MAISONS FRANCE CONFORT : Financial report at 30 June 2007 - Descriptive Press release

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The transposition into the Monetary and Financial Code of Directive 2004/109/CE of the European Parliament and Council of 15 December 2004 (Referred to as the Transparency Directive) imposes on companies quoted on the Paris Eurolist the distribution by electronic means of a half yearly financial report in the two months that follow the closure of the first half year.
For intermediate periods starting before 20 January 2007 and finishing after this date, companies are bound by the schedules and methods provided for by article L451-1-2of the Monetary and Financial Code, but can publish purely descriptive content.
The present press release is provided under these provisions.
           

Half yearly turnover and activity

Consolidated - ¤ million

2007

2006

Variation

1st half year sales

250.5

213.4

+ 17.4%

During the 1st half of 2007, the activity of Maisons France Confort has increased again with an increase in sales that reaches 250.5 M¤ against 213.4 M¤ for the preceding year.
On a constant perimeter (excluding PCA Maisons acquired on 1st April 2007 and Maisons MILLOT acquired on 1st October 2006), there is sustained organic growth at + 13.3%.

Order input remains well directed and increased by 9% in value in the first 6 months, with a very marked acceleration in May and June 2007 (respectively + 22% and + 32%), which was confirmed in July.

Other significant event during the half year

On 2 May 2007, Maisons France Confort announced the acquisition of all the capital of the PCA Maisons company with effect from 1st April 2007.
A constructor of individual houses, PCA Maisons has been a recognised player in the field since 1987 in the Provence Côte d'Azur region. Located in the department of the Var, PCA Maisons has 3 branches in this department.

With about one hundred houses sold per year, PCA Maisons reports remarkable performances with, 31 March 2006 (Company year 1st April - 31 March) production that rose to 8,341 K¤ for a current profit of 1,239 K¤, or an operational margin of 14.9%. On 31 March 2006, it net cash reached 1,564 K¤ and its own funds rose to 1,842 K¤.

This acquisition will increase profits per share from its first year of integration.

1st half year trends and results

The 2007 half year results will be published on 26 September after closure of the Stock Exchange. The operating margin and the net margin will be well in line with those achieved in the previous year over the same period. The balance sheet structure remains solid giving the group the means to pursue dynamic growth.

Future prospects

The individual house construction market remains buoyant because it is the preferred housing for the French. It also benefits from very favourable conditions with the maintenance and reinforcement of the zero interest loan, the lengthening of loan durations, the introduction of the property PASS and with interest rates remaining globally low. Two facts have just been added to theses assets with the loan interest deductibility and the stability or fall in price of land.

In the second half year, Maisons France Confort anticipates a continuation of sustained growth in accordance with its objectives. The annual turnover, for a constant perimeter, will thus exceed 475 M¤ with the maintenance of an excellent level of profitability.

Dynamic growth perspectives are also maintained for 2008, with:

  • The start of marketing of Maison Performance since May 2007.
  • The reinforcement of locations in the South West with the opening in 2007 of 13 new branches.
  • Movement into a new region with high potential: The North with the opening of three sales points in the 2nd half of 2007.
  • The pursuit of targeted acquisitions. New external growth will be announced in the next few months.

We remind you that Groupe Caisse d'Epargne and the shareholders of the MFC PI holding company, who control the Maisons France Confort group, signed, on 31 July 2007 a statement of intent, with the aim of widening and reinforcing the operational links that have long existed between the two groups, and particularly with Crédit Foncier de France.
The conclusion of these discussions remains subject to an agreement between the parties on the definitive terms of the project and the industrial partnership. Its completion is also subject to the support and /or opinion of the competent authorities and company organs of the companies concerned. The signature of any agreements is envisaged before the end of 2007.

Next press release: 1st half year results, 26 September 2007 after stock exchange
Next meeting: 27 September 2007 at 1000, SFAF meeting


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 206 sales offices and 33 model homes.
Staff size at 30 June 2007: 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 - Indexes: SBF 250, CAC Mid & Small 90
www.maisons-france-confort.com

Contacts:                            

MAISONS FRANCE CONFORT : ACTUS :
Patrick Vandromme -Chairman and CEO
Tel : +33 (0)2 33 80 66 66
E-mail : pvandromme@maisonfc.fr

Jean- Christophe Godet -Administration Manager
Tel : +33 (0)2 33 80 66 66
E-mail : jc.godet@maisonfc.fr
Amalia Naveira -Analyst/Investor/Press Relations
Tel : +33 (0)4 72 18 04 90
E-mail : anaveira@actus.fr
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