Fluidra registers a sales growth of 4.5% and an EBITDA of 183 million euros (+ 7.9%)November 8, 2018
The company finalizes the merger process with Zodiac, which results in both non-recurring expenses and sales growth
It reaffirms its forecasts for the closing of 2018 with sales between 1.31 and 1.34 billion euros, an EBITDA between 215 and 230 million euros, and a debt ratio between 3.0 and 3.3 times EBITDA
Fluidra will present its new Strategic Plan next Monday, November 12
Fluidra the multinational, Spanish-listed company focused on developing innovative products, services and Internet of Things solutions for the residential and commercial pool and wellness markets, globally, will present its results for the third quarter of 2018 tomorrow.
Given the recent merger with Zodiac, the company has provided proforma information for the first nine months of the year for the new Fluidra, excluding the non-recurring effects caused by the merger and at a constant exchange rate. This allows a better understanding of the evolution of the business. Sales reached 1.03 billion euros during this period, representing an increase of 4.5% over the same period of the previous year. The gross result of operations, EBITDA, at the end of the third quarter recorded growth of 7.9%, reaching 183 million euros; net profit reached 62.0 million euros, 1.5% more.
The results reported, including one quarter from Zodiac, since the closing of the merger on July 2 are: sales of 741.5 million euros with an increase of 18.5%, and a net profit of -18.5 million euros due to non-recurring expenses related to the completion of the merger and that resulted in 60.6 million euros. These expenses include the cost of advisors and the refinancing of the operation, charged in these quarters, as well as accounting impacts associated with the merger by application of IFRS 3 regulations.
At the geographic market level and adjusting for currency changes, what’s evident is the positive growth of sales after recovering from a late start to the season in Southern Europe (+5.3%) and North America (+5.6%). Northern Europe continues to perform strongly with growth of 8.3%. The Rest of the World recorded a 1.7% decline in sales compared to the first nine months of 2017, which was a particularly strong year in the Commercial Pool area in Asia.
Fluidra confirms the good future outlook
The solid results recorded in the third quarter correspond to forecasts of the new Fluidra after its merger with Zodiac. Consolidating the results of both companies for the whole year 2018 confirm the objectives of closing the year with sales between 1.31 and 1.34 billion euros, an EBITDA between 215 and 230 million euros, and a debt ratio between 3.0 and 3.3 times the EBITDA.
Fluidra is in the process of integration with Zodiac after the closure of the merger on July 2. Thanks to a total of over 20 work teams, everything develops successfully and according to plan. The process is being led by Fluidra’s Executive Chairman, Eloi Planes, who assesses the situation with optimism: “The results not only confirm the guidance but also the good prospects beyond 2018. The integration is progressing at a good pace, and on Monday we will share our new Strategic Plan with the investment market”.
On Monday, November 12, Fluidra will present its new Plan 2022 “The Perfect Pool Experience”, which will mark the path of the company for the coming years.