THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2021 Q1 turnover

Transparency directive : regulatory news

15/04/2021 18:00

LETTER TO SHAREHOLDERS N°102

April 16, 2021

Dear Shareholder,

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

TURNOVER FOR FIRST QUARTER 2021: +33.8%
AT CONSTANT SCOPE: +28.0%

In thousands of euros
                        2021   2021     2020   Variation  Variation  Variation
                             constant          2021/2020  2021/2020  2021/2019
                              scope*                      constant   constant
                                                           scope*     scope**
Breakdown by business:
Mecafer and Domac,
equipment tools        10,242  10,242  7,421    +38.0%     +38.0%     +43.7%
Dipra / Rousseau,
pumps, technical
plumbing accessories
and taps               18,381  18,381 12,544    +46.5%     +46.5%     +31.5%
Isocel, supply of
components to OEM       2,072   2,072  2,023     +2.4%      +2.4%     +32.5%
Aello, equipment for
swimming pools          5,441   5,441  2,692   +102.1%    +102.1%    +151.1%
Jetly, pumps           14,728  14,728 11,189    +31.6%     +31.6%     +21.2%
Thermador, central
heating and domestic
water accessories      18,862  18,862 14,443    +30.6%     +30.6%     +51.6%
Heating -
cooling surfaces
and piping systems
PBtub                   7,703   7,703  6,335    +21.6%     +21.6%      +9.3%
Thermacome *            5,494     -      -         -          -          not
                                                                   available **
Axelair, ventilation
equipment and
accessories             1,538   1,538  1,066    +44.3%     +44.3%     +60.2%
Sferaco, valves,
meters and connectors  17,834  17,834 14,723    +21.1%     +21.1%     +21.4%
Sectoriel, motorised
valves and air
compressors             6,540   6,540  5,607    +16.6%     +16.6%     +24.0%
Distrilabo, measure
and control             1,720   1,720  1,351    +27.3%     +27.3%       not
                                                                  available **
FGinox, stainless
steel connectors,
flanges, valves and
accessories             4,352   4,352  3,672    +18.5%     +18.5%      -1.3%
Syveco, international   7,540   7,540  7,183     +5.0%      +5.0%      +8.8%
Sodeco Valves,
industrial valves       4,489   4,489  4,624     -2.9%      -2.9%      +6.1%
Other structures           71      71     79    -10.1%     -10.1%     -10.1%
Total 1st quarter -
according to IFRS 15  127,007 121,513 94,952    +33.8%     +28.0%     +28.7%

We have chosen to compare with the 2 previous years in order to put the impact
of the pandemic into better context.
* 2021 turnover: with acquisition of Thermacome on April 30, 2020 by Thermador
Groupe consolidated since May 1, 2020.
** Distrilabo and Thermacome were acquired respectively December 31, 2019 and
April 30, 2020. 2019 turnover for both entities is 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

Following on from Q4 2020, our growth on a like-for-like basis remains very
strong, at 28%! To set to one side the sudden impact of the first lockdown, we
prefer to compare Q1 2021 turnover with that of Q1 2019, reflecting an increase
of 28.7% in two years, which we see as an excellent commercial and logistics
performance. On the one hand, the consumer, swimming pool and energy renovation
markets remain very buoyant, whilst tensions on supplies and prices have led
some of our customers to make precautionary purchases.

Over a 12-month rolling period, our group's turnover crossed the EUR400m
threshold for the first time.

PROSPECTS

The third lockdown and school closures will disrupt the normal functioning of
businesses and probably slow the economy for four weeks.

More specifically, the closure of some stores with surface areas in excess of
10,000 m2 will hurt major customers such as Leroy Merlin, Castorama and Brico
Dépôt, and we will probably see a fall in orders from those retailers. At the
same time, the temporary blockage of the Suez Canal caused delivery delays
estimated at 2 or 3 weeks, further increasing pressure on supplies.

In France, new-builds in the housing market continue to fall, which is
particularly damaging for PBtub and Thermacome.

Internationally, we believe that the return to substantial growth will only
come with the end of the health crisis and our ability to physically visit our
customers and prospects. It looks like this won't happen until September 2021,
when mass vaccination may begin to produce tangible results.

On the other hand, the exceptional enthusiasm of the French for their homes,
their gardens and possibly their swimming pools should continue for several
months.

In addition, turnover will probably be boosted by the return of inflation,
which could exceed 5% on average over the year.

Finally, energy renovation of buildings, a market for our subsidiary Thermador
which supplies accessories and equipment specifically designed for economical
heating/cooling systems, seems to be a long-term feature. Indeed, State aid
includes a series of measures aimed at meeting citizens' expectations in terms
of reducing CO2 emissions.

ORDINARY AND EXTRAORDINARY GENERAL MEETING OF APRIL 6

Our AGM took place behind closed doors on April 6, 2021. It was attended by 160
people and 1,078 voters representing 71.5% of voting rights, compared to 65.8%
in 2020. We would like to thank you for a creditable level of attendance and
note with satisfaction the increased use of the Votaccess platform for remote
voting.

All resolutions were adopted with approval rates ranging from 83.5% to 99.9%.
The text of the resolutions can be found on pages 153 to 156 of our 2020
universal registration document and on our website.

A dividend of EUR1.82 per share was detached on April 13 and paid on April 15,
2021.

As in previous years, the entire Annual General Meeting was filmed and posted
on Thermador Groupe's YouTube channel.

BOARD OF DIRECTORS
To mark his departure from the Board of Directors, Jean-François Bonnefond was
warmly thanked for his contribution to the management of Jetly and the group. A
tribute is paid to him on page 153 of the universal registration document.

To replace him as board member, the AGM appointed Lionel Monroe. While
continuing to head up Syveco, he was also appointed Deputy CEO of Thermador
Groupe, in charge of international development. Finally, he was roundly
designated as successor to the Chairman and CEO in case of the latter's sudden
unavailability.

The mandates of Laurence Paganini, Caroline Meignen and Janis Rentrop were
renewed for a period of 4 years.

PEA PME

Thermador Groupe confirmed its eligibility with Euronext.

Yours faithfully.

The Chairman
Guillaume Robin

Please register for our webconference of April 16 at 6pm
Contact us: actionnaires@thermador-groupe.fr

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16/04/2024 18:00

THERMADOR GROUPE (EPA:THEP) - Thermador Groupe : 2021 Q1 turnover

Transparency directive : regulatory news

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