MAISONS FRANCE CONFORT

Profitable growth dynamic confirmed in 1st half-year

Maisons France Confort’s growth strategy, combining organic and external growth, once again demonstrates its whole significance with:

• sales of €250.6 million, an increase of 17.4%, 13.3% of which on a like-for-like basis, the balance provided by PCA Maisons and Maisons MILLOT, which were acquired on 1 October 2006 and 1 April 2007 respectively;
• operating income of €18.2 million, which rose quicker than sales, an increase of 19%, despite significant commercial investments undertaken in the half-year;
• net profitability that remained high at 4.9% of sales.

Acquisition of the Morel Constructions group

Maisons France Confort acquired, on 26 September 2007, the whole capital of the Morel Constructions group, which will take effect on 1 October 2007.

Builder of single-family homes, present in Loire Atlantique and Vendée, with 7 branches, the company has 3 brands: Maisons Tradiligne (high-end positioning), Maisons Aquarelle (medium range) and Maison Nature Habitat (mixed wood and brick framing).

Founded 30 years ago, Morel Constructions has a high standing and records excellent performances. 2007 sales will amount to around €17 million for net income of above €800 thousand. As at 30.09.07, shareholders’ equity will be around €2 million and the groups cash position will amount to around €2 million.

The current chief executive, Mr Bertrand Morel, will keep his position in the subsidiary.

This new external growth enables Maisons France Confort to consolidate its presence in Loire Atlantique and establish a strong presence in Vendée, leading department in France in terms of numbers of houses built.

With two new acquisitions in the period, Maisons France Confort affirms itself as the major pole for mergers in the single-home sector.

2007 and 2008, continuing growth

For the 2007 financial year, Maisons France Confort confirms its forecasts with like-for-like sales (without PCA and Morel Constructions) that will be above €475 million and the maintenance of excellent profitability.

For 2008, the outlook is good and without risk. Thanks to the group’s high visibility (18 months), Maisons France Confort already anticipates growth in the order of 10%, with the objective of improving profitability.

The group’s confidence in reaching this objective is based on:

• Strong organic growth, which is already assured both by signed orders in 2007 (order taking amounts to €390 million, excluding tax, as at 31/08) and by additional commercial means (24 new branches will be opened in 2007).
• Continuation of the external growth policy, as much at the level of the parent company as at the level of subsidiaries.
• Continuation of the increasing power of new ranges (Maison OPEN & Maison Performance).
• A market of single-build houses that remains buoyant.

Next press release: 3rd quarter 2007 Sales, 8 November after stock exchange.

About Maisons France Confort:

Founded in 1919, Maisons France Confort is the oldest builder of single-family homes in France and the second largest builder of single-family homes on individual plots. The Group operates in 19 regions in France, with 214 sales offices and 36 model homes.
Staff size at 30 June 2007: 1,093 people.

Maisons France Confort is listed on the Eurolist market - Compartment B - of the EuronextTM stock exchange in Paris.

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