THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2020 annual results

Transparency directive : regulatory news

19/02/2021 18:00

LETTER TO SHAREHOLDERS N° 101

February 22, 2021

Dear Shareholder,
Our Board of Directors met on February 18 for final closing of the 2020
accounts, which present as follows:

2020 TURNOVER: +7.2% AND AT CONSTANT SCOPE: +2.6%

In thousands of euros                     2020           2020
                                                       constant
                                                        scope*
Total at 31 December ?
according to IFRS 15                     395,500        378,543
1st quarter                               94,952         93,601
2d quarter                                92,917         88,947
3rd quarter                              108,206        102,303
4th quarter                               99,425         93,692
Breakdown by business:
Mecafer and Domac, equipment tools        34,211         34,211
Dipra / Rousseau, pumps, technical
plumbing accessories and taps             62,316         62,316
Isocel, supply of components to OEM        6,230          6,230
Aello, equipment for swimming pools       12,519         12,519
Jetly, pumps                              49,996         49,996
Thermador, central heating and
domestic water accessories                49,003         49,003
PBtub        Heating - cooling surfaces   22,158         22,158
Thermacome**   and piping systems         11,905              -
Axelair, ventilation equipment and
accessories                                5,978          5,978
Sferaco, valves, meters and connectors    53,431         53,431
Sectoriel, motorised valves and air
compressors                               21,924         21,924
Distrilabo, measure and control*           5,052              -
FGinox, stainless steel connectors,
flanges, valves and accessories           14,491         14,491
Syveco, international                     25,378         25,378
Sodeco Valves, industrial valves          20,607         20,607
Other structures                             301            301

2019        Variation    Variation 2020
            2020/2019    constant scope*
                            /2019

368,836        +7.2%        +2.6%
93,048         +2.0%        +0.6%
97,651         -4.8%        -8.9%
91,764        +17.9%       +11.5%
86,373        +15.1%        +8.5%
Breakdown by business:
31,114        +10.0%       +10.0%
54,997        +13.3%       +13.3%
6,453          -3.5%        -3.5%
8,873         +41.1%       +41.1%
49,189         +1.6%        +1.6%
47,201         +3.8%        +3.8%
24,538         -9.7%        -9.7%
-                  -        -
5,742          +4.1%        +4.1%
56,320         -5.1%        -5.1%
21,629         +1.4%        +1.4%
-                  -        -
16,036         -9.6%        -9.6%
26,831         -5.4%        -5.4%
19,600         +5.1%        +5.1%
313            -3.8%        -3.8%

*  Distrilabo was acquired by Thermador Groupe on December 31, 2019. Its
   turnover has been consolidated since January 1, 2020.
** Thermacome was acquired by Thermador Groupe on April 30, 2020. Its turnover
   has been consolidated since May 1, 2020.

                                  ... / ...

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 ACTIVITY, EXTERNAL GROWTH AND RESULTS

Never in the course has our multi-channel, multi-market strategy felt so right.
It was clearly a strong pillar of our resilience during the 2020 crisis, which
was as brutal as it was unexpected. Indeed, the performance of our consumer,
swimming pool, e-commerce and renewable energy businesses offset our declines
in the new housing, industrial and international sectors.

Our teams have been the second and most important pillar of our resilience.
They have been exemplary, courageous, responsive, committed, supportive and
forward-looking when the indicators have been in a fall-and-rise frenzy.

A vital support in such circumstances, our IT specialists implemented
across-the-board home-working in record time, enabling us to maintain service
to our customers during lockdowns.

Finally, the quality of our stocks and the reliability of our industrial
partners undoubtedly made the difference in periods of very high demand.

As a result, and despite a particularly chaotic context, we managed to increase
our sales (+2.6%) and net profit (+10.1 %) on a like-for-like basis.

With Distrilabo and Thermacome, which joined the group on January 1 and May 1,
2020, respectively, our turnover increased by 7.2% and our net profit by 11.8%.
The onboarding of these two fine companies is under way, in line with our
forecasts. In this respect, we would like to thank Laurence and Denis Straub
for their cooperation in the handover to Anne-Sophie Bultey at the head of
Distrilabo, as well as our new partner Acome for its loyal support to
Thermacome, whose Managing Director, Florent Kieffer, remains in place.

In accordance with commitments made at the beginning of 2020, we do not plan
any external growth operations in excess of EUR5 million in 2021, preferring to
concentrate our resources on our many and varied onboarding operations.

OPERATING PROFIT: UP 7.5% AND PORTION OF NET PROFIT ALLOCATED OF THE GROUP UP
11.8%

In thousands of euros        2020        2020        2019
                                       constant
                                        scope

Operating profit           51,411       50,638      47,821
Portion of net profit
allocated of the group     36,180       35,636      32,373

2019       Variation     Variation
constant    2020/2019     2020/2019
scope                  constant scope

46,946        +7.5%         +5.9%
31,786       +11.8%        +10.1%

FINANCIAL SITUATION AND PROSPECTS

Our stock level fell from 190 to 173 days of purchases consumed, a decrease
that needs to be put into perspective given the unexpected increases in
turnover during the second half of the year. This indicator once again
underlines the prowess of our teams in an extremely volatile situation.

At December 31, 2020, our net cash position was EUR39.9 million, our bank debt
at EUR39.4 million and our shareholders' equity after allocation of profits, at
EUR224.8 million. These figures show our excellent financial solidity.
This means that 2021 can get under way with a degree of serenity, and we are
ready to manage the inevitable vagaries of the markets. The context remains
broadly the same as in the fourth quarter of 2020, assuming a slowdown in sales
to the general public, which cannot continue to rise indefinitely. The recovery
of our export sales depends largely on how the pandemic evolves in Europe. In
France, we can count on the government's household energy subsidy
MaPrimeRénov' to compensate for the erosion of sales of accessories linked to
fossil fuels and our accessory ranges, used notably with renewable energies in
buildings. Our 10-year strategic plan, laid out on pages 10 and 11 of our
annual report, has been slightly modified to show our willingness to take
long-term action to protect the environment.

DIVIDEND AND ANNUAL GENERAL MEETING

2020 was marked by a very sharp increase in trading volumes on our share. Also,
the influx of new small investors onto the stock market, and our good results,
have encouraged the arrival of new ones, whom we warmly welcome. 7,116 of you
now have a stake in our capital, which is also a guarantee of our resilience.
In December 2020, institutional investors held 46% of the capital, individual
shareholders 40% and our employees 9%, getting close to the 10% target we set
ourselves, thanks in particular to the 1% capital increase you approved at the
2020 AGM. In line with our distribution policy and aware of the very uncertain
nature of the year ahead, we are proposing a dividend of EUR1.82, up 1.1% on
last year.

Unless the pandemic forces us to repeat the digital version of this event, our
AGM will be held in Lyon on April 6 at 5 p.m. at Hôtel Dieu. We are counting
on your presence or your votes to exceed a 70% attendance rate, a symbolic
threshold that would demonstrate the vitality of this democratic body. As far
as possible, we will also organise an information meeting in Paris on April 8
at 4 p.m. at Salons Hoche.

Yours faithfully,

Please register for our webconference of February 25 at 6pm
Contact us: actionnaires@thermador-groupe.fr

The Chairman
Guillaume Robin

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THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2020 annual results

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