SOMFY SA (EPA:SO) - SOMFY: CHANGE IN DOOYA’S POSITION AND CONSOLIDATION METHOD WITHIN THE GROUP

Transparency directive : regulatory news

22/06/2018 08:45

PRESS RELEASE
22 JUNE 2018

     CHANGE IN DOOYA'S POSITION AND CONSOLIDATION METHOD WITHIN THE GROUP

Somfy Group has held a 70% interest in Dooya, the Chinese leader in tubular
motors since 2010 and has a call option on the remaining 30%, exercisable from
2035. At the time of the acquisition, governance was implemented with the
minority shareholder of the company, the Sun family, and majority
representation of Somfy on the Board of Directors of Dooya was agreed.

Since then, Dooya has grown at a sustained rate while remaining highly
profitable. Its sales increased from EUR35 million in 2010 to EUR163 million in
2017 and its current operating margin fluctuated between 6 and 7% over the
period, except last year, as a result of higher raw material prices and
significant industrial and commercial investments.

Under the influence of Somfy Group, the Company has focused on the Chinese
domestic market, where it now holds a leading position, but has consequently
been less active than its main local competitors in international markets in
which it has significant potential due to its positioning.

For this reason, the Group wished to clarify its brand policy and has decided
to:

- Focus on Somfy and related brands (Simu, BFT, Asa, etc.), spearheads of the
  connected building market, in order to stimulate their innovation capacity
  and consolidate their positioning and performance in the various market
  segments,

- Manage Dooya as an independent entity, in partnership with the minority
  shareholder to enable it to develop separately, particularly at
  international level, and adapt as effectively as possible to its own
  competitive environment.

In this way, the Group intends to revitalise and consolidate the foundation of
its main Somfy brand, while securing Dooya's position and thus preserve the
value of its investment in the Company.

New rules of governance have been adopted for this purpose without involving
any changes to the capital structure but consolidating the minority
shareholder's role with joint control over the company.

In accordance with IFRS standards, Dooya will exit the Group's full
consolidation scope and will henceforth be equity accounted.

The 2018 and 2017 financial statements will be restated accordingly to ensure
comparability between periods.

CORPORATE PROFILE

Somfy is the global leader in automated opening and closing systems for both
residential and commercial buildings, and a key player in the connected home.

CONTACTS

Somfy:
Pierre Ribeiro: +33 (0)4 50 40 48 49 / Emilie Mathelin: +33 (0)4 50 96 71 01
Shan: François-Xavier Dupont: +33 (0)1 44 50 58 74 /
Alexandre Daudin: +33 (0)1 44 50 51 76

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24/01/2023 17:35

SOMFY SA (EPA:SO) - SOMFY: CHANGE IN DOOYA’S POSITION AND CONSOLIDATION METHOD WITHIN THE GROUP

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