DJ Kaufman & Broad SA: 2019 Annual Results
Kaufman & Broad SA
Kaufman & Broad SA: 2019 Annual Results
30-Jan-2020 / 20:02 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, January 30, 2020
2019 Annual Results V19
· Confirmation of the capacity to generate profitability and cash flow to
pave the way for future growth:
· Gross margin and EBIT margin in line with expectations
· Financial capacity up by more than EUR 100m at EUR 458.1m
· Significant growth in development indicators:
· Backlog: +16.8% to EUR 2.5bn
· Property portfolio: +9.9% to 33,090 units
· Dividend for 2019: EUR 2.50 per share
Kaufman &
Broad SA
· Key components of sales activity announced
its
results
for the
(2019 vs. 2018) 2019
financial
year
(from
· Orders December
1, 2018
Total: EUR 2,177.1M incl. VAT (-2.4%) to
November
30, 2019)
today.
Of which: Nordine
Commercial: EUR 467.5.0m incl. VAT Hachemi,
(+30.1%) Chairman
and Chief
Executive
Officer
Housing: EUR 1,709.0m incl. VAT of
(-8.7%) Kaufman &
Broad,
made the
following
· Take-up period for Housing*: comments:
5.8 months vs. 5.0 months
(+0.8 months)
"The
results
· Key financial data for
fiscal
2019 are
in line
(2019 vs. 2018) with our
expectati
ons and
confirm
· Revenues: the
quality
Total: EUR 1,472.2m (-5.5%) of
Of which Housing: EUR 1,334.0m (+3.1%) Kaufman &
Broad's
fundament
· Gross margin: als. In
more
EUR 283.9m (19.3% of revenue) muted
market
condition
· Adjusted EBIT: s, they
show that
EUR 139.2m (9.5% of revenue) its
growth
model is
· Attributable net income: capable
of
EUR 76.3m (+4.5%) generatin
g profit
and cash
· Cash net of financial debt: flow.
This
EUR 56.0m (vs. EUR 50.0m at gives us
end-2018) greater
financial
leeway to
· Financing capacity: increase
our
EUR 458.1m (vs. payout
EUR 353.4m at end-2018) capacity,
and also
to choose
our
· Key growth indicators (2019 vs. future
2018) developme
nt
options
in the
face of
· Overall backlog: profound
changes
EUR 2,545.0m (+16.8%) in the
Of which Housing: EUR 2,069.3m market.
(+5.5%)
· Housing property portfolio:
33,090 units (+9.9%)
In 2019,
the new
housing
market,
estimated
at
between
120,000
and
125,000
units,
was
character
ized by
sustained
demand,
but also
by a
significa
nt drop
in
issuance
of
building
permits,
the
effects
of which
will be
felt
above all
in the
first
half of
2020.
The
pre-munic
ipal
election
climate
weighed
more
heavily
on
Kaufman &
Broad's
launches
and
orders in
the
second
half of
2019, due
to a
significa
ntly
higher
(MORE TO FOLLOW) Dow Jones Newswires
January 30, 2020 14:03 ET (19:03 GMT)
rate of
sales
than the
market
(Kaufman
& Broad's
take-up
period
was less
than 6
months,
vs. 10
months
for the
market),
which
resulted
in a much
lower
level of
inventory
.
Sustained
sales
resulted
in a
sharp
increase
in the
overall
backlog
(+16.8%),
driven
notably
by the
Commercia
l
business,
which
confirmed
its good
momentum
with
orders
totaling
EUR 467.
5 million
including
VAT.
A
sale-befo
re-comple
tion
agreement
concernin
g the
office
part of
the
Austerlit
z project
(around
50,000
sq.m) is
expected
to be
signed in
the
coming
days,
thereby
making
the
program
fully
marketed.
Final
administr
ative
approvals
are not
expected
to be
granted
until
early
2021.
The
adjusted
EBIT
margin of
9.5%
reflects
solid
operation
al
managemen
t of
selling
prices
and
operating
expenses.
This
resulted
in a
positive
net cash
position
of
EUR 56.0
million,
an
increase
of more
than
EUR 32
million
in
sharehold
ers'
equity
and
financial
capacity
of
EUR 458.
1 million
at
end-Novem
ber 2019.
In 2020,
market
fundament
als will
continue
to
support
demand
for new
housing.
Assuming
a
resumptio
n of the
issuance
of
building
permits
after the
municipal
elections
, the
market is
(MORE TO FOLLOW) Dow Jones Newswires
January 30, 2020 14:03 ET (19:03 GMT)
