SOMFY_ANNUAL_FINANCIAL_REPORT_2017

07 CONSOLIDATED FINANCIAL STATEMENTS

Financial assets available for sale

Loans Deposits and guarantees

Other Current and non-current financial assets

Realisable within 1 year

Non-current financial assets

€ thousands

3,335 2 ,727

2,588 2,726

At 1 January 2017

334

75

2,924

3

747

Increase Decrease

1,087 1,309 –694 –2,331 480 3,050

254 –77

77

2

–3,102

–2,413

– –

–689

3,528 –184

3,528 –143

Net change in impairment

–2

–

Changes in foreign exchange rates Changes in scope of consolidation

–59

–8

–110

–7

–41

– –

–

– –

– –

– –

– –

–

Other movements

881 900

–881 5,405

AT 31 DECEMBER 2017

1,148 2,095

2,989

73

6,305

Financial assets realisable within one year mainly comprise short-term deposits. Financial liabilities Note 7.2.2

BORROWINGS AND BORROWING COSTS Upon initial recognition, loans and other interest-bearing debts are measured at fair value, increased by transaction costs that are directly attributable to the issuance of the liability. Fair value generally equals the amount of cash received. Issuing charges and premiums are taken into consideration in measuring amortised cost according to the effective rate method. Therefore, they are recognised in the income statement on an actuarial basis over the duration of the liability. Interest on loans is recognised as an expense of the period. Other borrowings and financial liabilities include the debt relating to the put options granted to the holders of non-controlling interests and to earnouts, which amounted to €78.1 million at 31 December 2017 and €80.4 million at 31 December 2016, as well as to deferred settlements of €5.2 million at 31 December 2017 and €5.6 million at 31 December 2016. The change was due to the recognition of a put option valued at €2.2 million granted to the minority shareholders in Overkiz, the discounting of the put option granted to the minority shareholders in iHome, representing a loss of €0.9 million, and the translation adjustment on the put option granted to the minority shareholders in Dooya, representing a loss of €3.6 million. The latter was valued at €55.1 million at 31 December 2017, compared with €58.7 million at 31 December 2016 and has been exercisable since the end of 2015. The subsequent fair values of liabilities corresponding to put options granted to holders of non-controlling interests are recognised in equity. Since debt is essentially at a variable rate, the fair value is not significantly different from the book value. Analysis by category Note 7.2.2.1

Borrowings from credit institutions

Lease commit- ments

Other borrowings and financial liabilities

Total liabilities from financing activities

Bank overdrafts

Current and non-current financial liabilities

Due within 1 year

Non-current financial liabilities

€ thousands

At 1 January 2017

111,011

118,609 83,235

35,374

16,386 8,014

86,610

7,598

4,925

5,136

62

Increase in borrowings

4,863

62

–

211

5,074

–2,113

–9,443 –9,443 –4,307 –4,369

–

Reimbursement of borrowings

–140 –1,929 4,723 –1,867

–44 –45

–7,330

Total cash movements

2,812 –7,119

62

Impact of the revaluation of put options Changes in foreign exchange rates

–890

–890

–

–

–

–890

–

–890

–5,057

–5,267 –5,160

–106

–1,029

1

–4,029

–210

Changes in scope of consolidation Other movements

2,223

2,223

2,223

–

–

2,223

–

–

–

–

–4,036 –1,919 33,516

–

– 1

–

–

4,036

Total non-cash movements AT 31 DECEMBER 2017

–1,029

–2,696 83,870

–3,724 110,099

–210

–3,934 –2,014 110,368 76,852

20,081 6,148

269

96

SOMFY – ANNUAL FINANCIAL REPORT 2017