SOMFY - Annual Financial Report 2020

05 CONSOLIDATED FINANCIAL STATEMENTS

Current operating margin Note 4.3.2

Current operating margin corresponds to current operating result as a proportion of sales (COR/Sales). It is an interesting performance indicator as it reflects operating profitability.

€ thousands

31/12/20 260,678 1,257,128

31/12/19 204,830 1,200,241

Current operating result

Sales

CURRENT OPERATING MARGIN

20.7%

17.1%

ROCE Note 4.3.3

ROCE corresponds to the return on capital invested (employed) after tax, equating to the ratio, expressed as a percentage, of Current Operating Result after tax applied at a normative rate to capital invested (or employed). Capital invested corresponds to the sum of shareholders’ equity (with the effects of goodwill impairment being excluded) and net financial debt.

€ thousands

Notes

31/12/20 260,678 20.62% 206,923 1,170,968

31/12/19 204,830 18.91% 166,091 1,012,849

Current operating result Restated effective tax rate

(11.1)

Current operating result after tax impact

Shareholders’ equity

Neutralisation of goodwill impairment

(5.1.2)

45,353

45,259

Restated shareholders’ equity

1,216,321 -517,719

1,058,108 -310,535

Net financial debt

(7.2.3)

Capital invested (capital employed) ROCE (RETURN ON CAPITAL EMPLOYED)

698,602

747,574

29.6%

22.2%

Net financial debt Note 4.3.4

The net financial debt corresponds to the difference between financial assets and financial liabilities. It notably takes into account unlisted bonds receivable, issued by certain companies in which shares are held or related entities, earnout on acquisitions, liabilities relating to options granted to minority shareholders in fully-consolidated companies and deferred settlements of a financial nature. Not included are securities in non-controlling equity investments, deposits & guarantees and government grants.

Details of the calculation of the net financial debt are provided in note 7.2.3.

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SOMFY – ANNUAL FINANCIAL REPORT 2020