* 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:
Private limited company with capital of e36,803,396 - 339 159 402 companies
register of Vienne - SIRET n°: 339 159 402 00017
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
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.
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.
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,
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.
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/