* 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.
In publishing our 2019 Universal Registration Document, we made a special
effort to describe the risks that our group could face and the consequences of
one sort of occurrence or another. This work was somewhat in vain, given that
we were not able to predict that a global pandemic would cause the temporary
closure of our suppliers' factories, illness affecting some of our employees
and the collapse of sales for several weeks. Fortunately, the commitment of our
staff and our devolved organisation proved highly resilient in the face of the
unexpected, which is very reassuring for the future.
We therefore thank our employees for their courage, lucidity and responsiveness
in such difficult circumstances, especially those physically present on our
The group's other stakeholders also rose to the challenge: the majority of our
customers met their obligations, our suppliers adapted their manufacturing
programmes, our bankers supported our cash flow and the French authorities
reacted pragmatically and quickly. You yourselves, as shareholders of Thermador
Groupe, held your nerve during the stock market storm that followed the health
crisis. We would also like to thank you for your contribution.
These internal and external forces combined to enable us to achieve the
impossible in June 2020, as we recorded a 25% increase in turnover compared to
June 2019. This rescues our second quarter revenue tally, which is down only
8.9%, and our first half year turnover, which is down only 4.3%.
The turnover trends presented here are on a like-for-like basis, without taking
into account our two most recent acquisitions (Distrilabo, acquired on December
31, 2019, and Thermacome, acquired on April 30, 2020).
The 2020 half-year results will be published on July 31, 2020. Our letter to
shareholders n°98 will be available on our website on July 30 after close of
trading. Finally, we look forward to seeing you on July 31 at 6pm for a
webconference reserved for our shareholders.
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