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
Acquisition of Zurflüh Feller to be finalized - Stake in Faac will be deconsolidated
30/06/2008
Acquisition of Zurflüh Feller to be finalized - Stake in Faac will be deconsolidated
The competition control authorities, in France as well as in Germany, have authorized the take over by Somfy of Zurflüh Feller.
Consequently, the closing will take place on next July 17th. Somfy will hold this very day 100 % of Nouveau Monde Participation, Zurflüh Feller’s holding company.
Group Zurflüh Feller will enter Somfy’s consolidated accounts as of July 1st 2008.
Zurflüh Feller recorded on fiscal 2007, 58,8 M€ sales and 7,4 M€ net profit.
Aside this, Somfy’s request of a substantial increase in Faac’s dividends allocation was rejected during the Shareholders General Meeting held on June 27th 2008 in Bologna (Italy). This request was based on high levels of results and cash at Faac on the last years.
Somfy is then decided, given this notable loss of influence vs Faac’s other shareholders, to shift Faac out of its consolidation perimeter, retroactively as of January 1st 2008.
As a result, Somfy’s 34 % stake in Faac, previously equity accounted, will now be posted as an « available for sales » financial asset. It will only contribute to Somfy’s result through dividends, starting 1st January 2009.
However, Somfy is still willing to participate in Faac’s board and keep its two Directors.
As a reminder, Faac’s contribution to Somfy’s consolidated profit amounted 10,7 M€ in 2007.
June 30th 2008
Reminder
Somfy comprise two separate branches: Somfy Activities, dedicated to the Group’s core business, automation of building closures; Somfy Participations, aimed at investing in industrial companies operating outside the group’s core business, comprising currently several stakes : 26% of Agta Record, 34% of Faac, 46% of Gaviota-Simbac and 65% of Cotherm.
Contacts
Somfy : Nicolas Duchemin – Tel : 04 50 40 48 49
Shan : François-Xavier Dupont – Tel : 01 44 50 58 74