SOMFY - Annual Financial Report 2020

05 CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12 OFF-BALANCE SHEET COMMITMENTS — The Group’s commitments comprise the following:

INVESTMENTS IN ASSOCIATES AND JOINT NOTE 13 VENTURES AND RELATED PARTIES — INVESTMENTS IN ASSOCIATES AND JOINT NOTE 13.1 VENTURES The value of investments in associates and joint ventures corresponds to the proportion of shareholders’ equity held. € thousands 31/12/20 31/12/19

COMMITMENTS GIVEN NOTE 12.1

€ thousands

31/12/20 31/12/19

Guarantees & deposits granted and liability guarantee on CIAT disposal, Dooya put option Interest over the remaining terms of loans and lease liabilities

105,356 94,667

Investments in associates and joint ventures at the beginning of the year Changes in consolidation scope and method Share of profit/(loss) from associates

136,549 132,781

3,356 3,996

–

–

Copper forward purchase

3,350 7,155

10,858 3,846

Foreign currency forward sale and purchase

11,064 8,682

Dividends paid

–

–

TOTAL

123,125 114,500

Changes in foreign exchange rates

-1,834

384

Other

-102

-462

Given the change in the consolidation method used for Dooya, the put option granted to the co-owners constitutes an off-balance sheet commitment with effect from end 2018. This option has been exercisable since end 2015. Interest over the remaining terms of loans and lease liabilities is calculated only on those loans and lease liabilities with known maturities and not on short-term credit facilities with ad hoc drawings.

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES AT THE END OF THE PERIOD

145,471 136,549

“Investments in associates and joint ventures” consists of investments in Dooya (€144.8 million) and Arve Finance (€0.7 million).

Dooya’s major aggregates are as follows: € thousands

COMMITMENTS RECEIVED NOTE 12.2

31/12/20 31/12/19

€ thousands

31/12/20 31/12/19

Income statement Sales

Guarantees & deposits received, liability guarantees (Myfox, iHome)

204,052 191,467 20,305 9,275 15,517 5,502

7,663

8,869

Current operating result

Unused credit lines

174,500 190,750 182,163 199,619

Net profit

TOTAL

Dooya’s net profit was €15.5 million for the year to 31 December 2020. The share attributable to Somfy was €10.9 million, being a profit of €1.4 million for the first half and €9.5 million for the second half. € thousands 31/12/20 31/12/19 Balance sheet Non-current assets 34,884 44,485 Current assets 114,272 85,866 Non-current liabilities 3,708 4,616 Current liabilities 88,119 82,430 Shareholders’ equity 57,329 43,305

COMMITMENTS TO ACQUIRE ADDITIONAL SHARES NOTE 12.3 IN COMPANIES NOT FULLY-CONSOLIDATED

Due to the lack of specific IFRS provisions and in accordance with the recommendation issued by the AMF on 4 November 2009, the Group opted for the following accounting treatment in relation to commitments to acquire non-controlling interests. Upon initial recognition, these commitments are recognised as financial debt at the discounted acquisition value and offset by a reduction in the book value of non-controlling interests. The difference between the book value of the non-controlling interests due to be acquired and the value of the estimated liability is recognised in equity.

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SOMFY – ANNUAL FINANCIAL REPORT 2020