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Kaufman & Broad SA: Results of the first nine months of the 2022 business year

Finanznachrichten News

DJ Kaufman & Broad SA: RESULTS OF THE FIRST NINE MONTHS OF THE 2022 BUSINESS YEAR

Kaufman & Broad SA Kaufman & Broad SA: RESULTS OF THE FIRST NINE MONTHS OF THE 2022 BUSINESS YEAR 03-Oct-2022 / 18:58 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

-----------------------------------------------------------------------------------------------------------------------

Press Release

Paris, October 03, 2022

RESULTS OF THE FIRST NINE MONTHS OF THE 2022 BUSINESS YEAR

-- Stable commercial and financial results

-- Very solid financial structure: BBB-Investment Grade rating

-- High backlog carrying more than 2 years of activity

-- Prospects making it possible to envisage a dividend for the 2022 financial year at least equal to that of2021.

- Key sales 
  activity indicators 
 
(9M 2022 vs 9M 2021) 
 - Total orders: 
 
EUR913.2M inc. VAT vs. EUR878.1M 
inc. VAT 
  Of which Housing: EUR883.5M 
inc. VAT vs. EUR837.1M inc. VAT 
  Of which Commercial 
Propertiy: EUR29.7M inc. VAT 
vs. EUR41.0M inc. VAT 
               Kaufman & Broad SA is announcing its financial results for the first nine months of its 
 - Housing take-up fiscal year 2022 (from December 1st, 2021 to August 31st, 2022). Nordine Hachemi, 
  period(a):    Chairman and Chief Executive Officer of Kaufman & Broad made the following comments: 
5.4 months vs. 4.6 months 
(+0.8 months) 
               "The results for the 3rd quarter confirm Kaufman & Broad's capacity to maintain a solid 
               economic performance. 
 - Key financial 
  data 
               At the end of August, net housing reservations in value increased by 5.5% despite a fall 
(9M 2022 vs 9M 2021 except  in volume of 5.5% and the commercial supply increased by 11.6%. 
where otherwise stated) 
               The pace of marketing remains sustained and still far above that of the market, 
               reflecting the adequacy of Kaufman & Broad's offer to demand. 
 - Revenue: 
  EUR885.8M vs EUR889.4M 
           The market is still characterized by slow turnarounds for building permits issuance, 
               while a tightening of conditions for the granting of loans has been observed for 
Of which Housing: EUR763.2M vs individuals. 
EUR765.4M 
 
 - Gross margin: 
  EUR155.0M vs EUR153.4M    However, the changing market conditions do not call into question the demographic and 
           sociological fundamentals which support the need for housing construction. Added to this 
 - Operating    is the need to produce housing adapted to climate issues. 
  margin rate (EBIT)(b): 
 
7.2% vs 7.4%         Kaufman & Broad's backlog remains at historically high levels and its financial structure 
               is solid. Combined with its operational efficiency and its controlled investment strategy 
 - Current     in managed residences, they allow to approach the coming period with serenity. 
  Operating Income (EBIT): 
 
EUR63.6M vs. EUR66.2M       This solidity is illustrated by the attribution by Fitch of a BBB-Investment Grade rating 
               with stable outlook to Kaufman & Broad, the only pure promoter in the European Union to 
 - Attributable  benefit from it. 
  net income: 
  EUR32.0M vs EUR31.7M In addition, Kaufman & Broad has just obtained Great Place to Work® France certification. 
               This distinction highlights the quality of working conditions and the attractiveness of 
               the company in terms of recruitment. This is evidenced by the success of the recent 
               capital increase offered to employees, which will increase shareholders' equity by 
 - Net financial  approximately EUR6 million(d). 
  debt(c): 
 
EUR99.3M vs. -EUR35.9M as of end 
of Nov. 2021         It comes on top of the "Best Managed Companies" label obtained last July and rewarding 
               the excellence of companies that stand out for the quality of their management and their 
Of which Managed housing   performance, in particular CSR. 
business: 
 
 EUR23.2M vs. EUR17.3M at 
end-Nov.2021         Finally, in terms of the environment, this quarter confirms the application to all the 
               projects studied of the Kaufman & Broad benchmark imposing standards beyond the 
               regulations in force (RE2020). It thus includes 33 requirements on carbon, resilience, 
               water, biodiversity and soil, pollution reduction, circular economy and resident comfort. 
 - Financial 
  capacity: EUR316.6M vs. 
  EUR439.5M as of end of Nov. 
  2021 
               Kaufman & Broad has its CSR policy assessed by independent bodies. As such, this 
               strengthening of CSR actions is confirmed by the positive evolution of the group's 
 - Key growth   extra-financial assessments: 
  indicators 
(end of Aug. 2022 vs end of 
Aug. 2021) 
 - Global backlog: 
  EUR3,314.8M vs EUR3,444.8M 
 
Housing: EUR2,266.1M vs 
EUR2,271.9M 
 - Housing 
  property portfolio: 
 
35,042 lots vs 35 034 lots as 
of end of Aug. 2021 

Kaufman & Broad is rated B by CDP; 13th out of 390 companies in the Gaïa Ethifinance ranking, and has a methodology and a 2030 carbon intensity reduction objective validated by the SBTi.

Regarding the Austerlitz operation and depending on the decision of the Conseil d'Etat, which should take place by the end of October, the contract could be put into effect at the end of 2022 or in the first half of 2023.

For the full year 2022, revenue should grow by around 2%. The current operating income (COP) or EBIT rate should be above 7% and the net income group share should increase by around 10%.

If the contract for the redevelopment of the Gare d'Austerlitz were to come into force before the end of the current financial year, the revenue recognized as progress related to the acquisition of the land would amount to approximately EUR300 million. The EBIT rate should then be above 8%.

The outlook in terms of results, balance sheet structure and backlog allow us to envisage a level of dividend for the current financial year at least equal to that paid in 2022."

-- Sales Activity

-- Housing

In the first nine months of 2022, housing reservations by value amounted to EUR883.5 million (including VAT), compared with EUR837.1 million in the first nine months of 2021, up 5.5%. In volume, they stand at 3,714 units (3,929 units over the same period in 2021), a decrease of 5.5 percent.

The program take-up period was 5.4 months in the first nine months of 2022, an increase of 0.8 months compared to the first nine months of 2021 (4.6 months).

The housing commercial offer, with 95% of units located in prime areas (A, Abis and B1), amounted to 2,219 units at the end of August 2022 (1,988 units at the end of August 2021).

Customer Breakdown

Orders in value (including VAT) from first-time buyers represent 16% of sales, compared to 11% in the first nine months of 2021. Second-time buyers represent 11% of sales compared to 7% for the same period in 2021.

Orders made with investors represent 38% of sales (including 28% for the Pinel scheme alone) compared to 39% for the same period in 2021. Lastly, the share of bulk sales is down to 35% of orders by value (including tax), compared with 43% in the first nine months of 2021.

-- Commercial Property

In the first nine months, the commercial property business recorded net orders of 29.7 million euros (including tax), compared with 41.0 million euros (including tax) at the end of August 2021.

Kaufman & Broad currently has approximately 151,900 sq. m of office space and approximately 174,500 sq. m of logistics space on the market or under consideration. Furthermore, 40,900 sq. m of office spaces are currently under construction or will be started in the coming months, alongside 70,000 sq. m of logistics spaces. Lastly, there are 88,100 sq. m of office spaces pending signing.

-- Leading indicators of business activity and growth

On August 31, 2022, the Housing backlog amounted to 2,266.1 million euros (excluding VAT), compared with 2,271.9 million (excluding VAT) for the same period in 2021, representing 24.6 months of activity versus 23.9 months of activity at the end of August 2021. On the same date, Kaufman & Broad had 142 housing programs in the process of being marketed, representing 2,219 units (149 programs and 1,988 units at the end of August 2021).

The housing portfolio represents 35,042 lots. It is stable compared to that of the end of August 2021 (+0.02%) and corresponds to more than 5 years of commercial activity.

In addition, 92% of the housing units in the land portfolio are located in tense areas, representing 32,195 units at the end of August 2022.

In the fourth quarter of 2022, the group plans to launch 65 new programs, including 22 in the Île-de-France region representing 1,882 lots and 43 in the regions representing 2,997 lots.

In the first nine months of 2022, the commercial property backlog amounted to EUR1,048.7 million excluding VAT, compared with EUR1,172.8 million excluding VAT for the same period in 2021.

-- Financial performance

-- Activity

Total revenues amounted to 885.8 million euros (excluding VAT), compared with 889.4 million for the same period in 2021.

Housing revenue amounted to 763.2 million (excluding VAT), compared with 765.4 million euros (excluding VAT) in 2021. It represents 86.2% of the Group's revenues.

Revenue from Apartment amounted to 713.7 million euros (excluding VAT) (vs. 723.3 million (excluding VAT) at the end of August 2021). Revenues for the Commercial Property amounted to 113.7 million euros (excluding VAT), compared with 118.8 million euros (excluding VAT) for the same period in 2021. Other activities generated revenues of 8.8 million euros (excluding VAT) (including 4.9 million euros in revenues from the operation of student residences) compared with 5.2 million euros in 2021.

-- Profitability data

Gross margin for the first nine months of 2022 amounted to 155.0 million euros, compared with 153.4 million euros for the same period in 2021. The gross margin rate was 17.5% compared with 17.2% at the end of August 2021.

Current operating expenses totaled 91.4 million euros, (representing 10.3% of the turnover), as opposed to 87.2 million euros for the first half-year period of 2021 (9.8% of turnover). The current operating income has reached 63.6 million euros, as compared with 66.2 million euros for the first half-year period of 2021. The operating income recurring rate is 7.2% compared with 7.4% in 2021.

Consolidated net income amounts to 45.3 million euros at the end of August 2022, as it did at the end of August 2021, when it amounted to 45.3 million euros. Non-controlling interests amounted to 13.4 million Euro compared to 13.6 million euros in the first nine months of 2021. Attributable net income, has reached 31.9 million euros, as compared with 31.7 million euros for the first half-year period of 2021.

-- Financial structure and liquidity

Net financial debt (excluding IFRS 16 debt and Neoresid put debt) at August 31, 2022 amounted to 99.3 million euros, compared with a positive net cash of 35.9 million euros at end November 2021. Cash and cash equivalents (cash and marketable securities) amounted to 66.6 million euro at August 31, 2022, compared with 189.5 million euro at November 30, 2021. Financial capacity amounted to 316.6 million euros compared to 439.5 million at the end of November 2021.

Working capital requirement stood at 204.1 million euro at August 31, 2022, or 16.0% of revenues, compared with 199.5 million euros at the end of August 2021 (14.3% of revenues).

The capital increase proposed to employees, which will increase shareholders' equity by approximately EUR6 million, will be effective on October 12.

In addition, the Fitch rating agency assigned Kaufman & Broad S.A. a BBB-Investment Grade rating with a stable outlook.

-- Outlook for 2022

For the full year 2022, revenue should grow by around 2%. The current operating income (COP) or EBIT rate should be above 7% and the attributable net income should increase by around 10%.

If the contract for the redevelopment of the Gare d'Austerlitz were to come into force before the end of the current financial year, the revenue recognized as progress related to the acquisition of the land would amount to approximately EUR300 million. The EBIT rate should then be above 8%.

The outlook in terms of results, balance sheet structure and backlog allow us to envisage a level of dividend for the current financial year at least equal to that paid in 2022

This press release is available at www.kaufmanbroad.fr

-- Next periodic information date:

-- January 2023: 2022 anual performance (after Stock Exchange)

Contacts

Press Relations 
 
            Primatice: Thomas De Climens 
Chief Financial Officer 06 78 12 97 95 
            thomasdeclimens@primatice.com 
Bruno Coche       Primatice: Armand Rigaudy 
01 41 43 44 73     07 88 96 41 84 
Infos-invest@ketb.com  armandrigaudy@primatice.com 
            Kaufman & Broad: Emmeline Cacitti 
            06 72 42 66 24 
            ecacitti@ketb.com 
 

About Kaufman & Broad - For more than 50 years, the Kaufman & Broad Group has been designed, developing and marking individual village homes, apartments and offices on behalf of third parties. Kaufman & Broad is one of France's leading developer-builders through a combination of size, profitability and brand strength.

Kaufman & Broad's Universal Registration Document was filed with the French Autorité des marchés financiers (the "AMF") on March 31, 2022 under number D.22-0223. It is available on the AMF website (www.amf-france.org) and the Kaufman & Broad website (www.kaufmanbroad.fr). It contains a detailed description of Kaufman & Broad's business, results and outlook as well as the associated risk factors. Kaufman & Broad draws attention in particular to the risk factors described in Chapter 4 of the Universal Registration Document. The occurrence of one or more of these risks could have a material adverse effect on the business, assets, financial condition, results or prospects of the Kaufman & Broad Group, as well as on the market price of Kaufman & Broad shares.

This press release does not and shall not be deemed to constitute an offer to the public, an offer to sell or an offer to subscribe or to solicit an order to buy or subscribe in any jurisdiction.

GLOSSARY

Backlog or order book: For Sales Before Completion (SBC), it includes undelivered reserved housing units for which the notarized deed of sale has not yet been signed, and undelivered reserved housing units for which the notarized deed of sale has been signed, up to the portion not yet included in revenues (in a program that has been advanced by 30%, 30% of the revenues from housing units for which the notarized deed of sale has been signed are included in revenues, while 70% is included in the backlog) The backlog is a summary at a given point in time that makes it possible to estimate the revenues that remain to be recognized over the next few months and thus to support the Group's forecasts - it being specified that there is some uncertainty as to whether the backlog will be transformed into revenues, in particular in the case of reservations that have not yet been confirmed.

Leases in future state of completion (BEFA): Leases in future state of completion consists for a user to rent a building even before its construction or its restructuring.

Working Capital Requirement (WCR): This arises from cash flow mismatches: disbursements and receipts corresponding to operating expenses and revenues required for the design, production and marketing of real estate programs. The resulting simplified expression for WCR is as follows: these are current assets (inventory + trade receivables + other operating receivables + advances received + prepaid income) less current liabilities (trade payables + tax and social security payables + other operating liabilities + prepaid expenses). The size of the WCR will depend in particular on the length of the operating cycle, the size and duration of storage of work-in-progress, the number of projects launched and the payment terms granted by suppliers or the profile of payment schedules granted to customers.

Free cash flow: The free cash flow is equal to the self-financing capacity, deducted by the net operating investments made over the

financial year.

Cash flow: Cash flow from operations after cost of debt and tax is equal to consolidated net income adjusted for the share of income from associates, joint ventures and operations in the process of disposal and calculated income and expenses.

Financial resources: corresponds to cash and cash equivalents plus undrawn credit lines at date

Senior Credit (lines of credit): Banks use senior debt to finance Leverage Buy-Out (LBO) transactions. The financing of LBOs by banks is a risky operation in the bank credit market. It is characterized by loans of the "amortizable" type and/or, in the most frequent case, of the "bullet" type, but also by lines of credit intended for the financing of working capital needs and the development policy of the company concerned by this mode of acquisition. Senior debt is debt that benefits from specific guarantees and whose repayment has priority over other, so-called subordinated debt. It is therefore a preferred debt.

Absorption Time: Absorption time is the number of months it would take for available units to be sold if sales continued at the same rate as in previous months, i.e., the number of units outstanding (available supply) per quarter divided by the number of reservations per quarter in the past divided by three.

Dividend: The dividend is the portion of the company's annual net profit distributed to shareholders. Its amount, proposed by the Board of Directors, is submitted to the shareholders for approval at the General Meeting. It is payable within a maximum of 9 months after the end of the financial year.

EBIT: The EBIT corresponds to the operating income for the period, calculated at the gross margin deducted by operating costs for the current period.

Gross financial debt or financial debt: The gross financial debt is composed of long-term and short-term financial liabilities, hedging financial instruments relating to liabilities composing the gross financial debt, and interest accrued on line items in the balance sheet which constitute the gross financial debt.

Net indebtedness or net financial debt: The net debt of a company is the balance of its gross financial debts on the one hand, and its cash and financial investments forming its "active cash" on the other hand. It represents the credit or debit position of the company vis-à-vis third parties and outside the operating cycle.

HU: the HU (Housing Equivalent Units delivered) are a direct reflection of the activity. The number of Housing Units delivered (HU) is calculated per program and is equal to the product (i) of the number of homes within a given program for which the notarized deed of sale has been signed and (ii) of the ratio between the total land expenses and construction costs incurred by the Group for the said program and the total expense budget for the said program.

Gross margin: corresponds to revenues less cost of sales. The cost of sales includes the price of land, related land costs and construction costs.

Commercial offer: it is represented by the sum of the stock of housing available for sale on the date in question, i.e. all the housing units not reserved on that date (minus the unopened commercial units).

Property portfolio: It includes land to be developed (otherwise known as the "land portfolio"), i.e. land for which a deed or a promise to sell has been signed, as well as land under study, i.e. land for which a deed or a promise to sell has not yet been signed.

Debt-to-equity ratio (or gearing): This is the ratio of net debt (or net financial debt) to the company's consolidated equity. It measures the risk of the company's financial structure.

Orders: measured in volume (Units) and in value, they reflect the group's commercial activity. Their inclusion in revenues is conditional on the time required to transform a reservation into a notarized deed of sale, which generates the income statement. In addition, in multi-family housing programs including mixed-use buildings (apartments, business premises, shops, offices), all surfaces are converted into housing equivalents.

Orders (in value): They represent the value of the real estate from the signed reservation contracts including all taxes for a given period. They are mentioned net of the withdrawals noted during the said period.

Managed housing: Managed residences, or service residences, are real estate complexes made up of housing

(houses or apartments) for residential use offering a minimum of services such as reception, supply of linen, cleaning and maintenance of housing as well as the provision of breakfast. There are several types of residences to distinguish: student residences are apartment complexes, mostly studios equipped with a kitchenette and furnished, located near schools and universities and close to public transportation; Tourist residences, located in tourist areas with high potential, offer in addition to the usual services such as swimming pools, sports grounds, sometimes saunas, hammams, whirlpools, children's club; business residences are an alternative to traditional hotels, composed of studios (about 80%) and 2-room apartments, located in the city center or near major business centers and systematically well served; finally, senior residences (also including residences for dependent or non-dependent elderly people - EHPAD), which make it possible to anticipate the aging of the population, accommodate people aged 55 and over; their clientele is mixed: renters and owners.

CSR (Corporate Social Responsibility): Corporate Social Responsibility (CSR) is the contribution of companies to the challenges of sustainable development. The approach consists of companies taking into account the social and environmental impacts of their activity in order to adopt the best possible practices and thus contribute to the improvement of society and the protection of the environment. CSR makes it possible to combine economic logic, social responsibility and eco-responsibility (definition of the Ministry of Ecology, Sustainable Development and Energy).

Sell-Through rate: The Sell-Through rate (Rst) represents the percentage of initial inventory that sells monthly on a real estate program (sales/month divided by initial inventory); i.e., monthly net reservations divided by the ratio of beginning-of-period inventory plus end-of-period inventory divided by two.

EBIT rate (or OCR) rate: Expressed in percentages, corresponding to the operational income so far with operational costs to-date deducted from gross margin, divided by the turnover

Cash and cash equivalents: This corresponds to cash and cash equivalents on the assets side of the balance sheet, i.e. all cash on hand (available banks and cashiers), marketable securities (short-term investments and term deposits) and reserve balances.

Net cash: It corresponds to 'negative' net debt, or 'negative' net financial debt, as for the company the balance of cash and financial investments forming its 'active cash' is greater than the amount of its gross financial debts (or gross financial debt).

Units: Units define the number of dwellings or dwelling equivalent (for mixed programs) of a given program. The number of housing equivalent units is determined by relating the surface area by type (business premises, shops, offices) to the average surface area of the housing units previously obtained.

Sale in the Future State of Completion (VEFA): The Sale in the Future State of Completion is the contract by which the seller transfers immediately to the purchaser his rights on the ground as well as the property of the existing constructions. The future works become the property of the purchaser as they are executed; the purchaser is obliged to pay the price as the works progress. The seller retains the powers of the project owner until the work is accepted.

APPENDICES

-- Financial Data

Primary consolidated data

Q3   9M   Q3   9M 
In thousands of euros               2022  2022 
                                  2021  2021 
Revenue                      311,368 885,753 283,547 889,393 
   -- of which Housing       281,680 763,238 246,236 765,359 
   -- of which Commercial Property 26,428 113,709 35,862 118,822 
   -- Other***           3,260  8,806  1,449  5,212 
 
Gross margin                    55,447 155,007 48,730 153,407 
Gross margin rate (%)               17.8%  17.5%  17.2%  17.2% 
Recurring Operating Income 
                          20,810 63,610 20,254 66,197 
(or EBIT)* 
Operating Margin - EBIT (%)            6.7%  7.2%  7.1%  7.4% 
Attributable net income 
                          9,199  31,922 8,982  31,714 
(PDG) 
Attributable net income per share (EUR/share)**   0.43  1.50  0.41  1.46 

* The EBIT corresponds to the operating income for the period, calculated at the gross margin deducted by operating costs (OCR) for the current period).

**Based on the number of shares comprising the share capital of Kaufman & Broad S.A., i.e. 21,713,023 shares as of August 31, 2021 and 21,313,023 shares as of August 31, 2022.

*** including 4.9 million euros in revenues from the operation of student residences)

Consolidated income statement

Q3    9M    Q3    9M 
In thousands of euros                     2022   2022 
                                         2021   2021 
Revenue                            311,368 885,753  283,547 889,392 
Cost of sales                         -255,921 - 730,746 -234,817 - 735,985 
Gross margin                          55,447  155,007  48,730  153,407 
Selling expenses                        -6,535  - 15,901 -4,695  - 11,801 
Administrative expenses                    -14,660 - 40,829 -13,381 - 39,843 
Technical and after-sales services expenses          -4,785  -16,781  -4,979  -15,497 
Development and program expenses                - 8,657 -17,886  - 5,421 -20,069 
Current Operational Income (COI)                20,810  63,610  20,254  66,197 
Other non-recurring income and expenses            0    0     0    0 
Operating income                        20,810  63,610  20,254  66,197 
Net Cost of Financial Debt                   - 4,242 -11,178  - 2,962 -8,948 
Other Financial Expenses and Income              0    0     0    0 
Income tax                           - 2,372 -8,998  - 3,243 -13,377 
Share of income (loss) of equity affiliates and joint ventures 352   1,853   687   1,449 
Consolidated Net Income                    13,843  45,287  14,736  45,321 
Non-controlling interests                   4,644  13,365  5,754  13,607 
Attributable net income                    9,199  31,922  8,982  31,714 

Consolidated balance Sheet

In thousands of euros          August 31 November 30 
                    2022   2021 
ASSET 
Goodwill                68,661  68,661 
Intangible assets            92,033  91,157 
Tangible Assets             10,461  17,364 
Right of use assets           48,122  15,514 
Investment properties          19,216  - 
Associates and joint ventures      11,872    10,537 
Other Non-Recurring Financial Assets  7,497   7,170 
Deferred Tax Asset           706    791 
Non-current asset            258,569  211,194 
Inventory                460,783  421,876 
Client Receivables           437,586  456,548 
Other receivables            167,720  187,873 
Cash Flow and Cash Flow Equivalents   66,570  189,460 
Advance payments            927    588 
Current asset              1,133,586 1,256,344 
TOTAL ASSET               1,392,155 1,467,537 
 
                    August 31 November 30 
                    2022   2021 
LIABILITY 
Share capital              5,541   5,645 
Bonuses, Reserves, and Other      183,729  205,629 
Attributable net income         31,922  43,866 
ATTRIBUTABLE SHAREHOLDERS' EQUITY    221,193  255,140 
Non-controlling interests        13,585  12,566 
SHAREHOLDERS' EQUITY          234,778  267,707 
Non-current provisions         31,143  31,998 
Non-current financial liabilities    166,387  149,392 
 
Long-term financial lease liabilities  42,852  10,342 
Deferred tax liability         43,394  41,362 
Non-current liability          283,777  233,094 
Current provisions           2,176   4,660 
Other current financial liabilities   2,996   4,212 
 
Short-term financial lease liabilities 5,528   4,647 
Trade payables             761,648  800,550 
Other liabilities            100,054  151,537 
Prepaid income             1,198   1,131 
Current liability            873,600  966,737 
TOTAL LIABILITIES            1,392,155 1,467,537 
 

-- Operational data

Housing                              Q3  9M  Q3  9M 
                                 2022 2022 2021 2021 
 
Revenue (MEUR, excl. VAT)                      281.7 763.2 246.2 765.4 
   -- of which Apartments             252.0 713.7 236.1 723.3 
   -- of which single-family homes in communities 29.7 49.5 10.1 42.1 
 
Deliveries (EHUs)                         1,493 4,103 1,404 4,312 
   -- of which Apartments             1,401 3,931 1,363 4,140 
   -- of which single-family homes in communities 92  172  41  172 
 
Net orders (in number)                      1,189 3,714 1,149 3,929 
   -- of which Apartments             812  3,182 1,138 3,775 
   -- of which single-family homes in communities 377  532  11  154 
 
Net orders (MEUR, incl. VAT)                    258.8 883.5 267.5 837.1 
   -- of which Apartments             194.8 774.6 259.1 791.3 
   -- of which single-family homes in communities 64.0 108.9 8.4  45.8 
 
Housing commercial offer - end of period (number)         2,219    1,988 
 
Backlog at end of period 
   -- In value (MEUR, HT)              2,266.1   2,271.9 
   -- of which Apartments             2,082.0   2,155.3 
   -- of which single-family homes in communities 184.1    116.6 
   -- In months of activity            24.6    23.9 
 
End-of-period land reserve (number)                35,042   35,034 
Commercial                      Q3  9M  Q3  9M 
                           2022 2022 2021 2021 
 
Revenue (MEUR, excl. VAT)                 26.4 113.7 35.9 118.8 
Net orders (MEUR, incl. VAT)                1.2 29.7 1.5  41.0 
Backlog at the end of the period (MEUR, excl. VAT)     1,048.7  1,172.8 
 

-----------------------------------------------------------------------------------------------------------------------

Regulatory filing PDF file File: KAUFMAN & BROAD SA: RESULTS OF THE FIRST NINE MONTHS OF THE 2022 BUSINESS YEAR

1455719 03-Oct-2022 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1455719&application_name=news

(END) Dow Jones Newswires

October 03, 2022 12:59 ET (16:59 GMT)

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6 Richtige für 2025
Das Börsenjahr 2025 klopft schon an die Tür – und wie immer geht es um die Frage: Welche Aktien werden die großen Gewinner sein? Die Auswahl an Möglichkeiten ist riesig, doch nur ein paar echte Volltreffer stechen heraus.

Ob stabiler Dividenden-Lieferant, Tech-Pionier oder spekulative Wette im Krypto-Bereich – wir haben die Märkte für Sie ausgiebig durchforstet und präsentieren Ihnen 6 Unternehmen, die große Chancen auf außergewöhnliche Kurssteigerungen besitzen. Hier sind, speziell für Sie, Ihre „6 Richtigen“ für 2025.

Fordern Sie jetzt unseren neuen kostenlosen Spezialreport an und erfahren Sie, welche Unternehmen das Potenzial besitzen, im kommenden Jahr richtig durchzustarten!
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.