Somfy / Results for financial year 2013

PR Newswire/Les Echos/ Press release 5 March 2014 2013 Annual Results Consolidated data (EUR millions) 2013 2012 % change Sales 996.8 989.6 +0.7% Current operating result 150.6 132.2 +13.9% Operating result 138.8 114.8 +20.9% Net profit 101.2 84.4 +19.9% Cash flow 145.0 150.9 -3.9% Sales Group sales totalled EUR 996.8 million(1) for the full year just ended. This was an increase of 0.7% in real terms compared to the previous year (up 3.2% on a like-for-like basis), and significant added momentum over the second half-year (up 5.2% on a like-for-like basis). . Somfy Activities' sales rose from EUR 889.8 million to EUR 922.8 million (up 3.8% on a like-for-like basis), an increase that was due to growth across all regions with the exception of Northern Europe. The most significant growth was seen in Asia-Pacific, the Americas, and Central and Eastern Europe (up 10.2%, 8.1% and 5.2% respectively on a like-for-like basis). Germany and France also performed well (up 4.2% and 2.7% respectively on a like-for-like basis). The same was true of Southern Europe(2), which returned to growth despite an economic environment that remained challenging across much of the region (up 1.6% on a like-for-like basis). Northern Europe by contrast remained negative due to poor weather conditions at the beginning of the year and the weak construction market (down 1.2% on a like-for-like basis). (1) The difference between Group sales and the total of Somfy Activities and Somfy Participations sales reflects intra-group sales between Somfy Activities and Somfy Participations (2) Africa and the Middle East are included in Southern Europe. . Somfy Participations' sales fell from EUR 103.1 million to EUR 77.3 million (down 4.1% on a like-for- like basis), a decline that resulted primarily from the deconsolidation of Cotherm. The other two fully consolidated companies, Sirem and Zurflüh-Feller, both recovered over the latter part of the period, but reported full year declines as a result of the fall recorded over the first few months (down 7.4% and 2.9% respectively on a like-for-like basis). Results The Group's current operating result was EUR 150.6 million for the financial year, a 13.9% increase in real terms, and represented 15.1% of sales compared to 13.4% in the previous financial year. . Somfy Activities' contribution rose from EUR 127.5 million to EUR 145.1 million (up 13.8% in real terms), due to growth in sales as well as stabilisation in both capital expenditure and main expense items. . Somfy Participations' contribution rose from EUR 4.8 million to EUR 5.7 million (up 19.0% in real terms and 88.2% on a like-for-like basis), due to the improved results of the two fully consolidated companies and controlled structure costs. Consolidated net profit totalled EUR 101.2 million over the financial year (up 19.9% in real terms). It sustained a tax charge that rose sharply, as a result of the recovery in profits and a provision for the ongoing tax dispute, and benefited from a balance of non-recurring items and of a substantially improved share of profit of equity accounted companies. Financial position The Group had a net cash surplus(3) of EUR 92.3 million at the end of December, compared to EUR31.1 million twelve months previously. This was due to a marked decrease in working capital requirements and a high level of cash flow being maintained. Somfy Participations' net asset value was estimated at EUR 396.5 million at the same date. It was divided into EUR 313.4 million in shares, EUR 79.0 million in bonds and EUR 4.1 million in private equity funds. Dividend The Management Board will propose the payment of a dividend of EUR 5.2 per share at the Annual General Meeting called to approve the annual financial statements. (3) The net financial surplus is the difference between financial assets and liabilities. It takes into account unlisted bonds receivable, issued by certain close shareholdings or entities, as well as earnout related to acquisitions, liabilities related to options granted to minority shareholders in fully consolidated companies and deferred repayments of a financial nature. Outlook The Group remains cautious due to current economic and monetary uncertainty. For this reason, the action plan aimed at increasing the Group's efficiency and competiveness will continue over the coming months. . The development effort will be maintained in parallel and adjusted in line with the economic climate. Its primary aim will be to consolidate Somfy Activities' positioning in strategic markets (original business, residential access, home automation, emerging countries) and may therefore lead to tactical acquisitions, of the same type as Giga and Garen Automação(4). . Similarly, new investments will be examined by Somfy Participations, with the aim of strengthening the existing companies, in particular Zurflüh-Feller, and enhancing the portfolio. 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 (screens, gates, doors, blinds, curtains, shutters, etc.); and Somfy Participations, which is dedicated to investments and equity shareholdings in industrial companies operating in other business sectors. In 2013, the Group generated net sales of EUR 996.8 million and reported a current operating result of EUR 150.6 million and a net profit of EUR 101.2 million. Contacts Somfy: Pierre Ribeiro (Chief Financial Officer) - Tel: +33 4 50 40 48 49 Jean-Michel Jaud (Communication Director) - Tel: +33 4 50 96 70 65 Shan: François-Xavier Dupont - Tel: +33 1 44 50 58 74 Notes The Supervisory Board has reviewed the annual financial statements of the Company and its subsidiaries. The Auditors' report and detailed annual financial statements will be released subsequently and will be available on the Company's website. Shareholders' agenda Publication of first quarter sales: 23 April 2014 after close of trading. Annual General Meeting: 14 May 2014 at head office (Cluses, France). www.somfyfinance.com (4) Last May the Group acquired a majority shareholding in Giga Indústria e Comércio de Produtos de Segurança Eletrônica, a Brazilian security systems specialist (cameras, entry systems, readers, etc.) and in November purchased the usufruct of the entire capital of Garen Automação, the Brazilian leader in automatic controls for doors and gates. Income statement Consolidated data (EUR millions) 2013 2012* Sales 996.8 989.6 Somfy Activities 922.8 889.8 Somfy Participations 77.3 103.1 Intra-group sales (3.3) (3.3) EBITDA 190.9 174.1 Current operating result 150.6 132.2 . Somfy Activities 145.1 127.5 . Somfy Participations 5.7 4.8 . Other (0.2) (0.2) Other operating income and expenses (11.8) (17.3) Operating result 138.8 114.8 Financial income and expenses (0.1) 5.7 Profit before tax 138.7 120.5 Income tax (39.0) (26.1) Share of profit/ (loss) of equity-accounted companies 1.5 (10.1) Net profit 101.2 84.4 Attributable to non-controlling interests (1.5) (0.6) Attributable to Group share 99.7 83.8 Cash flow 145.0 150.9 Condensed balance sheet Consolidated data (EUR millions) 2013 2012* Equity 928.6 863.2 Other non-current items 68.6 51.1 Net financial surplus** 92.3 31.1 Financial items excluded from net financial surplus 0.5 0.3 Net fixed assets 802.9 754.6 Working capital requirements 101.5 128.3 * 2012 data has been restated following revision of IAS 19, the change in the CVAE accounting method and deferred repayments of a financial nature recorded under financial debt. ** The net financial surplus takes into account unlisted bonds receivable, which totalled EUR 69.4 million in 2012 and EUR 73.4 million in 2013. 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