The Group has decided going forward to focus on its historical brand, Somfy, and the related brands Asa, BFT and Simu, real spearheads of the connected building market, and to manage its Chinese subsidiary Dooya as an autonomous entity, in partnership with the minority shareholder.

New governance rules have been adopted for this purpose, without involving any changes to the capital structure, resulting in joint control over Dooya.

In accordance with IFRS standards, Dooya has exited Somfy’s full consolidation scope and is now equity accounted. 2018 and 2017 sales have been restated accordingly to ensure comparability between periods. It should be noted that Dooya contributed €157.2 million to Group sales over the 2017 financial year, including €72.9 million in the first half.

Restated Group sales (excluding Dooya) were €586.1 million for the first half of 2018, an increase of 2.7% comprising growth of 3.5% in the first quarter and 2.1% in the second quarter. It was impacted by a negative exchange rate effect of €14.5 million. Its growth was therefore 5.2% on a like-for-like basis over the first six months, including 6.3% in the first quarter and 4.3% in the second quarter.

The difference in growth recorded in relation to previous half-years was due not only to the high level of the comparison base¹, but also to less favourable business conditions in certain territories, notably France (diminishing effect of tax incentives related to energy transition), the United States (protectionist measures and restructuring of the main commercial partner) and the Middle East (instability of the economic and political environments).

The trend did however remain buoyant in several regions², particularly in France, Asia-Pacific (excluding China), Central & Eastern Europe and Central & South America (up 7.0%, 9.0%, 9.6% and 9.3% respectively on a like-for-like basis over the half-year). Conversely, the situation was challenging in Germany, North America, Africa-Middle East and China (up 2.4%, 1.8% and 0.9% and down 4.4% respectively on a like-for-like basis over the half-year).

Somfy is the global leader in automated opening and closing systems for both residential and commercial buildings, and a key player in the connected home.

• Somfy: Pierre Ribeiro: +33 (0)4 50 40 48 49 / Emilie Mathelin: +33 (0)4 50 96 71 01
• Shan: François-Xavier Dupont: +33 (0)1 44 50 58 74 / Alexandre Daudin: +33 (0)1 44 50 51 76

¹ Group sales growth (excluding Dooya) on a like-for-like basis was 7.2% over the first half of 2016 and 8.2% over the first half of 2017.

² Africa & the Middle East, Germany, Central & South America, Asia-Pacific, China, Central & Eastern Europe, Northern Europe, Southern Europe and France are the geographic regions used to analyse and monitor sales. Their respective sales are calculated based on customer location and therefore the destination of the sales.