CONSOLIDATED HALF-YEAR POSITION ON JUNE 30, 2017
| Simplified P&L statement (thousands of euros) | Half year 2017 | Half year 2016 |
| Turnover | 139,754 | 124,413 |
| Current operating income for the business | 19,716 | 16,329 |
| Net profit as a portion of the group | 12,684 | 10,193 |
* 2017 turnover taking into account acquisition of Domac by Mecafer since March 1, 2017, consolidated since March 1, 2017. Domac net turnover from March 1 to June 30, 2017 was €2,175,000.
Letter to shareholders n°86 with all our comments and full half-year report on our website www.thermador-groupe.fr in the section "regulated information".
BUSINESS CLIMATE AND RESULTS
We are currently closing a good first half year thanks to an improved economic context in construction finishing works and a very favourable weather. Our teams have been able to respond effectively to strong demand from the market whilst maintaining control over costs. Our profit margin is thus improving quicker than turnover.
Mecafer's information system has been installed in record time at Domac, who joined the Group in March2017. Our teams have shown great professionalism and remarkable commitment in driving this successful project.
PROSPECTS
We expect to end the year with more moderate organic growth, and remain resolutely optimistic. On June 27 via a press release, we informed our shareholders of discussions that are under way for the acquisition of the company FG INOX, located in France near Lyon. FG Inox sells a wide range of connectors, flanges, valves and accessories in stainless steel that will serve as a perfect complement to the industrial valves and fittings portfolio of three Thermador Group subsidiaries: Sferaco, Sectoriel and Thermador International.
FG Inox reported turnover of €14.6 million in 2016, EBITDA of €2.08 million and a net profit of €1.34 million. Its debt on December 31, 2016 was €0.3 million.
This deal, which we hope to seal before the end of September 2017, would allow us over time to reduce our dependence on new housing build cycles in France and opens up new prospects internationally.
In the meantime, we are studying other external growth possibilities which could be concluded in 2017. This unusual plethora of opportunities and particularly low interest rates could lead us to taking out some cautious debt. This would not affect our dividend distribution policy, given that our net cash position was €21.4m on June 30, 2017.
http://www.globenewswire.com/NewsRoom/AttachmentNg/fb2921c9-5e5b-43bc-80e0-62ff86e83f82
