Home Money SEB SA (SEBYF) Q1 2024 Sales/Trading Statement Call Transcript

SEB SA (SEBYF) Q1 2024 Sales/Trading Statement Call Transcript

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SEB SA (SEBYF) Q1 2024 Sales/Trading Statement Call Transcript

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SEB SA (OTCPK:SEBYF) Q1 2024 Sales/Trading Statement Conference Call April 25, 2024 11:30 AM ET

Company Participants

Stanislas de Gramont – Chief Executive Officer
Olivier Casanova – Chief Financial Officer

Conference Call Participants

Charles Scotti – Kepler Cheuvreux
Alessandro Cecchini – Equita

Operator

Hello and welcome to the SEB 2024 First Quarter Sales and Financial data. My name is Jess and I’ll be your coordinator for today’s event. Please note this call is being recorded and for the duration of the call, your lines will be on listen-only. [Operator Instructions]

I will now hand over to your hosts; Stanislas de Grammont, CEO; and Olivier Casanova, CFO to begin today’s call. Thank you.

Stanislas de Gramont

Thank you, very much. Good afternoon ladies and gentlemen indeed. Stanislas de Grammont speaking. I’m with Olivier Casanova and we’ll take you through the results of our first quarter in Sales and Financials. This will be followed by a question-and-answer.

Going straight maybe to our Page number 4, key results. Yes, this one. Thank you. The first quarter comes out with continued growth dynamics and comes out as expected. We post sales for the quarter of €1.9 billion and that is 7.3% growth like-for-like versus our first quarter last year. That has converted in of our level of €111 million. This is a 70% increase on the low Q1 2023. That in turn converted in a 5.8% operating margin 220 basis points versus first quarter of last year. And finally, our financial debt at the end of the quarter is — stands at €1.836 billion, €28 million lower than last year same period.

If we move on to the first quarter activity highlights going straight to this bridge, a few things to comment on this bridge. The first one is our absolute reported sales number is up

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