Kaufman & Broad expects sales to recover in 2021, despite the delay in the Gare d'Austerlitz project

The French promoter Kaufman & Broad has confirmed that he is counting on a recovery in its turnover this year, despite the delay in starting up its vast office project at the Gare d'Austerlitz in Paris.

The group saw its turnover increase by 57,4% in the first half of the year, compared to the same period of 2020, marked by the health crisis which had slowed down worksites and made it more difficult to make sales to individuals. 605,8 million euros, according to an after-market press release.

Within it, housing revenue, which represents the bulk of the group's activity, amounted to € 519,1 million compared to € 352,3 million a year earlier. , while that of the tertiary sector, more modest, was 83 million euros (HT) against 30 million euros a year earlier.

On the other hand, reservations for housing, a guarantee of future income, continued to fall to 569,7 million euros (-34,7%) in the first half of 2021, compared to the same period in 2020.

"As expected, commercial activity was affected by the contraction in supply due to the decline observed for more than 18 months in the allocation of building permits", a number of sites having been delayed due to the related health constraints pandemic, comments the group in its press release.

As for the gross margin, it amounted to 104,7 million euros, against 73,5 million euros in the first half of 2020, indicates the promoter, which generated a net profit of 22,7 million euros in the first semester.

In view of these figures, Kaufman & Broad confirms that they are counting on 1,3 billion euros in sales this year and plans to pay a dividend "of at least 1,85 euros" per share subject to " stabilization of the economic and health situation, ”he explains.

But the building permit for its Austerlitz station project obtained on December 14, 2020 was the subject of two proceedings before the Paris Administrative Court of Appeal, the group said.

If the summary aimed at suspending the work was rejected on July 6, on the other hand "the appeal on the building permit should be judged in 2022".

In view of these deadlines, the promoter considers "more appropriate to consider an entry into force of the contracts at the earliest in the second half of 2022", for this project which should contribute significantly to the improvement of its income.