LETTER TO SHAREHOLDERS N°107
July 29, 2022
Dear Shareholder,
Here are the main indicators on the current situation of our group.
2022 HALF YEAR TURNOVER : +9.4%
In thousands of euros | 2022 | 2021 | Variation 2022/2021 | ||
Total half year - according to IFRS 15 | 287,553 | 262,749 | 9.4% | ||
1st quarter | 142,682 | 127,007 | 12.3% | ||
2d quarter | 144,871 | 135,742 | 6.7% | ||
Breakdown by business: | |||||
Mecafer and Domac, equipment tools | 17,258 | 18,858 | -8.5% | ||
Dipra / Rousseau, pumps, technical plumbing accessories and | 36,515 | 37,831 | -3.5% | ||
taps | |||||
Isocel, supply of components to OEM | 5,729 | 4,164 | 37.6% | ||
Aello, equipment for swimming pools | 13,746 | 13,192 | 4.2% | ||
Jetly, pumps | 32,798 | 32,593 | 0.6% | ||
Thermador, central heating and domestic water accessories | 49,023 | 37,629 | 30.3% | ||
PBtub | Heating - cooling surfaces and piping | 16,323 | 15,632 | 4.4% | |
Thermacome | systems | 13,033 | 11,793 | 10.5% | |
Axelair, ventilation equipment and accessories | 4,018 | 3,396 | 18.3% | ||
Sferaco, valves, meters and connectors | 40,288 | 36,516 | 10.3% | ||
Sectoriel, motorised valves and air compressors | 15,475 | 13,649 | 13.4% | ||
Distrilabo, measure and control | 3,233 | 3,117 | 3.7% | ||
FGinox, stainless steel connectors, flanges, valves | 9,955 | 8,587 | 15.9% | ||
and accessories | |||||
Syveco, international | 17,272 | 15,515 | 11.3% | ||
Sodeco Valves, industrial valves | 12,722 | 10,115 | 25.8% | ||
Other structures | 165 | 162 | 1,9 % | ||
CONSOLIDATED HALF YEARLY SITUATION AT JUNE 30, 2022 | |||||
Simplified Profit & Loss statement | 2022 | 2021 | Variation 2022/2021 | ||
in thousands of euros first half year | |||||
Turnover (according to IFRS 15) | 287,553 | 262,749 | 9.4% | ||
Current operating income for the business | 41,311 | 39,102 | 5.6% | ||
Net profit as a portion of the group | 30,825 | 28,240 | 9.2% | ||
Detailed accounts are available on our websitehttps://www.thermador-groupe.fr/en/finance-en/regulated-information/
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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
Since the beginning of the year, the inflation passed on by our subsidiaries to customers has averaged an exceptional 11.4%, putting our reported 9.4% growth into perspective. However, congratulations to our employees on this team performance for three main reasons:
- The working environment for more than two years has been chaotic and challenging.
- In the first half of 2021, like-for-like growth was 35.8%, with anticipated orders from our customers estimated at €4m, who at the time were looking to cushion the effect of price increases.
- Over a rolling 12-month period, we passed the symbolic milestone of €500m turnover.
For the past eight quarters, approximately one third of this growth has been driven by equipment sold by our subsidiary Thermador for the energy renovation of buildings. Accessories for heat pump installations and solar water heaters continue to make a significant contribution.
On July 4, following the purchase of AFY, we were delighted to bring its 8 employees into the fold, all immediately joining our subsidiary Sferaco. We would like to extend a warm welcome to them. AFY sells a targeted range of cast iron and steel fittings and flanges to specialist wholesalers, which perfectly complements and strengthens Sferaco's range of construction and industry products. In 2021, the company reported turnover of €4m and an EBITDA of €0.4m. This acquisition, for a total of €1.5m, was paid for after the June accounts were closed.
RESULTS AND FINANCIAL SITUATION
In their constant quest to maintain cordial and constructive relations with our clients, our teams have managed to pass on most of the price increases we incurred at the time of purchase. However, the exceptional nature of this wave of inflation brought strong resistance in some cases, particularly in the consumer market, which is currently at a low ebb. This fully explains the drop in the operating margin percentage rate, which is still high (14.4%).
Our stock has remained at a high level for the last 6 months: 204 days of purchases consumed compared to 201 days at the end of December 2021 and 142 days at the end of June 2021. This means a sustained high level of service to our customers despite the countless supply difficulties encountered by our teams. To date, of the 75,000 items catalogued, we have 1,225 items not immediately available, which represents approximately 2.7% of full-year sales. This situation is an improvement on the end of June 2021.
The combined effect of the strong increases recorded on our products over the last 18 months and the reconstitution of our stock compared to the end of June 2021 has led to a very strong increase in its value: up €67.5m in 12 months! This was mainly financed by our own funds and up to €17 million from short-term cash lines granted by our financial partners.
As a result, at June 30, 2022, our net cash position was negative at €15.2m (excluding IFRS 16) and our bank debt was €19.2m. These very reasonable amounts compare favourably to our equity, which stands at €292m.
PROSPECTS
The excellent results of the first half of the year certainly boost confidence for 2022. However, there is no escaping the fact that the war in Ukraine, shortages, energy prices, the cost of greening the economy, inflation and interest rates probably point to a period of recession from 2023. Fortunately, our group is well positioned in the short term and in France to remain a player in the energy renovation of buildings and in the medium term to accompany industrial redeployment in Europe. In the long term, we hold some good cards to bring development on the African continent.
SUSTAINABLE DEVELOPMENT (ENVIRONMENT, SOCIAL AND GOVERNANCE)
Caroline Desplats Scotti joined us on June 1, 2022 as Sustainable Development Director and member of the Executive Committee. She will lead a team of specialists serving the subsidiaries who are already working to help us achieve our collective objectives. She will also be there to challenge us and to formulate proposals to continue to move our group forward in the environmental, social, societal and governance fields.
As usual, we invite you to a live webconference on Friday 29 July at 6 pm, sign up via this link.
Yours faithfully.
The Chairman
Guillaume Robin
Contact us:actionnaires@thermador-groupe.fr
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Thermador Groupe SA published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 15:56:04 UTC.