SOMFY SA (EPA:SO) - Somfy / 21' Q1 Sales

Transparency directive : regulatory news

20/04/2021 17:50

PRESS RELEASE
20 APRIL 2021

                                 FIRST QUARTER SALES
                            PLAN TO CHANGE GOVERNANCE MODEL

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

First quarter         375.7    291.3     +29.0%       +28.7%

Somfy reports strong sales growth for the first quarter and announces plans to
change its governance model, adopting the legal form of a limited company with
a Board of Directors and separating the functions of Chairman of the Board of
Directors and Chief Executive Officer.

SALES

Group sales totalled EUR375.7 million over the first three months of the
financial year, a year- on-year increase of 29.0% in real terms and 28.7% on a
like-for-like basis. They benefited from a positive consolidation scope effect
of EUR8.4 million, resulting from the integration of Repar'stores, acquired in
December 2020, and were impacted by a negative exchange rate effect of EUR7.6
million, due to the appreciation of the euro against many currencies.

This increase was in line with the trend of the previous two quarters and
reflects solid growth in January and February (up 16.3% and 15.6% respectively
on a like-for-like basis), despite the high level of activity in the relevant
period, and a very significant acceleration in March (up 57.8% on a
like-for-like basis), stemming from a much more favourable base effect given
the timing of the first peak of the pandemic.

All geographic regions ended the quarter up more than 10% on a like-for-like
basis, and most exceeded, some greatly, the 20% threshold.

The most impressive performances came from Africa & the Middle East, Northern
Europe, North America, Southern Europe and France (up 61.7%, 41.7%, 32.8%,
30.1% and 30.0% respectively on a like-for-like basis), all territories that
were severely affected by the health crisis last year, and which as a result
benefited from a favourable comparison basis this year.

Growth in Eastern and Central Europe was also significant (up 19.5% and 14.4%
respectively on a like-for-like basis) despite a high comparison basis, as
these two regions proved particularly resilient to the pandemic and ending the
first quarter of 2020 up significantly.

The sales of Dooya, an equity-accounted subsidiary, were EUR55.0 million for
the quarter, up 58.0% in real terms and 60.5% on a like-for-like basis. They
grew strongly in China (up 120.0% 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 36.4% on a like-for-like basis).

OUTLOOK

It is anticipated that Group sales growth will be exceptionally high in the
first half of the year, subject to the environment remaining unchanged, as the
base effect will be very favourable in major regions, including France,
Southern Europe and North America over the second quarter.

A downturn is however expected thereafter, as the base effect will be reversed
in the second half of the year and will negatively impact performance.

In addition, current tensions on the electronic components market - the impact
of which has so far been limited for the Group - will increase over the next
few months and will lead to supply shortages in relation to certain ranges,
without it being possible as yet to say to what extent. This disruption will
inevitably have an impact on the delivery times, although the company is fully
mobilised to deal with this new crisis and limit the repercussions on its
customers.

CHANGE IN GOVERNANCE MODEL

At the next General Assembly meeting, the Management Board will propose
changing the form of governance of the Company to that of a limited company
with a Board of Directors. After the General Assembly meeting, and pending its
approval, the Board will consider the separation of the functions of the
Chairman of the Board of Directors, which would be entrusted to Jean Guillaume
Despature, and the Chief Executive Officer, which would be entrusted to Pierre
Ribeiro. The appointment of Valérie Dixmier as Deputy CEO in charge of People,
Culture and Organization, will also be considered.

This change will help to strengthen the Group's agility and foundations,
achieving a better balance between strategic vision and operational excellence,
at a time of many challenges and significant opportunities, due in particular
to the acceleration of the digital and environmental transitions that have
brought the home back to the forefront of consumers' attention.

For more information on this development, please refer to the dedicated press
release issued today.

PROFILE

Founded in 1969 in France, 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.

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 the Annual Financial Report: 28 April 2021 (after close of
trading)
Annual General Meeting: 2 June 2021, at the Company's registered office
ublication of half-year sales: 20 July 2021 (after close of trading)

APPENDICES
Geographical analysis of first quarter sales

Consolidated data (EUR millions)

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

Central Europe               68.1     59.7     +14.1%     +14.4%
of which Germany             56.4     48.7     +15.8%     +15.8%
Northern Europe              46.3     32.7     +41.9%     +41.7%
North America                32.2     26.4     +22.1%     +32.8%
Latin America                 5.5      5.2      +5.8%     +23.7%
Total North & West          152.1    123.9     +22.8%     +25.9%
France                      114.5     81.7     +40.2%     +30.0%
Southern Europe              34.5     26.6     +29.9%     +30.1%
Africa & the Middle East     23.8     16.0     +48.7%     +61.7%
Eastern Europe               32.1     28.1     +13.9%     +19.5%
Asia-Pacific                 18.8     15.0     +24.8%     +25.2%
Total South & East          223.6    167.4     +33.6%     +30.8%
Group Total                 375.7    291.3     +29.0%     +28.7%

Reconciliation of changes in sales for the first quarter on a like-for-like
basis and in real terms

Change on a like-for-like basis           +28.7%
Forex impact                               -2.6%
Scope impact                               +2.9%
Change inreal terms                       +29.0%

GLOSSARY

Sales
The sales figures provided 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 / 21' Q1 Sales

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