Full Year 2024 SEB SA Earnings Call Transcript
Key Points
- SEB SA (SEBYF) achieved a robust 5% organic growth, reaching a record high of EUR8.266 billion in revenue.
- The company reported a 10.5% increase in operating profit, leading to an operating margin of 9.7%.
- SEB SA (SEBYF) expanded its geographical coverage and product offerings, including a joint venture in Saudi Arabia and increased production of vacuum cleaners in France.
- The company launched an employee share ownership program with a high subscription rate of 28%.
- SEB SA (SEBYF) confirmed its ESG 2030 strategy, validated by SBTi, and launched a closed-loop aluminum pans recycling program in France.
- The company faced a negative currency effect of EUR205 million, impacting revenue growth.
- SEB SA (SEBYF) experienced a slight increase in main debt to EUR1.9 billion, with a stable leverage of 1.8 times EBITDA.
- The company had to adjust its net profit due to a fine from French competition authorities, impacting financial results.
- Working capital was affected by the Red Sea crisis, leading to higher stock levels and receivables.
- Financial expenses increased due to refinancing impacts, with expectations of further increases in 2025.
Good morning, ladies and gentlemen. Welcome to this conference for the presentation of Groupe SEB 2024 full year results. I'm Stanislas de Gramont. I'm the CEO of the company, and I will be doing this presentation together with Olivier Casanova, our Chief Financial Officer. I'll pass this one.
Right. We'll start with a review of the highlights of the key elements, the key events that happened in 2024. It has been a very rich year in terms of pursuing our strategic construction of the group with a few elements that illustrate and I highlight that. We reinforced our positions in the Professional Culinary equipment with the acquisition of Sofilac with Charvet and Lacanche brands back in Q1 last year.
We've announced the opening of professional hub -- of a hub in China for Professional Coffee in Shaoxing. We have also announced the opening of a refurbishment center in (inaudible) in France to prepare for the development of the second-hand products in the future.
We've expanded our
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