SOMFY - Annual financial report 2019

07 CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12 OFF-BALANCE SHEET COMMITMENTS — The Group’s commitments comprise the following: COMMITMENTS GIVEN NOTE 12.1

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 share of shareholders’ equity.

€ thousands

31/12/19 31/12/18

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

94,667 81,221

€ thousands

31/12/19 31/12/18

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

132,781

425

3,996

1,066

Copper forward purchase

7,155

3,066

– 131,754

Foreign currency forward sale and purchase

4,014 22,097

3,846 1,429

Dividends paid

–

–

TOTAL

109,832 107,450

Changes in foreign exchange rates

384

-827

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.

Other

-462

–

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

136,549 132,781

“Investments in associates and joint ventures” consists of investments in Dooya (€135.9 million) and Arve Finance (€0.7 million). For reference, in 2018 the change of consolidation method mainly affected Dooya.

COMMITMENTS RECEIVED NOTE 12.2

€ thousands

31/12/19 31/12/18

Dooya’s major aggregates are as follows:

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

8,869

10,937

€ thousands

31/12/19 31/12/18

Unused credit lines

190,750 190,500 199,619 201,437

Income statement Sales

TOTAL

191,467 178,040 9,275 -2,503 5,502 -3,909

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

Current operating result

Net profit

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.

Dooya’s net loss was €5.5 million for the year to 31 December 2019. The share attributable to Somfy was €3.9 million, being a loss of €1.3 million for the first half and €2.5 million for the second half.

€ thousands

31/12/19 31/12/18

Balance sheet Non-current assets

44,485 48,963 85,866 80,025 4,616 4,110 82,430 86,540 43,305 38,338

Current assets

Non-current liabilities

Current liabilities

Shareholders’ equity

124

SOMFY – ANNUAL FINANCIAL REPORT 2019