The Spanish multinational Fluidra, a world leader in swimming pool and wellness equipment, closed 2020 with the best results in its history, registering a net profit of 96 million euros. Thus, it multiplied its 2019 earnings by more than eleven, which were affected by the expenses of the merger with Zodiac.
The company registered sales of 1,488 million in 2020, an 8.8% increase in the annual rate. Ebitda rose 19.3% to € 321 million, due to initiatives to improve the margin, as well as cost synergies, which reached € 37 million, aimed at achieving the savings target for 2021, set at 40 million euros.
The president of Fluidra, Eloi Planes, stressed that the results of 2020 were “excellent” and that the first months of 2021 suggest that this will be “a very good year”, because its sector is “very resilient” and the fundamentals of the business remain “solid” therefore, they are prepared to continue with their growth, profitability and cash generation model, despite the volatility context.
The company advanced that it will use the profit obtained this year to continue growing inorganically, acquiring companies. Xavier Tintoré, general director of corporate finance for the Catalan group, told Five days that their priority is the United States. In the same way, he advanced that the company will propose next March a policy of “increasing dividends” for the coming years, in accordance with the current cash generation and the planes growth of the company.
By region, North America closed the year with a 17.2% increase in sales, while in southern Europe they grew 3.8%, and in the rest of Europe, 25%. In the rest of the world, they registered a slight increase of 0.7% due to the weaker performance in commercial pools.
By segment, the residential swimming pool registered a 15.1% increase in sales in the last quarter, favored by the ‘stay at home’ effect, and served to offset the 10% drop in commercial swimming pools. The company expects to increase its sales this year between 6% and 9%.
Last November 2020 Rhône Capital sold 6.2% of Fluidra for 200 million euros in an accelerated placement. According to the CNMV records, Rhône Capital is Fluidra’s largest shareholder, since it controlled 38.4% of the Catalan company’s capital through the Piscine Luxembourg Holding 1 vehicle. After the placement of shares, it remains the main shareholder with the 32.2% of the capital. Second is the concerted action of the founding families of Fluidra, Serra and Corbera, with 25%.