With sales almost flatlining at 593.8 million euros, Fluidra boosted its EBITDA by 37.7% to 65.7 million euros and made profits of 6.6 million euros.
The Spanish market showed signs of picking up once again (+3.7%). Strong international business, both in Europe and Asia & Australia, made up for the decline recorded in France.
Fluidra, the Spanish listed multinational group devoted to developing applications for the sustainable use of water, released its results today for the 2014 business year, for which it received the green light twice over: an improvement in EBITDA (gross operating profit) of 37.7% and a profit of 6.6 million euros, in addition to securing a new syndicated loan with significantly more favourable conditions as announced yesterday, which reflects the company’s soundness.
In 2014, sales reached 593.8 million euros, a slight increase of 0.2% in comparison with the previous year. The growth in sales came from Spain, Central and Northern Europe, Asia & Australia, and the Rest of the World. The positive performance in these regions did not yield better results as the growth in local currencies was watered down by the impact of exchange rates. Within the scope of stable currencies, sales rose by 2.7%.
By business units, the Pool Unit saw an increase of 1.5% to 407.2 million euros. The Water Treatment Unit grew by 7.5% thanks to business in the residential pool sector, especially in Spain. The revenue of the Irrigation Unit fell from 33.1 to 27.4 million euros due to the sale of the company Irrigaronne (France) in June 2014. However, if the effect of this sale is disregarded the green spaces and home watering market performed well. The Fluid Handling Unit increased turnover by 1.2%, thanks to the performance of Fluidra Youli Asia.
The excellent growth of EBITDA – it increased from 47.7 million euros in 2013 to 65.7 million euros in 2014 – and the generation of 6.6 million euros in net profit were the result of a combination of measures that were taken: the restructuring process, certain divestments of non-core assets and the ongoing efforts to improve the efficiency by lean management.
In a statement, Eloi Planes, Fluidra’s CEO, said that “we were expecting 2014 to be satisfactory and we were proven right. The company has an enormous capacity for generating cash flow (more than 30 million euros this year), which has made possible a reduction in debt and a marked increase in profits. We look to the future, and to 2015 in particular, as an opportunity for sustainable and sustained growth, both in terms of sales and results”.
Fluidra, national and international benchmark for sustainable use of water
Fluidra is a multinational group listed on the Spanish Stock Exchange, dedicated to developing applications for sustainable water use. The company specialises in solutions for water conservation, handling, treatment and enjoyment.
Fluidra operates in 43 countries by way of 150 branches and production centres located in the main markets. Fluidra products are distributed to more than 170 countries due to an extensive sales network. The group has some 3,600 employees.
Respect for water and its rational use are two concepts at the core of the philosophy of the group. The companies which comprise Fluidra, some of these with 40 years of experience, have grown with this vision, specializing in a four business units: water treatment, fluid handling, irrigation and pool/wellness.