Fluidra, S.a. · BME:FDR
Fluidra — Q1 2021 Earnings Presentation
20 slides from Fluidra's earnings presentation, May 6, 2021
Slide 1: Q1 Results 2021
FLUIDRA BO@IB Nese wal May 6% 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 Q1 RESULTS 2021 May 6th 2021 3
Slide 4: Key Messages
Key Messages 1. Record Q1 results, driven by exceptionally strong demand in Residential Pool. 2. Strong accretive M&A activity & greater dividend payment announced. 3. Sharp focus on ESG. During our 5th Capital Markets Day we presented our new comprehensive ESG “Responsibility Blueprint” plan for 20
Slide 5: YTD Financial Highlights
YTD Financial Highlights Extraordinary Growth and Operating Leverage Compared to a Positive Q1 2020 Evol. Const. FX & • Superb Sales growth in Q1 on the €M 2020 2021 21/20 Perimeter back of strong continued demand in Residential Pool and some pull Sales 315.8 508.4 61.0% 59.8% forward in preparation
Slide 6: Highlights for the Quarter
Highlights for the Quarter Business Evolution ● Step change continues aided by the flight-to-the-suburbs with the pool as the anchor of backyard experience. This confirms the strong fundamentals of the business and resilience of the industry. Fluidra is very well-positioned to achieve medium term-ta
Slide 7: Sales by Geography
Sales by Geography Record Growth in All Geographies Boosted by Continued Momentum despite Positive Q1 2020 Comparable % % Evol. Const. FX & YTD €M 2020 2021 • Southern Europe, excellent Sales Sales 21/20 Perimeter performance in the quarter driven by France, Italy and Spain. Southern Europe 94 30% 1
Slide 8: Sales by Business Unit
Sales by Business Unit Residential Aftermarket and New-Build Activities Drive Growth % % Evol. YTD €M 2020 2021 • Residential Pool had an Sales Sales 21/20 outstanding growth supported by outdoor living and flight to the Pool & Wellness 306 97% 496 98% 62.3% suburbs. • Commercial Pool new projects R
Slide 9: Q1 2021 Results
Q1 2021 Results Very Strong Growth and Profitability Evol. €M 2020 % Sales 2021 % Sales 21/20 • Exceptional Sales evolution in Q1 led by Sales 315.8 100% 508.4 100% 61.0% Residential Pool. Gross Margin 169.9 53.8% 274.3 53.9% 61.5% • Gross Margin expansion, driven by price Opex before Dep. & Amort.
Slide 10: Net Working Capital
Net Working Capital Outstanding Management of NWC, Improving Ratio to Sales by 600 Bps in Q1 March €M 2020 2021 Evol. 21/20 • Operating Net Working Capital performed very well, improving ratio to LTM Sales by 600 bps. Inventory 309.6 376.6 21.6% • Inventory increased due to the Accounts Receivable 4
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 47.8 127.8 80.0 Net Interest Expense Paid (10.7) (8.3) 2.5 Corporate Income Tax Paid (0.8) (3.5) (2.7) Operating Working Capital (170.7) (220.2) (49.5) • Excellent Operating Cash Flow
Slide 12: Outlook and 2021 Guidance
Outlook and 2021 Guidance 1. April followed the strong Sales growth trend on an easier comparable. 2. COVID-19 drove unusual quarterly performance in 2020, with lower than usual H1 and a stronger reversal H2. 3. Investments in Opex and Capex to fund long term growth initiatives. Capex to remain in t
Slide 13: Conclusions
Conclusions 1. Outstanding Q1 results. Very strong 2021 Residential Pool season expected in the Northern Hemisphere. 2. Step change continues aided by the flight-to-the-suburbs with the pool as the anchor of backyard experience confirming the strong fundamentals of the business and the resilience of
Slide 14: Appendix
Appendix FLUIDRA Qi RESULTS 2021
Slide 15: (I) Sales by Geography
(I) Sales by Geography Constant Const. FX & YTD Evol. 21/20 Const. FX Perimeter Perimeter Southern Europe 63.2% 63.2% 63.2% 63.2% Rest of Europe 67.4% 68.7% 64.7% 66.0% North America 84.7% 101.4% 70.8% 86.2% Rest of the World 12.0% 10.3% 11.1% 9.4% Total 61.0% 65.2% 55.7% 59.8% Q1 RESULTS 2021 May 6
Slide 16: (II) Reported Profit & Loss Account YTD
(II) Reported Profit & Loss Account YTD €M 2020 % Sales 2021 % Sales Evol. 21/20 Sales 315.8 100% 508.4 100% 61.0% Gross Margin 169.8 53.8% 272.4 53.6% 60.4% Opex before Dep. & Amort. 119.8 37.9% 143.6 28.2% 19.9% Provisions for Bad Debt 2.2 0.7% 1.0 0.2% (53.3%) Reported EBITDA 47.8 15.1% 127.8 25.
Slide 17: (III) Reconciliation to Reported EBITDA YTD
(III) Reconciliation to Reported EBITDA YTD €M 2020 2021 Evol. 21/20 EBITDA 51.4 134.8 162.0% Integration Related Non-Recurring Expense (0.9) (3.5) 295.4% Other & FX impact on Non-Recurring Expense (0.1) 0.1 (170.1%) Stock Based Compensation (2.3) (3.6) 54.8% Run Rate Synergies (0.4) (0.1) (84.6%) R
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 1.6 67.3 4,156% Integration Related & Other Non-Recurring Expense 1.0 3.4 245.5% Stock Based Compensation 2.3 3.6 54.8% Run Rate Synergies 0.4 0.1 (84.6%) P&L Fi
Slide 19: (V) Reported Balance Sheet
(V) Reported Balance Sheet Assets 03/2020 03/2021 Liabilities 03/2020 03/2021 PPE & Rights of Use 234.2 254.7 Share Capital 195.6 195.6 Goodwill 1,124.5 1,218.8 Share Premium 1,148.6 1,148.6 Other Intangible Assets 742.0 710.5 Retained Earnings 117.7 303.6 Other Non-Current Assets 106.0 100.8 Interi
Slide 20: Thanks For Your Attention
+34 93 724 39 00 Investor_relations@fluidra.com Avda. Francesc Macià 60, planta 20 - 08208 Sabadell (Barcelona) www.fluidra.com Thanks For Your Attention