ECULLY, France, Sept. 3, 2002 (PRIMEZONE) -- SEB's results in first- half 2002 have confirmed the improvement in the Group's fundamentals in its former scope of consolidation. From an effective management of margins and a tight cost control, operating margin improved by 60%, helping to reduce debt by Euros 100 million.
The acquisition of Krups-Moulinex, authorized on January 8 by the European Commission and in early July by French authorities for France, enabled the Group to quickly and successfully re-launch operations and implement a highly promising optimization program.
In the six months that ended June 30, 2002, sales increased by 36% to Euros 1,097 million, of which Euros 243 million were generated by the Moulinex and Krups brands. At constant scope of consolidation, growth would have been 6% at current exchange rates and 7% at constant exchange rates. Sales were sustained in France and the United States, contrasted among other EU countries, slightly higher in Brazil and remained strong in most other markets.
Operating margin increased to Euros 63 million, representing 5.8% of sales. The percentage was unchanged from first-half 2001, despite a negative Euros 12 million contribution from Krups-Moulinex resulting from the gradual re-launch of the two brands' manufacturing and sales operations.
After various exceptional and non-recurring items, income from operations amounted to Euros 56 million and net income to Euros 40 million.
Consolidated financial debt amounted to Euros 456 million, versus Euros 428 million at June 30, 2001. Continued measures to take down debt in the Group's former configuration made it possible to almost totally finance the Euros 130 million cost of integrating Krups-Moulinex.
After taking into account the seasonal nature of the business and certain non-recurring, unusual items in the first half, Chairman and Chief Executive Officer Thierry de La Tour d'Artaise announced that objectives for the full year have been raised. In particular, operating margin is again expected to increase by roughly 15%, to nearly Euros 200 million, and net income is forecast to rise, exceptionally, by more than 30%.
The 2002 interim report will be available as of October 1.
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