Earnings Release • Mar 20, 2015
Earnings Release
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PRESS RELEASE Alençon, 18 March 2015, 5:45 p.m.
The Board of MAISONS FRANCE CONFORT, meeting on 18 March 2015, approved the accounts for the accounting period ending on 31 December 2014. Audit procedures on the consolidated accounts have been completed. The auditors' certification report will be issued on publication of the annual financial report.
| Annual consolidated (€M) | 2014 | 2013 |
|---|---|---|
| Sales | 507.1 | 516.5 |
| Operating Income | 16.2 | 20.3 |
| Operating Margin | 3.2% | 3.9% |
| Financial Income | 0.8 | 0.5 |
| Net group income | 11.2 | 13.4 |
| Net margin | 2.2% | 2.6% |
MAISONS FRANCE CONFORT 2014 sales stand at €507.1M, down 1.8% and 4.8% at constant scope.
Operating income totaled €16.2M giving an operating margin of 3.2% compared to last year's 3.9%. Despite the volume effect, this result was impacted by a drop in gross margin of around 1 point within an extremely aggressive market context. This drop in margin was in part compensated by a reduction in fixed costs.
The net income for the accounting period was €11.2M and represents 2.2% of Sales.
The Group's financial structure remains very solid. The equity capital Group share stands at €133.8M at 31 December 2014, cash at €87.6M and debt at €41.7M. The cash net of debt is largely positive totalling €45.9M.
The change in cash recorded in the financial year is due to:
The Board of Directors will propose at the Annual General Meeting of 19 May 2015, the payment of a €0.65 dividend per share. The dividend will be released for payment on 11 June 2015.
For this fiscal year, in a very difficult market, order‐taking accounted for 5,534 sales for a turnover of €603.4M before tax, down 1.9% in number and 1.1% in value in comparison to 2013. However, the last two months of the year showed clear‐cut signs of a turnaround in commercial activities which are being borne out at the start of this fiscal year.
At 28 February 2015, the Group recorded 867 orders taken, up by 6.6% in number and 2.1% in value. The renovation business is dynamic with orders totalling €2.5M end February after €10M in the 2014 financial year.
Considering 2014 and 2015 orders, the turnover generated by the renovation business and the actions initiated to reduce the cancellation rate and construction delays, the Group foresees production stability in 2015. To this is added production linked to external growth transactions made in 2015 (of which Maisons Partout based in Aurillac and Ytem Aménagement in the region of Rhône Alpes).
MAISONS FRANCE CONFORT has been successful in implementing growth drivers:
Next meeting: on 19 March 2015 at 10:00 a.m. – Centre de conférence Edouard VII, 23 Square Edouard VII ‐ Paris 9 Next press release: 1st quarter 2015 sales, on 6 May 2015, after stock exchange closing.
Founded in 1919, MAISONS FRANCE CONFORT is the oldest builder of single‐family homes in France and the largest builder of single‐family homes on individual plots. The Group operates in 20 regions in France, with 340 sales offices and 50 model homes.
Staff at 31 December 2014: 1,397 people.
MAISONS FRANCE CONFORT is listed on the Euronext Paris ‐ Compartment B. ISIN Number: FR 0004159473 ‐ Index: CAC Small, CAC Mid & Small, CAC All‐Tradable, CAC All‐Share
Commercial site: www.maisons‐france‐confort.com – Financial site: www.groupe‐mfc.com
Patrick Vandromme Amalia Naveira Chairman and Managing Director Analyst/Investor/Press relations Tel. +33 (0)2 33 80 66 61 Tel. +33 (0)4 72 18 04 90 Email [email protected] Email [email protected]
Jean‐Christophe Godet Marie Claude Triquet Finance & Administration Manager Press relations Tel. +33 (0)2 33 80 66 61 Tel. +33 (0)4 72 18 04 93 Email [email protected] Email [email protected]
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