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Kaufman & Broad SA: Results for the first nine months of 2019

Kaufman & Borad SA 
Kaufman & Broad SA: Results for the first nine months of 2019 
 
30-Sep-2019 / 17:36 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
           Press release 
 
           Paris, September 30, 2019 
 
     Results for the FIRST NINE MONTHS of 2019 
 
  · Growth in overall backlog of 5.8%, i.e. EUR2.2 billion 
 
  · Full-year guidance confirmed: 
 
    · Growth in net income 
 
    · The aim is to submit a proposal to the Board of Directors to pay a 
    dividend of at least EUR2.50 per share for fiscal year 2019 
 
                                        Kaufman & Broad SA today 
                                   announced its results for the 
· Key sales data                     first nine months of fiscal 
                                     year 2019 (from December 1, 
                                       2018 to August 31, 2019). 
                                   Nordine Hachemi, Chairman and 
(9m 2019 vs. 9m 2018)                 Chief Executive Officer of 
                                       Kaufman & Broad, made the 
                                            following statement: 
 
· Housing orders: 
 
                                 "The results for the first nine 
                                 months of 2019 are in line with 
EUR1,146 million (-7.1%)           our expectations and with our 
                                    first-half performance. They 
                                  confirm that Kaufman & Broad's 
                                 business model has the capacity 
5,626 units (-5.9%)                 to deliver solid shareholder 
                                     returns over the long term. 
                                   This capacity is based on its 
                                  cash-generating profitability, 
· Commercial orders: EUR118.7           shoring up its financial 
million                           strength and growth prospects. 
 
· Take-up period for Housing*: 
 
5.7 months vs. 6.2 months, i.e. 
-0.5 months 
                                          The new housing market 
                                        continues to enjoy solid 
                                 demand, as reflected in take-up 
                                     rates which remain healthy. 
 
                                 However, as we had predicted at 
· Key financial data              the end of the first half, the 
                                 issuance of building permits is 
                                         slowing down due to the 
                                     upcoming elections and this 
(9m 2019 vs. 9m 2018)                 took a toll on new project 
                                  launches in the third quarter. 
                                    This is set to continue over 
                                 the coming months, resulting in 
                                   a decrease in orders of about 
                                 10% in the market over the full 
                                 year; this is also likely to be 
                                    the case at Kaufman & Broad. 
· Revenue: 
EUR1,029.7 million (-6.1%) 
 
Of which Housing: EUR920.1 
million (+3.7%) 
                                        Despite such unfavorable 
                                     conditions, Kaufman & Broad 
                                  delivered another set of solid 
· Gross margin:                           economic and financial 
                                  performances in the first nine 
                                      months of the fiscal year. 
 
EUR198.4 million (19.3% of 
revenue) 
 
· Adjusted EBIT:                        The increase in our land 
EUR96.6 million (9.4% of             reserve (+12.4%) and in our 
revenue)                              overall backlog (+5.8%) is 
                                      evidence of our ability to 
· Attributable net income:       generate sustainable growth and 
EUR54.0 million (+4.2%)               give us a good view of the 
                                                  years to come. 
· Cash net of financial debt: 
 
EUR3.6 million vs. EUR36.7 
million at end-August 2018 
 
                                 In these circumstances, Kaufman 
                                       & Broad's revenue for the 
                                   current year should amount to 
                                     around EUR1.5 billion, with 
                                  about 5% growth in the Housing 
                                    segment and a decline in the 
· Key growth indicators           Commercial Property segment in 
                                         line with expectations. 
 
(9m 2019 vs. 9m 2018) 
                                       The gross margin ratio is 
                                  expected to hold at around 19% 
                                     and the adjusted EBIT ratio 
                                         should remain above 9%. 
 
· Overall backlog: EUR2,213.5          Last of all, the expected 
million (+5.8%)                       growth in attributable net 
                                    income combined with a still 
                                     healthy financial structure 
                                     should result in a proposal 
Of which Housing: EUR2,002.5     being submitted to the Board of 
million (+9.9%)                  Directors to pay out a dividend 
                                   of at least EUR2.50 per share 
                                          for fiscal year 2019." 
 
· Property portfolio: 33,511 
units (+12.4%) 
 
Sales activity 
 
· Housing segment 
 
      Housing orders in the first nine months of 2019 amounted to EUR1,146.4 
     million (including VAT) in value terms, which is 7.1% lower than in the 
      first nine months of 2018. In volume terms, they corresponded to 5,626 
         housing units, which is 5.9% lower than in the same period in 2018. 
 
 The take-up period for projects was 5.7 months during the first nine months 
of the year, which is 0.5 months better than in the same period in 2018 (6.2 
           months). 
 
     Housing supply, 98% of which concerns programs located in high-demand / 
   low-supply areas (A, Abis and B1), totaled 3,569 units at end-August 2019 
           (4,142 housing units at end-August 2018). 
 
           Breakdown of the customer base 
 
      During the first nine months of 2019, orders (excluding VAT) placed by 
 first-time buyers were lower in value terms than in the same period in 2018 
    and corresponded to 16% of sales. Second-time buyers accounted for 9% of 
        sales vs. 11% in the same period in 2018. Orders placed by investors 
 accounted for 34% of sales (of which 27% under the Pinel Scheme alone). The 
    portion of block sales increased by 6%, representing 41% of sales in the 
  first nine months of 2019; over 44% of these sales were of managed housing 
           (for tourists, students, business travelers and seniors). 
 
· Commercial Property segment 
 
     The Commercial Property segment recorded net orders of EUR118.7 million 
           (including VAT) in the first nine months of 2019. 
 
   Kaufman & Broad is currently marketing or studying around 300,000 sq.m of 
  office space and around 125,000 sq.m of logistics and industrial space. It 
           is also currently building around 71,000 sq.m of office space. 
 
   The APAVE head office for the South-West region in Toulouse was delivered 
           recently and will be inaugurated soon. 
 
      Earlier in the year the group delivered the POLARIS building in Nantes 
           (6,500 sq.m) whose user is the Nantes metropolitan council. 
 
Last of all, work is still underway on the following buildings: Highlight in 
Courbevoie (31,000 sq.m, of which 24,000 sq.m of office space and 7,000 sq.m 
of hotel accommodation), Green Oak in Arcueil (10,700 sq.m of office space 
with a mixed wood / concrete structure), as well as buildings in Bordeaux 
(27,000 sq.m of office space for Caisse des Dépôts) and Lille (7,000 sq.m, 
EFS head office). 
 
     The Commercial Property backlog at end-August 2019 amounted to EUR210.9 
           million. 
 
· Leading sales and development indicators 
 
       The Housing backlog at August 31, 2019 amounted to EUR2,002.5 million 
(excluding VAT), i.e. 18.1 months of business. At the same date, Kaufman and 
Broad had 208 housing programs on the market, corresponding to 3,569 housing 
       units (compared with 220 programs representing 4,142 housing units at 
           end-August 2018). 
 
The Housing property portfolio amounts to 33,445 units. This is 12.4% higher 
  than at end-August 2018 and corresponds to over 3 years of sales activity. 
 
· Financial results 
 
· Business volumes 
 
    Total revenues amounted to EUR1,029.7 million (excluding VAT), down 6.1% 
           compared with the same period in 2018. 
 
  Revenue from Housing came to EUR920.1 million (excluding tax) vs. EUR886.9 
 million (excluding tax) in the first nine months of 2018. This accounts for 
  89.4% of group revenue. Revenues from the Apartments business were up just 
   1.8% compared with the first nine months of 2018 and amounted to EUR850.7 
    million (excluding VAT). Revenue from Single-family Homes in Communities 
 totaled EUR69.4 million (excluding VAT) vs. EUR51.0 million (excluding VAT) 
           in the same period in 2018. 
 
      Revenues from the Commercial Property segment totaled EUR104.7 million 
(excluding VAT), compared with EUR202.8 million for the same period in 2018. 
 
· Profitability highlights 
 
 The gross margin for the first nine months of 2019 totaled EUR198.4 million 
   compared with EUR211.8 million in 2018. The gross margin ratio was 19.3%, 
           holding steady compared with the same period in 2018. 
 

(MORE TO FOLLOW) Dow Jones Newswires

September 30, 2019 11:36 ET (15:36 GMT)

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