For this year it forecasts sales of 2,000 to 2,200 million and an Ebitda of 410 to 480 million


Fluidra registered a net profit of 160 million euros in 2022, a figure 36.6% lower than that of 2021, and achieved sales of 2,389 million euros, 9% more than in the previous year, the company reported on Monday to the National Securities Market Commission (CNMV).

The group has explained that its profit was affected by the increase in interest costs due to its higher average debt, as well as by the costs associated with the refinancing process in January.

Fluidra’s gross operating profit (Ebitda) totaled 512 million euros in 2022, a 6.8% decrease over 2021, while its adjusted net operating profit (Ebita) reached 421 million euros, 12, 6% less.

The net cash benefit was 269 million, 20% less, which the company attributes to higher financial costs in the year and an exceptional tax benefit in the second quarter of 2021 due to the merger with Zodiac.

The pool and wellness multinational says sales grew “driven by price, acquisitions and currency, which more than offset lower volumes.”

The gross margin was affected by inflation and the product mix, although the price increases applied so far “are contributing to the recovery of the gross margin” of the company during 2023, it stressed in a statement.

Fluidra’s revenues rose 17% in North America, driven by acquisitions; the southern European region, 6%; and the rest of the regions of the world, 21%, mainly thanks to Australia and the Middle East.

However, sales in central and northern Europe decreased by 14%, due to “declining demand and correcting inventory levels in the channel.”

The Commercial Pool division grew 38%, driven by the acquisitions of the previous year and the recovery of tourism, “in which the good trend is expected to continue.”

Fluidra has implemented a Simplification program to improve gross margins and reduce fixed costs in the next three years, and “it is progressing favourably”.

It has stated that it remains focused on cash generation and that it has “a strong financial position that offers flexibility to navigate the current uncertain macroeconomic environment.”

For this year it forecasts sales of 2,000 to 2,200 million, an Ebitda of 410 to 480 million, and a net cash profit per share of between 0.95 and 1.25 euros.

The multinational considers that the sector “is returning to normality” after a period of strong growth, and that the first semester will be affected by the correction of inventory in the channel.

For this reason, the executive president of Fluidra, Eloi Planes, has verified that the macroeconomic environment remains uncertain and that they expect less business volume this year “due to the normalization of the sector after a period of strong growth”.

However, he has affirmed that the company is today “structurally stronger” because it has expanded its product portfolio in North America, it has expanded its distribution network in Europe and it has improved its commercial pool offer.

“We are well positioned to continue leading the pool and wellness market,” he added.