THERMADOR GROUPE LETTER TO SHAREHOLDERS N° 112
October 12, 2023
Dear Shareholder,
Here are the main indicators on the current situation of our group.
TURNOVER AT SEPTEMBER 30, 2023: +8.7% | |||||||
AT CONSTANT SCOPE: +0.8% | |||||||
In thousands of euros | 2023 | 2023 | 2022 | Variation | Variation | ||
2023 /2022 | |||||||
Constant scope* | 2023/2022 | ||||||
Constant scope* | |||||||
Total at 30 September - according to IFRS 15 | 454,185 | 421,175 | 417,721 | 8.7% | 0.8% | ||
1st quarter | 170,513 | 157,411 | 142,682 | 19.5% | 10.3% | ||
2nd quarter | 153,152 | 141,955 | 144,871 | 5.7% | -2.0% | ||
3rd quarter | 130,520 | 121,809 | 130,168 | 0.3% | -6.4% | ||
Breakdown by business: | |||||||
Mecafer and Domac, equipment and tools | 25,311 | 25,311 | 27,445 | -7.8% | -7.8% | ||
Odrea (Dipra / Rousseau), pumps, technical plumbing | 55,817 | 55,817 | 54,607 | 2.2% | 2.2% | ||
accessories and taps | |||||||
Isocel, supply of components to OEMs | 7,950 | 7,950 | 8,034 | -1.0% | -1.0% | ||
Aello, equipment for swimming pools | 16,955 | 16,955 | 17,760 | -4.5% | -4.5% | ||
DPI*, plastic piping for wet and dry networks | 33,010 | ||||||
Jetly, pumps, tanks and lifting stations | 49,526 | 49,526 | 47,061 | 5.2% | 5.2% | ||
Thermador, accessories for central heating | 75,605 | 75,605 | 73,463 | 2.9% | 2.9% | ||
solar and domestic water | |||||||
PBtub | Heating - cooling surfaces | 21,149 | 21,149 | 22,307 | -5.2% | -5.2% | |
Thermacome | and piping systems | 15,620 | 15,620 | 17,806 | -12.3% | -12.3% | |
Axelair, ventilation equipment and accessories | 5,628 | 5,628 | 5,563 | 1.2% | 1.2% | ||
Sferaco, valves, meters and connectors | 61,496 | 61,496 | 57,176 | 7.6% | 7.6% | ||
Sectoriel, motorised valves and air compressors | 22,208 | 22,208 | 22,383 | -0.8% | -0.8% | ||
Distrilabo, measurement and control | 5,184 | 5,184 | 4,902 | 5.8% | 5.8% | ||
FGinox stainless steel connectors, flanges, valves | 12,762 | 12,762 | 13,834 | -7.7% | -7.7% | ||
and accessories | |||||||
Syveco, international | 27,169 | 27,169 | 25,489 | 6.6% | 6.6% | ||
Sodeco valves, industrial valves | 18,486 | 18,486 | 19,588 | -5.6% | -5.6% | ||
Other structures | 309 | 309 | 303 | 2.0% | 2.0% | ||
* 2023 turnover: with acquisition of DPI on October 31, 2022 by Thermador Groupe. Its turnover is consolidated since November 1st, 2022.
… / …
Head office: Parc d'Activités de Chesnes - 60, rue du Luzais - 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 €36,803,396 - 339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00025
BUSINESS
The downturn that began in Q2 was confirmed in Q3, with turnover down 6.4% at constant scope.
The nine-month rolling average of price increases passed on to customers was 7.2%, lower than our end-of-June estimate of 8.2%. According to our latest forecasts, it could be 6% for 2023 overall, compared to 10.8% in 2022.
The economic slowdown, resulting from the interest rate hikes orchestrated by the ECB to combat inflation, is now affecting most of our markets: construction, public works, industry, swimming pools and DIY.
At this point, of our 17 subsidiaries, only Distrilabo, Jetly, Sferaco and Syveco are reporting a significant increase in turnover.
Although the payment periods for investments eligible for the MaPrimeRénov' scheme seem to be getting shorter for certain actors considered to be playing the game, our customers involved in the sale of energy renovation equipment have generally reduced their orders with our subsidiary Thermador. Mechanically, the markets for solar water heaters and air-to-water heat pumps have suffered a severe slow-down.
STOCK AND WORKING CAPITAL
Our purchasing teams have managed to contain our stock to 195 days of consumed purchases, whereas in October 2022 we recorded 200 days.
So far, we have not seen any significant deterioration in our customers' payment terms.
PROSPECTS
In line with Q3 and our comments on prospects in Letter to Shareholders No. 111, we are forecasting a decline in turnover in Q4 to constant scope and are preparing for a particularly challenging 2024.
We've been through this before and remain confident that we will come out of it stronger than ever.
And this in no way calls into question our dividend policy, which, since 1987, has never seen us reduce the return paid to our shareholders.
EMPLOYEE AND CORPORATE OFFICER SHAREHOLDING
In order to reward the loyalty of all our employees and directors and to increase their participation in the Group's capital, we are currently considering a free share plan which will be submitted to you for approval at our next Annual General Meeting, to be held in Lyon on April 2, 2024. It will be limited to 0.66% of the capital per year for the next 10 years and may be financed by share buy-backs or the creation of new shares, depending on the share price and available cash. The granting of those shares would be subject to a minimum of three months' service, three years' presence in Thermador Groupe following your approval, and the achievement of our collective sustainable development goals as outlined on page 21 of our URD. A maximum of 350 shares could be allocated to any one individual.
COMMUNICATIONS
We will be holding a web conference (in French and English) on October 16 at 6 pm to comment on these results and answer any questions you may have. You can register for the live webcast or the replay on our website: https://www.thermador-groupe.fr/en/videos-en/
On November 28, we will be in Paris (Carrousel du Louvre), hoping to see you at the Investir Day event. You can register now on the event website: https://event.investirday.fr/
Yours faithfully.
The Chairman
Guillaume Robin
To contact us:actionnaires@thermador-groupe.fr
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Thermador Groupe SA published this content on 12 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2023 15:40:24 UTC.
