Group sales were €1,126.7 million over the year just ended, an increase of 3.4% after the restatement resulting from the change in the consolidation method of Dooya and 5.2% on a like-for-like basis.

This performance was achieved after strong growth in the previous financial year. It reflects both the strong performance of historical markets, such as Benelux, France, the United Kingdom and Scandinavia, and the momentum of new markets, such as India, Hungary, Poland, the Czech Republic and Russia.

The sales of the now equity-accounted Dooya totalled €178.0 million, an increase of 9.4% in real terms and 12.0% on a like-for-like basis.

The current operating result for the financial year stood at €177.8 million, up 1.8% based on a like-for-like consolidation method, equating to 15.8% of sales in spite of adverse foreign exchange effects costing €10.6 million. It would have totalled €189.1 million, up 8.2% and equating to 16.5% of sales on a like-for-like basis.

This 50-basis point increase in the current operating margin[1] on a like-for-like basis was the result of business growth and an improvement in the gross profit margin driven by healthy sales prices, and higher raw materials costs offset by productivity gains.

At the same time, overheads increased due to continued investment in research and development and participation in major industry events (the CES trade show in Las Vegas and R+T in Stuttgart).

Net profit fell 11.0% to €140.4 million. It takes into account a significant negative balance of non-recurring operating expenses and income, primarily due to costs associated with the termination of a project in China, and an automatic increase in the income tax charge given the tax reliefs of €22.3 million recorded over the previous financial year.

Restated for the above-mentioned items, net profit stood at €148.1 million, an increase of 9.2%.

Ultimately, the return on capital employed held firm at the very healthy level of 20.4%[2].

The balance sheet remained very strong, with equity that increased to €894.4 million.

The net financial surplus[3] totalled €222.4 million, an increase of €117.8 million, including €42.1 million in respect of the change in Dooya’s consolidation method.

The Management Board will propose the payment of a dividend of €1.4 per share at the next Annual General Meeting, an increase of 7.7% compared with the dividend paid last year.

The home motors and automation market remains structurally buoyant as a result of growing consumer demand for comfort and security, and growing public awareness of energy and environmental challenges. A short-term slowdown cannot however be ruled out, on account of the increase in economic uncertainties and geopolitical risks throughout the world.

The investment effort will be maintained, and even intensified should the context allow it, to enable the Group to consolidate its base and its leadership. It will specifically focus on product innovation, streamlining information systems, with the rollout of an ERP over the course of the year, and digitalising organisations and processes.

The policy of developing partnerships with complementary players and the opening up of new ecosystems and protocols (ZigBee network) will also be pursued. This will form part of the commitment to offering “integrated” solutions based on proprietary protocols, while simultaneously continuing to digitalise the historical activities, and will help position the Group as an industry standard for the connected home.

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.

The annual financial statements have been audited by the Statutory Auditors and were reviewed by the Supervisory Board on 6 March 2019.

The Statutory Auditors’ report and detailed financial statements will be released on 18 April 2019 and will be available on the Company’s website (www.somfyfinance.com).

The regions most exposed to current economic, geopolitical and monetary uncertainties are China, Latin America and the Middle East. They represent less than 10% of Group sales.

• 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