THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2021 Q3 turnover

Transparency directive : regulatory news

14/10/2021 18:04

LETTER TO SHAREHOLDERS N°104

October 15, 2021

Dear Shareholder,

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

TURNOVER AT SEPTEMBER 30, +27.3%
AT CONSTANT SCOPE: +24.7%

In thousands of euros
                            2021     2021     2020    Variation  Variation 2021
                                   Constant           2021/2020  Constant scope
                                    scope*                           /2020
Total at 30 September -
according to IFRS 15      376,836   369,293  296,075     27.3%        24.7%
1st quarter               127,007   121,513   94,952     33.8%        28.0%
2nd quarter               135,742   133,693   92,917     46.1%        43.9%
3rd quarter               114,087   114,087  108,206      5.4%         5.4%

Breakdown by business:
Mecafer and Domac,
equipment tools            27,165    27,165   23,478     15.7%        15.7%
Dipra / Rousseau, pumps,
technical plumbing
accessories and taps       54,589    54,589   47,536     14.8%        14.8%
Isocel, supply of
components to OEM           6,434     6,434    4,567     40.9%        40.9%
Aello, equipment for
swimming pools             16,852    16,852   11,003     53.2%        53.2%
Jetly, pumps               45,197    45,197   39,255     15.1%        15.1%
Thermador, central
heating and domestic
water accessories          54,651    54,651   34,565     58.1%        58.1%
Heating - cooling surfaces and piping systems
PBtub                      21,780    21,780   16,875     29.1%        29.1%
Thermacome *               17,362     9,819    7,638    127.3%        28.6%
Axelair, ventilation
equipment and accessories   4,551     4,551    4,935     -7.8%        -7.8%
Sferaco, valves, meters
and connectors             53,447    53,447   40,776     31.1%        31.1%
Sectoriel, motorised
valves and air compressors 19,882    19,882   16,084     23.6%        23.6%
Distrilabo, measure and
control                     4,655     4,655    3,586     29.8%        29.8%
FGinox, stainless steel
connectors, flanges,
valves and accessories     12,679    12,679   10,714     18.3%        18.3%
Syveco, international      22,489    22,489   19,290     16.6%        16.6%
Sodeco Valves, industrial
valves                     14,864    14,864   15,534     -4.3%        -4.3%
Other structures              239       239      239      0.0%         0.0%

Variation 2021
Constant scope*
/2019

25.6%
28.7%
31.1%
16.6%

23.9%
27.1%
37.1%
113.1%
15.0%
62.6%
13.9%
Not available **
-3.7%
20.3%
22.5%
Not available **
4.0%
9.4%
2.0%
2.6%

* 2021 turnover: with the acquisition of Thermacome on April 30, 2020 by
Thermador Groupe, its sales are consolidated since 1 May 2020.
** Distrilabo and Thermacome were acquired on December 31, 2019 and April 30,
2020 respectively. Sales data for 2019 are not available.

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

Our third quarter trend is as we anticipated in our most recent communication
at the end of July. Companies operating in the consumer channel slowed sharply
in terms of turnover (-10.1% compared to 2020 and +16.9% compared to 2019),
those in the professional channels are holding up better, partly thanks to
inflation (+10.8% compared to 2020 and +16.5% compared to 2019).

Our longest-standing subsidiary, Thermador, continues to perform exceptionally.
Its main Italian suppliers (Caleffi, DAB, Cordivari and Zilmet) remain
steadfastly behind it and are investing to support its growth in the vast
energy renovation market.

Internationally, our sales teams can once again travel to physically visit
their customers. Syveco's return to growth could thus be confirmed.

INVENTORY AND SUPPLY CHAIN

We are pleased to report that the decline in stock levels has halted (EUR138
million compared to EUR117 million at the end of June). We owe this to our
purchasing teams and strong relationships with our suppliers. They are
historically located in Europe (2/3rds of our purchases in value), where we
note few delivery delays. As experienced by all the players in the market, we
face major difficulties in Asia. Indeed, our Chinese partners are often forced
to limit the activity of their factories to 2, 3 or 4 days a week, depending on
the region and the rhythm of the power cuts imposed by the authorities. To
date, of 80,000 listed items, 1,400 are not immediately available, representing
approximately 4.5% of our turnover for a full year. This does not mean that
this activity is totally lost, as our customers seem willing to accept limited
additional delays. Often, our staff are able to propose alternative solutions,
whilst our competitors are frequently less well-placed than us.

PROSPECTS

We are likely to see erosion of our gross margin at the end of the second
half-year, as not all price increases have yet been fully passed on.
Nevertheless, we expect a record year in terms of turnover and operating profit
thanks to great efficiency amongst our employees.

The confirmation of the public authorities' support for the Ma Prime Rénov'
scheme to the tune of EUR2 billion bodes well for the construction business,
and especially renovation. At the same time, energy suppliers will continue to
finance energy renovation via energy saving certificates, all of which
represents a financial windfall that will undoubtedly be difficult to exploit
to the full, due to a lack of human resources - and perhaps even of equipment -
among installers.

A minima, and all activities combined, the additional delays announced by our
Chinese suppliers will have an impact on deliveries over the next 9 months.
Given our extraordinary turnover between January and June 2021 (cf: our letter
to shareholders n°103), the first half of 2022 is shaping up to be a huge
challenge. This does not dampen the optimism of the managers of the
subsidiaries who are preparing for the future by recruiting new talent. Hence,
our head-count has increased from 684 to 714 people within the space of three
months.

COMMUNICATION

We will be hosting a webinar (in French and English) on October 15 at 6pm to
discuss these results and answer your questions. You can register for the live
webinar or get the replay on our website:
https://www.thermador-groupe.fr/en/videos-en/

On November 23 in Paris (Palais Brongniart), we will come to meet you at the
Investir Day trade fair. You can already register on the event's website:
https://event.investirday.fr/

Yours faithfully,

The Chairman
Guillaume Robin

Contact us: actionnaires@thermador-groupe.fr

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THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2021 Q3 turnover

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