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WKN: 934515 ISIN: FR0004007813 Ticker-Symbol: 3GH 
Frankfurt
09.04.21
17:21 Uhr
42,200 Euro
+1,250
+3,05 %
Branche
Bau/Infrastruktur
Aktienmarkt
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KAUFMAN & BROAD SA Chart 1 Jahr
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Kaufman & Broad SA: 2020 Annual results -3-

DJ Kaufman & Broad SA: 2020 Annual results

Kaufman & Broad SA 
Kaufman & Broad SA: 2020 Annual results 
28-Jan-2021 / 18:38 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
2020 annual results 
 
  . Backlog up 42.7% at EUR3.6 billion 
  . A very solid balance sheet with a net cash surplus 
  . Financing capacity increased to EUR465 million 
  . Proposed dividend of EUR1.85 per share 
 
  . Key components of 
    sales activity (2020 
    vs. 2019) 
 
  . Total orders: 
  . EUR2,676.3m incl. VAT 
    (+22.9%) 
  . Housing: EUR1,490.8m 
    incl. VAT            Kaufman & Broad SA has today announced its results for the 2020 financial 
                         year (from December 1, 2019 to November 30, 2020). Nordine Hachemi, 
(-12.8%)                 Chairman and Chief Executive Officer of Kaufman & Broad, made the 
i.e. 6,305 units         following comments: 
(-23.3%) 
                         "The results for financial year 2020 exceeded the objectives set back in 
  . Commercial Property: July and confirm that Kaufman & Broad's growth model is capable of 
    EUR1,185.5m incl. VAT  generating profitability and cash, with a year-end net cash surplus of 
                         EUR62.5 million (excluding IFRS 16 liabilities) and financing capacity 
                         increased to EUR465.2 million. 
  . Take-up period for   Sales activity in the Housing segment included a growing share of sales 
    Housing:             to a diverse range of institutional investors from both the public and 
                         private spheres. Their orders rose 45% year-on-year and accounted for 67% 
3.8 months vs. 5.8       of total Housing orders by value. 
months 
(-2.0 months)            Kaufman & Broad actively pursued its development drive throughout the 
                         year in the strategic priority areas it had decided on before the public 
                         health crisis struck. 
  . Key financial data 
                         Our development policy geared towards expanding our regional network 
(2020 vs. 2019)          enabled us to identify potential to develop a total surface area of 
                         600,000 sq.m over the medium term. 
  . Overall revenue: 
    EUR1,163.1m            Our approach to CSR has been recognized by MSCI ESG Ratings, among 
                         others, as it upgraded our overall rating from BBB to A in January 2021. 
Of which Housing:        Otherwise, Vigeo continues to qualify our "ESG Overall Score" as "Robust" 
EUR963.3m                  and Gaïa has increased our rating by two points in 2020. This process 
                         will be accelerated in 2021, particularly in the areas of soil 
                         waterproofing and the reduction of carbon emissions during the 
  . Gross margin:        development of industrial and tertiary brownfields. 
EUR207.2m                  The portfolio of managed student and senior residences, owned and 
                         operated by Kaufman & Broad, will include around ten operations in 
                         development in 2021. 
  . Current operating 
    income: EUR80.1m       As far as the Commercial Property segment is concerned, we obtained the 
                         required authorizations for the A7A8 Austerlitz project (already fully 
                         let) in late 2020 and hope to receive the clear building permits towards 
                         the end of the first half of 2021. 
  . Attributable net 
    income: EUR40.1m       Regarding residential business prospects [DEL: :DEL]2021, Kaufman & Broad 
                         has noted that the number of building permits granted has continued to 
                         trend downwards since 2019 and we therefore expect order levels to remain 
                         flat in 2021. 
  . Net cash (excl. 
    IFRS 16              As announced back in July, revenue could reach between approximately EUR1.3 
    liabilities): EUR62.5m billion. In the event[DEL: :DEL] that the administrative authorizations 
                         for the Austerlitz A7 / A8 project are free of objections[DEL: :DEL] in 
                         2021, the turnover could be increased to 1.6 billion euros. In the first 
                         case, the EBIT rate would be equivalent to that of 2020; in the second, 
  . Financing capacity:  it will return to a level comparable to that of previous years. 
EUR465.2m                  Based on Kaufman & Broad's 2020 results, solid balance sheet and 
                         historically large backlog, the Board of Directors will suggest paying 
                         out a dividend of EUR1.85 per share on 2020 earnings when the Shareholders' 
  . Key growth           Meeting is held on May 6, 2021. 
    indicators 
                         All these guidance targets are based on stabilization that the current 
(2020 vs. 2019)          economic and social situation and that any developments on the public 
                         health front do not lead to further work stoppages at the group's 
                         construction sites over the course of the year." 
  . Overall backlog: 
    EUR3,631.1m (+42.7%) 
Of which Housing: 
EUR2,383.2m (+15.2%) 
 
  . Housing property 
    portfolio: 
35,086 units (+6.0%)   . Sales activity   . Housing Housing orders in 2020 were 12.8% lower by value than in 2019 and amounted to EUR1,490.8 million (including VAT). By volume, 6,305 units were ordered, reflecting a 23.3% decrease compared with 2019. The program take-up period was 3.8 months in 2020, compared with 5.8 months in the previous year, reflecting a decrease of 2.0 months. Housing supply, with 95% of projects located in high-demand, low-supply areas (A, Abis and B1), totaled 1,999 units at end-2020 (3,990 units at end-2019). Breakdown of the customer base Orders from first-time buyers accounted for 6% of sales by value (excluding VAT) in 2020 and were lower than in 2019 (17%). Second-time buyers accounted for 5% of sales, versus 8% in 2019. Orders from investors accounted for 22% of sales (of which 17% under the Pinel incentive scheme alone). Lastly, block sales increased by 45% and their share of total orders increased to 67% by value (including VAT), compared with 40% in 2019.   . Commercial Property The Commercial Property segment recorded net orders of EUR1,185.5 million (including VAT) in financial year 2020, corresponding to three office complexes, one logistics platform and two property development contracts. End of November 2020, Kaufman & Broad signed a sale-before-completion agreement for a 42,000 sq.m logistics platform in Beaucaire (Gard) on behalf of a buyer-user. Otherwise, Kaufman & Broad also announced a sale-before-completion agreement with La Caisse de Retraite du Personnel Navigant for a 13,000 sq.m office building in Puteaux (92). Kaufman & Broad currently has around 136,000 sq.m of office space and around 68,000 sq.m of logistics space under marketing or under study. It is also in the process of building close to 88,000 sq.m of office space and more than 36,000 sq.m of logistics space. Lastly, it has around 110,000 sq.m of office space transactions yet to finalize. Leading sales and development indicators The Housing backlog at the end of financial year 2020 amounted to EUR2,383.2 million (excluding VAT), the equivalent of 2.5 years of business. Kaufman & Broad had 147 housing programs on the market at that same date, representing 1,999 housing units (compared with 191 programs representing 3,990 housing units at the end of 2019). The Housing property portfolio represents 35,086 units. It was up 6.0% compared with end-2019 and corresponds to more than 4 years of sales activity. The Commercial Property backlog at the end of 2020 amounted to EUR1,248.0 million.   . Financial results   . Business volumes Total revenue amounted to EUR1,163.1 million (excluding VAT), down 21.0% compared with 2019. Housing revenue amounted to EUR963.3 million (excluding VAT), compared with EUR1,334.0 million (excluding VAT) in 2019. This represents 82.8% of group revenue. Revenue from the Apartments business reached EUR877.1 million (excluding VAT), compared with EUR1,232.4 million (excluding VAT) in 2019. Revenue from the Single-family Homes in Communities business totaled EUR86.1 million (excluding VAT), versus EUR101.6 million (excluding VAT) in 2019. Revenue in the Commercial Property segment amounted to EUR194.4 million (excluding VAT), compared with EUR130.4 million in 2019.   . Profitability highlights The gross margin for the 2020 financial year was EUR207.2 million, compared with EUR294.3 million in 2019. The gross margin ratio was 17.8%, which is lower than the 20.0% generated in 2019. Current operating expenses amounted to EUR127.0 million (10.9% of revenue), compared with EUR150.9 million in 2019 (10.2% of revenue). Current operating income reached EUR80.1 million, versus EUR143.4 million in 2019. The EBIT rate was 6.9%, compared with 9.7% in 2019. Consolidated net income amounted to EUR56.5 million in full-year 2020 (versus EUR95.5 million in 2019). Non-controlling equity interests totaled EUR16.4 million, compared with EUR17.6 million in 2019. Attributable net income was EUR40.1 million, versus EUR77.9 million in 2019.   . Financial structure and liquidity During the public health crisis, Kaufman & Broad did not request deferral or suspension of payment of its tax and social security charges or apply for the government-backed bank loans introduced as one of the measures to support the economy. It did, on the other hand, extend its RCF (revolving credit facility) by one year, bringing its debt maturity to 4.2 years. After dividend payments and share buybacks as part of a share buyback plan amounting to a cumulative EUR56 million in financial year 2020, the group's financial debt at November 30, 2020 resulted in a positive net cash position (excluding IFRS 16 liabilities) of EUR62.5 

(MORE TO FOLLOW) Dow Jones Newswires

January 28, 2021 12:38 ET (17:38 GMT)

DJ Kaufman & Broad SA: 2020 Annual results -2-

million, compared with a positive net cash position of EUR56.0 million at end-November 2019. Cash assets (available cash and investment securities) amounted to EUR215.2m, versus EUR208.1m at November 30, 2019. The group's financing capacity was EUR465.2 million, compared with EUR458.1 million at end-November 2019. The group had recorded a sharp increase in its working capital requirement at end-May 2020 as work at most of its construction sites had to be halted or scaled back during the first lockdown; however, as announced back in July, it had returned to normal by the end of the financial year. It thus stood at EUR122.1 million (10.5% of revenue), compared with EUR150.1 million at November 30, 2019 (10.2% of revenue). The group's tight control over working capital primarily relies on the very short take-up period for its programs. As part of the authorization granted at the General Meeting of May 5, 2020, the Board of Directors of January 27, 2021 reduced its capital by canceling 375,000 treasury shares, for a total of value of EUR 12.5 million, thus bringing the number of shares making up the company's share capital from 22,088,023 to 21,713,023 shares. . Governance Corporate Social Responsibility (CSR) has become a core principle underlying Kaufman & Broad's activity and the company has thus set up a CSR and Innovation Department reporting directly to the Chairman and Chief Executive Officer. Otherwise a CSR Committee of the Board of Directors has also been newly created. The CSR Committee's role is to oversee execution of the CSR plan in accordance with the company's strategy. It is worth noting that ESG criteria have formed an integral part of the compensation metrics applicable to Kaufman & Broad's Management since 2018. . Outlook Regarding Kaufman & Broad's residential commercial prospects for fiscal year 2021, the continued downward trend in the allocation of building permits observed since 2019 leads us to anticipate a level of reservations comparable to that of 2020. As announced last July, fiscal year 2021 sales are expected to be around 1.3 billion euros. Assuming that the administrative authorizations for Austerlitz's A7 / A8 project are purged in 2021, turnover could be increased to 1.6 billion euros. In the first case, the EBIT rate would be equivalent to that of 2020; in the second, it could return to a level comparable to that of previous years. All of these prospects are based on a stabilization of the current economic and social situation and an evolution of the health crisis that would not lead to new work stoppages during the year. This press release is available at www.kaufmanbroad.fr . Next regular publication date: . April 15, 2021: Q1 2021 results (after market close) . May 6, 2021: Shareholders' Meeting Contacts

Chief Financial Officer                     Press Relations 
Bruno Coche                                 DGM Conseil 
+33 (0)1 41 43 44 73                        Thomas Roborel de Climens - +33 (0)6 14 50 15 84 
Infos-invest@ketb.com                       thomasdeclimens@dgm-conseil.fr 
 
                                            Shadow Communication agency 
                                             Karima Doukkali - +33 (0)7 77 36 64 10 
                                                     karimadoukkali@shadowcommunication.fr 
 
                                            Kaufman & Broad: Emmeline Cacitti 
                                            +33 (0)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 builder-developers 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) and that of the AMF (www.amf-france.org). This press release includes only summarized information and does not purport to be complete.   . Glossary Backlog: a summary 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) 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 credit not 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 agreement involves a customer leasing a building before it is built or redeveloped. Orders: measured in volume (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: represents all of the land for which any commitment (contract for sale, etc.) has been signed. Property supply: it is represented by 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 the works progress. 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 the 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: the take-up rate 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: units are used to define the number of housing units or equivalent housing units (for mixed 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. NOTES   . Financial data Key consolidated data 
EUR thousands                                                          Q4         Year          Q4          Year 
                                                                     2020       2020          2019^(1)    2019^(1) 
Revenue                                                              505,666    1,163,050     442,476     1,472,154 
  . Of which Housing                                                 377,562    963,281       413,886     1,334,000 
  . Of which Commercial Property                                     126,966    194,372       25,752      130,410 
  . Of which Other                                                   1,139      5,397         2,838       7,744 
 
Gross margin                                                         85,553     207,176       87,936      294,288 
Gross margin ratio (%)                                               16.9%      17.8%         19.9%       20.0% 
Current operating income                                             49,791     80,134        43,829      143,425 
Current operating margin (%)                                         9.8%       6.9%          9.9%        9.7% 
Attributable net income                                              29,491     40,138        22,551      77,891 
Attributable net earnings per share (EUR/share)**                      1.34       1.82          1.02        3.53  1. Restated to take account of the change in interpretation of IAS 23 regarding the capitalization of financial 

(MORE TO FOLLOW) Dow Jones Newswires

January 28, 2021 12:38 ET (17:38 GMT)

DJ Kaufman & Broad SA: 2020 Annual results -3-

expenses and the reclassification of the CVAE charge to income tax. ** Based on the number of shares that make up Kaufman & Broad S.A.'s share capital, i.e. 22,088,023 shares. Consolidated income statement*

EUR thousands                                                  Q4           Year           Q4           Year 
                                                             2020         2020           2019^(1)     2019^(1) 
Revenue                                                      505,666      1,163,050      442,476      1,472,154 
Cost of sales                                                -420,112     -955,874       -354,540     -1,177,866 
Gross margin                                                 85,553       207,176        87,936       294,288 
Selling expenses                                             -7,673       -21,689        -9,295       -31,031 
Administrative expenses                                      -14,089      -52,808        -18,694      -64,437 
Technical and customer service expenses                      -4,402       -19,237        -5,440       -22,200 
Development and program expenses                             -9,598       -33,308        -10,678      -33,196 
Current operating income                                     49,791       80,134         43,829       143,425 
Other non-recurring income and expenses                      0            0              0            0 
Operating income                                             49,791       80,134         43,829       143,425 
Cost of net financial debt                                   -1,263       -9,697         -4,325       -13,313 
Other financial income and expense                           0            0              0            0 
Income tax                                                   -12,591      -16,247        -12,187      -38,003 
Share of income (loss) of                                    965          2,324          1,047        3,420 
equity affiliates and joint ventures 
Net income of the consolidated entity                        36,902       56,514         28,364       95,529 
Non-controlling equity interests (P&L)                       7,411        16,376         5,813        17,638 
Attributable net income                                      29,491       40,138         22,551       77,891 financial expenses and the reclassification of the CVAE charge to income tax. *Not approved by the Board of Directors and not audited. Consolidated balance sheet* 
EUR thousands                                                                         November 30,      November 30, 
                                                                                    2020               2019** 
ASSETS 
Goodwill                                                                            68,661            68,661 
Intangible assets                                                                   91,060            91,209 
Property, plant and equipment                                                       5,977             5,976 
Right-of-use assets                                                                 20,388            0 
Equity affiliates and joint ventures                                                5,767             5,929 
Other non-current financial assets                                                  7,021             1,756 
Deferred tax assets                                                                 502               4,002 
Non-current assets                                                                  199,376           177,533 
Inventories                                                                         378,451           455,976 
Accounts receivable                                                                 464,977           511,907 
Other receivables                                                                   183,896           211,501 
Cash and cash equivalents                                                           215,192           208,102 
Prepaid expenses                                                                    515               1,435 
Current assets                                                                      1,243,031         1,388,921 
TOTAL ASSETS                                                                        1,442,407         1,566,454 
 
                                                                                    November 30,      November 30, 
                                                                                    2020               2019** 
LIABILITIES 
Share capital                                                                       5,743             5,743 
Additional paid-in capital                                                          220,539           198,526 
Attributable net income                                                             40,138            77,891 
Attributable shareholders' equity                                                   266,420           282,160 
Minority interests                                                                  8,998             10,953 
Shareholders' equity                                                                275,418           293,113 
Non-current provisions                                                              39,883            37,706 
Non-current financial liabilities (maturing in > 1 year)                            149,008           148,900 
IFRS 16 lease obligations (maturing >1 year)                                        13,368            0 
Deferred tax liability                                                              47,006            50,346 
Non-current liabilities                                                             249,265           236,952 
Current provisions                                                                  2,017             2,529 
Other current financial liabilities (maturing in < 1 year)                          3,656             3,189 
IFRS 16 lease obligations (maturing in < 1 year)                                    6,322             0 
Accounts payable                                                                    759,985           907,498 
Other payables                                                                      144,697           123,047 
Prepaid income                                                                      1,047             126 
Current liabilities                                                                 917,724           1,036,389 
TOTAL LIABILITIES                                                                   1,442,407         1,566,454 **Restated to take account of the change in interpretation of IAS 23 regarding the capitalization of financial expenses and the reclassification of the CVAE charge to income tax. Operational data* 
Housing                                                                           Q4       Year         Q4       Year 
                                                                                  2020      2020        2019     2019 
 
Revenue (EUR million, excluding VAT)                                                377.6    963.3        413.9    1,334.0 
  . Of which apartments                                                           347.5    877.1        381.7    1,232.4 
  . Of which single family homes in communities                                   30.1     86.1         32.2     101.6 
 
Deliveries (EHUs)                                                                 2,070    5,174        2,303    7,056 
  . Of which apartments                                                           1,946    4,816        2,174    6,664 
  . Of which single family homes in communities                                   124      358          129      392 
 
Net orders (number)                                                               1,605    6,305        2,596    8,222 
  . Of which apartments                                                           1,552    5,908        2,502    7,856 
  . Of which single family homes in communities                                   53       397          94       366 
 
Net orders (EUR million, including VAT)                                             413.4    1,490.8      562.6    1,709.0 
  . Of which apartments                                                           402.1    1,378.2      533.7    1,599.6 
  . Of which single family homes in communities                                   11.3     112.5        28.9     109.4 
 
End-of-period property supply (in number)                                         1,999                 3,990 
 
End-of-period backlog 
  . In value terms (EUR million, excluding VAT)                                     2,383.2               2,069.3 
  . Of which apartments                                                           2,260.2               1,959.6 
  . Of which single family homes in communities                                   122.9                 109.8 
  . In months of business                                                         29.7                  18.4 
 
End-of-period land reserve (number)                                               35,086                33,090 
Commercial Property                                              Q4                Year                      Q4       Year 
                                                                 2020               2020                     2019      2019 
 
Revenue (EUR million, excluding VAT)                               127.0             194.4                     25.8     130.4 
Net orders (EUR million, including VAT)                            87.2              1,185.5                   348.8    467.5 
End-of-period backlog (EUR million, excluding VAT)                                          1,248.0                    475.6 ----------------------------------------------------------------------------------------------------------------------- Regulatory filing PDF file File: 2020 Annual results 

1164195 28-Jan-2021 CET/CEST

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