Half Year 2024 SEB SA Earnings Call Transcript
Key Points
- SEB SA (SEBYF) reported a 6.5% like-for-like growth in H1 sales, reaching EUR 3.74 billion.
- Operating profit increased by 35.4% to EUR 244 million, marking the highest-ever operating result for the Group in Q2.
- The Professional division posted a remarkable 13.8% growth, driven by strong performance in China and the USA.
- The consumer business showed a 5.9% like-for-like growth, with notable strength outside of China at 9%.
- The company successfully launched several new products and initiatives, including a versatile vacuum cleaner made in France and a repair and refurbishing center.
- Negative currency effects impacted sales by EUR 127 million, with significant contributions from the Turkish lira, Russian ruble, Argentine peso, Japanese yen, and Chinese yuan.
- The market environment in Asia, particularly China, remains weak with high promotional intensity and a sluggish consumer environment.
- The UK market continues to decline, although it is not a significant market for SEB SA (SEBYF).
- The company faced increased freight costs due to the Red Sea crisis, impacting inventory levels and supply chain efficiency.
- Working capital was slightly inflated by EUR 120 million due to increased inventory in transit and EUR 50 million in short-term overdues.
Hello, and welcome to the group set first half 2024 sales and results presentation. My name is François, and I'll be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call, your lines will be on listen only. However, you'll have the opportunity to ask questions. This can be done by pressing star one on your telephone keypad to register your question at any time. If you require assistance at any point, please press star zero and you'll be connected to an operator. I will now hand you over to your host Stanislaus de Gramont, Chairman, CEO; and Olivier Casanova, CFO, to begin today's call, and thank you.
Thank you very much. Good afternoon, everyone. Welcome to this first half 2020 for sales and results call. Thank you for being with us. I know that this time of the year is very packed with meetings and we are grateful that you are with us today.
All right. We will cover the results starting with sales, then we look at
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