2018 annual results

Financial press release

2018 annual results

Financial press release

27 March 2019


The Board of Directors of MAISONS FRANCE CONFORT, meeting on March 19th, 2019, approved the accounts for the financial year ending on December 31st, 2018. Audit procedures on the consolidated accounts have been completed. The auditors’ certification report will be issued upon publication of the annual financial report.


Consolidated (€M)
Sales 804.0 758.5 +6%
Operating Income 36.0 41.9 -14%
Operating Margin 4.5% 5.5% -1 pt
Financial Income
Net Income 24.6 28.5 -13.7%
Net Margin
-0.7 pt

 * Accounts restated under the IFRS15 accounting standard


Strong resilience in a difficult environment

For 2018, the Group MAISONS FRANCE CONFORT shows a strong level of activity with total sales of €804M up by 6% compared to 2017, of which 5.2% at constant scope. This is the result of the Group’s 2017 record order intake, in spite of the gradual increase in construction lead times and the impact of nationwide social movements during the last quarter of 2018.

Overall, throughout the 2018 financial year, the B2C and B2B renovation activities continued to enjoy sustained growth, with total sales of €108M, up by 14.8%.

The Group’s operating income reached €36.0M, i.e. 4.5% of sales, against €41.9M in 2017 and reflects contrasting factors according to the activity.

The Group’s home building activity performed well with operating income up by 2.7% reaching €38M.

As announced, structural factors weighed on the profitability of the renovation activity:

– Temporary production delays in the B2B activity linked to strong growth;

– Strengthening of teams;

– A drop in the relative gross margin linked to the repositioning of the activity on larger-scale projects.

The operating income of the renovation business was thus -€0.9M against 4.0 M€ the previous year with, however, a rebound during the second half.

Moreover, during the year, the Group created HIBANA, a real estate development company, requiring a sustained rhythm of investments in terms of recruitment and overheads.

The 2018 net margin reached €24.6M against €28.5M in 2017, with net profitability at 3.1%.


Strengthened financial foundations

At December 31st, 2018, the financial structure remains very strong, with shareholders’ equity (Group share) reaching €183.6M, cash assets of €117.4M and debt of €65.3M. Thus, cash net of debt improved by €12,6M in one year and reached €52.1M at the end of 2018.


Dividend for the 2018 financial year

The Board of Directors will propose the payment of a dividend of €1.5 per share at the annual General Meeting to be held on May 16th. The payout will be made on June 13th, 2019.


2019 outlook

Within a market down by 11.3% over the last twelve months (Source Markémétron), impacted by a general downturn in financial support for first-time buyers, the Group’s home building activity outperforms the market and continues to gain market shares.

– Year-to-date order backlog at end of December 2018 represents 7,157 sales, i.e. a turnover of €847.9M (excl. tax), down by only 7.1% in number and 3.6% in value compared to 2017.
After a drop in overall order intake over the first 9 months of 2018 compared to 2017, the 4th quarter showed signs of recovery in terms of sales, up by 2.7% in value. This decline at the end of 2018 should be offset by a speeding up of the processes.

– Over a sliding 3 months period, the Group registered an increase in order intake by 9.1% in value (€198.3M) and 8.9% in number (1,661 sales).

The renovation business continues sustained growth:

– At the end of 2018, the year-to-date order backlog of the B2C renovation activity reached €49.6M, up by 8.7% and confirms a better dynamic over the last quarter, up by 25.5%. The B2B renovation activity shows an increase of 108.6% in its order intake, to €106.6M.

– Over the last sliding 3 months period, order intake for the B2C renovation activity is up by +10,7%. Over the same period, B2B order intake shows an increase of 61.8%.

The real estate development activity, with 3 programs being launched, is developing in synch with our ambitions. The first returns on investment are expected during 2020.

Thus, given the visibility generated by its backlog and considering the level of its production in progress, the Group MAISONS FRANCE CONFORT should register a new year of growth accompanied by a significant improvement in the operating profitability of its renovation activity.

The strategy developed over the past few years to become a housing generalist by developing related growth relays (Services, Renovation, Land development, Real estate development) and through the strengthening of its leading position in home building in France, allow the Group MAISONS FRANCE CONFORT, that is celebrating its 100th anniversary this year, to face the future with serenity and confidence in its medium-term market plan.

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