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
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 EUR37.7m for the first time (+18.7%) and net profit
leaped to EUR26.2m including the EUR1.5m 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 EUR3.40 per share. Thus, the distribution rate would be 59%.
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 EUR30m. When we add the
debts of Domac and Sodeco Valves, our bank exposure is EUR30.8m, which should
be compared to our cash (+EUR28.6m) and equity (EUR189.7m). 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
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.