DJ Kaufman & Broad SA: ANNUAL RESULTS 2023
Kaufman & Broad SA
Kaufman & Broad SA: ANNUAL RESULTS 2023
31-Jan-2024 / 18:38 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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S Press release
Press Release
Paris, 31 January 2024
Annual Results 2023
-- Attributable net income up 22.7%
-- Very solid financial structure:
- Positive net cash(b) of EUR180.5M
- Financial capacity of EUR600.0M
-- Proposed dividend for 2023 of EUR2.40 per share
-- Main elements
of commercial activity
(2023 vs. 2022)
- Total orders:
1,113.2 vs EUR1,481.7M incl.
VAT
Of which housing: 1,079.4
vs EUR1,433.8M incl. VAT
Of which Commercial
Property: 33.7 vs EUR47.9M Kaufman & Broad SA today announces its 2023 results (from December 1st to November 30th,
incl. VAT 2023). Nordine Hachemi, Chairman and Chief Executive Officer of Kaufman & Broad, said:
- Housing take
up period:
"Kaufman & Broad's 2023 results are in line with guidance. They demonstrate the strength of
4.8 vs. 4.3 months (12 its business model and its ability to generate cash.
months)
Over the year, housing orders fell by 14.2% in volume terms, compared with an estimated
-- Main decline of around 35 %(d) for all market orders. These stood at nearly 60,000(d ) in 2023,
financial items (2023 the same level as in 1995.
vs. 2022 unless
otherwise specified)
In this environment, Kaufman & Broad continued to apply a rigorous policy of rapid
adjustment to market conditions. A high level of requirement was maintained in terms of
presales rate.
- Revenue:
1,409.1 vs. EUR1,314.9M This strategy resulted in a 4.8 month run off period for our programs, compared to nearly
20 months for the market.
Of which housing: 957.8 vs.
EUR1152.5M
- Gross margin: In addition, the group still relies on a solid land reserve and an overall backlog of 2.7
257.2 vs. EUR228.2M billion euros representing approximately 2 years of activity.
- EBIT margin
(c): 7.8 % vs. 7.5%
The Corporate Real Estate business saw continued work on Austerlitz's A7/A8 operation in
- COI EBIT: accordance with schedule. In addition, a building permit has been filed for an operation of
109.3 vs. EUR98.2M over 30,000 m2 of office space in Marseille, EDFD's future regional headquarters.
- Attributable
net income
The crisis in the sector is not solely due to rising interest rates. The continuous decline
60.2 vs. EUR49.0M in the allocation of building permits since 2018 has led to an increase in land costs that
have not been absorbed to date. Added to this were regulatory inflation and excessive
- Net cash (b) taxation. As a result, housing production is down significantly, even as demographic and
: EUR180.5M vs. EUR (67.8 ) sociological factors continue to fuel sustained and unmet demand. Rebalancing these various
M at 30 Nov 2022 factors should lead to a market adjustment in the coming half years.
- Financial
capacity: EUR600.0M vs.
EUR351.0M at Nov 30, 2022 The financial structure remains extremely strong. For the full year, operating cash flow
amounted to EUR374.8 million(a ). At the end of November 2023, positive net cash(b) amounted
to EUR180.5M and financial capacity to EUR600.0M. Last September, Fitch confirmed the
Investment Grade rating of Kaufman & Broad SA, the only European developer to have this
rating. The group is thus in a position to take full advantage of the recovery in a healthy
-- Main market.
development indicators
(end of Nov. 2023 vs.
end of Nov. 2022)
- Total
backlog: 2,676, 0 vs
EUR3,393.3M
Of which housing: 2,053.4
vs. EUR2,362.8M
- Housing
property portfolio:
34,069 vs. 34,009 units at
the end of 2022
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 (b) after taking into account the payment of a dividend of EUR48M for the 2023 financial year, or EUR2.40 per share, subject to the approval of the General Meeting of May 6".
-- Sales Activity
-- Housing division
In 2023, housing orders in value amounted to EUR1,079.4 million euros (including VAT), compared to EUR1,433.8 million compared to the same period in 2022, down 24.7%. In volume terms, they stood at 5,332 homes in 2023, compared with 6,214 homes in 2022, a decrease of 14.2%.
The take up period for programmes was 4.8 months in 2023, an increase of 0.5 months compared with the same period in 2022 (4.3 months).
The commercial offering, with 97% of homes located in tight areas (A, ABIS and B1), amounted to 2,114 units at the end of 2023 (2,218 units at the end of 2022).
Customer Breakdown
In 2023, bookings in value (including VAT) of first time buyers accounted for 11% of sales, compared to 13% over the same period in 2022. First time buyers accounted for 4% of sales, compared with 9% in 2022.
Orders made to investors accounted for 13% of sales (of which 4% for Pinel's scheme alone), compared with 33% in November 2022 (and of which 24% for Pinel's scheme in 2022). At the end of November 2023, block sales accounted for 72% of orders in value (including VAT), compared with 45% over the same period in 2022.
-- Commercial Property
At 30 November 2023, the commercial division recorded net orders of EUR33.7 million (including VAT) compared to EUR47.9 million including VAT at the end of November 2022.
Kaufman & Broad currently has 92,000 sq.m. of office space and about 228,800 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).
-- Leading indicators of business activity and growth
In 2023, the Housing backlog stood at EUR2,053.4 million (excl. VAT) compared to EUR2,362.8 million (excl. VAT) for the same period in 2022, i.e. 25.7 months of activity compared to 24.6 months of activity at the end of November 2022. At the end of November 2023, Kaufman & Broad had 131 housing programs under marketing, representing 2,114 housing units (142 programmes and 2,218 housing units at the end of 2022).
The housing land portfolio represents 34,069 units, stable compared to the end of November 2022 (34,009 units). At the end of November 2023, it corresponded to more than 6 years of commercial activity.
In addition, 88% of the housing land portfolio is located in tight areas, representing 29,995 housing units as of November 30, 2023.
In the first quarter of 2024, the Group plans to launch 12 new programs, of which 3 in the Paris region representing 278 units and 9 in the Regions representing 285 units.
As of November 30, 2023, the Backlog of the Commercial property division was 622.6 million excluding VAT, compared with 1030.5 million euros excluding VAT for the same period in 2022.
-- Financial result
-- Activity
Total revenue amounted to EUR1,4,09.1 million (excluding VAT), compared to EUR1,314.9 million in the same period in 2022.
Housing division revenue amounted to EUR957.8 million (excluding VAT), compared to EUR1,152.5 million (excluding VAT) in 2022. It represents 68.0% of the group's total revenue.
Revenue from the Apartments business amounted to EUR883.0 million (excluding VAT) (vs. EUR1,076.3 million (excluding VAT) at the end of November 2022). Revenue for the Commercial property division was EUR437.5 million (excluding VAT), compared to EUR150.2 million (excluding VAT) over the same period in 2022.
Other activities generated revenues of EUR13.8 million (excluding VAT) (of which EUR7.4 million related to the operation of student residences) compared to 12.2 million euros in 2022 (of which EUR6.7 million related to the operation of student residences)
-- Profitability data
At November 30, 2023, gross profit amounted to EUR257.2 million, compared with EUR228.2 million in the same period in 2022. The gross margin was 18.3% compared to 17.4% in 2022.
Recurring operating expenses amounted to EUR147.9 million (10.5% of sales), compared to EUR130.0 million in the same period in 2022 (9.9% of sales). Current operating income amounted to EUR109.3 million, compared to EUR98.2 million in 2022. Current operating margin stood at 7.8%, compared with 7.5% in 2022.
At the end of November 2023, consolidated net income amounted to EUR76.5 million, compared with the same period in 2022 when it amounted to EUR69.3 million. Non-controlling interests (Minority interest) amounted to EUR16.3 million at November 30, 2023, compared with EUR20.2 million in 2022.
Attributable net income was EUR60.2 million, compared with EUR49.0 million in 2022.
-- Financial structure and liquidity
The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at November 30, 2023 was EUR180.5 million, compared to a net financial debt of EUR(67.8) million at the end of November 2022. Cash and cash equivalents amounted to EUR350.0 million at November 30, 2023, compared with EUR101.0 million at November 30, 2022.
Financial capacity amounted to EUR600.0 million at November 30, 2023, compared with EUR351.0 million at the end of November 2022.
Working capital requirements amounted to EUR(80.8) million at November 30, 2023, or -5.7% of revenues, compared with EUR190.0 million at the end of November 2022 (or 14.5% of revenues).
-- Share buybacks
As part of its share buyback program, Kaufman & Broad entered into an acquisition agreement on September 5th, 2023 for a block of 1,251,000 shares of the Company held by Artimus Participations, a company bringing together managers and former managers of the Company, representing a total investment of EUR32.4 million.
Following the transaction, the repurchased shares were cancelled. This transaction allowed all of the Company's shareholders to be relaunched in the same proportions without compromising its investment capacity, while stabilising its shareholding. At November 30, 2023, group employees remained the Company's main shareholders, directly or indirectly, with 12.07% of the share capital and 14.43% of the voting rights.
-- Dividend
The Board of Directors of Kaufman & Broad SA will propose to the Shareholders' Meeting of May 6th,2024 the payment of a dividend of 2.40 EUR per share.
-- Outlook 2024
For 2024, the group's revenue is expected to be around EUR1.1 billion, the difference compared to 2023 being explained by the base effect of the Austerlitz operation. The Current operating margin (EBIT margin) ratio is expected to be between 7% and 7.5%. The Group is expected to remain in a positive net cash position(b) after taking into account the payment of a dividend of EUR48M for 2023, i.e., EUR2.40 per share, subject to approval by the Shareholders' Meeting of May 6th.
This press release is available at www.coporate.kaufmanbroad.fr
(B) excluding IFRS 16 and Put Neoresid debt
-- Next periodic information date:
-- Tuesday, 9th April 2024: Publication of the 1st quarter 2024 results (after trading)
Presentation of results for the period Mr. Nordine HACHEMI, Chairman and Chief Executive Officer and Mr. Bruno Coche, Chief Financial Officer, will comment on the results of the period and answer questions at a conference call in French with simultaneous translation into English. The presentation of the results will take place in French with simultaneous translation into English on: Thursday, 1 February 2024 8: 30 CET Registration for the presentation of the results for the period must be made by request at: Infos-invest@ketb.com - To follow the live presentation at the web conference you will receive a link (in French or English) * - To follow the live presentation at the conference by phone you will receive the number for the desired language (French or English) * Activation of accesses from 8: 00, the connection requiring registration via a form The Webcast media will be available ½ hour before the presentation starts at www.kaufmanbroad.fr/finance/ publications-financieres/ Contacts Chief Financial Officer Bruno Coche -01 41 43 44 73/infos-invest@ketb.com Press Relations Primatice: Thomas de Climens -06 78 12 97 95/thomasdeclimens@primatice.fr Kaufman & Broad: Emmeline Cacitti -06 72 42 66 24/ecacitti@ketb.com About Kaufman & Broad For more than 50 years, Kaufman & Broad has designed, developed, constructed and marketed apartments, single family homes, managed residences, shops, business premises and office buildings. A developer and a real urban assembler alongside local authorities to design new neighbourhoods and major urban projects, Kaufman & Broad is one of the first French Builders and Builders by combining its size, profitability and the power of its brand. Together, let us create a more virtuous city. For more information: www.kaufmanbroad.fr The Kaufman & Broad Universal Registration Document was filed on 31 March 2023 with the AMF under number D.23-0210. It is available on the websites of the AMF (www.amf-france.org) and Kaufman & Broad (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 risks described in Chapter 4 of the Universal Registration Document. The occurrence of one or more of these risks may have a material adverse effect on the Kaufman & Broad Group's businesses, assets, financial position, results or outlook, as well as on the market price of Kaufman & Broad shares. This press release does not constitute and cannot be considered to constitute a public offer, an offer to sell or an offer to subscribe as intended to request a purchase or subscription order in any country.
GLOSSARY
Backlog or (order book ): it covers, for Sales in the Future Completion Status (VEFA), undelivered reserved units for which the notarially signed deed of sale has not yet been signed and undelivered reserved units for which the notarially signed deed of sale has been signed up to the portion not yet taken into revenue (on a 30% advanced program, 30% of the revenue of a housing for which the notarially signed deed of sale has been recorded as revenue, 70% are included in the backlog). The backlog is a summary at a given point in time that makes it possible to estimate the revenue still to be recognised in the coming months and thus support the Group's forecasts - it being specified that there is an uncertain portion of the transformation of the backlog into revenue, particularly for bookings not yet recorded.
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 + VAT 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: free cash flow is equal to cash flow from operations after changes in working capital and VAT paid less net capital expenditure for the year.
Operating cash flow or cash flow from operating activities is equal to cash flow from operating activities after working capital and VAT paid.
Cash flow: Cash flow from operations after cost of debt and VAT 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
CDP: (formerly Carbon Disclosure Project): Measuring the environmental impact of companies.
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 orders per quarter in the past divided by three.
Dividend The dividend is the portion of the Company's net annual 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.
Investment grade: investment grade means that a financial instrument or a company has a relatively low risk of default.
HU: the HU (Housing Equivalent Units delivered) are a direct reflection of the activity.The number of 'LEU' is equal to the product (I) the number of housing units in a given programme for which the notarially signed deed of sale has been signed and (II) the ratio of the amount of land expenditure and construction expenditure incurred by the group on the said programme to the total expenditure budget of the said programme.
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).
Land portfolio: This includes land to be developed. 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 an deed or 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 VAT for a given period.They are mentioned net of the withdrawals noted during the 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: Student residences are apartment complexes, mostly studios equipped with a kitchenette and furnished, located close to schools and universities and close to public transport; tourist residences, located in high potential tourist areas, offer in addition to the usual services of infrastructures such as swimming pools, sports grounds, sometimes saunas, hammams, whirlpool baths, children's club; business residences are an alternative to traditional hotels, consisting of studios (approximately 80%) and 2-rooms, located in the city center or near important business center and systematically well served; finally, senior residences (including also residences for dependent or non-dependent elderly people - Ehpad), which make it possible to anticipate the aging of the population, accommodating people from 55 years and beyond; their clientele is mixed: Tenants and owners.
CSR (Corporate Social Responsibility): Corporate Social Responsibility (CSR) is the contribution of companies to the challenges of sustainable develop ent.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 orders 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 revenue.
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
Main consolidated data
Q4 Year Q4 Year
In thousands of euros 2023 2022 2022
2023
Revenue: 325,133 1,409,055 429,125 1,314,878
-- of which Housing 294,684 957,796 389,276 1,152,514
-- of which Commercial Property 26,788 437,457 36,464 150,172
-- Other*** 3,661 13,802 3,386 12,192
Gross margin 63,650 257,232 73,167 228,173
Gross margin rate (%) 19.6% 18.3% 17.1% 17.4%
Recurring Operating Income (or EBIT)* 22,939 109,332 34,602 98,212
Operating Margin - EBIT (%) 7.1% 7.8% 8.1% 7.5%
Attributable net income (group share) 14,650 60,154 17,086 49,008
Attributable net income per share (EUR/share)** 0.74 3.03 0.79 2.27
* 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. 19,862,022 shares at November 30, 2023 and 21,613,022 shares at November 30, 2022.
* * * including EUR7.4 million in revenue from the operation of student residences for 2023 and EUR6.7 million for 2022.
Consolidated income statement
In thousands of euros Q4 Year Q4 Year
2023 2023 2022 2022
Revenue 325,133 1,409,055 429,125 1,314,878
cost of sales -261,483 -1,151,823 -355,958 -1,086,705
Gross margin 63,650 257,232 73,167 228,173
Selling expenses -6,131 -20,875 -10,991 -26,891
Administrative expenses -17,214 -64,780 -20,083 -60,911
Technical and after-sales services expenses -5,565 -22,021 -6,394 -23,175
Development and program expenses -11,800 -40,224 -1,097 -18,983
Current Operational Income (COI) 22,939 109,332 34,602 98,212
Other non-recurring income and expenses 0 0 0 0
Operating income 22,939 109,332 34,602 98,212
Net Cost of Financial Debt -2,440 -13,848 -6,324 -17,502
Other Financial Expenses and Income 0 0 0 0
Income VAT -1,227 -19,857 -4,485 -13,483
Share of income (loss) of 73 849 171 2,023
equity affiliates and joint ventures
Consolidated Net Income 19,346 76,476 23,964 69,251
Non-controlling interests 4,696 16,322 6,878 20,243
Attributable net income 14,650 60,154 17,086 49,008
* Unaudited and not approved by the Board of Directors
Consolidated balance Sheet
In thousands of euros November 30, November 30,
2023 2022
ASSET
Goodwill 68,661 68,661
Intangible assets 92,429 91,899
Property, plant and equipment 10,174 11,070
Right of use assets 34,009 40,196
Investment properties 19,528 19,876
Equity affiliates and joint ventures 23,257 14,310
Other Non-Recurring Financial Assets 2,533 7,549
Deferred tax Asset 14,856 15,101
Non-current asset 265,447 268,662
Inventories 413,627 447,134
Client Receivables 495,106 511,535
Other receivables 185,385 188,693
Cash and Cash Flow Equivalents 350,043 100,998
Statement - Current tax 0 4,863
Current asset 1,444,162 1,253,223
TOTAL ASSET 1,709,609 1,521,885
November 30, November 30,
2023 2022
LIABILITY
Share capital 5,164 5,619
Bonuses, Reserves, and Other 155,485 187,040
Attributable net income 60,154 49,008
Attributable shareholder's equity 220,803 241,667
Non-controlling interests 13,660 14,683
Shareholders' equity 234,463 256,350
Non-current provisions 29,011 31,365
Non-current financial liabilities 116,848 166,567
Long-term financial lease liabilities 31,073 36,254
Deferred tax liability 56,922 56,184
Non-current liability 233,854 290,370
Current provisions 1,827 1,477
Other current financial liabilities 56,359 5,825
Short-term financial lease liabilities 8,171 5,647
Accounts payable 942,767 842,064
Other liabilities 213,312 119,643
Statement - Current tax 18,856 509
Current liability 1,241,292 975,165
TOTAL LIABILITIES 1,709,609 1,521,885
* Unaudited and not approved by the Board of Directors
-- Operational data
Housing Q4 Year Q4 Year
2023 2023 2022 2022
Revenue (MEUR, excl. VAT) 294.7 957.8 389.3 1,152.5
-- of which Apartments 269.6 883.0 362.7 1,076.3
-- of which single-family homes in communities 25.1 74.8 26.6 76.2
Deliveries (EHUs) 1,529 4,612 1,898 6,002
-- of which Apartments 1,435 4,358 1,807 5,739
-- of which single-family homes in communities 94 254 91 263
Net orders (in number) 2,087 5,332 2,500 6,214
-- of which Apartments 1,944 4,837 -2,238 5,420
-- of which single-family homes in communities 143 495 262 794
Net orders (MEUR, incl. VAT) 359.3 1,079.4 550.2 1,433.8
-- of which Apartments 324.5 963.4 493.5 1,268.2
-- of which single-family homes in communities 34.8 116.0 56.7 165.6
Housing commercial offer - end of period (number) 2,114 2,218
Backlog at end of period
-- In value (MEUR, HT) 2,053.4 2,362.8
-- of which Apartments 1,834.5 2,148.6
-- of which single-family homes in communities 218.9 214.1
-- In months of activity 25.7 24.6
End-of-period land portfolio (number) 34,069 34,009
Commercial Q4 Year Q4 Year
2023 2023 2022 2022
Revenue (MEUR, excl. VAT) 26.8 437.5 36.5 150.2
Net orders (MEUR, incl. VAT) 9.2 33.7 18.2 47.9
Backlog at the end of the period (MEUR, excl. VAT) 622.6 1,030.5
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Regulatory filing PDF file File: KBSA_CP FY 2023_VDef_en
1827519 31-Jan-2024 CET/CEST
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