Nexity: 2022 full-year results
Paris,
22 February 2023, 5:45 PM CEST
NEXITY REACHES ITS OBJECTIVES AND
OUTPERFORMS THE MARKET
Commercial performance
in new homes: nearly 3
points gain in market share
-
Strong resilience in new homes: 18,000 reservations in a 2022 new
home market now estimated at ~120,000 units1 (-26%)
-
Strengthened leadership: 15% market share in 2022
-
Record occupancy rate for managed real estate activities (coworking
and student residences)
Financial results in line with
objectives
-
Revenue above €4.6 billion, up 2% vs 2021
-
Current Operating Profit at €367 million, in line with the record
levels of 2021
-
Operating margin around 8%
Indebtedness under control and financing
secured
-
Net financial debt2 at 31 December at €820m, i.e. 2.1x EBITDA, well
below the Imagine 2026 ceiling (2.5x EBITDA)
-
Corporate credit line renewed for 5 years and increased to €800
million with an extended pool
-
Disposal of international activities underway (Poland and Portugal)
-
Outlook: a transitional year
Revenue above €4.5bn Operating
profit above €300m Dividend for fiscal
year 20223: confirmed at €2.50 2022
KEY FIGURES New homes
- France 2021
restated4 2022 Change vs 2021 National market1
161,838 units ~120,000 units -26%
Nexity new home reservations - Volume 20,101 units 18,015 units
-10% Nexity new home reservations - Value €4,140m €3,924m -5%
Guidance
Nexity’s market
share 12% ~15%
+3 pts > 14%
Financial results (in €m)
Revenue 4,625
4,704
>
€4.6bn
Current operating profit 371 367 Operating
margin (as a % of revenue) 8.0%
7.8%
Around
8%
Group net profit 188 188 Net
debt2 598 820 x EBITDA5
after leases 1.5x 2.1x National new home market calculated
by the FPI (Fédération des Promoteurs Immobiliers), Nexity estimate
for Q4 2022 2 Net debt before lease liabilities and after
application of IFRS 5 with the disposal of the real estate
development activities in Poland and Portugal 3 Subject to approval
by the General Shareholders' Meeting of 16 May 2023 4 Excluding
activities disposed in 2021 (Century 21 and Ægide-Domitys) and
non-recurring items 5 2022 EBITDA excluding residential real estate
development activities in Poland and Portugal
VÉRONIQUE BÉDAGUE, CHAIRWOMAN AND CHIEF EXECUTIVE
OFFICER, COMMENTED: "Nexity
achieved all its objectives despite the economic downturn in the
second half of the year. Our ability to repeat this year a record
performance as in 2021 reflects the exceptional agility of our
teams and demonstrates the relevance of the strategic choices
presented in September as part of the Imagine 2026 plan: the
winning choice of bulk sales, the development of our Services
activities and in particular of managed real estate, which responds
perfectly to the changing needs of our clients, and our size, which
has enabled us to contain the impact of construction costs on our
cost prices. Given the difficult environment we have faced this
year, I am extremely grateful to all our employees for their
constant commitment, which has enabled us to continue to perform
among the best in our sector. I am particularly proud that
these excellent financial results are accompanied by a concrete
environmental performance, with in particular our achievement in
the first year of the implementation of the French environmental
regulation (RE 2020) of an average carbon weight of our building
permits filed more than 10% better than the regulatory thresholds.
The year 2023 is marked by many uncertainties. Retail sales
slowed sharply at the end of the year (-36% in the second half),
rental activity is suffering and commercial real estate development
in the Paris region has still not recovered. Decline in the French
new home market is expected to continue in the first half of 2023
before stabilising in the second half of the year, with pressure on
sales prices. Selectivity in the commercial launches,
optimisation of the cost of our products, the diversity of our
supply-for-sale, the quality of our distribution network and the
attention paid to the control of working capital will limit the
impact on the Group's profitability. Our backlog, the
strength of our team and our financial structure, enhanced by the
renegotiation of our medium-term credit lines, allow us to
reiterate the direction of the Imagine 2026 strategic roadmap set
out last September.”
2022 PERFORMANCE BY
DIVISION
RESIDENTIAL
REAL ESTATE The economic
downturn has transformed a market that was initially short of
supply into a market with more selective demand due to the increase
in interest rates. Nexity's size and leadership positions have
enabled a good resilience in its commercial activity and good
growth in its financial results. Business activity
Nexity has booked 18,015 units for new homes (-10% in volume) for a
total of €3.9 billion (i.e., only -5% in value compared with 2021)
in a French new home market expected to decline over the full year
2022, to around 120,000 units (-26%). The Group's market share is
expected to increase by nearly 3 percentage points to around 15% by
the end of 2022, in line with its strategic ambition to reach 20%
by 2030. The average sales price per sq.m is up for both retail and
bulk sales (+2.5% and +13% respectively). As early as July, Nexity
had anticipated a contraction in retail sales and decided to
temporarily shift its production to bulk sales. The decline in
retail sales materialised in the second half of the year, with an
acceleration in the fourth quarter reflecting the tightening of
market conditions. In 2022, sales to institutional clients
increased by 5% and accounted for more than half of the year's
business activity (54% of reservations), while retail sales were
down 24% for the year. The pace of building permit grants
normalised in the second half of the year. As a result, the Group's
supply-for-sale is being reconstituted, remains diversified to meet
client expectations and remains low risk (less than 100 completed
homes in inventory). The time-to-market remains fast and amounts to
6.8 months. The contribution of the Angelotti Group, consolidated
since 1 November, represents 356 new home reservations (nearly
1,000 units over the entire year 2022).
Financial results In €
millions 2021
restated* 2022
Change Revenue
3,279
3,385
+3%
Current operating profit
271 283
+4% Margin (as a
% of revenue) 8.3% 8.4% +10 bps Working
Capital Requirements
(WCR)
1,029
1,166
% of backlog 18% 19% *Excluding
disposed activities in 2021 (Century 21 and Ægide-Domitys)
Revenue at the end of 2022 was up 3% thanks to the
good level of transformation of reservations into notarial deeds
with a strong acceleration in Q4 (+15% compared to Q4 2021). The
Group has succeeded in maintaining its profitability with a high
margin rate of 8.4%, reflecting its ability to
maintain operating budgets and limit the impact of inflation on
construction costs. In 2022, International activities made around
€200 million in revenue and are profitable. Working capital
requirements have increased (+140 million euro) to €1.2
billion, a level comparable to that reached on 30 June. The
WCR/backlog ratio is in line with historical levels (19% of
backlog). Outlook The national new home market
should continue to decline in 2023, with the first half of the year
following on from Q4 2022 trends and should stabilise in the second
half. Nexity will maintain its leadership position thanks to its
ability to adapt its new production to the financial capacities of
its clients and changing uses. The French residential real estate
backlog, which represents almost two years of activity (€5.3
billion), provides good visibility on 2023 revenue, which will be
at approximately the same level as in 2022. Inflation in
construction costs, although at a lower level than in 2022, will be
more difficult to pass on in sales prices given the decline in real
estate purchasing power, which will have a temporary impact on
profitability until the cost of credit stabilises.
COMMERCIAL REAL ESTATE
Business activity In a market context that is at
the bottom of the cycle and still wait-and-see, Nexity recorded, as
expected, a low level of order intake in 2022 (€190 million),
mainly in the regions (nearly 70% of new orders for the period).
The Group delivered 10 projects in 2022, including its new regional
headquarters in Lyon Vaise and a 40,000 sq.m complex on the
Bordeaux-Mérignac airport site, comprising a convention center,
hotels and office buildings reflecting the diversity of the Group's
expertise. Financial results As expected, 2022
revenue are down, given the level of order intake in 2022 and a
high basis of comparison in 2021, which included the contribution
of the order intake for the Reiwa building in Saint-Ouen for €124
million in revenue and €16 million in operating profit. The
operating margin rate is high and remains above the normative
level. In € millions 2021
2022 Change Revenue
492 380 -23%
Current operating profit
59 45
-23% Margin (as
a % of revenue) 11.9% 11.9% - Working
Capital Requirements
(WCR)
24 123
The increase in WCR corresponds mainly to new land bank positions
in 2022. Outlook The outlook for commercial real
estate is still marked by a wait-and-see attitude from investors,
and order intake for commercial real estate should remain limited
in 2023. The progress of major backlog operations (Eco Campus in La
Garenne-Colombes and Reiwa in Saint-Ouen) will ensure revenue
growth. SERVICES
Services revenue was €938 million at the end of
December 2022, up 10% compared with 2021, mainly driven by the
managed real estate activities (Serviced properties). In €
millions 2021
restated*
2022 Change Revenue
853 938
+10% Of which Property Management 379 382 +1% Of
which Serviced properties 157 217 +38% Of which Distribution 316
340 +7% Current operating profit
74 92
+24% Margin (as
a % of revenue) 8.7% 9.8% +110 bps Working
Capital Requirements
(WCR)
75 36
*Excluding disposed activities in 2021
(Century 21 and Ægide-Domitys) Revenue from property
management activities grew slightly (+1%), with
contrasting performances by business line. For the first time, the
condominium and rental management businesses reported organic
growth in the number of units under management, benefiting from the
transformation and customer satisfaction improvement initiatives
implemented. Rental activities, on the other hand, were down due to
the reduction in the rental offer at national level. Managed Real
Estate activities (Serviced properties) continue
to grow, particularly in coworking, with a doubling of its revenue.
The occupancy rate increased over the period (+11 points) and the
managed portfolio surface area was multiplied by almost 2 in 2022
to reach more than 100,000 sq.m. Performance of student residences
(Studéa) also improved with an occupancy rate at historic highs
(97%, +4 points vs. end December 2021). Revenue from
distribution activities was up 7% thanks to an
excellent rate of transformation of reservations into notarial
deeds, given the 2022 deadline for the Pinel scheme, which will be
less favorable for sales signed in 2023. Commercial activity
declined by 16%, but nevertheless outperformed the national market
for sales to individual investors. Current
Operating profit was up 24% to
€92 million. The operating margin increased sharply to 9.8%, driven
by the performance of the Distribution activities.
Outlook Serviced properties activities will
continue the profitable growth momentum achieved in 2022, while the
Distribution activities will suffer from a less buoyant commercial
environment. EXTRA-FINANCIAL PERFORMANCE
(ESG) ENVIRONMENT
Nexity had its new ambition in terms of climate and
biodiversity approved at the May 2022 Shareholders’ Meeting through
a "Say on Climate" resolution. In 2023, Nexity is aiming for
a 1.5°C certification by SBTi of this new carbon trajectory, which
aims to reduce CO2 emissions per square meter delivered by 42% by
2030, which represents a level 10% more ambitious than the French
2020 environmental regulation (RE2020), which is already very
stringent in the European context. In 2022, the first year
of application of this regulation, Nexity has achieved an average
level of performance for building permits filed that is more than
10% better than the requirements of the RE2020. Finally, for
the fourth year in a row, Nexity is among the leaders of the BBCA
awards for the most committed players in low-carbon building.
SOCIAL Nexity is once again certified as a
Great Place to Work®. In addition, for the fourth
consecutive year, the Group has been included in the 2023 Bloomberg
Gender Equality Index, placing Nexity among the 14 French companies
recognised in this index.
GOVERNANCE Alain Dinin has
resigned as Director and Chairman of the Board of Directors
effective from 1 January 2023. The Board of Directors has
accordingly appointed Véronique Bédague, Chief Executive Officer
since 2021, as Chairwoman and Chief Executive Officer, thus
completing a succession process initiated in 2018. The Board has
given Alain Dinin the title of Honorary Chairman. The
reunification of functions around Véronique Bédague will give
Nexity the necessary strength, agility and simplicity in making
decisions in this phase of market adjustment.
CONSOLIDATED RESULTS – OPERATIONAL REPORTING In
view of the process of disposing of the Residential Real Estate
development activities in Poland and Portugal, and as the sale is
highly probable within the next twelve months, the Group has
applied IFRS 5 (Non-current assets held for sale), which requires
the assets and liabilities of these activities to be presented on a
separate line in the balance sheet. The income statement has not
been restated. in € million 2021reported Disposed activities
and non-recurring items
2021Restated*
2022 2022/2021 Change
Revenue 4,837 211
4,625
4,704
2% Operating profit 528
157 371 367
-1% As a % of revenue 10.9% - 8.0% 7.8%
Net financial income/(expense) (87) (13) (75)
(65) Income tax (102) (7) (95) (90)
Share of profit/(loss) from equity-accounted investments
(2) - (2) (7) Net profit
337 137 199 204
Non-controlling interests (12) - (12) (16)
Net profit attributable to equity holders of the
parent company 325 137 188
188 0% (in euros)
Net earnings per share
€5.85 €3.38 €3.40 1% *Excluding disposed
activities in 2021 (Century 21 and Ægide-Domitys) and goodwill
impairment REVENUE 2022
revenue amounted to
€4,704
million, up 2% compared to 2021 restated revenue. It
included, for €45 million, revenue from the acquisition of the
Residential Real Estate development activity (Angelotti),
consolidated since 1 November 2022. in € million
2021 2022 Change
Development
3,771
3,754
- Residential Real Estate development
3,279 3,385 +3% Commercial Real Estate development
492 380 -23% Services
853 938
+10% Property Management 379 382 +1%
Serviced properties 157 217 +38% Distribution
316 340 +7% Other
activities 1
-
Revenue
restated *
4,625
4,704
+2% Revenue from disposed activities
211 - - Revenue
reported
4,837
4,704
-3% * Excluding disposed activities in 2021
(Century 21 and Ægide-Domitys). Under IFRS,
reported revenue was €4,352 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 2021 (€4,468
million) is not comparable as it included the revenue of the
disposed activities in 2021 (Century 21 and Ægide-Domitys) for €211
million. 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 At the end of December 2022,
Current operating
profit was €367 million and the operating margin rate was
7.8% of revenue. All the Group's businesses have improved their
margin rate in 2022. In 2021, the result of Other activities took
into account a profit of €20 million on the result of a major
development operation carried out by Villes & Projets. Adjusted
for this base effect, income from Other Activities is stable in
2022 compared with 2021. 2021
2022 in € million
Operating profit Margin rate
Operating profit Margin
rate Development 330
8.7%
328 8.7% Residential Real Estate
development 271 8.3% 283 8.4% Commercial Real Estate
development 59 11.9% 45 11.9%
Services 74
8.7%
92 9.8% Other
activities (33) ns
(54) ns
Current operating
profit* 371
8.0%
367
7.8%
Non-recurring operating profit 157 -
Operating profit reported
528 367
7.8% *Excluding
disposed activities in 2021 (Century 21 and Ægide-Domitys) and
goodwill impairment OTHER INCOME STATEMENT
ITEMS Financial expense improved by
almost €10 million compared with the end of 2021 on a restated
basis (-€65 million in 2022 compared with -€75 million). This
improvement is due in particular to the reduction in interest
expense, given the repayment in 2021 of high-cost debt. Tax
expense (including the CVAE, the French tax on added value
of companies) amounted to -€90 million. The current effective tax
rate (excluding the CVAE) was 28% at the end of December 2022
(compared with 31% in 2021) following the reduction in the standard
tax rate for large companies in France. Net profit
Group's share was stable at €188 million at 31
December 2022 and earnings per share were €3.40.
BALANCE SHEET AND CASH
FLOW ITEMS BALANCE SHEET
AND FINANCIAL STRUCTURE Consolidated shareholders'
equity (attributable to equity holders of
the parent company) amounted to €1,974
million at the end of 2022 (compared with €1,929 million at the end
of 2021). The Group's net debt before lease
liabilities amounted to €820 million at the end of
December 2022, up €222 million compared to 2021, but down from €878
million at the end of June 2022. The control of net debt in the
second half of the year, despite the slowdown in business activity,
reflects the rigorous management of working capital. The leverage
ratio stood at 2.1x EBITDA on 31 December 2022, well below the
thresholds of the banking covenants (3.5x). INDEBTEDNESS
BREAKDOWN in € million 31
December 2021
31 December
2022 2022/2021 Change Bond issues
and others 994 976 (18) Bank debt and commercial papers
768 874 +106 Net cash and cash equivalents (1,163)
(1,030) +133 Net financial debt before lease liabilities
598 820 +222 Elimination of IFRS
5 debt reclassification - 28 Net financial
debt before lease liabilities and before IFRS
5 598
848 Gross debt consists
mainly of fixed-rate debt (53%), limiting the Group's exposure to
rising interest rates. On 31 December 2022, the average maturity of
debt remained high at 2.3 years, with an average cost of debt
stable at 2.2%, given the weight of fixed-rate debt contracted
prior to the 2022 rate increase. In February 2023, the Group
renewed its corporate credit for a period of 5 years with an
extended pool of banks and for an increased amount (€800 million
versus €500 million). The Group's financial position is solid, with
total cash and cash equivalents of €1 billion, and to date €800
million in confirmed and undrawn credit lines. The increase in net
debt over the year is mainly due to the increase in working
capital requirement (WCR) excluding tax (+€213 million
compared with its level in December 2021). The working capital
requirement of the residential real estate activity, which was
rising on 30 June 2022, then stabilised in the second half. This
moderate increase considers the increase in set-up and construction
start-up times. WORKING CAPITAL REQUIREMENT in €
million 31 December
2021 30 June
2022 31 December
2022 Dec. 22/Dec. 21 Change
Development
1,053
1,215
1,289 +236
Residential Real Estate development 1,029 1,152 1,166 +137
Commercial Real Estate development 24 64 123 +99
Services
75 52
36 (39) Other Activities
(7) 46 10 +17
Total WCR excluding tax 1,121 1,313
1,335 +213
Corporate income tax (2) 5 (11) (8) Working capital
requirement (WCR)
1,119
1,318
1,324
+205 Land commitments considered as Landbank totalled around €280
million at 31 December 2022 (stable compared to 31 December 2021
but including acquisitions for around €100 million and building
authorisations for the same amount. Lease
liabilities rose by €154 million in 2022, to reach €779
million, reflecting the growth in the number of managed coworking
office spaces. Net debt including lease liabilities amounted to
€1,599 million at end-December 2022. On 31 December 2022,
Nexity complies with all its contractual commitments under its bond
and corporate loans. CASH FLOWS
Cash flow from operating activities after lease payments
but before interest and tax expenses was €405 million at
end December 2022, close to Group’s EBITDA of €415 million.
Nexity’s free cash-flow was close
to zero at end December 2022 in relation to the WCR increase booked
during the first half of the year. The change in the working
capital requirement before tax in the balance sheet (€213 million)
differs from the change in the cash flow statement (+€248 million)
due to changes in the scope of consolidation (external growth and
IFRS 5 reclassification). in € million
2021
2022 Cash flow from
operating activities before interest and tax expenses
541 538 Repayment of lease
liabilities (183) (133) Cash flow from operating
activities after lease payments but before interest and tax
expenses 358 405
Change in operating working capital (405) (248) Interest and
tax paid (118) (92) Net cash
from/(used in) operating
activities (165)
65 Net cash from/(used in) operating investments
(53) (69) Free cash-flow
(219) (4) Net cash from/(used in)
financial investments 191 (28) IFRS 5 reclassification
- (45) Dividends paid by Nexity SA (111) (138) Net
cash from/(used in) financing activities, excluding dividends
(51) 13 Change in cash and cash equivalents
(189) (202) Net
cash flow from/(used in)
financing activities totalled -€28 million at end 2022 et
mainly include the acquisition of 55% of the Angelotti group for
€76 million euros net of the cash acquired. In 2021, they included
the proceeds from the sale of 100% of Century 21 and 45% of Ægide.
2023 OUTLOOK
Dividend Nexity's Board of Directors will
propose to the Shareholders' Meeting to be held on 16 May 2023 the
distribution of a dividend of €2.50 per share,
paid in cash, for the 2022 financial year. This dividend is stable
compared with 2021, reflecting the good financial performance of
2022 at the same level as last year. This dividend reflects the
confidence of Nexity's Board of Directors in the Group's outlook
and in the strength of its financial position. If approved, the
payment will be detached from the share on Wednesday 24 May 2023
and will be payable on Friday 26 May 2023.
2023 targets:
a transitional year Nexity's business activity
will take into account a slowdown in demand pending a stabilisation
of interest rates and the borrowing cost. Thanks to the backlog and
the recurring nature of the Services activities, Nexity is aiming
for 2023 revenue above €4.5 billion, stable
compared with 2022 excluding international activities, and
operating profit above €300 million, reflecting
both an adjustment phase in the new home market and a portfolio
refocused on France. *** FINANCIAL
CALENDAR & PRACTICAL INFORMATIONS Q1 2023
business activity and
revenue Wednesday
26 April 2023 (after market close) Shareholders’
Meeting Tuesday
16 May 2023 2023 Half-Year
results Wednesday
26 July 2023 (after market close) Q3 2023 business activity and
revenue Wednesday
25 October 2023 (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
+1 786 697 3501
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: webcast Nexity FY
2022
The conference call will be available on replay
at https://nexity.group/en/finance from the following day.
Disclaimer:
The information, assumptions and estimates that the Company could
reasonably use to determine its targets are subject to change or
modification, notably due to economic, financial and competitive
uncertainties. Furthermore, it is possible that some of the risks
described in Section 2 of the Universal Registration Document filed
with the AMF under number D.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.
Contacts:Domitille
Vielle – Head of Investor relations / +33 (0)6 03 86 05 02 -
investorrelations@nexity.frGéraldine Bop – Deputy head of Investor
relations / +33 (0)6 23 15 40 56 - investorrelations@nexity.fr
ANNEX:
OPERATIONAL REPORTING
Quarterly reservations – Residential
Real Estate
| |
|
2020 |
|
2021 |
|
2022 |
|
Number of units |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
| New homes
(France) |
|
3,450 |
5,402 |
3,848 |
7,299 |
|
3,508 |
4,843 |
4,092 |
7,658 |
|
3,490 |
4,149 |
3,807 |
6,569 |
|
Reservations carried out directly by Ægide |
|
207 |
392 |
336 |
143 |
|
389 |
348 |
- |
- |
|
- |
- |
- |
- |
|
Total new homes (France) |
|
3,657 |
5,794 |
4,184 |
7,442 |
|
3,897 |
5,191 |
4,092 |
7,658 |
|
3,490 |
4,149 |
3,807 |
6,569 |
|
Subdivisions |
|
360 |
297 |
244 |
660 |
|
338 |
439 |
367 |
772 |
|
337 |
423 |
219 |
558 |
|
Total number of reservations France |
|
4,017 |
6,091 |
4,428 |
8,102 |
|
4,235 |
5,630 |
4,459 |
8,430 |
|
3,827 |
4,572 |
4,026 |
7,127 |
|
International |
|
165 |
74 |
193 |
503 |
|
249 |
404 |
247 |
216 |
|
133 |
100 |
242 |
174 |
|
Total number of reservations Group |
|
4,182 |
6,165 |
4,621 |
8,605 |
|
4,484 |
6,034 |
4,706 |
8,646 |
|
3,960 |
4,672 |
4,268 |
7,301 |
| |
|
2020 |
|
2021 |
|
2022 |
|
Value, in €m incl. VAT |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
| New homes
(France) |
|
750 |
1,141 |
855 |
1,534 |
|
792 |
1,056 |
845 |
1,447 |
|
764 |
992 |
805 |
1,363 |
|
Reservations carried out directly by Ægide |
|
41 |
90 |
70 |
32 |
|
90 |
85 |
- |
- |
|
- |
- |
- |
- |
|
Total new homes (France) |
|
792 |
1,231 |
925 |
1,566 |
|
882 |
1,141 |
845 |
1,447 |
|
764 |
992 |
805 |
1,363 |
|
Subdivisions |
|
30 |
25 |
19 |
57 |
|
29 |
42 |
33 |
55 |
|
27 |
37 |
18 |
53 |
|
Total reservations France |
|
822 |
1,257 |
945 |
1,623 |
|
911 |
1,183 |
878 |
1,502 |
|
790 |
1,029 |
824 |
1,416 |
|
International |
|
26 |
11 |
29 |
91 |
|
41 |
72 |
48 |
31 |
|
18 |
2 |
56 |
22 |
|
Total reservations Group |
|
847 |
1,267 |
974 |
1,713 |
|
952 |
1,255 |
927 |
1,533 |
|
808 |
1,032 |
880 |
1,438 |
Cumulated reservations –
Residential real estate
| |
|
2020 |
|
2021 |
|
2022 |
|
Number of units |
|
Q1 |
H1 |
9M |
FY |
|
Q1 |
H1 |
9M |
FY |
|
Q1 |
H1 |
9M |
FY |
| New homes
(France) |
|
3,450 |
8,852 |
12,700 |
19,999 |
|
3,508 |
8,351 |
12,443 |
20,101 |
|
3,490 |
7,639 |
11,446 |
18,015 |
|
Reservations carried out directly by Ægide |
|
207 |
599 |
935 |
1,078 |
|
389 |
737 |
737 |
737 |
|
- |
- |
- |
- |
|
Total new homes (France) |
|
3,657 |
9,451 |
13,635 |
21,077 |
|
3,897 |
9,088 |
13,180 |
20,838 |
|
3,490 |
7,639 |
11,446 |
18,015 |
|
Subdivisions |
|
360 |
657 |
901 |
1,561 |
|
338 |
777 |
1,144 |
1,916 |
|
337 |
760 |
979 |
1,537 |
|
Total number of reservations France |
|
4,017 |
10,108 |
14,536 |
22,638 |
|
4,235 |
9,865 |
14,324 |
22,754 |
|
3,827 |
8,399 |
12,425 |
19,552 |
|
International |
|
165 |
239 |
432 |
935 |
|
249 |
653 |
900 |
1,116 |
|
133 |
233 |
475 |
649 |
|
Total number of reservations Group |
|
4,182 |
10,347 |
14,968 |
23,573 |
|
4,484 |
10,518 |
15,224 |
23,870 |
|
3,960 |
8,632 |
12,900 |
20,201 |
| |
|
2020 |
|
2021 |
|
2022 |
|
Value, in €m incl. VAT |
|
Q1 |
H1 |
9M |
FY |
|
Q1 |
H1 |
9M |
FY |
|
Q1 |
H1 |
9M |
FY |
| New homes
(France) |
|
750 |
1,892 |
2,747 |
4,281 |
|
792 |
1,848 |
2,693 |
4,140 |
|
764 |
1,756 |
2,561 |
3,924 |
|
Reservations carried out directly by Ægide |
|
41 |
131 |
201 |
233 |
|
90 |
175 |
175 |
175 |
|
- |
- |
- |
- |
|
Total new homes (France) |
|
792 |
2,023 |
2,948 |
4,515 |
|
882 |
2,023 |
2,868 |
4,315 |
|
764 |
1,756 |
2,561 |
3,924 |
|
Subdivisions |
|
30 |
55 |
74 |
131 |
|
29 |
71 |
104 |
159 |
|
27 |
64 |
82 |
135 |
|
Total reservations France |
|
822 |
2,078 |
3,023 |
4,646 |
|
911 |
2,094 |
2,972 |
4,474 |
|
790 |
1,819 |
2,643 |
4,059 |
|
International |
|
26 |
36 |
65 |
156 |
|
41 |
113 |
161 |
192 |
|
18 |
20 |
77 |
99 |
|
Total reservations Group |
|
847 |
2,115 |
3,088 |
4,802 |
|
952 |
2,207 |
3,133 |
4,666 |
|
808 |
1,840 |
2,720 |
4,158 |
Breakdown of new home reservations in France by
client
|
In number of units |
2021
restated* |
2022 |
|
Homebuyers |
3,355 |
17% |
2,605 |
14% |
|
|
o/w: - First time buyers |
2,863 |
14% |
2,217 |
12% |
|
|
- Other home buyers |
492 |
2% |
388 |
2% |
|
|
Individual investors |
7,523 |
37% |
5,703 |
32% |
|
|
Professional landlords |
9,223 |
46% |
9,707 |
54% |
|
|
o/w : - Institutional investors |
3,149 |
16% |
3,131 |
17% |
|
|
- Social housing operators |
6,074 |
30% |
6,576 |
37% |
|
|
Total |
20,101 |
100% |
18,015 |
100% |
|
|
o/w reservations made through external growth (Angelotti 2
months) |
- |
- |
356 |
N/A |
|
* Figures restated from reservations carried out directly by
Ægide-Domitys.Services
|
|
|
December
2021 |
|
December 2022 |
|
Change |
|
Property Management |
|
|
|
|
|
|
| Portfolio of
managed housing |
|
|
|
|
|
|
| - Condominium
management |
|
672,000 |
|
680,000 |
|
+1% |
| - Rental
management |
|
155,000 |
|
160,000 |
|
+3% |
|
Commercial real estate |
|
|
|
|
|
|
| - Assets under
management (in millions of sq.m) |
|
20.4 |
|
20.0 |
|
-2% |
|
Serviced properties |
|
|
|
|
|
|
|
Student residences |
|
|
|
|
|
|
| - Number of
residences in operation |
|
129 |
|
131 |
|
+2 |
| - Rolling
12-month occupancy rate |
|
93% |
|
97% |
|
+4 pts |
|
Shared office space |
|
|
|
|
|
|
| - Managed areas
(in sq.m) |
|
57,000 |
|
110,000 |
|
x1,9 |
| - Rolling
12-month occupancy rate |
|
74% |
|
85% |
|
+11 pts |
|
Distribution |
|
|
|
|
|
|
| - Total
reservations |
|
4,983 |
|
4,205 |
|
-16% |
|
- o/w reservations on behalf of third parties |
|
3,208 |
|
2,664 |
|
-17% |
Backlog
| |
|
2020 |
|
2021 |
|
2022 |
|
in €m excl. VAT |
|
Q1 |
H1 |
9M |
FY |
|
Q1 |
H1 |
9M |
FY |
|
Q1 |
H1 |
9M |
FY |
| Residential Real
Estate development France |
|
4,375 |
4,841 |
4,944 |
5,235 |
|
5,183 |
5,200 |
5,279 |
5,236 |
|
5,230 |
5,219 |
5,168 |
5,321 |
| Operations
carried out directly by Ægide |
|
274 |
300 |
298 |
280 |
|
242 |
|
|
|
|
, |
, |
, |
, |
| Commercial Real
Estate development |
|
398 |
373 |
321 |
1,032 |
|
1,138 |
1,059 |
1,013 |
974 |
|
935 |
906 |
827 |
779 |
|
Total France |
|
5,047 |
5,513 |
5,563 |
6,547 |
|
6,562 |
6,259 |
6,291 |
6,210 |
|
6,165 |
6,125 |
5,995 |
6,100 |
| Residential Real
Estate development International |
|
147 |
146 |
156 |
274 |
|
216 |
304 |
331 |
329 |
|
320 |
322 |
343 |
237 |
|
Total Group |
|
5,194 |
5,659 |
5,719 |
6,820 |
|
6,778 |
6,563 |
6,622 |
6,538 |
|
6,485 |
6,447 |
6,338 |
6,338 |
|
o/w external growth Angelotti |
|
|
|
163 |
Revenue –
Quarterly figures
| |
2020 |
|
2021 |
|
2022 |
|
in € million |
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Development |
524 |
680 |
703 |
1,747 |
|
851 |
827 |
815 |
1,279 |
|
699 |
839 |
775 |
1,454 |
| Residential Real
Estate development |
467 |
434 |
642 |
1,216 |
|
655 |
742 |
735 |
1,146 |
|
626 |
750 |
686 |
1,323 |
| Commmercial Real
Estate development |
57 |
247 |
61 |
530 |
|
195 |
85 |
79 |
133 |
|
72 |
89 |
89 |
131 |
|
Services |
171 |
161 |
198 |
237 |
|
176 |
209 |
198 |
270 |
|
196 |
226 |
215 |
301 |
| Property
Management |
91 |
84 |
99 |
95 |
|
91 |
94 |
100 |
94 |
|
92 |
96 |
98 |
96 |
| Serviced
properties |
35 |
30 |
35 |
34 |
|
35 |
35 |
40 |
47 |
|
49 |
53 |
53 |
62 |
|
Distribution |
45 |
47 |
65 |
108 |
|
50 |
80 |
58 |
129 |
|
54 |
77 |
64 |
144 |
|
Other activities |
- |
- |
- |
- |
|
1 |
- |
- |
- |
|
1 |
4 |
1 |
(5) |
|
Revenue
restated* |
695 |
842 |
901 |
1,983 |
|
1,027 |
1,036 |
1,013 |
1,550 |
|
895 |
1,069 |
991 |
1,750 |
| Revenue from
disposed activities |
92 |
88 |
120 |
134 |
|
104 |
107 |
- |
- |
|
- |
- |
- |
- |
|
Revenue |
787 |
929 |
1,021 |
2,118 |
|
1,132 |
1,143 |
1,013 |
1,550 |
|
895 |
1,069 |
991 |
1,750 |
|
o/w Residential real estate development external growth
(Angelotti) |
- |
- |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
- |
45 |
* Excluding disposed activities in 2021 (Century 21 and
Ægide-Domitys)
Revenue – Half-Year
figures
| |
|
2020 |
|
2021 |
|
2022 |
|
|
|
in € million |
|
H1 |
H2 |
FY |
|
H1 |
H2 |
FY |
|
H1 |
H2 |
FY |
|
|
|
Development |
|
1,204 |
2,449 |
3,654 |
|
1,678 |
2,094 |
3,771 |
|
1,538 |
2,228 |
3,766 |
|
|
| Residential Real
Estate development |
|
901 |
1,858 |
2,759 |
|
1,398 |
1,882 |
3,279 |
|
1,377 |
2,009 |
3,385 |
|
|
| Commmercial Real
Estate development |
|
303 |
592 |
895 |
|
280 |
212 |
492 |
|
161 |
220 |
380 |
|
|
|
Services |
|
333 |
435 |
767 |
|
385 |
468 |
853 |
|
421 |
517 |
938 |
|
|
| Property
Management |
|
175 |
194 |
369 |
|
186 |
194 |
379 |
|
188 |
194 |
382 |
|
|
| Serviced
properties |
|
66 |
68 |
134 |
|
70 |
87 |
157 |
|
102 |
115 |
217 |
|
|
|
Distribution |
|
92 |
172 |
265 |
|
130 |
186 |
316 |
|
132 |
208 |
340 |
|
|
|
Other activities |
|
- |
- |
- |
|
1 |
- |
1 |
|
5 |
(5) |
- |
|
|
|
Revenue
Restated* |
|
1,537 |
2,884 |
4,421 |
|
2,063 |
2,562 |
4,625 |
|
1,964 |
2,740 |
4,704 |
|
|
| Revenue from
disposed activities |
|
179 |
254 |
434 |
|
211 |
- |
211 |
|
- |
- |
- |
|
|
|
Revenue |
|
1,716 |
3,139 |
4,855 |
|
2,275 |
2,562 |
4,837 |
|
1,964 |
2,740 |
4,704 |
|
|
|
o/w Residential real estate development external growth
(Angelotti) |
|
- |
- |
- |
|
- |
- |
- |
|
- |
45 |
45 |
|
- |
* Excluding disposed activities in 2021 (Century 21 and
Ægide-Domitys)
Current Operating Profit –
Half-Year figures
| |
|
2020* |
|
2021 |
|
2022 |
|
in € million |
|
H1 |
H2 |
FY |
|
H1 |
H2 |
FY |
|
H1 |
H2 |
FY |
|
Development |
|
61 |
213 |
275 |
|
125 |
205 |
330 |
|
86 |
243 |
328 |
| Residential Real
Estate development |
|
8 |
195 |
203 |
|
81 |
191 |
271 |
|
65 |
218 |
283 |
| Commmercial Real
Estate development |
|
54 |
19 |
72 |
|
44 |
15 |
59 |
|
21 |
24 |
45 |
|
Services |
|
14 |
27 |
41 |
|
26 |
48 |
74 |
|
36 |
56 |
92 |
| Property
Management |
|
3 |
8 |
11 |
|
11 |
15 |
27 |
|
12 |
17 |
29 |
| Serviced
properties |
|
5 |
4 |
9 |
|
2 |
7 |
10 |
|
11 |
8 |
19 |
|
Distribution |
|
6 |
15 |
21 |
|
12 |
25 |
37 |
|
13 |
31 |
43 |
|
Other activities |
|
(9) |
(26) |
(35) |
|
(18) |
(16) |
(33) |
|
(11) |
(42) |
(54) |
|
Current Operating
Profit** |
|
66 |
215 |
281 |
|
133 |
238 |
371 |
|
110 |
256 |
367 |
|
Profit from disposed activities and
goodwill impairment |
|
(16) |
14 |
(2) |
|
41 |
116 |
157 |
|
- |
- |
- |
|
Operating profit |
|
50 |
228 |
279 |
|
174 |
353 |
528 |
|
110 |
256 |
367 |
* 2020 figures have been restated following the IFRS-IC decision
of March 2021 on the costs of software used in Saas mode **
Excluding disposed activities in 2021 (Century 21 and
Ægide-Domitys)
Consolidated income statement -
31 December
2022
|
In € million |
|
31/12/2022IFRS |
|
Restatementof
jointventures |
31/12/2022Operationalreporting |
|
31/12/2021Restated*
Operationalreporting |
|
Revenue |
|
4,351.8 |
|
352.2 |
4,703.9 |
|
4,625.2 |
| Operating
expenses |
|
(3,835.7) |
|
(4,156.6) |
(4,156.6) |
|
(4,087.3) |
| Dividends
received from equity-accounted investments |
|
36.6 |
|
(36.6) |
- |
|
- |
|
EBITDA |
|
552.7 |
|
(5.3) |
547.4 |
|
537.9 |
| Lease
payments |
|
(132.8) |
|
- |
(132.8) |
|
(126.7) |
|
EBITDA after lease payments |
|
419.9 |
|
(5.3) |
414.6 |
|
411.2 |
| Restatement of
lease payments |
|
132.8 |
|
- |
132.8 |
|
126.7 |
| Depreciation of
right-of-use assets |
|
(133.0) |
|
- |
(133.0) |
|
(124.8) |
| Depreciation.
amortisation and impairment of non-current assets |
|
(38.7) |
|
- |
(38.7) |
|
(32.4) |
| Net change in
provisions |
|
2.5 |
|
0.1 |
2.6 |
|
1.6 |
| Share-based
payments |
|
(11.8) |
|
0.1 |
(11.8) |
|
(11.8) |
| Dividends
received from equity-accounted investments |
|
(36.6) |
|
36.6 |
|
|
- |
|
Current operating profit |
|
335.2 |
|
31.5 |
366.6 |
|
370.6 |
| Capital gains on
disposal |
|
- |
|
- |
- |
|
- |
|
Operating profit |
|
335.2 |
|
31.4 |
366.6 |
|
370.6 |
| Share of net
profit from equity-accounted investments |
|
25.7 |
|
(25.7) |
|
|
- |
|
Operating profit after share of net profit from equity-accounted
investments |
|
360.9 |
|
5.7 |
366.6 |
|
486.2 |
| Cost of net
financial debt |
|
(32.1) |
|
(3.5) |
(35.6) |
|
(43.4) |
| Other financial
income/(expenses) |
|
(10.2) |
|
(0.6) |
(10.9) |
|
(17.3) |
| Interest expense
on lease liabilities |
|
(18.3) |
|
- |
(18.3) |
|
(14.1) |
|
Net financial income/(expense) |
|
(60.6) |
|
(4.2) |
(64.7) |
|
(74.8) |
|
Pre-tax recurring profit |
|
300.3 |
|
1.5 |
301.8 |
|
295.8 |
| Income tax |
|
(88.8) |
|
(1.5) |
(90.3) |
|
(94.5) |
| Share of
profit/(loss) from other equity-accounted investments |
|
(7.4) |
|
- |
(7.4) |
|
(2.0) |
|
Consolidated net profit |
|
204.1 |
|
0.0 |
204.1 |
|
199.3 |
|
Attributable to non-controlling interests |
|
16.3 |
|
- |
16.3 |
|
11.6 |
| |
|
|
|
|
|
|
|
|
Attributable to equity holders of the parent
company |
|
187.8 |
|
0.0 |
187.8 |
|
187.7 |
| (in euros) |
|
|
|
|
|
|
|
|
Net earnings per share |
|
3.40 |
|
|
3.40 |
|
3.38 |
* Restated from disposed activities in 2021
(Century 21 and Ægide-Domitys) and goodwill impairment.
Simplified consolidated balance-sheet
- 31 December
2022
|
ASSETS(in € million) |
|
31/12/2022IFRS |
|
Restatementof
jointventures |
|
31/12/2022Operationalreporting |
|
31/12/2021Operationalreporting |
|
Goodwills |
|
1,397.7 |
|
- |
|
1,397.7 |
|
1,356.5 |
| Other
non-current assets |
|
1,004.1 |
|
0.2 |
|
1,004.3 |
|
817.7 |
|
Equity-accounted investments |
|
109.3 |
|
(54.1) |
|
55.2 |
|
62.5 |
|
Total non-current assets |
|
2,511.1 |
|
(53.9) |
|
2,457.3 |
|
2,236.7 |
|
Net WCR |
|
1,073.4 |
|
250.3 |
|
1,323.7 |
|
1,118.9 |
| Assets held
for sale |
|
45.0 |
|
|
|
45.0 |
|
|
|
Total Assets |
|
3,629.5 |
|
196.4 |
|
3,826.0 |
|
3,355.6 |
| |
|
|
|
|
|
|
|
|
|
Liabilities and equity(in € million) |
|
31/12/2022IFRS |
|
Restatementof
jointventures |
|
31/12/2022Operationalreporting |
|
31/12/2021Operationalreporting |
|
Share capital and reserves |
|
1,786.3 |
|
- |
|
1,786.3 |
|
1,603.6 |
|
Net profit for the period |
|
187.8 |
|
- |
|
187.8 |
|
324.9 |
|
Equity attributable to equity holders of the parent company |
|
1,974.1 |
|
- |
|
1,974.1 |
|
1,928.6 |
|
Non-controlling interests |
|
61.6 |
|
- |
|
61.6 |
|
19.6 |
|
Total equity |
|
2,035.7 |
|
- |
|
2,035.7 |
|
1,948.2 |
|
Net debt |
|
1,413.0 |
|
185.8 |
|
1,598.8 |
|
1,223.8 |
|
Provisions |
|
97.8 |
|
1.8 |
|
99.6 |
|
104.2 |
|
Net deferred tax |
|
83.0 |
|
8.9 |
|
91.9 |
|
79.5 |
|
Total Liabilities and equity |
|
3,629.5 |
|
196.4 |
|
3,826.0 |
|
3,355.6 |
Net debt - 31
December 2022
|
(in € million) |
31/12/2022IFRS |
Restatementof
jointventures |
31/12/2022Operationalreporting |
|
31/12/2021Operationalreporting |
| Bond issues
(incl. accrued interest and arrangement fees) |
811.6 |
- |
811.6 |
|
806.3 |
| Put options
granted to minority interests |
164.5 |
- |
164.5 |
|
187.8 |
| Bank borrowings
and others |
782.5 |
92.7 |
875.2 |
|
767.5 |
|
Loans and borrowings |
1,758.6 |
92.7 |
1,851.4 |
|
1,761.6 |
|
|
|
|
|
|
|
|
Other financial receivables and payables |
(263.4) |
197.4 |
(65.9) |
|
4.7 |
| Cash and cash
equivalents |
(898.0) |
(166.9) |
(1,064.9) |
|
(1,204.2) |
|
Bank overdraft facilities |
36.7 |
62.5 |
99.2 |
|
36.2 |
|
Net cash and cash equivalents |
(861.3) |
(104.4) |
(965.7) |
|
(1,168.0) |
|
Total net financial debt before lease
liabilities |
633.9 |
185.8 |
819.7 |
|
598.3 |
|
Elimination IFRS 5 reclassification |
28.4 |
|
28.4 |
|
- |
|
Total net financial debt before lease liabilities
and before IFRS 5 |
662.3 |
185.8 |
848.1 |
|
598.3 |
|
|
|
|
|
|
|
|
Lease liabilities |
779.0 |
- |
779.0 |
|
625.5 |
|
Elimination IFRS 5 reclassification |
- |
- |
- |
|
- |
|
Total lease liabilities before
IFRS 5 |
779.0 |
- |
779.0 |
|
625.5 |
|
|
|
|
|
|
|
|
Total net debt |
1,413.0 |
185.8 |
1,598.8 |
|
1,223.8 |
|
Total net debt before IFRS 5 |
1,441.3 |
185.8 |
1,627.1 |
|
1,223.8 |
Simplified statement of cash flows
- 31 December
2022
|
(in € million) |
31/12/2022IFRS |
Restatementof
jointventures |
31/12/2022Operationalreporting |
|
31/12/2021Operationalreporting |
|
Consolidated net profit |
204.1 |
- |
204.1 |
|
336.5 |
| Elimination of
non-cash income and expenses |
165.1 |
25.6 |
190.7 |
|
34.0 |
|
Cash flow from operating activities after interest and tax
expenses |
369.2 |
25.6 |
394.8 |
|
370.4 |
| Elimination of
net interest expense/(income) |
50.3 |
3.5 |
53.9 |
|
70.1 |
| Elimination of
tax expense, including deferred tax |
87.5 |
1.5 |
89.0 |
|
100.1 |
|
Cash flow from operating activities before interest and tax
expenses |
507.0 |
30.7 |
537.7 |
|
540.7 |
| Repayment of
lease liabilities |
(132.8) |
- |
(132.8) |
|
(182.6) |
|
Cash flow from operating activities after lease payments but before
interestand tax expenses |
374.2 |
30.7 |
404.9 |
- |
358.0 |
| Change in
operating working capital |
(186.7) |
(61.5) |
(248.2) |
|
(405.1) |
| Dividends
received from equity-accounted investments |
36.6 |
(36.6) |
- |
|
- |
| Interest
paid |
(21.0) |
(3.5) |
(24.4) |
|
(36.0) |
| Tax paid |
(66.8) |
(2.9) |
(69.6) |
|
(82.2) |
|
Net cash from/(used in)
operating activities |
136.5 |
(73.8) |
62.6 |
|
(165.3) |
| Net cash
from/(used in) net operating investments |
(68.8) |
0.0 |
(68.8) |
|
(53.4) |
|
Free cash flow |
67.6 |
(73.8) |
( 6.2) |
|
(218.6) |
| Acquisitions of
subsidiaries and other changes in scope |
(21.9) |
0.7 |
(21.3) |
|
211.7 |
| IFRS 5
reclassification |
(45.4) |
- |
(45.4) |
|
- |
| Other net
financial investments |
(6.2) |
(0.1) |
(6.3) |
|
(20.3) |
|
Net cash from/(used in)
investing activities |
(73.6) |
0.6 |
(73.0) |
|
191.4 |
| Dividends paid
to equity holders of the parent company |
(138.1) |
- |
(138.1) |
|
(110.6) |
| Other payments
to/(from) minority shareholders |
(10.0) |
- |
(10.0) |
|
(48.1) |
| Net
disposal/(acquisition) of treasury shares |
0.6 |
|
0.6 |
|
(18.1) |
| Change in
financial receivables and payables (net) |
(27.9) |
52.2 |
24.3 |
|
15.4 |
|
Net cash from/(used in)
financing activities |
(175.4) |
52.2 |
(123.2) |
|
(161.4) |
| Impact of
changes in foreign currency exchange rates |
0.2 |
(0.2) |
0.0 |
|
0.2 |
|
Change in cash and cash equivalents |
(181.1) |
(21.2) |
(202.3) |
|
(188.5) |
Capital employed
|
In € million |
|
31 December
2022 |
| |
|
Totalexcl. right-of-use
assets |
Totalincl. right-of-use
assets |
|
Non-currentassets |
|
Right-of-useassets |
|
WCR |
|
Goodwill |
| Development |
|
1,404 |
1,453 |
|
46 |
|
49 |
|
1,358 |
|
- |
| Services |
|
159 |
795 |
|
124 |
|
636 |
|
35 |
|
- |
| Other Activities
and not attributable |
|
1,484 |
1,515 |
|
87 |
|
31 |
|
- |
|
1,398 |
|
Group capital employed before IFRS 5 |
|
3,047 |
3,763 |
|
256 |
|
716 |
|
1,393 |
|
1,398 |
|
IFRS 5 reclassification |
|
(74) |
(74) |
|
(5) |
|
|
|
(69) |
|
|
|
Group capital employed |
|
2,973 |
3,689 |
|
252 |
|
716 |
|
1,324 |
|
1,398 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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 -
31 December
2022
|
In € million |
|
31/12/2022IFRS |
|
31/12/2021IFRS |
|
Revenue |
|
4,351.8 |
|
4,468.4 |
| Operating
expenses |
|
(3,835.7) |
|
(3,927.8) |
| Dividends
received from equity-accounted investments |
|
36.6 |
|
22.2 |
|
EBITDA |
|
552.7 |
|
562.9 |
| Lease
payments |
|
(132.8) |
|
(182.6) |
|
EBITDA after lease payments |
|
419.9 |
|
380.2 |
| Restatement of
lease payments |
|
132.8 |
|
182.6 |
| Depreciation of
right-of-use assets |
|
(133.0) |
|
(124.8) |
| Depreciation.
amortisation and impairment of non-current assets |
|
(38.7) |
|
(32.8) |
| Net change in
provisions |
|
2.5 |
|
2.5 |
| Share-based
payments |
|
(11.8) |
|
(30.4) |
| Dividends
received from equity-accounted investments |
|
(36.6) |
|
(22.2) |
|
Current operating profit |
|
335.2 |
|
373.4 |
| Capital gains on
disposal |
|
- |
|
115.6 |
|
Operating profit |
|
335.2 |
|
489.0 |
| Share of net
profit from equity-accounted investments |
|
25.7 |
|
31.1 |
|
Operating profit after share of net profit from equity-accounted
investments |
|
360.9 |
|
520.1 |
| Cost of net
financial debt |
|
(32.1) |
|
(42.6) |
| Other financial
income/(expenses) |
|
(10.2) |
|
(16.4) |
| Interest expense
on lease liabilities |
|
(18.3) |
|
(24.5) |
|
Net financial income/(expense) |
|
(60.6) |
|
(83.5) |
|
Pre-tax recurring profit |
|
300.3 |
|
436.6 |
| Income tax |
|
(88.8) |
|
(98.1) |
| Share of
profit/(loss) from other equity-accounted investments |
|
(7.4) |
|
(2.0) |
|
Consolidated net profit |
|
204.1 |
|
336.5 |
|
Attributable to non-controlling interests |
|
16.3 |
|
11.6 |
| |
|
|
|
|
|
Attributable to equity holders of the parent
company |
|
187.8 |
|
324.9 |
| (in euros) |
|
|
|
|
|
Net earnings per share |
|
3.40 |
|
5.85 |
Simplified consolidated balance-sheet
- 31 December 2022
|
ASSETS(in € million) |
|
31/12/2022IFRS |
|
31/12/2021IFRS |
|
Goodwills |
|
1,397.7 |
|
1,356.5 |
| Other
non-current assets |
|
1,004.1 |
|
817.6 |
| Equity-accounted
investments |
|
109.3 |
|
124.9 |
|
Total non-current assets |
|
2,511.1 |
|
2,299.0 |
| Net WCR |
|
1,073.4 |
|
943.8 |
| Assets held for
sale |
|
45.0 |
|
- |
|
Total Assets |
|
3,629.5 |
|
3,242.8 |
| |
|
|
|
|
|
Liabilities and equity(in € million) |
|
31/12/2022IFRS |
|
31/12/2021IFRS |
|
Share capital and reserves |
|
1,786.3 |
|
1,603.6 |
|
Net profit for the period |
|
187.8 |
|
324.9 |
|
Equity attributable to equity holders of the parent company |
|
1,974.1 |
|
1,928.6 |
|
Non-controlling interests |
|
61.6 |
|
19.6 |
|
Total equity |
|
2,035.7 |
|
1,948.2 |
| Net debt |
|
1,413.0 |
|
1,122.1 |
| Provisions |
|
97.8 |
|
102.4 |
|
Net deferred tax |
|
83.0 |
|
70.2 |
|
Total Liabilities and equity |
|
3,629.5 |
|
3,242.8 |
Consolidated net debt
- 31 December 2022
|
(in € million) |
|
31/12/2022IFRS |
|
31/12/2021IFRS |
| Bond issues
(incl. accrued interest and arrangement fees) |
|
811.6 |
|
806.3 |
| Put options
granted to minority interests |
|
164,5 |
|
187,8 |
| Bank borrowings
and others |
|
782,5 |
|
865,7 |
|
Loans and borrowings |
|
1,758.6 |
|
1,672.0 |
|
|
|
|
|
|
|
Other financial receivables and payables |
|
(263.4) |
|
(133.0) |
| Cash and cash
equivalents |
|
(898.0) |
|
(1,061.6) |
|
Bank overdraft facilities |
|
36.7 |
|
19.2 |
|
Net cash and cash equivalents |
|
(861.3) |
|
(1,042.4) |
|
Total net financial debt before lease
liabilities |
|
633.9 |
|
496.6 |
|
Elimination IFRS 5 reclassification |
|
28.4 |
|
|
|
Total net financial debt before lease liabilities
and before IFRS 5 |
|
662.3 |
|
496.6 |
|
|
|
|
|
|
|
Lease liabilities |
|
779.0 |
|
625.5 |
|
Elimination IFRS 5 reclassification |
|
- |
|
- |
|
Lease liabilities before IFRS
5 |
|
779.0 |
|
625.5 |
|
|
|
|
|
|
|
Total net debt |
|
1,413.0 |
|
1,122.1 |
|
Total net debt before IFRS 5 |
|
1,441.3 |
|
1,122.1 |
Simplified statement of cash flows
- 31 December
2022
|
(in € million) |
31/12/2022IFRS |
|
31/12/2021IFRS |
|
Consolidated net profit |
204.1 |
|
336.5 |
| Elimination of
non-cash income and expenses |
165.1 |
|
2.5 |
|
Cash flow from operating activities after interest and tax
expenses |
369.2 |
|
338.9 |
| Elimination of
net interest expense/(income) |
50.3 |
|
67.1 |
| Elimination of
tax expense, including deferred tax |
87.5 |
|
96.5 |
|
Cash flow from operating activities before interest and tax
expenses |
507.0 |
|
502.5 |
| Repayment of
lease liabilities |
(132.8) |
|
(182.6) |
|
Cash flow from operating activities after lease payments but before
interestand tax expenses |
374.2 |
|
319.9 |
| Change in
operating working capital |
(186.7) |
|
(318.5) |
| Dividends
received from equity-accounted investments |
36.6 |
|
22.2 |
| Interest
paid |
(21.0) |
|
(33.0) |
| Tax paid |
(66.8) |
|
(75.8) |
|
Net cash from/(used in)
operating activities |
136.5 |
|
(85.1) |
| Net cash
from/(used in) net operating investments |
(68.8) |
|
(53.4) |
|
Free cash flow |
67.6 |
|
(138.5) |
| Acquisitions of
subsidiaries and other changes in scope |
(21.9) |
|
211.9 |
| IFRS 5
restatement |
(45.4) |
|
- |
| Other net
financial investments |
(6.2) |
|
(20.9) |
| Net cash
from/(used in) investing
activities |
(73.6) |
|
191.1 |
| Dividends paid
to equity holders of the parent company |
(138.1) |
|
(110.6) |
| Other payments
to/(from) minority shareholders |
(10.0) |
|
(48.1) |
| Net
disposal/(acquisition) of treasury shares |
0.6 |
|
(18.1) |
|
Change in financial receivables and payables (net) |
(27.9) |
|
(86.9) |
| Net cash
from/(used in) financing
activities |
(175.4) |
|
(263.8) |
|
Impact of changes in foreign currency exchange rates |
0.2 |
|
0.2 |
|
Change in cash and cash equivalents |
(181.1) |
|
(211.0) |
ANNEX: ASSETS HELD FOR
SALE
IFRS 5 Restatement
In view of the process of disposing of the
Residential Real Estate development activities in Poland
and Portugal, and as the sale is highly probable within
the next twelve months, the Group has applied IFRS 5 (Non-current
assets held for sale), which requires the assets and liabilities of
these activities to be presented on a separate line in the balance
sheet.
Restatements are detailed below:
|
(in € million) |
Real Estate
developmentPoland and
Portugal |
|
(in € million) |
Real Estate
developmentPoland and
Portugal |
|
Assets |
|
|
Liabilities |
|
| Other non-current
assets |
2 |
|
Deferred
taxes |
1 |
|
Deferred taxes |
3 |
|
|
|
|
Non-current
assets |
5 |
|
Non-current
liabilities |
1 |
| Operating current
assets |
159 |
|
Loans and
short-term borrowings |
74 |
| Cash and cash
equivalents |
45 |
|
Operating current liabilities |
90 |
|
Current assets |
205 |
|
Current liabilities |
164 |
|
Total assets held for sale |
210 |
|
Total liabilities held for
sale |
165 |
| |
|
|
|
|
|
Net assets held for sale |
45 |
|
|
|
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, 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
Joint ventures: Entities over
whose activities the Group has joint control, established by
contractual agreement. Most joint ventures are property
developments (Residential Real Estate Development and Commercial
Real Estate Development) undertaken with another developer
(co-developments)
Land bank: The amount
corresponding to acquired land development rights for projects in
France carried out before obtaining a building permit or, in some
cases, planning permissions
Market share French new home
market: corresponds to Nexity’s reservations
(retail and bulk sales) compared to French new home reservations
(retail and bulk sales) published by the FPI (Fédération des
promoteurs Immobilier)
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)
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
- 20230222_PR FY 2022_VDEF Clean
Nexity (EU:NXI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nexity (EU:NXI)
Historical Stock Chart
From Jul 2023 to Jul 2024
