2016 Annual Results

Financial

2016 Annual Results

Financial

22 March 2017

Sales up 20.3% to €615.2M
Operating income doubled to €24.0M
Dynamic commercial activity at +21.2%: substantial growth assured for 2017
Majority interest in Groupe L’Atelier Des Compagnons

Strong growth in operating profitability

The MAISONS FRANCE CONFORT Group confirms sustained growth of activity in 2016 with a turnover of €615.2M, up 20.3% over last year (i.e. +15.5% at constant scope).

The operating income stands at €24.0M against €11.7M at 31 December 2015, showing an operating margin of 3.9% against 2.3% in 2015. This substantial increase in operating income, in accordance with our objectives, results above all from a volume effect associated with controlled development in fixed costs.

Thus, net income rose substantially, reaching €15.8M against €8.2M in 2015, and the net margin gains 1 point to 2. 6%.

The financial structure remains very sound. Shareholders’ equity (Group’s share) stands at €148.1M at 31 December 2016, the cash position at €94.9M and debt at €42.8M. The cash position net of debt at €52.1M (+ 21%) thus remains largely positive.

Dividend for the fiscal year 2016

The Board of Directors will propose the payment of a dividend of €1.0 per share (0.64 € for 2015) at the Annual General Meeting, on 23 May 2017. The payout will be made on 8 June 2017.

Dynamic business activity at + 21.2%.

At end 2016, gross order intake in home construction business reaches 7,641 i.e. €845.8M before tax, up +19.3% in number and +21.2% in value over last year.

At the end of February, despite a more demanding comparison base, orders are still dynamic, the Group thus received 1,152 orders representing a turnover of €130.4M before tax, up +16. 7% in number and +19. 0% in value.

Order intake at 31 December 2016 of the Renovation activity (Rénovert, Camif Habitat and Illico Travaux) registers €43.5M with an improved orientation at year-end (+14% over the 4th quarter in 2015). This trend continues over the first two months of 2017 with sales up +28%.

These good order-intake levels assure MAISONS FRANCE CONFORT strong visibility and a solid growth dynamic for 2017.

The Groupe L’Atelier des Compagnons accelerates the development of the Renovation division

On 14 March last, the MAISONS FRANCE CONFORT Group announced its majority holding (51%) in the Groupe L’Atelier des Compagnons, with an agreement over the terms of the gradual development of this participation within the next 4 years.

Positioned in BtoB renovation, the Groupe L’Atelier des Compagnons has posted a 2016 turnover of €50M for an EBITDA of €4.5M and boasts a very healthy financial structure. Immediately accretive, this highly structuring acquisition now perfectly completes the expertise and positioning of the Rénovert, Camif Habitat and Illico Travaux activities, oriented towards BtoC renovation.

Beyond the development of this growth relay, the MAISONS FRANCE CONFORT is also committed to significant synergies primarily on purchases, the national development of this activity and the accelerating deployment of Group innovations.

New improvement in profitability and strong growth ensured for 2017

Through the number of construction sites and orders registered these past months, MAISONS France CONFORT confirms the double-digit organic growth of its production for the year 2017 to which will be added external growth.

The diversification strategy conducted in the Renovation activity will result in a turnover of over €100M in this activity in 2017.

Given the volume effect in the home construction business and the stronger dynamic in the Renovation activity, operational profitability will again improve and should reach a more normative level.

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