Nexity 2023 half-year results
MODEL PROVES ROBUST IN
HIGHLY CHALLENGING REAL ESTATE
MARKETSDEBT UNDER
CONTROL, NEW
OUTLOOK FOR 2023
Business activity:
-
New home reservations recorded in France by Nexity down 20% by
volume and 28% by value, with the stronger performance of bulk
sales partly offsetting a slowdown in retail sales
-
Market estimated at less than 100,000 reservations for full-year
2023, versus 124,000 in 2022 (down 34% in Q1 2023)1
Half-year financial results:
-
Revenue up 4% compared with H1 20222
-
Operating profit of €82m, showing a limited decline in a very
challenging market
-
Net debt under control: debt ratio moderate, at 2.5x EBITDA3,
substantially below bank covenant limits
-
No significant repayments due before 2025 – Undrawn €520m credit
facility
Revised outlook for 20234
:
-
Expected 2023 revenue of €4.3 billion (excluding international
business), with operating profit of €250m
-
Priority focus on controlling net debt and cash to maintain the
Group’s agility
-
Dividend payable in 2024 will reflect the level of net profit
achieved in 20235
Outlook:
-
Faster implementation of the strategic plan and adaptation to new
priorities thanks to the unique cross-expertise of the Group’s
development and services businesses
-
Uncertainty over how long the unfavourable real estate environment
will last mean the financial targets announced in September 20226
will need to be revised in the course of 2024
VÉRONIQUE BÉDAGUE, CHAIRWOMAN AND CHIEF
EXECUTIVE OFFICER, COMMENTED:
“In the first half of 2023, Nexity once again
proved its strength, reporting slightly higher revenue and a
limited decrease in operating profit in a very challenging
market.The real estate sector is facing a crisis of an intensity
rarely seen before: stubborn inflation; lower solvency for our
individual clients driven by the surge in interest rates, which are
set to continue their rise for some time; and the shift by
institutional investors to asset classes offering higher yields are
all leading us to adapt our management and more rapidly transform
our range of services and solutions.Given the persistently adverse
economic environment, Nexity is revising its outlook for 2023 and
has made specific adjustments to navigate this paradigm shift.
First of all, we are bolstering our operational efficiency, keeping
tighter control over our working capital requirement (WCR) and our
debt, with the recent disposal of our subsidiary in Poland, as
previously announced, which will reduce our debt by €100 million,
together with the disposal of our subsidiary in Portugal, which is
under way. We have also put in place a proactive plan to reduce our
overhead costs. In addition, we are taking a more active approach
to the management of our real estate development commitments, with
the suspension of land bank commitments and by requiring higher
pre-sales rates for our programmes before the land is purchased.The
multiple factors behind the crisis we are currently facing have
raised my confidence in the relevance of our Imagine 2026 strategic
plan, and we are therefore accelerating its implementation. Recent
developments such as our alliance with French retailer Carrefour
and our partnership with TopHat in modular construction show just
how quickly we are moving to become the leader in urban
regeneration. Upcoming initiatives will showcase our comprehensive
range of services and solutions as an global real estate
operator.Backed by the complementary expertise of our Development
and Services businesses, and with a backlog representing 2 years of
revenue from development activities, I am fully confident in our
ability to deliver solid results over the long term.”KEY
FIGURES FOR THE FIRST HALF OF 2023
Business activity – France |
H1 2022 |
H1 2023 |
Change vs H1 2022 |
Reservations: Residential Real Estate |
|
|
|
Volume |
7,639 units |
6,085 units |
-20% |
Value |
€1,756m |
€1,260m |
-28% |
|
|
|
|
|
31 Dec 2022 |
30 Jun 2023 |
Change vs Dec 2022 |
Development backlog |
€6.1bn |
€5.7bn |
-7% |
|
Financial results (in €m) |
H1 2022 |
H1 2023 |
Change vs H1 2022 |
Revenue |
1,964 |
2,043 |
+4% |
Operating profit |
110 |
82 |
-25% |
Operating margin (as % of revenue) |
5.6% |
4.0% |
-160 bps |
Group share of net profit |
54 |
9 |
|
|
31 Dec 2022 |
30 Jun 2023 |
|
Net debt1 |
820 |
1,012 |
|
x EBITDA after lease payments |
2.1x |
2.7x |
|
1 Net debt before lease liabilities
RESIDENTIAL REAL ESTATE
DEVELOPMENT
Business activityNew home
reservations in the period to end-June 2023 totalled 6,085 units
(down 20% relative to end-June 2022), giving revenue of
€1,260 million (down 28%). As expected, in the second quarter
retail sales continued the trend observed in the previous two
quarters, down 41% at end-June 2023 compared with the first half of
2022, due to the rapid rise in interest rates for mortgages, which
affected the solvency of Nexity’s individual clients. However,
Nexity’s robust partnerships it has built up with private and
public landlords translated into substantially higher bulk sales in
the first half (up 16% by volume compared with the first half of
2022).The difference between the change in reservations by volume
and by value was mainly due to the product mix, with a higher
proportion of sales to social housing operators, which accounted
for 42% of all orders in H1 2023.
At end-June 2023, the decrease in supply for
sale (down 7% compared with year-end 2022 at 9,409 units) and the
stability of take-up periods (6.9 months versus 6.8 months at
year-end 2022) reflect the level of control over operational risks.
The Group’s supply for sale is low-risk, with only 35% of supply
under construction and fewer than 100 completed homes in
inventory.
Financial performance
Restated figures (€m) |
H1 2022(1) |
H1 2023 |
2023/2022 Change |
Revenue |
1,381 |
1,370 |
-1% |
Operating profit |
65 |
46 |
-29% |
Margin (as % of revenue) |
4.7% |
3.4% |
-130 bps |
|
31 Dec 2022 |
30 Jun 2023 |
|
Working capital requirement (WCR) |
1,199 |
1,227 |
|
(1) Reclassification of Villes & Projets
(historically classified in Other Activities division) in
Residential Real Estate Development
Revenue in the first half of
2023 saw a slight decline (down 1%) to €1,370 million, due mainly
to the slower pace of signings for notarial deeds of sale. On a
like-for-like basis (excluding Angelotti), revenue to end-June 2023
was down 6% year on year.Operating profit in the
first half of the year was €46 million, 29% lower than the period
to end-June 2022 and representing a margin of 3.4%, down 130 basis
points. This change was due to measures taken to boost sales,
higher construction costs weighing on the budgets of certain
programmes under construction, and the slowdown in business and
postponement of programmes, which has affected the balance of
overhead costs.
The working capital requirement
remained relatively stable (up €28 million), totalling €1.2
billion, thanks to optimised management.
OutlookThe French market for
new homes, which recorded a sharp decline of 34% at end-March 20237
(with retail sales down 39% and bulk sales down 8%), is expected to
show a continued downturn in the second quarter of 2023, in line
with the trend seen in the previous two quarters. The previously
anticipated stabilisation in the second half of 2023 is now far
less likely, given the lack of positive catalysts in the market:
interest rates that are expected to rise further, disappointing
measures announced in the wake of decisions reached by the Conseil
National de la Refondation, and insufficiently relaxed rules
announced by France’s High Council for Financial Stability (HCSF).
According to BPCE, the French new home market could see fewer than
100,000 reservations for 2023 as a whole. However, the stimulus
plan for the real estate sector announced in mid-July by Action
Logement, aimed at acquiring 30,000 new homes from developers,
should boost the market for bulk sales over the coming years.
In the second half of 2023, Nexity’s retail
reservations are expected to continue at the same pace as in the
first half of the year. The Group’s ability to outperform the
market through bulk sales should help it gain market share. Its
backlog of €5.2 billion, which represents almost two years’
revenue, provides good visibility on revenue for 2023.
COMMERCIAL REAL ESTATE
DEVELOPMENT
Business activityWith the
market at a cyclical low and clients still in wait-and-see mode
(according to Knight Frank, investment in France was down 51% in
the first half of 2023), Nexity recorded €27 million in new orders
in the period to end-June 2023.
Financial performance
Restated figures (€m) |
H1 2022 |
H1 2023 |
2023/2022 Change |
Revenue |
161 |
265 |
+65% |
Operating profit |
21 |
23 |
+10% |
Margin (as % of revenue) |
13.0% |
8.7% |
-430 bps |
|
31 Dec 2022 |
30 Jun 2023 |
|
Working capital requirement (WCR) |
123 |
143 |
|
Revenue to end-June 2023 totalled €265 million
(up 65% compared with H1 2022) and operating profit was €23 million
(up 10% compared with H1 2022). This very good performance was due
in particular to the substantial contribution this year of the
green business park in La Garenne-Colombes, which is 65% completed.
The margin returned to a level close to normal levels of business
activity.
Outlook
The outlook for Commercial Real Estate is still
marked by a wait-and-see attitude from investors, and order intake
for Commercial Real Estate should remain limited in 2023. The
progress of major backlog operations (green business park in La
Garenne-Colombes and Reiwa in Saint-Ouen) will ensure revenue
growth in 2023.
Services
Business activityIn the first
half of 2023, the overall portfolio in property management for
individuals, including both condominium and rental management, came
to 820,000 units under management (down slightly). In contrast, the
sales and lettings businesses were hampered by the current
standstill in the rental market (10% fewer property searches in H1
2023 than in H1 2022, which had already seen a very steep
decline8).The Serviced Properties business, on the other hand,
continued to grow, with a 10% increase in square metres of
coworking space under management and occupancy rates still high for
both coworking units (97% at end-June 2023 at mature sites9) and
student residences (97% at end-June 2023).
Financial performance
Restated figures (€m) |
H1 2022 |
H1 2023 |
2023/2022 Change |
Revenue |
421 |
408 |
-3% |
o/w: Property Management |
188 |
187 |
NS |
o/w: Serviced Properties |
102 |
129 |
+27% |
o/w: Distribution |
132 |
92 |
-30% |
Operating profit |
36 |
24 |
-33% |
Margin (as % of revenue) |
8.5% |
5.8% |
-270 bps |
|
31 Dec 2022 |
30 Jun 2023 |
|
Working capital requirement (WCR) |
36 |
(28) |
|
Services revenue to end-June
2023 was down 3% relative to end-June 2022 at €408 million,
with growth in the Serviced Properties business partly offsetting
the decline in the Distribution business, which was affected by the
downturn in the new home market. Excluding Distribution, revenue
grew by 9%.
Revenue from Property
Management activities (for residential and commercial
property) remained stable in the half-year period, at
€187 million, buoyed by strong performance in residential
property management (condominium and rental management), while
sales and lettings continued to be affected by market tensions
(rising interest rates on borrowing, low occupant turnover and
potential buyers adopting a wait-and-see attitude).
Serviced Properties delivered
an upbeat performance, generating revenue of €129 million, up
27% relative to end-June 2022, reflecting growth in the portfolio,
particularly in coworking spaces.
Revenue from Distribution
activities declined (down 30%) as a result of a low number of deeds
signed, due in particular to the rapid acceleration in the pace of
deeds signed at the end of 2022 when the “Pinel” scheme in its
previous form came to an end.
Operating profit for the Services business
totalled €24 million at end-June 2023, down 33% relative to
end-June 2022, mainly due to lower profitability in the
Distribution business, reflecting the downturns in the new home and
brokerage markets. Excluding Distribution, profit was stable.
Outlook
Serviced Properties activities will continue the
profitable growth momentum achieved since 2022, while Distribution
activities will suffer from a less favourable commercial
environment.
ONGOING PURSUIT
OF GROWTH DRIVERS
ALLIANCE WITH
CARREFOUR
Nexity is joining forces with Carrefour to
create development programmes over the next 10 years meeting high
environmental performance standards at 76 sites identified in
France by the retail group, which will feature homes, serviced
residences, offices and shops. 40 sites located in city centres
will be fully renovated and 36 others will be built on shopping
centre car parks or on the outskirts of cities. In all, 800,000
sq.m will be developed, more than 80% of which will be residential
property (12,000 homes, a third of which will be in social and
intermediate housing), and around 150,000 sq.m of retail space.
The land banking company, jointly owned by
Carrefour (80%) and Nexity (20%), is expected to be set up by early
2024 at the latest.
The partnership is the first of its scale
entered into in France. It reflects the Group’s expertise in urban
and regional planning, and will help boost the Group’s range of
solutions in urban regeneration.
PARTNERSHIP WITH TOPHAT, A LEADING
PLAYER IN OFF-SITE MODULAR CONSTRUCTION
On 14 June 2023, Nexity announced that it had
entered into a strategic partnership with TopHat, a leading player
in off-site modular construction, in a bid to accelerate the
development of off-site construction in France, in particular
through factory-built modular off-site construction programmes, and
to expand this type of production in France.
The partnership has two key goals: delivering
high-quality factory-built homes and making modular construction
more widely available in France. TopHat brings its expertise and
its track record in factory-built modular construction, while
Nexity leverages both its experience with prefabricated
construction methods and its large volume of completed programmes
involving off-site construction.
This initiative is in keeping with Nexity’s
Imagine 2026 strategic plan, which aims to offer high-quality,
affordable and low-carbon homes.
NON-FINANCIAL
PERFORMANCE (ESG)
Nexity had its new ambition in terms of climate
and biodiversity approved at the May 2022 Shareholders’ Meeting
through a “Say on Climate” resolution. The aims for its carbon
trajectory include, for the Development business, reducing CO2
emissions per square metre delivered by 42% by 2030 with respect to
2019, representing a level 10% more ambitious than the French 2020
environmental regulation (RE2020), which is already very stringent
in the European context.
On 19 July 2023, Nexity’s Group carbon
trajectory was certified “1.5°C-aligned” by the Science Based
Targets initiative (SBTi)10, the highest possible level to
date.
This recognition shows that the Group’s targets
are aligned with the 1.5°C trajectory under the Paris
Agreement.
Reflecting this ambition, the extent to which
the average of programmes for which building permit applications
were filed in the first half of 2023 outperformed RE2020 standards
(based on 2022 thresholds applicable until end 2024) exceeds
regulatory requirements by 20%, giving an energy performance in
excess of the minimum requirement of +10% set by Nexity.
CONSOLIDATED
RESULTS – OPERATIONAL REPORTING
(in millions of euros) |
|
H1 2022 |
|
H1 2023 |
|
Change 2023/2022 |
Consolidated
revenue |
|
1,964 |
|
2,043 |
|
+4% |
Operating profit |
|
110 |
|
82 |
|
-25% |
% of
revenue |
|
5.6% |
|
4.0% |
|
|
Net financial
income/(expense) |
|
(26) |
|
(44) |
|
+73% |
Income tax |
|
(24) |
|
(12) |
|
|
Share of
profit/(loss) from equity-accounted investments |
|
(1) |
|
(7) |
|
|
Net
profit |
|
59 |
|
18 |
|
-69% |
Non-controlling
interests |
|
(5) |
|
(10) |
|
|
Net profit attributable to equity holders of the parent
company |
|
54 |
|
9 |
|
-84% |
REVENUE
(in millions of euros) |
|
H1 2022(1) |
H1 2023 |
|
Change 2023/2022 |
Development |
|
1,542 |
1,635 |
|
+6% |
Residential Real
Estate Development |
|
1,381 |
1,370 |
|
-1% |
Commercial Real
Estate Development |
|
161 |
265 |
|
+65% |
Services |
|
421 |
408 |
|
-3% |
Property
Management |
|
188 |
187 |
|
NS |
Serviced
Properties |
|
102 |
129 |
|
+27% |
Distribution |
|
132 |
92 |
|
-30% |
Other
Activities |
|
- |
- |
|
NS |
Revenue |
|
1,964 |
2,043 |
|
+4% |
o/w: External growth in Residential Real Estate Development
(Angelotti) |
|
|
74 |
|
|
(1) Reclassification of Villes & Projets (historically
classified in Other Activities division) in Residential Real Estate
Development.
Reported revenue to end-June 2023 came
to €2,043 million, up 4% relative to end-June 2022. On a
like-for-like basis (excluding Angelotti), revenue was stable.
Revenue excluding international business totalled
€1,995 million, compared with €1,938 million in the first
half of 2022, up 3%, which is not representative of the expected
trend over the full year.
Revenue for the Development
business was up 6% year on year to €1,635 million, mainly
driven by the significant revenue generated through major projects
in Commercial Real Estate (the green business park in La
Garenne-Colombes and Nexity’s headquarters in Saint-Ouen). Revenue
from Residential Real Estate Development remained virtually stable
compared with the first half of the previous year (down 1%).
Revenue from Services
contracted slightly (down 3%), with the surge in revenue for the
Serviced Properties business (up 27% compared with H1 2022) not
enough to offset the decline in revenue from Distribution, which
was affected by the downturn in the new home market.
Under IFRS, reported revenue to
end-June 2023 totalled €1,892 million, up 5% relative to 30 June
2022 (€1,800 million) and up 1% on a like-for-like basis. This
figure excludes revenue from joint ventures, in accordance with
IFRS 11, which requires these ventures – proportionately
consolidated in the Group’s operational reporting – to be accounted
for using the equity method. It should be noted that revenue
generated by the development businesses from VEFA off-plan sales
and CPI development contracts is recognised using the
percentage-of-completion method, i.e. on the basis of notarised
sales and pro-rated to reflect the progress of all inventoriable
costs.
OPERATING PROFIT
|
|
H1 2022(1) |
H1 2023 |
|
|
(in millions of euros) |
|
Current operatingprofit |
Margin |
Current operatingprofit |
Margin |
|
|
Development |
|
86 |
5.6% |
69 |
4.2% |
|
|
Residential Real
Estate Development |
|
65 |
4.7% |
46 |
3.4% |
|
|
Commercial Real
Estate Development |
|
21 |
13.0% |
23 |
8.7% |
|
|
Services |
|
36 |
8.5% |
24 |
5.8% |
|
|
Other
Activities |
|
(12) |
N/A |
(11) |
N/A |
|
|
Operating profit |
|
110 |
5.6% |
82 |
4.0% |
|
|
(1) Reclassification of Villes & Projets (historically
classified in Other Activities division) in Residential Real Estate
Development
Operating profit was
€82 million. The decline relative to the first half of
2022 reflects the downturn in Residential Real Estate as well as
the decline in Distribution activities within the Services
business.
OTHER INCOME STATEMENT
ITEMS
The net financial expense
increased by nearly €20 million relative to end-June 2022, mainly
due to rising interest rates, which directly affected borrowing
costs for the Group’s floating-rate debt (which made up 51% of
total debt at end-June 2023), as well as higher finance costs on
lease liabilities in light of growth in the portfolio.
The tax expense (including the
CVAE, a French business value-added tax) amounted to €12 million.
The current effective tax rate (excluding the CVAE) was 29.6% at
end-June 2023 (compared with 28% at year-end 2022).
The Group share of net profit
came to €9 million in H1 2023.
CASH FLOW AND
BALANCE SHEET ITEMS
BALANCE SHEET AND FINANCIAL STRUCTURE |
Nexity’s consolidated
equity (attributable to equity holders of the parent
company) was €1,856 million at end-June 2023 (compared
with €1,974 million at year-end 2022).
The Group’s net debt before lease
liabilities amounted to €1,012 million at end-June 2023
(€912 million after the disposal of the subsidiary in Poland), up
€193 million compared to 2022. By maintaining a rigorous approach
to managing its WCR, the Group has kept net debt under control.
At 30 June 2023, the leverage ratio11 stood at
2.7x EBITDA (2.5x including the impact of the disposal of the
business in Poland).
The ratio calculated in accordance with
contractual provisions set out in credit agreements stood at 2.1x
at 30 June 2023, well below the limits set out in the banking
covenants (3.5x).
(in millions of euros) |
|
31 Dec 2022 |
30 Jun 2023 |
Change 2023/2022 |
Bond issues and
other |
|
976 |
938 |
(38) |
Bank borrowings
and commercial paper |
|
874 |
977 |
+103 |
Net cash and
cash equivalents |
|
(1,030) |
(902) |
+128 |
Net financial debt before lease liabilities |
|
820 |
1,012 |
+193 |
Gross debt consists mainly of fixed-rate debt
(49%), limiting the Group’s exposure to rising interest rates. At
30 June 2023, the average maturity of the Group’s debt remained
high at 2 years and 9 months, with an average cost of borrowing of
2.8%, given the proportion of fixed-rate debt contracted prior to
the 2022 rate increase.
In February 2023, the Group renewed its
corporate credit line for a period of 5 years with an expanded pool
of banks and for an increased amount (€800 million versus €500
million). The Group’s financial position is solid, with total cash
and cash equivalents of more than €900 million, and to date €520
million in confirmed undrawn credit lines.
The increase in net debt over the first half was
mainly due to the moderate increase in the working capital
requirement (WCR) before tax (up €50 million compared with
its level in December 2022), as well as the dividend payment and
advance corporate income tax payments.
WORKING CAPITAL REQUIREMENT
(in millions of euros) |
|
Dec 2022(1) |
H1 2023 |
|
2023/2022 Change |
Development |
|
1,322 |
1,370 |
|
+48 |
Residential
Real Estate Development |
|
1,199 |
1,227 |
|
+28 |
Commercial
Real Estate Development |
|
123 |
143 |
|
+20 |
Services |
|
36 |
(28) |
|
(64) |
Other
Activities |
|
(23) |
42 |
|
+65 |
Total
WCR excluding tax |
|
1,335 |
1,385 |
|
+50 |
Corporate
income tax |
|
(11) |
33 |
|
+44 |
Working capital requirement (WCR) |
|
1,324 |
1,418 |
|
+94 |
(1) Reclassification of Villes & Projets (historically
classified in Other Activities division) in Residential Real Estate
Development
EVENT
SUBSEQUENT TO THE PERIOD-END, 30 JUNE 2023
DISPOSAL OF NEXITY’S SUBSIDIARY IN
POLAND
As part of its decision to discontinue its
business outside France, Nexity announced the sale of 100% of its
development operations in Poland to Polish property developer
Develia.12This sale, for which the price was set at €100 million,
is in line with the timetable set out by Nexity in February 2023
when it announced its full-year results, and will help the Group
reduce its debt level. Approval from the Polish competition
authority (UOKiK) was obtained on 13 July 2023. The final signature
and receipt of funds took place this morning.
FORECAST FOR 2023 AND
OUTLOOK
The ongoing deterioration in the economic
environment (rising interest rates, fewer mortgages approved by
lenders, steep decline in retail sales) and the long timescales
needed to deliver property developments (around 18 months) have
prompted the Group to revise its 2023 targets:
- Expected 2023 revenue of
€4.3 billion (excluding international business),
with operating profit of €250 million13
- A priority focus on controlling net
debt and cash to maintain the Group’s agility
- Dividend payable in 2024 reflecting
the level of net profit in 202314
Consequently, the financial targets announced at
the Investor Day event on 28 September 202215 are suspended and
will be revised in the course of 2024.
Nexity will be stepping up implementation of its
strategic plan, fully borne out by the crisis, and adapting to new
challenges. In light of the growing structural demand for housing,
the need to develop low-carbon sustainable cities and the need for
new uses, the Group is confident that the relevance of its model
will enable it to consolidate during this period of adjustment.
***
FINANCIAL CALENDAR & PRACTICAL
INFORMATION
Q3 2023 revenue and business
activity Wednesday,
25 October 2023 (after market close)
2023 full-year
results Wednesday,
28 February 2024 (after market close)
A conference call will be held
today in French, with simultaneous translation into English, at
6:30 p.m. (Paris time), which can be joined
via the “Finance” section of our website,
https://nexity.group/en/finance, or by calling one of the following
numbers:
|
+33 (0) 1 70 37 71 66 |
- Calling from elsewhere in
Europe
|
+44 (0) 33 0551 0200 |
- Calling from the United States
|
+1 786 697 3501 |
Code: Nexity FR
The presentation accompanying this conference
will be available on the Group’s website from 6:15 p.m. (Paris
time) and may be viewed at the following address: Nexity H1 2023
webcastThe conference call will be available on replay at
www.nexity.group/en/finance from the following day.
Disclaimer: The information,
assumptions and estimates that the Company could reasonably use to
determine its targets are subject to change or modification,
notably due to economic, financial and competitive uncertainties.
Furthermore, it is possible that some of the risks described in
Section 2 of the Universal Registration Document filed with the AMF
under number D.23-0251 on 6 April 2023 could have an impact on
the Group’s operations and the Company’s ability to achieve its
targets. Accordingly, the Company cannot give any assurance as to
whether it will achieve its stated targets, and makes no commitment
or undertaking to update or otherwise revise this information.
Contact:Géraldine Bop – Head of
Financial Communications / +33 (0)6 23 15 40 56 –
investorrelations@nexity.fr
ANNEX:
OPERATIONAL REPORTING
Residential Real Estate Development – Quarterly
reservations
|
|
2021 |
|
2022 |
|
2023 |
Number of units |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
New homes
(France) |
|
3,508 |
4,843 |
4,092 |
7,658 |
|
3,490 |
4,149 |
3,807 |
6,569 |
|
2,811 |
3,274 |
Reservations made directly with Ægide |
|
389 |
348 |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
Total new homes (France) |
|
3,897 |
5,191 |
4,092 |
7,658 |
|
3,490 |
4,149 |
3,807 |
6,569 |
|
2,811 |
3,274 |
Subdivisions |
|
338 |
439 |
367 |
772 |
|
337 |
423 |
219 |
558 |
|
288 |
359 |
Total number of reservations (France) |
|
4,235 |
5,630 |
4,459 |
8,430 |
|
3,827 |
4,572 |
4,026 |
7,127 |
|
3,099 |
3,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2022 |
|
2023 |
Value (€m incl. VAT) |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
New homes
(France) |
|
792 |
1,056 |
845 |
1,447 |
|
764 |
992 |
805 |
1,363 |
|
575 |
685 |
Reservations made directly with Ægide |
|
90 |
85 |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
Total new homes (France) |
|
882 |
1,141 |
845 |
1,447 |
|
764 |
992 |
805 |
1,363 |
|
575 |
685 |
Subdivisions |
|
29 |
42 |
33 |
55 |
|
27 |
37 |
18 |
53 |
|
28 |
28 |
Total amount of reservations (France) |
|
911 |
1,183 |
878 |
1,502 |
|
790 |
1,029 |
824 |
1,416 |
|
604 |
713 |
Residential Real Estate Development – Cumulative
reservations
|
|
2021 |
|
2022 |
|
2023 |
Number of units |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
New homes
(France) |
|
3,508 |
8,351 |
12,443 |
20,101 |
|
3,490 |
7,639 |
11,446 |
18,015 |
|
2,811 |
6,085 |
Reservations made directly with Ægide |
|
389 |
737 |
737 |
737 |
|
- |
- |
- |
- |
|
- |
- |
Total new homes (France) |
|
3,897 |
9,088 |
13,180 |
20,838 |
|
3,490 |
7,639 |
11,446 |
18,015 |
|
2,811 |
6,085 |
Subdivisions |
|
338 |
777 |
1,144 |
1,916 |
|
337 |
760 |
979 |
1,537 |
|
288 |
647 |
Total number of reservations (France) |
|
4,235 |
9,865 |
14,324 |
22,754 |
|
3,827 |
8,399 |
12,425 |
19,552 |
|
3,099 |
6,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2022 |
|
2023 |
Value (€m incl. VAT) |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
New homes
(France) |
|
792 |
1,848 |
2,693 |
4,140 |
|
764 |
1,756 |
2,561 |
3,924 |
|
575 |
1,260 |
Reservations made directly with Ægide |
|
90 |
175 |
175 |
175 |
|
- |
- |
- |
- |
|
- |
- |
Total new homes (France) |
|
882 |
2,023 |
2,868 |
4,315 |
|
764 |
1,756 |
2,561 |
3,924 |
|
575 |
1,260 |
Subdivisions |
|
29 |
71 |
104 |
159 |
|
27 |
64 |
82 |
135 |
|
28 |
56 |
Total amount of reservations (France) |
|
911 |
2,094 |
2,972 |
4,474 |
|
790 |
1,819 |
2,643 |
4,059 |
|
604 |
1,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Breakdown of new home reservations (France) by
client
(number of units) |
H1 2022 |
H1 2023 |
ChangeH1 2023 / H1 2022 |
Homebuyers |
1,513 |
20% |
1,075 |
18% |
-29% |
o/w: - First-time buyers |
1,317 |
17% |
890 |
15% |
-32% |
-
Other homebuyers |
195 |
3% |
185 |
3% |
-5% |
Individual investors |
3,335 |
44% |
1,767 |
29% |
-47% |
Professional landlords |
2,791 |
37% |
3,243 |
53% |
+16% |
o/w: - Institutional investors |
727 |
10% |
693 |
11% |
-5% |
- Social housing operators |
2,064 |
27% |
2,550 |
42% |
+24% |
Total |
7,639 |
100% |
6,085 |
100% |
-20% |
o/w: Reservations made through external growth (Angelotti) |
|
|
124 |
N/A |
N/A |
Backlog
|
|
2021 |
|
2022 |
|
2023 |
(in millions of euros, excluding VAT) |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
Residential Real
Estate Development (France) |
|
5,183 |
5,200 |
5,279 |
5,236 |
|
5,230 |
5,219 |
5,168 |
5,321 |
|
5,225 |
5,168 |
Development
projects undertaken directly by Ægide |
|
242 |
- |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
Commercial Real
Estate Development |
|
1,138 |
1,059 |
1,013 |
974 |
|
935 |
906 |
827 |
779 |
|
659 |
536 |
Total |
|
6,562 |
6,259 |
6,291 |
6,210 |
|
6,165 |
6,125 |
5,995 |
6,100 |
|
5,883 |
5,704 |
Services
|
|
December 2022 |
|
June 2023 |
|
Change |
Property Management for Companies and
Individuals |
|
|
|
|
|
|
Property
Management for Individuals |
|
|
|
|
|
|
- Condominium
management |
|
680,000 |
|
663,000 |
|
-3% |
- Rental
management |
|
160,000 |
|
158,000 |
|
-1% |
Property Management for Companies |
|
|
|
|
|
|
- Assets under
management (in millions of sq.m) |
|
20.0 |
|
19.1 |
|
-4% |
Serviced Properties |
|
|
|
|
|
|
Student residences |
|
|
|
|
|
|
- Number of
residences in operation |
|
131 |
|
130 |
|
-1 |
- Rolling
12-month occupancy rate |
|
97% |
|
97% |
|
- |
Shared office space |
|
|
|
|
|
|
- Floor space
under management (in sq.m) |
|
110,000 |
|
127,000 |
|
+16% |
- Rolling
12-month occupancy rate |
|
85% |
|
82% |
|
-300 bps |
Distribution |
|
June 2022 |
|
June 2023 |
|
Change |
- Total
reservations |
|
2,425 |
|
1,415 |
|
-42% |
- o/w: Reservations on behalf of third parties |
|
1,497 |
|
1,116 |
|
-25% |
Revenue – Quarterly figures
|
2021(1) |
|
2022(1) |
|
2023 |
(in millions of euros) |
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Development |
851 |
827 |
815 |
1,279 |
|
700 |
843 |
775 |
1,448 |
|
701 |
934 |
Residential Real
Estate Development |
656 |
742 |
736 |
1,146 |
|
627 |
754 |
687 |
1,317 |
|
577 |
793 |
Commercial Real
Estate Development |
195 |
85 |
79 |
133 |
|
72 |
89 |
89 |
131 |
|
125 |
140 |
Services |
176 |
209 |
198 |
270 |
|
195 |
226 |
215 |
301 |
|
194 |
214 |
Property
Management |
91 |
94 |
100 |
94 |
|
92 |
96 |
98 |
96 |
|
92 |
95 |
Serviced
Properties |
35 |
35 |
40 |
47 |
|
49 |
53 |
53 |
62 |
|
61 |
68 |
Distribution |
50 |
80 |
58 |
129 |
|
54 |
77 |
64 |
144 |
|
40 |
52 |
Other
Activities |
- |
- |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
Revenue (restated)(2) |
1,028 |
1,036 |
1,013 |
1,549 |
|
895 |
1,069 |
991 |
1,750 |
|
895 |
1,148 |
Revenue from
discontinued operations |
104 |
107 |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
Revenue |
1,132 |
1,143 |
1,013 |
1,549 |
|
895 |
1,069 |
991 |
1,750 |
|
895 |
1,148 |
o/w: External growth in Residential Real Estate (Angelotti) |
- |
- |
- |
- |
|
- |
- |
- |
45 |
|
35 |
39 |
o/w: International |
7 |
11 |
3 |
39 |
|
25 |
1 |
35 |
128 |
|
4 |
43 |
(1) Reclassification of Villes & Projets (historically
classified in Other Activities division) in Residential Real Estate
Development(2) Excluding operations disposed of in 2021 (Century 21
and Ægide-Domitys)
Revenue – Half-year figures
|
|
2021(1) |
|
2022(1) |
|
2023 |
In € million |
|
H1 |
H2 |
FY |
|
H1 |
H2 |
FY |
|
H1 |
Development |
|
1.678 |
2.094 |
3.772 |
|
1.542 |
2.223 |
3.766 |
|
1.635 |
Residential Real
Estate development |
|
1.398 |
1.882 |
3.280 |
|
1.381 |
2.004 |
3.385 |
|
1.370 |
Commmercial Real
Estate development |
|
280 |
212 |
492 |
|
161 |
220 |
380 |
|
265 |
Services |
|
385 |
468 |
853 |
|
421 |
517 |
938 |
|
408 |
Property
management |
|
186 |
194 |
379 |
|
188 |
194 |
382 |
|
187 |
Serviced
properties |
|
70 |
87 |
157 |
|
102 |
115 |
217 |
|
129 |
Distribution |
|
130 |
186 |
316 |
|
132 |
208 |
340 |
|
92 |
Other activities |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Revenue - New scope(2) |
|
2.064 |
2.562 |
4.625 |
|
1.964 |
2.740 |
4.704 |
|
2.043 |
Revenue from
disposed activities |
|
211 |
|
211 |
|
|
|
|
|
|
Revenue |
|
2.275 |
2.562 |
4.837 |
|
1.964 |
2.740 |
4.704 |
|
2.043 |
Incl. External
growth Residential Real Estate development (Angelotti) |
|
|
|
|
|
|
45 |
45 |
|
74 |
Incl. International |
|
19 |
42 |
61 |
|
26 |
163 |
189 |
|
47 |
(1)Reclassification of Villes & Projets (historically
classified in Other Activities division) in Residential Real Estate
Development(2) Excluding operations disposed of in 2021 (Century 21
and Ægide-Domitys)
Current operating profit – Half-year
figures
|
|
2021(1) |
|
2022(1) |
|
2023 |
(in millions of euros) |
|
H1* |
H2 |
12M |
|
H1 |
H2 |
12M |
|
H1 |
Development |
|
126 |
223 |
349 |
|
86 |
240 |
326 |
|
69 |
Residential Real
Estate Development |
|
82 |
208 |
290 |
|
65 |
215 |
280 |
|
46 |
Commercial Real
Estate Development |
|
44 |
15 |
59 |
|
21 |
24 |
45 |
|
23 |
Services |
|
26 |
48 |
74 |
|
36 |
56 |
92 |
|
24 |
Property
Management |
|
11 |
15 |
27 |
|
12 |
17 |
29 |
|
13 |
Serviced
Properties |
|
2 |
7 |
10 |
|
11 |
8 |
19 |
|
10 |
Distribution |
|
12 |
25 |
37 |
|
13 |
31 |
43 |
|
1 |
Other
Activities |
|
(19) |
(33) |
(52) |
|
(12) |
(39) |
(51) |
|
-11 |
Operating profit – New
scope (2) |
|
133 |
238 |
371 |
|
110 |
256 |
367 |
|
82 |
Non-recurring items(2) |
|
41 |
116 |
157 |
|
|
|
|
|
|
Operating profit |
|
174 |
353 |
528 |
|
110 |
256 |
367 |
|
82 |
(1) Reclassification of Villes & Projets (historically
classified in Other Activities division) in Residential Real Estate
Development(2) Excluding operations disposed of in 2021 (Century 21
and Ægide-Domitys) and goodwill impairment* H1 2021 figures
restated following the IFRS IC decision of March 2021 regarding
costs incurred for software in a SaaS arrangement
Consolidated income statement – 30 June
2023
(in millions of euros) |
|
30/06/2023IFRS |
|
Restatementofjoint
ventures |
30/06/2023Operational
reporting |
|
|
30/06/2022Operational
reporting |
Revenue |
|
1,891.6 |
|
151.2 |
2,042.8 |
|
|
1,963.7 |
Operating
expenses |
|
(1,724.4) |
|
(138,6) |
(1,863.0) |
|
|
(1,772.0) |
Dividends
received from equity-accounted investments |
|
5.2 |
|
(5.2) |
- |
|
|
- |
EBITDA |
|
172.4 |
|
7.4 |
179.8 |
|
|
191.7 |
Lease
payments |
|
(69.3) |
|
(0.0) |
(69.3) |
|
|
(63.5) |
EBITDA after lease payments |
|
103.1 |
|
7.4 |
110.5 |
|
|
128.2 |
Restatement of
lease payments |
|
69.3 |
|
0.0 |
69.3 |
|
|
63.5 |
Depreciation of
right-of-use assets |
|
(74.9) |
|
(0.0) |
(74.9) |
|
|
(63.0) |
Depreciation,
amortisation and impairment of non-current assets |
|
(20.6) |
|
0.0 |
(20.6) |
|
|
(16.6) |
Net change in
provisions |
|
2.4 |
|
0.3 |
2.6 |
|
|
4.1 |
Share-based
payments |
|
(4.8) |
|
- |
(4.8) |
|
|
(6.1) |
Dividends
received from equity-accounted investments |
|
(5.2) |
|
5.2 |
|
|
|
|
Current operating profit |
|
69.4 |
|
12.9 |
82.3 |
|
|
110.1 |
Non-current
operating profit |
|
- |
|
- |
- |
|
|
- |
Operating profit |
|
69.4 |
|
12.9 |
82.3 |
|
|
110.1 |
Share of net
profit from equity-accounted investments |
|
7.3 |
|
(7.3) |
|
|
|
|
Operating profit after share of net profit from equity-accounted
investments |
|
76.6 |
|
5.6 |
82.3 |
|
|
110.1 |
Cost of net
financial debt |
|
(23.1) |
|
(3.2) |
(26.2) |
|
|
(15.3) |
Other financial
income/(expenses) |
|
(5.6) |
|
(0.1) |
(5.7) |
|
|
(2.2) |
Interest expense
on lease liabilities |
|
(12.4) |
|
- |
(12.4) |
|
|
(8.1) |
Net financial income/(expense) |
|
(41.1) |
|
(3.3) |
(44.4) |
|
|
(25.6) |
Pre-tax recurring profit |
|
35.6 |
|
2.3 |
37.9 |
|
|
84.5 |
Income tax |
|
(10.0) |
|
(2.3) |
(12.4) |
|
|
(24.4) |
Share of
profit/(loss) from other equity-accounted investments |
|
(7.5) |
|
- |
(7.5) |
|
|
(1.0) |
Consolidated net profit |
|
18.1 |
|
(0.0) |
18.1 |
|
|
59.0 |
o/w: Attributable to non-controlling interests |
|
9.5 |
|
- |
9.5 |
|
|
4.9 |
|
|
|
|
|
|
|
|
|
o/w: Attributable to equity holders of the parent
company |
|
8.6 |
|
(0.0) |
8.6 |
|
|
54.2 |
(in euros) |
|
|
|
|
|
|
|
|
Net earnings per share |
|
0.15 |
|
|
0.15 |
|
|
0.98 |
Simplified consolidated statement of financial position
– 30 June 2023
ASSETS(in millions of euros) |
|
30/06/2023IFRS |
|
Restatementofjoint
ventures |
|
30/06/2023Operational
reporting |
|
31/12/2022Operational
reporting |
Goodwill |
|
1,399.0 |
|
- |
|
1,399.0 |
|
1,397.7 |
Other
non-current assets |
|
1,049.9 |
|
0.2 |
|
1,050.1 |
|
1,004.3 |
Equity-accounted
investments |
|
104.0 |
|
(56.5) |
|
47.5 |
|
55.2 |
Total non-current assets |
|
2,552.9 |
|
(56.2) |
|
2,496.7 |
|
2,457.3 |
Net WCR |
|
1,208.0 |
|
209.6 |
|
1,417.6 |
|
1,323.7 |
Net assets held
for sale |
|
46.9 |
|
|
|
46.9 |
|
45.0 |
Total assets |
|
3,807.8 |
|
153.4 |
|
3,961.2 |
|
3,826.0 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY(in millions of euros) |
|
30/06/2023IFRS |
|
Restatementofjoint
ventures |
|
30/06/2023Operational
reporting |
|
31/12/2022Operational
reporting |
Share capital and reserves |
|
1,847.1 |
|
- |
|
1,847.1 |
|
1,786.3 |
Net profit for the period |
|
8.6 |
|
- |
|
8.6 |
|
187.8 |
Equity attributable to equity holders of the parent company |
|
1,855.6 |
|
- |
|
1,855.6 |
|
1,974.1 |
Non-controlling interests |
|
69.0 |
|
- |
|
69.0 |
|
61.6 |
Total equity |
|
1,924.6 |
|
- |
|
1,924.6 |
|
2,035.7 |
Net debt |
|
1,709.0 |
|
142.7 |
|
1,851.7 |
|
1,598.8 |
Provisions |
|
94.1 |
|
1.5 |
|
95.6 |
|
99.6 |
Net deferred tax |
|
80.1 |
|
9.1 |
|
89.3 |
|
91.9 |
Total liabilities and equity |
|
3,807.8 |
|
153.4 |
|
3,961.2 |
|
3,826.0 |
Net debt – 30 June 2023
(in millions of euros) |
30/06/2023IFRS |
Restatement of joint
ventures |
30/06/2023
Operationalreporting |
|
31/12/2022
Operationalreporting |
Bond issues
(incl. accrued interest and arrangement fees) |
815.5 |
- |
815.5 |
|
811.6 |
Put options
granted to minority shareholders |
122.2 |
- |
122.2 |
|
164.5 |
Loans and
borrowings |
891.3 |
86.4 |
977.7 |
|
875.2 |
Loans and borrowings |
1,828.9 |
86.4 |
1,915.4 |
|
1,851.4 |
|
|
|
|
|
|
Other financial receivables and payables |
(271.2) |
179.5 |
(91.7) |
|
(65.9) |
|
|
|
|
|
|
Cash and cash
equivalents |
(725.5) |
(150.0) |
(875.5) |
|
(1,064.9) |
Bank overdraft facilities |
37.3 |
26.8 |
64.1 |
|
99.2 |
Net cash and cash equivalents |
(688.2) |
(123.2) |
(811.4) |
|
(965.7) |
|
|
|
|
|
|
Total net financial debt before lease
liabilities |
869.6 |
142.7 |
1,012.3 |
|
819.7 |
|
|
|
|
|
|
Lease liabilities |
839.4 |
- |
839.4 |
|
779.0 |
|
|
|
|
|
|
Total net debt |
1,709.0 |
142.7 |
1,851.7 |
|
1,598.8 |
Simplified statement of cash flows – 30 June
2023
(in millions of euros) |
30/06/2023IFRS(6-month
period) |
Restatement of joint
ventures |
30/06/2023Operationalreporting |
|
30/06/2022Operationalreporting |
Consolidated net profit |
18.1 |
0.0 |
18.1 |
|
59.0 |
Elimination of
non-cash income and expenses |
92.7 |
7.0 |
99.7 |
|
81.7 |
Cash flow from operating activities after interest and tax
expenses |
110.8 |
7.0 |
117.8 |
|
140.8 |
Elimination of
net interest expense/(income) |
35.5 |
3.2 |
38.7 |
|
23.4 |
Elimination of
tax expense, including deferred tax |
10.0 |
2.3 |
12.3 |
|
24.2 |
Cash flow from operating activities before interest and tax
expenses |
156.3 |
12.4 |
168.8 |
|
188.3 |
Repayment of
lease liabilities |
(69.3) |
- |
(69.3) |
|
(63.5) |
Cash flow from operating activities after lease payments but before
interest and tax expenses |
87.0 |
12.4 |
99.5 |
- |
124.8 |
Change in
operating working capital requirement |
(89.9) |
39.3 |
(50.6) |
|
(195.9) |
Dividends
received from equity-accounted investments |
5.2 |
(5.2) |
- |
|
- |
Interest
paid |
(17.1) |
(2.8) |
(19.9) |
|
(8.8) |
Tax paid |
(53.8) |
(0.6) |
(54.4) |
|
(27.6) |
Net cash from/(used in) operating activities |
(68.6) |
43.1 |
(25.5) |
|
(107.4) |
Net cash
from/(used in) net operating investments |
(27.9) |
- |
(27.9) |
|
(28.9) |
Free cash flow |
(96.5) |
43.1 |
(53.3) |
|
(136.4) |
(Acquisitions)/Disposals of subsidiaries and other changes in
scope |
(0.9) |
- |
(0.9) |
|
(2.9) |
Reclassification
in accordance with IFRS 5 |
5.0 |
- |
5.0 |
|
- |
Other net
financial investments |
2.4 |
0.0 |
2.5 |
|
(3.8) |
Net cash from/(used in) investing activities |
6.5 |
0.0 |
6.5 |
|
(6.7) |
Dividends paid
to equity holders of the parent company |
(137.8) |
- |
(137.8) |
|
(138.1) |
Other payments
(to)/from minority shareholders |
(1.2) |
- |
(1.2) |
|
0.2 |
Net
disposal/(acquisition) of treasury shares |
1.2 |
|
1.2 |
|
(1.5) |
Change in
financial receivables and payables (net) |
54.7 |
(24.2) |
30.5 |
|
22.8 |
Net cash from/(used in) financing activities |
(83.2) |
(24.1) |
(107.3) |
|
(116.6) |
Impact of
changes in foreign currency exchange rates |
0.0 |
(0.2) |
(0.1) |
|
0.2 |
Change in cash and cash equivalents |
(173.1) |
18.9 |
(154.3) |
|
(259.4) |
Capital employed
(in millions of euros) |
|
|
|
|
H1 2023 |
|
|
Total (excl. right-of-use assets) |
Total (incl. right-of-use assets) |
|
Non-current assets |
|
Right-of-use assets |
|
WCR |
|
Goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
Development |
|
1,453 |
1,505 |
|
75 |
|
52 |
|
1,378 |
|
|
Services |
|
88 |
769 |
|
117 |
|
680 |
|
(29) |
|
|
Other Activities
and not attributable |
|
1,525 |
1,552 |
|
58 |
|
26 |
|
68 |
|
1,399 |
Group capital employed |
|
3,067 |
3,825 |
|
250 |
|
758 |
|
1,418 |
|
1,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
|
|
|
2022 |
|
|
Total (excl. right-of-use assets) |
Total (incl. right-of-use assets) |
|
Non-current assets |
|
Right-of-use assets |
|
WCR |
|
Goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
Development |
|
1,330 |
1,379 |
|
41 |
|
49 |
|
1,289 |
|
|
Services |
|
159 |
795 |
|
124 |
|
636 |
|
35 |
|
|
Other Activities
and not attributable |
|
1,484 |
1,515 |
|
87 |
|
31 |
|
0 |
|
1,398 |
Group capital employed |
|
2,973 |
3,689 |
|
252 |
|
716 |
|
1,324 |
|
1,398 |
ANNEX:
IFRS
Consolidated income statement – 30 June
2023
(in millions of euros) |
|
30/06/2023IFRS |
|
30/06/2022IFRS |
Revenue |
|
1,891.6 |
|
1,800.2 |
Operating
expenses |
|
(1,724.4) |
|
(1,623.6) |
Dividends
received from equity-accounted investments |
|
5.2 |
|
2.2 |
EBITDA |
|
172.4 |
|
178.8 |
Lease
payments |
|
(69.3) |
|
(63.5) |
EBITDA after lease payments |
|
103.1 |
|
115.3 |
Restatement of
lease payments* |
|
69.3 |
|
63.5 |
Depreciation of
right-of-use assets |
|
(74.9) |
|
(63.0) |
Depreciation,
amortisation and impairment of non-current assets |
|
(20.6) |
|
(16.6) |
Net change in
provisions |
|
2.4 |
|
4.0 |
Share-based
payments |
|
(4.8) |
|
(6.1) |
Dividends
received from equity-accounted investments |
|
(5.2) |
|
(2.2) |
Current operating profit |
|
69.4 |
|
94.9 |
Capital gains on
disposal |
|
- |
|
- |
Operating profit |
|
69.4 |
|
94.9 |
Share of net
profit from equity-accounted investments |
|
7.3 |
|
9.8 |
Operating profit after share of net profit from equity-accounted
investments |
|
76.6 |
|
104.7 |
Cost of net
financial debt |
|
(23.1) |
|
(14.1) |
Other financial
income/(expenses) |
|
(5.6) |
|
(2.0) |
Interest expense
on lease liabilities |
|
(12.4) |
|
(8.1) |
Net financial income/(expense) |
|
(41.1) |
|
(24.2) |
Pre-tax recurring profit |
|
35.6 |
|
80.5 |
Income tax |
|
(10.0) |
|
(20.5) |
Share of
profit/(loss) from other equity-accounted investments |
|
(7.5) |
|
(1.0) |
Consolidated net profit |
|
18.1 |
|
59.0 |
o/w: Attributable to non-controlling interests |
|
9.5 |
|
4.9 |
|
|
|
|
|
o/w: Attributable to equity holders of the parent
company |
|
8.6 |
|
54.2 |
(in euros) |
|
|
|
|
Net earnings per share |
|
0.15 |
|
0.98 |
Simplified consolidated statement of
financial position – 30 June 2023
ASSETS(in millions of euros) |
|
30/06/2023IFRS |
|
31/12/2022IFRS |
Goodwill |
|
1,399.0 |
|
1,397.7 |
Other
non-current assets |
|
1,049.9 |
|
1,004.1 |
Equity-accounted
investments |
|
104.0 |
|
109.3 |
Total non-current assets |
|
2,552.9 |
|
2,511.1 |
Net WCR |
|
1,208.0 |
|
1,073.4 |
Net assets held
for sale |
|
46.9 |
|
45.0 |
Total assets |
|
3,807.8 |
|
3,629.5 |
|
|
|
|
|
LIABILITIES AND EQUITY(in millions of euros) |
|
30/06/2023IFRS |
|
31/12/2022IFRS |
Share capital and reserves |
|
1,847.1 |
|
1,786.3 |
Net profit for the period |
|
8.6 |
|
187.8 |
Equity attributable to equity holders of the parent company |
|
1,855.6 |
|
1,974.1 |
Non-controlling interests |
|
69.0 |
|
61.6 |
Total equity |
|
1,924.6 |
|
2,035.7 |
Net debt |
|
1,709.0 |
|
1,413.0 |
Provisions |
|
94.1 |
|
97.8 |
Net deferred tax |
|
80.1 |
|
83.0 |
Total liabilities and equity |
|
3,807.8 |
|
3,629.5 |
Consolidated net debt – 30 June
2023
(in millions of euros) |
|
30/06/2023IFRS |
|
31/12/2022IFRS |
Bond issues
(incl. accrued interest and arrangement fees) |
|
815.5 |
|
811.6 |
Put options
granted to minority shareholders |
|
122.2 |
|
164.5 |
Loans and
borrowings |
|
891.3 |
|
782.5 |
Loans and borrowings |
|
1,828.9 |
|
1,758.6 |
|
|
|
|
|
Other financial receivables and payables |
|
(271.2) |
|
(263.4) |
|
|
|
|
|
Cash and cash
equivalents |
|
(725.5) |
|
(898.0) |
Bank overdraft facilities |
|
37.3 |
|
36.7 |
Net cash and cash equivalents |
|
(688.2) |
|
(861.3) |
|
|
|
|
|
Total net financial debt before lease
liabilities |
|
869.6 |
|
633.9 |
|
|
|
|
|
Lease liabilities |
|
839.4 |
|
779.0 |
|
|
|
|
|
Total net debt |
|
1,709.0 |
|
1,413.0 |
Simplified statement of cash flows – 30
June 2023
(in millions of euros) |
30/06/2023IFRS |
|
30/06/2022IFRS |
Consolidated net profit |
18.1 |
|
59.0 |
Elimination of
non-cash income and expenses |
92.7 |
|
72.1 |
Cash flow from operating activities after interest and tax
expenses |
110.8 |
|
131.1 |
Elimination of
net interest expense/(income) |
35.5 |
|
22.2 |
Elimination of
tax expense, including deferred tax |
10.0 |
|
20.2 |
Cash flow from operating activities before interest and tax
expenses |
156.3 |
|
173.5 |
Repayment of
lease liabilities |
(69.3) |
|
(63.5) |
Cash flow from operating activities after lease payments but before
interest and tax expenses |
87.0 |
|
110.1 |
Change in
operating working capital requirement |
(89.9) |
|
(200.3) |
Dividends
received from equity-accounted investments |
5.2 |
|
2.2 |
Interest
paid |
(17.1) |
|
(7.7) |
Tax paid |
(53.8) |
|
(26.2) |
Net cash from/(used in) operating activities |
(68.6) |
|
(122.0) |
Net cash
from/(used in) net operating investments |
(27.9) |
|
(28.9) |
Free cash flow |
(96.5) |
|
(151.0) |
Acquisitions of
subsidiaries and other changes in scope |
(0.9) |
|
(2.8) |
Reclassification
in accordance with IFRS 5 |
5.0 |
|
- |
Other net
financial investments |
2.4 |
|
(3.7) |
Net cash from/(used in) investing activities |
6.5 |
|
(6.5) |
Dividends paid
to equity holders of the parent company |
(137.8) |
|
(138.1) |
Other payments
(to)/from minority shareholders |
(1.2) |
|
0.2 |
Net
disposal/(acquisition) of treasury shares |
1.2 |
|
(1.5) |
Change in
financial receivables and payables (net) |
54.7 |
|
18.3 |
Net cash from/(used in) financing activities |
(83.2) |
|
(121.2) |
Impact of
changes in foreign currency exchange rates |
0.0 |
|
0.2 |
Change in cash and cash equivalents |
(173.1) |
|
(278.5) |
GLOSSARY
Absorption rate: Available
market supply compared to reservations for the last 12 months,
expressed in months, for the new homes business in France.
Business potential: The total
volume of potential business at any given moment, expressed as a
number of units and/or revenue excluding VAT, within future
projects in Residential Real Estate Development (new homes,
subdivisions and international) as well as Commercial Real Estate
Development, validated by the Group’s Committee, in all structuring
phases, including the programmes of the Group’s urban regeneration
business (Villes & Projets); this business potential includes
the Group’s current supply for sale, its future supply (project
phases not yet marketed on purchased land, and projects not yet
launched associated with land secured through options).
Current operating profit:
Includes all operating profit items with the exception of items
resulting from unusual, abnormal and infrequently occurring
transactions. In particular, impairment of goodwill is not included
in current operating profit.
Development backlog (or order
book): The Group’s already secured future revenue,
expressed in euros, for its real estate development businesses
(Residential Real Estate Development and Commercial Real Estate
Development). The backlog includes reservations for which notarial
deeds of sale have not yet been signed and the portion of revenue
remaining to be generated on units for which notarial deeds of sale
have already been signed (portion remaining to be built).
EBITDA: Defined by Nexity as
equal to current operating profit before depreciation, amortisation
and impairment of non-current assets, net changes in provisions,
share-based payment expenses and the transfer from inventory of
borrowing costs directly attributable to property developments,
plus dividends received from equity-accounted investees whose
operations are an extension of the Group’s business. Depreciation
and amortisation includes right-of-use assets calculated in
accordance with IFRS 16, together with the impact of neutralising
internal margins on disposal of an asset by development companies,
followed by take-up of a lease by a Group company.
EBITDA after lease payments:
EBITDA net of expenses recorded for lease payments that are
restated to reflect the application of IFRS 16 Leases.
Free cash flow: Cash generated
by operating activities after taking into account tax paid,
financial expenses, repayment of lease liabilities, changes in WCR,
dividends received from companies accounted for under the equity
method and net investments in operating assets.
Joint ventures: Entities over
whose activities the Group has joint control, established by
contractual agreement. Most joint ventures are property
developments (Residential Real Estate Development and Commercial
Real Estate Development) undertaken with another developer
(co-developments).
Land bank: The amount
corresponding to acquired land development rights for projects in
France carried out before obtaining a building permit or, in some
cases, planning permissions.
Market share for new homes in
France: Number of reservations made by Nexity (retail and
bulk sales) divided by the number of reservations (retail and bulk
sales) reported by the French Federation of Real Estate Developers
(FPI).
Net profit before non-recurring
items: Group share of net profit restated for
non-recurring items such as change in fair value adjustments in
respect of the ORNANE bond issue and items included in non-current
operating profit (disposal of significant operations, any goodwill
impairment losses, remeasurement of equity-accounted investments
following the assumption of control).
Operational reporting:
According to IFRS but with joint ventures proportionately
consolidated. This presentation is used by management as it better
reflects the economic reality of the Group’s business
activities.
Order intake – Commercial Real Estate
Development: The total of selling prices excluding VAT as
stated in definitive agreements for Commercial Real Estate
Development projects, expressed in euros for a given period
(notarial deeds of sale or development contracts).
Pipeline: Sum of backlog and
business potential; may be expressed in months or years of revenue
(as for backlog and business potential) based on revenue for the
previous 12-month period.
Property Management: Management
of residential properties (rentals, brokerage), common areas of
apartment buildings (as managing agent on behalf of condominium
owners), commercial properties, and services provided to users.
Reservations by value (or expected
revenue from reservations) – Residential Real Estate: The
net total of selling prices including VAT as stated in reservation
agreements for development programmes, expressed in euros for a
given period, after deducting all reservations cancelled during the
period.
Revenue: Revenue generated by
the development businesses from VEFA off-plan sales and CPI
development contracts is recognised using the
percentage-of-completion method, i.e. on the basis of notarised
sales and pro-rated to reflect the progress of all inventoriable
costs.
Serviced Properties: Operation
of student residences and flexible workspaces.
1 Source: BPCE for full-year 2023 market estimate and French
Federation of Real Estate Developers (FPI) – 25 May 2023 for data
at 31 March 20232 Stable on a like-for-like basis (excluding
Angelotti)3 EBITDA after lease payments – Ratio following disposal
of Nexity’s subsidiary in Poland (see “Subsequent events” section
of this press release)4 Previous guidance announced on 22 February
2023: revenue in excess of €4.5bn (stable excluding International
business) and operating profit in excess of €300m 5 Subject to the
approval by the Shareholders’Meeting on 23 May 20246 Previous
financial targets announced on 28 September 2022: >20% market
share in Residential Real Estate by 2030; >€6bn in revenue and
>€500m in current operating profit by 2026; Group debt under
control: leverage ratio <2.5x EBITDA (2022-2026); Dividend
≥€2.50 per share for each financial year over the 2022-2026
period 7 Source: French Federation of Real Estate Developers
(FPI), 25 May 2023 – Data at 31 March 20238 Source: Bien’ici9 Sites
open for more than 12 months10 Information to be published on
SBTi’s website on 24 August 202311 Net debt / EBITDA after lease
payments12 See press release published by Nexity on 1 June 2023 and
available on the Company’s website13 Previous guidance announced on
22 February 2023: 2023 revenue in excess of €4.5 billion, stable
relative to 2022 excluding International business, and operating
profit in excess of €300 million.14 Subject to the approval by
the Shareholders’Meeting on 23 May 202415 Previous financial
targets announced on 28 September 2022: >20% market share in
Residential Real Estate by 2030; >€6bn in revenue and >€500m
in current operating profit by 2026; Group debt under control:
leverage ratio <2.5x EBITDA (2022-2026); Dividend ≥€2.50 per
share for each financial year over the 2022-2026 period
- PR H1 2023_V26072023_ENG_clean
Nexity (EU:NXI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Nexity (EU:NXI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024