Billing reaches 2,051 million (-14.2%) and Ebitda decreases by 13%, to 445 million euros

Fluidra closed the 2023 financial year with a net profit of 114 million euros, 28.8% less than in 2022, it reported this Thursday to the National Securities Market Commission (CNMV).

The company's turnover was 2,051 million euros, 14.2% less, but within the range of expectations, "with lower volumes and an unfavorable exchange rate offsetting the higher prices."

The Ebitda recorded was 445 million euros, 13% less than in 2022, reflecting the effect of lower sales, but "supported by a gross margin of 190 basis points higher and by the benefits of the Simplification program."

The company has explained that it reduced its net debt by around 150 million during the year, "thanks to the rigorous management of working capital" and showing its cash generation capacity.

Thus, at the end of the year, the company's leverage remained stable compared to 2022 "despite lower volumes."

SIMPLIFICATION PROGRAM

Fluidra has explained that the Simplification Program generated more than 30 million euros of savings in its first year and that the forecast is that it will contribute another 30 million in 2024.

This program aims to create long-term value and improve resilience: it focuses on improving margins and lowering fixed costs, to generate an improvement in Ebitda of 100 million over the next three years, focusing on improving gross margin and reducing fixed costs.

On the other hand, Fluidra has reported that aftermarket demand for Residential Swimming Pools remained stable during the year, while demand for new construction of swimming pools "was weaker."

For its part, Commercial Pool sales grew, supported by the recovery of the tourism sector, and the company explained that "the correction of inventories in the channel has ended."

IN LINE WITH YOUR GUIDANCE

Looking ahead to 2024, Fluidra has given as guidance sales forecasts of between 2,000 and 2,150 million, an Ebitda of between 440 and 490 million, and a net cash profit per share of between 1.07 and 1.25 euros .

The executive president of the company, Eloi Planas, has defined the results as "good" despite a commercial environment that he has defined as difficult.

"Despite the macroeconomic uncertainty, we start 2024 leaving behind the inventory correction in the channel and with confidence in the resilience of the aftermarket, which represents the majority of our business," he added.