For the Desjoyaux Pools group, the fiscal year begins on the 1st September and ends on the 31st August.

1. "2018: two seasons in one"
For the Desjoyaux Pools group, the fiscal year begins on the 1st
September and ends on the 31st
August. Aswe are currently assessingouractivitiesin2018, we are seeing two very distinct seasons:
the first,fromSeptembertoDecember 2017, was extremelypositive,aswe recorded adouble-figure
increase in signed contracts for new constructions over this 4-month period. January on the other
hand heralded the beginning of a more complicated period mainly punctuated by foul weather
across most of the country. This led to delays on construction sites and less calls for estimates,
because there is logically less demand for pools when it's cold and rainy.
Desjoyauxpools
OlivierChambe

2. Subsequently, certain projects which had initially been scheduled during the first quarter weren't
completed before the spring. During this period, dealers and their teams put in a lot of hard work
and organisationtoget things finished in a limited timeframe. Luckily, the fine weather in July and
Augustmarkedthe return of a very promising situation, and a strong rise in requests for estimates.
We eventually made up for the dip in sales generated by the adverse spring weather, and ended
2018 on an increase. Better still, we are optimistic for 2019, owing to our favourable results
throughout September and October. The uncertain weather has reinforced our confidence in the
strategywe have developed,whichconsistsinanticipating,wheneverpossible, bygettingmore pools
finishedduringthe autumnperiod toavoidaglutin spring. Extendingournetwork, andtherefore our
sales and construction capabilities, will act as a real performance lever in this context.
Otherkeypointswe have noted:we are installingmore andmore equipmentwithourpools,andthe
average sizesof installedpoolsare clearly largerthanthose installed in 2017, although we have also
notedthat overa longerperiod,the size of pools installedhastendedto drop.Urbanconstraints, the
price of land, andthe fact that some customerslive inoutlyingsuburbs all contribute to this change.
Ultimately, along with the developments I have just mentioned, this year we have witnessed a
significantrise inthe average price of pools percustomer. This situation is most probably the result
of the communication campaigns we have been conducting since 2015. They highlight the very
attractive price of a 6 x 3 m pool,andare generatingastrongrise in demands, withlots of customers
now asking for larger pools and more equipment.
The trading aspecthas alsofluctuatedthisyear.Luckily,yetagainthe summermonthswerehighly
encouraging, andwe endedthe seasonwithamarkedrise inseveral familiesof products,suchas
covers, rollers,robots, andchlorinators.
The assessmentforthisyearis auspicious despitethe weather,andcouldhave beenevenbetterif
the companieshadn'thadto deal with twosometimes unfavourablesituations:
- The lack of qualifiedtechnicians insome geographical areas — a "technical shortage"that
sometimes hinderscompanydevelopment.
- The secondconcernsurban planning.We have alsonotedthatthe time requiredto investigate
notificationspriorto construction work isgettinglonger,asthe documentsrequiredoften varyfrom
one municipalitytoanother. Ultimately,filesare oftendelayedowingtomore restrictive
investigations:local developmentplan, habitatlossanddegradation,land-use ratio,etc.
The POOL activity
November2018