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Somfy / First half year results for financial year 2011

Mercredi 31 Aoû 2011 à 10:30



PR Newswire/Les Echos/

August 30th, 2011

Press Release

First half results for FY 2011

On August 30th 2011, the Supervisory Board of Somfy examined the accounts for
the company and its subsidiaries for the half-year ending on June 30th 2011.

Consolidated data in EUR million 30/6/2011 30/6/2010 Change
Sales 501.2 439.9 +13.9%
Current operating result 89.4 87.7 +1.9%
Non-current operating expenses (4.1) (3.7) +13.2%
Operating result 85.3 84.0 +1.4%
Net FINANCIAL income 66.8 6.2 NS
Income tax (20.2) (20.0) +1.2%
Share of profit of equity-accounted companies (0.9) (7.7) NS
Net profit 130.9 62.6 +109.3%
Group share of net profit 130.4 62.3 +109.2%
cash flow 91.8 89.7 +2.4%

Sales

Group sales came to EUR501.2M(1) for the first six months of the year. This is
an increase of 13.9% in real terms and of 8.7% on a like-for-like basis over the
same period last year.

. Somfy Activities sales grew from EUR385.1M to EUR441.9M (+8.8% on like for
like with +11.6% in quarter one and +6.6% in quarter two).

All geographic regions closed the half-year up even though some of them faced an
unfavourable environment. The most significant increases were reported in
Germany, Eastern and Central Europe, France and America. Other regions had a
tougher half-year. Economic difficulties in the United Kingdom, Spain and Greece
affected the business in Northern Europe and Southern Europe. The natural
disasters in Japan and the real estate crisis in Australia had a negative impact
on the financial statements in the Asia Pacific region.

(1) The difference between Group sales and the sum of Somfy Activities sales and
Somfy Participations sales corresponds to sales MADE between Somfy Activities
and Somfy Participations.

. Somfy Participations sales went from EUR55.7M to EUR60.6M (+8.8% on like for
like).

The three fully-consolidated companies, Cotherm, Sirem and Zurflüh-Feller, all
grew. Equityaccounted companies also performed well overall. Noteworthy events
have been the return to growth of Ciat, in spite of a heat pump market that is
still under pressure, and the strong resilience of Gaviota Simbac.

Results

Current operating result for the company reached EUR89.4M for the half year.
This is an increase of 1.9% on last year and represents 17.8% of sales, against
19.9% for the same period in 2010.

. Current operating result for Somfy Activities grew from EUR80.8M to EUR84.4M
(+4.5%). The variance compared to sales growth was forecast. It is mainly due to
increases in structural costs related to the implementation of strategic
priorities made last year, and to the impact of higher raw material costs.

. Current operating result for Somfy Participations went from EUR7.0M to EUR5.1
M (-27.9%) for the scope of fully-consolidated companies. This downturn comes
after contrasting fortunes in the subsidiaries and as a result of higher raw
material costs.

Net profit came to EUR130.9M. This includes a highly positive balance of
financial items after booking capital gains from the sale of the share in agta
record, and a small negative contribution from equity-accounted companies due to
the depreciation in value of our share in Parquets Marty.

Excluding the gains from the sale of the shares in agta record, net income would
be EUR69.3M, an increase of 10.7%.

Financial situation

The net cash surplus(2) stands at EUR11.3M at the end of June with net equity at
EUR820.9M.

Outlook

Priorities defined at the start of the year remain unchanged in spite of the
less promising economic outlook.

. The objective for Somfy Activities is to lay the foundations for a broader
base of leadership by increasing investments in innovation, sales forces and
marketing, within a framework where declining margins are kept under control.
The focus is particularly on international development, with priority given to
emerging markets, and on broadening the scope of operations with clear positions
in home automation and sustainable development (energy savings, ...).

(2) The net cash surplus represents the difference between cash and cash
equivalents and financial debts (including debts related to put options granted
to minority shareholders).

. The objective for Somfy Participations is to support the development of the
companies in its portfolio and the improvement of their processes, as well as
seizing investment and divestment opportunities.

Company profile

Somfy is organised into two separate branches: Somfy Activities is dedicated to
the Group's core business of automating openings and closures in residential and
commercial buildings; Somfy Participations is dedicated to investing and
participating in industrial companies outside the core business of the Group.

Contacts

Somfy: Eric Blanchard (Chief Financial Officer) - Tel: 00 33 450 404 849
Somfy: Jean-Michel Jaud (Director of Communications) - Tel: 00 33 450 967 065
Shan: François-Xavier Dupont - Tel: 00 33 144 505 874

Agenda

Third quarter sales announcement: 20th October 2011

Notice

The limited review of the interim consolidated financial statements has been
performed and the auditor's report has been published

The half yearly results are available on the company website
(www.somfyfinance.com).

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