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