Here are the main indicators on the current situation of our group.
TURNOVER FOR FIRST QUARTER 2020 : +2.0%
AT CONSTANT SCOPE : +0.6%
In thousands of euros 2020 2020 2019 Variation scope* /
constant 2020/2019 2019
Breakdown by business:
Mecafer and Domac,
equipment tools 7,421 7,421 7,128 + 4.1% + 4.1%
Dipra / Rousseau, pumps,
plumbing ad taps 12,544 12,544 13,974 - 10.2% - 10.2%
for boilers 2,023 2,023 1,564 + 29.3% + 29.3%
Aello, equipment for
swimming pools 2,692 2,692 2,167 + 24.2% + 24.2%
Jetly, pumps 11,189 11,189 12,151 - 7.9% - 7.9%
heating and domestic
water accessories 14,443 14,443 12,445 + 16.1% + 16.1%
PBtub, pipework for
the distribution 6,335 6,335 7,049 - 10.1% - 10.1%
equipment and accessories 1,066 1,066 960 + 11.0% + 11.0%
connectors and meters 14,723 14,723 14,688 + 0.2% + 0.2%
valves and air compressors 5,607 5,607 5,275 + 6.3% + 6.3%
Distrilabo, measure and
control * 1,351 - - - -
FGinox, stainless steel
valves and accessories 3,672 3,672 4,409 - 16.7% - 16.7%
Syveco, international 7,183 7,183 6,927 + 3.7% + 3.7%
industrial valves 4,624 4,624 4,232 + 9.3% + 9.3%
Other structures 79 79 79 0.0% 0.0%
Total 1st quarter -
according to IFRS 15 94,952 93,601 93,048 + 2.0 % + 0.6 %
80, rue du Ruisseau - Parc d'Activités de Chesnes -
Head office: CS 10710 - 38297 SAINT-QUENTIN-FALLAVIER CEDEX
Tel. +33 474 95 63 28 - Fax +33 474 95 46 35 -
Private limited company with capital of EUR36,439,008 -
339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00017
... / ...
Up to March 16 we recorded consolidated growth above 10%, in line with the two
previous quarters. Unfortunately, the confinement measures that had to be
imposed by the public authorities put a stop to this sustained period of
development and triggered a decline of the order of 53% in our turnover over
the last dozen working days of the first quarter. Nevertheless, we will finish
on a positive note because cumulative consolidated turnover to the end of March
grew 0.6% to constant scope and 2% including Distrilabo, a company acquired on
December 31, 2019.
MANAGEMENT OF THE COVID-19 CRISIS
The measures introduced and the commendable self-discipline of our 623
employees have enabled us to contain the spread of the virus. We are very
fortunate not to have had any serious cases to date. Our team in Madrid, which
has been the worst affected to date, is making the most of the total stoppage
of business in Spain to rest and recover. Very quickly, all our managers and
their staff rolled out continuity plans to ensure that the service our
customers expected was provided and to provide for the future: homeworking,
rescheduling of holidays, alternating attendance and partial unemployment.
Our financial structure - and a debt ratio below 5% - means that are able to
cope without using the cashflow facilities proposed by the State. On the other
hand, whilst being careful not to misuse the mechanism, and as a last resort,
we have declared partial unemployment in our subsidiaries to the competent
authorities for around 25% of the hours normally worked in April. On the
understanding that the peak of the crisis will be of a short duration, we are
not planning any redundancies.
The progressive return to business-as-usual for our Chinese suppliers and the
supply schedules honoured by Italian and European suppliers have protected us
from stock-out so far. We remain in daily contact with all our partners to get
through this period together.
MAKE-UP OF CAPITAL
Since February 17, the Thermador share price has fallen more than 30% before
bouncing back by more than 25%. It has weathered the storm better than the CAC
mid&small and the CAC40. In particular, we were pleased to see that the
increase in capital reserved to employees functioned perfectly well in spite of
the highly alarming climate and that institutional investors who were already
shareholders in our group made the most of this period to reinforce their
positions still further. The latter in turn benefited from very high trading
volumes on our shares.
The group's companies who deliver to DIY superstores (Mecafer, Domac, Dipra and
Rousseau) will be particularly badly affected in April and could suffer a 80%
drop in turnover for the month. As a consolidated average, we should be able to
maintain 40% of normal business during the confinement period, slightly up on
the estimate appearing in our press release of April 3. We plan to come back to
you via a press release on April 28 after the closure of the stock exchange to
confirm or refute these predictions. Whatever happens, the 2nd quarter of 2020
will show net decline and will have a negative impact on our annual accounts.
The project for the acquisition of Thermacome revealed to you on February 3
will not be affected by the current crisis. The process is going ahead and
should be completed according to plan before the end of the first half of the
year, thanks to the unfailing support of our banking partners.
ORDINARY AND EXTRAORDINARY GENERAL MEETING OF APRIL 6
Our Annual General Meeting was held behind closed doors on April 6, 2020. It
was attended virtually by 260 people and 745 voters representing 65.8% of
voting rights, compared to 70.3% recorded in 2019. We thank you for your high
level of commitment in the very difficult context our country is experiencing
at present, and were pleased to observe broader use of the Votaccess platform
for remote voting.
All the resolutions were adopted with approval rates of between 76.8% and
99.9%. You will find herewith the text of the resolutions on pages 149 to 151
of our 2019 universal registration document as well as on our website.
Thus, a dividend of EUR1.80 per share was detached on April 9 and released for
payment on April 15, 2020. As we said during the Annual General Meeting, we
will wait to see the exact consequences of the current crisis for our 2020
accounts to decide on what we can propose in terms of dividends payable in
As in previous years, the whole of the AGM was filmed and is available online
on Thermador Groupe's YouTube site.
BOARD OF DIRECTORS
Upon his departure from the Board, Guy Vincent, founder of Thermador, received
our warmest thanks, particularly for having provided the inspiration for the
values that our group holds so dear.
We also thanked Laurence Ravet and Christophe Arquillière for their commitment
and their contributions as their mandates too came to an end.
To replace the three departing board members, Noémie Gonin, export sales
person at Syveco, Yves Ruget, Chairman and CEO of Thermador and Lionel Grès,
Chairman and CEO of Axelair were appointed. You will find their biographies on
our website under the 'Board of Directors' section.
Thermador Groupe confirmed its eligibility with Euronext.
Dear shareholders, we would like to thank you for your loyalty during this
difficult period. Encouraged by your support and sure of our own potential, we
will do everything within our power to build for the future.