Press Release

28 November 2013

Integration of Garen Automação

The Somfy Group has just acquired the usufruct of the entire capital of the Brazilian company Garen Automação. The Group will have the option to acquire full ownership of the securities through the exercise of options from 2016 onwards, but prior to that date it will however be able to consolidate the financial statements.

This transaction represents an investment of BRL 20 million (€ 6.5 million). It is an extension of the cooperation agreement signed with the company in 2011 and of the subscription to the convertible bond, worth BRL 25 million, issued at that time.

With a 30% market share, Garen Automação is the Brazilian leader for door and gate automation systems. It employs a workforce of 350 and expects to report 2013 annual sales of BRL 74 million (€ 24 million) and a net profit of BRL 7.5 million (€ 2.4 million).

This transaction follows the recent equity investment made in Giga Indústria e Comércio de Produtos de Segurança Eletrônica1. It will enable Somfy Activities to consolidate its position in a region with substantial potential, and to accelerate its development in security, a buoyant sector in Brazil.


Corporate profile

Somfy is structured as two separate branches: Somfy Activities, which is dedicated to the automation and control of openings and closures in residential and commercial buildings (blinds, shutters, curtains, screens, doors, gates, etc.); and Somfy Participations, which is dedicated to investments and equity shareholdings in industrial companies operating in other business sectors. In 2012, the Group generated net sales of €989.6 million and reported a current operating result of €132.2 million and a net profit of €84.4 million.

Contacts

Somfy: Pierre Ribeiro (Chief Financial Officer) - Tel.: +33 4 50 40 48 49

Jean-Michel Jaud (Communication Director) - Tel.: +33 4 50 96 70 65

Shan: François-Xavier Dupont - Tel: + 33 1 44 50 58 74

1 In May 2013, Somfy Group made a 51% equity investment in the Brazilian company Giga Indústria e Comércio de Produtos de Segurança Eletrônica, which is specialised in security systems (video surveillance cameras, access control readers, etc.).

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