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Document De Référence Et Rapport Financier Annuel 2015

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Document De Référence Et Rapport Financier Annuel 2015 FINANCIAL REPORT2015 AND REGISTRATION DOCUMENT CONTENTS PROFILE 2 CONSOLIDATED FINANCIAL STATEMENTS AFR 135 5 5.1. Financial summary 136 5.2. Consolidated ratios 137 INTRODUCTION TO THE GROUP AFR 5 5.3. Financial statements 138 1.1. History 6 5.4. Notes to the Consolidated Financial 1 1.2. Business sector 7 Statements 143 1.3. A profi table growth strategy 9 5.5. Statutory auditors’ report on the 1.4. Risk factors 15 consolidated fi nancial statements 200 CORPORATE GOVERNANCE 23 COMPANY FINANCIAL STATEMENTS AFR 203 2.1. Implementation framework for corporate governance principles 24 6 6.1. Financial statements 204 2 2.2. Management structure 24 6.2. Notes to the SEB S.A. fi nancial statements 206 2.3. Composition, organisation and operation 6.3. Five-year fi nancial summary 218 of the Board of Directors 25 6.4 Statutory auditors’ report on the fi nancial 2.4. Group management bodies 46 statements 219 2.5. Remuneration policy 47 2.6. Chairman’s report on internal control 70 2.7 Statutory Auditor’s report 76 INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL AFR 221 CORPORATE SOCIAL RESPONSIBILITY 77 7 7.1. Information concerning the company 222 3.1. Commitment and management 78 7.2. Information on share capital 225 3.2. Stakeholders 80 7.3. Financial authorisations 229 3 7.4. Employee shareholding 230 3.3. Challenges and roadmap 84 3.4. Reporting process 86 7.5. Stock market and dividend information 233 3.5. Ethical compliance 87 3.6. Responsible employment policy 91 3.7. A corporate citizen 105 GENERAL MEETING 235 3.8. A product range meeting consumer expectations 107 8.1. Agenda for the Combined General Meeting of 19 May 2016 236 3.9. Reduction of environmental impacts 111 8 8.2. Draft resolutions and Board of Directors’ 3.10. Report by one of the Statutory Auditors 119 report to the Combined General Meeting of 19 May 2016 AFR 237 8.3 Statutory auditors’ report on regulated agreements and commitments 248 COMMENTARY ON THE FINANCIAL YEAR AFR 123 4.1. 2015 highlights 124 4 ADDITIONAL INFORMATION 251 4.2. Commentary on consolidated sales 128 4.3. Commentary on the consolidated results 132 9.1. Declaration by the person responsible for the Registration Document containing 4.4. Outlook 134 9 the annual report AFR 252 9.2. Statutory auditors and audit fees AFR 253 9.3. Cross-reference table for the Annual Financial Report and management report 255 9.4. Cross-reference table for the Registration Document 257 9.5. Cross-reference table, Grenelle II, GRI and global compact 260 Items in the Annual Financial Report are identified in the contents with the help of the AFR symbol AFR Registration Document 2015 and Annual Financial Report This Registration Document was fi led with the French Financial Markets Authority (Autorité des Marchés Financiers or AMF) on 31 March 2016, in accordance with Article 212-13 of the AMF’s general regulations. It may be used as a basis for fi nancial transactions if it is accompanied by an AMF information memorandum. This document was drawn up by and is the responsibility of the issuer and the Chairman and CEO. This Registration Document is available on the Groupe SEB website, www.groupeseb.com and on the AMF website, www.amf-france.org. REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2015 - GROUPE SEB 1 PROFILE With a presence in almost 150 countries, Groupe SEB has earned strong positions on all continents through a wide, diversifi ed product range and an exceptional brand portfolio. Today, it is the world reference in Small Domestic Equipment. Its success is rooted in its ability to innovate and invent for daily life in tomorrow’s world, with the ambition of bringing better-living to all households around the world. An extensive product A global reach portfolio ■ Sales approaching ■ A presence in over ■ Cookware: frying pans, saucepans, pressure €4.8 billion 150 countries cookers, baking trays, kitchen utensils and gadgets ■ Balance between mature ■ Top ranking positions ■ Small Domestic Appliances (54%) and emerging (46%) in over 25 countries ■ Electrical cooking: deep fryers, rice cookers, countries ■ Nearly 30 production sites electric pressure cookers, informal meal ■ 26,000 employees across worldwide appliances, waffl e makers, meat grills, all continents toasters, multicookers ■ Preparation: food processors, mixers, beaters, blenders, cooking kitchen machines, coffee makers (fi lter and pod), espresso machines, electric kettles, home beer-tapping machines, soya milk makers. A strong ■ Linen care: steam irons and generators, innovation policy garment steamers ■ ■ Personal care: hair care equipment, epilators, €150 million invested in innovation every bathroom scales year ■ ■ Homecare: cyclinder vacuum cleaners with or Over 100 patents fi led every year without dust bag, upright vacuum cleaners, ■ An innovation community numbering more fans, heaters, air-conditioning units than 1,300 people Unrivalled brand equity GLOBAL BRANDS LOCAL LEADERSHIP BRANDS Responsible commitment Groupe SEB is committed to sustainable development and shares with its employees a culture based on strong values: Entrepreneurial drive ; Passion for innovation; Group spirit; Professionalism; Respect for people 2 GROUPE SEB - REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2015 HIGHLIGHTS 2015 SALES AND ORGANIC GROWTH ORFA * AND OPERATING NET DEBT AND LEVERAGE RATIO DILUTED EARNINGS PER SHARE MARGIN AND DIVIDEND In M€ In M€ In M€ In € 4,161 4,253 4,770 410 368 428 416 453 316 4.08 3.45 4.14 8.0 9.9 9.0 5.4 8.7 1.00 4.6 0.86 1.54 1.39 1.44 0.59 2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015 Organic growth in % Operating margin Net debt/EBITDA Dividend Sales ORFA Net debt Diluted earnings per share * Operating Result from Activity Breakdown of sales by region Other Western EU countries 20% + 9,7% Central Europe, France Russia North 16% and other America + 5,6% countries 13% 13% + 6,7% + 3,9% Asia-Pacific 30% South + 12,8% America 8% + 3,4% QBreakdown QOrganic growth Key fi gures STRENGTHENING INCREASE IN THE THE EXECUTIVE ACQUISITION GROUP’S CAPITAL COMMITTEE OF OBH NORDICA BOND ISSUE INTEREST IN SUPOR To better serve its different markets The Group fi nalised the acquisition Groupe SEB successfully placed Groupe SEB announced that it and to support its international of OBH Nordica, a major operator its second bond issue. The had signed an agreement with the expansion, the Group created three in the small domestic appliance €500 million, 7-year issue (due Su family holding company to buy continental divisions in charge of (SDA) market in Scandinavia. on 25 November 2022), bearing 50 million shares of Supor at a unit the Group worldwide sales activity OBH Nordica achieved sales of interest at a rate of 2.375%, was price of CNY 29 per share. This and a “Products and Innovation” €66 million in 2014-15 and has fi ve times oversubscribed. transaction brought the interest of division . around 7% value market share in the Group to 81,03% and fi nalised the Nordic SDA market. in mid-2016, subject to approval from the Chinese authorities. REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2015 - GROUPE SEB 3 SHAREHOLDERS AND STOCK MARKET INFORMATION Data sheet Key figures 2015 PLACE OF LISTING Stock market capitalisation at 31/12/2015 4 ,746 M€ Euronext Paris, Compartment A Price at 31/12/2015 (closing) 94.60 € ISIN CODE Average for the year 80. 18 € FR0000121709 Highest price 97. 45 € LISTING DATE Lowest price 58. 01 € 27 May 1975 Average daily trading volume (number of shares) 79, 811 STOCK MARKET INDICES CAC ® Mid 60 – SBF ® 120 – CAC ® Mid & Small – Change in share price as of 1st of January 2015 CAC ® All-Tradable – ® STOXX Europe 600 – Volume Vigeo Europe 120 Share price € (number of shares) 110 700 000 OTHER INFORMATION 100 + 54 % IAS index – Eligible for DSS 600 000 NUMBER OF SHARES 90 50,169,049 shares with a par value of €1 500 000 80 TICKERS + 9 % 400 000 70 Reuters: SEBF.PA Bloomberg: SK FP 60 300 000 50 200 000 40 Provisional timetable 100 000 30 28 APRIL AFTER THE STOCK MARKET CLOSES: 20 0 Sales and fi nancial information Jan. 15 Feb. 15 March 15 April 15 May 15 June 15 July 15 Aug. 15 Sept. 15 Oct. 15 Nov. 15 Dec. 15 for the fi rst quarter of 2016 SEB share price SEB volume CAC 40 19 MAY AT 14H30: General Shareholders’ Meeting in Paris (Palais Brongniart) 25 JULY BEFORE THE STOCK MAR KET OPENS: Shareholder structure Sales and results for the fi rst half of 2016 CAPITAL 25 OCTOBER AFTER THE STOCK MAR KET CLOSES: FFP Invest Free float Sales and fi nancial information 5,0% 43,0% for the third quarter of 2016 Treasury shares 2,1% Venelle investissement and associates * 19,9% FSP 5,3% Fédéractive and associates * Employees 21,4% 3,3% * Founder Group 41.3% 4 GROUPE SEB - REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2015 1 INTRODUCTION TO THE GROUP 1.1. HISTORY 6 1.4. RISK FACTORS 15 Risks inherent in operations 15 1.2. BUSINESS SECTOR 7 Legal risks 19 Multiple forms of competition 8 Financial and market risks 19 Sensitivity analysis 20 1.3. A PROFITABLE GROWTH STRATEGY 9 Insurance 21 Strong product innovation policy 9 Signifi cant events and litigation 21 An unrivalled brand portfolio 11 A global and diversifi ed presence 11 A multi-channel distribution strategy 12 An active acquisitions policy 12 Competitiveness 13 REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2015 - GROUPE SEB 5 Introduction to the Group 1 History 1.1. HISTORY Acquisitions Organic development Innovation 1857 Creation of a small tinplating workshop in 1998 Opening of a subsidiary in Australia Selongey, in the Burgundy region of France 1997 Acquisition of the Brazilian company, Arno 1932 First hand-crank food mill, paving the way for the development of Moulinex 1998 Acquisition of the Colombian company, Samurai 1944 The company takes the name SEB 2000 Tefal Thermospot (heat indicator (Société d’Emboutissage de Bourgogne) incorporated in the non-stick coating) 1950-1960 Marie, Charlotte and Jeannette food 2001 Acquisition of certain Moulinex assets, processors etc.
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