PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
French Kaufman & Broad posts deep loss in 2008
The listed Kaufman & Broad, France's second largest property developer and builder after Nexity, posted a 15.7% fall in 2008 net revenues to e1.2bn, and a 33% profit slide to e212m, but noted some slight market improvement in recent weeks. The company was badly impacted by the sharp housing market degradation . Its backlog fell 27.5% in value to e863m, while it took 1,150 orders in the last quarter of 2008 - a fall of 43% compared to 4Q07. By the end of February, net financial debt totalled e475m, up from e422m one year earlier. As a result, it renegotiated bank financing. For 2009, the priority will be given to selling programs launched before 2008 and a focus on developing projects with a gross margin of 18% to 20%.