UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2022
SUMMARY
Message from the Chairman | 4 |
Message from the CEO | 5 |
An extensive and diversified offering | 6 |
Business model | 8 |
Corporate Social Responsibility | 10 |
Board of Directors | 12 |
Key figures | 14 |
1 | Introduction to the Group | 19 | |
1.1 | Business sector | 20 | |
1.2 | Strategy and objectives: profitable growth | 24 | |
1.3 | Organization and internal control | 40 | |
2 | 1.4 | Risk factors and management | 49 |
Corporate governance | 65 | ||
2.1 | Implementation framework for corporate | ||
governance principles | 66 | ||
2.2 | Management structure | 66 | |
2.3 | Composition, organization and operation | ||
of the Board of Directors | 67 | ||
2.4 | Group management bodies | 99 | |
3 | 2.5 | Remuneration policy | 101 |
Corporate Social Responsibility | 137 | ||
3.1 | Commitment and management | 138 | |
3.2 | Non-financial performance statement | 147 |
3.3 Applying the EU taxonomy regulation
to Groupe SEB | 151 | |
3.4 | Vigilance Plan | 156 |
3.5 | Ongoing dialog with stakeholders | 161 |
3.6 | Reporting process | 165 |
3.7 | People matter | 167 |
3.8 Sustainable innovation and respect
for consumers | 199 | |
3.9 | Circular revolution | 209 |
3.10 | Climate action | 216 |
3.11 Report by one of the independent third-party organization on the verification of the consolidated non-financial statement
4 | included in the Group management report | 234 | |
Commentary on the financial year | 239 | ||
4.1 | Highlights | 240 | |
4.2 | Commentary on consolidated sales | 248 | |
4.3 | Commentary on consolidated results | 254 | |
4.4 | Commentary on SEB S.A.'s results | 256 | |
4.5 | Outlook | 258 | |
4.6 | Post-balance sheet events | 258 |
5 | Consolidated Financial Statements | 259 | |
5.1 | Financial statements | 260 | |
5.2 | Notes to the Consolidated Financial | ||
Statements | 265 | ||
5.3 | Statutory auditors' report on the | ||
consolidated financial statements | 326 | ||
5.4 | History of significant consolidated items | ||
6 | and ratios | 331 | |
Company financial statements | 333 | ||
6.1 | Financial statements | 334 | |
6.2 | Notes to the SEB S.A. financial statements | 336 | |
6.3 | Five-year financial summary | 353 | |
6.4 | Statutory auditors' report on the financial | ||
statements | 354 | ||
Information concerning the company | 359 | ||
7 and its share capital | |||
7.1 | Information concerning the company | 360 | |
7.2 | Information on the share capital | 363 | |
7.3 | Financial authorizations | 368 | |
7.4 | Employee share ownership | 370 | |
8 | 7.5 | Securities market, dividend | 373 |
Annual General Meeting | 375 | ||
8.1 Agenda for the Combined Annual General
Meeting of 17 May 2023 | 376 |
8.2 Draft resolutions and Board of Directors' report to the Combined Annual General
Meeting of 17 May 2023 | 377 |
8.3 Statutory auditors' report on regulated
agreements | 386 |
9 | Additional information | 391 |
9.1 Glossary | 392 |
9.2 Declaration by the person responsible for the Universal Registration Document
containing the annual report | 395 |
9.3 Statutory auditors and audit fees | 396 |
9.4 Cross-reference table for the Annual Financial Report, Management Report
and Corporate Governance Report | 397 |
9.5 Cross-reference table for the Universal
Registration Document | 399 |
9.6 Cross-reference table, Grenelle II,
GRI and global compact | 402 |
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 397.
GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2022
Universal
Registration
Document
& Annual Financial Report 2022
€7.960 million
2022 SALES
The world leader in Small
DomesticbEquipment
-4.7%
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.
€316 million
2022 NET RESULT
> 30,000
EMPLOYEES WORLDWIDE
Operating in nearly 150 countries, Groupe SEB has built strong positions across continents through a product offering, both global and local, addressing consumer expectations throughout the world.
This offering is enhanced by an exceptional brand portfolio.
On top of the Consumer business, Groupe SEB has developed since 2016 into the professional segment, and in particular the professional coffee market.
The Group's success is rooted in its long-termvision, committed to achieving the right balance between growth and competitiveness
in order to create value for all its stakeholders.
This Universal Registration Document has been filed on April 6, 2023 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.
This Universal Registration Document is a reproduction of the official version of the Universal Registration Document including the 2022 annual financial report, which has been prepared in XHTML and is available on the websites of the AMF (www.amf-france.org) and Groupe SEB (www.groupeseb.com).
GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2022 | 3 |
Message from
the Chairman
After a record year in 2021, 2022 turned out to be more challenging, particularly as a result of greater tension in the macroeconomic and geopolitical context. However, the Group proved itself responsive and resilient,
without straying from its long-term course.
Beyond our financial performance, which did reflect these difficulties but moved in the right direction in the second six-month period, we continued our progress in terms of sustainable development. We are facing huge environmental and societal challenges, and it is imperative that we take the long view with regard to our actions and continue to accelerate in these areas.
2022 was also a year of change in corporate governance, with the splitting of the functions of Chairman and Chief Executive Officer. This development reflects the spirit of continuity that has always guided Groupe SEB and the family concert.
For more than three years, Stanislas de Gramont has played a key role by my side as Chief Operating Officer. Today, he possesses all of the qualities necessary to perform the role of the Group's Chief Executive Officer, a position he has held since 1 July. He has the full confidence of both me and the Board of Directors.
I have always been, and I remain, enthusiastic about the Group, whose future and forthcoming success are ensured by our strong strategic priorities, our meaningful values and the commitment of our employees, whom I thank once again.
As a committed Chairman, I am pleased to continue to serve the Group and to pursue our ambition of sustainable performance.
Thierry DE LA TOUR D'ARTAISE
Chairman of the Board of Directors
- GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2022
Messagefrom
the CEO
After a record year in 2021, and faced with a challenging economic situation, our sales were resilient overall in 2022. We were particularly satisfied with our performance in China, where Supor reached the
milestone of €2 billion in sales for the first time.
However, our results were impacted by significant headwinds. In this context, the Group again demonstrated a high level of responsiveness and rapidly implemented effective action plans to adapt to market developments and protect its profitability.
Beyond short-term imperatives, we also continued to invest in our strategic tools: product innovation, international expansion of our fl agship products, attractiveness of our brands, and the activation of all our retail distribution channels. There was also no letup in capital expenditure to improve our competitiveness - our investments in industry, logistics and information systems are crucial for the future.
I would like to acknowledge and express my gratitude for the outstanding commitment of all our teams, without whom these achievements would not have been possible.
Visibility remains limited for the year 2023. Despite a downturn in the first quarter, the Group expects a gradual improvement in its Consumer revenue, strong growth in Professional sales and an increase in its operating margin throughout the year.
We are confident that the global Small Domestic Equipment and Professional Coffee markets will continue to develop, and we recently acquired San Marco in order to further improve our strength in this area. We remain convinced of the merits of our business model, which will enable us to take full advantage of strong structural demand, a source of growth opportunities for Groupe SEB.
Stanislas DE GRAMONT
Chief Executive Officer
GROUPE SEB - UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 2022 | 5 |
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SEB SA published this content on 08 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2023 09:45:01 UTC.