this country, which with a park of around 1.1 mi- llion pools is the third largest market in the world and whose forecasts for the future are particularly attractive for our sector. We are therefore working to strengthen our position in Brazil so that we can become leaders in one of the biggest markets in the world for the pool sector.
In the first months of 2012, new branches were ope- ned in Indonesia and Jordan, and we are continuing to expand the company in those markets across the world that show great potential.
Our attempts to recover the levels of efficiency and profitability prior to the financial crisis led us to im- plement a new model of self-service sales branches (Fluidra Direct) in 2011. It is based on a new distribu- tion system whereby customers receive their orders directly from our central logistics centre.
Through Fluidra Direct, we have a direct delivery system to our customers from our main warehouse in Girona without having to go through sales bran- ches. This system enables our branches to concen- trate their operations on providing services to the professionals who go into them in search of pro- ducts there. This both reduces the operating costs of our branches and the levels of inventory required to be stocked in them, all of which results in impro- ved Net Working Capital. With this new model of branch offices we have been able to change from traditional branches with a large warehouse and a customer service counter to a new concept of self-service warehouses. This promotes diversifica- tion thanks to the cross selling of irrigation, water handling and domestic water treatment products and provides professional service engineers with one stop shop facilities. All in all, this results in fewer operating expenses and less Net Working Capital.
This new model was first implemented in Sant Boi de Llobregat and in 2011 a further three branches were opened in different areas of Spain. Following these months of operations, the opening of Fluidra Direct and the new pilot branches, we have had great success in terms of efficiency, profitability and
customer satisfaction, and we have increased our sales and reduced running costs in all pilot tests, thus de- monstrating once again that we were right to change our strategy. Therefore, over 2012 we will introduce this new model to most of our branches in Italy, France, Por- tugal and Spain, as well as in other markets further afield.
The acquisition of Aqua was a great achievement for Fluidra and, without any shadow of a doubt, has had a positive impact on the results for the 2011 financial year. Not only in terms of the sound economic and financial position of the companies acquired, but also in terms of the great strategic value they bring to the company by making us leaders in an innovative technology and by opening the US market to us. Thanks to this acquisition, our leading position in the pool sector has been stren- gthened following the addition of a new technology to the Group in the shape of pool cleaners, whilst also broadening our focus on products with added value. On a financial level, sales and margins have increased as we now have an integrated production and manufacturing chain for the whole range of Aqua products. In the for- thcoming business years, we will leverage our synergies, both in sales and in margins, which will be reflected in future results.
Another great success in 2011 was the development of wellness projects: turn-key projects have performed po- sitively since they were started three years ago. So much so, that the turnover that we had forecast for this period exceeded all expectations. Fluidra now creates and de- signs wellness spaces for large hotel chains, gyms, sports clubs, rehabilitation centres, etc.
In our last campaign, we also worked to create a solid base to develop the Asian market. At the start of the year, we announced the creation of the Asia division, based in Shanghai and managed by Phil Jin, in addition to the acquisition of a company in Indonesia that put us on one of the most interesting markets in the area. Following many years of conducting business on the Asian conti- nent, we have made a step forward by creating this divi- sion, which for the first time in Fluidra’s history is based in the territory of operations rather than in Sabadell. This is a clear sign of the confidence we have that our new ven- ture in the Asian market will work and the certainty that
Fluidra has demonstrated that it is a strong Group, with ambitious and consistent plans for the future
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MESSAGES FROM THE CHAIRMAN AND THE CEO OF FLUIDRA
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