Somfy : SALES FOR THE FIRST HALF OF 2020

Group sales totalled €568.9 million for the first six months of the financial year, a decline of 7.5% (down 7.2% on a like-for-like basis) compared with the same period last year. It recorded an increase of 2.9% over the first quarter (up 2.8% on a like-for-like basis), to €291.3 million, and a fall of 16.4% over the second quarter (down 15.7% on a like-for-like basis), to €277.6 million.

The health crisis resulting from the spread of Covid-19 explains the change recorded between the two quarters and similarly conceals the very positive start to the year seen in a majority of countries (up 11.1% on a like-for-like basis over the two months to end February). The pandemic has disrupted procurement and distributions channels, as well as the production chain, since the Group had to close the majority of its manufacturing sites^[1] for several weeks, in order to comply with administrative guidelines and to protect employees and the various partners.

In descending order, the most heavily impacted regions have been Southern Europe (down 22.1% on a like-for-like basis over the half-year), France (down 17.2%), Latin America (down 16.3%), Africa & the Middle East (down 13.6%), Asia-Pacific (down 10.3%), North America (down 9.3%) and Northern Europe (down 3.3%).

The other territories, namely Central and Eastern Europe, have been less impacted, due in particular to the different evolution of the pandemic, and continued to post positive growth (up 6.7% and 19.7% respectively on a like-for-like basis over the six months), thereby reflecting the vitality of their markets.

The impact of the crisis was particularly evident at the start of the second quarter, when the low point was reached, before easing significantly thereafter (down 45.4% in April and 20.3% in May, and then up 19.9% on a like-for-like basis in June).

All regions - with the exception of Latin America, which continues to be impacted due to the pandemic arriving there later - began their recovery midway through the second quarter, ending the half-year on an upward trend, significantly so in the case of Eastern Europe, France, Central Europe, Northern Europe and North America.

Sales of the equity-accounted subsidiary Dooya totalled €83.2 million over the period, a decline of 4.8% (down 3.8% on a like-for-like basis, comprising a drop of 17.0% over the first quarter and an increase of 8.4% over the second). Sales fell in China, a country hit hard by the virus at the start of the year (down 15.7% on a like-for-like basis), but grew in the rest of the World (up 5.9%).

[1] The Group suspended its operations at its production sites in Cluses and Gray, France; Galliera and Schio, Italy; and Zaghouan, Tunisia, between the end of March and mid-April.