BARCELONA, 28 Oct. (EUROPA PRESS) -
Fluidra registered sales of 1,967 million euros until September, 15% more than in the same period in 2021, which it attributes to the increase in prices, acquisitions and the exchange rate, which "largely offset the slowdown in volume".
The gross operating result (Ebitda) rose to 456 million euros, with a margin of 23% "which was affected by an unfavorable sales mix and a lower volume," the company reported this Friday in a statement .
Fluidra's net cash benefit was 260 million until September, 9% less, after a non-recurring tax benefit from the merger with Zodiac registered in the second quarter of 2021.
According to the multinational, "a larger-than-expected correction of inventories in the channel in North America and Europe pressured volumes, the slowdown of which impacted inventory position and cash flow generation," and net debt relative to with the Ebitda of the last twelve months it stood at 2.4 times.
It also finds that the relationship between price and inflation is improving, with price capture accelerating in North America and the cost of some raw materials beginning to decline.
The main growth was in North America, with a 30% increase from January to September, driven by inorganic activity; and Southern Europe grew by 10%, with "certain weakness" in France but better performance in the Mediterranean region due to the tourist season.
Rest of Europe fell 13%, "due to the correction of inventory in the channel, the energy crisis and macro uncertainty"; and Rest of the World rose 28%, mainly thanks to Australia.
The executive president of Fluidra, Eloi Planes, has affirmed that the company's business is stronger than in 2019 despite the situation of the world economy.
It has celebrated that they are gaining market share in North America with a broader product offering, that they are expanding the distribution network in Europe and that they are improving the scope of Commercial Swimming Pool, with which they are "well positioned to continue leading the market for swimming pool and wellness".
Last week they updated their forecasts for this year: they foresee annual sales of around 2,400 million (it would be a year-on-year growth close to 10%), an Ebitda of more than 500 million and a net cash profit per share of more than 1, 3 euros.
Fluidra has revised upwards the objective of its simplification program, which it is implementing: it expects to save 100 million in the next three years, of which it expects to reach a third in 2023 (the program redesigns the product offering to save costs, streamline operations and simplify the organization).
