UNAUDITED AND NOT APPROVED BY THE BOARD OF
DIRECTORS
Regulatory News:
- Business stable over the first nine
months
- Total revenues: €679.3 million
- Housing orders in volume: 3,943
units
- Mixed economic performance
- Gross margin rate: 19.2%
- Attributable net income: €23.8 million
(-14.6%); Q3: €6.5 million (-24.4%)
- Net financial debt: €43.1 million
(-47.0% vs Nov. 2012)
- Numerous developments underway
- Housing property portfolio: 3 years of
business (around 16,000 lots)
- Creation of the position of Director of
the Managed accommodations business
- Opening of new location in Lille
- Continued development of Commercial
property projects
- Outlook for 2013: stable
revenues and gross margin slightly lower compared to 2012.
Kaufman & Broad S.A. (Paris:KOF) announces its results for
the first nine months of fiscal year 2013 (December 1, 2012 to
August 31, 2013).
Key consolidated data
(€ million)
9 months 2013 9 months 2012
Change Q3 2013 Q3 2012
Change Revenues (excluding VAT)
679.3
675.7 +0.5%
232.8 219.7
+6.0% Gross margin
130.3 130.5 -0.2%
44.7 42.7 +4.6%
Gross margin rate
19.2% 19.3% -0.1 pt
19.2% 19.4%
-0.2 pt Current operating income
45.3 48.4 -6.5%
14.9
17.2 -13.5% Current operating margin
6.7% 7.2% -0.5 pt
6.4% 7.9% -1.5 pt Attributable net income
23.8
27.8 -14.6%
6.5 8.5
-24.4%
Commenting on these results, Nordine Hachemi, Chief Executive
Officer of Kaufman & Broad S.A., stated: “For
the first nine months of the fiscal year, Kaufman & Broad
stabilized its business activities. These results, which were
achieved in a real estate market characterized by a lack of
visibility, confirm the quality of the Brand’s position with regard
to the core products, which are in high-quality locations and
marketed at prices corresponding to the expectations of all our
customers.
Our development dynamic is built on this solid foundation and on
our ability to continue building up our property portfolio from
current levels representing three years of business.It has also led
to our opening of a new location in Lille, in the heart of a huge
population center. In addition, we decided to take advantage of the
good outlook presented by our managed accommodations business by
strengthening our teams with the arrival of a major professional in
the sector.Finally, we are continuing the development of several
commercial property projects, which should become a reality during
the coming quarters.
During all of fiscal year 2013, revenues are expected to remain
at a level comparable to that of 2012, while gross margin is
expected to be slightly down.”
- Housing revenues: stable for the
first nine months (+0.7%)
Revenues for the first nine months of 2013 totaled €679.3
million (excluding VAT) compared with €675.7 million (excluding
VAT) for the comparable period of 2012. During the third quarter of
2013, they increased 6.0%, from €219.7 million (excluding VAT)
to €232.8 million (excluding VAT).
Housing revenues amounted to €660.2 million (excluding
VAT), up 0.7% compared with August 31, 2012, when they totaled
€655.4 million (excluding VAT). Housing accounts for 97.2% of total
revenues. Île-de-France accounted for 44.5% of Housing revenues. In
the third quarter alone, Housing revenues increased 6.1%, to €223.6
million (excluding VAT).
Apartments revenues totaled €630.9 million, down 1.4%.
Revenues from Single-family homes in communities almost
doubled totaling €29.3 million, compared to €15.4 million at
August 31, 2012.
Commercial property revenues totaled €13.5 million.
Finally, the balance of €5.6 million is accounted for primarily by
Showroom revenues.
During the first nine months of 2013, 3,902 housing units (EHU)
were delivered, versus 3,597 housing units (EHU) during the same
period of 2012.
- Slight drop in housing
orders
For the first nine months of 2013, housing orders in
volume totaled 3,943 versus 4,027 at August 31, 2012, a decline of
2.1%. In value, there was a decline of 4.4%, to €744.2 million
(including VAT).
Orders in Île-de-France accounted for 46.7% in volume and 49.5%
in value of all housing orders, compared to 45.8% and 47.5% for the
first nine months of 2012.
In the third quarter, 1,348 housing units were ordered, for a
total of €262.4 million (including VAT) versus 1,531 housing units
ordered for €283.7 million (including VAT) over the same period of
2012, with social housing blocks having significantly declined in
the third quarter of 2013.
Over one year, the share of block orders fell from 33% to 24%
whereas orders made by investors rose from 31% to 38%. The share of
orders under the Scellier and Duflot incentives remained at
22%.
The average monthly take-up rate of new programs launched
during the third quarter of 2013 was 39.8%.
Commercial offer totaled 3,379 housing units versus 3,782
housing units at August 31, 2012.
Office orders in value accounted for €11.5 million
(including VAT) over nine months.
- Gross margin rate: stable at
19.2%
For the first nine months of the year, the gross margin
totaled €130.3 million, compared to €130.5 million at August 31,
2012. The gross margin rate remained stable at 19.2%. For
the third quarter, the gross margin increased 4.6% compared with
the same period in 2012 and the margin rate was 19.2%, versus 19.4%
in the third quarter of 2012.
Current operating profit amounted to €45.3 million over
nine months and accounted for 6.7% of revenues, compared to 7.2%
for the same period in 2012. In the third quarter alone, current
operating profit was 6.4%, compared to 7.9% in the third quarter of
2012.
The cost of net financial debt totaled €0.8 million,
versus €2.8 million for the first nine months of 2012. This
marked improvement may be explained for the most part by the
reduction in average net financial debt.
Attributable net income totaled €23.8 million for the
first nine months of 2013, down 14.6% compared to the same period
in 2012. It was down 24.4% in the third quarter of 2013 alone and
totaled €6.5 million.
- Continued deleveraging and working
capital requirement reduction
Net financial debt was reduced by €38.2 million compared
to November 30, 2012 and totaled €43.1 million at August 31,
2013.
Working capital requirement totaled €141.7 million at
August 31, 2013. It accounted for 13.7% of revenues based on a
twelve-month rolling period, versus 14.0% at November 30, 2012.
At August 31, 2013, cash and cash equivalents (available
cash and investment securities) totaled €194.6 million, an increase
of €40.8 million from November 30, 2012. Kaufman &
Broad’s financial capacity at the end of August 2013 totaled €247.3
million.
- Numerous developments
underway
In Housing, backlog totaled €1,067.6 million
(excluding VAT), compared to €1,166.7 million (excluding VAT) at
August 31, 2012. It represents nearly 13 months of business.
At the end of the third quarter of 2013, Kaufman & Broad had
172 housing programs on the market (169 at August 31, 2012),
46 of which were in Île-de-France and 126 in the Regions.
In the next quarter, 27 new programs are scheduled to
launch, representing 1,882 housing units (8 new programs in
Île-de-France representing 694 housing units and 18 new programs in
the Regions representing 1,188 housing units).
At August 31, 2013, the property portfolio totaled 16,236
housing units, for potential revenues corresponding to three years
of business. Kaufman & Broad intends to continue building up
its property portfolio starting from current levels, which are
already high.
In addition, a position of Director of Managed
accommodations (student, tourist and corporate accommodations,
senior residences) was created and given to Daphné Teulade, the
former Director of Development and Planning at GDP Vendôme
Immobilier. In this position, she will be in charge of the
development and coordination of that business. Since 2000, Kaufman
& Broad has completed about 20 managed accommodations
(representing around 3,000 lots) and intends to accelerate its
development in this area.
In Commercial property, Kaufman & Broad is continuing
the development of several projects representing nearly 63,000 sq.m
of floor area for revenues of around €400 million on which work
should begin during the coming quarters.
Finally, the opening of a new location in Lille is an
expression of Kaufman & Broad’s desire to have a presence at
the heart of a huge population center in order to develop the
entire range of products offered by the Group.
- Next regular publication: 2013
annual results, second half of January, 2014.
Glossary
Orders: measured in volume (Units) and in value, orders
reflect the group’s commercial activity. Orders are recognized in
revenue based on the time necessary for the “conversion” of an
order into a signed and notarized deed, which is the point at which
income is generated. In addition, for apartment programs that
include mixed-use buildings (apartments, business premises, retail
space, offices), all floor space is converted into housing
equivalents.Units: are used to define the number of housing
units or equivalent housing units (for mixed programs) of any given
program. The number of equivalent housing units is calculated as a
ratio of the surface area by type (business premises, retail space,
offices) to the average area of the housing units previously
obtained.EHU: EHUs (Equivalent Housing Units delivered)
directly reflect sales. The number of EHUs is a function of
multiplying (i) the number of housing units of a given program for
which the notarized sales deeds have been signed, by (ii) the ratio
between the group’s property expenses and construction expenses
incurred on the said program and the total expense budget for said
program.Take-up rate: the number of orders in relation to
the average commercial offer for the period.Commercial
offer: the total inventory of properties available for sale as
of the date in question, i.e. all unordered housing units as of
this date (less the programs that have not entered the marketing
phase)Gross margin: corresponds to revenues less cost of
sales. Cost of sales consists of the price of land parcels, the
related property costs and construction costs.Backlog: a
summary at any given moment, which enables a forecast of future
revenues for the coming months.Property portfolio: all real
estate for which a deed or commitment to sell has been signed.
For more than 40 years, Kaufman & Broad has been designing,
building and selling single-family homes in communities, apartments
and offices on behalf of third parties. Kaufman & Broad is a
leading French property builder and developer in view of its size,
earnings and power of its brand.
Website : www. ketb.com
This document contains forward-looking information. This
information is liable to be affected by known or unknown factors
that KBSA cannot easily control or forecast, which may render the
results materially different from those stated, implied or
projected by the company. These risks specifically include those
listed under “Risk Factors” in the Registration Document filed with
the AMF under number D.13-0247 on April 2, 2013.
KAUFMAN & BROAD S.A.
Consolidated income statement *(in €
thousands)*Unaudited and not approved by the Board of Directors
9 months 2013 9 months 2012
Revenues 679,313 675,672 Cost of
sales (549,054) (545,174)
Gross margin 130,259
130,498 Selling expenses (21,527) (21,346) General and
administrative expenses (46,836) (44,745) Technical and customer
service expenses (13,356) (11,591) Other income and expenses
(3,250) (4,379)
Current operating income 45,290
48,437 Other non-recurring income and expenses (7) (17)
Operating income 45,282 48,420 Cost of net
financial debt (780) (2,779) Other income and expenses - 850 Income
tax (expenses)/income (13,093) (12,112) Share of income (loss) of
equity affiliates and joint ventures
353
196
Income (loss) attributable to shareholders 31,762
34,575 Minority interest 7,976 6,731
Attributable net income 23,786
27,844 Earnings per share (€) (*)
1.10
1.29
(*) Based on the number of shares comprising Kaufman & Broad
SA share capital (21,584,658 shares)
Kaufman & Broad S.A.Consolidated
balance sheet *(in € thousands)*Unaudited and not approved by
the Board of Directors
ASSETS
Aug. 31, 2013 Nov. 30, 2012
Goodwill 68,511 68,511 Intangible assets 84,290
84,897 Property, plant and equipment 5,788 5,604 Equity affiliates
and joint ventures 7,287 4,373 Other non-current financial assets
951 1,262
Non-current assets 166,827 164,647
Inventory 285,415 284,469 Accounts receivable 237,325 268,189 Other
receivables 135,132 180,141 Cash and cash equivalents 194,607
153,763 Prepaid expenses 1,252 1,008
Current assets
853,731 887,570 TOTAL ASSETS
1,020,558 1,052,217 EQUITY AND
LIABILITIES
Aug. 31, 2013 Nov. 30, 2012
Authorized capital 5,612 5,612 Additional paid-in capital 133,102
135,910 Interim dividends - (48,455) Attributable net income 23,786
47,624 Attributable shareholders’ equity 162,500 140,691 Minority
interest 8,761 8,420
Shareholders’ equity 171,261
149,111 Non-current provisions 25,352 24,510 Borrowings and
other non-current financial liabilities(> 1 year) 236,449
234,535 Deferred tax liabilities 68,733 55,586
Non-current
liabilities 330,534 314,631 Current provisions
146 1,000 Other current financial liabilities (< 1 year) 1,212
458 Accounts payable 458,721 473,624 Other payables 57,190 111,776
Deferred income 1,495 1,616
Current liabilities
518,763 588,474 TOTAL EQUITY AND
LIABILITIES 1,020,558 1,052,217
Kaufman & Broad S.A.
Additional Information
(cumulative at August 31)
Single-family homes in communities 9
months 2013 9 months 2012 9 months
2011 Net orders (in units)
279 188 65 Net
orders (in € thousands, including VAT)
78,082 39,573 22,903
Backlog (in € thousands, excluding VAT)
90,796 47,427 36,300
Backlog (in months of business)*
28.8 21.6 5.7 Deliveries
(in EHUs)
140 60 192
Apartments 9 months 2013 9
months 2012 9 months 2011 Net orders (in units)
3,664 3,839 4,795 Net orders (in € thousands,
including VAT)
666,133 738,757 986,523 Backlog (in €
thousands, excluding VAT)
976,790 1,119,302 1,163,126
Backlog (in months of business)*
12.1 14.0 15.4 Deliveries
(in EHUs)
3,762 3,537 3,650
Commercial property 9 months 2013
9 months 2012 9 months 2011 Net orders
(in sq.m)
3,953 5,334 11,489 Net orders (in €
thousands, including VAT)
11,482 13,823 41,660 Backlog (in €
thousands, excluding VAT)
26,913 37,419
19,588
* calculated in relation to twelve-month rolling revenues
KAUFMAN & BROAD S.A.
Additional Information(Quarterly)
Single-family homes in communities
Q3 2013 Q3 2012 Q3 2011 Net
orders (in units)
146 91 53 Net orders
(in € thousands, including VAT)
42,113 16,549 17,288
Deliveries (in EHUs)
65 24 49
Apartments Q3 2013 Q3
2012 Q3 2011 Net orders (in units)
1,202
1,440 1,513 Net orders (in € thousands, including
VAT)
220,301 267,173 306,213 Deliveries (in EHUs)
1,293 1,146 1,225
Commercial
property Q3 2013 Q3 2012
Q3 2011 Net orders (in sq.m)
315
- - Net orders (in € thousands, including VAT)
502 - -
Chief Financial OfficerBruno Coche+33 (1) 41 43 44
73Infos-invest@ketb.comorPress RelationsDelphine Peyrat -
Wise Conseil+33 (6) 38 81 40 00dpeyratstricker@wiseconseil.com
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