Here are the main indicators on the current situation of our group.
TURNOVER FOR FIRST QUARTER 2019 : +14.4%
AT CONSTANT SCOPE : +4.3%
2019 2018 constant
constant constant Variation scope
In thousands of euros 2019 scope* 2018 scope** 2019/2018 2018**
Breakdown by business:
Mecafer and Domac,
heavy tools 7,128 7,128 7,813 7,813 -8.8% -8.8%
Dipra, pumps and
plumbing 5,066 5,066 5,609 5,609 -9.7% -9.7%
Rousseau, taps * 8,908 - - - - -
for boilers 1,564 1,564 1,522 1,522 +2.8% +2.8%
for swimming pools 2,167 2,167 1,681 1,681 +28.9% +28.9%
Jetly, pumps 12,151 12,151 11,153 11,153 +8.9% +8.9%
heating and domestic
hot water accessories 12,445 12,445 11,905 11,905 +4.5% +4.5%
PBtub, pipework for
the distribution 7,049 7,049 7,019 7,019 +0.4% +0.4%
accessories 960 960 775 775 +23.9% +23.9%
connectors and meters 14,688 14,688 13,761 13,761 +6.7% +6.7%
air compressors 5,275 5,275 5,016 5,016 +5.2% +5.2%
and accessories 4,409 4,409 4,012 4,012 +9.9% +9.9%
International 6,927 6,927 6,033 6,033 +14.8% +14.8%
industrial valves ** 4,232 4,232 4,969 4,326 -14.8% -2.2%
Other structures 79 79 81 81 -2.5% -2.5%
Total 1st quarter -
According to IFRS 15 93,048 84,140 81,349 80,706 +14.4% +4.3%
* 2019 turnover: with Thermador Groupe's acquisition of Sanidom /
Rousseau on December 31, 2018, witch has been consolidated since January 1st,
** 2018 turnover: reprocessed according to the sale of the capital of Sodeco
Sedin, the French subsidiary of Sodeco Valves.
80, rue du Ruisseau - Parc d'Activités de Chesnes - SAINT-QUENTIN-FALLAVIER
Head office: CS 10710 - 38297 SAINT-QUENTIN-FALLAVIER CEDEX
Tel. +33 474 95 63 28 - Fax +33 474 95 46 35 - Website: www.thermador-groupe.fr
Private limited company with capital of EUR 36,439,008 -
339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00017
At constant scope, we have returned to slightly higher-than-average growth
compared to 2018. Figures from the organisations of which our main customers
are members also show a recovery from the previous quarter. It would seem
therefore that the social unrest that began in France in October 2018 has had a
very limited impact on our total consolidated turnover, even though there has
been a drop in orders from DIY superstores for Mecafer, Domac and Dipra. For
the moment, we think that these dips are temporary (weather and promotional
effects) rather than structural.
In keeping with our expectations, the swimming pool market is confirming its
buoyant phase and is supporting Aello's high growth.
The integration of the Vortice France business is now complete, and Axelair has
returned to organic growth in excess of 20%.
Along the lines of what happened in 2018, Thermador International is performing
excellently, more particularly in western Europe.
Eighteen months after joining the group, the FGinox team reports a remarkable
and very encouraging first quarter.
We also note the very good start to the year for our two biggest subsidiaries,
Jetly and Sferaco, who reported growth of 8.9% and 6.7% respectively.
Finally, PBtub, the subsidiary most exposed to new-build housing, is showing
good resistance and maintaining its sales.
Unsurprisingly, we have seen that new-build starts (from December 2018 to
February 2019) regressed further (-4.3%), more especially in collective housing
(-6.2%). We should remember here that only 10% of our consolidated turnover is
directly impacted by this very cyclical market.
On the flipside, government measures to boost household spending could have a
positive effect on maintenance and renovation of housing, which is the basis of
our construction market activities.
Simultaneously, our growth in industrial valves should continue in France and
internationally, except perhaps in the UK where our turnover remains relatively
modest and therefore not terribly threatened by a hypothetical hard Brexit.
ORDINARY AND EXTRAORDINARY GENERAL MEETING OF APRIL 8
Our Annual General Meeting was held in Lyon on April 8, 2019. 188 people
attended, 167 of whom representing 70.3% of voting rights, compared to 69.7% in
2018. We would like to thank them for making the effort to attend and note with
satisfaction the broad use made of the remote-voting Votaccess platform. 614
voted via that platform.
On April 11, 160 shareholders attended our meeting at Salons Hoche in Paris.
At the Annual General Meeting, all the resolutions were adopted with an
approval rate between 89.7% and 99.9%. You will find the texts of those
resolutions on pages 119 to 121 of the 2018 annual report as well as on our
Accordingly, a EUR1.75 per share dividend will be detached on April 23 and paid
on April 25, 2019.
With 91.6% of votes in favour, the resolution authorising an increase in
capital reserved to employees was adopted. This operation - planned for March
2020 - will help the group's current and former employees to bring us closer to
our objective within the framework government measures intended to support
employee saving. Indeed, they should own almost 10% of the capital by April
As in 2018, the whole of the AGM was filmed and will soon be available on
Thermador Groupe's YouTube site.
BOARD OF DIRECTORS
Laurence Verdickt's mandate has come to an end, and we are most grateful for
her terrific commitment to the work of the board and her willingness to apply
her academic and practical knowledge to our companies' effective use of social
Replacing her, Mathilde Yagoubi, Chairman of Fundy, was appointed independent
board member for a period of 4 years. Her biography is available on our website
under the 'Board of Directors' section.
The board member mandates of Karine Gaudin and Olivier Villemonte de la
Clergerie were renewed for a period of 4 years.
Thermador Groupe confirmed its eligibility to Euronext.