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
2015 ANNUAL RESULTS
09/03/2016 - 17:50 CET
PRESS
RELEASE
9 MARCH 2016
2015 ANNUAL RESULTS
SALES PASSED THE €1 BILLION MARK
SIGNIFICANT INCREASE IN CURRENT OPERATING RESULT
RETURN TO A POSITIVE NET CASH POSITION
| Consolidated data for the year ended 31 December (€ millions) |
2015 | 2014 | % change |
| Sales | 1,061.1 | 981.7 | +8.1% |
| Current operating result | 165.6 | 149.7 | +10.6% |
| Net profit | 164.8 | 38.1 | NS |
| Net profit restated for exceptional items | 127.2 | 116.5 | +9.2% |
| Cash flow | 171.6 | 148.4 | +15.7% |
Note: the economic difficulties and the uncertain prospects of Brazil have led the Group, in 2015, to return the usufruct of Garen Automação and consequently to remove this company from the consolidation scope from the second half of the year. They also led to the classification, at the end of 2015, of the interests in Giga as assets held for sale with a view to their forthcoming disposal.
/ SALES
Sales totalled €1,061.1 million for the financial year just ended, an increase of 8.1% in real terms and 5.6% on a like-for-like basis compared with the previous year.
All geographic regions achieved growth, with several of them recording a marked acceleration in the second half, partly due to the base effect.
Central and Eastern Europe, Southern Europe1 and Northern Europe again stood out, benefiting from expansion in Poland, the Czech Republic, the Middle East and Africa, as well as from the continued recovery of the Iberian Peninsula, the UK and the Netherlands.
The Americas and Asia-Pacific suffered from the downturn in Brazil and Korea and from the slowdown in China, but conversely fully benefited from the dynamism of North America, Mexico, Australia and Japan.
Germany and France recovered as the year progressed and as a result successfully offset the downturn seen at the beginning of the year.
/ RESULTS
Current operating result was €165.6 million for the financial year, up 10.6% and representing 15.6% of sales, compared with 15.3% the previous year.
The increase is attributable to sales growth, foreign exchange gains and a healthy gross margin. It was achieved against the backdrop of a significant rise in structure costs, due to the continuation of the investment plan initiated in previous years and the resulting increase in research and development expenses.
Net profit was €164.8 million, boosted by the proceeds from the exits from CIAT's and Faac's share capital (€5.9 million and €33.9 million respectively) but curtailed by provisions for the write-down of financial interests in Garen Automação and Giga (€6.7 million in total).
Net profit restated for exceptional items2 was €127.2 million, an increase of 9.2%.
/ FINANCIAL POSITION
The net cash position3 went from a net financial debt of €199.9 million to a net cash surplus of €1.2 million between the start and the end of the financial year.
The improvement is closely linked to the high level of cash flow, a controlled increase in working capital requirement and the payments received following the exit from the share capital of both CIAT and Faac.
/ DIVIDEND
The Management Board will propose the payment of a dividend of €5.7 per share at the Annual General Meeting, an increase of 3.5% compared with the adjusted4 dividend paid last year.
/ OUTLOOK
The current financial year should be marked by an unstable environment in the Americas and Asia, particularly in China, due to the local economic and monetary uncertainties, and by a rebalancing in Europe following the catching-up process seen over the recent period in regions such as Benelux and the Iberian Peninsula.
The investment effort will nevertheless be maintained, even increased in certain areas, mainly focusing on product innovation and brand promotion, in order to permit the Group to fully benefit from new market opportunities (expansion of connected objects, development of environmentally responsible solutions, etc.).
/ CORPORATE PROFILE
Somfy Group is the global leader in opening and closing automation for both residential and commercial buildings.
/ DISCLAIMER
The geographic regions most exposed to current economic and monetary uncertainties are Asia (China and Korea), Latin America (Brazil) and the Middle East (Levant). In total, they represent between 10 and 15% of Group sales.
/ FINANCIAL STATEMENTS
The annual financial statements have been reviewed by the Supervisory Board on 9 March 2016 and audited by the Statutory Auditors.
The Statutory Auditors' report and detailed financial statements will be released on 21 April 2016 and will be available on the Company's website.
/ Contacts
Somfy
Pierre Ribeiro : +33 4 50 40 48 49 / Emilie Mathelin : +33 4 50 96 75 88
Shan
François-Xavier Dupont : +33 1 44 50 58 74
/ SHAREHOLDERS' AGENDA
Publication of first quarter sales: 21 April 2016 after close of trading
Annual General Meeting: 24 May 2016 at the Company's registered office (Cluses, France)
1 Africa and the Middle East are included in Southern Europe.
2 Net profit is restated primarily for capital gains and goodwill impairment recognised in 2014 and 2015.
3 The net cash position corresponds to the difference between cash and cash equivalents and financial debt.
4 The adjusted dividend corresponds to the actual dividend restated for the accretion resulting from the share capital reduction carried out as part of the disposal of the equity interest in Faac.
/ DETAILED RESULTS
| Consolidated data (€ millions) |
2015 |
2014 |
| Sales | 1,061.1 | 981.7 |
| EBITDA | 205.0 | 186.7 |
| Current operating result | 165.6 | 149.7 |
| Non-recurring operating income and expenses | 0.1 | (23.9) |
| Operating profit | 165.7 | 125.9 |
| Financial income and expenses | 11.5 | (6.3) |
| Profit before tax | 177.2 | 119.6 |
| Income tax | (18.4) | (27.3) |
| Share of profit/(loss) of associates | 0.1 | (0.4) |
| Net profit of continuing operations | 158.8 | 91.9 |
| Net profit of operations held for sale or distribution | 5.9 | (53.8) |
| Consolidated net profit | 164.8 | 38.1 |
| Attributable to: - Minority interests | (1.1) | (0.1) |
| Net profit - Group share | 163.7 | 38.0 |
/ CONDENSED BALANCE SHEET
| Consolidated data (€ millions) |
2015 |
2014 |
| Equity | 577.9 | 570.8 |
| Working capital | 147.2 | (9.6) |
| Net non-current assets | 279.3 | 423.6 |
| Working capital requirements | 131.2 | 127.3 |
| Net assets held for sale | 0.9 | 90.4 |
| Net financial debt | (1.2) | 199.9 |
Note: The 2014 financial statements have been restated following the application of IFRIC 21.