Fluidra, S.a. · BME:FDR
Fluidra — Q3 2021 Earnings Presentation
20 slides from Fluidra's earnings presentation, Oct 28, 2021
Slide 1: Q3 Results 2021
Q3 RESULTS 2021 October 28th 2021
Slide 2: Disclaimer
Disclaimer ● This document is for information purposes only and does not constitute an offer to sell, exchange or buy, or an invitation to make offers to buy, securities issued by any of the companies mentioned. This financial information has been prepared in accordance with international financial
Slide 3: Today's Speakers
Today’s Speakers Eloi Planes Bruce Brooks Xavier Tintoré Executive Chairman CEO CFO Q3 RESULTS 2021 October 28th 2021 3
Slide 4: Key Messages
Key Messages 1. Continuation of strong growth experienced in 1H21 despite the more difficult comparison of 3Q20. 2. Fundamentals of the business remain robust. Constructive long-term perspectives. 3. Ongoing inflationary pressure on raw materials and shipping mostly offset by price increases and ope
Slide 5: YTD Financial Highlights
YTD Financial Highlights Excellent Growth & Operating Leverage in Q3 2021 Evol. Const. FX & €M 2020 2021 21/20 Perimeter • Strong Sales growth in Q3 in all Sales 1,142.9 1,703.8 49.1% 41.4% regions led by North America. • EBITDA and EBITA showed EBITDA 248.0 450.5 81.6% 86.2% excellent operating lev
Slide 6: Highlights for the Quarter
Highlights for the Quarter Robust Business Evolution ● Solid growth across all geographies in the third quarter with a tough 2020 comp. North America remains as main growth engine driven by demographic trends and builder backlog. ● Implementation of mid-to-high single digit price increase for the 20
Slide 7: Sales by Geography
Sales by Geography Solid Performance in All Geographies on the Back of Strong Q3 2020 +25.2%(1) vs Q3 2019 % % Evol. Const. FX & Q3 €M 2020 Sales 2021 Sales 21/20 Perimeter • Southern Europe, robust evolution Southern Europe 120 32% 129 25% 7.3% 7.1% with accelerated demand through Rest of Europe 78
Slide 8: Sales by Business Unit
Sales by Business Unit Residential Drives Growth with Commercial Pool in Recovery % % Evol. Q3 €M 2020 2021 Sales Sales 21/20 • Residential Pool grew strongly in Pool & Wellness 361 97% 504 98% 39.6% the quarter backed by continuous Residential 266 71% 385 75% 45.0% robust demand and inorganic activ
Slide 9: YTD 2021 Results
YTD 2021 Results Increasing Margins and Operating Leverage Lead to Higher Profitability Evol. • Superb Sales performance activity in €M 2020 % Sales 2021 % Sales 21/20 the Northern Hemisphere. Sales 1,142.9 100% 1,703.8 100% 49.1% • Price and value improvement initiatives Gross Margin 597.6 52.3% 90
Slide 10: Net Working Capital
Net Working Capital Outstanding Management of NWC, Improving Ratio to Sales by 178 Bps in Q3 September €M 2020 2021 Evol. 21/20 • Operating Net Working Capital performed very well, improving ratio to LTM Sales by 178 bps. Inventory 272.0 421.2 54.9% • Inventory increased driven by Accounts Receivabl
Slide 11: Cash Flow and Net Debt YTD
Cash Flow and Net Debt YTD Further Deleverage Despite Strong M&A Activity €M 2020 2021 € Evol. 21/20 Reported EBITDA 234.6 414.7 180.1 Net Interest Expense Paid (28.4) (24.4) 4.0 Corporate Income Tax Paid (29.7) (66.2) (36.6) Operating Working Capital 26.1 (43.5) (69.6) • Excellent Operating Cash Fl
Slide 12: Outlook and 2021 Guidance
Outlook and 2021 Guidance 1. Strong finish to the 2021 Northern Hemisphere Residential Pool season in Q3. 2. Management is confident on delivering a solid Q4 despite challenging supply chain and inflationary environment. Positive early data for October. 3. Momentum continues for New Builds demograph
Slide 13: Conclusions
Conclusions 1. Confirmation of step change in the industry, with Q3 growth across all regions vs a high growth Q3 2020 comp. 2. Business fundamentals and industry resilience are both very strong. Optimally positioned to achieve medium term targets shared at CMD. 3. Continued efforts to navigate supp
Slide 14: Appendix
Appendix FLUIDRA Q3 RESULTS 2021
Slide 15: (I) Sales by Geography
(I) Sales by Geography Constant Q3 Evol. 21/20 Const. FX Perimeter Const. FX & Perimeter Southern Europe 7.3% 7.3% 7.1% 7.1% Rest of Europe 13.7% 12.6% 11.2% 10.1% North America 105.4% 103.3% 61.9% 60.2% Rest of the World 19.6% 15.6% 15.7% 11.9% Total 39.1% 37.5% 25.3% 23.9% Constant YTD Evol. 21/20
Slide 16: (II) Reported Profit & Loss Account YTD
(II) Reported Profit & Loss Account YTD €M 2020 % Sales 2021 % Sales Evol. 21/20 Sales 1,142.9 100% 1,703.8 100% 49.1% Gross Margin 596.6 52.2% 896.3 52.6% 50.3% Opex before Dep. & Amort. 357.4 31.3% 481.4 28.3% 34.7% Provisions for Bad Debt 4.5 0.4% 0.2 0.0% (94.8%) Reported EBITDA 234.6 20.5% 414.
Slide 17: (III) Reconciliation to Reported EBITDA YTD
(III) Reconciliation to Reported EBITDA YTD €M 2020 2021 Evol. 21/20 EBITDA 248.0 450.5 81.6% Integration Related Non-Recurring Expense (3.1) (13.9) 344.2% Other & FX impact on Non-Recurring Expense (0.2) 0.5 (330.8%) Profit/Loss from Sales of Subsidiaries (1.0) - (100.0%) Stock Based Compensation (
Slide 18: (IV) Reconciliation of Reported to Cash Net Profit and Cash EPS YTD
(IV) Reconciliation of Reported to Cash Net Profit and Cash EPS YTD €M 2020 2021 Evol. 21/20 Reported Net Profit from Continued Operations 77.0 221.4 187.5% Integration Related & Other Non-Recurring Expense 3.3 13.5 303.1% Stock Based Compensation 7.2 21.8 202.6% Run Rate Synergies 1.9 0.5 (71.5%) P
Slide 19: (V) Reported Balance Sheet
(V) Reported Balance Sheet Assets 09/2020 09/2021 Liabilities 09/2020 09/2021 PPE & Rights of Use 220.7 292.1 Share Capital 195.6 195.6 Goodwill 1,095.5 1,278.8 Share Premium 1,148.6 1,148.6 Other Intangible Assets 675.6 831.6 Retained Earnings 206.1 388.8 Other Non-Current Assets 94.0 108.0 Interim
Slide 20: Thanks For Your Attention
+34 93 724 39 00 Investor_relations@fluidra.com Avda. Alcalde Barnils 69 - 08174 Sant Cugat (Barcelona) www.fluidra.com Thanks For Your Attention