Results in line with
expectations:stabilizing revenues, gross margin on the
waneand property portfolio gains
- Main financial indicators in line
with expectations
- Total revenues: €205.2 million vs.
€205.0 million in Q1 2013
- Housing revenues: €198.4 million vs.
€198.7 million in Q1 2013
- Gross margin: €37.8 million vs. €39.3
million in Q1 2013
- Attributable net income: €6.3 million
vs. €8.3 million in Q1 2013
- Housing property portfolio: 18,275 lots
vs. 16,434 lots at the end of February 2013
- Orders unchanged in volume, up in
value
- Housing orders: +0.2% in volume, +12.4%
in value
- Housing commercial offer: 3,507 housing
units vs. 2,888 housing units at the end of February 2013
- Housing backlog: €954.6 million vs.
€1,058.7 million at the end of February 2013
- Stronger financial structure
- Net financial debt: €66.7 million vs.
€50.0 million at the end of November 2013
- Signature on March 19, 2014 of an
agreement for the refinancing of the senior debt in the amount of
€200 million and with a five-year maturity
Regulatory News:
The Kaufman & Broad SA (Paris:KOF) Board of
Directors reviewed the results, which were not yet audited, for the
first quarter of fiscal year 2014 (December 1, 2013 to February 28,
2014).
Commenting on these results, Nordine Hachemi, Chairman and Chief
Executive Officer of Kaufman & Broad, stated: “Our results for
the first quarter, which is the quarter in our fiscal year when
performance is typically lowest, are in line with our
expectations.
On the one hand, they reflect the effect of the drop in orders
in our Housing business over the past two years. As announced at
the end of January, over the entire fiscal year 2014, this trend is
expected to materialize in Housing revenues that are substantially
comparable to those of 2013 and a Housing gross margin slightly on
the wane.
On the other hand, the growing property portfolio and commercial
offer are an illustration of the Kaufman & Broad
strategy to give a new dimension to its development capacities in
both its Housing and Commercial Property businesses. This strategy,
which was already implemented in the second half of 2013, will be
actively pursued and nurtured by, among other things, increasing
the commercial offer by approximately 15% in 2014.
At the same time, the developments with the Housing orders will
continue to depend on the time required by the new municipal teams
to process permit applications.
Finally, on March 19, Kaufman & Broad successfully
refinanced its July 2007 senior debt. A new Senior Facilities
Agreement was implemented on March 31 for a total amount of €200
million with a five-year maturity. During this period,
Kaufman & Broad’s majority shareholder, Financière
Gaillon 8 SA, successfully refinanced its entire acquisition
debt.
This agreement adds significant strength to
Kaufman & Broad’s financial structure and benefits
the development of its operations.”
- Sales activities
- Housing segmentIn the first
quarter of 2014, 1,085 housing units were ordered, versus 1,083 in
the first quarter of 2013. In value, housing orders totaled €218.1
million (including VAT), up 12.4% compared to the same quarter in
2013. This increase is due to product mix developments, such as the
decrease in the share of managed accommodations within housing
reservations, and, at the same time, the increase in the average
value of single-family homes ordered. Orders in Île-de-France
accounted for 40.8% in volume and 41.6% in value of all housing
orders, versus 47.6% and 52.8% for the entire first quarter of
2013.ApartmentsIn the first quarter of 2014, apartment
orders totaled €207.9 million (including VAT) for 1,052 units, an
increase of 2.6% in volume and 16.1% in value compared to the first
quarter of 2013. Of those orders, 41.1% in volume and 41.3% in
value were in Île-de-France, versus 48.7% and 54.4% respectively in
the first quarter of 2013. The share of apartments represents 94.9%
in value and 96.2% in volume of group orders, versus 92.2% and
94.4% respectively in the first quarter of 2013.Single-family
Homes in CommunitiesFor the entire first quarter of 2014,
orders totaled €10.2 million in value (including VAT), compared to
€14.9 million (including VAT) in the first quarter of
2013.Customer-base structureIn the first quarter of 2014,
orders from investors were unchanged compared to the first quarter
of 2013, at 38% (including 26% under applicable tax incentives).
Orders from homebuyers were 39% of which 31% from first-time
homebuyers and 8% from second-time homebuyers. Block orders were
23% (27% in the first quarter of 2013).
- Commercial Property
segmentKaufman & Broad has applied for two
building permits for projects of significant size in Paris
representing more than 46,000 sq.m in office space.In addition,
construction work on the 9,300 sq.m “ YOU ” office
building located in the EcoQuartier - Île Seguin - Rives de Seine
in Boulogne-Billancourt (Hauts-de-Seine) and purchased before
completion (VEFA) by Boursorama for its future headquarters started
in December and is progressing on schedule.
- Forward indicators of sales
activityAt February 28, 2014, total backlog amounted to
€1,002.8 million (excluding VAT), down 7.6% compared to February
28, 2013.Housing backlog totaled €954.6 million (excluding VAT), or
nearly twelve months of business.The Commercial Property backlog
remained at a high level, at €47.6 million (excluding VAT).As of
the same date, Kaufman & Broad had 175 housing
programs on the market that contain a total of 3,507 housing units,
of which 1,149 were in Île-de-France and 2,358 were in the Regions,
compared to 157 programs that contained a total of 2,888 housing
units at the end of February 2013.The Housing property portfolio
represented 18,275 lots, of which 6,389 were in Île-de-France and
11,886 in the Regions, for potential revenues corresponding to
close to three years of business. It was up 11.2% compared to the
property portfolio at the end of February 2013, in accordance with
the strategy implemented in the second half of 2013.In the second
quarter of 2014, the group plans to launch 31 new programs
including 8 launches in Île-de-France representing 607 lots and 23
launches in the Regions representing 1,759 lots.
- Financial results
- Operating activitiesTotal
revenues remained unchanged compared to the first quarter of 2013
and totaled €205.2 million (excluding VAT).Housing revenues,
which represent 96.7% of total revenues, amounted to €198.4 million
(excluding VAT) compared to €198.7 million (excluding VAT) in the
first quarter of 2013. Île-de-France contributed 48.5% of it,
compared to 41.8% for the same period in 2013.Apartments business
revenues totaled €176.5 million (excluding VAT), down 7.5% compared
to the first quarter of 2013. Single-Family Homes in Communities
revenues totaled €21.9 million (excluding VAT), versus
€8.0 million (excluding VAT) for the same period in
2013.Commercial Property revenues totaled €5.3 million (excluding
VAT), up 16.8% compared to the first quarter of 2013. The other
business activities generated revenues of €1.5 million (excluding
VAT).
- Profitability indicatorsThe
gross margin totaled €37.8 million, compared to €39.3 million as of
the first quarter of 2013. The gross margin rate was 18.4%, versus
19.2% for of the same period in 2013.Current operating expenses
totaled €26.5 million (12.9% of revenues), versus €26.0
million in the first quarter of 2013 (12.7% of revenues).Current
operating income totaled €11.3 million, compared to €13.2 million
as of the first quarter of 2013. The current operating margin rate
was 5.5% compared to 6.5% for the first quarter of 2013.
Attributable net income totaled €6.3 million versus €8.3 million in
the first quarter of 2013.
- Financial structure and
liquidityNet financial debt totaled €66.7 million, up €16.7
million compared to November 30, 2013, when it totaled €50.0
million.Gearing (the “net financial debt/consolidated equity”
ratio) was 34.5% at February 28, 2014, versus 26.6% at November 30,
2013.Working capital requirements totaled €152.5 million (14.9% of
revenues over 12 months rolling), compared to €126.8 million at
November 30, 2013 (12.4%).At February 28, 2014, active cash flow
(available cash and investment securities) totaled
€152.8 million, compared to €188.3 million at November 30,
2013.
This press release is available from the
website www.ketb.com
- Next regular publication
dates:July 10, 2014: first half 2014 results (after market
close)
- About Kaufman & Broad
- 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.Disclaimer - 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.14-0121 on March 6, 2014.
- GlossaryOrders: 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, 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 surface
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.
APPENDICES
Key consolidated data
in €
thousands
1st quarter
2014 1st quarter
2013 Revenues 205,197
204,988
- of which Housing
198,372 198,718
96,194 83,150
102,178 115,568
- of which Commercial Property
5,323 4,556
- of which Other
1,502 1,714 Gross margin 37,777 39,256 Gross margin rate (%)
18.4% 19.2% Current operating income 11,277 13,224 Current
operating margin (%) 5.5% 6.5% Attributable net income 6,250 8,308
Attributable net income per share (€/share)*
0.29 0.38
* Based on the number of shares composing the capital of
Kaufman & Broad .SA, i.e., 21,584,658 shares
Consolidated income statement*
in €
thousands
1st quarter
2014 1st quarter
2013
Revenues 205,197
204,988 Cost of sales -167,420 -165,731
Gross margin 37,777 39,256 Selling expenses
-5,848 -6,567 Administrative expenses -12,134 -9,711 Technical and
customer service expenses -4,444 -5,520 Development and program
expenses -4,074 -4,234
Current operating income
11,277 13,224 Other non-recurring income and expenses
135 -7
Operating income 11,412 13,217 Cost of
net financial debt 236 522 Other income and expenses - - Income tax
-3,274 -3,118 Share of income (loss) of equity affiliates and joint
ventures 293 211
Income (loss) attributable to shareholders
8,667 10,832 Minority interests
2,417 2,523
Attributable net income
6,250 8,308
*Unaudited and not approved by the Board of Directors
Consolidated balance sheet*
in €
thousands
Feb. 28, 2014
Nov. 30, 2013 ASSETS
Goodwill
68,511 68,511 Intangible assets 84,942 85,376
Property, plant and equipment 5,187 4,713 Equity affiliates and
joint ventures 7,661 8,181 Other non-current financial assets
20,227 20,139
Non-current assets 186,528
186,920 Inventories 324,034 324,963 Accounts receivable
265,261 291,778 Other receivables 139,091 153,404 Cash and cash
equivalents 152,826 188,258 Prepaid expenses 1,463 867
Current
assets 882,675
959,270 TOTAL ASSETS
1,069,203 1,146,190
EQUITY
AND LIABILITIES Capital stock 5,612 5,612 Additional paid-in
capital 169,408 130,932 Interim dividends - - Attributable net
income 6,250 40,847
Attributable shareholders’ equity
181,270 177,391 Minority interests 11,885 10,811
Shareholders’ equity 193,155 188,202
Non-current provisions 33,291 33,422 Borrowings and other
non-current financial liabilities (> 1 year) - 218,959 Deferred
tax liabilities 44,703 40,365
Non-current liabilities
77,994 292,746 Current provisions 1,201 1,724 Other
current financial liabilities (< 1 year) 219,503 19,340 Accounts
payable 501,690 550,233 Other payables 74,530 92,729 Deferred
income 1,130 1,217
Current liabilities
798,054 665,242 TOTAL EQUITY
AND LIABILITIES 1,069,203
1,146,190
*Unaudited and not approved by the Board of Directors
Housing 1st
quarter 2014 1st
quarter 2013
Revenues (€ millions, excluding VAT)
198.4 198.7
- of which Apartments
176.5 190.7
- of which Single-Family Homes in
Communities
21.9 8.0 Delivered EHUs 1,212 1,117
- of which Apartments
1,135 1,078
- of which Single-Family Homes in
Communities
77 39
Net orders
(number) 1,085 1,083
- of which Apartments
1,052 1,025
- of which Single-Family Homes in
Communities
33 58
- of which Île-de-France
443 515
- of which Regions
642 568 Net orders (€ millions, including VAT) 218.1 194.0
- of which Apartments
207.9 179.1
- of which Single-Family Homes in
Communities
10.2 14.9
- of which Île-de-France
90.7 102.4
- of which Regions
127.4 91.6 Commercial offer at period end (number)
3,507 2,888
Backlog end of period
- In value (€ millions, excluding VAT)
954.6 1,058.7
873.5 999.8
- of which Single-Family Homes in Communities
81.1 58.9
- In months of business
11.8 12.8 Property portfolio end of period
- Number of lots
18,275 16,434
6,389 5,795
11,886 10,639
Commercial property
1st
quarter2014
1st
quarter2013
Revenues (€ millions, excluding VAT) 5.3 4.6 Net orders (€
millions, including VAT) 0.6 0.2 Backlog end of period (€ millions,
excluding VAT) 47.6 26.4
ContactsChief 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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