THERMADOR GROUPE (EPA:THEP) - Thermador groupe - 2018 operating profit : +17%
Directive transparence : information réglementée Communiqué sur comptes, résultats
21/02/2019 17:53
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LETTER TO SHAREHOLDERS N° 92
February 22, 2019
Dear Shareholder,
Our Board of Directors met on February 19 to close the final accounts for 2018,
as follows:
16.2 % INCREASE IN 2018 TURNOVER
In thousands of euros 2018 2018 2017 Variation Variation 2018
constant 2018/2017 constant scope*
scope* /2017
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%
4th quarter 70,736 69,838 68,805 +2.8% +1.5%
Total at 31 December
(before IFRS 15) 315,233 280,687 271,571 +16.1% +3.4%
Impact IFRS 15** -4,043 -3,960 -3,847
Total at 31 December
(after IFRS 15) 311,190 276,727 267,724 +16.2% +3.4%
Breakdown by business :
Sferaco, valves 53,212 47,553 47,302 +12.5% +0.5%
Jetly, pumps 47,068 47,068 46,435 +1.4% +1.4%
Thermador, accessories
for central heating 40,807 40,807 39,009 +4.6% +4.6%
Mecafer and Domac,
heavy tools in DIY
stores * 30,662 29,280 31,255 -1.9% -6.3%
Thermador
International 24,344 24,344 21,371 +13.9% +13.9%
PBtub, tubes in
synthetic materials 24,227 24,227 24,261 -0.1% -0.1%
Sodeco Valves,
industrial valves and
fittings* 20,957 6,884 6,347 +8.5%
Dipra, pumps and
plumbing in DIY stores 20,735 20,735 19,958 +3.9% +3.9%
Sectoriel, motorised
valves and air
compressors 20,145 20,145 18,378 +9.6% +9.6%
FGinox, fittings and
flanges in stainless
steel* 15,743 3,837 3,946 -2.8%
Aello, equipment for
swimming pools 6,992 6,992 5,069 +37.9% +37.9%
Isocel, components
for boilers 5,771 5,771 5,545 +4.1% +4.1%
Axelair, ventilation
equipment 4,262 2,736 2,379 +79.2% +15.0%
Other structures 308 308 316 -2.5% -2.5%
(*) 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).
... / ...
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
BUSINESS AND RESULTS
Overall, the group had a good year, supported by growth of 3.4% to constant
scope and the progressive onboarding of the companies and business acquired in
2017. Our operating profit increased by 8.8% to constant scope (+17% in
absolute value) and reached new heights. And yet, the many very promising
indicators at the end of 2017 progressively turned from green to amber during
2018. It would seem that political and social tensions throughout the world,
including in Europe and France, have degraded the economic environment.
We provide detail about the business activity of each of our subsidiaries,
including those acquired in 2017 on pages 75 to 90 of our annual report (on
line at www.thermador-groupe.fr). To summarise, export now accounts for 17.5%
of our business, and our dependence on the French construction market has
fallen from 42% to 38% of turnover. On this topic, we are happy to say that we
are now less exposed to the cyclical market of new-builds. Our sales are very
much oriented towards maintenance and renovation, and we estimate that only 10%
of our consolidated turnover fluctuates along the lines of the new-build
programmes in France.
The acquisition of Sanidom (the holding company that owns Rousseau) finalised
on December 31, 2018 will reduce this exposure still further, since its range
of sanitation taps targets private individuals exclusively via the DIY
superstore distribution channel. By onboarding this new company, Thermador
Groupe's 'retail activity' should represent 24% of all turnover by the end of
2019. That will allow us to be simultaneously and substantially present across
three distribution channels, thereby mitigating risk. It is a fact that nobody
can predict the future share of business between the professional, retail and
digital channels. This latter point is the subject of all our attention and
numerous initiatives within our subsidiaries. They are ready to organise,
enrich and distribute their data via the web and therefore positively accompany
the complexification of the distribution process.
OPERATING PROFIT: +17.0%
PORTION OF NET PROFIT ALLOCATED TO THE GROUP: +11.1%
In thousands of euros 2018 2018 2017 Variation Variation 2018
constant 2018/2017 constant scope
scope /2017
Operating profit 44,052 40,967 37,652 +17.0% +8.8%
Portion of net profit
allocated to the group 29,142 27,107 26,240 +11.1% +3.3%
DIVIDEND AND AGM
Launched on Lyon's second stock market in 1987, Thermador Groupe has never
decreased its annual coupon. We have no hesitation in continuing along the same
policy lines, with a dividend of 1.75 euros, up 2.9%. This represents a 3.1%
return according to the average price over 2018, and 3.9% against the closing
price of December 31, 2018. For the first time since the 2008 financial crisis,
the value of our share has dropped off considerably, losing more than 21% since
December 31, 2017, much like the CAC Mid&Small index. Over a period of two
years, the return is positive (+6.6%) and excellent over 15 years (+388%). This
decline is not a concern for us given our strong belief that stock market
performance reflects that of the company when measured over a period of more
than 10 years. In the short term, decorrelation is a frequent phenomenon.
Private shareholders have clearly taken note : their share in Thermador Groupe
has increased from 31.1% à 34.3% over the past 12 months.
Our AGM will be held in Lyon on April 8 at 5pm, at Institut Lumière. We are
relying on your attendance either in person or remotely to ensure we cross the
symbolic attendance rate threshold of 70%. We are also organising an
information meeting in Paris on April 11 at 4pm at Salons Hoche.
FINANCIAL STRUCTURE AND PROSPECTS
On December 31, 2018 our cash position was EUR23m, bank debt EUR46.7m, and
equity after distribution EUR187.5m. This policy targeting financial solidity
allows us to approach 2019 and all its inherent uncertainties, as well as
opportunities, with a degree of calm. To date, no advanced discussions are
under way for any further acquisitions. This corresponds to our desire to act
primarily on the traditional levers of our group: growing market share,
launching new products, seeking out efficiencies, and tight cost management.
Our strategy dedicated to our customers will not waver, in the knowledge that
we can count on our high level of resilience and our exceptional employees and
their commitment, loyalty and professionalism.
Yours faithfully,
The Chairman
Guillaume Robin