Somfy / Results for the first half of financial year 2013

PR Newswire/Les Echos/ Press release 29 August 2013 2013 first half year results Consolidated data in EUR millions HY1 2013 HY1 2012 % change Sales 506.9 513.9 -1.4% Current operating result 81.8 77.9 +4.9% Operating result 81.0 67.1 +20.8% Net profit 62.5 43.9 +42.2% Cash flow 87.5 77.5 +12.8% Note: Cotherm was excluded from the scope of consolidation in October 2012 and Giga was included in April 2013. Group sales were EUR506.9 million for the first six months of the financial year (a decline of 1.4% in real terms and an increase of 1.3% on a like-for-like basis). This increase on a like-for-like basis shows a marked improvement in the second quarter, partly due to base effects, but reflects mixed developments depending on division and geographic region. . Somfy Activities' sales grew from EUR455.8 million to EUR467.0 million (up 2.1% on a like-for-like basis). This increase testifies to buoyant growth in Asia-Pacific and the Americas, as well as good resilience in Central and Eastern Europe, France and Germany. Conversely, this fails to reflect the continued challenging situation in Southern and Northern Europe, which was due to the economic situation and unfavourable weather conditions particularly affecting sales of motors and automation for blinds. . Somfy Participations' sales fell from EUR59.7 million to EUR41.5 million (down 7.1% on a like-forlike basis). This decline was attributable to Cotherm's exit from the consolidation scope and reduced business activity at the two fully-consolidated companies, Sirem and Zurflüh-Feller (down 11.9% and 5.2% on a like-for-like basis, respectively). Results The Group's current operating result was EUR81.8 million for the half year (up 4.9% in real terms and 6.8% on a like-for-like basis), representing 16.1% of sales compared to 15.2% for the same period of the previous year. . Somfy Activities' contribution increased from EUR73.7 million to EUR78.2 million (up 6.0% in real terms and 6.4% on a like-for-like basis). This rise originated from business growth and tight control of operating and fixed costs, which was the result of significant adaptation and optimisation work carried out recently. . Somfy Participations' contribution decreased from EUR4.3 million to EUR3.7 million (down 14.1% in real terms and up 17.7% on a like-for-like basis), resulting from the net profit of fullyconsolidated subsidiaries of EUR5.2 million, a decline which was primarily due to the exit of Cotherm from the consolidation scope, and operating expenses of EUR1.5 million. Consolidated net profit was EUR62.5 million (up 42.2% in real terms and 44.4% on a like-for-like basis). This recovery was largely due to the non-recurrence of goodwill impairment and capital losses on companies that exited the consolidation scope recognised in the same period last year. Financial position The Group had a net cash surplus1 of EUR22.0 million at the end of June, compared to net financial debt of EUR38.4 million twelve months previously. This improvement reflects a significant decline in working capital requirements and a substantial increase in cash flow. Outlook The implementation of the cost adjustment and optimisation plans will continue within the two divisions over the next few months to strengthen the Group's competitiveness and profitability within an economic environment that still remains uncertain. . The development effort will be concurrently maintained. Its main objective will be to consolidate Somfy Activities' positions in its strategic markets and may give rise to merger and acquisition transactions. . Likewise, investment and divestment opportunities will be considered by Somfy Participations. (1) The net cash surplus is the difference between financial assets and liabilities. This includes unlisted bonds receivable issued by a number of related investments or entities and earn-out on acquisitions and liabilities attached to options granted to minority shareholders in fully-consolidated companies. Corporate profile The Somfy Group is structured as two separate branches: Somfy Activities, which is dedicated to the automation and control of openings and closures in residential and commercial buildings (blinds, shutters, curtains, screens, doors, gates, etc.); and Somfy Participations, which is dedicated to investments and equity shareholdings in industrial companies operating in other business sectors. In 2012, the Group generated net sales of EUR989.6 million and reported a current operating result of EUR132.2 million and a net profit of EUR84.4 million. Financial statements The half year financial statements have been reviewed by the Supervisory Board. They can be downloaded from the Company's website: www.somfyfinance.com. Limited review procedures have been performed and the Statutory Auditors' report has been issued. Contacts Somfy: Pierre Ribeiro (CFO) - Tel: +33 4 50 40 48 49 / Jean-Michel Jaud (Communication Dire ctor) - Tel: +33 4 50 96 70 65 Shan: François-Xavier Dupont - Tel: +33 1 44 50 58 74 Shareholders' agenda Publication of third quarter sales: 22 October 2013 after close of trading Details of results Consolidated data at the end of June in EUR millions 2013 2012* Sales 506.9 513.9 Somfy Activities 467.0 455.8 Somfy Participations 41.5 59.7 Restatements (1.6) (1.6) EBITDA 101.0 98.6 Current operating result 81.8 77.9 Somfy Activities 78.2 73.7 Somfy Participations 3.7 4.3 Other (0.1) (0.1) * The 2012 financial statements have been restated following the application of revised IAS 19, the change in the method of accounting for the CVAE tax and the allocation of the acquisition cost of Pellenc. Condensed balance sheet Consolidated data at the end of June in EUR millions 2013 2012 Equity 874.0 831.8 Other non-current items 65.4 52.3 Net cash surplus** 22.0 (38.4) Net fixed assets 768.8 766.6 Working capital requirements 148.6 155.9 ** The amount specified was negative in 2012 (net financial debt) and positive in 2013 (net cash surplus). This figure includes unlisted bonds receivable of EUR67.7 million in 2012 and EUR71.4 million in 2013. The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.