SOMFY SA (EPA:SO) - Somfy / Sales for the first half of 2018
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19/07/2018 17:45
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PRESS RELEASE
19 JULY 2018
SALES
FOR THE FIRST HALF OF 2018
Restated consolidated Var.
sales - excl. Dooya Var. Like-for-
(EUR millions) 2018* 2017* Real terms like
First quarter 270.7 261.6 +3.5% +6.3%
Second quarter 315.4 309.0 +2.1% +4.3%
First half-year 586.1 570.6 +2.7% +5.2%
* Pursuant to IFRS 5, figures for the 2017 and 2018 financial years have been
restated for comparison purposes following the change in consolidation method
of Dooya (now equity accounted).
NOTE (see press release dated 22 June 2018)
The Group has decided going forward to focus on its historical brand, Somfy,
and the related brands Asa, BFT and Simu, real spearheads of the connected
building market, and to manage its Chinese subsidiary Dooya as an autonomous
entity, in partnership with the minority shareholder.
New governance rules have been adopted for this purpose, without involving any
changes to the capital structure, resulting in joint control over Dooya.
In accordance with IFRS standards, Dooya has exited Somfy's full consolidation
scope and is now equity accounted. 2018 and 2017 sales have been restated
accordingly to ensure comparability between periods. It should be noted that
Dooya contributed EUR157.2 million to Group sales over the 2017 financial year,
including EUR72.9 million in the first half.
SALES
Restated Group sales (excluding Dooya) were EUR586.1 million for the first half
of 2018, an increase of 2.7% comprising growth of 3.5% in the first quarter and
2.1% in the second quarter. It was impacted by a negative exchange rate effect
of EUR14.5 million. Its growth was therefore 5.2% on a like-for-like basis over
the first six months, including 6.3% in the first quarter and 4.3% in the
second quarter.
The difference in growth recorded in relation to previous half-years was due
not only to the high level of the comparison base(1), but also to less
favourable business conditions in certain territories, notably France
(diminishing effect of tax incentives related to energy transition), the United
States (protectionist measures and restructuring of the main commercial
partner) and the Middle East (instability of the economic and political
environments).
The trend did however remain buoyant in several regions(2), particularly in
France, Asia-Pacific (excluding China), Central & Eastern Europe and Central &
South America (up 7.0%, 9.0%, 9.6% and 9.3% respectively on a like-for-like
basis over the half-year). Conversely, the situation was challenging in
Germany, North America, Africa-Middle East and China (up 2.4%, 1.8% and 0.9%
and down 4.4% respectively on a like-for-like basis over the half-year).
CORPORATE PROFILE
Somfy is the global leader in automated opening and closing systems for both
residential and commercial buildings, and a key player in the connected home.
CONTACTS
Somfy:
Pierre Ribeiro: +33 (0)4 50 40 48 49 / Emilie Mathelin: +33 (0)4 50 96 71 01
Shan: François-Xavier Dupont: +33 (0)1 44 50 58 74 /
Alexandre Daudin: +33 (0)1 44 50 51 76
SHAREHOLDERS' AGENDA
Publication of half-year results: 4 September 2018 (press release issued and
telephone conference held after close of trading)
www.somfyfinance.com
(1) Group sales growth (excluding Dooya) on a like-for-like basis was 7.2% over
the first half of 2016 and 8.2% over the first half of 2017.
(2) Africa & the Middle East, Germany, Central & South America, Asia-Pacific,
China, Central & Eastern Europe, Northern Europe, Southern Europe and France
are the geographic regions used to analyse and monitor sales. Their respective
sales are calculated based on customer location and therefore the destination
of the sales.
APPENDIX
Geographical analysis of first half-year sales
Var.
Restated consolidated data - Var. Like-for-
excl. Dooya (EUR millions) 2018* 2017* Real terms like
France 174.7 163.3 +7.0% +7.0%
Germany 90.0 87.9 +2.4% +2.4%
Southern Europe 64.0 61.5 +4.1% +4.9%
Northern Europe 63.5 61.2 +3.9% +5.1%
Central & Eastern Europe 63.4 58.6 +8.2% +9.6%
North America 49.4 54.0 -8.6% +1.8%
Africa & Middle East 38.3 40.9 -6.4% +0.9%
Asia-Pacific (excl. China) 25.2 24.9 +1.3% +9.0%
Central & South America 11.6 11.7 -1.3% +9.3%
China 6.0 6.6 -8.9% -4.4%
Total 586.1 570.6 +2.7% +5.2%
Geographical analysis of first quarter sales
Var.
Restated consolidated data - Var. Like-for-
excl. Dooya (EUR millions) 2018* 2017* Real terms like
France 88.7 79.3 +11.8% +11.9%
Germany 40.2 39.0 +3.1% +3.1%
Southern Europe 28.9 27.9 +3.6% +4.4%
Northern Europe 26.2 26.8 -2.2% -0.9%
Central & Eastern Europe 26.4 23.7 +11.3% +11.7%
North America 23.0 23.8 -3.2% +11.3%
Africa & Middle East 16.6 20.6 -19.2% -13.7%
Asia-Pacific (excl. China) 12.3 11.6 +6.1% +16.0%
Central & South America 6.1 6.2 -1.3% +7.5%
China 2.4 2.8 -15.7% -7.7%
Total 270.7 261.6 +3.5% +6.3%
Geographical analysis of second quarter sales
Var.
Restated consolidated data - Var. Like-for-
excl. Dooya (EUR millions) 2018* 2017* Real terms like
France 86.0 84.0 +2.4% +2.5%
Germany 49.8 48.9 +1.9% +1.9%
Southern Europe 35.2 33.6 +4.6% +5.2%
Northern Europe 37.4 34.4 +8.6% +9.8%
Central & Eastern Europe 37.1 34.9 +6.1% +8.2%
North America 26.4 30.3 -12.8% -5.8%
Africa & Middle East 21.7 20.3 +6.5% +15.7%
Asia-Pacific (excl. China) 12.9 13.3 -3.0% +2.8%
Central & South America 5.5 5.5 -1.3% +11.3%
China 3.7 3.8 -3.8% -1.8%
Total 315.4 309.0 +2.1% +4.3%
Note: the sales figures provided are calculated based on customer location.