ONE GLOBAL GROUP
Somfy operates in 59 countries and is the world leader in automatic controls for openings and closures in homes and buildings. It offers a range of motorized solutions and control points and is a key player in smart home systems.
12/03/2024
La Fondation Somfy
Organization
22/01/2018
Commitment
Finance
News & media
27/05/2020
Results for Financial Year 2007
29/02/2008Results for Financial Year 2007
Roll out of Somfy Participations
On February 28th 2008, the Supervisory Board of Somfy SA examined the accounts for the company and its subsidiaries for the year ending on December 31st 2007.
|
Consolidated figures in € million |
FY 2007 | FY 2006 | Change 2007/06 |
|---|---|---|---|
|
Sales |
720,2 | 655,2 | +9,9% |
|
Operating current income |
132,3 | 126,2 | +4,8% |
|
Non current items |
(1,2) | (7,8) | Ns |
|
Operating income |
131,2 | 118,5 | +10,7% |
|
Income before income tax |
129,7 | 118,5 | +9,4% |
|
Income tax |
(38,8) | (38,3) | +1,4% |
|
Share of associate companies' earnings |
13,1 | 41,7 | Ns |
|
Net income |
103,9 | 121,9 | -14,8% |
|
Net income excluding extraordinary capital gain from Faac |
103,9 | 93,2 |
+11,5% |
Reminder: Cotherm, Stehle and PD Technologies became part of the consolidated scope between July 1st 2006 and June 30th 2007.
Sales
Sales for the year just ended came to €720.2M (+9.9% in real terms, +8.3% on like for like) showing strengthened positions for the group in most of the countries where it operates.
All regions grew on like for like figures. However, some did slip after the summer, hit by a negative base effect (strong growth in sales in the third and fourth quarters of 2006).
This is particularly true for Germany where sales were up by 0.8% for the whole year although they were down by 14.0% on the last six months, and for Northern Europe which grew by 9.0% for the year and by 1.8% for the last six months.
France was up by 6.3% on the year and by 5.5% on the second half, Southern Europe was up by 11.5% on the year and by 9.9% on the second half, and Eastern and Central Europe was up by 16.5% on the year and by 12.7% for the second half.
Asia Pacific grew by 17.6% over the year and by 13.2% over the last six months.
Lastly, North America was up by 6.8% on the year after a difficult start, and by 10.7% on the second half. These growth figures come respectively to 0.9% and 3.4% in real terms because of the depreciation of the dollar against the euro.
Results
Current operating income is up by 4.8% to €132.3M. The change is more marked for operating income which increased by 10.7% to €131.2M, with extraordinary charges significantly down on 2006 (depreciation of the consolidated goodwill of the Italian subsidiary Way).
Gross margins remain high in spite of selling prices cuts (3.7% on average), higher raw material costs and the impact of integrating Cotherm on full year. They were stable on the core business thanks to the Zriba plant ramping up to speed in Tunisia and actions undertaken at BFT.
The increased fixed costs reflect a number of projects launched in innovation (over 50 new engineers and technicians hired) and commercial development (100 new hires). Depreciation costs have also increased as a result of the major investment programme over recent years and the capitalisation of certain R&D costs.
The financial result is slightly negative, and the tax rate has been improved. As forecast, the share of associate company earnings has come down significantly due to the non-recurrent capital gains from Faac in 2006 (€28.7M for Somfy's share).
Net income went from €121.9M to €103.9M (-14.8%). Excluding the capital gains from Faac in 2006, it increased from €93.2M to €103.9M (+11.5%).
Financial situation
Net cash stands at €70.2M at the end of the year.
Distribution
At the forthcoming Shareholders' General Meeting, the Management Board will propose the distribution of dividends of €5.50 per share.
Organisation
Somfy's model for development has always been founded on maintaining a balance between internal and external growth.
The company has thus made many acquisitions over the years, partly to grow and strengthen the core business of the group (Simu, BFT, …) and also through opportunities to grow outside the core business by taking minority (agta record, …) or majority (Cotherm, …) stakes in other businesses.
The objective of these non-core business investments is to add value to the existing portfolio of company shareholdings and to lead a dynamic, value creating investment policy targeting industrial companies, for which the group understands their business model and shares their entrepreneurial values.
In order to give greater clarity to this double growth strategy, the group has restructured its organisation into two separate branches:
- The first, Somfy Activities, will focus on the core business (automating openings and closures in commercial and residential buildings)
- The second one, Somfy Participations, consists today of 26% of agta record, 34% of Faac, 46% of Gaviota-Simbac and 65% of Cotherm, and the planned acquisition of Zurflüh-Feller as recently announced.
This new organisation, which will not impact the legal structure of the group, will make it easier to attract and align companies and managers from different backgrounds to join both Somfy Activity and Somfy Participation.
Outlook
The group remains cautious in the short term in view of the uncertain economic and monetary climate and real estate markets. It has many assets (extended range of products, global distribution network, sound economic model, …), which nevertheless mean it can expect significant growth in sales during 2008.
February 29th 2008
Note
Somfy is the world leader in motors and controls for openings and closures in commercial and residential buildings. Its main markets are France (28.2%), Southern Europe (20.4%), Northern Europe (14.9%), Germany (13.6%) and America (9.7% for the last financial year).
Agenda
Publication of sales for the first quarter: April 25th 2008
Contacts
Somfy: Nicolas Duchemin – Tel: +33/0 450 40 48 49
Shan: François-Xavier Dupont – Tel: +33/0 144 50 58 74
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