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    THEP   FR0013333432

THERMADOR GROUPE

(THEP)
  Report
Real-time Quote. Real-time Euronext Paris - 12/01 11:29:52 am
95.3 EUR   +2.03%
10/14THERMADOR GROUPE : 2021 Q3 turnover
PU
10/14THERMADOR GROUPE : Release of 2021 Q3 turnover
PU
09/14THERMADOR GROUPE : SFAF 2021 Presentation
PU
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Thermador Groupe : Release of 2021 Q3 turnover

10/14/2021 | 12:12pm EST

LETTER TO SHAREHOLDERS N°104

October 15, 2021

Dear Shareholder,

Here are the main indicators on the current situation of our group.

TURNOVER AT SEPTEMBER 30, +27.3%

AT CONSTANT SCOPE: +24.7%

In thousands of euros

2021

2021

2020

Variation

Variation 2021

Constant

Constant scope*

2021/2020

scope*

/2020

Total at 30 September - according to IFRS 15

376,836

369,293

296,075

27.3%

24.7%

1st quarter

127,007

121,513

94,952

33.8%

28.0%

2nd quarter

135,742

133,693

92,917

46.1%

43.9%

3rd quarter

114,087

114,087

108,206

5.4%

5.4%

Breakdown by business:

Mecafer and Domac, equipment tools

27,165

27,165

23,478

15.7%

15.7%

Dipra / Rousseau, pumps, technical plumbing

54,589

54,589

47,536

14.8%

14.8%

accessories and taps

Isocel, supply of components to OEM

6,434

6,434

4,567

40.9%

40.9%

Aello, equipment for swimming pools

16,852

16,852

11,003

53.2%

53.2%

Jetly, pumps

45,197

45,197

39,255

15.1%

15.1%

Thermador, central heating and domestic

54,651

54,651

34,565

58.1%

58.1%

water accessories

PBtub

Heating - cooling surfaces

21,780

21,780

16,875

29.1%

29.1%

Thermacome *

and piping systems

17,362

9,819

7,638

127.3%

28.6%

Axelair, ventilation equipment and accessories

4,551

4,551

4,935

-7.8%

-7.8%

Sferaco, valves, meters and connectors

53,447

53,447

40,776

31.1%

31.1%

Sectoriel, motorised valves

19,882

19,882

16,084

23.6%

23.6%

and air compressors

Distrilabo, measure and control

4,655

4,655

3,586

29.8%

29.8%

FGinox, stainless steel connectors, flanges,

12,679

12,679

10,714

18.3%

18.3%

valves and accessories

Syveco, international

22,489

22,489

19,290

16.6%

16.6%

Sodeco Valves, industrial valves

14,864

14,864

15,534

-4.3%

-4.3%

Other structures

239

239

239

0.0%

0.0%

Variation 2021

Constant scope*

/2019

25.6%

28.7%

31.1%

16.6%

23.9%

27.1%

37.1%

113.1%

15.0%

62.6%

13.9%

Not available **

-3.7%

20.3%

22.5%

Not available **

4.0%

9.4%

2.0%

2.6%

  • 2021 turnover: with the acquisition of Thermacome on April 30, 2020 by Thermador Groupe, its sales are consolidated since 1 May 2020.
  • Distrilabo and Thermacome were acquired on December 31, 2019 and April 30, 2020 respectively. Sales data for 2019 are not available.

… / …

Head office: Parc d'Activités de Chesnes - 80, rue du Ruisseau - CS 10710 - 38297 SAINT-QUENTIN-FALLAVIER CEDEX - FRANCE

Tel. +33 474 95 63 28 - email: actionnaires@thermador-groupe.fr- Website: www.thermador-groupe.fr

Private limited company with capital of e36,803,396 - 339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00017

BUSINESS

Our third quarter trend is as we anticipated in our most recent communication at the end of July. Companies operating in the consumer channel slowed sharply in terms of turnover (-10.1% compared to 2020 and +16.9% compared to 2019), those in the professional channels are holding up better, partly thanks to inflation (+10.8% compared to 2020 and +16.5% compared to 2019).

Our longest-standing subsidiary, Thermador, continues to perform exceptionally. Its main Italian suppliers (Caleffi, DAB, Cordivari and Zilmet) remain steadfastly behind it and are investing to support its growth in the vast energy renovation market.

Internationally, our sales teams can once again travel to physically visit their customers. Syveco's return to growth could thus be confirmed.

INVENTORY AND SUPPLY CHAIN

We are pleased to report that the decline in stock levels has halted (€138 million compared to €117 million at the end of June). We owe this to our purchasing teams and strong relationships with our suppliers. They are historically located in Europe (2/3rds of our purchases in value), where we note few delivery delays. As experienced by all the players in the market, we face major difficulties in Asia. Indeed, our Chinese partners are often forced to limit the activity of their factories to 2, 3 or 4 days a week, depending on the region and the rhythm of the power cuts imposed by the authorities. To date, of 80,000 listed items, 1,400 are not immediately available, representing approximately 4.5% of our turnover for a full year. This does not mean that this activity is totally lost, as our customers seem willing to accept limited additional delays. Often, our staff are able to propose alternative solutions, whilst our competitors are frequently less well-placed than us.

PROSPECTS

We are likely to see erosion of our gross margin at the end of the second half-year, as not all price increases have yet been fully passed on. Nevertheless, we expect a record year in terms of turnover and operating profit thanks to great efficiency amongst our employees.

The confirmation of the public authorities' support for the Ma Prime Rénov' scheme to the tune of €2 billion bodes well for the construction business, and especially renovation. At the same time, energy suppliers will continue to finance energy renovation via energy saving certificates, all of which represents a financial windfall that will undoubtedly be difficult to exploit to the full, due to a lack of human resources - and perhaps even of equipment - among installers.

A minima, and all activities combined, the additional delays announced by our Chinese suppliers will have an impact on deliveries over the next 9 months. Given our extraordinary turnover between January and June 2021 (cf: our letter to shareholders n°103), the first half of 2022 is shaping up to be a huge challenge. This does not dampen the optimism of the managers of the subsidiaries who are preparing for the future by recruiting new talent. Hence, our head-count has increased from 684 to 714 people within the space of three months.

COMMUNICATION

We will be hosting a webinar (in French and English) on October 15 at 6pm to discuss these results and answer your questions. You can register for the live webinar or get the replay on our website: https://www.thermador-groupe.fr/en/videos-en/

On November 23 in Paris (Palais Brongniart), we will come to meet you at the Investir Day trade fair. You can already register on the event's website: https://event.investirday.fr/

Yours faithfully,

The Chairman

Guillaume Robin

Contact us: actionnaires@thermador-groupe.fr

Disclaimer

Thermador Groupe SA published this content on 15 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 16:11:03 UTC.


© Publicnow 2021
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Sales 2021 480 M 544 M 544 M
Net income 2021 48,5 M 55,0 M 55,0 M
Net Debt 2021 8,95 M 10,1 M 10,1 M
P/E ratio 2021 17,6x
Yield 2021 2,77%
Capitalization 859 M 968 M 974 M
EV / Sales 2021 1,81x
EV / Sales 2022 1,73x
Nbr of Employees -
Free-Float 81,6%
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Number of Analysts 3
Last Close Price 93,40 €
Average target price 102,33 €
Spread / Average Target 9,56%
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Managers and Directors
Guillaume Robin Chairman, CEO & Head-Investor Relations
Karine Gaudin Independent Director
Laurence Verdickt Independent Director
Olivier Villemonte de la Clergerie Independent Director
Laurence Paganini Independent Director
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