In July 2021, we thought we would have difficulty improving on the achievements of the second half of 2020. And yet, our people have done exactly that, despite a still very complex situation. Many thanks again to them for their work and loyalty, and congratulations on these results. Over the past year, the large number of energy renovation projects in France accounted for approximately 30% of the Group’s growth, boosting our subsidiary Thermador to more than €76 million in turnover. At the same time, inflation passed on by our subsidiaries to our customers in price rises averaged 4.3%.
Although they grew by a very respectable 11%, our exports struggled to keep up with the pace recorded in France, reducing its share to 16.4% of consolidated turnover. This is partly due to exports’ high dependency on industrial activity in Europe which, despite the economic recovery, has been slowed by tensions regarding the supply of certain raw materials or components and by the difficulty of physically visiting our customers. Finally, our consolidated turnover stood at €486.5 million, well above our expectations. Likewise, our operating profit increased to 15% and net profit to 10.9%.
Our subsidiaries’ purchasing teams remained focused on managing price increases, the scarcity of containers shipped from Asia, plant shutdowns and volume increases in product categories boosted by energy renovation programmes for buildings. This is evidenced by our stock level, which has risen to 201 days of purchases consumed, compared with 142 days at the end of June 2021 and 173 at the end of December 2020. Our rigorous management of trade receivables and payables have resulted in a slightly lower WCR to that of December 31, 2019 when correlated to turnover, and a particularly healthy financial situation.
At December 31, 2021, our cash position was €27.4m, our bank debt €28.2m and our equity after earnings distributions €260.2m. We have kept to our sustainable development goals of doubling size every 10 years whilst respecting the environment and our stakeholders (see pages 10 & 11).