THERMADOR GROUPE (EPA:THEP) - TURNOVER AT SEPTEMBER 30, 2018: +20.6%

Transparency directive : regulatory news

16/10/2018 17:40

TURNOVER AT SEPTEMBER 30, 2018: +20.6%

                                                                    Variation
                                                                       2018
                                       2018                          constant
                                     constant             Variation   scope*
In thousands of euros         2018    scope*      2017    2018/2017   /2017
(before IFRS 15)

1st quarter                 82,346    70,724     68,513    +20.2%     +3.2%
2d quarter                  85,803    74,240     71,241    +20.4%     +4.2%
3rd quarter                 76,348    65,885     63,012    +21.2%     +4.6%
Total at 30 September
(before IFRS 15)           244,497   210,849    202,766    +20.6%     +4.0%
Impact IFRS 15**            -3,078
Total at 30 September
(after IFRS 15)            241,419
Breakdown by business:
Sferaco and Groupe Valfit,
valves and fittings*        41,525    36,882     36,671    +13.2%     +0.6%
Jetly, pumps                37,614    37,614     37,325     +0.8%     +0.8%
Thermador, accessories
for central heating         30,356    30,356     28,539     +6.4%     +6.4%
Mecafer and Domac,
heavy tools in DIY
stores*                     22,911    21,529     23,177     -1.1%     -7.1%
PBtub, tubes in
synthetic materials         19,008    19,008     18,692     +1.7%     +1.7%
Thermador International     18,589    18,589     16,079    +15.6%    +15.6%
Dipra, pumps and plumbing
in DIY stores               17,443    17,443     16,641     +4.8%     +4.8%
Sodeco Valves, industrial
valves and fittings*        16,011     1,521      1,467               +3.7%
Sectoriel, motorised
valves and air
compressors                 15,015    15,015     13,550    +10.8%    +10.8%
FGinox, fittings and
flanges in stainless
steel*                      11,906      -
Aello, equipment for
swimming pools               6,125     6,125      4,472    +37.0%    +37.0%
Isocel, components
for boilers                  4,434     4,434      4,038     +9.8%     +9.8%
Axelair, ventilation
equipment*                   3,324     2,097      1,878    +77.0%    +11.7%
Other structures               236       236        237     -0.4%     -0.4%

(*) 2018 turnover taking into account acquisition of Domac consolidated since
March 1, 2017, acquisition of Sodeco Valves consolidated since September 1,
2017, acquisition of FGinox consolidated since October 1, 2017, acquisition of
Groupe Valfit consolidated since January 1, 2018. Axelair's 2018 turnover
includes the turnover generated further to the acquisition of the Vortice
France business from January 1, 2018.
(**) Re-categorisation of advertising expenses (i.e. page 57 of our 2017 annual
report).

  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 -
            Fax +33 474 95 46 35 - Website: www.thermador-groupe.fr

           Private limited company with capital of EUR 36,439,008 -
    339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00017

BUSINESS

We enjoyed a very hot summer, which allowed our subsidiaries Jetly and Dipra to
record some very good sales in their watering pump ranges. This largely
explains the good level of growth against comparable scope recorded in the
third quarter (4.6%). Our cumulative growth thereby increased to 4%, which is
closer to our start-of-year expectations.

The only downside was that our Mecafer subsidiary suffered from the lower
levels of its turnover with two of its major customers, Castorama and Mr
Bricolage.

INTEGRATION OF SODECO AND FGINOX

The search for synergies between our five subsidiaries involved in the
industrial valves market continues. Our teams are looking into all the major
topics: human resources, training, sales and pricing policy, supplier
relations, purchasing and logistics.
We are planning to roll out the Group's information system at Sodeco and
FGinox. This is a crucial step towards improving our efficiency. However, we
will proceed with these operations with the greatest possible care so as not to
impact business. As a result, these changes will be put in place over a period
of 3 years.

ECONOMIC SITUATION

French public statistics are clear: building starts of new accommodation over
12 sliding months declined 1.8% between February and August 2018. Also,
authorised housing dipped 5.5% between October 2017 and August 2018, having
momentarily passed the legendary 500,000 building permit mark. We can conclude
that we are beginning a downward cycle which will directly impact only 10% of
the Group's business thanks to the company's strong diversification over recent
years. On the other hand, government measures to bolster consumer buying power
should prop up maintenance and renovation spending on housing in France.

Otherwise, the figures we received from our sanitation-heating wholesaler
customers show that their business has grown 3.4% in value since the beginning
of the year.
Finally, we confirm that inflation seems to be coming back durably in our
economic sector, supported over the long term by the increase in global demand
for copper, nickel, aluminium and tin.

FINANCIAL SITUATION

Our financial situation remains very healthy and protects us from the probable
climb in interest rates. Growing the business, maintaining our margins and
controlling costs make a positive contribution to the detailed balance sheet
figures that were sent to you in July. This means we can continue our dividend
policy which has been satisfactory to the vast majority of you for more than
thirty years.

PROSPECTS

During the 4th quarter of 2017, we performed exceptionally (+13.7% against
comparable scope), which gives us cause to show extreme caution and do
everything we can to finish 2018 on a high note.

ACTIONARIA

The Group's executives will be in Paris at the Actionaria show on November 22
and 23, and available to answer all your questions face-to-face on stand C36. A
shareholders' meeting will be held on November 22 from 2 to 3 pm. Moreover, on
November 22 from 7 to 7.45 pm, Thermador Group will be involved in an event
entitled '45 minutes to win youngsters over' along with other companies. We are
counting on you to persuade any under-30s in your circle to get involved,
particularly if they have not yet been convinced of the interest in investing
in shares.

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02/05/2024 15:20

THERMADOR GROUPE (EPA:THEP) - TURNOVER AT SEPTEMBER 30, 2018: +20.6%

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