Fluidra, a global leader in pool and wellness equipment and connected solutions, closed 2021 with the best results in its history. The company closed the year with sales of 2,187 million euros, 47% more than in 2020, driven by the continued momentum of demand in Residential Pool and M&A, which contributed around 11%. The Net profit reached 252 million euros162% more than in 2020, while Net Cash Profit1 stood at 337 million euros, more than double that of 2020.
The excellent operating leverage allowed to expand the margin EBITDA by 350 bps, ending the year with an EBITDA margin of 25.1%, and reaching 549 million euros of EBITDA, 71% more than in 2020.
Cash generation has remained solid and has allowed the debt ratio to remain below 2x despite significant M&A operations and a higher dividend of 0.40 euros per share for 2021 (90% higher than 2020).
“We closed 2021 with excellent results that reflect the extraordinary dedication and effort of the entire Fluidra team to serve and care for our customers. In addition, they confirm the step change in the industry, with continued solid growth in all regions in the fourth quarter, adding to the strong growth in the second half of 2020. Eloi Planes, Executive President of Fluidra.
Very good performance in all regions and business units
By geographic areasthe annual growth was led by North America that presented an exceptional increase of 83% in 2021. Southern Europe grew by 31% and the Rest of Europe by 33%, while the Rest of the World experienced a growth of 22% .
By business’ units, Residential Pool posted a 55% increase in 2021, supported by continued demand and inorganic activity. Commercial Pool recovered well, also helped by inorganic activity, with an increase of 23%. The Fluid Handling business grew by 32% and the Water Treatment business by 27%, with a good performance by Water Treatment.
Guidance for 2022
Fluidra foresees increase sales between 12% and 17%, placing the EBITDA margin above 25.5%, with 50 bps or more of margin improvement. The company also expects an increase in Net Cash Earnings per Share of between 10% and 16%.
Eloi Planes explains: “The fundamentals of the sector in the medium and long term remain solid, with a greater number of installed pools that will generate value in the Aftermarket over time, while technology, connectivity and sustainable products are raising the average ticket”. Eloi Planes pointed out that “we continue to provide an attractive and growing return on capital to our shareholders through our growth, the improvement of margins and the generation of value in our investments.”
