Fluidra’s sales turnover in 2011 was 624.0 million euros, 7.4% up on the previous year
Europe showed strong growth at 22.9%. Central Europe, and Asia and Australia also maintained an upward trend with growth rates of 8.9% and 8.3%, respectively. In the Rest of the World, Fluidra recorded spectacular growth of 57.2%, which was mainly due to the contribution of Aquatron/ Aqua Products.
The drop in sales in Spain was basically brought about by a fall in sales of above-ground pools, due to bad weather in July, and the slack business in industrial water treatment facilities. The acquisition of Aqua changed the relative con- tribution of each geographical area in Fluidra’s turnover, as a result of which the Rest of the World accounted for 7% of sales in 2010 and 10% in 2011.
This evolution confirms that internationalisation is a key strategic line as the relative weight of sales in European markets gradually falls off. The exchange rate of the euro with other currencies has had a negative effect, without which the effective rate of growth would have been 7.5%.
Geographical Distribution of Sales (in million euros)
2007 2008 2009 2010 2011 Var. 11/10 % Spain
Southern Europe – Rest of Europe
Northern and Western Europe
Eastern Europe Asia and Australia Rest of the World 227 209 97 30 60 35 202 223 93 30 68 37 146 202 80 23 68 33 150 202 80 24 86 39 141 0 87 29 93 62 -5.9% 4.7% 8.9% 22.9% 8.3% 57.2%
The EBITDA figure as defined in Fluidra’s Annual Consolidated Accounts is calculated in the following manner: Sales of goods and finished products + Income from services rendered – Variation in stock of finished products and work in progress and raw material supplies – Personnel costs – Other operating costs + Participation in profits for the year of companies accounted for using the equity method.
Net sales to third parties
2008 2009 2010 2011
Sales performance by business unit Sales related to private pools grew by 9.9%, which is above the average rate. This is due to the growth in the automatic pool cleaner segment resulting from the acquisition of Aqua. We have acquired a new technology, which has reduced our dependence on external suppliers for strategic products, whilst strengthening our position of leadership in the market for pool cleaners.
Fluid handling and irrigation showed above average growth (+8.1% and +12.6%, respectively). Water treatment continued to grow slightly (+1.4%) with a loss in the domestic segment, mainly in the Spanish market, versus a recovery in industrial markets in various geographical areas.
SWE NEEMEA AAP INDUSTRY TOTAL CONSOLIDATED
In 2011, sales of Fluidra in Eastern Europe showed strong growth at 22.9%
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The Group’s profitability The increase in Sales had a positive effect on profits, as reflec- ted by the EBITDA of 64.9 million euros as at 31 December 2010 and 70.2 million euros as at 31 December 2011. This 8.1% growth in EBITDA, which is higher than Sales (+7.4%), is due to two basic reasons.
On the one hand, the contribution of Aqua of 6.1 million euros in EBITDA, with a percentage over sales of 25.0%. This EBITDA margin is the result of the addition of high added va- lue products, as well as the new margins on sales and manu-
ECONOMIC SCENARIO 372
304 304
306 93 87 95 103 74 72 87 97 112 88 95 118 653 550 581 624
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