Managed housing: managed housing, or serviced housing, refers to a property complex consisting of housing units (homes or apartments) for residential use and offering a minimum number of services such as a reception, the supply of linen, house cleaning and maintenance, and breakfast. There are several different types of housing in this category: student housing including apartment complexes, mostly furnished studios with a kitchenette located in the vicinity of schools and universities and close to public transportation; tourist accommodation located in high-potential tourist areas offering, in addition to the usual services, amenities such as swimming pools, sports fields, sometimes saunas, steam rooms, jacuzzis and children's clubs; corporate housing as an alternative to traditional hotels, including studios (about 80%) and two-room apartments located in city centers or close to major business hubs with convenient access to everything; and lastly, senior residences (including both assisted and non-assisted living facilities for the elderly) designed to prepare for an aging population and housing people aged 55 and over; their customers include both leaseholders and property owners.

CSR (Corporate Social Responsibility): Corporate Social Responsibility (CSR) is the contribution made by businesses to sustainable development issues. For businesses, this strategy consists in taking into account the social and environmental impacts of their activities and adopting best practices, thus helping to better society and protect the environment. CSR makes it possible to combine economic thinking, social responsibility and environmental responsibility (as defined by the French Ministry of Ecology, Sustainable Development and Energy).

Take-up rate: the take-up rate represents the percentage of a property program's initial inventory that is sold on a monthly basis (sales per month divided by the initial inventory), i.e. net monthly orders divided by the ratio between the opening inventory and the closing inventory, divided by two.

EBIT margin: expressed as a percentage, it corresponds to current operating income, i.e. gross margin less current operating expenses divided by revenue.

Cash assets: this corresponds to cash and cash equivalents on the assets side of the balance sheet, i.e. all available cash (bank balances and cash on hand), investment securities (short-term investments and term deposits) and order balances.

Net cash: this corresponds to "negative" net debt or "negative" net financial debt, which means that the company's balance of available cash and financial investments constituting its "cash assets" is greater than the amount of its gross liabilities (or gross financial debt).

Units: the number of housing units or equivalent housing units (for mixed projects) for a given project. The number of equivalent housing units is calculated as a ratio between the surface area by type (business premises, retail space or offices) and the average surface area of the housing units previously obtained.

Sale-before-completion (VEFA): a sale-before-completion is an agreement whereby the seller transfers its rights to the land and ownership of the existing buildings to the buyer immediately. The future structures will become the buyer's property as and when they are completed: the buyer is required to pay the price of these structures as the works progress. The seller retains the powers of the Project Owner until acceptance of the work.

APPENDICES ? Financial data

Key consolidated data 


                                             Q2      H1      Q2      H1 
In EUR thousands 
                                             2021    2021    2020    2020 
Revenue                                      319,931 605,846 85,750  384,964 
  ? Of which Housing                         271,780 519,122 80,109  352,268 
  ? Of which Commercial                      46,700  82,960  4,819   30,016 
  ? Of which Other                           1,451   3,764   822     2,680 
 
Gross margin                                 55,263  104,676 16,394  73,492 
Gross margin (%)                             17.3%   17.3%   19.1%   19.1% 
EBIT                                         24,034  45,942  -13,079 12,275 
Current operating margin (%)                 7.5%    7.6%    -15.3%  3.2% 
Attributable net income                      10,930  22,732  -11,053 2,145 
Attributable net income per share (EUR/share)* 0.50    1.05    -0.50   0.10

* Based on the number of shares making up the share capital of Kaufman & Broad S.A., i.e. 22,088,023 shares at May 31, 2020 and 21,713,023 shares at May 31, 2021

Consolidated income statement* 


                                           Q2       H1        Q2      H1 
In EUR thousands 
                                           2021     2021      2020    2020 
Revenue                                    319,931  605,846   85,750  384,964 
Cost of sales                              -264,668 (501,169) -69,356 -311,472 
Gross margin                               55,263   104,676   16,394  73,492 
Selling expenses                           -3,183   (7,105)   (4,432) -9,319 
Administrative expenses                    -16,035  (26,462)  -12,205 (25,556) 
Technical and after-sales service expenses -5,260   -10,518   (4,078) (9,465) 
Development and program expenses           (6,750)  -14,648   (8,757) -16,878 
EBIT                                       24,034   45,942    -13,079 12,275 
Other non-recurring income and expenses    0        0         0       0 
Operating income                           24,034   45,942    -13,079 12,275 
Cost of net financial debt                 (3,757)  -5,986    -2,838  -5,416 
Other financial income and expenses        0        0         0       0 
Income tax                                 (4556)   -10,133   5,730   1,058 
Share of income (loss)                     53       762       260     450 
of associates and joint ventures 
Consolidated net income                    15,774   30,586    -9,927  8,366 
Minority interests                         4,844    7,854     1,126   6,221 
Attributable net income                    10,930   22,732    -11,053 2,145

*Not approved by the Board of Directors and unaudited.

Consolidated balance sheet* 


In EUR thousands                                             May 31,   November 30, 
                                                           2021      2020 
ASSETS 
Goodwill                                                   68,661    68,661 
Intangible assets                                          91,107    91,060 
Property, plant and equipment                              5,196     5,977 
IFRS 16 right-of-use assets                                18,794    20,388 
Associates and joint ventures                              10,829    5,767 
Other non-current financial assets                         7,271     7,021 
Deferred tax assets                                        502       502 
Non-current assets                                         202,360   199,376 
Inventory                                                  455,576   378,451 
Accounts receivable                                        434,309   464,977 
Other receivables                                          180,680   183,896 
Cash and cash equivalents                                  197,289   215,192 
Prepaid expenses                                           863       1515 
Current assets                                             1,268,716 1,243,031 
TOTAL ASSETS                                               1,471,076 1,442,407 
 
                                                           May 31,   November 30, 
                                                           2021      2020 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Share capital                                              5,645     5,743 
Additional paid-in capital                                 212,746   220,539 
Attributable net income                                    22,732    40,138 
Attributable shareholders' equity                          241,123   266,420 
Minority interests (balance sheet)                         13,137    8,998 
Shareholders' equity                                       254,260   275,418 
Non-current provisions                                     35,048    39,883 
Non-current financial liabilities (maturing in > 1 year)   149,264   149,008 
IFRS 16 financial lease liabilities (maturing in > 1 year) 11,576    13,368 
Deferred tax liabilities                                   56,464    47,006 
Non-current liabilities                                    252,351   249,265 
Current provisions                                         1,665     2,017 
Other current financial liabilities (maturing in < 1 year) 1,640     3,656 
IFRS 16 financial lease liabilities (maturing in < 1 year) 6,625     6,322 
Accounts payable                                           812,165   759,985 
Other payables                                             141,152   144,697 
Deferred income                                            1,217     1,047 
Current liabilities                                        964,465   917,724 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                 1,471,076 1,442,407

*Not approved by the Board of Directors and unaudited.

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