SOMFY SA (EPA:SO) - SOMFY / PUBLICATION OF SALES AND ESTIMATE OF CURRENT OPERATING RESULT FOR THE 2020 FINANCIAL YEAR

Transparency directive : regulatory news

26/01/2021 17:40

PRESS RELEASE
26 JANUARY 2021

PUBLICATION OF SALES AND ESTIMATE OF CURRENT OPERATING RESULT FOR THE 2020
FINANCIAL YEAR

Consolidated sales
(EUR millions)        2020      2019     Var.           Var.
                                       Real terms    Like-for
                                                      -like
First quarter        291.3     283.1     +2.9%         +2.8%
Second quarter       277.6     332.0    -16.4%        -15.7%
Third quarter        368.3     301.4    +22.2%        +24.2%
Fourth quarter       319.9     283.7    +12.7%        +15.7%
Full year          1,257.1   1,200.2     +4.7%         +6.1%

Somfy is reporting robust sales growth for the financial year just ended, due
to sustained business recovery throughout the second half-year, following the
significant disruption caused by the Covid-19 pandemic in spring 2020, and
forecasts strong growth in profits due to exceptional, non-recurring
cost-cutting initiatives.

SALES

Group sales were EUR1,257.1 million for the financial year just ended, an
increase of 4.7% compared with the previous financial year (up 6.1% on a
like-for-like basis). They fell 7.5% over the first six months (down 7.2% on a
like-for-like basis), due to the impact of the Covid-19 pandemic on the
construction industry, and recorded an upturn of 17.6% in the second half- year
(up 20.1% on a like-for-like basis).

Several regions ended the financial year on a clear positive trend, as was the
case for Eastern Europe and Central Europe, which again performed very strongly
(respective growth of 23.2% and 12.2% on a like-for-like basis), as well as
Northern Europe and North America, which both performed well (respective growth
of 9.5% and 6.2% on a like-for-like basis).

The other territories were more adversely affected by the health crisis
stemming from the pandemic, due in particular to the unavoidable operational
disruption and interruption caused by the lockdown measures in the spring, but
showed good resilience over the year as a whole. This was the case for France
and the Africa & the Middle East region (respectively recording increases of
1.7% and 1.6% on a like-for-like basis), as well as for Southern Europe and
Latin America (respectively down 1.8% and 2.1% on a like-for-like basis).

All regions recovered over the second six months and several of them succeeded
in offsetting a large proportion of the fall recorded between March and May.

The most striking performances were recorded by Eastern Europe and Central
Europe (respective growth of 26.3% and 17.8% on a like-for-like basis) -
regions that had ended the first half-year on an already very positive note, as
well as Northern Europe, North America, France, Southern Europe, and Africa &
the Middle East (respective growth of 24.8%, 22.8%, 22.5%, 21.1% and 16.5% on a
like-for-like basis) - regions that were hard hit by the virus at the peak of
the pandemic and which have subsequently bounced back strongly.

Another positive is that the recovery was not based on just a few weeks, which
would simply be a matter of catching-up, but was spread over the entire second
half-year (up 20.1% on a like-for-like basis in total, comprising 24.2% growth
in the third quarter and 15.7% in the fourth). It also provides evidence of a
base trend that was confirmed - even accentuated - by the pandemic, as a result
of the increasingly important role played by the home in everyone's lives, due
to the increase in remote working and the development of online services.

Sales of the equity-accounted Chinese subsidiary Dooya totalled EUR201.1
million over the financial year, an increase of 7.3% (up 9.2% on a
like-for-like basis, comprising a drop of 3.8% over the first half-year and an
increase of 20.5% over the second). Like-for-like sales fell 1.2% in China, a
country severely impacted by the pandemic early in the year, but grew in the
rest of the World (up 18.6% on a like-for-like basis).

RESULTS

The business recovery over the second half-year and the cost savings that
resulted from the measures taken in response to the health crisis (travel,
marketing and consulting) all point to significant growth in current operating
result for the financial year just ended, with a profit margin of approximately
20%, compared with 17% for the previous financial year.

The temporary - and therefore non-recurring - nature of the savings thus
achieved make this increase in current operating margin a partially one-off
event.

CORPORATE PROFILE

Founded in France in 1969, and today operating in 58 countries, Somfy Group is
the global leader in opening and closing automation for both residential and
commercial buildings.

A pioneer in the connected home, the Group is constantly innovating to
guarantee comfort, wellbeing 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, which
help promote better living and wellbeing for all.

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

SHAREHOLDERS' AGENDA

Publication of annual results: 10 March 2021 (after close of trading)

APPENDICES
Geographical analysis of first quarter sales

Consolidated data
(EUR millions)        2020    2019           Var.        Var.
                                         Real terms    Like-for
Central Europe        59.7     53.3        +11.9%       +11.2%
of which Germany      48.7     43.7        +11.3%       +11.3%
Northern Europe       32.7     31.3         +4.3%        +4.5%
North America         26.4     24.3         +8.5%        +5.4%
Latin America          5.2      5.7         -9.8%        -1.1%
Total North & West   123.9    114.7         +8.0%        +7.5%
France                81.7     87.5         -6.7%        -6.7%
Southern Europe       26.6     29.6        -10.2%       -10.9%
Africa & the Middle
East                  16.0     14.5        +10.5%       +12.5%
Eastern Europe        28.1     20.8        +35.0%       +35.5%
Asia-Pacific          15.0     16.0         -6.1%        -5.2%
Total South & East   167.4    168.4         -0.6%        -0.4%
Group Total          291.3    283.1         +2.9%        +2.8%

Geographical analysis of second quarter sales
Consolidated data

(EUR millions)        2020    2019           Var.        Var.
                                         Real terms    Like-for

Central Europe        67.2    64.8         +3.8%         +3.1%
of which Germany      54.5    51.8         +5.3%         +5.3%
Northern Europe       37.8    42.1        -10.4%         -9.1%
North America         23.0    28.9        -20.5%        -21.8%
Latin America          3.0     5.4        -45.1%        -32.4%
Total North & West   131.0   141.2         -7.3%         -7.0%
France                66.4    91.3        -27.3%        -27.3%
Southern Europe       24.1    35.1        -31.3%        -31.6%
Africa & the Middle
East                  10.7    17.3        -38.1%        -35.3%
Eastern Europe        30.9    29.8         +3.8%         +8.7%
Asia-Pacific          14.5    17.2        -16.2%        -15.0%
Total South & East   146.6   190.8        -23.1%        -22.1%
Group Total          277.6   332.0        -16.4%        -15.7%

Geographical analysis of third quarter sales

Consolidated data
(EUR millions)       2020    2019      Var.        Var.
                                     Real terms   Like-for

Central Europe       73.7     64.4     +14.4%     +14.0%
of which Germany     58.6     51.1     +14.7%     +14.7%
Northern Europe      44.4     33.7     +31.5%     +32.0%
North America        32.6     26.6     +22.3%     +27.2%
Latin America         5.1      5.5      -7.7%     +11.9%
Total North & West  155.7    130.3     +19.5%     +21.3%
France              100.4     79.2     +26.7%     +26.7%
Southern Europe      37.4     27.9     +34.3%     +34.5%
Africa & the Middle
East                 18.7     16.1     +16.4%     +27.1%
Eastern Europe       38.1     29.3     +29.9%     +34.5%
Asia-Pacific         18.0     18.5      -3.2%      -0.2%
Total South & East  212.6    171.1     +24.3%     +26.4%
Group Total         368.3    301.4     +22.2%     +24.2%

Geographical analysis of fourth quarter sales

Consolidated data
(EUR millions)        2020    2019      Var.        Var.
                                     Real terms    Like-for

Central Europe       60.5     49.2     +22.9%     +22.7%
of which Germany     50.4     40.0     +26.1%     +26.1%
Northern Europe      31.8     27.7     +14.7%     +16.0%
North America        25.1     23.1      +8.9%     +17.7%
Latin America         6.0      6.6      -9.2%     +10.2%
Total North & West  123.5    106.7     +15.7%     +19.1%
France               99.0     83.5     +18.5%     +18.5%
Southern Europe      31.8     29.4      +8.2%      +8.5%
Africa & the Middle
East                 15.2     16.3      -7.2%      +6.1%
Eastern Europe       30.0     27.1     +10.7%     +17.5%
Asia-Pacific         20.5     20.7      -1.1%      +1.6%
Total South & East  196.4    177.1     +10.9%     +13.6%
Group Total         319.9    283.7     +12.7%     +15.7%

Geographic analysis of full-year sales

Consolidated data
(EUR millions)        2020       2019      Var.      Var.
                                        Real terms  Like-for

Central Europe       261.0     231.7     +12.7%    +12.2%
of which Germany     212.2     186.5     +13.7%    +13.7%
Northern Europe      146.6     134.9      +8.7%     +9.5%
North America        107.1     103.0      +4.0%     +6.2%
Latin America         19.3      23.3     -17.3%     -2.1%
Total North & West   534.1     492.9      +8.3%     +9.5%
France               347.4     341.5      +1.7%     +1.7%
Southern Europe      119.9     121.9      -1.7%     -1.8%
Africa & the Middle
East                  60.6      64.2      -5.7%     +1.6%
Eastern Europe       127.2     107.1     +18.8%    +23.2%
Asia-Pacific          67.9      72.5      -6.3%     -4.3%
Total South & East   723.1     707.3      +2.2%     +3.7%
Group Total        1,257.1   1,200.2      +4.7%     +6.1%

Reconciliation of changes in sales for the financial year on a like-for-like
basis and in real terms

Change on a like-for-like basis   +6.1%
Forex impact                   -1.3%
Scope impact                       0.0%
Change in real terms              +4.7%

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 on an
actual consolidation scope and exchange rate basis.

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

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24/01/2023 17:35

SOMFY SA (EPA:SO) - SOMFY / PUBLICATION OF SALES AND ESTIMATE OF CURRENT OPERATING RESULT FOR THE 2020 FINANCIAL YEAR

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