|
Key sales activity items Housing orders: 5,871
housing units: +9.1% vs 2013 €1,128.5M (incl. VAT): +14.0% vs 2013
Office orders: €295.1M (incl. VAT) vs €87.5M in 2013
Key financial items Revenues: €1,083M
vs €1,026M in 2013 Gross margin: €194.3M vs €196.8M in 2013
Attributable net income: €38.4M vs €40.8M in 2013 Net
cash flow of €2.1M at end 2014 vs €50M in net financial debt at
end 2013 Key growth indicators Total
backlog at Nov. 30: +14% €1,161.5M vs €1,018.6M at end 2013
Housing backlog: €1,015.7M vs €965.1M at end 2013 Housing
property portfolio at Nov. 30: +16% 17,695 lots vs 15,205
lots at end 2013 |
2014 results in line with
the objectives announced Property portfolio up to 16%
Housing: orders in value + 14% Offices: orders up
sharply to €295M (including VAT) The
Kaufman & Broad SA Board of Directors reviewed the
unaudited results for fiscal year 2014 (December 1, 2013 to
November 30, 2014). Nordine Hachemi, Chairman and Chief Executive
Officer of Kaufman & Broad SA, made the following
statement: Kaufman & Broad's 2014 results are in line
with the objectives announced at the beginning of the fiscal year.
Throughout the year, the Group continued to actively prepare for
the future while at the same time pursuing the improvement of its
financial structure. In the Housing segment, as announced at
the beginning of the year, the number of new program launches
increased 15% with a steady pace in the 4th quarter after a less
robust first half. The increase in orders throughout the
fiscal year, both in volume and in value, shows the relevance of
the product/price positioning of Kaufman & Broad's offer.
The ability to find the response to our customers'
well-identified needs is an essential factor in our growth outlook,
not without the help of our continuously growing property
portfolio. The Commercial property segment - an important
lever of growth for the group - ended the fiscal year with a 23,000
sq.m Paris Rive Gauche Mixed Development Zone (ZAC) sale before
completion. The late December 2014 acquisition of Concerto ED, a
specialist in logistics development, allows Kaufman & Broad to
broaden its general developer expertise. At the same time,
its financial structure has continued to improve with a gross
financial debt reduced by more than €90 million and a zero net debt
at fiscal year-end. Regarding the 2015 outlook, stabilizing
macro-economic and tax environments should result in a revenues and
a gross margin comparable to 2014. At last, the Board of
Directors is considering to pay in March an interim dividend of
€0.68 per share on the €1.36 dividend per share which will be
proposed to the Shareholders' Meeting on April 16, based on the
audited 2014 financial statements. |
Over the entire fiscal year 2014, housing orders
rose 9.1% in volume to 5,871 orders. In the 4th quarter 2014, 1,921
housing units were ordered versus 1,436 in the 4th quarter 2013. In
value, housing orders totaled €1,128.5 million (including VAT),
i.e. a 14.0% increase compared to 2013.
Apartments
In fiscal year 2014, 5,687 apartments were
ordered, for revenues of €1,079.5 million (including VAT).
Apartment orders were up 13.0% in volume and 22.0% in value
compared to 2013.
Single-family homes in communities
Orders of Single-family homes in communities
totaled €49.0 million (including VAT), compared to €105.6
million (including VAT) in 2013.
Customer-base structure
In 2014, orders by investors remained unchanged
at 34%. Orders from homebuyers accounted for 37% (26% from
first-time homebuyers and 11% from second-time homebuyers). Block
orders totaled 28%.
- Commercial property segment
In early November, Kaufman & Broad
delivered to OPCIMMO (AMUNDI) the 8,000 sq.m CAP 14 building
located in Paris' 14th arrondissement.
Construction works are in progress on the "YOU"
building (9,300 sq.m), located in the EcoQuartier - Île Seguin
- Rives de Seine in Boulogne-Billancourt and sold before completion
in 2013 to Boursorama for its future headquarters.
In addition, the entire Paris Rive Gauche
development (23,000 sq.m) was sold before completion to an
institutional investor represented by DTZ Investors France and
leased for a fixed 12-year period to the SNI Group, a real estate
subsidiary of the Caisse des Dépôts group.
Kaufman & Broad also obtained the
building permits for projects of significant size in Paris and
Hauts de Seine representing nearly 32,000 sq.m of office
space.
- Forward indicators of sales activity
At November 30, 2014, total backlog amounted to
€1,161.5 million (excluding VAT), up 14.0% compared to November 30,
2013.
Housing backlog totaled €1,015.7 million
(excluding VAT), or more than 13 months of business.
The Commercial property backlog totaled 145.7
million (excluding VAT) versus €52.7 million (excluding VAT) at
November 30, 2013.
At November 30, 2014,
Kaufman & Broad had 158 housing programs on the
market representing a total of 3,484 housing units, of which 1,236
were in Île-de-France and 2,248 were in the Regions.
The Housing property portfolio included 17,695
lots, for potential revenues corresponding to three years of
business and an increase of 16.4% compared with the total of 15,205
lots at end-November 2013.
In the 1st quarter of 2015, the group plans to
launch 20 new programs including 6 launches in Île-de-France
representing 576 lots and 14 launches in the Regions representing
1,049 lots.
Total revenues for fiscal year 2014 rose 5.6% to
€1,083.3 million (excluding VAT), compared to €1,026.0 million
(excluding VAT) in 2013. In the 4th quarter 2014 alone, revenues
recorded a rise of 23.7% compared to the 4th quarter 2013 to reach
€428.8 million.
For the entire fiscal year 2014, Housing
revenues, which account for 85.5% of total revenues, totaled
€925.8 million (excluding VAT) compared to €967.5 million
(excluding VAT) in 2013.
Revenues for the Apartments segment were down
8.2% to €844.3 million (excluding VAT) versus €919.3 million
(excluding VAT) in 2013. They accounted for 91.2% of the Housing
segment revenues. Revenues generated by the Single-family homes in
communities segment totaled €81.5 million (excluding VAT),
compared to €48.2 million (excluding VAT) in 2013.
Commercial property revenues totaled €150.4
million (excluding VAT) compared to €51.2 million in fiscal year
2013. The other business activities generated revenues of €7.2
million (excluding VAT).
Gross margin was €194.3 million, compared
to €196.8 million in 2013. The gross margin rate was 17.9%,
versus 19.2% for fiscal year 2013, reflecting the change in the
Housing/Commercial property product mix. In the 4th quarter, the
gross margin rose 7.8% to €71.7 million versus €66.5 million in the
4th quarter 2013.
Current operating expenses amounted to €119.8
million (11.1% of revenues) versus €120.7 million in 2013 (11.8% of
revenues).
Current operating income totaled
€74.4 million, compared to €76.0 million in 2013. The
current operating margin was 6.9% versus 7.4% in 2013.
The cost of net financial debt was €0.3 million
versus €2.8 million in 2013.
Attributable net income totaled €38.4 million
versus €40.8 million euros in 2013. In the 4th quarter alone, it
was up 11.4 % to €19.0 million.
- Financial structure and liquidity
As of November 30, 2014, net financial debt was
reduced by €52.1 million compared to November 30, 2013
and, accordingly, net cash flow was €2.1 million.
Cash assets (available cash and investment
securities) totaled €150.0 million compared to €188.3 million
at November 30, 2013 bringing Kaufman & Broad's
financial capacity to €200 million.
Working capital requirements totaled €111.2
million (10.3% of revenues), compared to €126.8 million at November
30, 2013 (12.4%).
This press release is available from the website
www.ketb.com
- Next regular publication date:
April 15, 2015: 1st quarter 2015 results (after
market close)
April 16, 2015: Annual Shareholders' Meeting
Contacts
| Chief
Financial Officer |
Press Relations |
| Bruno
Coche +33 (1) 41 43 44 73 Infos-invest@ketb.com |
Camille
Petit Burson-Marsteller +33 (1) 56 03 12 80
contact.presse@ketb.com |
- 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.
Orders: measured in volume (Units) and in
value, orders reflect the group's sales 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: 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 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.
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 such 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,
the related property costs and construction costs.
Backlog: a summary at any given moment
used for forecasting 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 €
millions |
Q4
2014 |
Fiscal
2014 |
Q4
2013 |
Fiscal
2013 |
| Revenues |
428.8 |
1,083.3 |
346.6 |
1,026.0 |
| of which Housing |
297.5 |
925.8 |
307.3 |
967.5 |
| of which Commercial property |
129.1 |
150.4 |
37.7 |
51.2 |
| of which Other |
2.2 |
7.2 |
1.7 |
7.2 |
| |
|
|
|
|
| Gross margin |
71.7 |
194.3 |
66.5 |
196.8 |
| Gross margin rate (%) |
16.7% |
17.9% |
19.2% |
19.2% |
| Current operating income |
35.8 |
74.4 |
30.7 |
76.0 |
| Current operating margin (%) |
8.4% |
6.9% |
8.9% |
7.4% |
| Attributable net income |
19.0 |
38.4 |
17.1 |
40.8 |
| Attributable net income
per share (€/share) * |
0.88 |
1.78 |
0.79 |
1.89 |
* Based on the number of shares composing the
capital of Kaufman & Broad SA, i.e., 21,584,658
shares
Consolidated income statement*
| in € thousands |
Q4 2014 |
Fiscal 2014 |
Q4 2013 |
Fiscal 2013 |
| Revenues |
428,830 |
1,083,342 |
346,641 |
1,025,954 |
| Cost of sales |
(357,104) |
(889,070) |
(280,131) |
(829,185) |
| Gross margin |
71,726 |
194,272 |
66,510 |
196,769 |
| Selling expenses |
(9,702) |
(29,243) |
(9,092) |
(30,619) |
| Administrative expenses |
(15,713) |
(53,770) |
(17,774) |
(54,936) |
| Technical and customer service expenses |
(5,013) |
(18,375) |
(4,598) |
(19,258) |
| Development and program expenses |
(5,467) |
(18,437) |
(4,306) |
(15,926) |
| Current operating income |
35,831 |
74,446 |
30,740 |
76,030 |
| Other non-recurring income and expenses |
(805) |
(673) |
6 |
(1) |
| Operating income |
35,026 |
73,773 |
30,746 |
76,029 |
| Cost of net financial debt |
(656) |
(250) |
(2,027) |
(2,807) |
| Other financial income and expenses |
- |
- |
- |
- |
| Income tax |
(13,371) |
(25,295) |
(8,868) |
(21,961) |
| Share of income (loss) of equity affiliates and
joint ventures |
1,710 |
2,586 |
288 |
642 |
| Income (loss) attributable to
shareholders |
22,709 |
50,815 |
20,140 |
51,903 |
| Minority interests |
3,705 |
12,373 |
3,079 |
11,055 |
| Attributable net
income |
19,004 |
38,442 |
17,061 |
40,848 |
* Unaudited and not approved by the Board of
Directors
Consolidated balance sheet*
| in €
thousands |
Nov.
30, 2014 |
Nov.
30, 2013 |
| ASSETS |
|
|
| Goodwill |
68,511 |
68,511 |
| Intangible Assets |
85,075 |
85,376 |
| Property, plant and equipment |
4,323 |
4,713 |
| Equity affiliates and joint ventures |
11,314 |
8,181 |
| Other non-current financial assets |
1,843 |
20,139 |
| Non-current assets |
171,065 |
186,920 |
| Inventories |
323,119 |
324,962 |
| Accounts receivable |
336,561 |
291,778 |
| Other receivables |
176,606 |
153,404 |
| Cash and cash equivalents |
149,993 |
188,258 |
| Prepaid expenses |
1,437 |
867 |
| Current
assets |
987,715 |
959,270 |
| TOTAL ASSETS |
1,158,780 |
1,146,190 |
| |
|
|
| EQUITY AND
LIABILITIES |
|
| Capital stock |
5,612 |
5,612 |
| Additional paid-in capital |
164,661 |
130,931 |
| Attributable net income |
38,442 |
40,847 |
| Attributable shareholders' equity |
208,715 |
177,390 |
| Minority interests |
8,748 |
10,811 |
| Shareholders' equity |
217,463 |
188,201 |
| Non-current provisions |
21,485 |
33,422 |
| Borrowings and other non-current financial
liabilities (> 1 year) |
135,815 |
218,959 |
| Deferred tax liabilities |
43,227 |
40,365 |
| Non-current liabilities |
200,527 |
292,746 |
| Current provisions |
2,168 |
1,724 |
| Other current financial liabilities (< 1
year) |
12,101 |
19,340 |
| Accounts payable |
617,953 |
550,233 |
| Other payables |
106,858 |
92,729 |
| Deferred income |
1,709 |
1,217 |
| Current
liabilities |
740,790 |
665,242 |
| TOTAL EQUITY AND
LIABILITIES |
1,158,780 |
1,146,190 |
* Unaudited and not approved by the Board of
Directors
|
Housing |
Q4
2014 |
Fiscal 2014 |
Q4
2013 |
Fiscal 2013 |
| |
|
|
|
|
| Revenues (€m, excluding VAT) |
297.5 |
925.8 |
307.3 |
967.5 |
| of which Apartments |
274.9 |
844.3 |
288.4 |
919.3 |
| of which Single-family homes in communities |
22.7 |
81.5 |
18.9 |
48.2 |
| |
|
|
|
|
| Deliveries (EHUs) |
1,810 |
5,623 |
1,937 |
5,839 |
| of which Apartments |
1,714 |
5,303 |
1,844 |
5,606 |
| of which Single-family
homes in communities |
96 |
320 |
93 |
233 |
| |
|
|
|
|
| Net orders (number) |
1,921 |
5,871 |
1,436 |
5,379 |
| of which Apartments |
1,874 |
5,687 |
1,367 |
5,031 |
| of which Single-family homes in communities |
47 |
184 |
69 |
348 |
| |
|
|
|
|
| |
|
|
|
|
| Net orders (€m, including VAT) |
358.5 |
1,128.5 |
246.1 |
990.3 |
| of which Apartments |
351.6 |
1,079.5 |
218.6 |
884.7 |
| of which Single-family homes in communities |
6.9 |
49.0 |
27.5 |
105.6 |
| |
|
|
|
|
| |
|
|
|
|
| Commercial offer at period end (number) |
3,484 |
3,550 |
|
|
|
|
|
|
| Backlog at period end |
|
|
|
|
| In value (€m, excluding VAT) |
1,015.7 |
965.1 |
| of which Apartments |
961.6 |
870.4 |
| of which Single-family homes in communities |
54.1 |
94.7 |
| In months of business |
13.2 |
12.0 |
| |
|
|
| Property portfolio at
period end (number) |
17,695 |
15,205 |
|
Commercial property |
Q4
2014 |
Fiscal 2014 |
Q4
2013 |
Fiscal 2013 |
| |
|
|
|
|
| Revenues (€M, excluding VAT) |
129.1 |
150.4 |
37.7 |
51.2 |
| Net orders (€M, including VAT) |
283.6 |
295.1 |
76.0 |
87.5 |
| Backlog at period end
(€M, excluding VAT) |
145.7 |
52.7 |
Press Release 2014 Annual Results
http://hugin.info/165249/R/1888987/668560.pdf
HUG#1888987
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