SOMFY SA (EPA:SO) - SOMFY/ SALES FOR THE FIRST HALF OF 2021

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20/07/2021 17:40

PRESS RELEASE
20 JULY 2021

                       SALES FOR THE FIRST HALF OF 2021

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

First quarter         375.7         291.3         +29.0%         +28.7%
Second quarter        429.3         277.6         +54.7%         +53.4%
First half-year       805.0         568.9         +41.5%         +40.8%

Somfy reports record sales growth for the first half-year thanks to a
favourable base effect and a particularly buoyant market, and despite ongoing
pressure on the market for electronic components and raw materials.

SALES
Group sales totalled EUR805.0 million for the first six months of the financial
year, a sharp increase of 41.5% (up 40.8% on a like-for-like basis) compared
with the same period in the previous financial year, and up 30.9% compared with
the first six months of 2019. They increased 29.0% over the first quarter (up
28.7% on a like-for-like basis), to EUR375.7 million, and posted significant
growth of 54.7% over the second quarter (up 53.4% on a like-for-like basis), to
EUR429.3 million.

This record increase reflects sustained growth in March and April (up 57.8% and
141.5% respectively on a like-for-like basis), which were lockdown months in
many of the Group's markets during the previous financial year, and a very
buoyant market with delayed consumer spending and the home's consolidated
position as a safe investment.

As a result, all geographical areas once again ended the half-year with
like-for-like growth of more than 10%. There were exceptional performances in
Africa & the Middle East, North America, Latin America and Southern Europe with
growth exceeding 50%.

Growth in Eastern and Central Europe was also substantial over the first six
months (up 34.3% and 12.7% respectively on a like-for-like basis) despite a
high comparison basis, as these two regions held up particularly well during
the pandemic in the previous financial year.

As anticipated, the base effect was very favourable in the second quarter,
particularly in France (up 71.6% like-for-like), Southern Europe (up 77.8%) and
North America (up 85.7%).

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

Based on initial estimates, current operating result(1) should increase sharply
over the period, a knock?on effect of both record sales in the first half and
a very favourable base effect.

In the first half of the year, the Group benefited from its robust hedging
policy, which enabled it to limit the impact of price rises in various raw
materials over the first few months of the year. The Group continues to benefit
from a favourable product mix and the renewal of certain cost savings, such as
travel and marketing. Against a backdrop of pressure on supply chains and
procurement, results have nevertheless been negatively impacted by transport
costs and raw material prices, which have risen significantly.

OUTLOOK
Supply disruption will continue to impact activity in the third and fourth
quarters, which will not benefit from a favourable base effect, as the Group
enjoyed a catch?up effect following the lockdowns in the previous year.

Although the Group managed, having anticipated them, to limit the impacts in
the first half of the year, the continuation and probable worsening of the
difficulties in the coming months are likely to cause further delivery delays
and supply shortages in certain ranges, although it is not yet possible to
determine their extent.

Against this background, the Group and all its teams are committed, alongside
their customers and partners, to continuing to implement the necessary measures
to limit the impacts of this crisis which is affecting many business sectors.
The Group will therefore step up its efforts to secure supplies and make
additional investments to support its growth in a very buoyant market.

(1) The Statutory Auditors have not yet conducted their limited review of the
half-year financial statements.

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.

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 the half-year financial report: 8 September 2021
Publication of 2021 half-year results: 8 September 2021 (publication of press
release after close of trading and presentation on 9 September)

APPENDICES

Geographical analysis of first half-year sales

Consolidated data      2021         2020       Var.           Var.
(EUR millions)                              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%

Geographical analysis of first quarter sales

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%

Geographical analysis of second quarter sales

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

Central Europe         74.5       67.2       +10.9%       +11.3%
of which Germany       59.9       54.5       +9.9%         +9.9%
Northern Europe        58.2       37.8       +54.2%       +52.1%
North America          39.5       23.0       +71.9%       +85.7%
Latin America           5.6        3.0       +86.9%      +104.3%
Total North & West    177.9      131.0       +35.8%       +38.2%
France                123.1       66.4       +85.4%       +71.6%
Southern Europe        42.8       24.1       +77.6%       +77.8%
Africa & the Middle
East                   20.8       10.7       +93.7%      +114.1%
Eastern Europe         45.5       30.9       +47.2%       +47.7%
Asia?Pacific           19.3       14.5       +33.2%       +34.2%
Total South & East    251.4      146.6       +71.5%       +67.0%
Group Total           429.3      277.6       +54.7%       +53.4%

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

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

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/ SALES FOR THE FIRST HALF OF 2021

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