SOMFY SA (EPA:SO) - SOMFY/ 2021 HALF-YEAR RESULTS AND FULL-YEAR OUTLOOK

Transparency directive : regulatory news

08/09/2021 17:45

PRESS RELEASE
8 SEPTEMBER 2021

                 2021 HALF-YEAR RESULTS AND FULL-YEAR OUTLOOK

Consolidated data at end June
(EUR millions)               2021         2020           Var.     Répar'stores
                                                                     impact

Sales                       805.0         568.9         +41.5%        17.5
Current operating result    213.8         102.6        +108.3%         1.6
Consolidated net profit     183.4          80.9        +126.7%         0.9
Cash flow                   206.5         117.7         +75.5%

The Group enjoyed excellent momentum over the first six months, thanks to a
particularly buoyant market and a favourable base effect. Despite ongoing
pressures in the components and raw materials markets, it managed to limit
their impact over the half-year as reflected in the figures.

SALES

Group sales totalled EUR805.0 million for the first six months of the financial
year, an increase of 41.5% (up 40.8% on a like-for-like basis) compared with
the same period last year. They grew 28.7% over the first quarter and 53.4%
over the second, on a like-for-like basis. The forex impact and the scope
impact (Répar'stores) partially offset one another.

Sales benefited from a highly favourable base effect in March and April, as
well as from the buoyant markets and proved resilient in response to supply
pressures.

All the regions ended the half-year with outstanding performances, posting
sales growth in excess of 10%. Africa & the Middle East, North America, Latin
America and Southern Europe particularly stood out with growth of more than
50%.

Sales by Dooya, an equity-accounted Chinese subsidiary, were EUR117.7 million
for the first six months, a substantial increase of 43.0% in real terms and
43.9% on a like-for-like basis. They grew strongly in China (up 49.5% on a
like-for-like basis), a country that was heavily impacted by the health crisis
in early 2020, as well as in the rest of the world (up 40.4% on a like-for-like
basis).

RESULTS

Current operating result stood at EUR213.8 million for the half-year, an
exceptional increase of 108.3% year-on-year, and represented 26.6% of sales, up
860 basis points. Restated for the scope and forex impacts, the current
operating margin was 27.5%.

Against a backdrop of higher raw materials prices and transport costs, over the
half-year the Group benefited from its robust hedging policy which limited
their impact. It continued to benefit from a favourable product mix and the
renewal of non-recurring savings such as travel expenses. The continuing
investments in digital should be noted, as should the upturn in marketing
expenditure although it has not returned to its usual level.

The impact of non-recurring items and net financial income was not material.
Corporation tax rose automatically given the level of profit.

Consolidated net profit reached a record high at EUR183.4 million, an increase
of 126.7% in relation to the corresponding period last year.

FINANCIAL POSITION

Shareholders' equity grew from EUR1,171.0 to EUR1,287.0 million over the
half-year, and the net financial surplus remained virtually stable at EUR517.5
million.

The sound financial structure was maintained, thanks in particular to the high
level of cash flow which covered the main requirements (change in working
capital requirements, investments and dividends).

OUTLOOK

As forecast, summer sales declined in comparison with the same period last
year. Ongoing market pressures call for prudence over the coming months, given
the supply shortages and delivery delays that could impact the Group.

Nevertheless, the Group's solid fundamentals, driven by the focus on comfort in
the home and the energy efficiency of buildings, mean we can anticipate steady
growth in sales for the financial year with profitability approaching pre
health crisis levels.

Mindful of the satisfaction of its customers, the Group will continue in its
efforts to secure supplies and make additional investments to limit the
consequences of the crisis context and to support its growth in a very buoyant
market.

CORPORATE PROFILE

Founded in France in 1969, and now operating in 58 countries, Somfy is the
world leader in window and door automation for homes and buildings.
Pioneer in the connected home, the Group is constantly innovating to guarantee
its users comfort, well-being, and security in the home and is fully committed
to promoting sustainable development.
For 50 years, Somfy has been using automation to improve living environments
and has been committed to creating reliable and sustainable solutions that
promote better living and well-being for all.

DISCLAIMER

The half-year financial statements were approved by the Board of Directors on 8
September 2021. They may be accessed via the Company's website
(www.somfyfinance.com).

The limited audit review has been completed and the Statutory Auditors' report
has been issued.

CONTACTS

Somfy: Pierre Ribeiro: +33 (0)4 50 40 48 49
Shan: Alexandre Daudin: +33 (0)1 44 50 51 76 -
Aliénor Kuentz: +33 (0)1 42 86 82 45

SHAREHOLDERS' AGENDA

Publication of third quarter sales: 19 October 2021 (after close of trading)

GLOSSARY

Sales: The sales figures refer to the sales amounts generated with customers
outside the Group. They are calculated based on customer location and therefore
the destination of the sales.

Change in real terms: The change in real terms corresponds to the change at
actual consolidation method and scope, and actual exchange rates.

Change on a like-for-like basis: The change on a like-for-like basis
corresponds to the change at constant consolidation method and scope, and
constant exchange rates.

Geographic regions: The Group is organised into two geographic divisions, the
first made up of Central Europe, Northern Europe, North America and Latin
America (North & West), and the second made up of France, Southern Europe,
Africa & the Middle East, Eastern Europe and Asia-Pacific (South & East).

Current operating margin: Current operating margin corresponds to current
operating result as a proportion of sales (COR/Sales).

Net financial surplus: The net financial surplus corresponds to the difference
between cash and cash equivalents and financial liabilities.

APPENDICES

SALES

Consolidated data        2021      2020       Var.         Var.
(EUR millions)           June      June    Real terms    Like-for-
                                                           like

Central Europe          142.6      126.9      +12.4%      +12.7%
. of which Germany      116.3      103.2      +12.7%      +12.7%
Northern Europe         104.6       70.4      +48.5%      +47.3%
North America            71.8       49.4      +45.3%      +57.4%
Latin America            11.1        8.2      +35.4%      +53.2%
Total North & West      330.0      254.9      +29.5%      +32.2%
France                  237.6      148.1      +60.4%      +48.6%
Southern Europe          77.3       50.7      +52.5%      +52.8%
Africa & the Middle
East                     44.6       26.7      +66.8%      +82.7%
Eastern Europe           77.6       59.1      +31.3%      +34.3%
Asia-Pacific             38.0       29.5      +28.9%      +29.6%
Total South & East      475.0      314.0      +51.3%      +47.7%
Group Total             805.0      568.9      +41.5%      +40.8%

CONDENSED INCOME STATEMENT

Consolidated data                    2021       2020     Répar'stores
(EUR millions)                       June       June        impact
Sales                               805.0      568.9        17.5
EBITDA                              247.5      134.0         2.4
Current operating result            213.8      102.6         1.6
Non-recurring operating items        (1.4)      (0.8)        0.0
Net financial income/(expense)        2.9       (4.0)        0.0
Income tax                          (39.2)     (18.3)       (0.6)
Share of net profit from
associates and joint                  7.4        1.4         0.0
ventures
Consolidated net profit             183.4       80.9         0.9
. Attributable to Non-controlling
interests                             0.8        0.0
. Attributable to Group share       182.7       80.9

RECONCILIATION OF CHANGES ON A LIKE-FOR-LIKE BASIS WITH CHANGES IN REAL TERMS

                                          Sales    Current operating result

Change on a like-for-like basis           +40.8%       +114.4%
Forex impact                               -2.4%         -7.6%
Scope impact                               +3.1%         +1.5%
Change in real terms                      +41.5%       +108.3%

CONDENSED CASH FLOW STATEMENT

Consolidated data (EUR millions)                    2021             2020
                                                    June             June

Cash flow                                           206.5            117.7
Change in working capital requirements              (64.9)           (28.6)
Net cash flow from operating activities             142.9             90.0
Net cash flow from investing activities             (49.6)           (23.1)
Net cash flow from financing and equity activities  (75.4)            (8.8)
Net change in cash and cash equivalents              19.6             55.8

CONDENSED BALANCE SHEET

Consolidated data              2021     2020         2020  Répar'stores
(EUR millions)                 June      Dec.        June    impact

Equity                      1,287.0   1,171.0     1,044.4     23.8
Goodwill                      119.2      94.4        94.5     24.8
Net non-current assets        366.3     337.7       337.7     18.4
Investments in associates
and joint ventures            156.6     145.5       137.0      0.0
Working capital               755.7     669.6       559.2      4.4
Working capital requirements  172.0     111.1       184.1     (2.2)
Net financial surplus         517.5     517.7       325.6     13.2

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24/01/2023 17:35

SOMFY SA (EPA:SO) - SOMFY/ 2021 HALF-YEAR RESULTS AND FULL-YEAR OUTLOOK

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