International Based on the international figures available at the time this report was written, in the USA the preliminary forecast for GDP in the fourth quarter showed an annualised quarterly growth of 2.8%. Consumer confidence remained at low levels and a reduction in the unemployment rate of 8.3% was recorded. Year-on-year inflation dropped to 2.9%.
In Japan, year-on-year GDP was at -1%.
In China, the gradual decline in business continued in the fourth quarter, with GDP growth at 8.9% in comparison with the previous year. Exports stabilised, due fundamen- tally to the significant slowdown of exports to Europe.
In Latin America, the macroeconomic indicators pointed towards the stabilisation of growth in the fourth quarter of 2011, with the favourable progress made by Brazil and Chile worth highlighting. The rate of inflation in the region dropped by two decimal points in January to reach a year- on-year rate of 6.9%.
In the eurozone, the economy of the EMU expanded by 1.5%. Inflation in the eurozone had been curbed by De- cember to reach a rate of 2.7%.
Fluidra’s sales turnover in 2011 was 624.0 million euros, 7.4% up on the previous year. This meant a profit of 21.6 million euros before tax. The company made 70.2 million euros in operating income (EBITDA ) and 21 million euros in free cash flow.
The increase in sales had a direct impact on profits, resul- ting in an increase in EBITDA from 64.9 million euros in 2010 to 70.2 million euros in 2011, which translates as growth of 8.1%.
The contribution of Aqua in the 2011 business year was very favourable in terms of sales, which showed the following results by quarters: +3.1% in the first quarter despite the fact it had only belonged to the Group for one month, +5.1% in the second quarter, +3.3% in the third quarter and +4.7% in the last quarter.
YEAR-ON-YEAR VARIATION RATES (%)
6 5 4 3 2 1 0
-1 -2
xxxXX EMU XXXX Spain XXXX XXXX XXXX
The acquisition of Aqua significantly marked profits in the 2011 business year. Thanks to this acquisition, the Pool Unit’s leading position was strengthened following the addition of a new technology to the Group, whilst broadening the focus on high added value products. On a financial level, sales and margins have increased as we now have an inte- grated production and manufacturing chain for the whole range of Aqua products. In the forthcoming business years, we will leverage our synergies, both in sales and in margins, which will be reflected in future results.
Insofar as Net Financial Debt is concerned, there was an in- crease of 26.6 million euros, mainly due to the acquisition of Aqua. At the end of the year, the Net Financial Debt was 2.8 times over EBITDA, slightly above that of the previous year, but within the parameters of debt set by the company. Free Cash Flow was up to 21.0 million euros, which is a 140% conversion of the Net Profit in Cash Flow. This was possible thanks to the positive Net Earnings of €15.1M obtained, as well as to the moderate growth of Net Working Capital.
Fluidra’s economic performance
[EC.a, Ec.b, Ec.c, Ec.d, EC1] During the 2011 business year, Fluidra focused on four main areas: internationalisation, di- versification, innovation and efficiency. Firstly, with regard to internationalisation new branches were opened in Belgrade (Serbia), Cape Town (South Africa) and São Paulo. Secondly, the acquisition of the Aquatron/Aqua Products group, a lea-
In 2011, Fluidra increased its percentage of sales outside of Europe, as well as its percentage of sales in its water-related business units, all of which increased EBITDA by 8.1% and generated a Cash Flow of 21.0 million euros.
Sales performance by geographical area In a breakdown of the evolution of sales by geographical area, Spain and Portugal recorded a drop of 5.9% and 6.5%, respectively, whilst major markets in the rest of Europe such as France maintained an upward trend of 8.5% and Eastern
15 (
ding pool cleaner dealer, in March 2011 was a great success and extremely beneficial for the Group. Thirdly, Fluidra focu- sed on turn-key wellness projects (wellness spaces for large hotel chains, gyms, sports clubs and rehabilitation centres with hydrotherapy and other aquatic facilities). Lastly, the lean management programme was successfully implemen- ted whose aim was to increase efficiency, both in produc- tion plants and in sales branches.
SOURCE: Eurostat
ECONOMIC SCENARIO
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76