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Thursday, 15 February 2018

THERMADOR GROUPE : OPERATING PROFIT: +18.7% PORTION OF NET PROFIT ALLOCATED TO THE GROUP: +27.3%

THERMADOR GROUPE    

Published: 18:39 CET 15-02-2018 /GlobeNewswire /Source: THERMADOR GROUPE / : THEP /ISIN: FR0000061111


THERMADOR GROUPE

 

OPERATING PROFIT: +18.7%

PORTION OF NET PROFIT ALLOCATED TO THE GROUP: +27.3%

 

In thousands of euros

2017

2017

constant

scope*

2016

Variation

2017/2016

Variation 2017

constant

scope*/2016

Operating profit

37,652

36,538

31,709

+18.7%

+15.2%

Portion of net profit allocated to the group

26,240

25,603

20,616

+27.3%

+24.2%

 * 2017 turnover taking into account acquisition of Domac by Mecafer since March 1, 2017, consolidated since March 1, 2017, acquisition of Sodeco Valves by Thermador Groupe since August 31, 2017, consolidated since September 1, 2017 and acquisition of FGinox by Thermador Groupe since September 30, 2017, consolidated since October 1, 2017.


BUSINESS AND RESULTS

2017 was marked by a return to growth: our markets, our product range extension, our historic and more recent subsidiaries, our prices, the euro, and the weather, all made a positive contribution to the Group's business.

Unsurprisingly, our teams were ready and willing to respond to this favourable trend by seizing all possible opportunities efficiently and with real commitment.

Especially - and quite unusually - five acquisitions came to fruition between March and December 2017, laying the foundations for a new source of growth for 2018. They are perfectly aligned with our strategy since they make a contribution to strengthening our market presence for the distribution of industrial valves, and outside our borders. This means that we will be less exposed to French market cycles in the new-build sector.

Finally, the end of the year saw a cancellation of the tax paid on dividends between 2015 and 2017. This has all conspired to produce some very flattering figures, and we would be well-advised to bear in mind the fact that we are working on some very demanding markets. Humility remains the watch-word at every level of the group, paying permanent attention to serving our customers properly and satisfying our industrial partners.

Consolidated turnover increased by 17.4% and 10.3% for the same scope. Operating income reached €37.7m for the first time (+18.7%) and net profit leaped to €26.2m including the €1.5m decrease in tax burden further to the cancellation of the tax on dividends.

 

DIVIDEND UP +6.25%

Our distribution policy remains in place: the Board proposed a 20-cent increase in the dividend to €3.40 per share. Thus, the distribution rate would be 59%.

 

FINANCIAL STRUCTURE

Unusually, and making the most of interest rates under 0.5%, we have turned to a bank loan as a means of financing, for a total of €30m. When we add the debts of Domac and Sodeco Valves, our bank exposure is €30.8m, which should be compared to our cash (+€28.6m) and equity (€189.7m). Our debt level is therefore very low, meaning we can carry very high stock levels, which allows us to be very reactive to our customers' requirements.

 

ANNUAL GENERAL MEETING

Our AGM will be held on April 9 in Lyon at 5pm, in a new place, Espace de l'Ouest Lyonnais.

(http://www.salle-conferences-eol.fr).

We will also organise an information meeting in Paris on April 11 at 4pm at Salons Hoche.

 

 

PROSPECTS

The 10-year strategy laid out in 2016 remains unchanged. However, we are developing quicker than the

strategy required, and in 2018 we should be working primarily on embedding the companies that have

recently joined us. Simultaneously, our historic subsidiaries will be doing the groundwork on their own markets via conventional or digital distribution channels. All indicators suggest that growth should continue, meaning our confidence remains high.

 

Our last letter to shareholders is on line www.thermador-groupe.fr. Our 2017 annual report will be on line very soon.

 



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This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: THERMADOR GROUPE, Parc d'Activités de Chesnes 80, rue du Ruisseau - BP 719, Saint Quentin Fallavier Cedex 38297, France
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