaise received the BFM Award for
Best Stockmarket Performance, in recognition of the SEB share record in 2010.
GROSS ANNUAL RETURN ON
AN INVESTMENT IN SEB SHARES (1)
(based on the closing price of €77.730 at 31 December 2010)
Duration of
investment
Over 10 years
Over 8 years
Over 5 years
Over 3 years
Over 2 years
Over 1 year
Closing
price
€17.56
€25.64
€30.67
€41.33
€21.46
€39.70
Rate of
return
18.89 %
17.72 %
23.43 %
26.57 %
95.38 %
99.73 %
(1) This assumes re-investment of the dividend and the dividend supplement (based on
holding shares for two years), and takes account of the free 1-for-10 share allocation
in 2004, and capitalized interest.
SEB SHARE fACT SHEET
Stockmarket
Euronext Paris
Compartment A
Share code
FR0000121709
Date of introduction 27 May 1975
Stockmarket indexes CAC Mid 60 – SBF 120 – CAC Mid & Small –
CAC All-Tradable – CAC All-Share
Other information
IAS Index – Eligible for SRD
Tickers
Reuters : SEBF.PA
Bloomberg : SK.FP
DIVIDEND INCREASE Of 12.5%
In €
4.55
3.18
0.94
2008
Net dividend
3.13
1.04
2009
Net income per share
1.17
2010
2010
SOCIAL PERFORMANCE
OVERVIEW
for more information, please consult our website: www.groupeseb-devdurable.com
GEOGRAPHIC BREAKDOWN Of EMPLOYEES
France: 25%
Asia-Pacific: 53%
Other Western European countries: 6%
Central Europe, Russia and other countries: 3%
North America: 3%
South America: 10%
(worldwide)
At 31 December 2010, Groupe SEB numbered 23,058 employees, more than half of which based in Asia.
PROPORTION Of fEMALE MANAGERS
(%)
5.3
5.7
11.1
11.5
4.9
10.5
2008
Male
2009
In 2010, the number of female managers
(excluding Supor) increased at almost twice the
rate of male managers (+10.7% compared with
5.9%). Today, women represent 33% of all the
Group’s managers.
2010
Female
(worldwide, excluding Supor)
ACCIDENT fREQUENCY RATE*
ACCIDENT SEVERITY RATE**
0,42
8.31
8.46
0,34
0,34
7.40
* Accident frequency rate: number
of work accidents with absence,
per million hours worked.
** Accident severity rate: number
of working days lost,
per 1,000 hours worked.
2008
2009
2010
2008
2009
2010
The number of work accidents dropped at most of the Group’s sites.
The severity rate did not change. Including Supor in 2010, the frequency rate was 5.83, and the severity rate 0.19.
TRAINING BUDGET
As % of total payroll
2.34
2.08
1.85
2008
2009
The training budget increased from 1.85% of the
total payroll in 2009 to 2.08% in 2010.
Last year, more than 225,000 hours of training
were provided for Groupe SEB employees.
2010
NUMBER Of COLLECTIVE AGREEMENTS SIGNED IN 2010
Asia-Pacific: 14
South America: 6
France: 23
North America: 3
Central Europe: 6
Other Western European countries: 38
(worldwide)
In 2010, 90 collective agreements were signed with labour unions worldwide, of which 14 in the Asia-Pacific
area, being an increase of 180% in this zone. The number of agreements signed in France dropped by almost
half between 2009 and 2010, due to the signing of Group-wide agreements rather than agreements solely by
individual entity.
Social and environmental data relating to Supor are gradually taken into account as its different processes are integrated into the Group.
18-19
2010
ENVIRONMENT
OVERVIEW
for more information, please consult our website: www.groupeseb-devdurable.com
USE Of RESOURCES, BY fINISHED PRODUCT MANUfACTURED
12.97 12.9 11.09
1.96 1.98 1.92
1.86 1.87 1.76
2008
Consumption of
electricity – kWh
Consumption
of gas – kWh
2009
2010
Consumption
of water – Litres
(worldwide, excluding Supor and All-Clad)
Consumption of gas, water and electricity per finished product manufactured was down for all three resources.
ATMOSPHERIC EMISSIONS
TRANSPORT CARBON fOOTPRINT
(In equivalent tonnes of CO2)
(In equivalent tonnes of CO2)
34,319
33,961
30,320
400,000
330,000
305,000
265,000
210,000
2008
2009
2010
200,000
2009
Estimated minimum
2010
Estimated maximum
Estimated average
(worldwide)
Atmospheric emissions increased in absolute terms, but
fell by finished product manufactured: 379.6 g. in
2010 compared with 381.2 g. in 2009.
A second carbon footprint study was carried out in 2010
using a more precise calculation method, and with
larger scope. This new study estimated CO2 emissions
relating to the transport of products, raw materials
and components in 2010, at an average total
of 265,000 tonnes. Re-calculated emissions for 2009
were estimated at 305,000 tonnes.
Social and environmental data relating to Supor are gradually taken into account as its different processes are integrated into the Group.
20-21
IMPACT ON THE ENVIRONMENT
TRANSfORMATION
Direct raw materials for nished
products manufactured
Motors:
25,562 t
Metals:
59,820 t
Plastics:
42,420 t
Packaging:
26,000 t
Sub-assemblies
and Other
30,232 t
TOTAL :
Finished products
manufactured (excluding
sourced products)
183,264 t
Special industrial
waste (SIW)
2,303 t
Ordinary industrial
waste (OIW)
12,883 t
184,034 t
Process sludge
4,020 t
Atmospheric emissions
34,362.41 t
Indirect raw materials for
processes, buildings
and employees
Gas:
11,485 t
Fuel:
44 t
Air:
Discharge into water
0.45 t
23,092 t
Water:
1,002,135 t
Other:
18,178 t
TOTAL:
Water to treatment
stations
1,002,135 t
1,054,934 t
Total inow: 1,238,968 tonnes
Disposal in soil
0t
>
>
>
>
>
>
>
>
Finished products and
cookware more than 70%
recyclable
SIW 100% treated in compliance
with current standards
80.6% of OIW recycled
for re-use
(10,381 t)
100 % disposed of in approved
landfills
CO2 : 34,319 t
Nox & N2O : 43.1 t
SOx : 0.31 t
of which 464,055 t. treated in
the Group's own wastewater treatment plants, and 538,080 t.
in municipal treatment stations
0.45 t. of authorized metal
discharged with our treatmentstation water
Discharge into soil limited, thanks
to our control of processes
Total outow: 1,238,968 tonnes
2010
OPERATIONS
IMAGINATION
KNOWS NO fRONTIERS
NEW-AGE CONSUMERS
24
26
A W O R L D W I T H O U T B O R D E R S 38
TOMORROW’S EVERYDAY WORLD
OPERATIONS
22-23
2010
NEW-AGE
CONSUMERS
Globalized trade and the spread of the Internet have led to
convergence of cultures, though not to any real uniformity.
Local culinary habits persist, even alongside counter-current
trends.
A RADICALLY CHANGING WORLD
Cultures around the world today are tending to cross-fertilize and
influence each other. The opposing currents of an emerging
global culture and continued attachment to tradition are giving
rise to new consumer attitudes. In many developing countries,
this is seen in the growth of a new middle class with a desire
to ‘catch up’, side-by-side with a counter-current of resistance
to hyper consumption. The Internet, a vehicle for all these
trends, serves as a platform for exchange, which also results in a
well-informed consumer.
THE SOCIALLY CONCERNED SHOPPER
Socially concerned shoppers are adopting a more responsible and
rational approach to the act of buying, and tend to choose more
durable, quality products. Aware of the need to reduce their
ecological footprint, consumers now also take into account the
power consumption and recyclability of products. Thus, the
energy-efficiency classification labels familiar on white goods, will
be extended to vacuum cleaners in the future.
milk-based desserts, and even homemade ice cream. Fresh-food
preparation is also part of this scenario, explaining the demand for
food processors, liquidizers and slicer-graters, with the return to
raw vegetables, soups and smoothies... Moreover, home cooking
has its own prestige, and helps to pass on gastronomic heritage
and family values.
ETHNIC COOKING
Through globalization, we are seeing the spread of Western eating
habits around the world – often associated with famous chefs –
while, on the other hand, people in the West are drawn to exotic
dishes that offer them a new savoury experience. Take for instance
the current sushi vogue in France, and the popularity of the French
baguette in Tokyo. Rice, which is a staple food of truly global
dimensions, is another example. While rice consumption is
falling in its traditional Asian territories, it is on the rise in Western
countries where demand has traditionally been low, but where
ethnic food is now increasingly popular. Indeed, there are more
than 40,000 varieties of rice worldwide, and almost as many
modes of preparation, depending on the local culture.
HUMAN ACTIVITIES
WORLDWIDE
PRODUCE ABOUT 10 MILLION
TONNES Of WASTE DAILY
NUTRITION: A SOCIAL ISSUE
An increasing number of people, including young people, suffer
from obesity. This worrying trend is taken very seriously by
doctors, and is the subject of public-awareness campaigns, for
example, to encourage the eating of fruit and vegetables. So,
more consumers are aware of the need for a healthy and balanced
diet, and this has stimulated interest in home cooking – which can
mean light and tasty steam-cooked food, minimal use of oil, or
plancha grilling, as well as making homemade bread, yogurt,
ANNUAL RICE CONSUMPTION PER HEAD VARIES BETWEEN 10 KG
IN EUROPE, AND OVER 100 KG IN CHINA
OPERATIONS
24-25
TRENDS
MORE THAN 90% Of UNDER 30s
IN DEVELOPED COUNTRIES
BELONG TO A SOCIAL NETWORK
THE INfLUENCE Of SOCIAL NETWORKS
Social networks, which cater for a need to meet other people on
the Internet and belong to a community, are enjoying exponential growth. These networks are, for more and more consumers,
a source of information to help them choose a product and
compare notes on product use. People now expect brands to join
in discussions on these networks. Indeed, brands tend to have
their own ‘fans’ who are ready to speak well of them. This also
brings a new dimension to advertising, which becomes a
community affair, no longer just confined to the TV commercial.
47% Of ADULTS IN fRANCE,
AND 67% IN THE UNITED STATES
ARE CONSIDERED
OVERWEIGHT OR OBESE
AN INfORMED DECISION TO BUY
A visit to a point of sale does not always lead to a purchase.
Today, it has become important to be closer to the customer.
Promotional exercises, the availability and advice of sales staff,
detailed product information, merchandising – or, better still,
the actual experience of the product – all have a bearing on the
decision to buy. Thus, in China, 6,000 demonstrators promote
Supor products. Today’s dominant retail formats, such as food
hypermarkets, are losing customers to local stores and websites.
The attraction of the Internet is also the large extent of the offer,
the chance to compare products and know what other users think,
and even find the best price.
IN fRANCE, MORE THAN
27 MILLION PEOPLE BUY
REGULARLY ON THE INTERNET
2010
TOMORROW’S
EVERYDAY WORLD
Our customers are the focal point of the whole innovation
process, just as innovation is at the heart of all our brands.
Increasingly informed, consumers expect us to go beyond
functional features and provide complete solutions. For them,
technology is not an end in itself, but a means to guarantee
quality results. Our response to this is to constantly improve
product performance, connectivity, precision and user-friendliness,
while we also strive to improve everything that contributes to a
perfect result, even including ingredients and recipes.
Although consumers change quickly, and certain aspects of their
behaviour have become universal, they remain strongly attached
to their own culture and eating habits. There are no really allembracing universal offers in small domestic equipment. While
our products do share common functions and integrate shared
technologies, they are essentially designed and developed in
response to the specific local needs of our markets.
In the last analysis, faced with tough competition in a fastchanging business environment, we have to be highly responsive
and competitive.
”
“
Helping to invent lifestyles for tomorrow’s world: such is the
challenge of our business, the ideal that spurs on our working
teams as they study people’s expectations and innovate to offer
them solutions tailored to their real needs and desires.
We have every advantage to help us attain our objectives: an
extensive product offer, strong market positions, creative drive
fuelling innovation, and a unique set of powerful brands. Our
ability to deploy the combined skills of our working teams helps
us maximize our potential to serve and satisfy consumer needs
around the world.
“INNOVATION IS
AT THE HEART
Of ALL OUR BRANDS”
Bertrand Neuschwander,
Executive Vice-President, Strategic Business Areas
OPERATIONS
26-27
BRANDS, PRO DUCTS, INNOVATION
Fresh Express. A compact,
easy-to-use grater-slicer
that serves directly onto the plate.
“MAXIMIZING
OUR POTENTIAL”
Air Force. A cordless
upright vacuum cleaner
with 40-minute autonomy.
Nutricook. Steam cooking which preserves
nutrients with an internal air-vent system,
4 cooking programmes – for vegetables, fish,
starchy foods and meat – and a final light steam
cooking phase.
2010
CAPITALIZING
ON OUR
BRANDS
The broad coverage of our brand portfolio gives
us the ability to respond to the multiple demands
of consumers and adapt to new modes of consumer
behaviour. In markets where the offer tends to
be commonplace, prestigious brands reassure
consumers.
INTERNATIONAL BRANDS
Each brand has a clear identity, expressed in a set of values. The Group offers its
consumers six brand worlds, aimed at global or multi-regional markets, each with
a distinctive, complementary approach. This allows us to pursue a product
development and distribution strategy which targets market segments, while
maintaining overall coherence in promotion and design.
LOCAL BRANDS
These brands are very well known and enjoy a strong image in their respective
regions. Omnipresent in the countries where they are sold, some are leaders in
their local markets or in product segments. Most of them also dovetail into our
global brand platforms.
France - Belgium
North America
South America
Asia
Due to its special nature and the vast extent of the Chinese and Southeast Asian markets, the Supor
brand has its own platform. Strongly associated with a better quality of life and caring for one’s
family, this brand evokes widely-appreciated values: trustworthiness and ingenuity in the service of
better living.
TOP-END/PREMIUM
4th quartile+
3rd quartile
2nd quartile
1st quartile
ENTRY LEVEL
OPERATIONS
28-29
20 EMBLEMATIC
BRANDS
AN OUTSTANDING PORTfOLIO
Krups: precision,
perfection, passion.
Lagostina: Italian,
elegant performance,
enriching.
All-Clad:
professional,
authentic, prestigious.
Tefal: ingenious,
generous, inspiring.
Moulinex: easy,
energetic, intuitive.
Rowenta: demanding, intelligent, harmonious.
2010
A STRUCTURED OFFER
TO ATTRACT EVERYONE
The stronghold positions built up by Groupe SEB
around the world are thanks to its vast and
comprehensive product offer, aimed at every sphere
of home life and all segments of the market.
PRECISE SEGMENT TARGETING
Our outstanding brand portfolio is the backbone of our product
offer. Thanks to its very broad scope, we can finely segment
markets and offer adapted and complementary responses to
the needs of retailers. The Group works to extend its product
coverage over the entire market spectrum, from entry-level to
premium ranges, with tactical entry-level offers, constantly
updated mid-range assortments, and the highest standards of
technical performance, quality and service for the more selective
premium segment.
much of it dominated by retailer brands, Tefal reasserts its
presence with a competitive offer in nonstick enamel of
guaranteed quality. Tefal is also a benchmark brand in middle
ranges which it constantly updates to offer our customers lasting
performance and greater user comfort with products made from
enamelled aluminium, stainless steel or cast aluminium, or with
an induction-cooking base. Further up-scale, Lagostina offers
well-designed, elegant assortments that reflect the high standards
of Italian cooking. In premium ranges, All-Clad, with its unique
multi-layer utensils, brings the guarantee of truly professional
quality to kitchen equipment.
Beyond this international focus, ranges are also aimed to cater for
the needs of local markets: different lid-closing technologies
for pressure cookers (insert, bayonet or clamp systems), special
equipment such as woks and rice cookers in China, square pans
in Japan, the pastaiola or the risottiera in Italy...
KITCHEN ELECTRICS: IN LINE WITH TRENDS
kitchen electrics is an area of Groupe SEB business which is very
much abreast of trends, such as today’s keen interest in home
cooking, or concern for healthy eating.
1.5 BILLION CUPS
Of COffEE CONSUMED
DAILY AROUND
THE WORLD
COOKWARE: A MULTIPLE OffER
Cookware items – frying pans, saucepans, deep fryers, casseroles,
pressure cookers – are a striking proof of the Group’s ability to
deploy a whole array of materials, shapes, utensils and technologies at every segment level, and across all markets. At entry level,
In food preparation, Moulinex has long-standing expertise. With
its Red Ruby range – catching on fast in international markets – it
offers an incomparable selection of easy-to-use everyday
appliances: handheld blenders, grater-slicers, shredders, food
processors, and so on. In beverage preparation, krups and Tefal
are the main flag carriers for products such as coffee makers,
multi-beverage pod machines and electric kettles. In addition
to these ranges, Rowenta offers a choice of elegant breakfast sets.
In cooking appliances, another product world served by Seb and
Tefal, product offers range from fryers – deep-fryers or minimal oil
– to steam cookers, table-top
ovens, barbecues, plancha
grills, waffle makers or yogurt
makers, and include local
products such as rice cookers,
electric pressure cookers, or
OPERATIONS
30-31
RICE IS ONE Of THE WORLD’S
MOST POPULAR STAPLE fOODS:
57.3 KG. PER PERSON, PER YEAR.
soya milk extractors, which are specialty products
of Supor in China. The Group has also developed a low-price
Moulinex offer designed for basic functions.
(more power and silence) have won many fans over the last three
years in this very competitive market.
In Personal Care, technical advances integrate current trends to
offer consumers real solutions, such as bathroom scales that track
weight and body mass, or hair-care appliances with heat control
and ceramic-coated plates to protect the hair.
HOME AND PERSONAL CARE: A DIffERENTIATED OffER
SD
SPOTLIGHT
The advanced technology used in our products is a prime reason
for the Group’s success in this segment. In laundry care, from
irons to steam systems, speed and efficiency are decisive. Higher
ranges offer more sophisticated functions, with some features
specific to the Rowenta or Tefal brands (precision-point ironing,
microsteam or self-cleaning soleplate, anti-scaling system, etc).
Rowenta’s vacuum cleaner ranges (bag, bagless or cordless),
with high-tech features focused on performance and user comfort
r
WORLD N° 1 IN STEAM
IRONING SYSTEMS
NATURA: MADE fROM 100% RECYCLED fOOD-SAfE
ALUMINIUM
Caroline Pinat, International Product Manager, Cookware
“Tefal’s Natura range was inspired by the wish to create a collection of cookware (pressure cookers, casseroles, woks, frying pans) in cast aluminium
which would be environment-friendly. Hence, the idea of using 100% recycled aluminium which also complies with food-safety standards. Groupe SEB
is the first to offer such a solution in France. Other eco-friendly components in this range include handles made from recycled natural fibres, and packaging and instruction leaflets that use recycled paper or cardboard and plant-based inks. The Natura range, launched in France in 2010, is now being
extended to other countries. Retailers have given the range a warm welcome, and several now include it in their permanent stock catalogue.”
2010
REINVENTING
SPECIAL MOMENTS
The Group’s chosen mission is to satisfy the multiple
aspirations of consumers around the world by offering
them innovative solutions that ease everyday tasks
and improve the quality of life.
‘HOMEMADE’, A SYNONYM fOR PLEASURE AND HEALTH
The growing popularity of ‘homemade’ food reflects different
consumer desires: the pleasure of cooking, healthy diet and
sociable meals. Echoing this trend, the Group has designed
products ranging from the plancha grill to the slow cooker, which
mark a return to traditional ways of getting meals ready, without
the need to stand over a stove. Food-preparation appliances such
as the Fresh Express grater-slicer for fresh vegetables, and automatic dough mixers for home pastry-making cater for the same
demand. For dairy products, also very much in vogue, we have
developed the Multi Délice – the first appliance to use steam to
make yogurt, cottage cheese or milk-based desserts. Meanwhile,
the Nutritious & Delicious range is revolutionizing kitchens with
new and different approaches to light and tasty cooking, with:
The minimal oil fryer, Actifry. The most recent
models include a USB key that connects the fryer in
just a click to the Nutritious & Delicious blog website,
which offers recipes and advice from nutritionists and
chefs.
the Actifry, a minimal-oil fryer;
HIGHLIGHT
two types of steam-cooker, the VitaCuisine for
simultaneous cooking of a full meal, and the Nutricook
which preserves the nutritional qualities of food.
!
UNIQUE CONCEPTS fOR NEW LIfESTYLES
In step with the faster pace of modern lifestyles, Groupe SEB
facilitates change by simplifying, saving time and enhancing the
quality of daily life. In food preparation, modernity is the keynote
of Moulinex ranges: click-on accessories for the Click & Mix hand
mixer, handpress lid-locking for the MasterChef 3000 food
processor, or direct service onto the plate for the Fresh Express
grater-slicer. Other ranges show the same approach with, for
example, removable handles for frying pans and saucepans, or
the always ready-to-hand cordless Air Force vacuum cleaner. There
is also a growing demand for professional-quality products in the
home. krups, as a specialist in coffee makers, meets this demand
with an assortment of machines adapted to every taste – ranging
from the multi-beverage Dolce Gusto, to the Nespresso, or fully
automatic espresso coffee makers.
COOKERY CLASSES AND TRANSMISSION Of SKILLS
The Group underlines its commitment to the subject of nutrition by paying special attention to young people. Present at France’s ‘Kidexpo 2010’
(Porte de Versailles, Paris), we provided classes for young people to teach them how to select wholesome ingredients and cook them properly. We also
continued our partner participation in ‘La Semaine du Goût’ , a week-long education and awareness campaign covering 4,500 French schools,
15 universities, and 1,300 local authority workshops. In the United States, T-fal and All-Clad backed the ‘Chefs move to schools’ programme
initiated by Michelle Obama to combat child obesity. Chefs share their experience with school personnel and parents, making them aware of the
importance of a well-balanced diet. The Group supplied them with cooking equipment.
OPERATIONS
32-33
In the same spirit, Lagostina has brought out a premium
assortment, Linea Patrimonio, specially designed for cooking
Italian dishes such as risotto and osso buco.
Finally, satisfying the demands of the more concerned shopper
means offering energy-efficient products such as the Acticook
pressure cooker, or the Eco-intelligence vacuum cleaner (about
30% less energy used) – products that respect the environment,
and even use recycled materials (Enjoy spatulas, or the Natura
cookware range).
HIGH PERfORMANCE fOR GREATER USER COMfORT
This is why product efficiency is one of our top priorities, and why
the Group’s new inventions are to be found in all our product
areas. In cookware, the latest techniques in surface coating, utensil bases and detachable accessories (Ingenio removable handles,
for instance) bring real benefits to customers and boost our sales.
All-Clad’s expertise in lamination technology produced a series of
multi-layer utensils (5 layers of stainless steel, aluminium, or
copper) of truly outstanding quality, and now including its new
D5 collection of induction cookware. In home care, our irons,
steam systems and vacuum cleaners use high-tech solutions to
optimize working speed and quality results: for irons, a selfcleaning soleplate, touch-button Turbo steam, or built-in antiscaling systems; for vacuum cleaners, more power for less noise,
bagless cleaners with cyclonic technology, and so on. Ergonomic
design is another priority: a silicone grip surface for the handling
parts of several products, telescopic handles and wheels for the
Liberty Pressing steam system to make it easy to move around.
Insensium Resistal and Integral cookware
ranges. An ultra-resistant surface coating and
reinforced cooking base, thanks to anti-distortion
stamping technology which integrates a layer of
copper for more efficient heat conduction.
SD
SPOTLIGHT
RECORD ANNUAL CONSUMPTION
Of YOGURT IN WESTERN EUROPE:
22.8 KG. PER PERSON.
r
STEAM IRONING SYSTEMS
USING LESS ENERGY
Jacqueline foucard, International Product
Manager, Linen Care
“Studies carried out in 2010 found that energy-saving is
an important criterion of choice for today’s consumers
when they buy a steam ironing system. This is an area in
which Groupe SEB makes regular progress: by the end of
2011, Rowenta’s Eco-Intelligence range will see the
launch of a steam system that uses 30% less energy for equal performance.
The energy saving is made possible by a new soleplate design which
concentrates more of the steam onto the fabric being ironed, so avoiding
steam wastage. We are also working to increase the product recyclability rate
by looking at alternatives to materials such as thermo-hard plastics used for
iron rests and heat shields, which cannot be recycled.”
2010
INVESTING EFFORT
IN INNOVATION
The true raison d’être of any technical invention is when
it is placed at the service of the consumer. In this way,
it becomes a real-life solution for the user, and serves
as a powerful growth lever for the Group.
THE LIfE-BREATH Of INNOVATION
The Group uses a two-fold strategy to ensure its technological
leadership. On the one hand, it plans ahead, building up
broad-based core technologies and adopting new thematic
domains well upstream (health & fitness, ageing, man-machine
interfaces, or applications of digital technology, for example).
On the other hand, it defines strategic research priorities and
develops technical applications for use in products. The ultimate
goal of this approach is to produce breakthrough innovations that
involve specific technological expertise. Some examples:
our advances in surface coating technologies, applied
to cookware (ultra-resistant, nonstick coating), or to
ironing (the use of palladium catalysis to make soleplates
self-cleaning);
OVER 200
NEW PRODUCTS
AND MODELS
EACH YEAR
We are also seeking to shorten the time it takes to launch a new
product by building up pooled and cross-referenced technical data
bases, while, at the same time, maintaining separate product
development models according to the degree of complexity (rapid
market launch for tactical products, and longer cycles for more
advanced functions).
our expertise in cooking methods (frying, steaming,
stewing, etc.), and in the preparation of foods such as
rice, meat or yogurt;
our know-how in acoustics (a significant reduction of
noise levels for vacuum cleaners and fans);
our command of suction power technologies (a
two-stage cyclonic vacuum system with double filtering for
more efficient operation, to cut energy consumption);
our experience in eco-design, especially to improve
the recyclability of products.
HIGHLIGHT
1,000 ACTIVE PATENTS
!
AWARDS fOR THE GROUP’S INVENTIVE TALENT
Top of the charts in 2010, the Group carried off two prestigious awards for its innovative energy:
· The ‘Best Innovator’ jury prize awarded by AT Kearney in partnership with the financial newspaper ‘Les Echos’. This award
was given to salute the innovative dynamism behind our regular product offer renewal in a highly competitive market, and our
open collaboration with research laboratories and other industry operators.
· The ‘Prix Hermès de l’Innovation’, won at the 3rd ‘Rencontre Nationale des Directeurs de l’Innovation’, on the theme
‘The challenge of design’, singled out Groupe SEB for its ability to transform its high-tech advances into real consumer benefits
– a finely-tuned synthesis of the Group’s know-how and the aspirations of individuals.
OPERATIONS
34-35
THERMO-SPOT:
10
years
ALREADY
AN INNOVATION COMMUNITY
Effective coordination of all the Group’s talents, whether
technical, marketing or creative, is the secret of successful
innovation. Groupe SEB strives to cultivate a real community of
innovation, which involves intensive contact between R&D,
marketing and design, as well as sharing the results of projects,
and building bridges between different product domains. It also
means working with outside partners such as laboratories,
competitive clusters like Vitagora in Burgundy, start-ups, universities, health professionals, major agro-food and other mass
market industrial groups. It was from this perspective that the
Group’s Annual Innovation Days event, held for the second year
running in 2010, brought together this community of experts to
provide extra impetus for its innovation dynamic.
There is no good invention without proper protection. Our
Industrial Patents department which supports the work of the
Group’s R&D department, intervenes increasingly up-stream to
protect our new ideas and enable exploration of little-known areas.
Primarily concerned with protection, it saw a busy year in 2010
with the filing of 110 new patents, and 273 so-called Soleau
preliminary patent registrations. At the exploratory stage, it charts
all current research by reviewing new inventions in basic technologies and their applications. The department also has a more
assertive role which involves virtually barricading our inventions
to protect them from being copied or forged. Last year was also a
very busy year in this area, especially for patents covering the
Actifry, which is much envied around the world.
SD
SPOTLIGHT
€73 MILLION INVESTED
IN R&D IN 2010
HIGHLY PROTECTED INVENTIONS
AN INNOVATION
COMMUNITY
Of 750 PEOPLE
r
INNOVATION AND
SUSTAINABLE
DEVELOPMENT
Jean-Christophe Simon,
President, Innovation
“Respect for the environment, consumer
health and making our products accessible to
the handicapped are an important feature
of our R&D work. This leads the Group's innovation teams to explore new avenues, and take
up technological challenges in the use of materials, energy
consumption and ergonomics. Our innovation dynamic gains
momentum from a very active flow of exchange between
marketing, R&D and design teams. It is also
spurred by collaboration with outside experts.
An example is the Group’s partnership with
management, engineering and design schools to
further our understanding of handicap in the area
of cooking, and take this into account.”
2010
PROXIMITY AND
STRONG APPEAL
Groupe SEB wants to be closer to its customers
by increasing its presence in all media channels,
where it can help people in their decisions to buy,
while the Group expands its consumer audience.
The Internet is new territory in which the Group has begun to
develop blog sites linked to social networks. For example, at
the end of June 2010, krups launched its community portal
www.tendencesculinaires.com, which posts recipes, discusses
culinary topics and shows off krup’s products.
fUNCTIONAL DESIGN
BLANKET MEDIA COVERAGE
The revival of markets in 2010 prompted the Group to reinvest
heavily in media advertising and other targeted promotional efforts
to restore dynamic sales momentum. We increased our spending
on advertising space by 50% – with TV spots still accounting for
80% of this budget – and continued to develop promotion on the
Internet. Parallel public relations exercises also increased:
Creative design is about concepts that involve more than just style.
As form is determined by function, Groupe SEB’s approach to
design is rooted in product functionality and user comfort. In this
way, design reflects distinctive functional features, clearly evoked
by the product’s appearance. Indeed, design is intrinsic to our
multi-brand strategy, as it conveys the values identified with each
brand, and so determines how each product world is perceived.
The Group’s 14-strong in-house design team also draws on outside
expertise and works closely with professional designers selected
for their individual approach.
participation in the Global Food Marketplace (SIAL)
trade show in France, with demonstrations of the
Nutritious & Delicious range;
All-Clad’s sponsorship of the Bocuse d’Or international
cuisine contest;
Rowenta’s presentation of steam irons at the IMG
Fashion Week in the United States, where it was an IMG
sponsoring partner;
new applications to promote the Group’s presence on
the Internet.
All-Clad celebrates its 40th anniversary with
the world’s top chefs at James Beard House,
New York’s prestigious gastronomic showcase.
To mark the occasion: a limited-edition Anniversary
Collection of All-Clad products.
ELITE, AN INTERNATIONAL PARTNER:
OVER 12 MILLION ARTICLES SOLD IN 5 YEARS,
IN 25 COUNTRIES, WITH A RANGE
NOW COVERING 35 PRODUCTS
OPERATIONS
36-37
DOLCE GUSTO: 5 MILLION UNITS
SOLD IN 4 YEARS, IN 30 COUNTRIES,
WITH 25 MODELS
HELPING CUSTOMERS TO DECIDE
Getting closer to our customers calls for point-of-sale communication with the use of videos, promotional areas and product
demonstrations. However, beyond visual merchandising and
promotional tools, direct customer care by sales personnel is a
prime factor in the decision to buy. To better manage this aspect
of customer relations, we have set up a School of Sales and
Marketing within the Groupe SEB Academy, which teaches both
practical and customer-relations skills. As the sales advisor is a
vital asset for the retailer, Groupe SEB France has for several years
run an Expert Training course specially for client retailer sales staff.
The module, which is geared to increasing retail sales, covers
knowledge of the industry, as well as familiarity with product
features and how these benefit the customer.
for the brand, while it also sponsors partnerships with famous
institutions such as Relais et Châteaux and the Institut Bocuse,
prestigious names in this domain in France. Finally, the Group is
involved in joint development and marketing exercises with wellknown food professionals such as Frédéric Lalos, ‘Baker of the
Year 2010’ title-holder, and the American dietician Ellie krieger.
PRESTIGIOUS PARTNERS AND EXPERTS
HIGHLIGHT
Marketing partnerships, which for Groupe SEB are important
levers of growth, are on the increase and now represent 10% of
our sales. To supplement our in-house expertise, we collaborate
with major agro-food specialists such as Nestlé in the pod coffee
sector (Nespresso and Dolce Gusto machines), and Heineken for
beer. The Group also has the endorsement of high-profile media
chefs like Jamie Oliver who promotes imaginative cooking, or the
American celebrity chef Emeril Lagasse, a TV cookery show host
and champion of good taste. Another feature of our partnership
work involves licence agreements with prominent brands such as
Walt Disney (which the Group uses for a range of childcare
products, and for Tefal and Supor pans), and the Elite or Weightwatchers labels (used respectively for hair-care products and
bathroom scales). These famous names give extra visibility to our
offer and enhance our public image. Meanwhile, All-Clad is firmly
established in the kitchens of top chefs, who serve as ambassadors
!
A fIRST: SMART PACKAGING
The Seb brand has created for its Actifry the first-ever packaging to interact with a smartphone
in the French market. By scanning a barcode on the package with a mobile phone, the user can
access a special website which offers product information, recipes, and even a shopping list of
the ingredients. This new initiative in consumer relations has been well received, and is now
being extended to other countries.
Lagostina has created l’Academia del Sapore (the
Academy of Taste), donating premium range
equipment to a network of cookery schools throughout Italy, and organizing special theme nights.
2010
A WORLD N°1
WITHOUT
BORDERS
WORLDWIDE
COOKWARE - PRESSURE COOKERS - IRONS AND
STEAM SYSTEMS - ELECTRIC KETTLES STEAM COOKERS - TOASTERS - ELECTRIC fRYERS BREADMAKERS - INfORMAL MEAL EQUIPMENT fOOD PREPARATION EQUIPMENT BATHROOM SCALES
“
From its solid base in France, Groupe SEB has set its sights on
international markets for more than 40 years, pursuing a longterm strategy of organic growth combined with acquisitions.
This strategy has given it a truly global profile today, with a
well-balanced geographic spread of sales.
In these circumstances, the Group is pragmatic, adopting both
a global and locally-focused approach to the world. This strategy
allows us to aim for, or strengthen, leading positions in every
market where we operate.
To do this, we can rely on an outstanding brand portfolio, on
the industry’s most extensive product offer, on our constant
innovation, and on a dynamic sales strategy adapted to each market. Our marketing teams
and local sales forces, familiar with their
territories, ensure coherent deployment
of our product offer and ongoing
constructive dialogue with our retail
clients.
60 MARKETING
COMPANIES
Today, these combined strengths serve
to accelerate the global growth and
consolidation of our Group.
Frédéric Verwaerde,
Senior Executive Vice-President,
Continental Structures
”
Recent years have seen profound change in the international
scene. Our business environment is in constant flux, with, on the
one hand, well-developed mature markets which remain an
economic yardstick and still account for the bulk of our sales, and,
on the other hand, new emerging markets which are now
veritable growth drivers for the global economy.
OPERATIONS
38-39
INTERNATIONAL
PRESENT IN
ALMOST 150 COUNTRIES
BREAKDOWN OF 2010 SALES:
France: 19%
Central Europe, Russia and other territories
(Turkey, Middle East, Africa...): 18%
Other Western Europe countries: 22%
Asia-Pacific: 21%
North America: 11%
South America: 9%
MAR KE TI NG C O M PANI ES
France
Is/Tille
Lourdes
Mayenne
Pont-Evêque
St Jean de Bournay
Rumilly
Tournus
Selongey
St Lô
Vernon
Erbach
Germany
A GENTS /DI S TR IB U T OR S /O T H ER C OM M E R C IA L PART N E RS
Sao Paolo - Mooca
Sao Bernardo Do Campo
Recife
Omegna
Italy
Brazil
Cajica
Colombia
Binh Duong
Province
Canonsburg
United States
I ND US T R IA L S ITE S
Vietnam
St Petersburg
Russia
China
Shanghai
Yuhuan
Wuhan
Hangzhou
Shaoxing
2010
SETTING
TRENDS
In mature markets with a high level of existing home
equipment, rival offers are standardized and competition
is rife. In this context, Groupe SEB stands out for its
innovative solutions and differentiated approach.
Although industrialized countries were badly affected over the last
three years by a serious economic crisis, consumer demand held up
well, notably in small domestic equipment.
With 4% growth in sales, Groupe SEB generally out-performed the
market in developed countries. While this was indeed helped by
continued robust trading in small domestic equipment and
cookware, the Group also took advantage of public receptiveness
to innovation and new consumer trends.
BREAKDOWN OF 2010 SALES
INNOVATION, A DRIVER Of GROWTH
In countries with high existing levels of equipment, the Group
stimulates demand for replacement products. This gives it the
opportunity to entice people to buy higher added-value products
that offer extra user benefits. Popular themes for spurring new
sales include time-saving, preserving the nutritive value and
tastiness of food, ergonomics and attractive design. A good
example in the European linen-care sector was the Group’s role in
leading a shift from irons to steam systems, which are faster and
more efficient. This trend gathered pace in 2010, notably in
France, thanks to the ingenuity of the Anti-Calc scale protection
system, which also improved the Group’s product mix and
achieved market share gains.
Mature markets: 56%
HIGHLIGHT
Emerging markets: 44%
!
PRODUCTS HAILED fOR PERfORMANCE AND QUALITY
Comparison tests by consumer magazines are a strong recommendation for our products. Numerous models were acclaimed in this way during 2010.
Calor and Rowenta steam systems came out top in trials by Belgium’s ‘Test Achats’ and France’s ‘60 millions de consommateurs’. Britain’s ‘Which?
Magazine’ awarded its Best Buy distinction to a Tefal iron, and to the Jamie Oliver blender. Ingenio frying pans (non-PFOA) scored 19/20 in tests by
France’s ‘60 millions de consommateurs’. Nutricook was hailed in Germany by ‘Test Magazin’, while a T-Fal pan was “highly recommended” by the
American magazine, ‘Cook’s Illustrated’. These distinctions offer a springboard for our sales.
OPERATIONS
40-41
INT ERNATIONAL / M ATU RE MARK ETS
A promotional event in Seoul
for Tefal’s mini blender.
The Group’s dynamism also lies in its ability to deliver breakthrough innovations that stand out from rival offers and create
added value. With products like the Actifry minimal-oil fryer, the
Air Force cordless and bagless vacuum cleaner, and the Fresh
Express grater-chopper, the Group changed ways of doing things,
which helped it to conquer market leader positions in many
European countries.
‘Product of the Year’ awards
in Spain for the Actifry family,
Silence Force and Double Liss.
BREAKING NEW GROUND
The Group continues to expand its business and strengthen
market positions in countries where it is not yet strongly
established. In Canada, for example, it has increased its presence
by launching hair-care products through a network of hair salons,
before releasing them onto the open market. In South korea,
having established its dominance in nonstick cookware, steam
irons and kettles, the Group has now introduced two more relays
for growth: beauty products and food preparation, which are
already doing very well.
SD
SPOTLIGHT
New profitable trends which began in mature
markets, have been gathering pace around the
world: home cooking, informal meals, a return to
tradition, multi-beverage choice, breadmakers,
water treatment...
r
NUTRITIOUS & DELICIOUS: HEALTH & PLEASURE COMBINED
Valérie Vuillemot, Strategic Marketing Manager, Nutrition and Cooking
“All the products in the Nutritious & Delicious line (Actifry, Vitacuisine steam cooker, Nutricook pressure cooker,
etc.), have the same aim: to meet desires for healthy eating without having to give up the pleasure of tasty food,
and without getting involved in complicated cooking. All this, plus the use of eco-designed utensils made
specially for cooking wholesome local produce. Today, we continue to explore new avenues with experts in nutrition, particularly around the concept
of the Actifry. In the United States, for example, we collaborate with dietary centres, while in Canada we work in partnership with the Canadian
Diabetes Association. As a result, we have developed specific recipes for people with diabetes, and take part in cookery classes at some thirty clinics”.
2010
ARMED WITH
THE TOOLS TO SUCCEED
The Group’s expansion depends on coherent deployment of
its brand strategy, product offer and distribution policy.
Staged demonstration of the
product offer at Carrefour Planet.
Retailing is a key link between our customers and our products.
The Group's success thus relies on its ability to work through a
far-reaching network of distributors and build relationships of trust
and dialogue with its retail clients over the long term.
DISTRIBUTORS, PARTNERS Of CHOICE
Retail formats vary between countries and market segments.
High-end boutiques, department stores, hypermarkets, convenience stores, discount chains or specialist retailers, whether they
be in Latin countries, English-speaking markets or Asia...all have
their own approach to the customer. Groupe SEB must understand these different approaches and take them into account in
order to propose a coherent product offer, and even specially
adapted ranges. This is particularly true of mature markets where
supply is abundant and seasoned shoppers are more demanding.
The Group works closely with its retail clients in different ways.
In the United States, for example, All-Clad decided in early 2010
to work exclusively with premium-quality retailer Williams-Sonoma
to launch its new D5 cookware collection. This fruitful partnership
directly impacted Group sales in this market. Another success, this
time in Canada, was our collaboration with The Hudson Bay
Company to launch the Actifry. Similarly,
in France, the Group continued its special
relationship with the Darty retail chain, with
joint development of a cookware sales area.
Groupe SEB wins the Euronics
International Supplier of the Year
Award in the small electrical
appliances category.
OUR OWN RETAIL STORES, AN ADDITIONAL ASSET
In mature markets, in addition to using the industry’s regular retail
distribution channels, the Group runs its own stores directly or with
partners under the Home and Cook banner. In Europe, these
outlets help to optimize inventories by clearing seconds and
discontinued lines. In other countries such as Japan, they help to
promote our brands and products directly to shoppers, thus giving
an extra boost to sales.
Different retail formats respond to different needs and circumstances. These range from direct factory-to-customer outlets
located near our production plants, to brand stock-clearance stores
in shopping villages, Group brand boutiques in city centres or
shopping malls, or exclusive up-market formats.
OPERATIONS
42-43
INT ERNATIONAL / M ATU RE MARK ETS
MERCHANDISING THAT TRIGGERS
THE DECISION TO BUY
Eugène de Parscau, Merchandising Manager
“Beyond innovation and advertising, it is vital to consider every other aspect
of the marketing of a product. Once inside a store, shoppers are faced with
a large choice of products that rival for their attention. We must help them
to choose and, by triggering their decision to buy, convert the shopper into
a Groupe SEB customer. We can employ a whole range of techniques and
resources to influence the buying decision: shelf display layout, product staging, point-of-sale advertising, aisle-end presentation, promotional tools ...
These are the basics of merchandising. My role as merchandising manager is to get across this message and support
our marketing teams and strategic sales forces in raising the
profile of our products and brands.”
The Group supplements these retail circuits with its development
of well-targeted online shopping websites. This new and fastgrowing sales channel is often a way for customers to buy models
that are not easy to find in regular stores. For example, the Group
has launched a British website that offers All-Clad products online,
and a French website that sells accessories.
HIGHLIGHT
MORE THAN 1,150 STORES
AROUND THE WORLD.
89 IN MATURE MARKETS
!
MOULINEX REDEPLOYED IN 9 EUROPEAN COUNTRIES
Following the partial takeover of Moulinex in 2002, the European Commission required Groupe SEB to allow third parties to use the Moulinex brand
in nine European countries for five years, followed by a transitional phase of three years. This restriction on the use of the brand was lifted on 1 January
2011, so that Moulinex has since made a comeback in Germany, Austria, The Netherlands, Sweden, Denmark, Norway, Portugal, Belgium and
Greece. The Group is now engaged in the re-conquest of these markets. This fresh launch of the brand will be helped by a specially revamped product
offer, a major advertising and marketing drive, and mobilization of all the Group’s European sales teams to make 2011 a real ‘Moulinex Year’.
2010
GROWING
IN fERTILE MARKETS
Emerging countries, which are prime markets for new home equipment,
are the Group’s growth drivers for the future. Urbanization, a rising
middle class, greater purchasing power and the spread of the retail
industry all point to rapid development.
Most emerging markets affected by the economic crisis have made
a quick recovery and are now returning to growth. Already well
established in these markets, Groupe SEB was able to benefit from
this revived demand, with an increase of 18% in sales in 2010.
ADVANCING WITH EMERGING MARKETS
The rapid economic development of these countries represents a
real source of motive power for the Group’s organic growth.
In Brazil, the emergence of a new middle class eager to buy
products offers the Group a big opportunity. Present in the
Nordeste region of this fast-developing country, with a factory
based at Recife and well-known local brands – Arno in small
electrical appliances, Rochedo, Clock and Penedo in cookware –
Groupe SEB is well positioned to respond to the demands of this
new consumer audience with an adapted and targeted offer.
HIGHLIGHT
A fAST-GROWING
MIDDLE CLASS IN
BRAZIL: 90 MILLION
PEOPLE WITH A 46%
SHARE Of PURCHASING
POWER
!
GROUP REORGANIZATION IN SOUTH AMERICA
To improve the efficiency of our structures and reinforce cooperation between our subsidiaries in South America, it was decided at the end of 2009,
to regroup them around three multi-country support service clusters, covering Brazil, the Andean Pact countries and Southwest America. These
regrouped marketing, sales, logistics and administrative teams gave us a more focused overall picture of our retail clients, and generated powerful
synergy benefits which were quickly felt in our business results. In Brazil for example, our strengthened sales force and a more assertive product
strategy led to a resurgence of our cookware sales in 2010.
OPERATIONS
44-45
INT ERNAT IONAL / EMERGING MARKETS
TAKEOVER SPURS EXPANSION
IN COLOMBIA
The Chinese market also saw an explosion in demand. Emerging
stronger from the financial crisis, China is now ranked the world's
second economic superpower...and our second-largest market.
The Group is strategically well placed in this market through
Supor’s presence in both small electrical appliances and cookware.
Thanks to this famous local brand, our extended and adapted
product offer, and an efficient on-the-spot manufacturing base,
the Group is in a position to take full advantage of rapid growth in
the Chinese market.
Even in more restive markets such as those of Central and Eastern
Europe or Russia, the strong positions enjoyed by the Group mean
it can keep its sights on the long term, while taking measured risks
pending economic recovery. The profile of the distribution industry
in this zone has been transformed in recent years as a result of
concentration and globalization of the retail sector. It remains an
essential relay in the revival of consumer spending, particularly
through expansion in large cities, which opens up new perspectives for the Group.
Established for many years in South America with well-known brands which
are leaders in their respective markets, Groupe SEB continues to strengthen
its positions and extend its coverage of this zone. The acquisition –
announced in July 2010 and finalized in February 2011 – of the Colombian
company Imusa, which makes and sells cookware and food and household
plastic products, is fully in line with this policy of expansion.
The Group – already local market leader in small electrical appliances with
its Samurai brand – now becomes leader in cookware as well, with the
takeover of Imusa. This gives the Group an excellent opportunity, not just in
Colombia, but also generally in South and Central America, where Imusa is
already well established, as well as in the United States where a subsidiary
of Imusa serves a large Hispanic population.
The Imusa profile is well matched to Groupe SEB, which will help us to quickly
speak the same language and jointly reinforce our market leadership.
IMUSA IN fIGURES
2 brands:
2 factories
2 marketing companies
12 own stores
900 employees
2010
A LOCALLY
ADAPTED OffER
from Asia to South America, from the Middle East to Eastern Europe,
the proles of emerging markets vary widely and call for special
understanding of the different challenges involved. The Group is very
alert and pragmatic in responding to the realities of these markets.
MEETING THE NEED fOR BASIC EQUIPMENT
In emerging markets, the Group is, first and foremost, responding
to a basic and urgent need for equipment. These new consumers,
whose purchasing power is on the rise, want to equip their homes
and improve their living environment. Small domestic equipment,
which sells at moderate average prices, is at the forefront of this
new accession to home comforts. Cookware and electric irons often
serve as forerunner products for the Group, which then goes on to
penetrate these markets with an adapted offer.
PROPOSING AN ADAPTED OffER
For Groupe SEB, diversity in local usage and culinary traditions
brings new opportunities. Indeed, our daily concern is to develop
a product offer that corresponds to the eating habits of all kinds
of consumers... because people do not eat rice in China in the
same way as they do in Peru, because bread in Turkey is not the
same as in Russia. This rich diversity generates value for the
Group.
The matching of products to needs can also mean adapting
accessories. In the Middle East for example, the Moulinette
shredder has a special blade for chopping spices – very popular in
these countries – while in Brazil, blenders are equipped with
accessories for exotic fruits. The Group also offers special products
and novel features to meet specific local needs. Some examples
are an anti-mosquito fan for the warm countries of South
America, or a soya milk extractor for China, while, in Russia,
a real favourite is our special meat mincer designed for the needs
of traditional local recipes.
ENTICING MARKETS UP-RANGE
However, in addition to its adapted local offer, the Group also
targets all the world’s markets with its high added-value star
products, which respond equally to the desires of mature and
emerging markets. For example, we have successfully launched
steam systems in Turkey, while the Actifry is also a number
1 seller in the Middle East, Poland and Turkey; the Dolce Gusto
– in partnership with Nestlé – was an instant success in Brazil,
where it brought new vitality to the entire coffee-pod market;
meanwhile, in China, Supor is now a specialist in induction
cooking hobs.
OPERATIONS
46-47
INT ERNATION AL / EMERGING MARKETS
SUPOR SALES MULTIPLIED
BY 3 IN 4 YEARS
This illustrates our increasingly broad coverage of all segments
of the market, from entry-to-mid-level, which meet the needs of
first-time buyers, to higher status middle-to-upper ranges which
attract consumers with greater purchasing power.
BEING VIGILANT AND RESPONSIVE
Constant and rapid change in emerging markets also calls for
responsiveness and the ability to adapt. If we do not have
factories in a country where new import barriers are introduced,
we can reconsider our product offer. In Argentina, for example,
despite protectionist measures affecting certain articles, the Group
recorded an excellent year. Its generalist profile allowed it to
quickly develop a new offer unaffected by regulatory constraints.
Likewise in Turkey, import barriers caused us to reorganize our
approach to this market by opting for a locally contracted product
creation procedure.
HIGHLIGHT
In 2010, the Group renewed 90%
of its blender range in Brazil.
!
ACCUMULATING AWARDS
• Hungary: In September, Tefal’s Quick & Hot instant hot-water fountain was awarded a Power Saving prize by E.ON, the country’s biggest energy
supplier.
• Brazil: The very popular women's magazine ‘Nova’ gave its ‘Prêmio de Beleza’ best-buy beauty products distinction to Arno’s Respect hair
straightener.
• Brazil: The ‘Top of Mind 2010’ market study which measures the spontaneous impact of brands gave Arno first prize in the vacuum-cleaning
category.
• China: Supor received a ‘Creative Award’ for its TV advert for Thermospot pans during the 5th China International TV Advertising Awards Festival.
• Czech Republic: the Tefal Ultimate Autoclean TV spot won the ‘Best ad of November’ award given by the Czech magazine ‘Strategy’.
2010
EXPANDING OUR
RETAIL BANNERS
RETAIL NETWORKS VARY BY COUNTRY
The profile of the retail industry in emerging markets is even more
varied than in mature markets. Highly concentrated in Russia
since the economic crisis, it may be fragmented as in China, or
mixed as in Brazil where major trading banners work alongside a
multitude of independent stores.
Store formats also differ, ranging from hypermarkets to specialist
stores, or even more exotic forms such as ‘souk’ marketplace stalls
or mobile shops. This diversity is taken fully into account in the
Group's marketing and product-launch strategy.
fORGING CLOSE RELATIONS
All retailers, of whatever type, are key partners in the Group’s
expansion. This alliance is seen at many levels, ranging from joint
inventory management to merchandising, and even tailor-made
collections.
Customer loyalty schemes run by our retail clients are also an
important stimulus to demand. In Mexico for example, our 2010
sales were boosted by a partner arrangement with the Soriana
retail chain, which used our cookware in its customer loyalty
scheme. We also work regularly with our clients in Central Europe
on this type of operation, which is very common in these markets.
Meanwhile, the use of multi-country support clusters gives the
Group an overall picture of markets and helps it to pool resources.
In Brazil, for example, it has created key international account
manager posts, and redeployed its sales force to better serve the
interests of the Group in these local territories, in both small
electrical appliances and cookware.
OWN RETAIL BANNERS BOOST SALES
The Group also continues to operate its own retail network, which
extends its geographic reach and ensures better coverage of
particular market segments.
In 1997, Groupe SEB created its own Tefal Shop network in
Turkey to make up for lack of structure in the local distribution
industry. Today, 155 Tefal shops account for more than a third
of our sales in this market.
OPERATIONS
48-49
INT ERNATIONAL / EM ERGING COUNTRIES
1,065
OWN STORES
IN EMERGING COUNTRIES
Expansion of our own retail network in South America was
stepped up in 2010. The Group now operates 22 of its own stores
in Brazil. Apart from generating extra sales, these stores help to
penetrate markets with high-end ranges – local shops being
reluctant to venture too far up-range – or to test-run new products
or concepts before launching them on the market. Ten new stores
were opened last year in Colombia, and three in Argentina. In
Chile where the retail industry is highly concentrated, our network
of seven boutiques adopts a different commercial approach with
a wider choice of products and a high level of customer service.
SD
SPOTLIGHT
Eastern and Central Europe boasted 29 own stores at the end
of 2010. The rapid spread of shopping malls opens up new
r
perspectives for the Group, with potential to expand its own-store
network in these markets.
In China, Supor Life Stores differ from the Group’s other retail
formats by their location in so-called ‘3 and 4-tier’ cities, where
modern retail structures are not common, and where living
standards are not as high as in the larger cities along China’s east
coast.
ALTERNATIVE RETAILING:
10% Of SALES IN 2010
SUSTAINABLE DEVELOPMENT AT GROUPE SEB BRAZIL
Sergio Seiffert Assis, Director of Production, Brazil, Chairman of ConSEB.
“The sustainable development effort of Groupe SEB Brazil is driven and coordinated by ConSEB, a committee comprising
13 voluntary employees drawn from different sectors of the company. With the support of the Group Management Board,
ConSEB defines priorities for action in line with Group objectives, and follows up on their progress. The results? More
environment-friendly products such as the Niagara washing machine with its A-rated Eco energy label, or the Click & Mix blender which is 89%
recyclable; but also, new advances in the treatment of factory effluent, and reinforced social solidarity, notably to improve access to employment for
disadvantaged young people. These are just a few examples. Our working teams are taking more and more initiatives in sustainable development –
an approach increasingly integrated into their day-to-day lives.“
2010
EXPERTISE
TALENT
KNOWS NO BOUNDS
A FORCE FOR PROGRESS
TEAM DYNAMICS
60
52
EXPERTISE
50-51
2010
A fORCE
fOR PROGRESS
“
With 70% of products made internally, Groupe SEB is atypical
of the small domestic equipment industry. Of the Group’s
24 factories, 12 are based in Europe, including ten in France,
which is an achievement when you consider that two-thirds of all
small electrical appliances sold worldwide are made in China.
Outsourcing: 30%
Asia: 20%
South America: 8%
Europe: 40%
Groupe SEB strikes the right balance: on the one hand, our
Europe-based industrial units serve as centres of innovative
expertise and a model for our in-house teams, while, on the other
hand, we continue to develop competitive multiproduct factories
close to our international markets. We also use tactical outsourcing for the supply of components or basic standardized products.
”
BREAKDOWN OF PRODUCTION IN 2010
North America: 2%
Our industrial strength is also underpinned by the day-to-day
commitment of our employees to optimize and constantly improve
our operating structures. Their teamwork, their pooling of
expertise and good practices, their involvement in Group-wide and
international projects, all mean that today Groupe SEB can rely
on an efficient organization which allows it to operate on the world
stage with confidence and responsibility.
Stéphane Laflèche,
Senior Executive Vice-President, Industrial Operations
INVESTMENTS
Of €140 MILLION:
+28%
EXPERTISE
52-53
OPERATING STRUCTU RES
WORKING IN TEAMS
TO MOVE AHEAD
TOGETHER
Arno plant in Brazil.
Selongey, Côte d’Or,
France, almost
1.4 million pressure
cookers
made in 2010.
Lagostina made at Omegna,
Italy, since 1901.
Supor production
ramped up
to serve local markets.
2010
DEPLOYING UNIQUE
INDUSTRIAL
EXPERTISE
Groupe SEB has built an international
industrial base which is geared to efciently
serve targeted markets in optimal competitive
conditions.
These factors, combined with ongoing strategic rationalization of
our factories, ensure that we can be competitive. Finally, direct
control of production means the Group can guarantee the quality
of its products.
Pont-Evêque,
the world’s biggest factory
for steam-ironing systems.
PRODUCTION IN LOW-COST COUNTRIES,
AN ADDITIONAL ADVANTAGE
However, for certain basic products with low added value,
the Group has equipped itself with industrial facilities in low-cost
countries. As our products are relatively small, there is no
obstacle to manufacturing them far from their intended markets.
PRODUCTION IN MATURE MARKETS,
THE POWER Of INNOVATION
Historically based in Europe, in particular in France, Groupe SEB
has always maintained a substantial industrial base in these
markets – unlike many of its rivals who have gradually relocated
their production to low-cost countries. This economic choice is
possible because of the Group’s deliberate policy of specializing its
factories by making them centres of expertise, which are then used
as a benchmark for the whole Group. Within this framework, we
encourage close working links between research, development,
marketing and production to facilitate the process of innovation.
This teamwork also involves sharing skills and know-how in such
areas as metal stamping, surface coating, plastics, or knowledge
of materials.
Proximity to markets is also a major advantage used by the Group
to further its expansion. Making products locally helps to reduce
indirect costs (logistics, import charges) and allows for more
efficient and rapid penetration of high-growth emerging markets.
Moreover, through its local industrial presence, the Group builds
up new technological and industrial expertise, which it can then
duplicate for the benefit of all its operations and markets.
Thus, in South America, Brazilian teams are the Group’s experts
in blenders and fans, while Supor in China is a source of
specialist knowledge in rice cooking and induction hobs.
Finally, the Group pools the experience and synergies of its
factories in order to offer increasingly relevant solutions to
consumers. For example, 2011 will see the arrival of a new range
of pressure cookers with an insert lid (typical in Brazil), and a
nonstick coating (from our Rumilly plant in France).
The decision to manufacture in Europe is justified when it is
focused on innovation, high added-value products and the
economies of scale made possible by automated facilities.
STRENGTHENED TEAMS TO HANDLE
SUPOR SUB-CONTRACTING
fOR THE GROUP: +80 STAff IN CHINA
EXPERTISE
54-55
OPERAT ING STRUCTURES
OUTSOURCING, A TACTICAL LEVER
Today’s industrial model involves a trade-off between own-production and outsourcing.
The Group adapts its response strategically, and uses outsourcing at different levels in the
production chain. In the first place, outsourcing gives access to complex sub-assemblies which
are very labour-intensive, and which would erode its competitive edge if the Group made them
in its own factories. In the second place, sourcing can give access, if necessary, to finished
products*, especially where this concerns renewal of existing products with no new
innovation, or an urgent need to replenish stocks – or again, if this option is better suited to the
commercial outlook of the product. The decision to outsource involves close collaboration with
suppliers to ensure compliance with the Group’s high standards.
BRAZIL’S RECIfE PLANT
UPGRADED TO A fULL-SCALE
fACTORY: 1.7 MILLION ARTICLES
PRODUCED IN 2010
* Share of sourcing in 2010: 30%
Rumilly: 45 million articles
made in 2010.
SD
SPOTLIGHT
Panex factory in Brazil.
r
Vacuum cleaner
centre of expertise,
Vernon, France.
SUPOR EMPHASIZES WORK SAfETY AND THE ENVIRONMENT
Wah Hock Chia, Director of Production, Supor (China)
“Supor’s work safety performance improved in 2010. This reflects the reinforcement of our work safety policy, which is the
subject of a monthly report to Groupe SEB. Last year we carried out an extensive programme of training and safety awareness
in all our plants. We also invested in machine safety and converted certain equipment to semi-automatic mode to reduce the risk
of accidents. The environment is another important focus of our industrial policy. We are stepping up our efforts particularly in the areas of water and
energy saving. For example, in 2010, we modernized several water treatment facilities and implemented solutions for recycling hot air from
compressors for re-use in certain processes. We are working to obtain ISO 14001* and OHSAS 18001* certification for all our plants by the end of
2012, in line with the Group’s standards.”
2010
WORkING IN TEAMS
TO MAXIMIzE
OPERATIONAL EffICIENCY
In parallel, a productivity improvement plan for each site makes
it possible to deal with local issues in greater detail. These plans,
overseen by a team of project managers, are aimed to increase
production while ensuring high quality, and focus on such things
as timely maintenance of tools and optimized flow management.
By methodically monitoring compliance and taking appropriate
corrective action, the Group is arming itself with efficient and
competitive industrial facilities. Moreover, it encourages the
exchange of know-how and experience between the Group’s
working teams, either by bringing them together or via its
collaborative Intranet sites, as well as through motivating events
such as the Best Practices in-house challenge competition.
A STRUCTURED APPROACH AND TEAM SPIRIT
HIGHLIGHT
It is vitally important for a world-spanning industrial group to
promote corporate team spirit and avoid fragmentation – a
principle which we apply with equal force at Group level and
within each of our entities around the world. For this purpose,
we use a system of indicators based on common standards to
constantly monitor industrial performance and ensure that we are
being competitive. This global perspective allows us to benefit
from best practices, identify weak points, initiate action plans or
take corrective measures. Supor sites in China, integrated since
2008, are gradually applying these methods to bring them into
line with Group standards.
!
10,000 WORKSTATIONS
LINKED VIA
A COMPUTER NETWORK
COVERING 106 SITES
‘01 BUSINESS AND TECHNOLOGIES’ SPECIAL AWARD fOR PHILIPPE GUYARD
Philippe Guyard, Groupe SEB’s IT Manager was singled out by the ‘01 Business and Technologies’ magazine for the Club 01 DSI Special Trophy,
which awards the IT Manager for whom the most votes were cast on the Internet. This award highlights the ability of our IT teams to accompany
the rapid expansion and globalization of the Group in recent years. The development of an information systems integration methodology played an
important support role in the Group’s acquisition strategy.
EXPERTISE
56-57
The diversity of our industrial facilities and the close links maintained
between the teams that work in them are a major asset
for Groupe SEB in its pursuit of excellence.
INfORMATION SYSTEMS, A BACKBONE Of THE GROUP
Our IT teams support the Group’s corporate functions by making
them increasingly efficient and interconnected, and by structuring
in-house communications.
The Group’s information system, which helps to harmonize
practices and share knowledge, has grown rapidly in recent years
in parallel with structural changes and the expansion of our
business. Examples of the IT support role in the Group’s
development in 2010 included: the setup and monitoring of a
multi-country cluster in South America (Argentina, Chile and
Peru), the roll-out of a new information system for our own-store
retail network; and backup for Supor teams as they bring working
methods into line with those of the Group.
Meanwhile, we have continued to consolidate support structures
by extending our SAP system to the United States and optimizing
it in Northern Europe and elsewhere, and by expanding our
Shared Corporate Accounting Services which now cover ten
French and four foreign subsidiaries.
BEST PRACTICES CHALLENGE
Launched in 2008 by the Industrial Planning department, the Best Practices
annual challenge helps to identify and share good practices introduced in our
factories each year, selecting the best of them for implementation throughout
the Group.
Following the success of the first two editions, the contest was repeated
in 2010 when many new ideas were submitted by the Group’s sites. Award
winners will be named in the first half of 2011 by a jury comprising
members of the Industrial Planning committee.
The 2009 Golden Trophy was won by France’s Rumilly Cooking site,
followed by Mayenne, France (Silver Trophy), and Mooca, Brazil (Bronze
Trophy).
2010
COMMANDING
THE SUPPLY CHAIN
fROM fACTORY
TO CONSUMER
EffICIENT ORGANIZATION...
The supply chain is essential to the Group’s competitive
performance because it ensures optimum management of
product logistics from the design stage until final delivery to a
satisfied client. This function is now organized around a dedicated
structure within each SBA. In addition, Group-wide teams
contribute to overall efficiency by providing support in specific
logistics areas such as special projects, export, or Chinese supply
management.
The effectiveness of the logistics chain depends above all on strict
control of internal stock levels. Hence the Group’s introduction
of a more precise sales forecasting system which will match
supplies as closely as possible to expected demand, and so ensure
accurate production and commercial planning. We have also
continued our efforts to clear old lines, surplus stocks and
slow-moving ranges, in order to improve the overall quality of
stocks in hand. Meanwhile, the Group has launched a farreaching initiative to harmonize the planning process through
common practices and greater coordination between SBAs,
markets and factories. In 2010, there was a notable improvement
in the Group’s average stock-level ratio, compared with 2009.
The Group is also conducting several parallel projects to
consolidate its logistics platforms so as to make them even more
efficient and responsive, and to optimize packaging and
container loading by defining common standards.
All these measures and action plans are designed to control and
coordinate flows of goods and information more effectively,
so that the Group can give irreproachable service to its retailer
clients by offering them solutions which are adapted and even
tailor-made to their needs.
EXPERTISE
58-59
The success of a product depends on its efcient integration
into a coherent supply chain which guarantees satisfaction
for our retail clients and keeps promises to consumers.
...fOR A SATISfIED CUSTOMER
As end-user satisfaction is of paramount importance, Groupe SEB
strives to offer consumers quality products and, when needed,
good after-sales service adapted to each case. For this reason, it
adopts a proactive strategy of product support, with several goals
in mind:
Quality control
at every stage.
guaranteed strict quality control right from the
production stage – whether the product is made in-house
or sourced – to identify and resolve any potential
problems well up-stream;
user-support via detailed help websites (video,
demonstrations, advice...), to guide consumers in the
optimum use of products, and so avoid mishandling and
disappointments;
common worldwide standards of after-sales service
which can distinguish between customer discontent and
material defects; it should be easy to have a faulty
product repaired, and so limit the need for retailers to
handle claims, as well as avoiding unnecessary and costly
returns for the Group.
MORE THAN 100
LOGISTICS PLATfORMS
AROUND THE WORLD
SD
SPOTLIGHT
Vacuum-cleaner tests
to guarantee
optimum efficiency.
r
LOGISTICS: WHEN ECONOMY RHYMES WITH ECOLOGY
Thomas Debray, Group Logistics Manager
“To reduce CO2 emissions in the supply chain, our logistics policy aims to use more eco-friendly forms of freight traffic, and
ensure optimum loading of transport units. Maximum loading of trucks and containers means less CO2 per carried kilo, as well
as lower transport costs – being both an economic and ecological gain. In 2010, we introduced size constraints for packaging,
to be applied right from the product design stage, so as to optimize palette loading and minimize unused container space. Just a few millimetres less in
the height or width of a product can have a significant impact on loading rates – and so, on logistics costs...and ecological costs. We are now helping to
implement this packaging methodology in all the Group’s design units”.
2010
TEAM
DYNAMICS
Groupe SEB is both a global business and a
human enterprise with a strong sense of values,
which aims to give all its employees the
opportunity to fully develop their career
potential.
“
In just ten years, Groupe SEB has doubled in size, acquiring
several companies and expanding around the globe. To ensure its
continued growth in a changing and complex world, it is more vital
than ever for the Group to attract and develop talent. With this in
mind, it has revitalized its hiring strategy, particularly in graduate
recruitment. Career planning begins as soon as a new recruit joins
the company. We support our staff with professional training,
development of skills, opportunities for geographic mobility, and
even transfer between specialist areas, so that everyone in the
Group can plan a career to match their talents and ambitions.
The Group’s human resources policy integrates principles of
corporate and social responsibility which are inscribed in its values
and history. The Group’s corporate cohesion is reflected in the
quality of its labour relations, and in the regular involvement
of its employees in sponsorship programmes. Corporate, social
and environmental responsibility are essential components of
sustainable development. It is not by chance that the Group’s
sustainable development drive is a responsibility of our Human
Resources department, as the behaviour and attitudes of
employees are of vital importance to making progress
in this area.
”
Harry Touret
Senior Executive Vice-President, Human Resources
“EVERYONE
IN THE GROUP
CAN PLAN
A CAREER
TO MATCH
THEIR TALENTS
AND AMBITIONS”
EXPERTISE
60-61
HUMAN RESOU RCES
23,000 EMPLOYEES
SPREAD OVER 51 COUNTRIES
Active labour dialogue:
in 2010, Groupe SEB signed
90 collective agreements
with its employees around the world.
In 2010, the number
of female managers
rose at almost double
the rate of male
managers
(+11.3%, compared
with +6.0%).
Today, the overall
proportion of female
managers for all the
Group’s companies
is 32%.
2010
ATTRACTING AND
OVER 50 NATIONALITIES
CULTIVATING
IN THE GROUPE SEB
TALENT
MANAGEMENT COMMUNITY
Participating in student forums
helps to make the Group better
known as a potential employer.
Welcome seminars
help new managers
from different countries
to discover the Group
and start to build up
their relational network.
ENLARGING THE POOL Of CANDIDATES
GETTING Off TO A GOOD START
To make it more attractive to potential candidates, the Group
redesigned the Careers Area of its corporate website in 2010.
The new look highlights originality, the human dimension and
authenticity. It features more than thirty testimonies from staff on
different aspects of the Group’s human resources management,
and how it puts its values to work daily. Visitors to the website can
consult job vacancies and submit an application online via a new
recruitment feature. In 2011, it is planned to launch a dozen new
‘local’ international career sites.
Once new managers are hired, the Group helps to orient them
and plan their career within the company. Revised in 2010, the
orientation process now extends over six months. It includes an
introductory seminar with the presence of senior executives,
sponsor pairing, a visit to a factory and major retail client, and a
feed-back report drawn up by the new recruit.
ATTRACTING YOUNG TALENT
Daniele Collari, International Campus Manager
With catchy slogans and offbeat
snapshots of Groupe SEB staff, the
new careers area of our corporate
website targets mainly young
candidates.
“At student forums, young people are attracted
by our brands and products, familiar to them in
their daily lives – though they do not always
connect them with Groupe SEB. They are
usually surprised to learn of the extent and
dynamism of the Group. This is why we want
to make ourselves better known to leading
business and engineering schools as a prospective employer. In 2010, we concentrated
our efforts on France, before extending our
campaign internationally in 2011. As well as being present at more
student seminars, we also develop educational partnerships with
selected institutions with a view to developing studies. Two new
projects were initiated in this way on the theme of innovation. Our
objective is to increase the number and quality of applicants, particularly for internships, so that we can develop a pool of talent to draw from
for potential first-job recruitment.”
EXPERTISE
62-63
HUMAN RESOURCES
4
113
WELCOME SEMINARS IN 2010:
PARTICIPANTS,
19
A DYNAMIC MANAGEMENT COMMUNITY
Groupe SEB today numbers more than 2,000 managers. These
make up a very diverse community of nationalities, career backgrounds and expertise, while they share common management
practices based on the Group’s values. In April 2010, the Management Convention attracted about 200 managers from some
thirty countries. This event took stock of the Group’s results and
latest advances, and reviewed our objectives for the coming years.
As part of the Group’s dynamic approach to human resources
planning, each manager is invited to become the architect of his
or her own career. Harmonized procedures throughout the Group
facilitate geographic and job mobility. These are regularly
updated with new tools such as the global e-recruitment interface
launched in 2010, which allows any employee to apply directly for
any job vacancy within the Group.
COLLABORATIVE PLATfORMS MULTIPLY
Intracom, the Group’s internal network, is the backbone of its
in-house communications. Not only a mine of information,
it serves, above all, as a collaborative work tool for the Group’s
employees: the number of Intracom collaborative platforms has
doubled each year since 2008 (some 50 were up and running in
2010). A new version of Intracom was launched last year, with
an updated graphic interface and easier access to Group documentation. This led to a 15% increase in the use of the portal.
NATIONALITIES
MANAGEMENT PRACTICES
fORM AN INTEGRAL PART
Of THE ANNUAL
ASSESSMENT INTERVIEW
The Management Convention, an opportunity
for the Group Executive Committee
to discuss results and goals with managers.
2010
DEVELOPING
SkILLS AND
SUPPORTING
CHANGE
NEW INTERNATIONAL TRAINING SEMINARS
As training plays a key role in the development of skills, the Group
stepped up its effort in this area last year with a budget allocation
up by 30.1% on 2009. New facilities in 2010 included the
creation of a School of Marketing and Sales to train 800 marketing and sales managers in the most advanced skills in their field.
In its first year, 155 managers already took part in these
seminars. A new ‘Leader’ management training programme to
support the Group’s expansion was set up in liaison with the IMD
Business School in Lausanne, Switzerland. Another initiative, the
e-learning ‘Global English’ revision module, has already been
taken up by almost 500 employees worldwide.
DECENTRALIZED TRAINING
SD
SPOTLIGHT
Working within the framework of training priorities defined by the
Group, each subsidiary develops its own training provision
adapted to local needs. One example is the Groupe SEB Supor
Academy launched in Hangzhou, China, in 2009, which provided
training for more than 1,000 employees in 2010. This structure
has integrated several Groupe SEB Academy modules, notably in
the areas of leadership, corporate values and management practices. Meanwhile, in France, an extensive programme of training
was carried out during 2010 in the context of advance planning
for careers and skills. This training aims to improve employability,
in particular for those with low levels of qualification.
r
LABOUR RELATIONS: SHANGHAI PLANT ATTRACTS PRAISE
Calogero franchina, Manager of SSEAC, the Group’s industrial plant in Shanghai, China
“At SSEAC, we attach high importance to labour relations and work very effectively with trade union representatives.
Our approach was commended in June 2010 with the accolade “Model company for harmony in working relations”.
Following two social audits, we were singled out for this award by the Labour Administration, the Trade Union Federation
and the Employers’ Association of Minhang. Among the noted achievements of our human resources policy in 2010 was a
training course aimed particularly at migrant workers from distant rural areas, who form a large part of the workforce.
The course explained their labour rights and how to protect them. More generally, we also strive to ensure good working conditions. We have, for
example, just installed air conditioning to reduce the heat in workshops during the summer, something which, in general, is not done locally.”
64-65
EXPERTISE
HUMAN RESOURCES
GRADUAL INTEGRATION Of
SUSTAINABLE DEVELOPMENT
CRITERIA IN MANAGERIAL
JOB DESCRIPTIONS
SD
SPOTLIGHT
QUALIfICATION TRAINING
fOR 320 PLANT OPERATIVES IN fRANCE
TO IMPROVE THEIR EMPLOYABILITY
r
A CHALLENGE fOR
THE ENVIRONMENT
Daniel Sullerot, Work Study Technician,
Selongey factory, France
“The goal of the EcoChallenge exercise
carried out at the Selongey and Is-surTille sites was to encourage the adoption
of good reflexes to protect the environment. I helped to organize this programme, which lasted for nine months in
the offices and workshops of these plants. Information
meetings and posters drew attention to the right things to
do, and a weekly quiz kept momentum going. Everyone
took part, including operatives in the workshops, where
computers were installed to allow them to participate. This
informal, fun approach to awareness-raising led to reduced consumption of
paper, energy and water. In Selongey alone we saved 1,000 m3 of water in the
workshops. Points won in the quiz were ‘converted’ into trees planted in the
region at the end of 2010. More than 400 trees were planted for the two sites.
The most important result is that the new reflexes have been maintained –
something I regularly notice.”
RESTRUCTURING THAT RESPECTS INDIVIDUALS
SOCIAL WELfARE: AIMING fOR EQUITY
The creation of the kitchen electrics division announced in
mid-2009 required the regrouping of employees in Burgundy
(Selongey and Is-sur-Tille). This led to the closure of sites at Caen
and La Défense where 121 people worked. As part of the job
protection plan negotiated with labour unions, each person
concerned was offered another post within the Group, mainly in
Burgundy or Mayenne. Forty people accepted job transfers. The
others were given individual support, so that a solution was found
for everyone: early retirement, a new job or the realization of a
personal project.
In the interests of fairness, Groupe SEB wants to ensure that its
employees in different countries enjoy a good level of social
welfare cover in relation to their local context. For this purpose,
it conducted a social audit of all its subsidiaries worldwide in
2010. Based on the results of this audit, Group policy in this area
will be defined in 2011, and an action plan will be put in place at
the end of the year.
IN EUROPE, AN E-LEARNING MODULE
IN COMPETITION LAW
fOR ALL MANAGERS
IN COMMERCIAL OPERATIONS
2010
68
TURNING CHALLENGES INTO DEEDS
EMBEDDED IN EVERY FIBRE OF THE GROUP
70
RESPONSIBLE
HORIZONS
66-67
2010
TURNING CHALLENGES
INTO DEEDS
GLOBAL EXPANSION AND CORPORATE ETHICS
The centre of gravity of our business continues to shift toward
emerging economies, especially since the takeover of Supor in
China. The Group is vigilant at all times to ensure that this
expansion is carried out in compliance with its principles and its
approach to sustainable development. In doing this, it uses
guidelines and a worldwide reporting system to monitor performance in areas such as health & safety at work, Human Rights and
respect for the environment. A sustainable development
action plan is set in motion in all newly acquired entities, to
gradually bring them into line with Group standards.
SAfEGUARDING THE ENVIRONMENT
THROUGHOUT THE PRODUCT LIfECYCLE
To limit the ecological impact of its operations, Groupe SEB takes
the environment into account at every stage in the lifecycle of its
products. Its eco-design goals include product recyclability,
cutting power consumption and developing the use of recycled
materials. In the area of production, 78% of the Group's entities
are certified ISO 14001, while recently acquired companies are
working toward this goal. Its eco-logistics plan aims to cut CO2
emissions by freight transport. The Group is also an active
participant in the system for collecting and processing end-of-use
products.
TAKING ACCOUNT Of A CHANGING SOCIETY
Groupe SEB keeps in step with sociological changes affecting its
employees as well as society in general. The ageing workforce in
Europe, for example, is a challenge in the effort to reduce
occupational illness, to which we are responding with a proactive
Health & Safety plan. The Group also promotes diversity within
its workforce and takes this into account in recruitment. Meanwhile, in view of the context of economic uncertainty, the Group
helps to ensure the future employability of its staff with appropriate training programmes.
BEHAVING AS A CITIZEN ENTERPRISE
Civil society puts growing pressure on the business world to
respect high social, ethical and environmental standards. Groupe
SEB’s social concern is evident at many levels. In the territories
where it operates, it behaves as a responsible economic citizen:
in the event of site restructuring, for example, it does everything
possible to limit the impact on the local economy. The Group also
participates in local life by forging links with the community and
taking part in debates on issues of social concern such as nutrition
and health. Its community commitment is also seen in its
corporate philanthropic work, which is focused on the promotion
of social integration.
RESPONDING TO CONSUMER NEEDS
WITH DURABLE PRODUCTS
Modern consumers want products that pay attention to issues
such as public health, food safety and caring for the environment.
Groupe SEB makes every effort to ensure strict surveillance of
these areas. Each new generation of products brings innovative
features that respect the needs of individuals and the environment. The field of nutrition and health is of special interest to the
Group’s innovation of new products designed for tasty and
healthy food preparation.
Tefal’s Enjoy
kitchen utensil range.
68-69
CHALLENGES
Each company denes its own sustainable development priorities in
relation to its strategic stance, the nature of its business, its structure
and local context. Groupe SEB has dened ve priority areas, each
of which is the subject of specic action plans.
The Vitacuisine steam cooker
from the Nutritious & Delicious
range preserves more vitamins
during cooking.
2010
EMBEDDED
IN EVERY
fIBRE Of
THE GROUP
Corporate ethics, protection of the environment,
social commitment, respect for the individual...
These components of sustainable development
are a central day-to-day concern of all our
working teams, and are increasingly embedded
in every task undertaken by the Group.
”
AN INTRANET PORTAL
DEDICATED TO SUSTAINABLE
DEVELOPMENT: NEWS,
COMMITMENTS, ACTION PLANS.
MORE THAN 2,000 VISITS IN 2010
Progress on sustainable development is not just a list of impressive
achievements, but an in-depth approach that pervades every
aspect of our corporate enterprise. It implies raising awareness,
improving habits, investing effort... We move ahead with pragmatism, patience, determination, step-by-step, defining priorities.
Our Group-wide approach involves all our employees and benefits
from their converging insights into the issues addressed.
Where are we today, six years on from the creation of the
Sustainable Development department? Our approach is
methodical, with sustainable development principles now
integrated into all of the Group’s 14 key processes. Several
media are devoted to the subject, and our feed-back reporting
system is increasingly effective. But, most importantly, the
systematic and concerted carrying out of action plans has led
to concrete progress in many areas. This is especially true of Health
& Safety, supplier compliance, respect for the environment and
product innovation. The focus of our R&D and marketing teams on
sustainable development in innovation is also beginning to bear
fruit – as seen in the impressive ecological performance and
nutritional benefits of the Group’s new ranges. These are, in
a sense, just the tip of the iceberg in terms of sustainable
development potential.”
”
Christian Coutin
Vice-President, Sustainable Development
EXPERTISE
70-71
ETHICS AND PRIORITIES
ADHERENCE TO
THE GLOBAL COMPACT*
IN 2003
ADHERENCE TO
THE CECED CODE
Of CONDUCT* IN 2005
MONITORING AND fOLLOW-UP
The Internal Audit department has drawn up a checklist based on
Global Compact principles, and monitors the annual Human
Rights self-assessment (HRCA Quick Check*) results for each
entity. This data is systematically reviewed during social audits.
SIGNATORY
Of THE DIVERSITY
CHARTER*
IN fRANCE
IN 2005
A steering committee comprising
representatives of the Group’s main
business areas examines the different
sustainable development themes
which regularly feature on the agenda
of the Group Executive Committee.
* See glossary, page 84
fAVOURABLE OVERALL RATING
Of THE GROUP'S SOCIAL RESPONSIBILITY,
WHICH IS REVIEWED REGULARLY BY THE
INDEPENDENT RATING AGENCY, VIGEO.
2010
ACTION
PLANS
ETHICS AND PRIORIT IES
for more detailed information on sustainable development action
plans, consult our website www.groupeseb-devdurable.com
MAIN ACHIEVEMENTS IN 2010**
Priorities
Review of Human Rights practices and policies
Progress

Principal achievements
Initiation of action plans following implementation of the HRCA
Quick Check* self-assessment tool in the Group’s subsidiaries.
Deployment of the CBSSC*, China version of the HRCA Quick
Check* at all Supor and SSEAC sites.
Initiation of a diversity action plan and the creation of a Diversity
Monitoring Commission with a brief to oversee implementation of
the plan.
Promotion of diversity

11.3% increase in the number of female managers, who represented
32% of all Group managers in 2010.
18 female employees trained to fill the usually male-dominated post
of production-line supervisor at the Pont-Evêque and St Jean de
Bournay factories in France.
Corporate philanthropy to promote
social integration

48 projects supported in 2010.
83% of international production and logistics entities certified OHSAS
18001*, compared with 68% in 2009.
Improvement of health & safety at work

Reduction of 13% in the accident frequency rate* worldwide (excluding Supor).
Creation of an MSI (muscular strain injury) steering committee at all
French industrial and logistics sites.
Improvement of customer service
Reduction of the impact of products
on the environment (eco-design)

A 25% year-on-year reduction in the return rate of products under
guarantee.

Acticook pressure cooker: time spent on cooking reduced by 35%,
with a 20% cut in power consumption, compared with a traditional
pressure cooker.
Natura: a range of cookware made from 100% recycled aluminium.
Reduction of CO2 emissions by transport
relating to products (eco-logistics)
Managing end-of-use products
** Data include Supor, unless otherwise stated

Increase in lorries loading rates from 63% to 65% (excluding Supor).

Participation in the VALEEE* project for recycling and recovery of plastics from waste electronic and electrical equipment (WEEE) in France.
135,000 km saved through direct delivery to certain distributors.
RETAILERS,
CONSUMERS:
ALL OUR ATTENTION
PRODUCT QUALITY AND CONSUMER SERVICE
Good after-sales service and priority given to repair rather than exchange of products are two basic principles of Groupe SEB’s consumer service policy. In 2010, the Group continued its worldwide
deployment of a computerized system which will eventually link
up all its Customer Welcome Centres and approved repair
centres. This shared platform will make it easier to handle
customer claims and feed back comments to design teams, and so
ensure constant progress. There was a marked improvement in
the Group’s product quality indicators in 2010, as a result of a
quality plan launched at the end of 2007. Moreover, the rate of
repair as against replacement of returned products rose to 52% in
France from the previous year’s 47% – which is also a benefit for
the environment.
72 - 73
STAKEHOLD ERS
NEW WORKING PARTNERSHIPS
WITH RETAILERS
Service is also at the heart of relations between
Groupe SEB and its distributor clients. Apart
from just-in-time order delivery, the Group is
involved in various other partner arrangements with retailers. In 2010, for example,
it test-ran a scheme with a major distributor
involving the supply of assortments
of small electrical appliances to cover all
European markets. This considerably
simplified stock-listings and logistics
flows, to the economic advantage of both
parties, while also reducing CO2 emissions by freight transport.
Rowenta Intensium
vacuum cleaner.
QUALITY PLAN: RATE Of RETURN fOR PRODUCTS
UNDER GUARANTEE DOWN BY 25% IN 2010
A WORLDWIDE GUARANTEE
fOR KRUPS, MOULINEX, TEfAL
AND ROWENTA PRODUCTS,
WHEREVER THEY ARE BOUGHT
CONSUMERS INTERESTED
IN ECO-fRIENDLY PRODUCTS
Gabriele Rizzoli, a Rowenta Intensium
vacuum cleaner user (Italy)
“Why did I choose to buy an Intensium vacuum cleaner rather than any other? I was looking for a fairly
powerful, bagless cleaner, but I also wanted it to be
eco-friendly – a ‘green’ product, if you like. I chose
the Intensium because it is highly recyclable and uses
25% less energy for the same power. My wife and I
are concerned about safeguarding the environment:
we prefer to use public transport, and avoid wasting electricity, for example.
We feel responsible for the future of our children. We are very pleased with
the Intensium, and would not hesitate to recommend it to our friends.”
2010
SHAREHOLDERS:
ALL HIGHLY
VALUED
Investor relations must be based
on accessibility, condence and respect.
The support of a stable and enduring
shareholder base is essential for pursuing
a long-term strategy.
Development, Annual Financial Report, Half-Year Report (in
digital form), and our Letter to Shareholders. The Group’s
corporate and financial website also devotes special sections to
shareholders, investors, and the press. In addition, we organize
meetings throughout the year which bring us into direct contact
and enable dialogue with all interested parties. Apart from the
AGM in Paris, there are shareholder presentations in the French
provinces, press conferences for financial analysts, road shows and
one-to-one meetings with institutional investors in France and
abroad, factory visits, theme days, and so on. On all these
occasions, our policy is to engage in open and transparent
dialogue, whatever the circumstances, and irrespective of the
Group’s performance.
A fAIR RETURN ON INVESTMENT AND OTHER BENEfITS
AN ACTIVE POLICY Of COMMUNICATION
We strive to offer our financial audience – shareholders, financial
analysts, institutional investors or economic journalists – clear,
accessible, and precise information through a variety of supports
including regular press releases and targeted publications: AGM
Convening Notice, Annual Report on Business and Sustainable
The Group pursues a long-term dividend policy. This aims to give
its shareholders a fair return on the capital they invest in it, either
through a regular increase in the dividend when trading results
permit, or by maintaining its level when circumstances demand.
This year, the Board proposed a dividend of €1.17 in respect of
the 2010 trading year, being an increase of 12.5%.
HIGHLIGHT
THE WWW.GROUPESEB.COM WEBSITE:
ALMOST 600,000 VISITORS IN 2010
!
TWO AWARDS fOR SEB fINANCIAL COMMUNICATIONS
Groupe SEB won the Corporate Governance Grand Prix 2010 trophy for Quality and Transparency, awarded by the French financial daily ‘L’Agefi’,
based on the following criteria:
• the detail, quality and accessibility of information;
• the responsiveness and availability of management;
• publication of a clear-cut, intelligible strategy.
Another distinction, awarded by the Investor Relations Forum, singled out Groupe SEB Financial Communications Director Isabelle Posth for the
second year running (already winner in 2009) with 2nd prize for Best Investor Relations. Nominations for these trophies are put forward by a panel
of French financial analysts and managers, members of the French Society of Financial Analysts (SFAF), and decided by a jury of industry professionals. This new tribute by the financial community commends the consistent quality of Groupe SEB’s financial communications and investor relations.
74 - 75
STAK EHOLDERS
SOME 22,000 SHAREHOLDERS
Of WHICH 5,000 ON THE NOMINAL
REGISTER
In addition to the dividend, a 10% dividend supplement is paid for
all shares held on the nominal register for more than two years.
This supplement may not exceed, for any one shareholder, a number of shares representing more than 0.5% of the capital.
In addition to the dividend supplement, shares held on the
nominal register entitle their owner to other benefits:
AN AVAILABLE AND ATTENTIVE SERVICE
Jacqueline Salaün, Shareholder Relations Manager
“We aim to offer you efficient service and meet your information needs. For this purpose, we
operate a two-tier structure. The external SEB Share Service manages shares on the nominal
register (double voting rights, dividend supplement entitlement, notification of the AGM,
dividend and supplement payments). It also handles stockmarket purchase
and sale transactions and other tasks such as transfer or inheritance of share
ownership. From 2011, these transactions can be done via the Internet. For my
own part, within the Group, I am at your service personally to handle any queries
or problems relating to your SEB shares and the advantages to which you are
entitled.”
free management and custody of their shares;
a secure Internet website (for holders of purely nominal shares);
INCREASE IN DIVIDEND OVER 5 YEARS (€)
4.55
double voting rights for shares held on the nominal
register for more than five years;
special offers to buy products by mail-order from
a wide choice in the Group’s Home & Cook Internet
catalogue.
3.18
1.78
1.17
0.85
Registration of shares helps us to get to know our shareholders
better and have direct personal contact with them.
3.13
2.92
2006
0.93
2007
Net income per share
0.94
2008
1.04
2009
2010
Net dividend
ALMOST 5,500 MAIL-ORDER PURCHASES
BY SHAREHOLDERS IN 2010
CONTACTS
RELATIONS WITH INVESTORS AND fINANCIAL ANALYSTS
Isabelle Posth, Director of Financial Communications
Tel: 33 (0)4 72 18 16 40 – Fax: 33 (0)4 72 18 15 99
e-mail: [email protected]
SHAREHOLDER RELATIONS
Jacqueline Salaüm, Shareholder Relations Manager
Tel: 33 (0)4 72 18 16 01 – Fax: 33 (0)4 72 18 15 98
BP2S – CORPORATE TRUST SERVICES - GROUPE SEB SHARE SERVICE
Tel: 33 (0)1 57 43 90 00 – Fax: 33 (0)1 55 77 34 17
2010
EMPLOYEES:
ALL TOGETHER
AND DIffERENT
OPEN TO DIVERSITY IN ALL ITS fORMS
Groupe SEB has been promoting diversity within its workforce for
several years, particularly in France where it is a signatory of the
Diversity Charter. Following a diagnostic study, an action plan was
initiated early in 2010, covering, for example:
- Training. This aims to reinforce management training on the
theme of diversity; in 2010, 140 managers benefited from this
module.
- Male-female job equality. The Group applies a policy of
strict non-discrimination, particularly at the hiring stage. In 2010,
it developed a programme to encourage female access to
technical and management posts. Today, women represent 32%
of Groupe SEB managers, for all entities.
- Ethnic and social diversity. The Group extended its partnerships in this area with specialist consultants, including Mozaïk RH,
and the equal opportunity network Nos Quartiers ont des talents.
It set itself a target to recruit 10% of its trainees from deprived or
immigrant communities. Temporary staff agencies were also asked
to adopt this principle of diversity. A similar approach is being
applied to the hiring of handicapped people.
Canonsburg plant.
Groupe SEB Brazil.
CANONSBURG, A BETTER BALANCE BETWEEN WORK AND PRIVATE LIfE
Dewayne Rideout, Director of Human Resources, Canonsburg site, USA
“All-Clad products are manufactured at the Canonsburg plant. In 2010, in response to increased business, we hired 80 new production staff at this
plant and introduced a three-shift system, where previously there were two. The number of overtime hours was thus significantly reduced, and overtime
work became optional. This is in line with the Group’s values and is a follow-up of a Human Rights review we carried out in 2009 with the HRCA Quick
Check* self-assessment tool. Plant staff are very pleased with the new arrangement which enables a better balance between work and private life. This
development, and our close liaison with the Pennsylvania Department of Labor and Industry on job creation, earned us the title of ‘Employer of the Year’
in September 2010.”
76 - 77
STAKEHOLDERS
ALL SUPOR AND SSEAC SITES CONDUCTED HUMAN RIGHTS SELf-ASSESSMENT
STUDIES DESIGNED SPECIALLY fOR CHINA
IN 2010, THE ACCIDENT fREQUENCY RATE* fOR ALL SITES WAS 5.83, COMPARED
WITH 6.35 IN 2009, AND THE SEVERITY RATE* DROPPED fROM 0.22 TO 0.19
IMPLEMENTATION Of THE HEALTH & SAfETY PLAN
After an initial phase concerned mainly with accident prevention,
the second phase of the Group’s Health & Safety plan was put
into effect to intensify efforts aimed to prevent muscular strain
injury (MSI). In France, every factory and logistics site set up
an MSI steering committee and appointed one or more MSI
specialists to ensure that these risks are taken into account at every
level, from product design to the monitoring of high-stress workstations or particularly arduous tasks. All layout designers and local
managers will be given training in this area by the end of 2011
(250 were trained in 2010), and a special training module will
be developed for operatives. This action plan, adapted to local
circumstances, will be gradually extended internationally from
2011.
PLAYING TOGETHER, AT WORK AND AT SCHOOL
Ouria Belaziz, CGT trade union representative for Groupe SEB in France,
a member of the CGT Metal Industry Federal Bureau, member of the Groupe
SEB Diversity Committee
“In 2010, the Groupe SEB Sustainable Development department asked me to visit classes at
the Jacques Brel Lycée in Vénissieux, in what is considered a ‘sensitive’ neighbourhood.
I accepted so that I could explain to young people that trade union delegates are key players in
industrial labour relations. I used the analogy of class delegates to show that whatever the
context, school or workplace, it is important to get involved in collective issues. There was
lively debate at these sessions about why we should be concerned about collective life – some
students were convinced of the need to be involved, while others were less so, though none
were indifferent. These young people have limited knowledge of the world of work. Their goal
is to get a job and a wage. They want to make their voice heard, but they don’t have much of an
idea of working in teams and group relations. I hope our exchanges will have helped them to
make progress on this point.”
ACTIVE LABOUR DIALOGUE
Groupe SEB signed 90 collective agreements around the world in
2010. These included two specific agreements in France. The first
refers to the introduction of a collective retirement savings plan,
and the second to psycho-social risks relating to stress,
harassment or violence at work.
fIVE MORE INDUSTRIAL
AND LOGISTICS ENTITIES
CERTIfIED OHSAS
18001* IN 2010
IN GERMANY, ITALY,
CHINA AND BRAZIL
Group’s brochure on avoiding
muscular strain injury at work.
An industrial first-aid worker
at the Selongey site in France.
2010
SUPPLIERS:
ALL COMMITTED
SOCIAL AND ENVIRONMENTAL CRITERIA COUNT fOR 31% IN THE ASSESSMENT
Of POTENTIAL GROUPE SEB SUPPLIERS
GROUPE SEB ENCOURAGES SUPPLIER
PROGRESS
In the matter of working conditions, industrial suppliers in Asia and
South America are required to fill in a labour rights statement*
based on SA8000* standards, which the Group then monitors with regular on-the-spot social audits. Of the 52 social
audits carried out in China in 2010, a single case of non-conformity was identified and dealt with in accordance with our procedures. This case concerned working hours and overtime. The
Group immediately suspended any further collaboration pending
corrective steps, which will be the subject of a follow-up audit.
Carlos Muñoz, Sales Manager,
Industrias Electroquímicas, Bogotá, Colombia
“We carry out metal surface treatment work on blenders for Groupe SEB
Colombia and on irons for Groupe SEB Brazil. For our family business
of 16 people, the demands of Groupe SEB are an opportunity for us to
make progress. For example, when they asked us in 2003 to stop using
hexavalent chromium, we first thought this would be impossible.
Nonetheless, we managed to develop a new process which does not use
this substance. We emerged stronger from this experience, and can now
offer our new technology to other clients. Today, thanks to Groupe SEB
support, we are convinced that health & safety standards and respect for
the environment are a ‘plus’ for our future. We are preparing to become
certified ISO 9001, ISO 14001 and OHSAS 18001 by the end
of 2011.”
In the matter of environmental standards, Groupe SEB encourages its supplier panel to obtain ISO 14001* certification.
In 2010, this had already been obtained by 40% of finished
product suppliers and 35% of raw materials and components
suppliers. For those suppliers who are not ISO certified, the Group
requires them to fill in an environmental statement* which
evaluates their performance in this area.
French supplier, Aperam Stainless Europe.
CLEAR RULES TO RESPECT
Groupe SEB uses a number of information and control measures
to ensure that suppliers comply with its social and environmental
requirements. For example, the principles of the Global
Compact* and the CECED Code of Conduct* are written into our
supplier contracts.
Italian supplier CEME.
CIVIL SOCIETY:
ALL INVOLVED
78 - 79
STAK EHOLDERS
67 MAJOR PROJECTS AND MORE THAN 60 LOCAL INITIATIVES BACKED BY THE GROUPE
SEB fOUNDATION SINCE 2007
COMBATING SOCIAL EXCLUSION Of EVERY SORT
Groupe SEB has made the promotion of social integration a
priority of its corporate philanthropy, which is structured around
three key vectors of integration: employment, housing and
education & training. While the Groupe SEB Foundation
coordinates and develops the Group's philanthropic work, its
social commitment is also expressed through a wide variety
of initiatives by its subsidiaries. The Group’s philanthropic work
involves an annual budget of some €2 million and mobilizes
hundreds of volunteer employees around the world.
The first Groupe SEB Foundation Volunteer
Day, held in Ecully on 14 September 2010,
attracted 80 participants from all over France.
fOR MORE INfORMATION: WWW.fONDATION.GROUPESEB.COM
For several years, Supor has been helping the ‘Schools for Hope’ project
in China to facilitate access to education in poor regions. In 2010, it
contributed RMB 2 million (€220,000) to the creation of two schools in
the province of Gui Zhou, in the south of the country. Supor also helped
to train 24 teachers for these two schools, which will be operational from
the beginning of the new school year in 2011.
BURUNDI: STREET CHILDREN NOW ON THE WAY TO SCHOOL
Yvonne Matuturu, Head of the UNESCO Social and Human Sciences Programme in Bujumbura, Burundi
“The war that devastated Burundi until early this decade put thousands of children onto the streets as orphans, separated
from their families and forced to beg in order to survive. In 2000, we started a project to help them find their relatives or a
foster family, and re-integrate them into the educational system. The project began with 15 children. Today, 2,700 are being
helped, in large part thanks to the backing of the Groupe SEB Foundation since 2007. In addition to buying school supplies,
this helps us to support foster families in creating a means of income, so that they can provide for the basic needs of the
children, and particularly to feed them. Today, the vast majority of these children have returned to school, which for us is the
best indicator of success.”
2010
CIVIL SOCIETY: ALL INVOLVED
AT THE MOOCA SITE IN SÃO PAULO, GROUPE SEB EMPLOYEES HELP
WITH GENERAL EDUCATION COURSES fOR 32 YOUNG PEOPLE : fIVE
YOUTHS ALREADY HIRED
ANOTHER VIEW Of HANDICAP
Ryadh Sallem, three times European wheelchair
basketball champion, President of the CAPSAAA
Association (CAP Sport Art Aventure Amitié)
PROMOTING EQUAL OPPORTUNITY
Committed to encouraging diversity within its own workforce, the
Group also carries this message into the community. It does this
in particular through educational institutions at several levels: in
the high school classrooms of deprived areas it offers a perspective on the world of work; in universities and advanced institutes
it draws the attention of potential future managers to the importance of respecting difference and appreciating the wealth of
diversity. At local level, the Group’s entities participate in discussions on this theme – as in Burgundy, France, in November 2010
at a get-together with young entrepreneurs from inner-city areas.
This message in favour of diversity is fully in line with the work
of the Groupe SEB Foundation in promoting social integration.
“So long as we have the right tools to compensate for our handicap, we
can perform extremely well. That is as true in sport as it is in business!”
This is easy to believe for anyone who has seen European wheelchair
basketball champion Ryadh Sallem in action on a court. He is also
President of CAPSAAA, an association for the alleviation of handicap
and for promoting awareness of handicap via sport. On the initiative of
Groupe SEB, Ryadh Sallem hosted a meeting of Group employees in
Lyon in April 2010. A basketball match was organized between mixed
teams of able and handicapped players in wheelchairs. The CAPSAAA
players also put on an exhibition match to show their talent. “Too often,
we associate handicap with suffering and failure. The point was to get
rid of this received idea.” That this goal was achieved was clear from
conversations with the participants, who appreciated the experience.
A visit to the Pont-Evêque factory
as part of a partnership project with
‘Sport dans la ville’.
A basketball match between handicapped
players and Groupe SEB employees.
80 - 81
STAKEHOLDERS
COMBINING THE ECONOMIC AND THE SOCIAL
TAKING ACTION ON HEALTH & NUTRITION
All around the world, Groupe SEB contributes to the economic
and social fabric of the local communities where it operates.
This is particularly true in areas where its plants have existed for
a long time. In the United States, the All-Clad factory at Canonsburg has worked for the last 10 years with a local community
organization, Life’s Work, which employs people who are mentally or physically challenged. It gives them the task of recycling
metals and other one-off packaging projects. In 2010, Life’s Work
presented All-Clad with a ‘Lifetime Achievement Award’ for the
quality and consistency of its support. In France in 2009, the
Rumilly factory helped to create a local employment rehabilitation
enterprise EIDRA, which helps people in difficulty to move back
into regular employment. A large part of the work done by EIDRA
involves packaging Tefal products. In 2010, the Rumilly site
helped EIDRA to perfect its skills in several areas (industrial
organization, production management and training) thanks to the
participation of some 30 Groupe SEB volunteer employees.
Being a citizen enterprise also means being concerned with social
issues. As a specialist in meal preparation, and with long years of
research into cooking and nutrition, Groupe SEB has a contribution to make in the area of nutrition and the reduction of obesity.
As well as developing products that make it easier to cook
healthy and tasty food, the Group participates in many joint
projects with health professionals. Examples in 2010 included a
survey of medical practitioners on the eating habits of the French,
campaigns to raise patient awareness about healthy eating,
sharing of experience with hospital nutritionists, and participation
in symposiums on obesity.
A DOZEN ‘YOUTH AMBASSADORS’
fROM fOREIGN COUNTRIES,
SPONSORED EACH YEAR
BY GROUPE SEB MANAGEMENT
SO THAT UNSOLD PRODUCTS CAN BENEfIT THOSE MOST IN NEED
Jacques-Etienne de T’Serclaes, Founder-President of ‘L’Agence du Don en Nature’
“The Groupe SEB Foundation is a founding partner of ‘L’Agence du Don en Nature’ [the in-kind donation agency] which was
created in 2008. Right from the start, Groupe SEB became involved in our project to collect unsold products from companies,
and have them redistributed to associations helping people in difficulty. These associations place their orders with our warehouse (which is run by a social integration company) and the products are sent to them for a nominal sum. In two years, we have
distributed more than €5 million worth of new products which have benefited some 350,000 needy people in France.
The Groupe SEB Foundation helped us financially from the start, and is a major donor of household products such as frying
pans, saucepans and vacuum cleaners – more than 85,000 articles in 2010. It is also helping us to expand in the Rhône-Alpes
area by putting us in touch with other associations which it also supports. This is an ideal partnership!”
2010
ENVIRONMENT:
ALL CONCERNED
ISO 14001* CERTIfICATION OBTAINED BY THE PANEX fACTORY
IN BRAZIL’S SÃO BERNARDO DO CAMPO, AT THE END Of 2010
fREIGHT SERVICE PROVIDERS
INVOLVED IN THE GROUP’S
ECO-LOGISTICS PROCESS
Stéphane Gautrais, Managing Director
of DSV Air & Sea, France
“Groupe SEB confides a large part of its maritime freight
transport to our company. In 2010, this involved a worldwide traffic flow of 28,000 containers of components and
finished products. We also handle overland transport to
the departure port, and from the arrival port to the final
destination. In terms of the environment, we submit a quarterly report to
the Group on CO2 emissions and on the progress of an action plan to bring
down emission levels. To date, Groupe SEB is the only company based in
France which requires worldwide reporting. We have gone to great lengths
to calculate the emissions of different kinds of ships, using a methodology
validated by ADEME*. We also give preference where possible to the use
of barge or rail transport, rather than road haulage, in order to cut CO2
emissions for the journeys to and from sea ports (2010 emissions were down
25% on those of 2009). We work in close collaboration with Groupe SEB
logistics and purchasing teams to achieve these goals.”
ECO-DESIGN: SAfE PRODUCTS
THAT RESPECT OUR PLANET
The Group’s eco-design approach is based on precise guidelines
applied by its innovation teams. These take account of increasingly strict regulations on the materials used in making products
(European REACH* and ROHS* regulations, for example)
and on the energy consumption of appliances. Rowenta’s EcoIntelligence range is particularly efficient in terms of
energy-saving. Groupe SEB is also developing the use of
recycled materials, notably in cookware ranges such as
Natura, which uses 100% recycled food-safe aluminium.
** See Action Plans on www.groupeseb-devdurable.com
ECO-PRODUCTION: fACTORIES THAT CARE
fOR THE ENVIRONMENT
Respect for the environment has been for many years a central
concern of all our entities, of which 78% are certified ISO 14001*.
For the most recent arrivals into the Group, entities which are not
yet certified are aiming to be so by the end of 2012**. The efforts
of our factories are especially geared to cutting down on energy
and water consumption, and to reducing waste and greenhouse
gas emissions.
END-Of-USE PRODUCTS: IMPROVING
THE RECYCLING AND RE-USE NETWORK
The collection and processing of small electrical appliances in
Europe is managed by eco-organizations. Groupe SEB is particularly involved in France, where it presides Eco-Systèmes, the
country’s main eco-organization*. Since 2010, Groupe SEB also
participates in the VALEEE* project, which brings together
industrial operators and research institutes with a view to
improving the offer in recycled plastics which can be used
in industrial processes.
82 - 83
OUR PL ANET
DIRECT DELIVERY TO fRENCH RETAILERS
fROM fACTORIES AND PORTS, WITHOUT GOING
VIA WAREHOUSES, SAVES 135,000 KM
ECO-LOGISTICS: CUTTING CO2 EMISSIONS RELATED
TO TRANSPORT
The transport of products or components is one of the main
sources of Groupe SEB’s direct CO2 emissions. Our eco-logistics
policy aims to reduce these emissions by taking action at three
levels: optimum loading of transport units, greater use of
alternatives to road haulage (rail, waterway), and stricter ecological demands on our freight transport providers.
In 2010, the unit loading rate continued to improve: the rate
for lorries rose to 65% from 63% in 2009, and for sea-going
containers to 86% from 85%. In terms of alternative modes
of transport, a pilot project was carried out in France to study
the possibility of systematic use of rail transport for containers of
components delivered to factories.
Groupe SEB also continued to improve the reliability of its transport carbon footprint in 2010, by extending the method tested in
France with Club Demeter and ADEME* to cover international
routes.
SD
SPOTLIGHT
PARTICIPATION IN THE
CARBON DISCLOSURE PROJECT:
AN INTERNATIONAL ORGANIZATION
Of SOME 300 MAJOR COMPANIES
WHO SHARE EXPERIENCE
ON ACHIEVING CARBON fOOTPRINT
CALCULATION
r
ACTICOOK ECONOMIZES RESOURCES
With three eco-friendly innovations and six exclusive patents, Groupe SEB’s new generation of pressure cookers, Acticook,
scores points on saving natural resources. Its Eco Energy system eliminates up to 85% of air from the cooker (air not being
a good conductor of heat), and so reduces cooking time. Its Eco Dose system measures the precise amount of water needed
for each item to be cooked, and so avoids waste. Its electronic precision Eco Timer shows exactly when to turn down the heat
source. In all, compared with a traditional pressure cooker, Acticook saves 35% in cooking time and 20% in energy.
2010
GLOSSARY
ACCIDENT fREQUENCY RATE: number of work accidents with
absence, per million hours worked.
ACCIDENT SEVERITY RATE: number of working days lost, per
1,000 hours worked.
ADEME: French Environment and Energy Management Agency.
CBSSC (CHINA BUSINESS AND SOCIAL SUSTAINABILITY
CHECK): a self-assessment tool on the issue of Human Rights,
developed by the Danish Institute for Human Rights. It is the
equivalent of the HRCA Quick Check (below), adapted to
circumstances in China.
GLOBAL COMPACT: United Nations pact which promotes ten
principles covering Human Rights, labour law, the environment
and anti-corruption.
HRCA QUICK CHECK: The Human Rights Compliance
Assessment Quick Check is a self-assessment tool developed by
the Danish Institute for Human Rights, in liaison with the United
Nations.
ISO 14001: International Standards Organization specifications
for the ongoing improvement of environment management
systems.
CECED: European Committee of Domestic Equipment
Manufacturers.
LABOUR RIGHTS STATEMENT: Groupe SEB requirements
imposed on its suppliers with regard to labour rights and working
conditions based on SA 8000 international standards.
DIVERSITY CHARTER: a document which encourages French
companies to promote diversity in their workforce and to combat
all forms of discrimination.
OHSAS 18001: A set of international specifications for the
ongoing improvement of industrial health & safety management
systems.
ECO-DESIGN: design which seeks to minimize the environmental
impact of products at every stage in their life-cycle.
REACH: European regulations (Registration, Evaluation,
Authorisation and restriction of CHemicals) which aim to ensure
a high level of protection for public health and the environment.
ECO-ORGANIZATION: a non-profit organization accredited by
the public authorities which carries out legal obligations on behalf
of its members in the area of collecting and processing waste.
ECO-PRODUCTION: manufacturing which respects the
environment and limits potential ecological risks.
ECO-STATEMENT: Group specifications binding on suppliers,
which prohibit the use of hazardous substances in products and
components.
EffYPACK (PACKAGING SYSTEM fOR SUPPLY CHAIN
EffICIENCY): A Groupe SEB project which aims to include
dimension constraints in product design and packaging in order
to optimize palette loading for transport.
ENVIRONMENTAL STATEMENT: Group environmental
conditions binding on non-ISO 14001 certified suppliers of
components and sourced finished products.
ROHS: European directive on Restriction Of Hazardous
Substances such as lead, mercury, cadmium and hexavalent
chromium in electrical and electronic equipment.
SA 8000: A set of international corporate social accountability
standards which control and monitor working conditions, health
and safety, non-use of child labour and other areas.
VALEEE: A project for the re-use of plastics recycled from Waste
Electronic and Electrical Equipment (WEEE), conducted by the
Axelera chemical environmental competitive cluster, based in
France’s Rhône-Alpes area.
2010
FOCUS
OUR STRENGTHS
ACKNOWLEDGMENTS
43.7%
BALANCED
A
SPREAD
account for
of our revenues,
44%
COMMITMENT
potentially
recyclable.
70%
SOLID
debt, at
9%
200
A CULTURE OF
INNOVATION
BRAND
CAPITAL
20
famous iconic
product offer.
ETHICAL
GROWTH
A
DYNAMIC
7
2
VALUES
consult our website
www.groupeseb.com
Tel: +33 (0)4 72 18 18 18
www.groupeseb.com
IN TRO D UCT ION
1-7
Groupe SEB
Contents
BEYOND
LIMITS
GRO U PE SEB
IN F IG URES
8-21
O PERAT IO N S
EXP ERT ISE
SUSTAIN AB LE
D EVELO PM EN T
22-49 50-65 66-83
A WORLD
LEADING GROUP
IN SMALL DOMESTIC
EQUIPMENT
Sales
€
3,652 million
+15%
Operations
in almost
countries
23,000employees
150
Net income
€
million
220
60
marketing
companies
+51%
24
production
sites
at 31 December 2010

the file.

Transcription

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