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Universal Registration Document and Annual Financial Report 2020 Contents UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2020 CONTENTS Message from the Chairman and CEO 4 An extensive and diversified offering 6 5 Consolidated Financial Statements 225 Business model 8 5.1 Financial statements 226 5.2 Notes to the Consolidated Financial Statements 231 Corporate Social Responsibility 10 5.3 Statutory auditors’ report on the consolidated fi nancial statements 293 Board of Directors 12 5.4 History of signifi cant consolidated Key figures 14 items and ratios 298 Company financial statements 301 1 Introduction totheGroup 19 6 6.1 Financial statements 302 1.1 Business sector 20 6.2 Notes to the SEB S.A. fi nancial statements 304 1.2 A profi table growth strategy 24 6.3 Five-year fi nancial summary 317 1.3 Organization and internal control 37 6.4 Statutory auditors’ report 1.4 Risk factors 46 on the fi nancial statements 318 2 Corporate governance 63 7 Information concerning the company 2.1 Implementation framework for corporate and its sharecapital 323 governance principles 64 7.1 Information concerning the company 324 2.2 Management structure 64 7.2 Information on share capital 327 2.3 Composition, organization and operation 7.3 Financial authorizations 332 of the Board of Directors 65 7.4 Employee shareholding 334 2.4 Group management bodies 94 7.5 Stock market and dividend information 337 2.5 Remuneration policy 95 3 Corporate Social Responsibility 123 8 Annual General Meeting 339 8.1 Agenda for the Combined Annual General 3.1 Commitment and management 124 Meeting of 20 May 2021 340 3.2 Non-fi nancial performance statement 128 8.2 Draft resolutions and Board of Directors’ 3.3 Vigilance Plan 131 report to the Combined Annual General 3.4 Stakeholders 136 Meeting of 20 May 2021 341 3.5 Objectives for 2023 139 8.3 Statutory auditors’ report on regulated 3.6 Reporting process 140 agreements 359 3.7 People matter 142 3.8 Sustainable innovation 171 3.9 Circular revolution 182 3.10 Climate action 187 9 Additional information 363 3.11 Report by the Independent-Third Party on 9.1 Glossary 364 the consolidated non-fi nancial statement 9.2 Declaration by the person responsible included in the Group management report 201 for the Universal Registration Document containing the annual report 367 9.3 Statutory auditors and audit fees 368 9.4 Cross-reference table for the Annual 4 Commentary on the fi nancial year 205 Financial Report, Management Report 4.1 Highlights 206 and Corporate Governance Report 369 4.2 Commentary on consolidated sales 211 9.5 Cross-reference table for the Universal 4.3 Commentary on consolidated results 217 Registration Document 371 4.4 Commentary on SEB S.A.’s results 218 9.6 Cross-reference table, Grenelle II, GRI and global compact 374 4.5 Outlook 221 4.6 Post-balance sheet events 221 Information required for Annual financial report, pursuant to Article L. 451-1-2 of the Monetary and Financial Code are identified in the correspondence table in Chapter 9.4 page 36 9 GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2020 Universal Registration Document & Annual Financial Report 2020 €6,940 million 2020 SALES The world leader in Small DomesticbEquipment -3.8% ORGANIC SALES EVOLUTION Groupe SEB pursues a multi-specialist strategy with top-ranking positions in small electrical appliances and a strong global leadership in cookware. Its mission is making consumers’ everyday lives easier and more enjoyable and contributing to better living all around the world. €301 million Operating in nearly 150 countries, Groupe SEB has built strong 2020 NET RESULT positions across continents through a product off ering, both global and local, addressing consumer expectations throughout the world. This off ering is enhanced by an exceptional brand portfolio. The Group’s success is rooted in its long-term vision, committed to achieving the right balance between growth and competitiveness 33 000 in order to create value for all its stakeholders. EMPLOYEES WORLDWIDE On top of the Consumer business, Groupe SEB has developed over the past few years into the professional segment, and in particular the professional coff ee market. This Universal Registration Document has been fi led on April 6 , 2021 with the AMF, as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation. The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129. GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2020 3 Message from the Chairman andǾCEO For all of us, 2020 will be remembered developments. This constant adaptation would as the year of an unprecedented health not have been possible without the unwavering crisis with major economic impacts. commitment and agility of all our teams. I would Unlike previous crises the Group has faced— like to sincerely thank them. which fi rst impacted the economy—this one In the current diffi cult context, the Group took us by surprise, since it attacked our health. delivered very satisfying results, which As such, we were urgently forced to review our demonstrate the relevance of our business priorities. model. Our activity in China meant that we were quickly 2020 turnover ended at €6,940m, representing an affected by the pandemic, and our focus shifted organic decrease of 3.8% and 5.6% as reported. to safeguarding the health of our employees. The resilience of annual sales stems from the This required protective measures such as Consumer business, which was underpinned masks, social distancing and new hygiene by a positive trend in household consumption, protocol. It also resulted in confi nement, with particularly in products for the home. It was also the closure of some manufacturing plants and driven by a sharp ramp-up in online sales as the organized teleworking. All measures depended initial lockdowns were instated, partly offsetting on local pandemic-related circumstances and the substantial contraction in in-store sales. 4 GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2020 Message from the Chairman and CEO Professional revenue in 2020 was impacted by Moreover, we resolutely pursued our innovation, extremely low business activity in the hospitality investment and acquisition strategy by leveraging and catering sectors. This situation led our our SEB Alliance investment fund. This year, we customers to suspend, postpone or reduce their welcomed new investment projects—Angell, investments in equipment (coffee machines) and Castalie and ChefClub—which will bolster the signifi cantly limited maintenance interventions. Group’s portfolio of new products and services Though down 18.2% from 2019, the Operating and make daily life easier for consumers. At Result from Activity (ORfA) of €605m was Groupe SEB, we recognize the challenges that better than expected, thanks to stronger than lie ahead. As such, this year, we stepped up our anticipated sales in Q4 2020. Groupe SEB commitment to promoting sustainable innovation reported operating profi t of €503m in 2020, and consumption for everyone’s well-being. versus €621m in 2019. To all our employees: we could not have This year more than ever has shown weathered this crisis without your strength, consumers’ enthusiasm for home cooking courage and commitment. I would like to as well as growth in e-commerce. thank each and every one of you again for the tremendous outpouring of solidarity and Faithful to its corporate mission, the Group generosity, across the globe. brings consumers durable, high-quality and repairable products meeting all their needs, while I would also like to extend my thanks to our at the same time developing its range of services stakeholders and shareholders who have and contents. Our strength also lies in our multi- placed their trust in us and took action by channel distribution model, combining physical our side throughout the year. retail sales, e-commerce, and social media. This With uncertainty still looming, our Consumer health crisis revealed two key trends: certain business remains sustained at the start of this practices, such as home cooking, became more year, and we anticipate our Professional business widespread, enabling us to demonstrate the to gradually return to normal, potentially as of relevance of our products and services, and the second half of the year. In 2021, we expect customers increasingly turned to e-commerce, to return to organic sales growth and higher a trend we believe is here to stay. Operating Result from Activity. We remain The Group also stayed the long-term course, confi dent in our fundamentals, which will be smoothly deploying its M&A strategy with key strengths as we navigate this period. the acquisition of Storebound, an expert in Thank you, all of you. online community management. Thierry DE LA TOUR D’ARTAISE Chairman Chief Executive Offi cer GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2020 5 An extensive and diversifi ed off ering KITCHEN ELECTRICS Electrical cooking: deep fryers, rice cookers, electrical pressure cookers, informal meal appliances, waffl e makers, grills, toasters, multicookers… Beverage preparation: coffee makers (fi lter and pod), espresso machines, electrical kettles, home beer-taps, soy milk makers… Food preparation: blenders, cooking food processors, kitchen machines, mixers, beaters… HOME AND PERSONAL CARE Linen care: irons and steam generators, garment steamers... Home care: canister vacuum cleaners with or without dust bag, steam and upright vacuum cleaners, vacuum sweepers, versatile vacuums, robots… Home comfort: fans, heaters, air treatment appliances… Personal care: hair care appliances, depilators, bathroom scales..
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