THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2021 half yearly results

Transparency directive : regulatory news

29/07/2021 18:00

LETTER TO SHAREHOLDERS N°103

July 30, 2021

Dear Shareholder,

Here are the main indicators on the current situation of our group.

2021 HALF YEAR TURNOVER : +39.9%
AT CONSTANT SCOPE : +35.8%

In thousands of euros
                                     2021    2021    2020  Variation Variation
                                           constant        2021/2020   2021
                                            scope*                   constant
                                                                      scope*
                                                                      /2020
Total half year ? according to
IFRS 15                            262,749  255,206 187,869    39.9%   35.8%
1st quarter                        127,007  121,513  94,952    33.8%   28.0%
2d quarter                         135,742  133,693  92,917    46.1%   43.9%
Breakdown by business:
Mecafer and Domac, equipment tools  18,858   18,858  14,824    27.2%   27.2%
Dipra / Rousseau, pumps, technical
plumbing accessories and taps       37,831   37,831  28,308    33.6%   33,6%
Isocel, supply of components to OEM  4,164    4,164   2,975    40.0%   40.0%
Aello, equipment for swimming pools 13,192   13,192   7,800    69.1%   69.1%
Jetly, pumps                        32,593   32,593  24,226    34.5%   34.5%
Thermador, central heating and
domestic water accessories          37,629   37,629  22,817    64.9%   64.9%
PBtub Heating - cooling surfaces
and piping systems                  15,632   15,632  11,285    38.5%   38.5%
Thermacome *                        11,793    4,250   3,097   280.8%*  37.2%
Axelair, ventilation equipment
and accessories                      3,396    3,396   3,512    -3.3%   -3.3%
Sferaco, valves, meters and
connectors                          36,516   36,516  26,334    38.7%   38.7%
Sectoriel, motorised valves and
air compressors                     13,649   13,649  10,571    29.1%   29.1%
Distrilabo, measure and control      3,117    3,117   2,224    40.2%   40.2%
FGinox, stainless steel connectors,
flanges, valves and accessories      8,587    8,587   6,824    25.8%   25.8%
Syveco, international               15,515   15,515  13,087    18.6%   18.6%
Sodeco Valves, industrial valves    10,115   10,115   9,791     3.3%    3.3%
Other structures                       162      162     194   -16.5%  -16.5%

Variation 2021
constant scope*
/2019
30.0%
28.7%
31.1%
29.3%
31.1%
36.2%
125.0%
22.9%
69.2%
15.6%
Not available **
2.3%
21.8%
25.6%
Not available **
1.8%
11.4%
7.7%
0.0%

* 2021 turnover: with acquisition of Thermacome on April 30, 2020 by Thermador
Groupe, turnover consolidated since May 1, 2020.
** Distrilabo and Thermacome were acquired respectively December 31, 2019 and
April 30, 2020. 2019 turnover for both entities is not available.

CONSOLIDATED HALF YEARLY SITUATION AT JUNE 30, 2021

Simplified Profit & Loss statement
in thousands of euros
first half year

                                     2021    2021    2020  Variation Variation
                                           constant        2021/2020   2021
                                            scope*                   constant
                                                                      scope*
                                                                      /2020
Turnover (according to IFRS 15)   262,749   255,206 187,869   39.9%   35.8%
Current operating income for
the business                       39,102    38,522  23,358   67.4%   64.9%
Net profit as a portion of
the group                          28,240    27,823  16,472   71.4%   68.9%

Detailed accounts are available on our website
https://www.thermador-groupe.fr/en/finance-en/regulated-information/

... / ...

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
The oldest of our subsidiaries, Thermador, saw a sharp rise in turnover of over
EUR15 million in the first half of 2021 compared to the first half of 2019. Its
range of accessories for heat pumps, solid fuel boilers and hydraulic solar
panels fits perfectly with the groundswell of interest in improving energy
efficiency in buildings, very substantially boosted by the government-funded
MaPrimeRénov scheme and energy saving certificates funded by energy suppliers.
Recent statements by the French government hint at good prospects for the next
5 years.

This explains 25% of the organic growth, which is intrinsically good news.
Other subsidiaries such as Dipra- Rousseau, Aello, Sferaco, Jetly and
Mecafer-Domac are also performing exceptionally well in their respective
markets (DIY, swimming pools, construction, HVAC, industry, domestic pumps).
The commitment of our teams, the agility of our organisations and the quality
of our stocks have probably enabled us to gain some market share during this
very chaotic and surprisingly dynamic period.

Unprecedented cost increases, caused by a perfect storm of higher raw material
prices and shipping container costs and shortages, have forced us to increase
our own prices significantly. This has undoubtedly led to most of our customers
making precautionary purchases, which we estimate to be a maximum of one
month's sales.

RESULTS AND FINANCIAL SITUATION

As a result of overheating in the economy, the cost ratio fell by 1.7% and the
operating margin neared an all-time high. We consider this increase too sudden
to be sustainable.

Stock levels have fallen in six months from 173 to 142 days of purchases
consumed, far too low for many of our subsidiaries.
At 30 June 2021, our net cash position was EUR37.4m (excluding IFRS 16) and our
bank debt EUR32.7m, indicating a further strengthening of our financial
structure.

PROSPECTS

On the basis of the second half of 2019 and that of 2020, which were both very
strong, and taking into account the precautionary purchases of most of our
customers, we expect growth to slow sharply in the second half of 2021.
Confident in our ability to meet our long-term objectives, we continue to
recruit and invest in real estate, IT and logistics. More operationally, our
purchasing teams are working hard to rebuild our stocks under the best possible
conditions.

SUSTAINABLE DEVELOPMENT (ENVIRONMENT, SOCIAL AND GOVERNANCE)

Our governance and our social approach are now thoroughly assessed by
non-financial analysts. However, our stakeholders are asking us to set more
challenging targets in our environmental policy. Accordingly, we are working on
measuring our carbon footprint (Scope 3) more accurately in order to put in
place an appropriate reduction plan for the next 10 years. A first estimate
will be issued before the end of 2021.

To give themselves every chance of being able to fulfil their mission, all
Thermador Groupe's corporate executive officers have taken the initiative of
getting vaccinated against SARS-CoV-2.

Please register for our live webconference of Friday, July 30 at 6pm (CET).

Yours faithfully.

The Chairman
Guillaume Robin

Contact us: actionnaires@thermador-groupe.fr

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16/04/2024 18:00

THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2021 half yearly results

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