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WKN: 934515 ISIN: FR0004007813 Ticker-Symbol: 3GH 
Frankfurt
05.03.21
17:22 Uhr
35,750 Euro
-0,100
-0,28 %
Branche
Bau/Infrastruktur
Aktienmarkt
CAC Mid 60
1-Jahres-Chart
KAUFMAN & BROAD SA Chart 1 Jahr
5-Tage-Chart
KAUFMAN & BROAD SA 5-Tage-Chart
RealtimeGeldBriefZeit
35,45036,25005.03.
Dow Jones News
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(2)

Kaufman & Broad SA: RESULTS FOR THE FIRST NINE -2-

DJ Kaufman & Broad SA: RESULTS FOR THE FIRST NINE MONTHS OF FISCAL YEAR 2020

Kaufman & Broad SA 
Kaufman & Broad SA: RESULTS FOR THE FIRST NINE MONTHS OF FISCAL YEAR 2020 
 
01-Oct-2020 / 18:22 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, October 1,?2020 
 
Results for the first nine months of fiscal year 2020 
 
  · *Overall backlog: &euro3.7 billion (+67.0%) * 
 
  · *Still a very solid balance sheet: * 
 
    · 
 
      · *net financial debt reduced to &euro27.5 million*[1] 
 
      · *financing capacity of &euro374.0 million* 
 
  · *Confirmation of outlook announced on July 9 2020* 
 
           _Kaufman & Broad SA today announced its results for 
           the first nine months of its fiscal year 2020 (from 
· Key      December 1, 2019 to August 31, 2020). Nordine 
componen   Hachemi, Chairman and Chief Executive Officer of 
ts of      Kaufman & Broad, made the following comments: _ 
sales 
activity   _"Overall economic activity may have contracted 
           sharply in the first half of fiscal year 2020, but 
(9M 2020   Kaufman & Broad saw activity at its construction 
vs. 9M     sites pick up in the third quarter, as expected._ 
2019) 
           However, beyond the public health crisis, the Housing 
           market has been penalized to date by a very steep 
· Total    drop in the number of building permits granted along 
orders:    with their associated administrative authorizations. 
           The property supply decreased as a direct result of 
·          this, as did the number of orders, even though we can 
&euroM2,   still see that investors, institutional and 
175.7      individuals have a great deal of appetite for all our 
(+72.0%)   programs. 
incl. 
VAT        _We continue to roll out our land planning strategy 
           by redeveloping brownfield sites and derelict 
           business districts. Our redevelopment plans include 
           the A7A8 project in the Austerlitz district of Paris, 
·          for which the public consultation was completed in 
Housing:   late July. _ 
&euroM1, 
077.4      _We can see that institutional investors are 
(-6.0%)    increasingly interested in housing assets, including 
incl.      managed housing, which shows that they are placing 
VAT        more value on the sector's investment quality; the 
           solid performances delivered by residential property 
i.e. 4,700 companies are testament to this, as their revenues 
units      have been affected very little by the public health 
(-16.5%)   crisis. _ 
 
·          _As per our strategy, therefore, we continue to 
Commerci   develop serviced housing programs in our capacity as 
al         a developer-investor-operator thanks to Kaufman__ & 
Property   Broad's solid balance sheet, which includes net 
:          financial debt reduced to &euro27.5__(1)__ million 
&euroM1,   and financing capacity of &euro374 million._ 
098.3 
           _As such, we are able to reiterate all our guidance 
           targets on the back of Kaufman & Broad's solid 
           financial structure as well as its historically large 
·          backlogs in both the Business Property and Housing 
Take-up    segments._ 
period*[ 
2]* for    _For fiscal year 2020, we see revenue reaching around 
Housing:   &euro1 billion, with an EBIT margin of close to 6% 
           and virtually no net debt._ 
3.0 months _Going further forward, the backlog at end-August 
vs. 5.7    2020 points to revenue growth of around 30% in 2021. 
months     This increase will be higher if the A7A8 Austerlitz 
(-2.7      project gets the full green light from the 
months)    authorities in 2021._ 
 
           _This outlook assumes that our construction sites are 
· Key      able to make progress in the current economic and 
financia   social circumstances, and that the pace at which 
l data     building permits are granted rapidly returns to 
           normal. "_ 
(9M 2020) 
 
· 
Overall 
revenue: 
&euroM65 
7.4 
 
Of which 
Housing: 
&euroM585. 
7 
 
· Gross 
margin: 
&euroM12 
1.6 
 
· EBIT: 
&euroM30 
.3 
 
· 
Attribut 
able net 
income: 
&euroM10 
.6 
 
· Net 
financia 
l debt1: 
&euroM27 
.5 
 
· 
Financin 
g 
capacity 
: 
&euroM37 
4.0 
 
· Key 
growth 
indicato 
rs 
 
(9M 2020 
vs. 9M 
2019) 
 
· 
Overall 
backlog: 
&euroM3, 
697.0 
(+67.0%) 
 
Of which 
Housing: 
&euroM2,38 
9.5 
(+19.3%) 
 
· 
Housing 
property 
portfoli 
o: 
 
35,594 
units 
(+6.4%) 
 
· Sales activity 
 
· Housing 
 
Orders for housing in the first nine months of 2020 amounted to &euro1,077.4 
million (including VAT) in value terms, down 6.0% on the first nine months 
of 2019. In volume terms, this corresponded to 4,700 units, a 16.5% decrease 
compared with the same period in 2019. 
 
The take-up period for programs was 3.0 months over the 9-month period, an 
improvement of 2.7 months compared with the same period in 2019 (5.7 
months). 
 
With 96% of programs located in high-demand, low-supply areas (zones A, 
A-bis, and B1), property supply totaled 1,558 housing units at end-August 
2020 (vs. 3,569 units at end-August 2019). 
 
Breakdown of the customer base 
 
In the first nine months of 2020, orders from first-time buyers were down in 
value terms (including VAT) compared with the same period in 2019 and 
corresponded to 7% of sales. Second-time buyers accounted for 5% of sales, 
compared with 9% for the same period in 2019. Orders from investors 
accounted for 23% of sales (of which 19% under the Pinel incentive scheme 
alone). The proportion of block sales increased by 52% and corresponded to 
65% of sales in the first nine months of 2020, i.e. &euro610.7 million. 
 
· Commercial Property 
 
The Commercial Property segment recorded net orders of &euro1,098.3 million 
(including VAT) in the first nine months of 2020. 
 
Kaufman & Broad is currently in the process of marketing or studying around 
150,000 sq.m of office space and around 75,000 sq.m of logistics space. It 
is also currently building nearly 30,000 sq.m of office space and more than 
32,500 sq.m of logistics space. Lastly, it has around 120,000 sq.m of office 
space transactions yet to sign. 
 
At the end of August 2020, the Commercial Property backlog totaled 
&euro1,307.5 million. 
 
· Forward-looking sales and development indicators 
 
The Housing backlog at August 31, 2020 amounted to &euro2,389.5 million 
(excluding VAT), i.e. 28.7 months of activity. At the same date, Kaufman & 
Broad had 150 housing programs on the market, representing 1,558 housing 
units (compared with 208 programs representing 3,569 housing units at the 
end of August 2019). 
 
The Housing property portfolio represents 35,594 units. It has increased by 
6.4% since the end of August 2019 and corresponds to more than 4 years of 
sales activity. 
 
· Financial results 
 
· Business volumes 
 
Total revenue amounted to &euro657.4 million (excluding VAT), down 36.2% 
compared with the same period in 2019. 
 
Housing revenue totaled &euro585.7 million (excluding VAT), versus 
&euro920.1 million (excluding VAT) in the first nine months of 2019. This 
represents 89.1% of group revenue. Revenue from the Apartments business was 
down 37.7%, compared with the first nine months of 2019, and amounted to 
&euro529.7 million (excluding VAT). Revenue from the Single-family Homes in 
Communities business totaled &euro56.1 million (excluding VAT), versus 
&euro69.4 million (excluding VAT) for the same period in 2019. 
 
Revenue from the Commercial Property segment totaled &euro67.4 million 
(excluding VAT), compared with &euro104.7 million for the same period in 
2019. 
 
· Profitability highlights 
 
The gross margin for the first nine months of 2020 totaled &euro121.6 
million, compared with &euro206.3 million in 2019. The gross margin ratio 
was 18.5%, which is 41.1% lower than in the same period of 2019. 
 
Current operating expenses amounted to &euro91.3 million (13.9% of revenue), 
compared with &euro106.8 million for the same period in 2019 (10.4% of 
revenue). 
 
Current operating income totaled &euro30.3 million, compared with &euro99.6 
million in the first nine months of 2019. The current operating margin ratio 
was 4.6%, compared with 9.7% in the same period in 2019. 
 
Consolidated net income amounted to &euro19.6 million in the first nine 
months of 2020 (versus &euro67.2 million in the same period in 2019). 
Non-controlling equity interests (minority interests) totaled &euro9.0 
million, compared with &euro11.8 million for the same period in 2019. 
 
Attributable net income amounted to &euro10.7 million (versus &euro55.3 
million for the first nine months of 2019). 
 
In accordance with IAS 12, attributable net income at August 31, 2020 
included a reduction in the tax liability due to the provisions stipulated 
in the 2018 Finance Law that gradually reduces the normal corporate tax rate 
from 33.3% to 26.5% in 2021, and to 25.0% starting from 2022. If these tax 
provisions were to change in the future, the Company would have to increase 
its tax liability accordingly. 
 
· Financial structure and liquidity 
 
During the Covid-19 pandemic, work on most of the group's construction sites 
was halted or scaled back, and sales activity was extremely sluggish. This 
situation had a material adverse impact on the group's financial position as 
cash inflows were virtually zero during this period (since no new calls for 
funds were issued) while payments for work performed in the first quarter 
became due. 
 
Kaufman & Broad did not request deferral or suspension of payment of its tax 
and social security charges, nor did it apply for the government-backed bank 
loans introduced as one of the measures to support the economy. In March 
2020, as a precaution, the group drew down &euro150 million from its 
revolving credit facility in order to further strengthen its already sound 
cash position and secure funding for its general needs given the 
circumstances. 
 

(MORE TO FOLLOW) Dow Jones Newswires

October 01, 2020 12:22 ET (16:22 GMT)

DJ Kaufman & Broad SA: RESULTS FOR THE FIRST NINE -2-

Net financial debt (excluding liabilities under IFRS 16) totaled &euro27.5 
million at August 31, 2020, compared with a positive net cash position of 
&euro3.6 million at the end of August 2019. Cash assets (available cash and 
investment securities) amounted to &euro162.0 million, compared with 
&euro154.4 million at August 31, 2019. Financing capacity totaled &euro374.0 
million, compared with &euro404.4 million at end-August 2019 (and &euro458.1 
million at end-November 2019). 
 
The working capital requirement amounted to &euro201.8 million (i.e. 18.3% 
of revenue on a 12-month rolling basis), compared with &euro150.1 million at 
November 30, 2019 (10.2% of revenue). The group's tight control over its 
working capital requirement relies primarily on the very short take-up 
period for its programs. At August 31, 2019, the working capital requirement 
totaled &euro174.6 million, corresponding to 11.7% of revenue. 
 
· Outlook 
 
Kaufman & Broad's 2020 guidance targets include around &euro1 billion of 
revenue, an EBIT margin in the region of 6% and almost zero net debt. 
Going further forward, the backlog at end-August 2020 points to revenue 
growth of around 30% in 2021. This increase will be higher if the A7A8 
Austerlitz project gets the full green light from the authorities in 2021. 
 
This outlook assumes that our construction sites are able to make progress 
in the current economic and social circumstances, and that the pace at which 
building permits are granted rapidly returns to normal. 
 
The press release is available at www.kaufmanbroad.fr [1] 
 
Contacts 
*Chief Financial        *Press Relations* 
Officer*                Shadow Communication agency 
Bruno Coche             Alice Polack - +33 (1)6 33 71 91 58 
+33 (1) 41 43 44 73     alicepolack@shadowcommunication.fr 
Infos-invest@ketb.com   Aurélie Vinzent - +33 (1) 6 58 66 80 49 
                        aurelievinzent@shadowcommunication.fr 
                        Kaufman & Broad: Emmeline Cacitti 
                        +33 (1) 6 72 42 66 24 / 
                        ecacitti@ketb.com 
 
*About Kaufman & Broad *- Kaufman & Broad has been designing, developing, 
building, and selling single-family homes in communities, apartments, and 
offices on behalf of third parties for more than 50 years. Kaufman & Broad 
is one of the leading French developers-builders due to the combination of 
its size and profitability, and the strength of its brand. 
 
Certain information included in this press release refers not to historical 
data but to forward-looking statements. These forward-looking statements are 
based on estimates, forecasts and assumptions, including assumptions about 
Kaufman & Broad's current and future strategy and about the economic 
environment in which Kaufman & Broad operates, which has been significantly 
affected by the current public health crisis. These forward-looking 
statements are only valid on the date of this press release. Actual results 
could differ materially from those expressed or implied by these 
forward-looking statements. Forward-looking statements and information are 
not guarantees of future performance and are subject to risks and 
uncertainties that are difficult to predict and generally beyond the control 
of Kaufman & Broad. Besides the current public health crisis, these risks 
and uncertainties include those identified and presented in Chapter 1.2 
"Risk factors" of the Kaufman & Broad 2019 Universal Registration Document, 
which was filed with the French Financial Markets Authority (AMF) on March 
31, 2020 under No. D.20-0231; it is available on the Company's website 
(www.kaufmanbroad.fr [2]_) and that of the AMF (_www.amf-france.org [3]_). 
This press release includes only summarized information and does not purport 
to be complete._ 
 
· Glossary 
 
*Backlog (order book)*: an overview that, at any given moment, makes it 
possible to estimate revenue for the coming months. 
 
*EBIT:* corresponds to current operating income, i.e. gross margin less 
current operating expenses. 
 
*EHU: *EHUs (Equivalent Housing Units delivered) are a direct reflection of 
business volumes. The number of EHUs is a function of multiplying (i) the 
number of housing units of a given program for which notarized sales deeds 
have been signed by (ii) the ratio between the group's property expenses and 
construction expenses incurred on said program and the total expense budget 
for said program. 
 
*Financing capacity: *corresponds to cash assets plus lines of creditnot yet 
drawn. 
 
*Gross margin:* revenue less cost of sales. The cost of sales is made up of 
the price of land and any related costs plus the cost of construction. 
 
*Lease-before-completion (BEFA): *a lease-before-completion involves a 
customer leasing a building before it is built or redeveloped. 
 
*Orders*: measured in volume terms (units) and in value terms; orders 
reflect the group's sales activity. Orders are recognized in revenue based 
on the time necessary to "convert" an order into a signed and notarized 
deed, which is the point at which income is generated. In addition, in the 
case of multi-occupancy housing programs that include mixed-use buildings 
(apartments, business premises, retail space, and offices), all of the floor 
space is converted into housing unit equivalents. 
 
*Property portfolio*: this represents all of the land for which any 
commitment (contract for sale, etc.) has been signed. 
 
*Property supply*:corresponds to the total inventory of properties available 
for sale as of the date in question, i.e. all unordered housing units as of 
this date (minus the programs that have not yet entered the marketing 
phase). 
 
*Sale before completion (VEFA)*: a contract whereby the seller immediately 
transfers to the buyer its land rights and ownership of existing buildings. 
The future structures will become the purchaser's property as and when they 
are completed: the purchaser is required to pay the price of these 
structures as work progresses. The seller retains the powers of the Project 
Owner until acceptance of the work. 
 
*Take-up period*: the inventory take-up period is the number of months 
required for available housing units to be sold if sales are maintained at 
the same pace as in previous months, i.e. housing units outstanding 
(available supply) per quarter divided by the number of orders per quarter 
ended and with orders in turn divided by three. 
 
*Take-up rate*: this represents the percentage of the initial inventory for 
a property program that is sold on a monthly basis (sales per month divided 
by the initial inventory), i.e. net monthly orders divided by the ratio 
between the opening inventory and the closing inventory, divided by two. 
 
*Units*: used to define the number of housing units or equivalent housing 
units (for mixed-use programs) in a given program. The number of equivalent 
housing units is calculated as a ratio between the surface area by type 
(business premises, retail space, or offices) and the average surface area 
of the housing units previously obtained. 
 
APPENDICES 
 
· Financial data 
 
Key consolidated data 
 
_in &euro thousands_         *Q3*    *9M*    *Q3*      *9M* 
                             *2020*  *2020*  *2019(1)* *2019(1)* 
Revenue                      272,420 657,384 325,926   1,029,677 
                             233,451 585,718 309,199   920,114 
 
· _Of which Housing_ 
 
                             37,390  67,406  14,876    104,658 
 
· _Of which Commercial 
Property_ 
 
                             1,579   4,260   1,851     4,906 
 
· _Of which Other_ 
 
Gross margin                 48,130  121,622 65,672    206,351 
_Gross margin ratio (%)_     _17.7%_ _18.5%_ _20.1%_   _20.0%_ 
Current operating income     18,067  30,343  29,812    99,596 
_Current operating margin    _6.6%_  _4.6%_  _9.1%_    _9.7%_ 
(%)_ 
Attributable net income      8,502   10,647  16,076    55,340 
Attributable net income per  0.38    0.48    0.74      2.53 
share (&euro/share)** 
 
1) _Restated as financing costs are no longer capitalized following the 
change in interpretation of the IAS 23 standard and a reclassification of 
the CVAE tax expense from the operating expenses item to the income tax 
item. _ 
 
_ **Based on the number of shares that make up Kaufman & Broad SA's share 
capital, i.e. 21,864 21,864 shares at August 31, 2019 and 22,088,023 shares 
at August 31, 2020._ 
 
Consolidated income statement* 
 
_in &euro thousands_       *Q3*    *9M*    *Q3*      *9M* 
                           *2020*  *2020*  *2019***  *2019*** 
*Revenue*                  *272,42 *657,38 *325,926* *1,029,677* 
                           0*      4* 
Cost of sales              -224,29 -535,76 -260,254  -823,326 
                           0       2 
*Gross margin*             *48,130 *121,62 *65,672*  *206,351* 
                           *       2* 
Marketing expenses         -4,697  -14,016 -6,968    -21,736 
Administrative expenses    -13,163 -38,719 -15,742   -45,741 
Technical and customer     -5,371  -14,835 -5,610    -16,760 
service expenses 
Development and program    -6,832  -23,710 -7,539    -22,518 
expenses 
*Current operating income* *18,067 *30,343 *29,812*  *99,596* 
                           *       * 
Other non-recurring income 0       0       0         0 
and expenses 
*Operating income *        *18,067 *30,343 *29,812*  *99,596* 
                           *       * 
Cost of net financial debt -3,018  -8,434  -2,532    -8,989 
Other financial income and 0       0       0         0 
expenses 
Income tax                 -4,713  -3,655  -8,234    -25,814 
Share of income (loss)     909     1,359   698       2,371 
of equity affiliates and 
joint ventures 
*Consolidated net income*  *11,246 *19,612 *19,744*  *67,164* 
                           *       * 
Non-controlling equity     2,744   8,965   3,668     11,826 
interests (P&L) 
*Attributable net income*  *8,502* *10,647 *16,076*  *55,338* 
                                   * 
*_Not approved by the Board of Directors and not audited._ 

(MORE TO FOLLOW) Dow Jones Newswires

October 01, 2020 12:22 ET (16:22 GMT)

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