Q1 2016 Sales and Financial data: Very encouraging start to the year

Sales: €1,115m, +2.3% and +5.1% like-for-like*

• Operating Result from Activity: €93m, +1.4% and +50% like-for-like
• Net financial debt: €184m, -€132m compared with end-2015

The first quarter of 2016 saw no major changes to the Group's consumer environment which remains highly contrasted, with a rather favorable situation in Europe and China, more modest growth in the United States, a lackluster context in Japan, and persistent crisis in Russia and Brazil. Exchange rates remained volatile and certain emerging currencies depreciated further against the euro versus the first quarter of 2015.

In this environment, Groupe SEB reported sales of €1,115m, up 2.3%. Adjusted for a negative currency impact of €39m and a scope effect of +€9m (OBH Nordica, not consolidated in first-quarter 2015), sales increased by 5.1% on a like-for-like basis. This sustained organic growth is to be put into perspective with the very robust performance in first-quarter 2015 (+9.4% growth like-for-like). It was fuelled by volumes and a substantial price-mix effect, reflecting price increases that were implemented to offset currency variations as well as our ongoing move up-market. It was also driven by the continued development of online sales in numerous markets, mature and emerging alike.

Operating Result from Activity (OrfA) at end-March amounted to €93m, equivalent to that in first-quarter 2015 (€92m). It included a negative currency effect of €45m, leading to an ORfA of €138m at constant exchange rates, for an organic growth of 50%. The scope effect on ORfA was neutral for the period.

At end-March, financial debt stood at €184m, down €132m on 2015 year-end, reflecting a sharp increase in cash generation over the quarter.