Nexity 2022 half-year results: Resilient first half results
Paris
– France, 27 July 2022, 17h45 CEST
Resilient first half
resultsCautious management of development
activitiesStrong growth of
ServicesAnnual
objectives specified
Cautious management of
residential development:
commercial launches postponed
-
Recovery in permits granted, but commercial launches postponed to
manage the consequences of inflation and protect margins
-
Anticipation of a 17% market decline in 2022 (estimated at ~130,000
units vs. 157,000 in 2021)
-
Nexity's robustness: 7,639 reservations in the first half (-9% in
volume, -5% in value)
Financial performance: resilience in
development activities, strong
growth in services, indebtedness
under control
-
Revenue of €1,964 million, with service activities up by 9%
-
Current operating profit of €110m, i.e. a half-year margin of 5.6%,
not representative of annual performance
-
Solid financial structure: net debt of €878m, i.e. 2.3x EBITDA,
highest point of annual debt
2022 targets specified to
better reflect the uncertainty of
the macro-economic environment
-
Confirmation of over 14% market share in 2022, in a new home market
now expected to decline
-
Maintain a high operating margin around 8% based on revenue at
least equal to 2021
Nexity is
well-prepared to
address the
tremendous needs of the sustainable
city
-
Closing of the acquisition of the Angelotti Group, a leading
residential developer in Occitanie (south of France), expected at
year-end
-
Investor Day on 28 September: accelerating Nexity's integrated real
estate operator model for sustainable cities
H1 2022
KEY FIGURES1
|
BUSINESS ACTIVITY |
FINANCIAL RESULTS |
|
|
H1 2022 |
Change |
(€m) |
H1 2022 |
H1 2021 |
22 vs 21 |
|
New home reservations in
France |
|
vs. H1 2021 |
Revenue |
1,964 |
2,063 |
-5% |
|
Volume |
7,639 units |
-9% |
Operating profit |
110 |
133 |
-17% |
|
Value |
€1,756m |
-5% |
Operating margin (% of revenue) |
5.6% |
6.4% |
-80 bps |
|
Commercial real estate |
|
|
Net profit – Group share |
54 |
75 |
-27% |
|
Order intake |
€92m |
|
|
|
|
|
|
|
|
|
(€m) |
Jun-22 |
Dec-21 |
|
|
Development outlook |
|
vs. Dec-21 |
Net
debt2 |
878 |
598 |
|
|
Backlog |
€6.5bn |
-1% |
x EBITDA after leases (12 month) |
2,3x |
1,5x |
|
1 Data on a like-for-like basis
i.e without businesses sold in H1 2021: Century 21 consolidated
until 31 March and Ægide-Domitys consolidated until 30 June 2021
figures have been restated following the IFRS-IC decision of March
2021 on the costs of software used in Saas mode 2 Net debt before
leases.
VÉRONIQUE BÉDAGUE, CHIEF EXECUTIVE
OFFICER, COMMENTED:
« The geopolitical and macroeconomic uncertainty
leads us to manage our operations with greater caution. To cope
with inflationary pressures, we are more selective in launching
operations and take the time to work on optimising our products in
terms of both cost and selling price. Finally, once the launch has
been decided, we capitalise on our diversified offer and our
multi-channel marketing capability to ensure optimal time to
market. This is how we protect our margins and contain our debt.
This tight control of our supply for sale enables us to adapt to
changes in demand, which remains strong, both from individuals and
institutionals, despite macro-prudential measures aimed at reducing
the credit availability to individuals and the rise in interest
rates. Nexity's performance demonstrates the strength of its
business model, capitalising in particular on its position as
France's leading developer and on the very strong growth in the
results of its service activities. The volume of our business
potential, the strength of our backlog, the solidity of our balance
sheet and the quality and commitment of our teams, give us
confidence that we will be able to weather this period of
uncertainty as well as possible, and we will be able to meet the
immense needs in the French housing market. We have also just
strengthened our positions in Occitania region (South of France) by
acquiring a majority stake in Angelotti and remain in motion to
participate in the future consolidation of the sector and better
respond to the challenges of sustainable
cities. »RESIDENTIAL REAL
ESTATE
Business activityThe supply
shortage, observed for several years on the French market, persists
despite a recent recovery in the delivery of building permits for
collective housing. The acceleration of the inflationary context
recorded in the second quarter lengthens the operations’ set-up
time, delays the start of their marketing, thus constraining the
supply for sale. The new home market in France is therefore
affected despite a still sustained demand, both from individuals
and institutional investors. According to the FPI (Fédération des
Promoteurs Immobiliers), new home sales fell by around 20% in the
first quarter which should continue for the rest of the year.
Against this backdrop, Nexity's business
activity held up well in the first half of the year, with 7,639
reservations (-9% in volume compared with H1 2021, -5% in value to
€1.8 billion), with its customer base still balanced between retail
sales (63% of reservations in the first half of the year) and bulk
sales (37%). Sales prices per square metre in supply constrained
areas (A and B1), which account for around 80% of reservations
during the period, remain on an upward trend, in line with the
first quarter (+3.7% vs H1 2021).
As expected, Nexity saw during the first half a
recovery in building permits (+19% vs H1 2021), but is keen to
secure its margins in a more difficult environment. Therefore,
these new permits did not allow to increase the supply for sale as
anticipated at the beginning of the year, mainly given the
negotiation time required to integrate the inflationary trend in
construction costs and validate the selling price. As a result,
housing launches fell by 12% over the period. The supply for sale
therefore remains low (7,199 units against 7,655 on 31 December
2021) and does not meet demand. This supply is low-risk (no stock
of completed homes, and more than 70% of the supply not launched)
and the time-to-market remains very fast (4.5 months vs. 4.4 months
at 31 December 2021).
|
New scope (€m) |
H1 2022 |
H1 2021 |
2022/2021change |
|
Revenue |
1,377 |
1,398 |
- 2% |
|
Current operating profit |
65 |
81 |
- 20% |
|
Margin (as a % of revenue) |
4.7% |
5.8% |
-110 bps |
|
|
30/06/22 |
31/12/21 |
|
|
Working capital
requirement (WCR) |
1,152 |
1,029 |
|
Financial results Revenue was
slightly down in the first half of 2022, reflecting the lower level
of new operations starts during the period. The margin rate is
down, affected by the cautious management of operations leading to
a lower coverage of fixed costs due to operations delay and higher
costs related to projects’ exits. Working capital requirement
amounted €1.2 billion. Working capital for new homes in France
represented 18% of the backlog, in line with historical levels.
OutlookGiven the tougher
housing environment observed in the second quarter, Nexity now
expects the market to decline by 17% in 2022 (~130,000 units vs.
157,000 units in 2021). Nexity is maintaining its target of over
14% market share, with an acceleration in bulk sales expected in
the second half of the year. The contribution to 2022 earnings from
the acquisition of the Angelotti Group announced in June 2022
should be small, in the event of a year-end closing. The Group
remains confident in its ability to contain the pressure on
construction costs for ongoing operations. Expectations of rising
real estate mortgage rates lead us to increase our vigilance
regarding the relevance of new production in relation to market
conditions.
COMMERCIAL REAL
ESTATE
Business activityIn a market
context at the bottom of the cycle and still wait-and-see, Nexity
recorded, as expected, a low level of order intake in the first
half of the year (92 million euros at the end of June). This amount
includes 66 million euros in order intake in the regions (+41%
compared to H1 2021) where Nexity continues to strengthen its
presence.
|
New scope (€m) |
H1 2022 |
H1 2021 |
2022/2021change |
|
Revenue |
161 |
280 |
- 43% |
|
Current operating profit |
21 |
44 |
- 53% |
|
Margin (as a % of revenue) |
13.0% |
15.8% |
-280 bps |
|
|
30/06/22 |
31/12/21 |
|
|
Working capital
requirement (WCR) |
64 |
24 |
|
Financial resultsH1 2021 basis
of comparison is high, as it included the contribution of the order
intake for the Reiwa building in Saint-Ouen, which contributed €124
million to revenue and €16 million to operating profit. The
half-year results for 2022 are logically down due to this
significant base effect. Restated for this item, revenue is up 3%.
The margin rate for the first half of 2022 remains higher than the
normative level of the business. The level of WCR remains low and
takes into account the rate of customer advances collection during
the construction period.
OutlookThe outlook for
Commercial real estate business remains unchanged. Given the
wait-and-see attitude of companies, order intake should reach a low
point in 2022. The backlog consumption should lead to achieve a
consolidated revenue of around €400 million in 2022.
SERVICES
|
New scope (€m) |
H1 2022 |
H1 2021 |
2022/2021change |
|
Revenue |
421 |
385 |
9% |
|
o/w Property Management |
188 |
186 |
1% |
|
o/w Serviced Properties |
102 |
70 |
45% |
|
o/w Distribution |
132 |
130 |
2% |
|
Current operating profit |
36 |
26 |
39% |
|
Margin (as a % of revenue) |
8.5% |
6.7% |
+180 bps |
|
|
30/06/22 |
31/12/21 |
|
|
Working capital
requirement (WCR) |
52 |
75 |
|
Services revenue amounted 421
million in the first half of 2022, up 9% compared to H1 2021,
mainly driven by serviced properties activities, particularly
coworking (Morning), which saw its revenue double in H1 2022,
driven by the increase in the occupancy rate over the period (+11
points) and the 30% increase in the number of managed spaces (9
openings during H1 representing 19,000 sqm). Student residencies
(Studea) had also a strong performance with a3 points increase in
occupancy rate at 96% compared to 93% at end-December 2021.
Current operating
profit rose by 39% to €36 million. The operating
margin rate increased by 180 basis points to 8.5%.
OutlookIn the second half of
the year, the Services activities should benefit from the continued
good momentum of profitable growth recorded in the first half of
the year.
CONSOLIDATED
RESULTS – OPERATIONAL
REPORTING
Reported H1 2021 net profit amounted to €281
million and included non-recurring items relating to the disposal
of Ægide-Domitys and Century 21 (€206 million). Restated on a
like-for-like basis, H1 2021 net profit amounted to €75
million.
| |
|
H1 2021
restated* |
|
H1 2022 |
|
2022/2021changeLike-for-like basis |
|
in € million |
|
Reported |
Disposed activities and non-recurring
items |
Like-for-like basis |
|
|
|
|
| Consolidated
revenue |
|
2,275 |
211 |
2,063 |
|
1,964 |
|
-5% |
|
Operating profit |
|
359 |
226 |
133 |
|
110 |
|
-17% |
| As a % of
revenue |
|
|
|
6.4% |
|
5.6% |
|
|
| Net financial
income/(expense) |
|
(44) |
(13) |
(31) |
|
(26) |
|
-18% |
| Income tax |
|
(31) |
(7) |
(24) |
|
(24) |
|
|
| Share of
profit/(loss) from equity-accounted investments |
|
(1) |
|
(1) |
|
(1) |
|
|
| Net
profit |
|
283 |
206 |
77 |
|
59 |
|
-23% |
| Non-controlling
interests |
|
(2) |
|
(2) |
|
(5) |
|
|
|
Net profit attributable to equity holders of the parent
company |
|
281 |
206 |
75 |
|
54 |
|
-27% |
|
(in euros) |
|
|
|
|
|
|
|
|
|
Net earnings per share |
|
€5.07 |
|
€1.35 |
|
€0.98 |
|
|
*2021 figures have been restated following the
IFRS-IC decision of March 2021 on the costs of software used in
Saas mode
REVENUE
Reported revenue amounted to
€1,964
million, down 5% compared to H1 2021 on a
like-for-like basis. H1 2021 reported revenue included revenue from
disposed activities in 2021 (Century21 and Ægide-Domitys) and
amounted to €2,275 million. Restated for the base effect of the
Reiwa Commercial real estate order taken in the first half of 2021,
revenue rose by 1%.
|
in € million |
|
H1 2022 |
H1 2021 |
|
2022/2021change |
|
Development |
|
1,538 |
1,678 |
|
- 8% |
| Residential Real
Estate Development |
|
1,377 |
1,398 |
|
- 2% |
| Commercial Real
Estate Development |
|
161 |
280 |
|
- 43% |
|
Services |
|
421 |
385 |
|
+ 9% |
| Property
Management |
|
188 |
186 |
|
+ 1% |
| Serviced
properties |
|
102 |
70 |
|
+ 45% |
|
Distribution |
|
132 |
130 |
|
+ 2% |
| Other
Activities |
|
5 |
1 |
|
ns |
|
Revenue new scope |
|
1,964 |
2,063 |
|
- 5% |
| Revenue from
disposed activities (1) |
|
|
211 |
|
|
|
Revenue |
|
1,964 |
2,275 |
|
- 14% |
(1) Disposed activities were consolidated until 31 March 2021
for Century 21 and until 30 June 2021 for Ægide-Domitys.
Under IFRS, reported revenue
was €1,800 million. It excludes revenue from joint ventures in
application of IFRS 11, which requires their recognition by equity
accounting of proportionally integrated joint ventures in
operational reporting. Reported revenue in H1 2021 (€2,099
millions) is not comparable as it included the revenue of the
disposed activities in 2021 (Century21 and Ægide-Domitys).
As a reminder, 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
Current operating
profit amounted
to €110
million and the current operating margin reached
5.6% of revenue, at a level not representative of annual
performance. Half of the decline in the margin rate (-80 bps) is
due to the base effect from the Reiwa Commercial real estate order
taken in H1 2O21.
| |
|
H1 2022 |
|
H1 2021* |
|
|
in € million |
|
Operating profit |
Marginrate |
|
Operating profit |
Marginrate |
|
|
Development |
|
86 |
5.6% |
|
125 |
7.4% |
|
| Residential Real
Estate Development |
|
65 |
4.7% |
|
81 |
5.8% |
|
| Commercial Real
Estate Development |
|
21 |
13.0% |
|
44 |
15.8% |
|
|
Services |
|
36 |
8.5% |
|
26 |
6.7% |
|
| Other
Activities |
|
(11) |
ns |
|
(18) |
ns |
|
|
Current operating profit new scope |
|
110 |
5.6% |
|
133 |
6.4% |
|
*2021 figures have been restated following the
IFRS IC decision of March 2021 on the costs of software used in
Saas mode
OTHER INCOME STATEMENT
ITEMS
Financial expense amounted to
-€26 million in H1 2022 and improved by €5 million compared to 30
June 2021 on a like-for-like basis. The increase in interest
expenses on leases (€2 million vs. H1 2021) following the growth in
coworking activities is largely offset by the decrease in the cost
of financial debt for €7 million. The average cost of
financing is down to 1.8% from 2.1% at end 2021. Given its
mainly fixed-rate debt structure, the Group has little exposure to
an increase in interest rates on the 2022 financial result.
Tax expense (including the
Cotisation sur la Valeur Ajoutée des Entreprises, CVAE) on a
like-for-like basis was stable at - €24 million. The
current effective tax rate (excluding CVAE) was 27% at end-June
2022 in line with the normative fiscal rate.
Net profit Group's
share on a like-for-like basis during H1 2022 was €54
million (compared to €75 million at 30 June 2021).
CASH FLOW AND
BALANCE SHEET ITEMS
Cash flow from operating activities
after lease payments but before interest and tax expenses
was €125 million at end-June 2022, comparable to the contribution
in the first half of 2021.
Operating working capital (excluding
tax) rose by €196 million, which is comparable to the
usual increase in the first half of the year, still marked by
expenditure flows on construction sites, which exceeds the inflows
for the period. The change in WCR in H1 2021, which amounted to
€355 million, took into account €238 million related to the
consumption of advances paid for Commercial real estate on 2020
orders (mainly the Eco-campus in La Garenne Colombes).
Nexity’s free cash-flow was a
net outflow of €136 million at end-June 2022 compared to a net
outflow of €95 million at 30 June 2021 restated for the effect of
the consumption of customer advances. This reflects a controlled
increase in working capital in H1 2022.
|
in € million |
|
H1 2022 |
H1 2021* |
| Cash
flow from operating activities before interest and tax
expenses |
|
188 |
233 |
| Repayment of
lease liabilities |
|
(63) |
(117) |
| Cash
flow from operating activities after lease payments but before
interest and tax expenses |
|
125 |
116 |
| Change in
operating working capital |
|
(196) |
(355) |
| Interest and tax
paid |
|
(36) |
(71) |
| Net cash
from/(used in) operating
activities |
|
(107) |
(310) |
| Net cash
from/(used in) operating investments |
|
(29) |
(23) |
| Free
cash-flow |
|
(136) |
(333) |
| Net cash
from/(used in) financial investments |
|
(7) |
185 |
| Dividends paid
by Nexity SA |
|
(138) |
(111) |
| Net cash
from/(used in) financing activities, excluding dividends |
|
22 |
(165) |
|
Change in cash and cash equivalents |
|
(259) |
(423) |
*2021 figures have been restated following the
IFRS-IC decision of March 2021 on the costs of software used in
Saas mode
Net cash
from/(used in) financial
investments totalled €7 million in H1 2022. It mainly
included in H1 2021, the disposal of 100% of Century 21 and 45% of
Ægide.
Net cash flow
from/(used in) financing
activities totalled only €22 million as there were no
repayments during the period. In H1 2021, they included the
repayment at maturity of a bond.
WORKING CAPITAL REQUIREMENT
|
in € million |
|
30 June
2022 |
31 December
2021 |
2022/2021change |
|
Development |
|
1,215 |
1,053 |
162 |
| Residential Real
Estate Development |
|
1,152 |
1,029 |
123 |
| Commercial Real
Estate Development |
|
64 |
24 |
39 |
|
Services |
|
52 |
75 |
(23) |
| Other
Activities |
|
46 |
(7) |
52 |
| Total
WCR excluding tax |
|
1,313 |
1,121 |
192 |
| Corporate income
tax |
|
5 |
(2) |
7 |
|
Working capital requirement (WCR) |
|
1,318 |
1,119 |
199 |
At
30 June 2022,
WCR excluding tax increased by €192 million
compared to end-December 2021, driven by Residential real estate
(+€123 million).
Land commitments considered as Landbank totalled
around €250 million at 30 June 2022 (compared to around €280
million at 31 December 2021).
|
BALANCE SHEET AND FINANCIAL
STRUCTURE |
The Group’s net debt before lease liabilities
amounted to €878 million at end-June 2022, up €280 million compared
to end-2021. This increase came in particular from the dividend
payment in the first half of the year (€138 million) and the
increase in working capital requirement (€192 million).
The level at end-June represents the highest
point in annual indebtedness.
Leverage ratio was 2.3x EBITDA at 30 June 2022,
well below the bank covenant thresholds (3.5x).
The Group has a solid financial situation as of
30 June 2022, with a total cash position of €914 million, to which
are added €600 million of confirmed and undrawn credit lines.
Gross debt is mainly fixed rate (56%), reducing
the Group's exposure to rising interest rates.
|
in € million |
|
30 June
2022 |
31 December
2021 |
2022/2021 change |
| Bond issues and
others |
|
999 |
994 |
5 |
| Bank debt and
commercial papers |
|
793 |
768 |
26 |
| Net cash and
cash equivalents |
|
(914) |
(1,163) |
249 |
|
Net financial debt before lease liabilities |
|
878 |
598 |
280 |
At 30 June 2022, the average debt
maturity was high at 2.6 years (compared to 3.1 years at
end-2021) with an average cost of debt down to
1.8% compared to 2.1% in 2021 given the refinancing policy pursued
in 2021.
Lease liabilities rose during
H1 2022 by €51 million, to reach €677 million, reflecting the
growth in the number of managed coworking office spaces. Net debt
including lease liabilities amounted to €1,554 million at 30 June
2022, compared to €1,224 million at 31 December 2021.
2022
OUTLOOK
2022 targets specified
1 to better
reflect the uncertainty of the
macro-economic environment
-
Confirmation of over 14% market share in 2022, in a new home market
now expected to decline
-
Maintain a high operating margin around 8% based on revenue at
least equal to 2021
Nexity will continue to closely monitor the
current economic, social and health situation.
ACQUISITION
OF A MAJORITY STAKE IN THE ANGELOTTI GROUP
As the regional leader in residential
development and urban planning in Occitania region (South of
France), this acquisition is a major step forward for Nexity. Fully
in line with the Group's strategic ambition, this transaction will
strengthen Nexity's urban planning offer, a business that has been
in place for a long time and that transforms territories to serve
our local authority clients. It will also enable Nexity to
strengthen its market share in residential development in Occitania
and PACA regions, two regions with strong growth prospects, by
relying on reputable and well-established local partners. In 2021,
the Angelotti group totalled revenue of €150 million (+20% compared
to 2020) and has a pipeline of projects representing around 6 years
of activity.
***
FINANCIAL CALENDAR & PRACTICAL
INFORMATIONS
Investor Day (only with
invitation) Wednesday
28 September 2022Q3 2022 business activity and
revenue Wednesday
26 October 2022 (after market close)
A conference call will be held
today in French with a simultaneous translation into English
at 6.30 p.m. (Paris Time), available on the
website https://nexity.group/en/ in the Finance section and with
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
|
+1 212 999 6659 |
Code: Nexity en
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 2022
webcast
The conference call will be available on replay
at https://nexity.group/en/finance from the following day.
The French version of the 2022 interim financial
report is filed today with the Autorité des Marchés Financiers
(AMF) and is available on the Group’s website.
Avertissement:
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.22-0248 on 6 April 2022, 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:Domitille Vielle – Head
of Investor relations / +33 (0)6 03 86 05 02 –
investorrelations@nexity.fr
ANNEX :
OPERATIONAL REPORTING
Quarterly reservations – Residential
Real Estate
| |
|
2022 |
|
2021 |
|
2020 |
|
Number of units |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
| New homes
(France) |
|
4,149 |
3,490 |
|
7,658 |
4,092 |
4,843 |
3,508 |
|
7,299 |
3,848 |
5,402 |
3,450 |
|
Subdivisions |
|
423 |
337 |
|
772 |
367 |
439 |
338 |
|
660 |
244 |
297 |
360 |
|
International |
|
100 |
133 |
|
216 |
247 |
404 |
249 |
|
503 |
193 |
74 |
165 |
|
Total new scope |
|
4,672 |
3,960 |
|
8,646 |
4,706 |
5,686 |
4,095 |
|
8,462 |
4,285 |
5,773 |
3,975 |
|
Reservations carried out directly by Ægide |
|
|
|
|
|
|
348 |
389 |
|
143 |
336 |
392 |
207 |
|
Total (in number of units) |
|
4,672 |
3,960 |
|
8,646 |
4,706 |
6,034 |
4,484 |
|
8,605 |
4,621 |
6,165 |
4,182 |
| |
|
2022 |
|
2021 |
|
2020 |
|
|
Value, in €m incl. VAT |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
| New homes
(France) |
|
992 |
764 |
|
1,447 |
845 |
1,056 |
792 |
|
1,534 |
855 |
1,141 |
750 |
|
|
Subdivisions |
|
37 |
27 |
|
55 |
33 |
42 |
29 |
|
57 |
19 |
25 |
30 |
|
|
International |
|
2 |
18 |
|
31 |
48 |
72 |
41 |
|
91 |
29 |
11 |
26 |
|
|
Total new scope |
|
1,032 |
808 |
|
1,533 |
927 |
1,170 |
862 |
|
1,682 |
903 |
1,177 |
806 |
|
|
Reservations carried out directly by Ægide |
|
|
|
|
|
|
85 |
90 |
|
32 |
70 |
90 |
41 |
|
|
Total (in €m incl. VAT) |
|
1,032 |
808 |
|
1,533 |
927 |
1,255 |
952 |
|
1,713 |
974 |
1,267 |
847 |
|
Breakdown of new home reservations in France by
client
|
In number of units, new scope |
H1 2022 |
H1 2021 |
H1 2022/H1 2021 change |
| Homebuyers |
1,513 |
20% |
1,778 |
21% |
-15% |
|
o/w: - First time buyers |
1,317 |
17% |
1,514 |
18% |
-13% |
|
- Other home buyers |
195 |
3% |
264 |
3% |
-26% |
| Individual
investors |
3,335 |
44% |
3,686 |
44% |
-10% |
| Professional
landlords |
2,791 |
37% |
2,887 |
35% |
-3% |
|
O/w : - Institutional investors |
727 |
10% |
936 |
11% |
-22% |
|
- Social housing operators |
2,064 |
27% |
1,951 |
23% |
6% |
|
Total |
7,639 |
100% |
8,351 |
100% |
-9% |
Services
|
|
|
June 2022 |
|
December
2021 |
|
Change |
|
|
|
Property Management |
|
|
|
|
|
|
|
|
| Portfolio of
managed housing |
|
|
|
|
|
|
|
|
| - Condominium
management |
|
675,000 |
|
672,000 |
|
+ 0.4% |
|
|
| - Rental
management |
|
158,000 |
|
155,000 |
|
+ 1.9% |
|
|
|
Commercial real estate |
|
|
|
|
|
|
|
|
| - Assets under
management (in millions of sq.m) |
|
20.2 |
|
20.4 |
|
- 1% |
|
|
|
Serviced properties |
|
|
|
|
|
|
|
|
|
Student residences |
|
|
|
|
|
|
|
|
| - Number of
residences in operation |
|
129 |
|
129 |
|
0 |
|
|
| - Rolling
12-month occupancy rate |
|
96% |
|
93% |
|
+ 3 pts |
|
|
|
Shared office space |
|
|
|
|
|
|
|
|
| - Managed areas
(in sq.m) |
|
76,000 |
|
57,000 |
|
+ 19.000 |
|
|
| - Rolling
12-month occupancy rate |
|
85% |
|
74% |
|
+ 11 pts |
|
|
|
Distribution |
|
June 2022 |
|
June 2021 |
|
Change |
|
|
| - Total
reservations |
|
2,425 |
|
2,731 |
|
- 11% |
|
|
|
- Reservations on behalf of third parties |
|
1,497 |
|
1,770 |
|
- 15% |
|
|
| |
|
|
|
|
|
|
|
|
Quarterly figures -
Revenue
| |
2022 |
|
2021 |
|
2020 |
|
in € million |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Development |
839 |
699 |
|
1,279 |
815 |
827 |
851 |
|
1,747 |
703 |
680 |
524 |
| Residential Real
Estate development |
750 |
626 |
|
1,146 |
735 |
742 |
655 |
|
1,216 |
642 |
434 |
467 |
| Commmercial Real
Estate development |
89 |
72 |
|
133 |
79 |
85 |
195 |
|
530 |
61 |
247 |
57 |
|
Services |
226 |
195 |
|
270 |
198 |
209 |
176 |
|
237 |
198 |
161 |
171 |
| Property
management |
149 |
141 |
|
141 |
140 |
129 |
126 |
|
129 |
133 |
114 |
126 |
|
Distribution |
77 |
54 |
|
129 |
58 |
80 |
50 |
|
108 |
65 |
47 |
45 |
|
Other activities |
4 |
1 |
|
|
|
|
1 |
|
|
|
|
|
|
Revenue - New scope |
1,069 |
895 |
|
1,549 |
1,013 |
1,036 |
1,027 |
|
1,983 |
901 |
842 |
695 |
|
Revenue from
disposed
activities* |
|
|
|
|
|
107 |
104 |
|
134 |
120 |
88 |
92 |
|
Revenue |
1,069 |
895 |
|
1,549 |
1,013 |
1,143 |
1,132 |
|
2,118 |
1,021 |
929 |
787 |
* Disposed activities are consolidated until 31 Mars 2021 for
Century 21 and until 30 June 2021 for Ægide-Domitys
Backlog
| |
2022 |
|
2021 |
|
2020 |
|
In € million, excluding VAT |
H1 |
Q1 |
|
FY |
9M |
H1 |
Q1 |
|
FY |
9M |
H1 |
Q1 |
| Residential Real
Estate development |
5,541 |
5,551 |
|
5,565 |
5,610 |
5,504 |
5,399 |
|
5,509 |
5,100 |
4,986 |
4,522 |
| Commercial Real
Estate development |
906 |
935 |
|
974 |
1,013 |
1,059 |
1,138 |
|
1,032 |
321 |
373 |
398 |
|
Total Backlog |
6,447 |
6,485 |
|
6,538 |
6,622 |
6,563 |
6,536 |
|
6,541 |
5,421 |
5,359 |
4,920 |
| Restatement of
operations carried out directly by Ægide |
|
|
|
|
|
|
242 |
|
280 |
298 |
300 |
274 |
|
Total Backlog new scope |
6,447 |
6,485 |
|
6,538 |
6,622 |
6,563 |
6,778 |
|
6,820 |
5,719 |
5,659 |
5,194 |
Half-year
figuresReservations
– Residential Real
Estate
| |
|
2022 |
|
2021 |
|
2020 |
|
Number of units |
|
H1 |
|
FY |
H2 |
H1 |
|
FY |
H2 |
H1 |
| New homes
(France) |
|
7,639 |
|
20,101 |
11,750 |
8,351 |
|
19,999 |
11,147 |
8,852 |
|
Subdivisions |
|
760 |
|
1,916 |
1,139 |
777 |
|
1,561 |
904 |
657 |
|
International |
|
233 |
|
1,116 |
463 |
653 |
|
935 |
696 |
239 |
|
Total new scope |
|
8,632 |
|
23,133 |
13,352 |
9,781 |
|
22,495 |
12,747 |
9,748 |
|
Reservations carried out directly by Ægide |
|
- |
|
737 |
- |
737 |
|
1,078 |
479 |
599 |
|
Total (in number of units) |
|
8,632 |
|
23,870 |
13,352 |
10,518 |
|
23,573 |
13,226 |
10,347 |
| |
|
2022 |
|
2021 |
|
2020 |
|
Value, in €m incl. VAT |
|
H1 |
|
FY |
H2 |
H1 |
|
FY |
H2 |
H1 |
| New homes
(France) |
|
1,756 |
|
4,140 |
2,292 |
1,848 |
|
4,281 |
2,389 |
1,892 |
|
Subdivisions |
|
64 |
|
159 |
88 |
71 |
|
131 |
76 |
55 |
|
International |
|
20 |
|
192 |
79 |
113 |
|
156 |
120 |
36 |
|
Total new scope |
|
1,840 |
|
4,491 |
2,459 |
2,032 |
|
4,568 |
2,585 |
1,983 |
|
Reservations carried out directly by Ægide |
|
|
|
175 |
- |
175 |
|
233 |
102 |
131 |
|
Total (in €m incl. VAT) |
|
1,840 |
|
4,666 |
2,459 |
2,207 |
|
4,802 |
2,687 |
2,115 |
Revenue
| |
|
2022 |
|
2021 |
|
2020 |
|
in € million |
|
H1 |
|
FY |
H2 |
H1 |
|
FY |
H2 |
H1 |
|
Development |
|
1,538 |
|
3,771 |
2,094 |
1,678 |
|
3,654 |
2,449 |
1,204 |
| Residential Real
Estate development |
|
1,377 |
|
3,279 |
1,882 |
1,398 |
|
2,759 |
1,858 |
901 |
| Commmercial Real
Estate development |
|
161 |
|
492 |
212 |
280 |
|
895 |
592 |
303 |
|
Services |
|
421 |
|
853 |
468 |
385 |
|
767 |
435 |
333 |
| Property
management |
|
289 |
|
537 |
281 |
256 |
|
503 |
263 |
240 |
|
Distribution |
|
132 |
|
316 |
186 |
130 |
|
265 |
172 |
92 |
|
Other activities |
|
5 |
|
1 |
|
1 |
|
|
|
|
|
Revenue - New scope |
|
1,964 |
|
4,625 |
2,562 |
2,063 |
|
4,421 |
2,884 |
1,537 |
|
Revenue from
disposed
activities* |
|
|
|
211 |
|
211 |
|
434 |
254 |
179 |
|
Revenue |
|
1,964 |
|
4,836 |
2,562 |
2,275 |
|
4,855 |
3,139 |
1,716 |
* Disposed activities are consolidated until 31 Mars 2021 for
Century 21 and until 30 June 2021 for Ægide-Domitys
Current operating profit
| |
|
2022 |
|
2021* |
|
2020* |
|
In € million |
|
H1 |
|
FY |
H2 |
H1 |
|
FY |
H2 |
H1 |
|
Development |
|
86 |
|
330 |
205 |
125 |
|
275 |
213 |
61 |
| Residential Real
Estate development |
|
65 |
|
271 |
191 |
81 |
|
203 |
195 |
8 |
| Commmercial Real
Estate development |
|
21 |
|
59 |
15 |
44 |
|
72 |
19 |
54 |
|
Services |
|
36 |
|
74 |
48 |
26 |
|
41 |
27 |
14 |
| Property
management |
|
23 |
|
37 |
23 |
14 |
|
20 |
12 |
8 |
|
Distribution |
|
13 |
|
37 |
25 |
12 |
|
21 |
15 |
6 |
|
Other activities |
|
(11) |
|
(33) |
(16) |
(18) |
|
(35) |
(26) |
(9) |
|
Current operating profit - New
scope |
|
110 |
|
371 |
238 |
133 |
|
281 |
215 |
66 |
|
Non-current operating
profit |
|
|
|
157 |
116 |
41 |
|
(2) |
14 |
(16) |
|
Operating profit |
|
110 |
|
528 |
353 |
174 |
|
279 |
228 |
50 |
*2020 and 2021 figures have been restated
following the IFRS-IC decision of March 2021 on the costs of
software used in Saas mode Consolidated income statement
- 30 June
2022
|
In € million |
|
30/06/2022IFRS |
|
Restatementof
jointventures |
30/06/2022Operationalreporting |
|
30/06/2021Restated*Operationalreporting New
scope before non-recurring items |
|
Revenue |
|
1,800.2 |
|
163,5 |
1,963.7 |
|
2,063.5 |
| Operating
expenses |
|
(1,623.6) |
|
(1,772.0) |
(1,772.0) |
|
(1,853.4) |
| Dividends
received from equity-accounted investments |
|
2.2 |
|
(2.2) |
- |
|
- |
|
EBITDA |
|
178.8 |
|
12.9 |
191.7 |
|
210.1 |
| Lease
payments |
|
(63.5) |
|
- |
(63.5) |
|
(60.8) |
|
EBITDA after lease payments |
|
115.3 |
|
12.9 |
128.2 |
|
149.3 |
| Restatement of
lease payments |
|
63.5 |
|
- |
63.5 |
|
60.8 |
| Depreciation of
right-of-use assets |
|
(63.0) |
|
0.0 |
(63.0) |
|
(59.3) |
| Depreciation.
amortisation and impairment of non-current assets |
|
(16.6) |
|
(0.0) |
(16.6) |
|
(15.6) |
| Net change in
provisions |
|
4.0 |
|
0.2 |
4.1 |
|
4.1 |
| Share-based
payments |
|
(6.1) |
|
- |
(6.1) |
|
(6.3) |
| Dividends
received from equity-accounted investments |
|
(2.2) |
|
(0.0) |
|
|
- |
|
Current operating profit |
|
94.9 |
|
15.2 |
110.1 |
|
133.0 |
| Capital gains on
disposal |
|
- |
|
- |
- |
|
- |
|
Operating profit |
|
94.9 |
|
15.2 |
110.1 |
|
133.0 |
| Share of net
profit from equity-accounted investments |
|
9.8 |
|
(9.8) |
|
|
- |
|
Operating profit after share of net profit from equity-accounted
investments |
|
104.7 |
|
5.4 |
110.1 |
|
133.0 |
| Cost of net
financial debt |
|
(14.1) |
|
(1.2) |
(15.3) |
|
(22.8) |
| Other financial
income/(expenses) |
|
(2.0) |
|
(0.3) |
(2.2) |
|
(2.4) |
| Interest expense
on lease liabilities |
|
(8.1) |
|
- |
(8.1) |
|
(5.9) |
|
Net financial income/(expense) |
|
(24.2) |
|
(1.4) |
(25.6) |
|
(31.1) |
|
Pre-tax recurring profit |
|
80.5 |
|
4.0 |
84.5 |
|
101.9 |
| Income tax |
|
(20.5) |
|
(4.0) |
(24.4) |
|
(24.2) |
| Share of
profit/(loss) from other equity-accounted investments |
|
(1.0) |
|
- |
(1.0) |
|
(0.9) |
|
Consolidated net profit |
|
59.0 |
|
0.0 |
59.0 |
|
76.7 |
|
Attributable to non-controlling interests |
|
4.9 |
|
- |
4.9 |
|
1.9 |
| |
|
|
|
|
|
|
- |
|
Attributable to equity holders of the parent
company |
|
54.2 |
|
0.0 |
54.2 |
|
74.8 |
| (in euros) |
|
|
|
|
|
|
|
|
Net earnings per share |
|
0.98 |
|
|
0.98 |
|
1.35 |
*2021 figures have been restated following the
IFRS-IC decision of March 2021 on the costs of software used in
Saas mode
Simplified consolidated balance-sheet
- 30 June
2022
|
ASSETS(in € million) |
|
30/06/2022IFRS |
|
Restatementof
jointventures |
|
30/06/2022Operationalreporting |
|
31/12/2021Operationalreporting |
|
Goodwills |
|
1,358.2 |
|
- |
|
1,358.2 |
|
1,356.5 |
| Other
non-current assets |
|
873.8 |
|
0.2 |
|
874.1 |
|
817.7 |
|
Equity-accounted investments |
|
126.8 |
|
(65.3) |
|
61.5 |
|
62.5 |
|
Total non-current assets |
|
2,358.8 |
|
(65.1) |
|
2,293.7 |
|
2,236.7 |
|
Net WCR |
|
1,150.2 |
|
168.2 |
|
1,318.4 |
|
1,118.9 |
|
Total Assets |
|
3,509.0 |
|
103.1 |
|
3,612.1 |
|
3,355.6 |
| |
|
|
|
|
|
|
|
|
|
Liabilities and equity(in € million) |
|
30/06/2022IFRS |
|
Restatementof
jointventures |
|
30/06/2022Operationalreporting |
|
31/12/2021Operationalreporting |
|
Share capital and reserves |
|
1,794.4 |
|
(0.0) |
|
1,794.4 |
|
1,603.6 |
|
Net profit for the period |
|
54.2 |
|
0.0 |
|
54.2 |
|
324.9 |
|
Equity attributable to equity holders of the parent company |
|
1,848.6 |
|
(0.0) |
|
1,848.6 |
|
1,928.6 |
|
Non-controlling interests |
|
24.9 |
|
0.0 |
|
24.9 |
|
19.6 |
|
Total equity |
|
1,873.5 |
|
(0.0) |
|
1,873.5 |
|
1,948.2 |
|
Net debt |
|
1,463.4 |
|
91.0 |
|
1,554.5 |
|
1,223.8 |
|
Provisions |
|
99.0 |
|
1.7 |
|
100.6 |
|
104.2 |
|
Net deferred tax |
|
73.1 |
|
10.4 |
|
83.5 |
|
79.5 |
|
Total Liabilities and equity |
|
3,509.0 |
|
103.1 |
|
3,612.1 |
|
3,355.6 |
Net debt -
30 June 2022
|
(in € million) |
30/06/2022IFRS |
Restatementof
jointventures |
30/06/2022Operationalreporting |
|
31/12/2021Operationalreporting |
| Bond issues
(incl. accrued interest and arrangement fees) |
809.7 |
- |
809.7 |
|
806.3 |
| Loans and
borrowings |
904.1 |
78.2 |
982.3 |
|
955.3 |
|
Loans and borrowings |
1,713.8 |
78.2 |
1,792.0 |
|
1,761.6 |
|
|
|
|
|
|
|
|
Other financial receivables and payables |
(163.3) |
157.5 |
(5.8) |
|
4.7 |
| |
|
|
|
|
|
| Cash and cash
equivalents |
(782.9) |
(164.8) |
(947.7) |
|
(1,204.2) |
|
Bank overdraft facilities |
19.0 |
20.2 |
39.2 |
|
36.2 |
|
Net cash and cash equivalents |
(763.9) |
(144.6) |
(908.5) |
|
(1,168.0) |
|
|
|
|
|
|
|
|
Total net financial debt before lease
liabilities |
786.5 |
91.0 |
877.6 |
|
598.3 |
|
|
|
|
|
|
|
|
Lease liabilities |
676.9 |
- |
676.9 |
|
625.5 |
|
|
|
|
|
|
|
|
Total net debt |
1,463.4 |
91.0 |
1,554.5 |
|
1,223.8 |
Simplified statement of cash flows -
30 June 2022
|
(in € million) |
30/06/2022IFRS(6-month
period) |
Restatementof
jointventures |
30/06/2022Operationalreporting |
|
30/06/2021Operationalreporting
Restated * |
|
Consolidated net profit |
59.0 |
- |
59.0 |
|
283.0 |
| Elimination of
non-cash income and expenses |
72.1 |
9.6 |
81.7 |
|
(123.5) |
|
Cash flow from operating activities after interest and tax
expenses |
131.1 |
9.6 |
140.8 |
|
159.5 |
| Elimination of
net interest expense/(income) |
22.2 |
1.2 |
23.4 |
|
41.4 |
| Elimination of
tax expense, including deferred tax |
20.2 |
4.0 |
24.2 |
|
31.0 |
|
Cash flow from operating activities before interest and tax
expenses |
173.5 |
14.8 |
188.3 |
|
231.9 |
| Repayment of
lease liabilities |
(63.5) |
- |
(63.5) |
|
(116.7) |
|
Cash flow from operating activities after lease payments but before
interestand tax expenses |
110.1 |
14.8 |
124.8 |
|
115.2 |
| Change in
operating working capital |
(200.3) |
4.4 |
(195.9) |
|
(355.2) |
| Dividends
received from equity-accounted investments |
2.2 |
(2.2) |
- |
- |
|
| Interest
paid |
(7.7) |
(1.1) |
(8.8) |
|
(15.5) |
| Tax paid |
(26.2) |
(1.3) |
(27.6) |
|
(50.9) |
|
Net cash from/(used in)
operating activities |
(122.0) |
14.6 |
(107.4) |
|
(306.4) |
| Net cash
from/(used in) net operating investments |
(28.9) |
- |
(28.9) |
|
(22.2) |
|
Free cash flow |
(151.0) |
14.6 |
(136.4) |
|
(328.6) |
| Acquisitions of
subsidiaries and other changes in scope |
(2.8) |
(0.0) |
(2.9) |
|
208.1 |
| Other net
financial investments |
(3.7) |
(0.1) |
(3.8) |
|
(27.4) |
|
Net cash from/(used in)
investing activities |
(6.5) |
(0.1) |
(6.7) |
|
180.7 |
| Dividends paid
to equity holders of the parent company |
(138.1) |
- |
(138.1) |
|
(110.6) |
| Other payments
to/(from) minority shareholders |
0.2 |
- |
0.2 |
|
(6.3) |
| Net
disposal/(acquisition) of treasury shares |
(1.5) |
|
(1.5) |
|
2.0 |
| Change in
financial receivables and payables (net) |
18.3 |
4.5 |
22.8 |
|
(160.8) |
|
Net cash from/(used in)
financing activities |
(121.2) |
4.5 |
(116.6) |
|
(275.8) |
| Impact of
changes in foreign currency exchange rates |
0.2 |
- |
0.2 |
|
0.4 |
|
Change in cash and cash equivalents |
(278.5) |
19.0 |
(259.4) |
|
(423.3) |
*2021 figures have been restated following the
IFRS-IC decision of March 2021 on the costs of software used in
Saas mode
Capital employed
|
In € million |
|
|
|
|
30 June 2022 |
| |
|
Totalexcl. right-of-use
assets |
Totalincl. right-of-use
assets |
|
Non-currentassets |
|
Right-of-useassets |
|
WCR |
|
Goodwill |
| Development |
|
1,274 |
1,322 |
|
59 |
|
48 |
|
1,215 |
|
- |
| Services |
|
163 |
715 |
|
111 |
|
552 |
|
52 |
|
- |
| Other Activities
and not attributable |
|
1,466 |
1,492 |
|
56 |
|
26 |
|
51 |
|
1,358 |
|
Group capital employed |
|
2,903 |
3,529 |
|
226 |
|
626 |
|
1,318 |
|
1,358 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
In € million |
|
|
|
|
31 December
2021 |
| |
|
Totalexcl. right-of-use
assets |
Totalincl. right-of-use
assets |
|
Non-currentassets |
|
Right-of-useassets |
|
WCR |
|
Goodwill |
| Development |
|
1,086 |
1,135 |
|
33 |
|
49 |
|
1,053 |
|
|
| Services |
|
179 |
678 |
|
104 |
|
499 |
|
75 |
|
|
| Other Activities
and not attributable |
|
1,430 |
1,463 |
|
82 |
|
33 |
|
(9) |
|
1,356 |
|
Group capital employed |
|
2,694 |
3,276 |
|
219 |
|
582 |
|
1,119 |
|
1,356 |
| |
|
|
|
|
|
|
|
|
|
|
|
ANNEX: IFRS
Consolidated income statement -
30 June 2022
|
In € million |
|
30/06/2022IFRS |
|
30/06/2021IFRS
Restated* |
|
Revenue |
|
1,800.2 |
|
2,099.0 |
| Operating
expenses |
|
(1,623.6) |
|
(1,867.1) |
| Dividends
received from equity-accounted investments |
|
2.2 |
|
2.5 |
|
EBITDA |
|
178.8 |
|
234.4 |
| Lease
payments |
|
(63.5) |
|
(116.7) |
|
EBITDA after lease payments |
|
115.3 |
|
117.7 |
| Restatement of
lease payments |
|
63.5 |
|
116.7 |
| Depreciation of
right-of-use assets |
|
(63.0) |
|
(59.4) |
| Depreciation.
amortisation and impairment of non-current assets |
|
(16.6) |
|
(16.0) |
| Net change in
provisions |
|
4.0 |
|
4.9 |
| Share-based
payments |
|
(6.1) |
|
(6.6) |
| Dividends
received from equity-accounted investments |
|
(2.2) |
|
(2.5) |
|
Current operating profit |
|
94.9 |
|
154.8 |
| Capital gains on
disposal |
|
- |
|
184.7 |
|
Operating profit |
|
94.9 |
|
339.5 |
| Share of net
profit from equity-accounted investments |
|
9.8 |
|
13.3 |
|
Operating profit after share of net profit from equity-accounted
investments |
|
104.7 |
|
352.8 |
| Cost of net
financial debt |
|
(14.1) |
|
(24.2) |
| Other financial
income/(expenses) |
|
(2.0) |
|
(2.0) |
| Interest expense
on lease liabilities |
|
(8.1) |
|
(16.3) |
|
Net financial income/(expense) |
|
(24.2) |
|
(42.5) |
|
Pre-tax recurring profit |
|
80.5 |
|
310.3 |
| Income tax |
|
(20.5) |
|
(26.4) |
| Share of
profit/(loss) from other equity-accounted investments |
|
(1.0) |
|
(0.9) |
|
Consolidated net profit |
|
59.0 |
|
283.0 |
|
Attributable to non-controlling interests |
|
4.9 |
|
2.1 |
| |
|
|
|
|
|
Attributable to equity holders of the parent
company |
|
54.2 |
|
280.9 |
| (in euros) |
|
|
|
|
|
Net earnings per share |
|
0.98 |
|
5.07 |
*2021 figures have been restated following the
IFRS-IC decision of March 2021 on the costs of software used in
Saas mode
Simplified consolidated balance-sheet
- 30 June
2022
|
ASSETS(in € million) |
|
30/06/2022IFRS |
|
31/12/2021IFRS |
|
Goodwills |
|
1,358.2 |
|
1,356.5 |
| Other
non-current assets |
|
873.8 |
|
817.6 |
| Equity-accounted
investments |
|
126.8 |
|
124.9 |
|
Total non-current assets |
|
2,358.8 |
|
2,299.0 |
| Net WCR |
|
1,150.2 |
|
943.8 |
|
Total Assets |
|
3,509.0 |
|
3,242.8 |
| |
|
|
|
|
|
Liabilities and equity(in € million) |
|
30/06/2022IFRS |
|
31/12/2021IFRS |
|
Share capital and reserves |
|
1,794.4 |
|
1,603.6 |
|
Net profit for the period |
|
54.2 |
|
324.9 |
|
Equity attributable to equity holders of the parent company |
|
1,848.6 |
|
1,603.6 |
|
Non-controlling interests |
|
24.9 |
|
19.6 |
|
Total equity |
|
1,873.5 |
|
1,948.2 |
| Net debt |
|
1,463.4 |
|
1,122.1 |
| Provisions |
|
99.0 |
|
102.4 |
|
Net deferred tax |
|
73.1 |
|
70.2 |
|
Total Liabilities and equity |
|
3,509.0 |
|
3,242.8 |
Consolidated net debt
- 30 June
2022
|
(in € million) |
|
30/06/2022IFRS |
|
31/12/2021IFRS |
| Bond issues
(incl. accrued interest and arrangement fees) |
|
809.7 |
|
806.3 |
| Loans and
borrowings |
|
904.1 |
|
865.7 |
|
Loans and borrowings |
|
1,713.8 |
|
1,672.0 |
|
|
|
|
|
|
|
Other financial receivables and payables |
|
(163.3) |
|
(133.0) |
| |
|
|
|
|
| Cash and cash
equivalents |
|
(782.9) |
|
(1,061.6) |
|
Bank overdraft facilities |
|
19.0 |
|
19.2 |
|
Net cash and cash equivalents |
|
(763.9) |
|
(1,042.4) |
|
|
|
|
|
|
|
Total net financial debt before lease
liabilities |
|
786.5 |
|
496.6 |
|
|
|
|
|
|
|
Lease liabilities |
|
676.9 |
|
625.5 |
|
|
|
|
|
|
|
Total net debt |
|
1,463.4 |
|
1,122.1 |
Simplified statement of cash flows
- 30 June
2022
|
(in € million) |
30/06/2022IFRS |
|
30/06/2021IFRS
Restated* |
|
Consolidated net profit |
59.0 |
|
283.0 |
| Elimination of
non-cash income and expenses |
72.1 |
|
(136.8) |
|
Cash flow from operating activities after interest and tax
expenses |
131.1 |
|
146.2 |
| Elimination of
net interest expense/(income) |
22.2 |
|
40.5 |
| Elimination of
tax expense, including deferred tax |
20.2 |
|
26.0 |
|
Cash flow from operating activities before interest and tax
expenses |
173.5 |
|
212.7 |
| Repayment of
lease liabilities |
(63.5) |
|
(116.7) |
|
Cash flow from operating activities after lease payments but before
interestand tax expenses |
110.1 |
|
96.0 |
| Change in
operating working capital |
(200.3) |
|
(333.1) |
| Dividends
received from equity-accounted investments |
2.2 |
|
2.5 |
| Interest
paid |
(7.7) |
|
(14.7) |
| Tax paid |
(26.2) |
|
(45.3) |
|
Net cash from/(used in)
operating activities |
(122.0) |
|
(294.7) |
| Net cash
from/(used in) net operating investments |
(28.9) |
|
(22.2) |
|
Free cash flow |
(151.0) |
|
(316.8) |
| Acquisitions of
subsidiaries and other changes in scope |
(2.8) |
|
208.2 |
|
Other net financial investments |
(3.7) |
|
(23.5) |
| Net cash
from/(used in) investing
activities |
(6.5) |
|
184.7 |
| Dividends paid
to equity holders of the parent company |
(138.1) |
|
(110.6) |
| Other payments
to/(from) minority shareholders |
0.2 |
|
(6.3) |
| Net
disposal/(acquisition) of treasury shares |
(1.5) |
|
2.0 |
|
Change in financial receivables and payables (net) |
18.3 |
|
(176.8) |
| Net cash
from/(used in) financing
activities |
(121.2) |
|
(291.8) |
|
Impact of changes in foreign currency exchange rates |
0.2 |
|
0.3 |
|
Change in cash and cash equivalents |
(278.5) |
|
(423.5) |
*2021 figures have been restated following the
IFRS-IC decision of March 2021 on the costs of software used in
Saas mode
GLOSSARY
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 projects 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, amortization
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 amortization 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
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 31 March 2021 for Century
21 and until 30 June 2021 for Ægide-Domitys.
Order intake:
Development for Commercial Real Estate: 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).
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
Pipeline: sum of backlog and
business potential; could be expressed in months or years of
activity (as the backlog and the business potential) based on the
last 12 months revenue.
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 projects, 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: the
Group’s business activities in the management and operation of
student residences as well as flexible workspaces.
Time-to-market: supply for sale
compared to reservations for the last 12 months, expressed in
months, for new home reservations segment in France
1 Objectives for the full year 2022 communicated
last February: a market share of over 14% in a new home market
expected to slightly grow (c.150,000 units) and a current operating
profit of at least €380 million, enabling the operating margin to
be maintained at around 8%.
Nexity (EU:NXI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nexity (EU:NXI)
Historical Stock Chart
From Jul 2023 to Jul 2024
