MAISONS FRANCE CONFORT : Acceleration of strong and profitable growth that will continue en 2007

SALES 2006: + 30%
NET INCOME 2006: + 39%
Consolidated - ¤m 2006 2005 Variation
Sales 425.0 326.9 + 30%
Operating income 30.9 22.4 + 38%
Operating margin 7.3% 6.9%  
Net income 20.9* 15.0 + 39%
Net margin 4.9% 4.6%  

* Incl. minority interests: 0.7 ¤m

A development model that is showing its relevance from year to year

In 2006, the Maisons France Confort group reported excellent performance and complied perfectly with its commitments. Positioned in a structurally supportive market, Maisons France Confort gained market share with a turnover that reached 425 M¤ including 14% achieved by organic growth. The balance came from the integration of the MCA and Millot SAS companies, consolidated from January and October 2006 respectively.

Confirmed profitable growth

Over the financial year, Maisons France Confort once again improved its profitability. This performance results from 3 main factors:

  • An increase in gross margins.
  • Perfect control of fixed expenses eased by their dilution as a result of the increase in size of the group.
  • The integration of high performing subsidiaries with an immediate increase in earnings per share.

The operating profit comes to 30.9 M¤, an increase of 38% for a turnover increase of 30%.

The net profit reported is 20.9 M¤, an increase of 39%.

The balance sheet structure remains very solid allowing Maisons France Confort actively to continue its development strategy. The ratio of net debt to own capital remains negative at -84 %, allowing our Group complete latitude to achieve selective external growth.

2007, continuation of an ambitious development plan

2007 will be in line with the growth dynamic recorded in previous years with a turnover that will be greater than 475 M¤ (Excluding new acquisitions) and the maintenance of an excellent level of profitability.

These forecasts are supported by the good visibility provided by the Group's activity including mainly:

  • A rapidly increasing order book (+ 22.6% in value on 31 December 2006).
  • A 15.3% (in value) increase in sites started during the period January and February 2007.

These trends will be supported by dynamic organic growth and an acceleration of external growth, the first of which should be announced at the end of April 2007.

The relevance of this strategy should allow Maisons France Confort to continue double figure growth for the 2008 financial year.

34% dividend increase

The Board of Directors will propose to the General Meeting of Maisons France Confort to be held on 15 May 2007, the distribution of a net dividend of 1.17 ¤ per share; it will be paid on 15 June 2007.

Next press release: 1st quarter 2007 Sales, 10 may after stock exchange.

About Maisons France Confort:

Founded in 1919, Maisons France Confort is the oldest builder of single-family homes in France and the second largest builder of single-family homes on individual plots. The Group operates in 18 regions in France, with 195 sales offices and 33 model homes.

Staff size at 31 December 2006: 1,041 people.

Maisons France Confort is listed on the Eurolist market - Compartment B - of the EuronextTM stock exchange in Paris.

ISIN Code: FR 0004159473
Index: SBF 250, CAC Mid & Small 90


Patrick Vandromme -Chairman and CEO
Tel : +33 (0)2 33 80 66 66

Jean-Christophe GODET -Administration Manager
Tel : +33 (0)2 33 80 66 66
Amalia Naveira -Analyst/Investor relations
Tel : +33 (0)4 72 18 04 90
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