THERMADOR GROUPE (EPA:THEP) - Coronavirus & Thermador Groupe

Transparency directive : regulatory news

18/03/2020 18:00

Press Release

Saint-Quentin-Fallavier - March 18, 2020 - 6pm

Coronavirus and Thermador Groupe

The epidemic has now become a pandemic, affecting our Chinese, Italian and
Spanish suppliers in sharp succession. France has now been affected, where we
report 80.8% of our annual turnover. Our first thoughts are of course with the
victims, those that who ill, and all medical personnel who are working on the
frontline to halt this crisis.

In modest but realistic terms, Thermador Groupe companies have a role to play
in these tormented times. Indeed, some of our equipment allows systems of
absolute necessity to run properly, and we are determined to ensure their
supply under the best possible conditions: delivery of drinking water,
wastewater treatment, delivery of domestic hot water and heating, treatment of
interior air, urban heating, generators, and the agrofoods, pharmaceutical and
chemical industry, and refineries to name but a few. We have therefore decided
to ensure continuity of service in all our subsidiaries, as long as our
customers ask for it, scrupulously respecting safety conditions for staff
members and public authority directives.

In terms of turnover it would be fair to say that we did think a month ago that
we were being impacted by the difficulties encountered by our Chinese
suppliers, but this has evolved into an overall dip in economic activity in
France and in Europe.

In the DIY distribution channel (23% of consolidated turnover and 7.6% of
pre-tax profit), our business is experiencing a sharp drop-off on account of
closures of the vast majority of our customers' stores.

In the professional channels, our turnover will decline with the predicted
slowdown in economic activity generally.

On the contrary however, in the digital channels, whether in sales to private
individuals or to professionals, we do anticipate an increase in orders for
some of our customers. We are therefore doing everything we can to satisfy
demand.

This major crisis is an opportunity for us to test our resilience. Even if we
have been taken by surprise by its sudden onset and its very scale, we have
been able to get ourselves battle-ready in a matter of a few days thanks to the
commitment of our staff, the modernity of our digital tools and the solidity of
our stock levels. All the means available to us have been used to help us
adapt: homeworking, partial unemployment and paid leave. We are sure that we
will be able to get through this current period without too much damage and
rebound very quickly when the light at the end of the tunnel begins to emerge.

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THERMADOR GROUPE (EPA:THEP) - Coronavirus & Thermador Groupe

Transparency directive : regulatory news

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