SOMFY SA (EPA:SO) - Somfy / Exceptional measures relating to the health and financial crisis

Transparency directive : regulatory news

13/05/2020 17:45

PRESS RELEASE
13 MAY 2020

EXCEPTIONAL MEASURES RELATING TO THE HEALTH AND FINANCIAL CRISIS AND REDUCTION
                              IN THE DIVIDEND

Against the backdrop of the global crisis resulting from the Covid-19 pandemic,
Somfy has taken the necessary measures to limit the impact of this crisis and
is committed to acting as a responsible business partner with its various
stakeholders, notably its employees, customers and suppliers.

With this in mind, the Group has decided to gradually restart its operations at
its industrial and logistics sites from mid-April(1). For this purpose and in
consultation with management and unions, it has rolled out a safety protocol
specially tailored to its processes and complying with government guidelines.

In addition, Somfy has adopted a number of employment and economic measures:

* The Group will not make use of furlough schemes or apply for the various
  French government subsidies, such as the deferral of tax and social security
  payments, secured loans, etc.

* French employees whose work has been interrupted as a result of the lockdown
  will continue to receive 100% of their basic salary.

* The Group is committed to safeguarding the jobs of all its employees until
  the end of June 2020.

* Until that date, remote working will remain the norm wherever applicable.

Somfy firmly believes that these measures represent a positive and constructive
response to the current situation. They reflect its confidence in its teams and
in the Group's ability to exit the crisis successfully.

(1) It should be noted that the Group suspended operations at the production
sites in France, Italy and Tunisia, as well as at the Bonneville logistics
site, in order to guarantee the protection of its employees.

The Group has also stepped up its measures to support the local communities and
non-profit organisations where it operates:

* Somfy is committed to donating equipment to help fight the pandemic - almost
  100,000 masks have already been given to various organisations and local
  authorities.

* The Somfy Foundation and its partners have increased support for the "Les
  Petites Pierres" endowment fund in aid of emergency projects run by charities
  helping the homeless, victims of social exclusion, and those at risk of abuse
  or isolation as a result of the lockdown.

DIVIDENDS

As a testament to shareholders' commitment to supporting the Group and its
employees, the dividend paid in respect of the 2019 financial year will be
lower than that paid for the previous year. A dividend of EUR1.25 per share
will be submitted for approval at the General Meeting, a reduction of almost
20% in relation to the initial proposal of EUR1.55. The dividend will be paid
on 2 July 2020 and the ex-dividend date is set at 30 June 2020.

COMBINED GENERAL MEETING

The Combined General Meeting will be held on 24 June 2020 at 5 p.m. at the
Company's registered office.

Details of the arrangements for holding this Meeting will be provided in the
advance notice of the General Meeting which will be published on 20 May 2020
and will also be available at www.somfy-group.com.

CORPORATE PROFILE

Founded in 1969 in the Arve Valley, in the Haute-Savoie region of France, and
now operating in 58 countries, Somfy is the preferred partner for window and
door automation and a pioneer in the connected home. The Group is constantly
innovating to guarantee comfort, wellbeing and security in the home and is
committed to promoting sustainable development.

CONTACTS

Somfy: Pierre Ribeiro: +33 (0)4 50 40 48 49
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 / Exceptional measures relating to the health and financial crisis

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