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MAISONS FRANCE CONFORT : Activity for the first quarter
Sustained sales growth
A 1st acquisition signed
Progressive return to organic growth
|Consolidated (€m) - not audited||2010||2009|
Turnover matching annual objectives
Unsurprisingly the 1st quarter of 2010 showed a -13.7% fall compared to last year, this change is explained by two factors:The exceptional bad weather this winter (January and February) totally paralysed the building sector for several weeks with very large snowfalls in almost all regions including the South of France. As announced, the return to organic growth will take place gradually throughout the year; the upturn in orders recorded since March 2009 having a progressive positive impact. As a reminder, the time between the sale of a house and the start of construction is about 9 months. March 2010 confirms this trend with a 57% increase in construction starts.
Record sales in March
The increase in order intake continues. At the end of March 2010, they reached 1,697, which is an increase of 19.3% in numbers and 24.3% in value compared to 2009.
The favourable increase in the average sale price (+5%) is explained by the progressive increase in second time buyers (ease in granting bridging loans by banks and revival of the market for older houses) and by the first sales of BBC (Low Energy Consumption) houses.
It must be emphasised that, as in 2009, March was a record month for Group sales activity (681 orders) and this good sales dynamic was confirmed in April.
Acquisition of the Maisons et Résidences Corbioli company
After a pause of over a year, the Group restarted its targeted external growth policy with the taking of a majority share (50.1%) in the Maisons et Résidences Corbioli company located in the Lyons region at Ambérieu in Bugey (Ain).
This 9 employee family company builds about thirty houses per year without a sales force and through its reputation alone. In 2009 it achieved:
and above all has very high development potential. Its current manager, Mr Fabrice Corbioli (42), retains his role.
Maisons et Résidences Corbioli will be consolidated from 1st April 2010.
Strengthened by of a solid financial structure, with, at 31 December 2009, own capital of €90m, available cash of €71.2m and cash net of debt of €35.5m, Maisons France Confort is currently studying other external growth opportunities.
Growth assured in 2010
The good order book level in the 1st quarter supports Maisons France Confort in its objective of achieving 2-figure growth in its turnover in 2010 and a progressive return to normal profitability.
A market that remains structurally buoyant
Conditions for acquiring property remain very favourable in 2010. The Group has benefited from both the continuation of government support, the progressive return of second time buyers and the increasing importance of LEB - Low Energy Buildings - with a greening of support.
In the medium term, Maisons France Confort will draw profit from:A market that remains structurally buoyant with a housing shortage that gets worse from year to year and a marked French preference for individual houses, A sector in a concentration phase that offers numerous opportunities. A complete, labelled product range (Maison BBC, Maisons Performances and Packs Energétiques) that is several lengths in the lead and responds perfectly to future energy constraints, New growth relays to be exploited, such as thermal renovation.
With a tested organisation and solid fundamentals, Maisons France Confort is perfectly positioned to profit fully from a market that remains buoyant, whilst staying attentive to the opportunities that will present themselves.
Next press release: 1st half-year 2010 turnover, on 9 August 2010, 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 20 regions in France, with 275 sales offices and 45 model homes.
Staff size at 31 December 2009: 1,207 people.
Maisons France Confort is listed on the Euronext Paris- Compartment B.
ISIN Code: FR 0004159473 - Index: SBF 250, CAC Mid & Small 90
Commercial website: www.maisons-france-confort.com
Financial website: www.groupe-mfc.com
MAISONS FRANCE CONFORT :
Tel.: +33 (0)472 18 04 90
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