Group Treasurer – Somfy SA
“We have not opted for hedge accounting under IAS”
La Lettre du Trésorier
You progressed within the business in line with its own growth?
Yes, that’s true. After studying for a BTS qualification in accountancy and management, I joined Somfy in 1988 as a management accounting assistant. Two years later, I moved to the Treasury Department to replace someone. In 2001-2002, I enhanced my career path by studying for a diploma at the ESC in Grenoble. During this time the company’s sales rose from e76 million to e720 million in 2007; 70% of the sales are made outside France. The company now has 4,700 employees - including 1,200 at the industrial site in Cluses – eight production sites and 52 subsidiaries. There are two and a half people in charge of group treasury operations. In addition, one treasurer is responsible exclusively for the cash flows for the French group.
Has the company’s history fluctuated?
VB: Somfy, a family-owned company, was formed in the 1960s in Cluses, which is a major centre for precision engineering in Haute Savoie. The first major turning point was in 1984 when Damart SA acquired Somfy, allowing it to grow. The second important date was in 2002 when Damart SA was divided into two separate companies - Damartex and Somfy SA - which now have separate listings.
In early 2006, we set up a cash pooling system for all our European subsidiaries in euros.