Fluidra closed the 2021 fiscal year with a net profit of 252 million euros (+162%) and sales of 2,187 million (+47%), the National Securities Exchange Commission (CNMV) reported Monday. The multinational company of pools, wellness and connected solutions said in a statement it had “the best results in its history” and a record year in sales, driven by continued demand momentum in residential pools and mergers and acquisitions, which contributed to nearly eleven years. %.
“Excellent operating leverage” allowed Ebitda’s margin to expand by 350 basis points, ending the year with Ebitda margin of 25.1%, reaching 549 million Ebitda, up 71% over the previous year. Net cash interest of 337 million, “more than double what it was in 2020”: cash generation allowed “debt ratio to stay below 2x”, invest about 500 million in mergers and acquisitions, and increase dividends up to €0.40 gross per share. 2021 (+90% from 2020).
North America was the most rapidly growing geographical region (+83%), followed by the rest of Europe (3%), Southern Europe (+31%) and the rest of the world (+22%). The apartment complex saw a 55% increase “supported by continued demand and inorganic activity.” The commercial complex is up 23%, also supported by inorganic activity. Liquid circulation grew by 32%, and water treatment by 27%.
The multinational stated that the targets of its 2018-2022 strategic plan “were exceeded a year ago”. Fluidra CEO Eloi Planes described the results as excellent, which “confirms a step-change in the industry,” with continued strong growth across all regions in the fourth quarter.
For the year, they expect sales to increase between 12% and 17%, putting Ebitda’s margin above 25.5%, with a margin improvement of 50 basis points or more, and an increase in net cash earnings per share between 10% and 16%. According to Tayaar, “the sector’s medium and long-term fundamentals remain strong,” with more complexes installed that will incrementally generate value in the aftermarket, while technology, connectivity and sustainable products drive up the average ticket.
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