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THERMADOR GROUPE (EPA:THEP) - TURNOVER AT SEPTEMBER 30, 2020 : +4.8% AT CONSTANT SCOPE: +0.8%

Transparency directive : regulatory news

15/10/2020 17:45

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LETTER TO SHAREHOLDERS N°99

October 16, 2020 

Dear Shareholder,

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

TURNOVER AT SEPTEMBER 30, 2020 : +4.8%
              AT CONSTANT SCOPE: +0.8%

In thousands of euros                 2020                  2020
                                                        Constant 
                                                          scope*
Total at 30 September - 
according to IFRS 15                296,075               284,851
1st quarter                          94,952                93,601
2nd quarter                          92,917                88,947
3rd quarter                         108,206               102,303
Breakdown by business:
Mecafer and Domac, equipment tools   23,478                23,478
Dipra / Rousseau, pumps, technical 
plumbing accessories and taps        47,536                47,536
Isocel, supply of components 
to OEM                                4,567                 4,567
Aello, equipment for swimming pools  11,003                11,003
Jetly, pumps                         39,255                39,255
Thermador, central heating and
domestic water accessories           34,565                34,565
PBtub                Heating -       16,875                16,875
               cooling surfaces 
Thermacome**   and piping systems     7,638                    -
Axelair, ventilation 
equipment and accessories             4,935                 4,935
Sferaco, valves, meters 
and connectors                       40,776                40,776
Sectoriel, motorised valves 
and air compressors                  16,084                16,084
Distrilabo, measure and control*      3,586                    -
FGinox, stainless steel connectors, 
flanges, valves and accessories       0,714                10,714
Syveco, international                19,290                19,290
Sodeco Valves, industrial valves     15,534                15,534
Other structures                        239                   239

2019                Variation            Variation 2020 
                    2020/2019           Constant scope* 
                                            /2019

282,463                +4.8%                +0.8%
93,048                 +2.0%                +0.6%
97,651                 -4.8%                -8.9%
91,764                +17.9%               +11.5%

21,927                 +7.1%                +7.1%
42,936                +10.7%               +10.7%
4,693                  -2.7%                -2.7%
7,907                 +39.2%               +39.2%
39,311                 -0.1%                -0.1%
33,620                 +2.8%                +2.8%
19,120                -11.7%               -11.7%
-                         -                    -
4,725                  +4.4%                +4.4%
44,444                 -8.3%                -8.3%
16,233                 -0.9%                -0.9%
-                         -                    -
12,188                -12.1%               -12.1%
20,556                 -6.2%                -6.2%
14,570                 +6.6%                +6.6%
233                    +2.6%                +2.6%

* Distrilabo was acquired by Thermador Groupe on December 31, 2019. Its
turnover has been consolidated since January 1, 2020.
** Thermacome was acquired by Thermador Groupe on April 30, 2020. Its turnover
has been consolidated since May 1, 2020.

                                                               ... / ...

 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 - Fax +33 474 95 46 35 - 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
 
Since coming out of lockdown, we have seen that consumers are investing
primarily in improving their homes, tending their gardens and doing odd jobs.
This has resulted in surprisingly positive figures for some of our
subsidiaries, particularly in the consumer channel, where Mecafer, Domac, Dipra
and Rousseau have grown  by an average of more than 9% since the beginning of
the year.

Jetly, a major player in the French cold water pumps market for domestic
applications, had a record summer, making up the lost revenues accumulated to
the end of June.

Aello, our subsidiary specialising in equipment and accessories for swimming
pool construction and maintenance, is doing extremely well in a booming 
market and achieved exceptional cumulative growth of 39.2%.

On the other hand, other sectors such as new-builds in the housing market,
industry and international have suffered sharp reversals as a direct
consequence of the now very real economic crisis.

Collating all these results gives stable consolidated turnover for the first
nine months of the year, which in this very particular context is an excellent
performance for the group.

FINANCIAL SITUATION
 
The great figures of the last four months and the regularisation of a major
delay in payment from one of our leading customers for several of our
subsidiaries have contributed to improving our cash position. Having emerged
from what has been a highly turbulent period, we have made loan repayments that
our banking partners had agreed to postpone.

Despite the difficulties linked to the health crisis, we delivered our
subsidiary Dipra's new building and are continuing our property investments to
be able to move Aello before the peak of the 2021 season.

These main elements mean a financial debt of EUR45.3m (excl. IFRS16) and a net
cash position exceeding EUR27m at the end of September 2020, an improvement on
the figures disclosed at the time of our previous publication.

PROSPECTS
 
The fall in GDP and the increase in the unemployment rate in France and Europe
will most certainly hurt our business. Fortunately, sales of some of our
products that contribute to improving energy efficiency in buildings and
reducing water consumption will undoubtedly be boosted by the government's
recovery plan (concerning accessories for heat pumps, solar energy systems and
wood-fired boilers, variable speed pumps, rainwater recovery tanks, individual
water and heat meters, double-flow mechanically-controlled ventilation,
water-saving mixer-taps, connected thermostats, thermostatic radiator taps,
etc.).

As usual, and particularly in the new circumstances that face us today, we have
chosen to refrain from making business forecasts. The challenge over the next
three months is all the greater as we recorded exceptional growth of 13.1% on a
like-for-like basis in the fourth quarter of 2019.

Aware that we have shown excellent resilience over the last six months, we
intend to further strengthen our position by launching a major internal survey
on the quality of life at work and investing heavily in digital tools. The
loyalty of our teams, the satisfaction of our customers, the vertiginous rise
of e-commerce, environmental protection, continuous logistics efficiency
improvements and innovation remain at the heart of our concerns.

COMMUNICATION
 
We are holding a webinar on October 16 at 6pm to comment on these results and
answer your questions. For the first time, the whole event will be broadcast
simultaneously in English. You can register for the live event or the replay on
our website: https://www.thermador-groupe.fr/en/videos-en/

Yours faithfully,

The Chairman 
Guillaume Robin

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