THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2019 annual results
Transparency directive : regulatory news
20/02/2020 17:50
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LETTER TO SHAREHOLDERS N° 96
February 21, 2020
Dear Shareholder,
Our Board of Directors met on February 18 for final closing of the 2019
accounts, which present as follows:
2019 TURNOVER: +18.5% & AT CONSTANT SCOPE: +8.3%
Variation
2019 2018 2019
constant constant Variation constant
In thousands of euros 2019 scope 2018 scope 2019/2018 scope
1st quarter 93,048 84,140 81,349 80,706 +14.4% +4.3%
2d quarter 97,651 88,531 84,706 83 805 +15.3% +5.6%
3rd quarter 91,764 83,014 75,364 74,662 +21.8% +11.2%
4th quarter 86,373 78,136 69,771 69,104 +23.8% +13.1%
Breakdown by business:
Mecafer and Domac,
equipment tools 31,114 31,114 28,862 28,862 +7.8% +7.8%
Dipra / Rousseau,
pumps, plumbing
ad taps* 54,997 20,003 19,661 19,661 +179.7% +1.7%
Isocel, components
for boilers 6,453 6,453 5,771 5,771 +11.8% +11.8%
Aello, equipment
for swimming pools 8,873 8,873 6,992 6,992 +26.9% +26.9%
Jetly, pumps 49,189 49,189 46,921 46,921 +4.8% +4.8%
Thermador, central
heating and domestic
water accessories 47,201 47,201 40,354 40,354 +17.0% +17.0%
PBtub, pipework for
the distribution 24,538 24,538 23,927 23,927 +2.6% +2.6%
Axelair, ventilation
equipment and
accessories 5,742 5,742 4,201 4,201 +36.7% +36.7%
Sferaco, valves,
connectors and meters 56,320 56,320 53,080 53,080 +6.1% +6.1%
Sectoriel, motorised
valves and air
compressors 21,629 21,629 20,069 20,069 +7.8% +7.8%
FGinox, stainless
steel connectors,
flanges, valves and
accessories 16,036 16,036 15,743 15,743 +1.9% +1.9%
Syveco** 26,831 26,831 24,344 24,344 +10.2% +10.2%
Sodeco Valves,
industrial
valves*** 19,600 19,579 20,957 18,044 -6.5% +8.5%
Other structures 313 313 308 308 +1.6% +1.6%
Total at 31
December - according
to IFRS 15 368,836 333,821 311,190 308,277 +18.5% +8.3%
(*) 2019 turnover: with Thermador Groupe's acquisition of Sanidom / Rousseau at
December 31, 2018; since January 1, 2019.
(**) Syveco, Thermador International's new name.
(***) 2018 turnover: reprocessed for the sale of Sodeco Sedin, the French
subsidiary of Sodeco Valves.
... / ...
80, rue du Ruisseau - Parc d'Activités de Chesnes - SAINT-QUENTIN-FALLAVIER
(Isère)
Adresse postale : CS 10710 - 38297 SAINT-QUENTIN-FALLAVIER CEDEX
Téléphone : 04 74 95 63 28 - Télécopie : 04 74 95 46 35 - Site Internet :
www.thermador-groupe.fr
S.A. au Capital de 36 439 008 e - 339 159 402 R.C.S. Vienne -
Siret 339 159 402 00017
Guy Vincent, founder of Thermador, resigned from his position as Director on
January 28, 2020, bringing to an end an extraordinary professional
commitment spanning more than 50 years. We would like to express our immense
appreciation to him for having initiated this human adventure, created the
foundations for our corporate culture, shared the profits of a vast collective
effort and ensured the longevity of our Group, which currently employs 600.
BUSINESS ACTIVITY, EXTERNAL GROWTH AND RESULTS
We ended FY 2019 with net growth in Q4, improving still further our cumulative
performance. In spite of the dip in the French market for new house builds and
protest movements which undoubtedly disrupted business at the beginning and end
of the year, the Group's growth to constant scope reached a wholly satisfactory
8.3%. The addition of Rousseau's turnover for a full year reflects an 18.5%
increase in consolidated turnover, now up to EUR368.8m.
We would like to thank our subsidiaries' staff and management teams for their
commitment, professionalism, reactivity and discernment in an environment where
each unforeseen event has to be converted into an opportunity.
Our export activities with Syveco, Sodeco, FGinox and Ets Édouard Rousseau
accounted for 19.2% of our 2019 turnover. We pursue our efforts to reduce the
risks of our high exposure to domestic markets.
The onboarding of Ets Édouard Rousseau, acquired on 31/12/2018, continues with
the appointment of Laure Empereur as Managing Director on January 1, 2020. We
have recently welcomed the Distrilabo team from Alsace, and look forward with
enthusiasm to working together, ready to roll out our commercial synergies.
Finally, we expect to complete the acquisition of Thermacome before the end of
the first semester. The company reported turnover of EUR20.2m in 2018. This
transaction would round off a series of acquisitions begun in 2015, and would
herald the onset of a two-year period dedicated to synergies and operational
efficiencies. However, we do remain open to further acquisition operations that
neither exceed EUR5m nor take up too much time.
Our trading profit progressed 8.6% (8.2% to constant scope), curbed by an
unfavourable euro-dollar exchange rate during the first half of the year. We
also note the sale of the French side of the Sodeco business, which had
exceptionally generated EUR525,000 in 2018. The lower tax rate improves still
further our net profit, to EUR32.4m.
OPERATING PROFIT: UP 8.6% AND PORTION OF NET PROFIT ALLOCATED OF THE GROUP UP
11.1%
Variation
2019 2018 2019
constant constant Variation constant
In thousands of euros 2019 scope 2018 scope 2019/2018 scope
Operating profit 47,821 46,946 44,052 43,393 +8.6% +8.2%
Portion of net
profit allocated
of the group 32,373 31,786 29,142 28,547 +11.1% +11.3%
FINANCIAL SITUATION AND PROSPECTS
Our teams increased their efforts to improve stock rotation, resulting in a
drop of 22 inventory days (purchases consumed). On December 31, 2019, our net
cash position was EUR32.3m, our bank debt EUR41.7m, and our equity situation is
EUR203.2m after appropriation of net income. This low level of debt allows us
to look ahead with equanimity.
Our excellent commercial results in 2019 will clearly not be repeated in 2020
because of the very beneficial effects of the Tax Credit for Energy Transition
on some of our business areas. This tax incentive will be notably reduced in
2020, which will obviously have a substantial impact on our subsidiaries
Thermador and Isocel. Ready to face up to unforeseen events linked to our
business fields, we forecast reasonable growth over the next decade overall.
We provide more detail on our objectives and strategy on page 10 of our annual
report, available for consultation on our website.
DIVIDEND AND ANNUAL GENERAL MEETING
2019 was marked by a drop in trading volumes for Midcaps in general and for
Thermador Groupe in particular. In spite of that, we were able to re-classify a
block of 5.4% of our capital in the space of two hours (cf. our press release
of October 9th 2019). At the time of our most recent TPI (identifiable bearer
share) in December 2019, institutional investors held 47% of the group's
capital and private shareholders 34%. Faithful to our distribution policy and
in keeping with the long-term evolution of our results, we are offering a
dividend of EUR1.80, up 2.9%.
Our Annual General Meeting will be held in Lyon on April 6 at 5pm at Hôtel
Dieu. We count on your attendance or votes to exceed the 70% participation
threshold, a symbolic indicator illustrating the vitality of this democratic
body. We are also organising an information meeting in Paris on April 21 at 4pm
at Salons Hoche.
Yours faithfully,
The Chairman
Guillaume Robin