from KAUFMAN & BROAD (EPA:KOF)
Kaufman & Broad SA: 1ST QUARTER 2024 RESULTS
Kaufman & Broad SA
Press release Press release Paris, 2024, April 9th
1st quarter 2024 results
In the 1st quarter of 2024, housing orders amounted to €252.7M (including VAT), up 7.9% from €234.1M in 2023. In volume terms, they stood at 1,123 homes in 2024 compared to 1,021 homes in 2023, an increase of 10.0%.
The take up period[1] was 4.1 months 2024, 1st quarter, down of 2.9 months from 6.9 months in 2023.
The commercial offering, with 95% of homes located in tight areas (A, ABIS and B1), amounted to 1,517 homes at 2024, 29th February (2,360 homes at the end of February 2023).
Customer Breakdown
Orders in value (including VAT) for first time buyers accounted for 12% of sales, compared to 8% over the same period in 2023. Second time buyers accounted for 8% of sales, compared with 5% in 2023. Orders made to investors accounted for 9% of sales (of which 2% for Pinel’s scheme alone), compared with 11% in February 2023 (of which 5% for Pinel alone). Block sales accounted for 72% of orders in value (including VAT), compared with 75% over the same period in 2023.
As of 2024, February 29th, the commercial Property division recorded net orders of €1.6M (including VAT) compared to €24.5M (including VAT) net orders for the same period in 2023.
Kaufman & Broad currently has 178,100 sq. m. of office space and about 107,200 sq. m. of logistics space on the market or under study. In addition, 119,500 sq. m of office space is currently under construction or in start-up in the coming months. Lastly, the company has nearly 13,500 sq. m. of office space to be built in MOD (delegated project management).
As of 2024, February 29th, Housing Backlog stood at €1,993.3M (excluding VAT) compared to €2,189.2M (excluding VAT) for the same period in 2023, i.e. 25.8 months of activity compared to 22.9 months of activity at the end of February 2023. As of the 1st quarter of 2024, Kaufman & Broad had 126 housing programmes in the process of being marketed, representing 1,517 housing units (143 programmes and 2,360 housing units as of the end of February 2023).
The Housing portfolio represents 32,684 units. At the end of February 2024, it represented over 6 years of commercial activity.
In addition, 88% of the housing portfolio is located in tight areas, representing 28,843 housing units as of 2024, February 29th.
In the 1st quarter of 2024, the group plans to launch 19 new programmes for 1,083 units, of which 3 in the Paris region representing 214 units and 16 in the Regions representing 869 units.
At the end of February 2024, the Backlog of the Commercial Property was €592.8M (excluding VAT) compared to €691.7 M (excluding VAT) for the same period in 2023.
Total revenue amounted to €228.0M (excluding VAT), compared to €586.5M in the same period in 2023.
Housing division revenue amounted to €197.2M (excluding VAT), compared to €229.3M (excluding VAT) in 2023. It represents 86.5% of the group's revenue.
Revenue from the Apartments business was €181.7M (excluding VAT) (vs. €213.6M (excluding VAT) at end February 2023). Revenue for the Commercial Property was €27.2M (excluding VAT), compared to €353.9M (excluding VAT) over the same period in 2023. Other activities generated revenues of €3.7M (excluding VAT) (including €2.0M in revenues from the operation of student residences) compared to €3.4M (excluding VAT) (including €1.9M in revenues from the operation of student residences).
In the 1st quarter of 2024, gross margin amounted to €45.9M, compared to €85.0M in 2023. The gross margin rate was 20.1% compared to 14.5% in the same period of 2023.
Recurring operating expenses amounted to €29.1M (12.8% of sales), compared to €35.4M in the same period in 2023 (6.0% of sales). Recurring operating income amounted to €16.8M, compared to €49.6M in 2023. Recurring operating income stood at 7.4%, compared with 8.4% in 2023.
At the end of February 2024, Consolidated net income amounted to €14.3M, compared with the same period in 2023 when it amounted to €34.7M. Non-controlling interests amounted to €3.2M in 2024, 1st quarter compared to €3.1M in 2023. Net income attributable was €11.0M, compared with €31.6M in 2023.
The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at 2024, February 29th was €190.2M, compared with a positive net cash position (excluding IFRS 16 debt and Neoresid put debt) of €121.6M at the end of February 2023 and €180.5M at the end of November 2023. Cash and cash equivalents amounted to €365.3M at 2024, February 29th, compared with €292.7M at the end of February 2023 and €350.0M at 2023, November 30th. Financial capacity amounted to €615.3M at 2024, February 29th, compared with €542.7M at 2023 February 28th and €600.0M at the end of November 2023.
Working capital requirements amounted to (78.1) million euros at 2024, February 29th, or -7.4% of sales, compared with 50.6 million euros at the end of February 2023 (or 3.1% of sales) and (80.8) million euros at 2024, November 30th, or -5.7% of sales.
The Board of Directors of Kaufman & Broad SA will propose to the Shareholders' Meeting of 2024, May 6th the payment of a dividend of 2.40 € per share.
For the whole of 2024, the group's revenue is expected to be around 1.1 billion euros, the difference compared to 2023 being explained by the base effect of the Austerlitz operation. The recurring operating income ratio is expected to be between 7% and 7.5%. The Group is expected to remain in a positive net cash position (a ) after taking into account the payment of a dividend of €48M for 2023, i.e. €2.40 per share, subject to approval by the Shareholders' Meeting of May 6.
(a)) excluding IFRS 16 and Put Neoresid debt
This press release is available at www.coporate.kaufmanbroad.fr
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