Annual General Meeting of Dometic Group AB (publ)

APPLiA's member companies include some public companies listed on the Stockholm Stock Exchange, of which Dometic is one. On Wednesday, April 13, Dometic held its annual general meeting at the Clarion Sign Hotel in Stockholm. The annual accounts were presented by, among others, the company's chairman Fredrik Cappelen and its CEO Juan Vargues.

Increased sales in 2021 by 33 percent

After a dip in sales in 2020, the board was now able to present a sharp increase in net sales in 2021 to SEK 21.5 billion, which is a full 33 percent better than the previous year. Part of the increase comes from acquisitions, but the organic increase, which is stated at 23 percent, is still the driving factor for the increase during the year. The company's total profit amounted to SEK 1,726 million (previous year 452).

CEO Juan Vargues commented that ”2021 was a strong year and another important milestone for Dometic. We continued to successfully drive our transformation, announced nine acquisitions and achieved our highest net sales and operating profit ever.”.

Nine acquisitions in 2021 – three already in 2022

In 2021, no less than nine acquisitions were made of companies in different markets related to Dometic's core business: solutions for a mobile lifestyle. And this strategy of growth through acquisitions continues this year. Already in 2022, Dometic has acquired 3 companies:

January 4th Cadac International, which manufactures outdoor grills, was acquired
February 1; NDS Energy in Italy, which sells batteries, solar panels and other electrical systems for recreational vehicles, among other things
March 2; Treeline Capital LLC, a leading provider of mobile power to the North American marine market

These important acquisitions are being made to further broaden the product range. Thus, full speed ahead in the acquisitions department within Dometic!

Sales in 100 countries

The number of global employees at the end of the year was 9,100 and Dometic's products are sold to over 100 countries worldwide. Today, Dometic is not just a supplier of solutions for a mobile lifestyle. The company has become synonymous with an outdoor lifestyle that reaches from the balcony and garden to the adventurous wilderness. Dometic also supplies products and solutions for professional users, such as restaurants and healthcare. The FOOD & BEVERAGE application area includes, for example, mobile food and beverage applications such as refrigerators, wine cabinets, minibars, cool boxes, mobile delivery solutions and cooking products.

Started in 2001

The new century marked the beginning of an independent Dometic. In 2001, following a strategic decision to focus on its core business, Electrolux divested its interests in the leisure market to EQT, a private limited company. Dometic now had to stand on its own two feet. The company succeeded in this by safeguarding its heritage and continuing to develop smart and often award-winning solutions.

In 2015, the company was listed on the Nasdaq stock exchange in Stockholm and a series of strategic acquisitions have been made over the years to date by companies in many markets in North America, Germany, the United Kingdom, South Africa and others.

The semiconductor problem remains

Juan Vargues concluded by commenting on the industry's problems with the supply of semiconductors and other electronics, saying that all manufacturing industries with a need for electronic components have the same problem and that Dometic has met this problem by intensifying its purchasing efforts and adapting the technology (where possible) in its products. Juan laconically states that an upcoming recession would probably solve this particular problem through lower demand in general.

Kent Oderud

APPLiAnytt