Nexity: With its refocused service platform and strengthened
financial structure, Nexity returns to pre-Covid profitability
levels
2021
First-Half
Results Paris,
July 27, 2021, 5:45 p.m. CEST
With its
refocused service
platform and strengthened
financial
structure,
Nexity
returns to
pre-Covid profitability
levels
- Strategic review process
completed, with the disposals of Ægide-Domitys and Century
21
- Service platform refocused on
services maximizing value creation through
cross-business synergies
- Impact of €206m on net income
(including capital gains) and €412m on net debt reduction
- Business activity highly
resilient despite current context of supply shortage
- 9,088 new home reservations in
France (stable in value terms, down 4% by volume), with a strong
recovery in retail sales
- Target of around 20,000
reservations in 2021 confirmed
- Financial performance
reflecting the profitable growth model of
Nexity’s service
platform
- Revenue of €2,063m on the new
scope1 excluding disposed activities (+34% from 2020, +26% from
2019)
- Current operating profit doubling
to €136m on the new scope
- 2021 targets confirmed and
expressed in terms of the new scope
- Revenue of over
€4.4bn excluding the contribution of disposed
activities, at least equal to 2020 on the new
scope
- Current operating profit of over
€360m on the new scope, equating to an operating
margin above 8%
Key figures for the
first-half
2021
BUSINESS ACTIVITY |
FINANCIAL RESULTS |
|
H1 2021 |
Change |
NEW SCOPE1 (€ m) |
H1 2021 |
H1 2020 |
H1 2019 |
21 vs 20 |
21 vs 19 |
New home reservations France |
|
vs. H1 20 |
Revenue |
2,063 |
1,537 |
1,643 |
+34% |
+26% |
Volume |
9,088 units |
-4% |
Operating profit |
136 |
66 |
112 |
x 2 |
+21% |
Value |
€2,023m |
0% |
Operating margin |
6.6% |
4.3% |
6.8% |
|
|
Commercial Real Estate |
|
|
Net income, Group share |
77 |
23 |
49 |
x 3 |
+59% |
Order intake |
€307m |
|
Net margin |
3.7% |
1.5% |
3.0% |
|
|
|
|
|
REPORTED DATA (m€) |
jun-21 |
dec-20 |
dec-19 |
|
|
Development outlook |
|
vs. Dec-20 |
Net Debt2 |
690 |
655 |
918 |
|
|
Backlog |
€6,563m |
Stable |
x EBITDA3 (12 months) |
1.7x |
1.9x |
2.3x |
|
|
1 The new scope of consolidation corresponds to the scope of
business excluding the contribution of disposed activities (Century
21 and Ægide-Domitys) and capital gains. Disposed activities have
been consolidated until March 31 for Century 21 and until June 30
for Ægide-Domitys. In H1 2019, disposed activities include Guy
Hoquet l’Immobilier.2 Net debt before lease liabilities and IFRS 5
/ 3 EBITDA after lease payments
Véronique
Bedague, Chief Executive Officer,
commented:
“Following the 2020 pandemic crisis and its
ongoing consequences, the first-half of 2021 has been a period of
intense construction for Nexity including an evolution of its
governance framework, the reshuffling of its Executive Committee,
the strategic refocus of its portfolio on core activities and
unique commitments in – unrivalled in the real estate development
sector – to drastically cut its carbon footprint. We are now in
great shape to step up the pace of our transformation in order to
best serve our clients to support ongoing changes in their business
and reinvent the way we live together in the cities of
tomorrow.
Our integrated real estate operator model has
demonstrated its strength and resilience in this first-half, still
marked by the pandemic and continuing challenges in our
environment. Amid lengthening of building permit time and rising
construction costs, our highly engaged teams and our diverse range
of residential real estate development products
kept our commercial activity up at healthy levels, and we continued
to adapt our offering to meet growing demand from institutional
customers. As a result, we have reported a higher current operating
profit than in the first-half 2019. In commercial real
estate, we achieved a creditable financial performance
given the quality of the sales in the backlog; and the range of
services that we can now offer our corporate customers, combining
our expertise in development with service solutions for workspaces
that are either shared, or totally transformed. The launch of
Nexity@work puts us at the forefront of efforts to meet the latest
types of user needs now emerging for flexible and hybrid spaces.
Lastly, our service platform, now refocused
following the disposals of the Ægide-Domitys senior residences and
the Century 21 franchise network, has returned to a growth rate of
close to 10% relative to 2019. The platform’s profitability has
bounced back sharply compared to the first-half 2020, and the
transformation plan focused on quality of customer relationships
and leadership in energy renovation will keep us on this profitable
growth trajectory.
Nexity confirms all of its targets for 2021,
provided there are no further lockdowns in the second half of the
year and despite the uncertainties of the economic environment. We
are confident that we will continue to develop our service platform
to serve our customers. The Group's strong financial capacity
allows us to intensify our ability to intervene in a context of
land scarcity.”
RESIDENTIAL REAL ESTATE
DEVELOPMENT: Healthy business
activity, strong earnings rebound
Reservations:
Reservations recorded by Nexity were up 1.7% by volume and up 4.4%
by value compared with the first-half 2020 for its entire scope,
including international operations. In France, amid a persistent
supply shortage with building permits issued remaining at a low
level and project set-up phases taking longer, Nexity’s business
levels held up well, with net new home
reservations dipping slightly by volume (down 4% to 9,088
units) and remaining stable by value at €2 billion including
VAT, and extended its undisputed market leadership. All the
indicators show that pressures are building up in the market, with
supply getting scarcer and demand remaining brisk: the
supply for sale remains low at 7,226 units, down a
modest 0.2% compared with at end-December 2020 as the
absorption rate remained historically swift, at 4.3 months.
That reflects the low level of projects for sale being launched as
building permit application periods have lengthened. The
price of new homes reserved during H1 2021 by
retail customers rose by 1.8% relative to H1 2020 to an average of
€246,500 including VAT with a positive price effect on the average
selling price per square meter (up 2.2%) compensated by a slight
negative volume effect on the average surface area per apartment
(-0.4%). Retail sales grew 31% compared with the
first-half 2020, driven by the return in numbers of individual
investors looking to capitalize on the still highly attractive
borrowing conditions and the additional savings they had built up
in recent months. Bulk sales dropped 37% compared
with the first-half 2020, which had seen a favorable base of
comparison given the signature of an exceptional agreement with CDC
Habitat (representing 2,686 homes in H1 2020, compared with
just 604 reservations in H1 2021). However, bulk sales were up
17% compared with H1 2019, reflecting the growing interest among
institutional investors.
|
H1 2021 |
H1 2020 |
H1 2019 |
H1 21 / H1 20 Change |
H1 21 / H1 19 Change |
Reservations
(units) |
10,518 |
10,347 |
10 476 |
+1.7% |
+0.4% |
Housing (France) |
9,088 |
9,451 |
9,486 |
-3.8% |
-4.2% |
o/w Retail sale |
5,985 |
4,559 |
6,844 |
+31.3% |
-12.6% |
o/w Bulk sale |
3,103 |
4,892 |
2,642 |
-36.6% |
+17.4% |
Subdivisions |
777 |
657 |
817 |
+18.3% |
-5.0% |
International |
653 |
239 |
173 |
x3 |
x4 |
Reservations
(€m) |
2,207 |
2,115 |
2,006 |
+4.4% |
+10.0% |
Housing (France) |
2,023 |
2,023 |
1,923 |
0.0% |
+5.2% |
o/w Retail sale |
1,455 |
1,083 |
1,516 |
+34.3% |
-4.1% |
o/w Bulk sale |
568 |
940 |
408 |
-39.3% |
+39.7% |
Subdivisions |
71 |
55 |
66 |
+27.9% |
+6.3% |
International |
113 |
36 |
16 |
x3 |
x7 |
Data on the new scope (€m) |
H1 2021 |
H1 2020 |
H1 2019 |
|
|
Revenue |
1,397.7 |
900.9 |
1,105,0 |
+55.1% |
+26.5% |
Current operating profit |
80.6 |
7.6 |
77.0 |
x11 |
+4.7% |
Margin (%
revenue) |
5.8% |
0.8% |
7.0% |
+500bps |
-120bps |
|
H1 2021 |
Dec-2020 |
Change |
|
|
Working Capital Requirement
(WCR) |
1,130 |
985 |
+145 |
|
|
% backlog |
20.5% |
17.9% |
+2.6% |
|
|
Half-year
results: First-half 2021
revenue came to €1,398 million, up
€497 million (or 55%) relative to H1 2020, a period hit
by the complete shutdown of construction projects as the pandemic
emerged (impact estimated at around €300 million), and up
€293 million (or 27%) relative to H1 2019.
Current operating profit amounted to €81 million,
up more than eleven times from the H1 2020 figure impacted by
the temporary halt in business activity, which meant that
management costs were not able to be incorporated into operating
inventories. The margin rose to 5.8% of revenue (versus 0.8% in H1
2020). This margin, which is always lower in the first-half, is in
line with the full-year margin forecast by the Group. The
WCR was again managed very carefully, with the
€145 million increase reflecting the strength of business
activity and, to some extent, expenses arising on projects
currently being set up, which will pave the way for sales launches
over the next quarters. The WCR-to-backlog ratio remained under
control at 20.5%, in line with historical levels, reflecting the
brisk absorption rate for developments. Unsold completed stock (51
units) as a proportion of the total supply of homes for sale
remained very low.
Outlook: The
backlog was stable compared with year-end 2020
(adjusted for the projects developed by Ægide, which was sold at
June 30, 2021) at €5.5 billion, i.e 1.7 year of revenue, and
the business potential stood at €11.4 billion
at end-June 2021, or approximately 3.5 years of revenue. Even
though the decline in building permits is again expected to curb
the pace at which supply for sale is replenished in the second
half, Nexity is reiterating its forecast
of around 20,000 new home reservations in France in 2021
given its vibrant portfolio of projects currently being assembled,
with a larger share of bulk sales than in the six months to June
30. In the second half, residential real estate revenue is expected
to be slightly below H2 2020 levels given forecast
construction progress and notarial deeds of sale, amid greater
pressure on construction supply chains and longer building permit
approval delays. The full-year margin is expected to head back
above 8.5%, even factoring in the carefully controlled effects of
the increase in construction costs and the shift in the customer
mix.
COMMERCIAL REAL ESTATE DEVELOPMENT: Many
deliveries in a wait-and-see market
New orders and
deliveries:
Nexity, France’s leading commercial real estate
developer both by revenue and by the uniqueness of its range of
integrated services meeting the full spectrum of user needs,
recorded an order intake of €307 million in
the first-half 2021, up from €216 million in the first-half
2020. That figure includes €260 million in orders in the Paris
region, including for Reiwa, Nexity’s future headquarters in
Saint-Ouen, and €47 million in orders across France’s major
regional cities where Nexity continues to build up its
presence.
Nine projects have been
delivered since the beginning of the year, and
work on the flagship Olympic Village, France’s largest single-site
construction project for the 2024 Olympic Games, started in
Saint-Ouen (mixed housing and office development, almost all of
which have already been sold through bulk sales to institutional
investors).
Data on the new scope (€m) |
H1 2021 |
H1 2020 |
H1 2019 |
H1 21/H1 20 change |
H1 21/H1 19 change |
Revenue |
279.8 |
303.3 |
179.0 |
-7.7% |
+56.3% |
Current operating profit |
44.3 |
53.8 |
19.8 |
-17.7% |
x2 |
Margin (% revenue) |
15.8% |
17.7% |
11.1% |
-190bps |
+470bps |
|
H1 2021 |
Dec-2020 |
Change |
|
|
Working Capital Requirement (WCR) |
(85) |
(267) |
+181 |
|
|
Half-year
results:
2020 was a record year for commercial real
estate development with the sale of very large commercial projects,
including the sale of the Influence 2.0 building occupied by
the Paris Regional Council in the first-half for €219 million and
the sale of Engie’s green business park in La Garenne-Colombes in
the fourth quarter (around €1 billion). Given these base
effects and the state of progress of the various projects underway,
2021 interim results were naturally lower than in 2020.
Nonetheless, the first-half 2021 margin held up at a very high
level, well above that anticipated for 2021 and historical
levels.
WCR, which was highly negative
at -€267 million at the end of 2020, due to the first receipts
following the marketing of major programmes at the end of the year,
including Reiwa in Saint-Ouen and the green business campus to
serve as Engie’s new headquarters in La Garenne-Colombes, returned
to a more normal level as anticipated (up €181 million from
December 31, 2020) following payments for VAT and construction
work, but remained negative at -€85 million, given that the
advances received had not yet been absorbed in full.
Outlook:
The backlog for Commercial Real
Estate Development totalled €1 billion at end-June 2021 (up
2.7% relative to end-December 2020), representing almost 2 years of
development operations, and business potential
stood at €1.7 billion (down 8.2% relative to end-December
2020), representing the equivalent of 3.4 years of development
operations. Although the Office property market seems to be picking
up again with a second quarter showing an increase in take-up, a
number of businesses have postponed or are revising their property
plans, which is slowing down office project sales.
The Group does not expect further significant
order intake in the second half, and based on the outlook for the
various projects currently in the structuring phase, the Group is
reiterating an order intake target of
€400 million excluding VAT in 2021, a level more
consistent with its past performance and current market conditions.
The green business campus in La Garenne-Colombes, currently under
construction, will not generate significant revenue in the second
half of 2021.
SERVICES:
Platform refocused on services
with substantial synergies
– Renewed profitable
growth
Half-year results
The highlight of the first-half for the Services
segment was the agreement with AG2R-La Mondiale on June 22, 2021 to
sell it a majority stake in Ægide-Domitys, France’s leader in
senior independent living facilities, with 126 serviced residences
at end-June. The deal marks Nexity’s exit from the operation of
senior independent living facilities, while enabling it to
reinforce its business in development, a segment with great
potential for Nexity, under a long-term agreement with
AG2R- La Mondiale. Ægide-Domitys’ results have been
consolidated to June 30, 2021 (€202.1 million in revenue from
the operation of serviced residences). The sale of the Century 21
franchise network during May (operations consolidated until March
31, 2021) marks the completion of the Group’s refocusing drive.
Data on the new scope (€m) |
H1 2021 |
H1 2020 |
H1 2019 |
H1 21/H1 20 change |
H1 21/H1 19 change |
Revenue |
385.3 |
332.6 |
357.9 |
+15.9% |
+7.7% |
Current operating profit |
25.8 |
13.7 |
26.8 |
+88% |
-3.6% |
Margin (% revenue) |
6.7% |
4.1% |
7.5% |
+260bps |
-80bps |
|
H1 2021 |
Dec-2020 |
Change |
|
|
Working Capital Requirement (WCR) |
26 |
49 |
(23) |
|
|
Services revenue for the new
scope (i.e., excluding Domitys and Century 21) came to
€385 million in the first-half, up 16% relative to the low
point of 2020, and up 8% on the pre-Covid business levels of 2019.
The growth was driven by all the active business lines on Nexity’s
service platform.
- In
property management, first-half revenue rose 5% in
the residential segment with the upturn in brokerage and rentals,
especially outside the Paris region, and 20% in the commercial real
estate segment. At the beginning of 2021, Perial Asset Management
selected Nexity Property Management to manage a portfolio totalling
nearly 300,000 sq.m for the next three years.
- In
serviced properties, Nexity Studéa, a leading
operator of student residences, recorded revenue growth of 4%,
despite the pandemic, with a consistently high average occupancy
rate of 93%, albeit slightly below (-1%) the 2020 average occupancy
rate given that classes continued online. The activity levels of
Morning, leading player in Paris-based coworking spaces, were
stable compared with the occupancy rates in H2 2020. A strong
acceleration is anticipated in the second half given the expansion
in its portfolio (6,000 sq.m added in the second quarter with
the opening in early June of its flagship Morning Concorde facility
at the historic Hôtel de la Marine building). The average occupancy
rate at its established spaces was 80% at end-June and is expected
to rise over the remainder of the year.
-
Distribution activities posted
growth of 41% relative to the first-half 2020 as individual
investors returned in the first-half 2021.
Current operating profit from
Services on the new scope nearly doubled with respect to 2020,
totalling €26 million, equating to a current operating margin on a
like-for-like basis of 6.7% (versus 4.1% in the first-half 2020, on
a like-for-like basis). This margin is expected to continue to
improve in the upcoming quarters.
CONSOLIDATED
RESULTS – OPERATIONAL REPORTING
(in millions of euros) |
|
H1 2021 |
|
H1 2020 |
|
H1 2019 |
|
|
H1
21/H1
20 change |
H1
21/H1
19 change |
Revenue new
scope |
|
2,063.5 |
|
1,536.8 |
|
1,643.0 |
|
|
34% |
26% |
Revenue from disposed activities |
|
211.3 |
|
179.2 |
|
197.4 |
|
|
18% |
7% |
Revenue |
|
2,274.8 |
|
1,716.1 |
|
1,840.4 |
|
|
33% |
24% |
|
|
|
|
|
|
|
|
|
|
|
Current
operating profit new scope |
|
136.0 |
|
66.0 |
|
112.4 |
|
|
x2 |
21% |
% of
revenue |
|
6.6% |
|
4.3% |
|
6.8% |
|
|
|
|
Operating profit
from disposed activities |
|
41.3 |
|
(15.8) |
|
13.0 |
|
|
|
|
Capital gains on
disposals |
|
184.7 |
|
|
|
|
|
|
|
|
Operating profit
from disposed activities and capital gains on disposals |
|
226.0 |
|
(15.8) |
|
13.0 |
|
|
|
|
Operating profit |
|
362.0 |
|
50.2 |
|
125.4 |
|
|
x 7 |
x 3 |
Net financial
income/(expense) |
|
(43.7) |
|
(36.0) |
|
(37.4) |
|
|
|
|
Income tax |
|
(32.2) |
|
(5.8) |
|
(31.9) |
|
|
|
|
Share of
profit/(loss) from equity-accounted investments |
|
(0.9) |
|
(0.3) |
|
|
|
|
|
|
Net
profit |
|
285.2 |
|
8.2 |
|
56.0 |
|
|
|
|
Non-controlling
interests |
|
(2.1) |
|
(1.6) |
|
(3.8) |
|
|
|
|
Net profit attributable to equity holders of the parent
company |
|
283.2 |
|
6.6 |
|
52.2 |
|
|
x 43 |
x 5 |
Of which net
income from non-current items and disposed activities |
|
206.2 |
|
(16.3) |
|
3.7 |
|
|
|
|
Net profit attributable to equity holders of the parent
company, new scope |
|
77.0 |
|
22.9 |
|
48.5 |
|
|
x 3 |
59% |
(in euros) |
|
|
|
|
|
|
|
|
|
|
Net earnings per share |
|
5.11 |
|
0.12 |
|
0.93 |
|
|
|
|
Net earnings per share, new
scope |
|
1.39 |
|
0.41 |
|
0.86 |
|
|
|
|
Reported revenue was
€2,275 million, or
€2,063 million on the new scope. Reported revenue thus rose
33%, or €559 million, compared with H1 2020, which had
seen a revenue shortfall of about €430 million due to the
consequences of the Covid-19 health crisis.
In IFRS terms, reported revenue
in the first-half 2021 was €2,099 million, compared with
€1,607 million in the year-earlier period, thus an increase of
31%. This figure excludes revenue from joint ventures, in
accordance with IFRS 11, which requires joint ventures –
proportionately consolidated in the Group’s operational reporting –
to be accounted for using the equity method.
(in millions of euros) |
|
H1 2021 |
|
H1 2020 |
|
H1 2019 |
|
H1 21/H1
20 change |
H1 21/H1
19 change |
Development |
|
1,677.5 |
|
1,204.2 |
|
1,284.3 |
|
+ 39.3% |
+ 30.6% |
Residential Real
Estate Development |
|
1,397.7 |
|
900.9 |
|
1,105.2 |
|
+ 55.1% |
+ 26.5% |
Commercial Real
Estate Development |
|
279.8 |
|
303.3 |
|
179.0 |
|
- 7.7% |
+ 56.3% |
Services |
|
385.3 |
|
332.6 |
|
357.9 |
|
+
15.9% |
+
7.7% |
Other
Activities |
|
0.6 |
|
0.0 |
|
0.9 |
|
x 120 |
- 31.6% |
Revenue new scope |
|
2,063.5 |
|
1,536.8 |
|
1,643.0 |
|
+ 34.3% |
+ 25.6% |
Revenue from
disposed activities |
|
211.3 |
|
179.2 |
|
197.4 |
|
+ 17.9% |
+ 7.1% |
Revenue |
|
2,274.8 |
|
1,716.1 |
|
1,840.4 |
|
+ 32.6% |
+ 23.6% |
Note: 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 was
€362 million, breaking down into €136 million in
current operating profit on the new scope and €226 million in
respect of disposed activities.
|
|
H1 2021 |
|
H1 2020 |
|
H1 2019 |
(in millions of euros) |
|
Current operating profit |
|
Margin rate |
|
Current operating profit |
|
Margin rate |
|
Current operating profit |
|
Margin rate |
Development |
|
124.8 |
|
7.4% |
|
61.5 |
|
5.1% |
|
96.8 |
|
7.5% |
Residential Real
Estate Development |
|
80.6 |
|
5.8% |
|
7.6 |
|
0.8% |
|
77.0 |
|
7.0% |
Commercial Real
Estate Development |
|
44.3 |
|
15.8% |
|
53.8 |
|
17.7% |
|
19.8 |
|
11.1% |
Services |
|
25.8 |
|
6.6% |
|
13.7 |
|
4.1% |
|
26.8 |
|
7.5% |
Other
Activities |
|
(14.6) |
|
na |
|
(9.1) |
|
na |
|
(11.1) |
|
na |
Current operating profit new
scope |
|
136.0 |
|
6.6% |
|
66.0 |
|
4.3% |
|
112.4 |
|
6.8% |
Operating profit
disposed activities |
|
41.3 |
|
19.6% |
|
(15.8) |
|
-8.8% |
|
13.0 |
|
6.6% |
Capital gains on
disposal |
|
184.7 |
|
|
|
|
|
|
|
|
|
|
Operating profit disposed
activities and capital gains on disposal |
|
226.0 |
|
|
|
(15.8) |
|
|
|
13.0 |
|
|
Operating profit |
|
362.0 |
|
15.9% |
|
50.2 |
|
2.9% |
|
125.4 |
|
6.8% |
Current operating profit
new scope was €136 million
in the first-half 2021, double the €66 million recorded on a
comparable basis in the first-half 2020, a period particularly
affected by the first lockdown. Following the drop in the current
operating margin in the first-half 2020 (to 4.3% on a like-for-like
basis), the recovery in business activity in the second half of
2020 continued and fuelled a clear improvement in the current
operating margin, which came to 6.6% in the first-half 2021.
Current operating
profit from disposed
activities totalled €41
million in the first-half 2021. This includes the
contribution from Century 21 up to March 31, 2021, and from
Ægide-Domitys up to June 30, 2021. The positive figure is not
comparable with the first-half 2020 (loss of €16 million)
because the reclassification under operations held for sale of
Ægide-Domitys at December 31, 2020 (IFRS 5) leads to the
discontinuation of the accounting of depreciation and amortisation,
notably for Domitys’ right-of-use assets (estimated at
€55 million in H1 2021).
Other income statement items |
The financial expense
was €44 million in the first-half 2021, versus €36 million
in H1 2020, mainly reflecting the rise in rental expense on lease
liabilities (including those for the Domitys portfolio, which was
not sold until June 30, 2021). The reduction in gross debt
following the disposals of Ægide-Domitys and Century 21 will help
cut financial expense from the second half of 2021 onwards.
The tax expense (including the CVAE levy, a
French business value-added tax), which was €32 million for the
period to June 30, 2021 (versus €6 million in the H1 2020),
increased, due to a higher tax base, despite the positive impact of
the reduction in the effective corporate income tax rate and
despite the 50% reduction in the CVAE levy rate. The
effective tax rate was 28% in
2021, compared with 30% in 2020 (excluding the CVAE
levy).
The Group share of net profit came to
€283 million for the first-half 2021, versus €7 million
for H1 2020. On the new scope applied over the three periods, net
profit was €77 million in the first-half 2021. That represents
a substantial improvement from €23 million in the first-half
2020 and €49 million in the first-half 2019.
CASH FLOWS AND
BALANCE SHEET
Cash flow from operating activities
after lease payments and before interest and tax expenses
totalled €118 million in the period to end-June 2021, much higher
than in the first-half 2020 (€70 million), mainly as a result of
the increase in current operating profit, and returned to a level
close to the one recorded in the first-half 2019 (€125
million).
Operating WCR (excluding tax)
rose by €355 million. Of this amount, €238 million
reflects the expected increase with the use of the advances paid by
investors when they placed major commercial real estate development
orders in late 2020. Adjusted for this non-recurring event, the
increase in WCR was comparable with that usually recorded in the
first-half, reflecting higher spending on construction projects
than inflows during the period.
Nexity’s free cash
flow in the period to end-June 2021 was a net outflow of
€329 million. The negative free cash flow, a very common feature of
the first-half (negative €223 million in H1 2020 and negative
€199 million in H1 2019), was accentuated by the rise in the
commercial real estate WCR with the consumption of the clients down
payments.
(in millions of euros) |
|
H1 2021 |
|
H1 2020 |
|
H1 2019 |
Cash
flow from operating activities before interest and tax
expenses |
|
235 |
|
160 |
|
207 |
Repayment of
lease liabilities |
|
(117) |
|
(90) |
|
(82) |
Cash
flow from operating activities after lease payments but before
interest and tax expenses |
|
118 |
|
70 |
|
125 |
Change in
operating working capital |
|
(355) |
|
(232) |
|
(209) |
Interest and tax
paid |
|
(66) |
|
(30) |
|
(88) |
Net cash
from/(used in) operating
activities |
|
(303) |
|
(191) |
|
(172) |
Net cash
from/(used in) operating investments |
|
(25) |
|
(32) |
|
(26) |
Free
cash-flow |
|
(329) |
|
(223) |
|
(199) |
Net cash
from/(used in) financial investments |
|
181 |
|
(43) |
|
14 |
Dividends paid
by Nexity SA |
|
(111) |
|
(110) |
|
(138) |
Net cash
from/(used in) financing activities, excluding dividends |
|
(165) |
|
140 |
|
68 |
Change in cash and cash equivalents |
|
(423) |
|
(235) |
|
(255) |
Net cash from/(used in) financial
investments amounted to a net inflow of €181 million in
the first-half 2021, comprising in particular an inflow of €208
million arising from the disposal of 100% of Century 21 and 45% of
Ægide-Domitys’ capital.
Net cash flow
from/(used in) financing
activities (an outflow of €165 million) mainly comprised
the redemption of a €146 million bond, which matured in May
2021.
Working Capital Requirement |
(in millions of euros) |
|
June 30, 2021 |
|
Dec 31, 2020 |
|
Change |
Development |
|
1,045 |
|
718 |
|
327 |
Residential Real
Estate Development |
|
1,130 |
|
985 |
|
146 |
Commercial Real
Estate Development |
|
(85) |
|
(267) |
|
181 |
Services |
|
26 |
|
49 |
|
(23) |
Other
Activities |
|
6 |
|
(63) |
|
69 |
Total
WCR excluding tax |
|
1,077 |
|
704 |
|
373 |
Corporate income
tax |
|
4 |
|
(22) |
|
26 |
Working capital requirement (WCR) |
|
1,081 |
|
682 |
|
399 |
The working capital requirement
was €1,081 million at June 30, 2021, an increase of
€399 million relative to December 31, 2020. Over half the
amount (€181 million in commercial real estate and
€56 million in other businesses) derived from the use of the
advances paid by investors when they signed major commercial real
estate development orders in late 2020 (green business campus in
Garenne-Colombes and Reiwa in Saint-Ouen). The change in WCR
excluding tax includes the change in WCR shown in the cash flow
statement (€355 million) as well as that arising from changes
in scope for disposals/acquisitions of companies
(€18 million).
For Other Activities, WCR mainly corresponded to
that of Nexity Villes & Projets, the Group’s urban planning
subsidiary, which comprises most of the Group’s land bank, and the
increase mainly arose from deferred payments (of VAT in particular)
following land sales that took place in late 2020. The change in
the tax-related WCR (€26 million) reflects the settlement of
the corporate income tax due in respect of 2020 in the May tax
payment.
Nexity’s consolidated
equity (attributable to equity holders of the parent
company) was €1,909 million at end-June 2021, higher than
at end-December 2020 (€1,730 million).
Net debt excluding lease
liabilities remained very low (€690 million),
representing an EBITDA after lease payment ratio (rolling 12-month
basis) of 1.7x. At June 30, 2021, the Group had €933 million in
total cash, plus €600 million in confirmed undrawn credit lines,
providing it with ample liquidity and a substantial investment
capacity.
(in millions of euros) |
|
June 30, 2021 |
|
Dec 31, 2020 |
|
Change |
Bond issues
(incl. accrued interest and arrangement fees) |
|
809 |
|
997 |
|
(188) |
Loans and
borrowings |
|
815 |
|
910 |
|
(95) |
Net cash and
cash equivalents |
|
(933) |
|
(1,357) |
|
423 |
Net financial debt before lease liabilities |
|
690 |
|
550 |
|
140 |
|
|
|
|
|
|
|
Lease
liabilities |
|
524 |
|
465 |
|
59 |
Net financial debt including lease
liabilities |
|
1,214 |
|
1,015 |
|
198 |
The €140 million increase in net financial
debt before lease liabilities during the first-half 2021 is chiefly
attributable to the €329 million negative free cash flow
(driven by the €399 million rise in the WCR) and the
€111 million dividend payment, offset by €307 million in
proceeds from the disposals (proceeds for €200 million and
cancellation of the commitment to buy out Ægide-Domitys’ minority
shareholders for €107 million). Including the IFRS 5
reclassification of Ægide-Domitys’ operating liabilities for €105
million at December 31, 2020, the overall debt reduction from
disposals amounted to €412 million.
Lease liabilities (IFRS 16)
amounted to €524 million at June 30, 2021, versus €465 million at
December 31, 2020, with this increase arising from new leases
entered into and leases renewed by the Group for its corporate
purpose, as well as in connection with its coworking activities and
management of student residences.
Nexity’s financial structure was reinforced in
the first-half 2021 through the extension of €240 million in
borrowings to 2028 by issuing an OCEANE bond (a bond that may be
converted into new shares and/or exchanged for existing shares) on
April 19, maturing in April 2028, at a low coupon rate (0.875% per
year), and by simultaneously redeeming the 2023 OCEANE bond
issued for €270 million. At June 30, 2021, the average maturity of
the Group’s debt is slightly increasing at 3.3 years (against 2.7
years at the end of 2020), with an average cost of borrowing which
remains stable at 2.2%.
At June 30, 2021, Nexity was in compliance with
all of its contractual commitments with respect to its bond debt
and corporate credit lines. As a precaution during the first
lockdown, given the high level of uncertainty as to when the public
health crisis would end, Nexity’s bank lenders and bondholders
agreed to waive the obligation not to exceed a leverage ratio of
3.5 for 2020 and June 2021. Nexity has not had to rely on this
covenant waiver because it met all its financial covenants at June
30, 2021.
* * *
A conference call will be held
in English today at 6:30 p.m. (Paris time), which
is available on the Group’s website: www.nexity.com and may be
joined using access code 6458010# by calling one of the following
numbers:
|
+33 (0)1 76 77 25 07 |
- Calling from elsewhere in
Europe
|
+44 (0)330 336 9434 |
- Calling from the United States
|
+1 646 828 8193 |
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:
https://orange.webcasts.com/starthere.jsp?ei=1480901&tp_key=600fa326f2The
conference call will be available on replay at
www.nexity.fr/en/group/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.21-0283 on April 9, 2021, 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: Thierry Cherel – Head
of Investor Relations / +33 (0)6 68 31 29 05 –
investorrelations@nexity.fr
* * * *
First-half 2021
highlights
Change in
Nexity’s governance and Executive
Committee
- As part of the
Group’s new governance structure, which separates the roles of
Chairman of the Board and Chief Executive Officer,
Véronique Bédague became Chief
Executive Officer of Nexity at the Shareholders’ Meeting on May 19,
2021. On the same occasion, Jean-Claude
Bassien, Services Managing Director, has been
appointed Deputy Executive Officer. Alain
Dinin, the Chairman, will
continue to support the Executive Management team with regard to
major strategic decisions and resource allocation.
- Changes to the
Executive Committee with the appointment of Nadia Ben
Salem-Nicolas as Deputy Managing Director in charge of
Finance, Helen Romano as Vice President of the
Residential Real Estate division, Stéphane
Dalliet as Deputy CEO in charge of the Residential
Real Estate division and Marjolaine
Grisard as CSR Director.
Finalising the
strategic review
-
Disposal of Century 21 (May 2021)
and Ægide-Domitys (June 2021) to streamline and
refocus the platform around its core business: real estate
services, thereby fostering synergies.
- Maintain a
reasonable leverage ratio: 1.7x EBITDA after lease
payment on a rolling 12-month basis as of June 2021.
Business activity
- 9,088 new home
reservations in France, two third of which were retail sales,
driven in particular by individual investors.
- €307 million order
intake in Commercial Real Estate, within an uncertain
business environment.
Financing
-
Strengthening of
Nexity’s financial structure by
extending a €240 million debt to 2028 through the issuance, on
April 19, of an OCEANE bond (bond that may be converted into new
shares and/or exchanged for existing shares) maturing in April 2028
at a low coupon rate (0.875% per year), and by simultaneously
repurchasing the 2023 OCEANE bond issued for €270 million.
Social and environmental
responsibility
-
Validation of
Nexity’s 2030 carbon footprint reduction
roadmap by the independent body SBTi, with a commitment to
achieving a temperature increase trajectory well below 2°C by
2050.
- Following the Great
Place To Work certification obtained in September 2020, Nexity
became in April 2021 the first real estate developer with
more than 2,500 employees in the Great Place To
Work® Best Workplaces
Ranking, which is the highest level of recognition of a
company's quality of life at work.
- Since the creation
of Nexity Non Profit in 2018, 10 boarding houses or
emergency shelters have been opened or are under
construction, and approximately 20 applications for new projects,
are expected to be submitted by the end of 2021, representing more
than 800 homes.
Glossary
Absorption rate: Available
market supply compared to reservations for the last 12 months,
expressed in months, for new home reservations segment 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 include 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
Gearing: Net debt divided by
consolidated equity
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
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)
New scope: Scope of
consolidation excluding the contribution of disposed activities
(Century 21 and Ægide-Domitys) and capital gains. Disposed
activities have been consolidated until March 31 for Century 21 and
until June 30 for Ægide-Domitys. In H1 2019, disposed activities
include Guy Hoquet l’Immobilier.
Order intake – Development for
Commercial Real Estate: The total of selling prices
excluding VAT as stated in definitive agreements for Commercial
Real Estate Development programmes, expressed in euros for a given
period (notarial deeds of sale or development contracts)
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
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. The
Group’s business activities in the management and operation of
student residences as well as flexible workspaces are included in
this segment.
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
Annex 1: Operational
reporting
Reservations – Residential Real Estate
Development
|
2021 |
|
2020 |
|
2019 |
Number of units |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
New homes
(France) |
5,191 |
3,897 |
|
7,442 |
4,184 |
5,794 |
3,657 |
|
7,794 |
4,557 |
5,603 |
3,883 |
Subdivisions |
439 |
338 |
|
660 |
244 |
297 |
360 |
|
836 |
435 |
559 |
258 |
International |
404 |
249 |
|
503 |
193 |
74 |
165 |
|
307 |
161 |
137 |
36 |
Total (number of units) |
6,034 |
4,484 |
|
8,605 |
4,621 |
6,165 |
4,182 |
|
8,937 |
5,153 |
6,299 |
4,177 |
|
2021 |
|
2020 |
|
2019 |
Value (€m incl. VAT) |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
New homes
(France) |
1,141 |
882 |
|
1,566 |
925 |
1,231 |
792 |
|
1,529 |
909 |
1,150 |
773 |
Subdivisions |
42 |
29 |
|
57 |
19 |
25 |
30 |
|
76 |
35 |
46 |
20 |
International |
72 |
41 |
|
91 |
29 |
11 |
26 |
|
47 |
37 |
13 |
3 |
Total (€m incl. VAT) |
1,255 |
952 |
|
1,713 |
974 |
1,267 |
847 |
|
1,652 |
981 |
1,209 |
797 |
Services
|
|
June 2021 |
|
December 2020 |
|
Change |
Property Management |
|
|
|
|
|
|
Portfolio of
managed housing |
|
|
|
|
|
|
- Condominium
management |
|
697 |
|
703 |
|
-0,9% |
- Rental
management |
|
159 |
|
173 |
|
-8,2% |
Restatement of
Domitys managed lots |
|
|
|
13 |
|
|
- Restated
rental management |
|
159 |
|
160 |
|
-0.8% |
Commercial real estate |
|
|
|
|
|
|
-
Assets under management (in millions of sq.m) |
20.0 |
|
19.7 |
|
1.5% |
Serviced properties |
|
|
|
|
|
|
Student residences |
|
|
|
|
|
|
- Number of
residences in operation |
|
124 |
|
125 |
|
-1 |
- Rolling
12-month occupancy rate |
|
92.8% |
|
94.0% |
|
- 1.2 pt |
Shared office space |
|
|
|
|
|
|
- Number of
sites opened |
|
25 |
|
25 |
|
0 |
- Rolling
12-month occupancy rate |
|
64% |
|
69% |
|
- 5.0 pts |
Senior residences – Domitys |
|
|
|
|
|
|
- Total number
of residences in operation |
|
126 |
|
113 |
|
13 |
o/w: Number of residences opened more than 2 years ago |
84 |
|
72 |
|
12 |
- Rolling
12-month occupancy rate |
|
83.4% |
|
84.8% |
|
- 1.4 pt |
Distribution |
|
H1 2021 |
|
H1 2020 |
|
|
- Total
reservations |
|
2,731 |
|
1,623 |
|
x 1,7 |
- Reservations on behalf of third parties |
|
1,770 |
|
913 |
|
x 1,9 |
Quarterly figures
Revenue
|
2021 |
|
2020 |
|
2019 |
(in millions of euros) |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Development |
826.8 |
850.7 |
|
1,746.6 |
702.8 |
680.5 |
523.7 |
|
1,252.4 |
681.7 |
678.7 |
605.6 |
Residential Real
Estate Development |
742.3 |
655.4 |
|
1,216.1 |
641.7 |
433.7 |
467.2 |
|
1,151.1 |
585.8 |
594.3 |
510.9 |
Commercial Real
Estate Development |
84.5 |
195.3 |
|
530.5 |
61.0 |
246.7 |
56.6 |
|
101.37 |
95.8 |
84.4 |
94.7 |
Services |
209.2 |
176.2 |
|
236.8 |
198.0 |
161.2 |
171.4 |
|
259.6 |
189.3 |
184.9 |
173.0 |
Property
Management |
129.1 |
126.5 |
|
129.3 |
133.3 |
114.2 |
126.1 |
|
136.8 |
132.9 |
130.2 |
123.1 |
Distribution |
80.0 |
49.7 |
|
107.5 |
64.8 |
47.0 |
45.3 |
|
122.8 |
56.5 |
54.7 |
50.0 |
Other
Activities |
0.0 |
0.6 |
|
0.0 |
(0.0) |
0.0 |
(0.0) |
|
0.0 |
(0.0) |
0.5 |
0.4 |
Revenue new scope |
1,036.0 |
1,027.5 |
|
1,983.4 |
900.8 |
841.7 |
695.2 |
|
1,512.1 |
871.0 |
864.0 |
779.0 |
Disposed
activities |
107.1 |
104.2 |
|
134.2 |
120.2 |
87.6 |
91.6 |
|
181.9 |
93.5 |
95.3 |
102.1 |
Revenue |
1,143.1 |
1,131.7 |
|
2,117.6 |
1,021.0 |
929.3 |
786.8 |
|
1,694.0 |
964.5 |
959.4 |
881.1 |
Backlog
|
2021 |
|
2020 |
|
2019 |
(in millions of euros, excluding VAT) |
H1 |
Q1 |
|
12M |
9M |
H1 |
Q1 |
|
12M |
9M |
H1 |
Q1 |
Residential Real
Estate Development |
5,504 |
5,641 |
|
5,789 |
5,397 |
5,285 |
4,796 |
|
4,640 |
4,510 |
4,493 |
4,269 |
Commercial Real
Estate Development |
1,059 |
1,138 |
|
1,032 |
321 |
373 |
398 |
|
456 |
401 |
269 |
222 |
Total Backlog |
6,563 |
6,778 |
|
6,820 |
5,719 |
5,659 |
5,194 |
|
5,095 |
4,911 |
4,762 |
4,491 |
Restatement of
operations carried out directly by Ægide |
|
242 |
|
280 |
|
|
|
|
|
|
|
|
Total restated Backlog |
6,563 |
6,536 |
|
6,540 |
|
|
|
|
|
|
|
|
Half-year financial figures
Revenue
|
|
2021 |
|
2020 |
|
2019 |
(in millions of euros) |
|
H1 |
|
12M |
H2 |
H1 |
|
12M |
H2 |
H1 |
Development |
|
1,677.5 |
|
3,653.6 |
2,449.3 |
1,204.2 |
|
3,218.4 |
1,934.1 |
1,284.3 |
Residential Real
Estate Development |
|
1,397.7 |
|
2,758.7 |
1,857.8 |
900.9 |
|
2,842.1 |
1,736.9 |
1,105.2 |
Commercial Real
Estate Development |
|
279.8 |
|
894.8 |
591.5 |
303.3 |
|
376.2 |
197.2 |
179.0 |
Services |
|
385.5 |
|
767.4 |
434.8 |
332.6 |
|
806.8 |
448.9 |
357.9 |
Property
Management |
|
255.6 |
|
502.9 |
262.5 |
240.3 |
|
522.9 |
269.6 |
253.3 |
Distribution |
|
129.7 |
|
264.6 |
172.3 |
92.3 |
|
283.9 |
179.3 |
104.6 |
Other
Activities |
|
0.6 |
|
(0.0) |
(0.0) |
0.0 |
|
0.9 |
(0.0) |
0.9 |
Revenue new scope |
|
2,063.5 |
|
4,421.0 |
2,884.1 |
1,536.8 |
|
4,026.0 |
2,383.0 |
1,643.0 |
Revenue from disposed
activities |
|
211.3 |
|
433.6 |
254.4 |
179.2 |
|
472.8 |
275.4 |
197.4 |
Revenue |
|
2,274.8 |
|
4,854.6 |
3,138.6 |
1,716.1 |
|
4,498.8 |
2,658.4 |
1,840.4 |
EBITDA
|
|
2021 |
|
2020 |
|
2019 |
(in millions of euros) |
|
H1 |
|
12M |
H2 |
H1 |
|
12M |
H2 |
H1 |
Development |
|
137.6 |
|
307.2 |
229.9 |
77.3 |
|
326.8 |
215.1 |
111.7 |
Residential Real
Estate Development |
|
93.0 |
|
233.7 |
211.5 |
22.2 |
|
282.0 |
191.2 |
90.7 |
Commercial Real
Estate Development |
|
44.5 |
|
73.5 |
18.4 |
55.1 |
|
44.8 |
23.8 |
21.0 |
Services |
|
76.3 |
|
153.0 |
97.7 |
55.3 |
|
156.9 |
91.0 |
65.8 |
Property
Management |
|
63.3 |
|
127.9 |
79.3 |
48.6 |
|
124.3 |
67.7 |
56.5 |
Distribution |
|
13.1 |
|
25.1 |
18.4 |
6.7 |
|
32.6 |
23.3 |
9.3 |
Other
Activities |
|
(0.7) |
|
(7.1) |
(6.3) |
(0.7) |
|
(20.6) |
(15.2) |
(5.4) |
EBITDA new scope |
|
213.2 |
|
453.1 |
321.3 |
131.8 |
|
463.0 |
290.9 |
172.2 |
EBITDA from disposed
activities |
|
41.3 |
|
96.7 |
65.0 |
31.7 |
|
109.8 |
55.6 |
54.2 |
EBITDA |
|
254.5 |
|
549.7 |
386.3 |
163.5 |
|
572.9 |
346.5 |
226.4 |
Current operating profit
|
|
2021 |
|
2020 |
|
2019 |
(in millions of euros) |
|
H1 |
|
12M |
H2 |
H1 |
|
12M |
H2 |
H1 |
Development |
|
124.8 |
|
274.9 |
213.4 |
61.5 |
|
294.7 |
197.9 |
96.8 |
Residential Real
Estate Development |
|
80.6 |
|
202.6 |
195.0 |
7.6 |
|
252.0 |
175.0 |
77.0 |
Commercial Real
Estate Development |
|
44.3 |
|
72.3 |
18.4 |
53.8 |
|
42.7 |
22.9 |
19.8 |
Services |
|
25.8 |
|
40.9 |
27.2 |
13.7 |
|
80.7 |
54.0 |
26.8 |
Property
Management |
|
13.6 |
|
20.0 |
11.9 |
8.1 |
|
44.5 |
25.8 |
18.7 |
Distribution |
|
12.2 |
|
20.9 |
15.3 |
5.6 |
|
36.2 |
28.2 |
8.0 |
Other
Activities |
|
(14.6) |
|
(27.9) |
(18.8) |
(9.1) |
|
(36.0) |
(24.9) |
(11.1) |
Current operating profit new
scope |
|
136.0 |
|
287.9 |
221.9 |
66.0 |
|
339.4 |
227.0 |
112.4 |
Current operating profit from
disposed activities |
|
41.3 |
|
(2.6) |
13.1 |
(15.8) |
|
13.8 |
0.8 |
13.0 |
Current operating profit |
|
177.4 |
|
285.3 |
235.0 |
50.2 |
|
353.2 |
227.8 |
125.4 |
Consolidated income statement –
June 30,
2021
(in millions of euros) |
|
30/06/2021IFRS |
|
Restatement ofjoint ventures |
30/06/2021Operational
reporting |
|
Restatement ofdisposed
activities |
Restatement
ofnon-recurringitems |
30/06/2021Operationalreporting
beforenon-recurring items on the
new scope |
Revenue |
|
2 099.0 |
|
175.8 |
2,274.8 |
|
(211.3) |
|
2,063.5 |
Operating
expenses |
|
(1,864.1) |
|
(156.2) |
(2,020.3) |
|
169.9 |
|
(1,850.4) |
Dividends
received from equity-accounted investments |
|
2.5 |
|
(2.5) |
- |
|
- |
|
- |
EBITDA |
|
237.4 |
|
17.1 |
254.5 |
|
(41.4) |
|
213.1 |
Lease
payments |
|
(116.7) |
|
- |
(116.7) |
|
55.9 |
|
(60.8) |
EBITDA after lease payments |
|
120.7 |
|
17.1 |
137.8 |
|
14.5 |
|
152.4 |
Restatement of
lease payments |
|
116.7 |
|
- |
116.7 |
|
(55.9) |
|
60.8 |
Depreciation of
right-of-use assets |
|
(59.4) |
|
- |
(59.4) |
|
0.0 |
|
(59.3) |
Depreciation,
amortisation and impairment of non-current assets |
|
(16.0) |
|
0.0 |
(16.0) |
|
0.4 |
|
(15.6) |
Net change in
provisions |
|
4.9 |
|
(0.1) |
4.8 |
|
(0.7) |
|
4.1 |
Share-based
payments |
|
(6.6) |
|
- |
(6.6) |
|
0.3 |
|
(6.3) |
Dividends
received from equity-accounted investments |
|
(2.5) |
|
2.5 |
|
|
- |
|
- |
Current operating profit |
|
157.9 |
|
19.5 |
177.4 |
|
(41.4) |
|
136.0 |
Capital gains on
disposal |
|
184.7 |
|
- |
184.7 |
|
|
(184.7) |
- |
Operating profit |
|
342.5 |
|
19.5 |
362.0 |
|
(41.4) |
(184.7) |
136.0 |
Share of net
profit from equity-accounted investments |
|
13.3 |
|
(13.3) |
|
|
|
|
- |
Operating profit after share of net profit from equity-accounted
investments |
|
355.8 |
|
6.2 |
362.0 |
|
(41.4) |
(184.7) |
136.0 |
Cost of net
financial debt |
|
(24.2) |
|
(0.8) |
(25.0) |
|
2.2 |
|
(22.8) |
Other financial
income/(expenses) |
|
(2.0) |
|
(0.4) |
(2.4) |
|
- |
|
(2.4) |
Interest expense
on lease liabilities |
|
(16.3) |
|
- |
(16.3) |
|
10.4 |
|
(5.9) |
Net financial income/(expense) |
|
(42.5) |
|
(1.2) |
(43.7) |
|
12.6 |
|
(31.2) |
Pre-tax recurring profit |
|
313.3 |
|
5.0 |
318.3 |
|
(28.8) |
(184.7) |
104.8 |
Income tax |
|
(27.2) |
|
(5.0) |
(32.2) |
|
7.2 |
|
(24.9) |
Share of
profit/(loss) from other equity-accounted investments |
|
(0.9) |
|
- |
(0.9) |
|
- |
|
(0.9) |
Consolidated net profit |
|
285.2 |
|
- |
285.2 |
|
(21.6) |
(184.7) |
79.0 |
Attributable to non-controlling interests |
|
2.1 |
|
- |
2.1 |
|
- |
|
2.1 |
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the parent
company |
|
283.2 |
|
- |
283.2 |
|
(21.6) |
(184.7) |
76.9 |
(in euros) |
|
|
|
|
|
|
|
|
|
Net earnings per share |
|
5.11 |
|
|
5.11 |
|
|
|
1.39 |
Simplified consolidated statement of financial position
– June 30,
2021
ASSETS(in millions of euros) |
|
30/06/2021IFRS |
|
Restatement ofjoint ventures |
|
30/06/2021Operational
reporting |
|
31/12/2020Operational
reporting |
Goodwills |
|
1,417.5 |
|
- |
|
1,417.5 |
|
1,484.0 |
Other
non-current assets |
|
731.5 |
|
0.1 |
|
731.7 |
|
667.1 |
Equity-accounted
investments |
|
119.9 |
|
(56.4) |
|
63.4 |
|
1.0 |
Total non-current assets |
|
2,268.9 |
|
(56.3) |
|
2,212.6 |
|
2,152.1 |
Net WCR |
|
972.7 |
|
108.4 |
|
1 081.1 |
|
681.8 |
Net assets held
for sale |
|
- |
|
|
|
- |
|
73.3 |
Total Assets |
|
3,241.6 |
|
52.1 |
|
3,293.7 |
|
2,907.2 |
|
|
|
|
|
|
|
|
|
Liabilities and equity(in millions of euros) |
|
30/06/2021IFRS |
|
Restatement ofjoint ventures |
|
30/06/2021Operational
reporting |
|
31/12/2020Operational
reporting |
Share capital and reserves |
|
1,625.9 |
|
(0.0) |
|
1,625.9 |
|
1,611.7 |
Net profit for the period |
|
283.2 |
|
(0.0) |
|
283.2 |
|
118.1 |
Equity attributable to equity holders of the parent company |
|
1,909.1 |
|
(0.0) |
|
1,909.1 |
|
1,729.7 |
Non-controlling interests |
|
16.5 |
|
(0.0) |
|
16.5 |
|
9.2 |
Total equity |
|
1,925.6 |
|
(0.0) |
|
1,925.6 |
|
1,739.0 |
Net debt |
|
1 172.4 |
|
41.2 |
|
1 213.7 |
|
1,015.4 |
Provisions |
|
101.3 |
|
1.8 |
|
103.0 |
|
106.5 |
Net deferred tax |
|
42.3 |
|
9.1 |
|
51.4 |
|
46.3 |
Total Liabilities and equity |
|
3,241.6 |
|
52.1 |
|
3,293.7 |
|
2,907.2 |
Net debt –
June 30,
2021
(in millions of euros) |
30/06/2021IFRS |
Restatement ofjoint ventures |
30/06/2021 Operational
reporting |
|
31/12/2020Operational
reporting |
Bond issues
(incl. accrued interest and arrangement fees) |
808.6 |
- |
808.6 |
|
997.0 |
Loans and
borrowings |
766.6 |
37.9 |
804.5 |
|
917.2 |
Loans and borrowings |
1,575.2 |
37.9 |
1,613.1 |
|
1,914.2 |
|
|
|
|
|
|
Other financial receivables and payables |
(96.6) |
106.7 |
10.1 |
|
(7.3) |
|
|
|
|
|
|
Cash and cash
equivalents |
(870.7) |
(118.1) |
(988.7) |
|
(1,427.5) |
Bank overdraft facilities |
40.8 |
14.7 |
55.5 |
|
71.0 |
Net cash and cash equivalents |
(829.8) |
(103.4) |
(933.2) |
|
(1,356.5) |
|
|
|
|
|
|
Total net financial debt before lease
liabilities |
648.8 |
41.2 |
690.0 |
|
550.4 |
|
|
|
|
|
|
Lease liabilities |
523.7 |
- |
523.7 |
|
465.0 |
|
|
|
|
|
|
Total net debt |
1,172.4 |
41.2 |
1,213.7 |
|
1,015.4 |
Simplified statement of cash flows –
June 30,
2021
(in millions of euros) |
30/06/2021IFRS (12-month
period) |
Restatementof
jointventures |
30/06/2021Operationalreporting |
|
30/06/2020Operationalreporting |
Consolidated net profit |
285.2 |
- |
285.2 |
|
8.1 |
Elimination of
non-cash income and expenses |
(136.8) |
13.4 |
(123.5) |
|
111.3 |
Cash flow from operating activities after interest and tax
expenses |
148.4 |
13.4 |
161.8 |
|
119.4 |
Elimination of
net interest expense/(income) |
40.5 |
0.8 |
41.3 |
|
36.2 |
Elimination of
tax expense, including deferred tax |
26.8 |
5.0 |
31.8 |
|
4.6 |
Cash flow from operating activities before interest and tax
expenses |
215.7 |
19.2 |
234.9 |
|
160.2 |
Repayment of
lease liabilities |
(116.7) |
- |
(116.7) |
|
(90.1) |
Cash flow from operating activities after lease payments but before
interestand tax expenses |
99.0 |
19.2 |
118.2 |
|
70.1 |
Change in
operating working capital |
(333.1) |
(22.1) |
(355.2) |
|
(231.5) |
Dividends
received from equity-accounted investments |
2.5 |
(2.5) |
- |
|
- |
Interest
paid |
(14.7) |
(0.8) |
(15.5) |
|
(18.0) |
Tax paid |
(45.3) |
(5.5) |
(50.9) |
|
(11.8) |
Net cash from/(used in)
operating activities |
(291.7) |
(11.7) |
(303.3) |
|
(191.2) |
Net cash
from/(used in) net operating investments |
(25.2) |
- |
(25.2) |
|
(31.7) |
Free cash flow |
(316.9) |
(11.7) |
(328.6) |
|
(222.9) |
Acquisitions of
subsidiaries and other changes in scope |
208.2 |
(0.2) |
208.1 |
|
(40.3) |
Other net
financial investments |
(23.5) |
(3.9) |
(27.4) |
|
(2.4) |
Net cash from/(used in)
investing activities |
184.7 |
(4.1) |
180.7 |
|
(42.7) |
Dividends paid
to equity holders of the parent company |
(110.6) |
- |
(110.6) |
|
(109.8) |
Other payments
to/(from) minority shareholders |
(6.3) |
- |
(6.3) |
|
(9.5) |
Net
disposal/(acquisition) of treasury shares |
2.0 |
|
2.0 |
|
(22.7) |
Change in
financial receivables and payables (net) |
(176.8) |
16.0 |
(160.8) |
|
173.1 |
Net cash from/(used in)
financing activities |
(291.8) |
16.0 |
(275.8) |
|
31.1 |
Impact of
changes in foreign currency exchange rates |
0.3 |
0.0 |
0.4 |
|
(0.7) |
Change in cash and cash equivalents |
(423.5) |
0.2 |
(423.3) |
|
(235.3) |
Capital employed
(in millions of euros) |
|
|
|
|
June 30, 2021 |
|
|
Totalexcl. right-of-use
assets |
Totalincl. right-of-use
assets |
|
Non-currentassets |
|
Right-of-useassets |
|
WCR |
|
Goodwill |
Development |
|
1,076 |
1,116 |
|
31 |
|
40 |
|
1,045 |
|
- |
Services |
|
125 |
562 |
|
99 |
|
437 |
|
26 |
|
- |
Other Activities
and not attributable |
|
1,604 |
1,615 |
|
177 |
|
11 |
|
10 |
|
1,417 |
Group capital employed |
|
2,806 |
3,294 |
|
307 |
|
488 |
|
1,081 |
|
1,417 |
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
|
|
|
December 31, 2020 |
|
|
Totalexcl. right-of-use
assets |
Totalincl. right-of-use
assets |
|
Non-currentassets |
|
Right-of-useassets |
|
WCR |
|
Goodwill |
Development |
|
752 |
795 |
|
33 |
|
43 |
|
718 |
|
|
Services |
|
150 |
521 |
|
101 |
|
371 |
|
49 |
|
|
Other Activities
and not attributable |
|
1,502 |
1,519 |
|
103 |
|
17 |
|
(85) |
|
1,484 |
Capital employed before IFRS 5 |
|
2,403 |
2,834 |
|
237 |
|
431 |
|
682 |
|
1,484 |
Consolidated income statement at 30/06/2020
on the new scope
(in millions of euros) |
|
31/12/2020IFRS |
|
Restatement ofjoint ventures |
30/06/2020Operationalreporting |
|
Restatement
ofnon-recurringitems |
Restatement of
non-recurringitems |
30/06//2020Operationalreporting
beforenon-recurring items on the
new scope |
Revenue |
|
1,606.8 |
|
109.3 |
1,716.1 |
|
(179.2) |
- |
1,536.8 |
Operating
expenses |
|
(1,453.6) |
|
(99.0) |
(1,552.6) |
|
147.5 |
- |
(1,405.1) |
Dividends
received from equity-accounted investments |
|
1.6 |
|
(1.6) |
- |
|
|
- |
- |
EBITDA |
|
154.7 |
|
8.7 |
163.5 |
|
(31.7) |
- |
131.8 |
Lease
payments |
|
(90.1) |
|
- |
(90.1) |
|
44.8 |
|
(45.4) |
EBITDA after lease payments |
|
64.6 |
|
8.7 |
73.3 |
|
13.1 |
- |
86.4 |
Restatement of
lease payments |
|
90.1 |
|
- |
90.1 |
|
(44.8) |
|
45.4 |
Depreciation of
right-of-use assets |
|
(82.3) |
|
- |
(82.3) |
|
41.2 |
- |
(41.2) |
Depreciation,
amortisation and impairment of non-current assets |
|
(23.9) |
|
- |
(23.9) |
|
5.8 |
- |
(18.2) |
Net change in
provisions |
|
0.7 |
|
(0.0) |
0.6 |
|
0.3 |
- |
0.9 |
Share-based
payments |
|
(7.6) |
|
- |
(7.6) |
|
0.2 |
- |
(7.4) |
Dividends
received from equity-accounted investments |
|
(1.6) |
|
1.6 |
|
|
|
- |
- |
Operating profit |
|
40.0 |
|
10.2 |
50.2 |
|
15.8 |
- |
66.0 |
Share of net
profit from equity-accounted investments |
|
4.2 |
|
(4.2) |
|
|
|
|
- |
Operating profit after share of net profit from equity-accounted
investments |
|
44.2 |
|
6.0 |
50.2 |
|
15.8 |
- |
66.0 |
Cost of net
financial debt |
|
(22.8) |
|
(1.0) |
(23.9) |
|
1.9 |
- |
(22.0) |
Other financial
income/(expenses) |
|
2.3 |
|
(2.1) |
0.3 |
|
0.2 |
(2.0) |
(1.6) |
Interest expense
on lease liabilities |
|
(12.4) |
|
- |
(12.4) |
|
8.4 |
|
(4.0) |
Net financial income/(expense) |
|
(32.9) |
|
(3.1) |
(36.0) |
|
10.4 |
(2.0) |
(27.6) |
Pre-tax recurring profit |
|
11.4 |
|
2.9 |
14.3 |
|
26.1 |
(2.0) |
38.4 |
Income tax |
|
(2.9) |
|
(2.9) |
(5.8) |
|
(8.4) |
- |
(14.3) |
Share of
profit/(loss) from other equity-accounted investments |
|
(0.3) |
|
- |
(0.3) |
|
|
- |
(0.3) |
Consolidated net profit |
|
8.2 |
|
0.0 |
8.2 |
|
17.7 |
(2.0) |
23.9 |
Attributable to non-controlling interests |
|
1.6 |
|
- |
1.6 |
|
(0.5) |
- |
1.1 |
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the parent
company |
|
6.6 |
|
0.0 |
6.6 |
|
18.2 |
(2.0) |
22.8 |
(in euros) |
|
|
|
|
|
|
|
|
|
Net earnings per share |
|
0.12 |
|
|
0.12 |
|
|
|
0.41 |
Consolidated income statement at
31/12/2020 on the new
scope
(in millions of euros) |
|
31/12/2020IFRS |
|
Restatement ofjoint ventures |
31/12/2020Operationalreporting |
|
Restatement
ofnon-recurringitems |
Restatement of
non-recurringitems |
31/12/2020Operationalreporting
beforenon-recurring items on the
new scope |
Revenue |
|
4,511.6 |
|
343.0 |
4,854.6 |
|
(433.6) |
- |
4,421.0 |
Operating
expenses |
|
(3,997.0) |
|
(307.9) |
(4,304.9) |
|
336.4 |
- |
(3,968.5) |
Dividends
received from equity-accounted investments |
|
17.8 |
|
(17.8) |
- |
|
|
- |
- |
EBITDA |
|
532.5 |
|
17.3 |
549.7 |
|
(97.2) |
- |
452.6 |
Lease
payments |
|
(206.8) |
|
- |
(206.8) |
|
93.1 |
|
(113.7) |
EBITDA after lease payments |
|
325.7 |
|
17.3 |
343.0 |
|
(4.1) |
- |
338.9 |
Restatement of
lease payments |
|
206.8 |
|
- |
206.8 |
|
(93.1) |
|
113.7 |
Depreciation of
right-of-use assets |
|
(196.0) |
|
- |
(196.0) |
|
86.7 |
- |
(109.3) |
Depreciation,
amortisation and impairment of non-current assets |
|
(50.6) |
|
- |
(50.6) |
|
11.2 |
- |
(39.4) |
Net change in
provisions |
|
(6.6) |
|
0.3 |
(6.2) |
|
0.7 |
- |
(5.5) |
Share-based
payments |
|
(11.7) |
|
- |
(11.7) |
|
0.7 |
- |
(11.0) |
Dividends
received from equity-accounted investments |
|
(17.8) |
|
17.8 |
|
|
|
- |
- |
Operating profit |
|
249.8 |
|
35.4 |
285.3 |
|
2.1 |
- |
287.4 |
Share of net
profit from equity-accounted investments |
|
28.7 |
|
(28.7) |
|
|
|
|
- |
Operating profit after share of net profit from equity-accounted
investments |
|
278.6 |
|
6.7 |
285.3 |
|
2.1 |
- |
287.4 |
Cost of net
financial debt |
|
(49.5) |
|
(2.3) |
(51.8) |
|
4.6 |
- |
(47.2) |
Other financial
income/(expenses) |
|
(3.6) |
|
(0.7) |
(4.3) |
|
0.2 |
(2.0) |
(6.1) |
Interest expense
on lease liabilities |
|
(29.5) |
|
- |
(29.5) |
|
17.6 |
|
(11.9) |
Net financial income/(expense) |
|
(82.5) |
|
(3.0) |
(85.5) |
|
22.4 |
(2.0) |
(65.1) |
Pre-tax recurring profit |
|
196.0 |
|
3.7 |
199.8 |
|
24.5 |
(2.0) |
222.3 |
Income tax |
|
(69.9) |
|
(3.7) |
(73.6) |
|
(2.5) |
- |
(76.1) |
Share of
profit/(loss) from other equity-accounted investments |
|
(1.9) |
|
- |
(1.9) |
|
|
- |
(1.9) |
Consolidated net profit |
|
124.3 |
|
0.0 |
124.3 |
|
22.0 |
(2.0) |
144.3 |
Attributable to non-controlling interests |
|
6.2 |
|
0.0 |
6.2 |
|
(1.3) |
- |
4.9 |
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the parent
company |
|
118.1 |
|
0.0 |
118.1 |
|
23.3 |
(2.0) |
139.4 |
(in euros) |
|
|
|
|
|
|
|
|
|
Net earnings per share |
|
2.14 |
|
|
2.14 |
|
|
|
2.52 |
Annex 2: IFRS
Consolidated income statement –
June 30,
2021
(in millions of euros) |
|
30/06/2021IFRS |
|
30/06/2020IFRS |
Revenue |
|
2,099.0 |
|
1,606.8 |
Operating
expenses |
|
(1,864.1) |
|
(1,453.6) |
Dividends
received from equity-accounted investments |
|
2.5 |
|
1.6 |
EBITDA |
|
237.4 |
|
154.7 |
Lease
payments |
|
(116.7) |
|
(90.1) |
EBITDA after lease payments |
|
120.7 |
|
64.6 |
Restatement of
lease payments |
|
116.7 |
|
90.1 |
Depreciation of
right-of-use assets |
|
(59.4) |
|
(82.3) |
Depreciation,
amortisation and impairment of non-current assets |
|
(16.0) |
|
(23.9) |
Net change in
provisions |
|
4.9 |
|
0.7 |
Share-based
payments |
|
(6.6) |
|
(7.6) |
Dividends
received from equity-accounted investments |
|
(2.5) |
|
(1.6) |
Current operating profit |
|
157.9 |
|
40.0 |
Capital gains on
disposal |
|
184.7 |
|
- |
Operating profit |
|
342.5 |
|
40.0 |
Share of net
profit from equity-accounted investments |
|
13.3 |
|
4.2 |
Operating profit after share of net profit from equity-accounted
investments |
|
355.8 |
|
44.2 |
Cost of net
financial debt |
|
(24.2) |
|
(22.8) |
Other financial
income/(expenses) |
|
(2.0) |
|
2.3 |
Interest expense
on lease liabilities |
|
(16.3) |
|
(12.4) |
Net financial income/(expense) |
|
(42.5) |
|
(32.9) |
Pre-tax recurring profit |
|
313.3 |
|
11.3 |
Income tax |
|
(27.2) |
|
(2.9) |
Share of
profit/(loss) from other equity-accounted investments |
|
(0.9) |
|
(0.3) |
Consolidated net profit |
|
285.2 |
|
8.1 |
Attributable to non-controlling interests |
|
2.1 |
|
1.6 |
|
|
|
|
|
Attributable to equity holders of the parent
company |
|
283.2 |
|
6.5 |
(in euros) |
|
|
|
|
Net earnings per share |
|
5.11 |
|
0.12 |
Simplified consolidated statement of
financial position – June
30, 2021
ASSETS(in millions of euros) |
|
30/06/2021IFRS |
|
31/12/2020IFRS |
Goodwill |
|
1,417.5 |
|
1,484.0 |
Other
non-current assets |
|
731.5 |
|
666.4 |
Equity-accounted
investments |
|
119.9 |
|
57.8 |
Total non-current assets |
|
2,268.9 |
|
2,208.2 |
Net WCR |
|
972.7 |
|
591.3 |
Net assets held
for sale |
|
- |
|
73.3 |
Total assets |
|
3,241.6 |
|
2,872.8 |
|
|
|
|
|
LIABILITIES AND EQUITY(in millions of euros) |
|
30/06/2021IFRS |
|
31/12/2020IFRS |
Share capital and reserves |
|
1,625.9 |
|
1,611.7 |
Net profit for the period |
|
283.2 |
|
118.1 |
Equity attributable to equity holders of the parent company |
|
1,909.1 |
|
1,729.8 |
Non-controlling interests |
|
16.5 |
|
9.2 |
Total equity |
|
1,925.6 |
|
1,739.0 |
Net debt |
|
1,172.4 |
|
991.3 |
Provisions |
|
101.3 |
|
104.8 |
Net deferred tax |
|
42.3 |
|
37.7 |
Total liabilities and equity |
|
3,241.6 |
|
2,872.8 |
Consolidated net debt –
June 30,
2021
(in millions of euros) |
|
30/06/2021IFRS |
|
31/12/2020IFRS |
Bond issues
(incl. accrued interest and arrangement fees) |
|
808.6 |
|
997.0 |
Loans and
borrowings |
|
766.6 |
|
877.6 |
Loans and borrowings |
|
1,575.2 |
|
1,874.7 |
|
|
|
|
|
Other financial receivables and payables |
|
(96.6) |
|
(95.0) |
|
|
|
|
|
Cash and cash
equivalents |
|
(870.7) |
|
(1,305.1) |
Bank overdraft facilities |
|
40.8 |
|
51.7 |
Net cash and cash equivalents |
|
(829.8) |
|
(1,253.4) |
|
|
|
|
|
Total net financial debt before lease
liabilities |
|
648.8 |
|
526.3 |
|
|
|
|
|
Lease liabilities |
|
523.7 |
|
465.0 |
|
|
|
|
|
Total net debt |
|
1,172.4 |
|
991.3 |
Simplified statement of cash flows
– June 30,
2021
(in millions of euros) |
30/06/2021IFRS |
|
30/06/2020IFRS |
Consolidated net profit |
285.2 |
|
8.1 |
Elimination of
non-cash income and expenses |
(136.8) |
|
107.2 |
Cash flow from operating activities after interest and tax
expenses |
148.4 |
|
115.3 |
Elimination of
net interest expense/(income) |
40.5 |
|
35.2 |
Elimination of
tax expense, including deferred tax |
26.8 |
|
1.8 |
Cash flow from operating activities before interest and tax
expenses |
215.7 |
|
152.3 |
Repayment of
lease liabilities |
(116.7) |
|
(90.1) |
Cash flow from operating activities after lease payments but before
interest and tax expenses |
99.0 |
|
62.2 |
Change in
operating working capital |
(333.1) |
|
(189.4) |
Dividends
received from equity-accounted investments |
2.5 |
|
1.6 |
Interest
paid |
(14.7) |
|
(16.9) |
Tax paid |
(45.3) |
|
(13.1) |
Net cash from/(used in)
operating activities |
(291.7) |
|
(155.6) |
Net cash
from/(used in) net operating investments |
(25.2) |
|
(31.7) |
Free cash flow |
(316.9) |
|
(187.3) |
Acquisitions of
subsidiaries and other changes in scope |
208.2 |
|
(39.8) |
Other net
financial investments |
(23.5) |
|
(1.7) |
Net cash from/(used in)
investing activities |
184.7 |
|
(41.5) |
Dividends paid
to equity holders of the parent company |
(110.6) |
|
(109.8) |
Other payments
to/(from) minority shareholders |
(6.3) |
|
(9.5) |
Net
disposal/(acquisition) of treasury shares |
2.0 |
|
(22.7) |
Change in
financial receivables and payables (net) |
(176.8) |
|
144.3 |
Net cash from/(used in)
financing activities |
(291.8) |
|
2.2 |
Impact of
changes in foreign currency exchange rates |
0.3 |
|
(0.7) |
Change in cash and cash equivalents |
(423.5) |
|
(227.3) |
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