First half results for FY 2006

On September 11th 2006, the Supervisory Board of Somfy SA examined the accounts for the company and its subsidiaries for the half year ending on June 30th 2006.

*Figures in €m*	June 30th 2006	June 30th 2005	Change 2006/05
Sales	331.9	312.5	+6.2%

Operating current income	69.5	68.2	+1.9%
Operating income	69.4	68.4	+1.4%
Income before income tax	69.7	68.2	+2.1%
Income tax	(22.2)	(21.5)	+3.2%
Share of associate companies earnings	7.0	6.4	+9.0%
Income from companies sold	–	1.0	Ns

Net income	54.4	54.2	+0.5%

Sales

Turnover to the end of June was €331.9m, an increase of 6.2% (6.3% like for like). The increase was 6.4% for the first quarter (6.2% like for like) and 6.0% for the second quarter (6.4% like for like).

All zones with the exception of Asia-Pacific closed the semester up at comparable rates.

France grew by 3.0%. Business slowed a little in the second quarter as industrial manufacturers (OEM integrators of motors and controls) saw their activity decline. Conversely, sales to large DIY stores recovered over the same period.

Germany benefited from the increasing activity of manufacturers, as well as installers, and closed the period on a growth of 3.5%.

East and Central Europe grew by 9.4%, which reflects widely different growth rates in the countries (strong in Russia and Poland , weak in Austria and Switzerland).

Growth in Northern Europe accelerated in the second quarter with both The Netherlands and the UK bouncing back. The zone ended up for the period by 5.3%.

Southern Europe posts an increase of 10.4%. This performance is notably due to the good results of BFT and the upturn of Somfy brand sales in Italy.

North America continues to grow. The increase was 13.4% for the whole six months (+13.0% published).

On the other hand, Asia-Pacific was down by 0.4% (+2.3% published) due to a lack of major construction projects in Korea . Growth continued at a sustained rate in Australia and China.

Results

Growth in volumes and gains in production costs have allowed gross margin to rise while average sales prices have continued to come down. Marketing investments have increased (+€5.4m with €3.2m on TV advertising); they have burdened current operating income, which grew only by 1.9% to €69.5m.

Income before taxes is up from €68.2m to €69.7m and net income from €54.2m to €54.4m.

Financial situation

Net cash at the end of June stands at €20.5m, up from €21.0m last year on the same date, including the integration of the company Cotherm.

Outlook

The present good market conditions are expected to last into the second half of the year, in spite of some negative external factors (slowdown in the USA building market, increases in interest rates and raw material costs), where the impact will probably be felt early next year. The company will continue to introduce new products and to step up production from its new facilities.

September 12th 2006

Note

Somfy is the world leader in motors and controls for openings and closures in homes and buildings. Its main markets are France (30% of sales for the last financial year), Southern Europe (19%), Germany (14%), Northern Europe (14%) and America (11%).

Agenda

Publication of third quarter sales: Friday October 27th 2006

Contacts

Somfy: Nicolas Duchemin – Tel: +33/0 450 40 48 49
Shan: François-Xavier Dupont – Tel: +33/0 144 50 58 74

http://www.somfyfinance.com