4% 1%
18%
3% 1%
20%
Despite the fact that Fluidra is a relative newcomer to the trading floor, whenever it conducts any transactions and in its day-to-day business dealings, it aims to create value for shareholders and profitability through dividends.
53%
We started the new year in the hope that markets would soon become stable so that confidence would be regained in listed Spanish securities and that institutional investors and minority shareholders would once again place their trust in Fluidra. Our ultimate aim is to demonstrate our abi- lity to recover and our flexibility to adapt to unfavourable climates such as the one we are currently experiencing.
(millions of euros) SHARES
Supplies Wages and salaries National insurance Other staff expenses
Return on capital Taxes Other operating expenses
Capitalisation Shares
HEDGE RATIOS Our share price performance
There was a general fall on stock markets in 2011. In the case of the Spanish stock exchange, the Ibex-35 benchmark index fell by 13.1% over the year. During this financial year, the variable income markets were severely punished by ins- titutional investors, which both affected trading volumes and the liquidity of securities and, in turn, share prices.
All companies listed on Spain’s stock exchanges have suffe- red from the lack of confidence in the country’s macroeco- nomic situation. Proof of this is the risk premium, which rose throughout 2011 and began a timid recovery in the last quarter to coincide with the change in the political landsca- pe following the elections for central government.
Experts in variable income and macroeconomics have forecast a general slowdown in the immediate future. Everything that has been lost over the past three years of the financial crisis is almost equivalent to everything that had been gained over a decade, and the path to recovery will be an uphill struggle. The experts are predicting an un- clear future in terms of the stability of variable income.
In this unfavourable climate in which there is a lack of clarity and a loss of confidence, Spanish share prices are trying to keep afloat. Fluidra is working along these lines by explai- ning to the markets in general, financial analysts and ins- titutional fund managers about the company’s activities, projects and strategy.
Net Financial Debt Net Financial Debt/EBITDA EBITDA/Financial Profit
RATIOS
EV/Book value EV/ Net Earnings (1) EV/Sales EV/EBITDA EV/EBIT
SHARE DETAILS
Market value (€) Shareholders’ Equity (€) Profit per share (€) Dividend per share (€)
3.5 2.68 0.07 0.036
2.31 2.81 0.14 0.071
(1) EV= enterprise value (capitalisation + net financial debt).
1.91 2.90 0.13 0.071
1.31 49.9 1.0 11.3 30.5
0.8 27.0 0.7 6.3 12.9
0.7 25.8 0.6 5.5 10.6
169.5 3.4 4.8
147.6 2.3 13.2
174.2 2.5 5.3
394.2 112.6
260.2 112.6
215.1 112.6
December 2009 December 2010 December2011
The earnings per share stood at 0.13 euros in 2011
21 (
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