Thermador Groupe Sa

And so Kleernox had plans to build on this land. So to ensure the development of the subsidiary, we've decided to buy the land as well. As usual, we've taken out a loan to finance this acquisition. It was the case for C2AI as well. So we've got working with our normal partners, CIC, Léonès de Banque and Société Générale. And again, these are seven year fixed rate loans without guarantees. That's the financial aspect in terms of management. There are two shareholders who will stay in the company, Francisco Quiles and Fernando Mari. And Lionel Monroe will represent Thermador Group as chairman and he will be joining them tomorrow. So they started on this integration process. So we're very happy, I would say. So it's an opportunity for us to welcome the 40 employees and directors from this company. who I'm sure have a fantastic future in Thermador Group. So welcome to all of you. So now look at the different distribution channels. It's complete. You're familiar with this chart. And just to show you where those two new companies sit in these channels. this configuration you see the key linux and cdi ri c2ai both in in the international industrial market and the international markets which corresponds to our strategy our long-term strategy which is based on industry and export So a quick look at the price effect because the negative price effect at the end of the third quarter has not changed compared to the second quarter. You see on the orange bars on this chart shows you the price effect. And remember that between 2021, 2022 and 2023, we've passed on prices beyond 20% increases to our customers. So this adjustment we're seeing now is completely natural and fairly moderate to the increases just after COVID. So new housing in France with a slightly more detailed curve than usual with housing starts and permits, building permits granted month by month. It really seems that we've gone past that low point, especially in terms of building starts. We'll keep an eye on that over the coming months. But for those who are watching for the first time, I would just remind you that new housing in France impacts only 10% of our consolidated turnover in France, and that would be PB Tube, two subsidiaries, and Thermacom. So looking at the wholesalers in electrical equipment and sanitary solutions, Coedis, that's the next slide, and you'll see for the first time for a long while, there's a positive figure for September, 1.5%. However, on the DIY side, it's slightly downbeat again. And it continues. There was a little spike in May, as you can see on the positive line, but it has not followed through to the end of the year for DIY. So a look at industry indicators index. This is the PMI index, which certainly industry will be the major part of our turnover next year with the arrival of these new companies. And you'll see that these indicators that we see in front of us now for France on the left hand side and on the right hand side for Europe are around 50. And that means that the market is stable in the manufacturing industry. And that will help our companies working in industry. A few words about turnover.

As we said, in retail, we've got not very good results.

So in terms of turnover for our subsidiaries involved in the retail markets, we've got a drop of 9.4%. And if we look at the professional channel, And that includes subsidiaries involved in public works, swimming pools, industry, and construction. So those subsidiaries... I've got showing reporting minus 1.9%. But I think it's interesting to look at the third quarter because we communicated a recovery effect on the second quarter. And indeed, we've seen an improvement through. And we see this with 13 of our subsidiaries have actually shown growth in terms of turnover in the third quarter. in spite of the price effect of minus 1.5%. So this is fairly encouraging, I would say, for this third quarter, both for construction, watering and industry, of course. And then the other elements, you'll see that there's a notion of constant scope there for the columns 2025 and 2025 constant scope. Basically, there are two subsidiaries that have brought in 5 million turnover. which is Altometering and C2AI, and they were born, which was 30th of June, and Altometering was the third quarter of last year. So you see that 5 million, you'll see that in the constant, has gone from the constant scope. So overall, if we look at the Q3, we've got plus 2.2% to constant scope. Now, the impact on our financial structure. so it remains very solid because we have equity which is above 384 million euros that's the result of our capital and the accumulation of profits so that goes along hand in hand with the capitalization of the stock market value of the company and we regularly communicate on the value of us the value of our share because that shows our management of our WCR. We're talking about stock here, so we've got 165 million euros of stock compared to 134.9 million at the end of Q3 2024. We've got the indicator of number of days of stock, which is compared to the days of sales. At the end of September, we had 196 days of stock compared to 190 days last year. So we've got a slight increase in stock. I should remind you The delivery times are about three weeks longer for our shipments coming from Asia. And that means we have to have a bigger buffer stock in our subsidiaries. And that explains part of that difference. And we think there's also an improvement to be found in terms of number of days, and we'll communicate on those dates, on those stock values at the end of December. So we're able to report a very positive net cash position. plus 85 million compared to 46.8 million this time last year. So increasing cash position. We're coming out of the watering and the swimming pool season. Those companies have not yet bought their new stock for next season. So at the end of September, there's a favorable position. And so it's what we could call a high position in terms of cash.