par Thermador Groupe (EPA:THEP)
THERMADOR GROUPE : Q3 2024 turnover
October 15, 2024
Dear Shareholder,
Here are the main indicators on the current situation of our Group.
TURNOVER AT SEPTEMBER 30, 2024: -14.0%
In thousands of euros | 2024 | 2024 Constant scope* | 2023 | Variation 2024/2023 | Variation 2024/2023 Constant scope* |
Total at 30 September (according to IFRS 15) | 390,551 | 390,117 | 454,185 | -14.0% | -14.1% |
1st quarter | 141,190 | 141,190 | 170,513 | -17.2% | -17.2% |
2nd quarter | 130,344 | 130,344 | 153,152 | -14.9% | -14.9% |
3rd quarter | 119,017 | 118,583 | 130,520 | -8.8% | -9.1% |
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Breakdown by business:
Mecafer and Domac: air compressors, generators, power packs, solar panels, welding stations and high-pressure cleaners | 21,537 | 21,537 | 25,311 | -14.9% | -14.9% | |
Odrea, pumps, technical plumbing accessories and taps | 47,385 | 47,385 | 55,817 | -15.1% | -15.1% | |
Isocel, supply of components to OEM | 5,098 | 5,098 | 7,950 | -35.9% | -35.9% | |
Aello, equipment for swimming pools | 15,809 | 15,809 | 16,955 | -6.8% | -6.8% | |
DPI, plastic piping for wet and dry networks | 26,040 | 26,040 | 33,010 | -21.1% | -21.1% | |
Jetly, pumps, tanks and lifting stations | 47,110 | 47,110 | 49,526 | -4.9% | -4.9% | |
Thermador, central heating, solar and domestic water accessories | 50,034 | 50,034 | 75,605 | -33.8% | -33.8% | |
PBtub | Heating - cooling surfaces and piping systems | 16,028 | 16,028 | 21,149 | -24.2% | -24.2% |
Thermacome | 11,836 | 11,836 | 15,620 | -24.2% | -24.2% | |
Axelair, ventilation equipment and accessories | 5,773 | 5,773 | 5,628 | 2.6% | 2.6% | |
Alto Metering* (Compteur-energie.com, OTMetric and MyMeterInfo), design and sale of remote reading systems (IoT) and electricity, water, gas, fuel and energy meters | 399 | |||||
Sferaco, valves, meters and connectors | 58,849 | 58,849 | 61,496 | -4.3% | -4.3% | |
Sectoriel, motorised valves and air compressors | 22,532 | 22,532 | 22,208 | 1.5% | 1.5% | |
Distrilabo, measure and control | 5,488 | 5,488 | 5,184 | 5.9% | 5.9% | |
FGinox, stainless steel connectors, flanges, valves and accessories | 12,140 | 12,140 | 12,762 | -4.9% | -4.9% | |
Syveco, international | 27,803 | 27,803 | 27,169 | 2.3% | 2.3% | |
Sodeco Valves*, industrial valves | 16,400 | 16,365 | 18,486 | -11.3% | -11.3% | |
Other structures | 290 | 290 | 309 | -6.1% | -6.1% | |
* Turnover 2024: further to Thermador Groupe’s acquisition of Alto Metering on July 31, 2024, its turnover has been consolidated from August 1, 2024, and further to Sodeco Valves’ acquisition of Vena Contracta’s business on August 9, 2024, its turnover has been consolidated from August 10, 2024.
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Head office: 60, rue de Luzais - Parc d’Activités de Chesnes - 38 070 SAINT-QUENTIN-FALLAVIER - FRANCE
Tel. +33 474 95 63 28 - Email: contact@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
Despite the changes proposed by the authorities in May 2024 regarding the conditions for granting MaPrimeRénov’ subsidies, our subsidiary Thermador did not see a turnaround in September. This is due to the withdrawal of energy renovation professionals, burned by the government’s procrastination and delays in payments from the national housing improvement agency, ANAH. This trend is likely to continue until the rules for the allocation of state aid for 2025 are set in stone and stabilised. Recent announcements from the finance ministry on the budget set the tone: "The 2025 budget for MaPrimeRénov’ will be maintained at the level of consumption observed in 2024." More encouragingly, it was also stated: "Maintaining strong momentum for energy renovation will be a priority for the ministry, pushing visibility and stability to avoid counterproductive rule changes."
So, we are ready to adapt to the new situation, knowing full well that the euphoric period of 2021, 2022 and 2023 is definitely over.
In the Group’s other business areas (construction, industry, public works, water cycle, consumer and international), there has been no significant change since the end of June (see our previous letter to shareholders).
The succession of quarterly declines in turnover (-17.2% in Q1, -14.9% in Q2, -9.1% in Q3) seems to confirm that we are approaching the point at which sales will begin to rise again, albeit much more slowly than envisaged at the end of March 2024.
The estimated price impact over the first 9 months has stabilised at -2.6%. This will not change much over 2024 as a whole. In 2025, we expect prices to stabilise or even rise slightly. A return to normality, so to speak.
LATEST NEWS
On August 1, we confirmed the acquisition of the companies compteur-energie.com, OTMetric and MyMeterinfo. To keep things simple, they will be merged into a new legal entity called Alto Metering.
On August 9, our subsidiary Sodeco acquired the business of Vena Contracta (cf: press release on our website).
On August 28, we announced that we had completed a share buy-back programme for 30,000 shares in Thermador Groupe at an average price of €77.7942. The shares could be used to fund long-term reward packages or as a means of payment in the event of an acquisition.
On October 2, 2024, a Dutreil pact was signed for 25.14% of the capital (cf: press release on our website). The signatories to this agreement have undertaken not to sell their shares for the next two years, while retaining their voting rights.
STOCK AND CASH POSITION
Our stock levels decreased to 190 days of purchase (€174.9m), compared to 195 days at the end of September 2023 (€193m).
Our net cash position remained stable at €46.8m, and bank debt at €32.6m.
PROSPECTS
Aware of the sluggishness in some of our markets, but determined to do everything we can to maintain a reasonable pace of growth over the long term, we are carefully considering proposals from distribution companies that could join us. We are currently in discussions with three of them, who report turnover between €12m and €30m. They are based in Europe, including one in France.
In the first few days of October, there are still no signs of a recovery. We’ll have to be patient.
COMMUNICATIONS
We are organising a web conference (in French and English) on October 16, 2024 at 6pm 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 26 November, we look forward to seeing you in Paris (Carrousel du Louvre) at the Investir Day fair.
You can already register on the event’s website: https://event.investirday.fr/
Yours faithfully,
The Chairman
Guillaume Robin
To contact us: contact@actionnaires.thermador-groupe.fr