SOMFY - Annual financial report 2019

08 PARENT COMPANY FINANCIAL STATEMENTS

SALES BREAKDOWN NOTE 1.1

At 31 December 2019, “Asset” and “Liability” translation adjustments of €6,150 thousand and €29 thousand respectively, were classified under “Other receivables and accruals” and “Other liabilities and accruals”, respectively. Unrealised foreign exchange losses resulting from the net exchange position by currency recorded on assets and liabilities at the balance sheet date are recorded as a provision for foreign exchange losses.

€ thousands France

2,152 1,125

European Union

Non-EU

428

BORROWINGS AND DEBTS FROM CREDIT INSTITUTIONS

TOTAL

3,705

Borrowings and debts from credit institutions are recorded on the balance sheet at their net value. Accrued interest is recorded on the balance sheet with the related borrowings. At 31 December 2019, the company complied with all financial covenants imposed by banks on its borrowing facilities.

DIRECTORS’ REMUNERATION NOTE 1.2

€ thousands Remuneration allotted to members of the Management Board – to members of the Supervisory Board –

INTEREST RATE HEDGES

1,048

Somfy SA has been applying the new ANC 2015-05 regulation relating to forward financial instruments and hedging transactions since 1 January 2017. In the context of relationships qualifying as hedges, the company recognises the impacts of the hedging instrument on the income statement on a symmetric basis, together with the income or expense related to the hedged item, irrespective of the market in which the hedging instruments are traded. In the case of isolated open positions, the company records changes in the value of derivatives on the balance sheet and provisions are recognised for unrealised losses on these derivatives. At 31 December 2019, all financial instruments entered into by the company qualified as hedging instruments. E – CONSOLIDATING ENTITY — Somfy SA is a 52.65%-subsidiary of the company J.P.J.S. which is the consolidating parent company. F – NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS AT 31 DECEMBER 2019 —

163 N/A

Pension commitments subscribed

WORKFORCE AT 31 DECEMBER 2019 NOTE 1.3

Male

Female

Total

Managers & executives

8

3

11

The average workforce of Somfy SA went from six people in 2018 to ten in 2019.

FINANCIAL ITEMS NOTE 2 —

The net financial income of the Somfy SA holding company was €122.1 million, compared with €101.4 million in 2018, an increase of €20.7 million. Dividends received increased by €20.6 million.

EXTRAORDINARY ITEMS NOTE 3 —

Net extraordinary loss was €313 thousand compared with €0 thousand in 2018, and was primarily comprised of impacts of now complete tax audits.

OPERATING ITEMS NOTE 1 —

Somfy SA sales for the year to 31 December 2019 were €3.7 million, an increase compared with the previous year. The operating loss was €9.8 million, compared with a loss of €7.6 million in 2018.

134

SOMFY – ANNUAL FINANCIAL REPORT 2019