Nexity : Results for the first half of 2016
(Thomson Reuters ONE) -
RESULTS FOR THE FIRST HALF OF 2016
Paris, Thursday, 21 July 2016
Strong business activity growth in Residential real estate
* Residential real estate:
* 8,382 reservations in residential real estate (new homes in France and
abroad and subdivisions), up 38%
* 7,068 net new home reservations in France, up 38% in volume and 30% in
value compared to H1 2015
* External growth: acquisition of a majority stake in the Edouard Denis group
completed in June 2016[1] (consolidated as of the second half of 2016)
* Group backlog at end-June: ?3.6 billion (17 months' revenue from development
activities[2])
Financial performance on track
* Revenue of ?1.36 billion in the first half, stable with respect to H1 2015
* Current operating profit up 16% (?107 million). Operating margin of 7.9%
(6.9% for H1 2015)
* Group share of net profit up 8% (?52 million)
* Net debt of ?243 million at 30 June 2016 (i.e. 16% of equity)
Outlook for 2016 confirmed, current operating profit target revised upward
* Growth in Nexity's new home reservations, consistent with the estimated
volume increase in the French market of15-20%, with around 120,000
reservations for 2016 (outlook revised upward in May 2016)
* Commercial real estate order intake: at least ?250 million
* 2016 revenue: stable, around ?3 billion
* 2016 current operating profit target: at least ?245 million (versus the
target of at least ?235 million announced in February 2016)
* Based on its outlook, the Group envisages proposing to its shareholders the
renewal of a ?2.20 per share dividend in 2017[3]
Alain Dinin, Chairman and CEO of Nexity, commented:
"The record level of new home reservations placed over the first six months of
the year testifies to the French residential market's recovery, as well as the
commercial success achieved by Nexity's staff and the relevance of our offering,
especially in Greater Paris. With historically low interest rates, recovering
consumer confidence and demand-stimulus measures that are now well-calibrated,
particularly for first-time buyers, the French market should see yet another
year of growth, and approach record highs. With the rate of return on financial
investments approaching zero, the appeal of real estate assets (whether homes or
offices) - tangible assets that offer returns - can only grow. At this stage, we
expect this positive trend to continue in 2017, despite the obvious
uncertainties surrounding the French presidential election.
Nevertheless, financial imbalances and political risks are building up. So we
should not only avoid any complacency - we should also be particularly prudent
and selective in our investment decisions, in both residential and commercial
real estate.
What's more, the field of real estate services to individual clients is
currently undergoing a sea change and holds bright prospects for Nexity in terms
of improving performance and innovating in customer relations.
Alongside this strong market momentum, our operating profit grew by 16%, with
higher margins in all of Nexity's business lines, and our cash flow from
operating activities improved. Nexity confirms the outlook and targets disclosed
to the market, and now expects double-digit growth in its operating profit for
2016. The company is fully engaged and will approach the quarters to come with
ambition and confidence."
***
At its meeting on Thursday, 21 July 2016, chaired by Alain Dinin, Nexity's Board
of Directors reviewed and approved the Group's consolidated financial statements
for the half-year period ended 30 June 2016, which can be found in the annexes
of this press release. The 2016 half-year financial statements were subjected to
a limited review by the Statutory Auditors of the Company.
Business activity in H1 2016
Residential real estate
Mortgage rates continued to decline in France, driven by the ECB's monetary
policy and a new wave of risk aversion, which benefited government bonds, even
those issued at negative rates. As a result, in June 2016, mortgage rates were
historically low, averaging 1.60% with an average term of 17 years (1.62% in the
new-build market). These particularly favourable borrowing conditions benefit
first-time homebuyers and investors alike.
------------------------------------------------------------------------
Reservations (units and ?m) H1 2016 H1 2015 Change %
------------------------------------------------------------------------
New homes (France) 7,068 5,136 +37.6%
Subdivisions 1,071 877 +22.1%
International 243 56 x 4.3
------------------------------------------------------------------------
Total reservations (number of units) 8,382 6,069 +38.1%
------------------------------------------------------------------------
New homes (France) 1,308 1,010 +29.5%
Subdivisions 80 68 +17.8%
International 41 8 x 5.3
------------------------------------------------------------------------
Total reservations (?m incl. VAT) 1,429 1,086 +31.6%
------------------------------------------------------------------------
* New homes
In the first half of 2016, the Group recorded 7,068 net new home reservations in
France, up 38% by volume and 30% by value year on year, making it Nexity's best-
ever half-year sales performance.
The first half stood out by virtue of very significant growth in all client
segments.
Reservations made by first-time buyers were up 50% with respect to H1 2015,
following the application of the new PTZ interest-free loan scheme, in effect
since 1 January 2016, which can now finance up to 40% of the property price,
versus the previous maximum limit of 26%. At 30 June 2016, 63% of Nexity's
first-time buyer clients used a PTZ interest-free loan to help them finance the
acquisition of their home.
Reservations by individual investors also surged in H1 2016 (up 39% with respect
to H1 2015), driven by historically low interest rates as well as the Pinel
scheme, which retained its appeal. This trend should continue, following the
French government's announcement that the scheme will be extended until the end
of 2017.
The total number of reservations placed by individual clients was up 43% year on
year, compared to the 21% increase in reservations made by professional
landlords. Reservations placed by professional landlords only made up 23% of the
Group's total business activity (versus 26% in the first half of 2015).
From a geographical standpoint, while reservations recorded by Nexity in the
Paris region and the rest of France increased at the same rate (up 38%), the
breakdown of retail sales growth highlights Nexity's very strong momentum in the
Paris region (up 71%, compared to a 29% increase in the rest of France), with
the opposite trend holding for bulk sales.
--------------------------------------------------------------------------------
Breakdown of new home reservations by
client - France (number of units) H1 2016 H1 2015 Change %
--------------------------------------------------------------------------------
Homebuyers 2,027 29% 1,345 26% +50.7%
o/w: - first-time buyers 1,542 22% 1,029 20% +49.9%
- other homebuyers 485 7% 316 6% +53.5%
Individual investors 3,433 49% 2,467 48% +39.2%
Professional landlords 1,608 23% 1,324 26% +21.5%
--------------------------------------------------------------------------------
Total new home reservations 7,068 100% 5,136 100% +37.6%
--------------------------------------------------------------------------------
Expected revenue from reservations of new homes in France (up 30%) grew less
rapidly than the number of homes reserved (up 38%), due to product mix effects
(in particular a higher proportion of home sales in managed residences, at lower
unit prices, and a decrease in the average price of homes sold in bulk, with a
larger share of sales to social housing operators outside the Paris region).
At end-June 2016, the average price of homes reserved by Nexity's individual
clients[4] was virtually stable, down 0.6% with respect to end-June 2015,
despite a 0.4% increase in the average size of homes reserved, but with a 0.9%
decrease in the average price per square metre.
--------------------------------------------------------------- ---------
Average sale price & floor area* H1 2016 H1 2015 Change %
--------------------------------------------------------------- ---------
Average home price incl. VAT per sq.m (?) 3,757 3,793 -0.9%
Average floor area per home (sq.m) 55.9 55.7 +0.4%
Average price incl. VAT per home (?k) 210.2 211.3 -0.6%
-------------------------------------------------------------------------
* Excluding bulk sales, Iselection and PERL
As the market recovered, the number of units launched by Nexity rose by 16% in
H1 2016[5] (7,556 units, versus 6,524 units at end-June 2015). Supply for sale
decreased slightly with respect to the previous year (down 2.0% to 6,244),
reflecting the successful sale of projects. The unsold completed stock of new
residential units remained very low (61 homes). The average level of pre-selling
recorded at the time construction work was started remained high (71.8% on
average).
At end-June 2016, the business potential[6] for new homes totalled 35,742 units,
up 9% from end-June 2015 and up 4% from end-December 2015, reflecting Nexity's
capacity to replenish its potential supply.
* Subdivisions
Subdivision reservations totalled 1,071 units, surging 22% compared to the first
half of 2015, with the average price of net reservations from individuals down
4% to ?74,000.
* International
Nexity recorded 243 international new home reservations in the first half of
2016. In Poland, the number of reservations came to 177 units, with a
satisfactory pace of sales activity. In Italy, 66 reservations were recorded in
the first half of 2016.
Commercial real estate
The commercial real estate market picked up in the first half of 2016 (10%
increase in amounts invested; 20% increase in end-user take-up compared to the
first half of 2015), reflecting real estate's strong appeal to investors given
current interest rates, and a slight recovery in user activity.
Prices for prime assets continued to rise, while returns on investments
continued to fall, signalling the need to closely monitor future developments in
this market.
Nexity booked orders totalling ?74 million in the first half of 2016, of which
?55 million were for wood-frame constructions[7], which continued to grow in
popularity. Given its portfolio of projects in the advanced start-up or
marketing phases, the Group's target of achieving new orders of at least ?250
million in the year is confirmed.
Services and Distribution Networks
In Real estate services to companies, the volume of units under management
totalled 12.4 million sq.m at end-June 2016, up 1% from end-December 2015. A
notable addition to the portfolio was a major contract with Poste Immo, a real
estate subsidiary of the La Poste group.
In Real estate services to individuals, the portfolio of units under management
(890,900 units at 30 June 2016) was down 2.6% relative to end-December 2015
(down 2.1% on a like-for-like basis).
In Distribution Networks, the number of provisional sale agreements (compromis)
recorded in the first half by Century 21 and Guy Hoquet l'Immobilier was up
8.9% relative to the same period a year earlier, with the number of franchisees
remaining virtually stable (1,210 agencies at end-June 2016 versus 1,218 at end-
June 2015).
Urban regeneration (Villes & Projets)
At end-June 2016, the land development potential[8] of Nexity's urban
regeneration business (Villes & Projets) was down 9% to 480,000 sq.m versus
year-end 2015 on account of parts of some projects being transferred to the
development phase. No additions to the portfolio were recorded in the first
half.
Digital and Innovation
In line with its strategic plan, Nexity continued to invest in innovative
projects focused on digital transformation. The first half of 2016 saw the ramp-
up of Bien'ici, a next-generation property listings website, in which Nexity has
a 40% stake alongside a consortium of real estate professionals. Six months
after its December 2015 launch, the number of listings featured on the site is
highly satisfactory. The site has entered its contract-signing phase and has
already seen a steady stream of membership requests from professionals to place
their listings.
Nexity also focused on stepping up the pace of its digital transformation in the
field of real estate services to individuals, to benefit its clients and scale
up productivity (see press release dated 22 June 2016).
H1 2016 CONSOLIDATED RESULTS
External growth operation launched by the Group in the first half of 2016:
* Edouard Denis, which was acquired on 10 June 2016, will only be consolidated
in the financial statements of the Residential real estate division starting
on 1 July 2016, and therefore has no impact on the H1 financial statements
(aside from the recognition of acquired shares as financial assets and the
decrease in cash related to the acquisition of those shares).
Revenue
In the first half of 2016, Nexity recorded revenue of ?1,357 million, stable
with respect to the first half of 2015, with progress made on Residential real
estate projects offsetting lower levels in Commercial real estate.
----------------------------------------------------------------------
? millions H1 2016 H1 2015 Change %
----------------------------------------------------------------------
Residential real estate 982.2 892.1 +10.1%
Commercial real estate 128.8 202.2 -36.3%
Services and Distribution Networks 243.7 242.7 +0.4%
Other activities 2.8 10.1 -71.9%
----------------------------------------------------------------------
Total Group revenue* 1,357.5 1,347.0 +0.8%
----------------------------------------------------------------------
* Revenue generated by the Residential and Commercial divisions 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 incurred construction costs.
* Residential real estate revenue totalled ?982 million, up 10% relative to
the same period in 2015. This increase was driven by good progress made on
development projects and a higher level of work in progress than the
previous year, as well as by the increase in deeds of sale signed following
reservations observed in 2014 and 2015. It was also due to the strong growth
of Iselection's revenues - spurred on by a high level of sales to individual
investors - and to a favourable base effect for PERL, which in the first
half of 2015 had been affected by restatements in the opening balance sheet
and remeasurements of assets and liabilities to fair value as part of the
purchase price allocation (PPA).
* In Commercial real estate, in line with Nexity's expectations, revenue was
down 36% for the first half of 2016, at ?129 million. Several developments
that contributed heavily to revenue in the previous year were delivered in
late 2015 and early 2016, and new major projects that are currently in the
start-up phase only contributed a small amount to revenue for the period.
* The Services and Distribution Networks division recognised revenue of ?244
million, stable (up ?1 million) with respect to the first half of 2015. A
good level of brokerage business in property management for individuals (for
which revenue was up by 3%) and the substantial increase in revenue
generated by franchise networks (up 12%) offset lower revenue for other real
estate services (down 7%), which include real estate services to companies
and Studéa (which saw its revenue decrease as a result of a proactive policy
aimed at repositioning its portfolio of student residences toward the most
profitable urban areas).
* Revenue from Other activities (?3 million) resulted from the sale of
development rights outside the Group by Villes & Projets, rents received in
connection with the Group's investment activities, and income from incubated
start-ups.
In IFRS terms, revenue for the first half of the year was ?1.315 billion, up 5%
relative to consolidated revenue of ?1.253 billion at 30 June 2015. This figure
excludes revenue from joint ventures, in accordance with IFRS 11, which requires
joint ventures to be accounted for via the equity method instead of being
proportionately consolidated as they were before.
Operating profit
Nexity's current operating profit in the first half of 2016 was up 16% to ?107
million (versus ?92 million in the first half of 2015). The operating margin
increased by one point to 7.9%.
----------------------------------------------------------------------
? millions H1 2016 H1 2015 Change %
----------------------------------------------------------------------
Residential real estate 79.4 69.2 +14.7%
% of revenue 8.1% 7.8%
Commercial real estate 21.9 22.2 -1.4%
% of revenue 17.0% 11.0%
Services and Distribution Networks 15.4 12.1 +27.3%
% of revenue 6.3% 5.0%
Other activities (9.9) (11.1) ns
----------------------------------------------------------------------
Operating profit 106.7 92.3 +15.6%
% of revenue 7.9% 6.9%
----------------------------------------------------------------------
Operating profit for Residential real estate was up 15% from the first half of
2015 (up 13% after neutralising the impact of the PPA of PERL, which reduced
operating profit for the first half of 2015). The division's operating margin
increased by 0.3 points to 8.1%, compared with 7.8% at end-June 2015. The margin
for new homes in France in the first half of the year was 8.3% (7.9% the
previous year). In parallel, profitability for the subdivisions business surged
(up 20%) while business outside France was slightly negative (-?1 million),
weighed down by overhead costs against a backdrop of limited sales.
The Commercial real estate division's operating profit came to ?22 million for
the period ended 30 June 2016, stable with respect to 30 June 2015. The
operating margin for the period soared to 17% (11% in first-half 2015) and beat
normal levels, reflecting the sound financial and operational management of
major ongoing projects as well as reversals of provisions on delivered projects.
In addition, the wood-frame projects developed by Térénéo have started
contributing to operating profit.
The Services and Distribution Networks division turned in operating profit of
?15 million, versus ?12 million for the period ended 30 June 2015 (up 27%), for
an operating margin of 6.3% (versus 5.0% in the first half of 2015).
The operating margin for the Services business came to 5.8% (versus 4.6% at 30
June 2015). The operating profit for individual property management was ?12
million versus ?10 million at 30 June 2015, lifting the operating margin by 1.2
points (to 7.9%), thanks to a better half-year for property sales and good
control of overhead costs. In other services, Studéa's profitability continued
to grow, while that of other real estate services to companies remained below
the division average.
Profit from franchise operations was up (?2.3 million versus ?1.5 million for
the period ended 30 June 2015), essentially reflecting increased revenue which
provided better coverage of fixed costs.
The result posted by Other activities (a loss of ?10 million, versus a loss of
?11 million for the period ended 30 June 2015) includes the results from the
holding company, research and overhead costs incurred by Villes & Projets, the
development of incubated start-ups and digital projects, and IFRS expenses on
share-based payments.
EBITDA
At 30 June 2016, Nexity's EBITDA[9] came to ?119.3 million, versus ?99.2 million
at 30 June 2015 (up 20%). The EBITDA margin amounted to 8.8% (versus 7.4% in H1
2015), growing in all the Group's divisions.
Net profit
--------------------------------------------------------------------------------
? millions H1 2016 H1 2015 Change in ?m
--------------------------------------------------------------------------------
Revenue 1,357.5 1,347.0 10.5
EBITDA 119.3 99.2 20.1
% of revenue 8.8% 7.4%
Operating profit 106.7 92.3 14.4
Net financial income/(expense) (14.8) (10.1) (4.7)
Income taxes (34.9) (32.1) (2.8)
Share of profit/(loss) from equity-accounted
investments (3.4) (0.4) (2.9)
Net profit 53.6 49.7 3.9
Non-controlling interests (1.1) (0.9) (0.2)
--------------------------------------------------------------------------------
Net profit attributable to equity holders of the 52.5 48.8 3.7
parent company
--------------------------------------------------------------------------------
Net financial expense was ?14.8 million, versus ?10.1 million in the first half
of 2015. It was stable excluding the impact of expenses related to the
redemption of 2014 OCEANE bonds for ?4.8 million.
The tax expense (?34.9 million) increased by ?3 million. Nexity's effective tax
rate for the first half of 2016 was 38.0%, compared with 39.0% for the first
half of 2015, which had included the additional corporate income tax (10.7%)
that was discontinued at the end of 2015.
Equity-accounted investments made a negative contribution of ?3.4 million to the
half-year period, compared with a loss of ?0.4 million in the first half of
2015. This result mainly included the contributions of Bien'ici, accounted for
using the equity method since 1 January 2016, and Ægide, 38.15% owned by Nexity.
The Group share of net profit amounted to ?52.5 million for the period, versus
?48.8 million in the first half of 2015 (up 8%).
Working Capital Requirement (WCR)
----------------------------------------------------------------------------
? millions 30 June 2016 31 Dec. 2015 Change in ?m
----------------------------------------------------------------------------
Residential real estate 603 589 14
Commercial real estate (27) (10) (18)
Services and Distribution Networks (65) (64) (1)
Other activities 24 10 14
Total WCR excluding tax 535 525 10
Corporate income tax 14 8 6
----------------------------------------------------------------------------
Total WCR 549 533 16
----------------------------------------------------------------------------
Operating WCR at end-June 2016 was ?535 million, up ?10 million from December
2015, and WCR including tax was up ?16 million.
In the Residential real estate division, WCR was well-managed at ?603 million
(up ?14 million compared with 31 December 2015).
The Commercial real estate division's WCR was significantly negative (-?27
million). Its improvement followed payments received on deliveries in the first
half of the year.
The WCR of Other activities increased by ?14 million with respect to 31 December
2015, reflecting the impact of intra-Group trade receivables on the holding
company, which are usually recognised in the first half of the year.
Cash flow
Cash flow from operating activities before financial and tax expenses was up,
amounting to ?114 million for first-half 2016 versus ?84 million the previous
year, a 36% increase.
Cash flow from operating activities after financial and tax expenses came to ?71
million (versus ?45 million at 30 June 2015).
Operating investments were stable (?10 million versus ?9 million in the first
half of 2015), and mainly related to IT investments.
Nexity's free cash flow for the first six months of 2016 was ?68 million, versus
free cash flow of ?14 million in the prior year.
Financial investments generated an expense of ?55 million over the half-year
period (acquisition of a 55% stake in the Edouard Denis group).
Net cash used in financing activities (?41 million) mainly reflected income from
the issue of 2016 OCEANE bonds for ?270.0 million, net of the redemption of
99.3% of the 2014 OCEANE bonds[10] for ?230.2 million.
--------------------------------------------------------------------------------
? millions H1 2016 H1 2015
--------------------------------------------------------------------------------
Cash flow from operating activities before financial and tax
expenses 114.3 83.8
Cash flow from operating activities after financial and tax
expenses 71.3 45.0
Change in operating working capital (excluding tax) (8.9) (23.5)
Changes in tax-related working capital, dividends from equity-
accounted investments and other 15.5 1.6
Net cash from/(used in) operating activities 78.0 23.2
Net cash from/(used in) operating investments (9.8) (9.2)
Free cash flow 68.1 13.9
Net cash from/(used in) financial investments (55.2) 5.5
Dividend paid by Nexity SA (120.5) (108.4)
Net cash from/(used in) financing activities, excluding
dividends (40.8) 12.0
--------------------------------------------------------------------------------
Change in cash and cash equivalents (148.4) (76.9)
--------------------------------------------------------------------------------
Financial structure
Nexity's consolidated equity (attributable to equity holders of the parent
company) was ?1,500 million at 30 June 2016, compared to ?1,579 million at 31
December 2015, mainly after ?121 million in dividends paid and the inclusion of
net profit for the half-year period (?52 million attributable to parent company
shareholders).
Consolidated net financial debt amounted to ?243 million at 30 June 2016, as
opposed to ?102 million at 31 December 2015 (up ?141 million). Net debt
represented 16% of equity. This increase in net debt over the first half of the
year was mainly due to the increase in operating working capital (up ?9
million), the dividend payment (?121 million), investments (?10 million), the
impact of the equity component related to transactions in OCEANE bonds (?31
million) and lastly external growth (?55 million), partially offset by the cash
flow generated by operations in the first half of the year (?71 million).
--------------------------------------------------------------------------------
? millions 30 June 2016 31 Dec. 2015 Change in ?m
--------------------------------------------------------------------------------
Bond issues (incl. accrued interest 610 539 71
and arrangement costs)
Loans and borrowings 269 350 (81)
Other financial borrowings and other 14 12 3
financial receivables
Net cash and cash equivalents (650) (798) 148
--------------------------------------------------------------------------------
Net debt 243 102 141
--------------------------------------------------------------------------------
At 30 June 2016, Nexity had authorisations from banks to borrow up to ?679
million, including available facilities of ?300 million on its corporate credit
lines (undrawn). The Group had drawn down ?269 million of its authorised credit
at 30 June 2016. Nexity was in compliance with all of the financial covenants
attached to its borrowings and lines of credit as of 30 June 2016.
Backlog - Order book at 30 June 2016
--------------------------------------------------------------------------------
? millions, excluding VAT 30 June 2016 31 Dec. 2015 Change %
--------------------------------------------------------------------------------
Residential real estate - New homes * 2,880 2,573 +12.0%
Residential real estate - Subdivisions 237 233 +1.8%
Residential real estate backlog 3,118 2,806 +11.1%
Commercial real estate backlog 437 487 -10.3%
--------------------------------------------------------------------------------
Total Group backlog 3,554 3,293 +7.9%
--------------------------------------------------------------------------------
* Including International, PERL and
Iselection
The Group's order book at 30 June 2016 stood at ?3.554 billion, up 8% relative
to year-end 2015 and equivalent to 17 months' revenue from Nexity's development
activities[11]. The Commercial real estate backlog was down due to a lack of
significant new orders, while the Residential backlog experienced growth of 11%.
***
Financial calendar and practical information
9M 2016 revenue and business activity Wednesday, 26 October 2016
A conference call on H1 2016 results will be held in English at 6:30 p.m. CET on
Thursday, 21 July 2016, which may be accessed using the code 3271749 by dialling
one of the following numbers:
- Calling from France +33 (0)1 76 77 22 20
- Calling from elsewhere in Europe +44 (0)203 427 1916
- Calling from the USA +1 646 254 3367
The presentation accompanying this conference will be available on the Group's
website from 6:15 p.m. CET and may be viewed at the following address:
http://edge.media-server.com/m/p/p8twwjpb
The conference call will be available on replay at http://www.nexity.fr/real-
estate from the following day.
The French version of the 2016 Interim financial report was submitted to the
Autorité des marchés financiers (AMF) today and can be accessed via the Nexity
group website.
Disclaimer
The information, assumptions and estimates that the Company could reasonably use
to determine its targets are subject to change or modification due notably to
economic, financial and competitive uncertainties. Furthermore, it is possible
that some of the risks described in Section 4 of the Document de Référence filed
with the AMF under number D.16-0325 on 13 April 2016 could have an impact on the
Group's activities and the Company's ability to achieve its objectives.
Accordingly, the Company cannot give any assurance as to whether it will achieve
the targets described, and makes no commitment or undertaking to update or
otherwise revise this information.
______
AT NEXITY, WE AIM TO SERVE ALL OUR CLIENTS AS THEIR REAL ESTATE NEEDS EVOLVE
Nexity offers the widest range of advice and expertise, products, services and
solutions for private individuals, companies and local authorities, so as to
best meet the needs of our clients and respond to their concerns.
Our businesses - transactions, management, design, development, planning,
advisory and related services - are now optimally organised to serve and support
our clients. As the benchmark operator in our sector, we are resolutely
committed to all of our clients, but also to the environment and society as a
whole.
Nexity is listed on the SRD and on Euronext's Compartment A
Member of the indices: SBF 80, SBF 120, CAC Mid 60, CAC Mid & Small and CAC All
Tradable
Ticker symbol: NXI - Reuters: NXI.PA - Bloomberg: NXI FP
ISIN code: FR0010112524
______
CONTACT
Domitille Vielle - Head of Investor Relations / +33 (0)1 85 55 19 34 -
investorrelations(at)nexity.fr
ANNEXES
RESERVATIONS BY QUARTER
--------------------------------------------------------------
2016 2015 2014
--------------------------------------------------------------
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
--------------------------------------------------------------
Number of units
--------------------------------------------------------------------------------
New homes 4,121 2,947 4,237 2,368 2,949 2,187 3,653 2,175 2,722 1,815
Subdivisions 654 417 925 400 556 321 836 395 547 326
International 170 73 133 103 42 14 7 73 10 3
--------------------------------------------------------------------------------
Total (number of 4,945 3,437 5,295 2,871 3,547 2,522 4,496 2,643 3,279 2,144
units)
--------------------------------------------------------------------------------
Value, in ?m
incl. VAT
--------------------------------------------------------------------------------
New homes 772 536 803 473 595 415 677 419 475 353
Subdivisions 48 32 69 29 45 23 63 29 42 29
International 28 13 19 15 6 2 2 10 1 -2
--------------------------------------------------------------------------------
Total (?m incl. 848 581 891 516 646 440 742 458 518 380
VAT)
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT - 30 JUNE 2016
OPERATIONAL REPORTING (According to IFRS but with joint ventures proportionately
consolidated)
--------------------------------------------------------------------------------
? thousands 30/06/2016 30/06/2015
--------------------------------------------------------------------------------
Revenue 1,357,497 1,346,962
Purchases (878,750) (897,483)
Personnel costs (238,938) (230,724)
Other operating expenses (105,183) (100,900)
Taxes (other than income tax) (16,930) (15,591)
Depreciation, amortisation and impairment (11,008) (9,952)
--------------------------------------------------------------------------------
Operating profit 106,688 92,312
--------------------------------------------------------------------------------
Financial expense (17,994) (14,693)
Financial income 3,189 4,621
--------------------------------------------------------------------------------
Net financial income/(expense) (14,805) (10,072)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pre-tax recurring profit 91,883 82,240
--------------------------------------------------------------------------------
Income taxes (34,918) (32,088)
Share of profit/(loss) from equity-accounted investments (3,363) (425)
--------------------------------------------------------------------------------
Net profit 53,602 49,727
--------------------------------------------------------------------------------
Net profit attributable to equity holders of the parent 52,499 48,817
company
--------------------------------------------------------------------------------
Net profit attributable to non-controlling interests 1,103 909
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - 30 JUNE 2016
OPERATIONAL REPORTING (According to IFRS but with joint ventures proportionately
consolidated)
--------------------------------------------------------- ----------------------
ASSETS 30/06/2016 31/12/2015
? thousands
--------------------------------------------------------- ----------------------
Non-current assets
Goodwill 1,148,095 1,148,836
Other intangible assets 62,018 61,388
Property, plant and equipment 47,991 49,003
Equity-accounted investments 12,271 10,254
Other financial assets 89,743 40,256
Deferred tax assets 10,114 10,038
--------------------------------------------------------- ----------------------
Total non-current assets 1,370,232 1,319,775
--------------------------------------------------------- ----------------------
Current assets
Inventories and work in progress 1,362,501 1,431,023
Trade and other receivables 428,371 411,673
Tax receivable 16,860 8,598
Other current assets ((1)) 1,049,939 1,101,458
Other financial receivables 15,384 20,423
Cash and cash equivalents 676,805 837,111
--------------------------------------------------------- ----------------------
Total current assets 3,549,860 3,810,286
--------------------------------------------------------- ----------------------
Total assets 4,920,092 5,130,061
--------------------------------------------------------- ----------------------
((1) )of which client working capital accounts 658,347 684,109
(Services)
--------------------------------------------------------- ----------------------
LIABILITIES AND EQUITY 30/06/2016 31/12/2015
? thousands
--------------------------------------------------------- ----------------------
Equity
Share capital 273,915 270,945
Additional paid-in capital 777,624 887,854
Treasury shares (1,179)
Reserves and retained earnings 396,868 296,777
Net profit for the period 52,499 123,521
--------------------------------------------------------- ----------------------
Equity attributable to equity holders of the parent 1,499,727 1,579,097
company
--------------------------------------------------------- ----------------------
Non-controlling interests 4,078 2,279
--------------------------------------------------------- ----------------------
Total equity 1,503,805 1,581,376
--------------------------------------------------------- ----------------------
Non-current liabilities
Long-term borrowings and financial debt 690,952 632,047
Employee benefits 29,326 28,541
Deferred tax liabilities 45,756 39,494
--------------------------------------------------------- ----------------------
Total non-current liabilities 766,034 700,082
--------------------------------------------------------- ----------------------
Current liabilities
Short-term borrowings, financial and operating
liabilities ((1)) 244,340 327,790
Current provisions 97,132 101,137
Trade and other payables 650,403 772,375
Current tax liabilities 2,724 538
Other current liabilities ((2)) 1,655,654 1,646,763
--------------------------------------------------------- ----------------------
Total current liabilities 2,650,253 2,848,603
--------------------------------------------------------- ----------------------
Total liabilities and equity 4,920,092 5,130,061
--------------------------------------------------------- ----------------------
((1)) of which bank overdrafts 26,790 38,723
((1) )of which client working capital accounts 658,347 684,109
(Services)
REVENUE BY DIVISION
OPERATIONAL REPORTING (According to IFRS but with joint ventures proportionately
consolidated)
----------------------------------------------------------------------
? millions H1 2016 H1 2015 Change %
----------------------------------------------------------------------
New homes 908.0 809.6 +12.2%
Subdivisions 59.7 53.9 +10.8%
International 14.4 28.5 -49.4%
Residential real estate 982.2 892.1 +10.1%
Commercial real estate 128.8 202.2 -36.3%
Services 226.1 227.0 -0.4%
Distribution Networks 17.6 15.7 +11.8%
Services and Distribution Networks 243.7 242.7 +0.4%
Other activities 2.8 10.1 -71.9%
----------------------------------------------------------------------
GROUP 1,357.5 1,347.0 +0.8%
----------------------------------------------------------------------
Quarterly progression of revenue by division
----------------------------------------------------------------
2016 2015 2014
----------------------------------------------------------------
? millions Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
--------------------------------------------------------------------------------
Residential
real estate 549.3 432.8 809.3 460.3 531.5 360.5 672.4 425.2 394.4 340.7
Commercial real
estate 61.3 67.6 74.2 102.8 116.5 85.7 104.6 58.2 49.4 55.4
Services and
Distribution
Networks 122.8 120.9 131.3 129.8 121.2 121.5 131.2 122.9 123.6 106.6
Other
activities 2.1 0.7 1.3 1.2 9.0 1.0 1.4 1.4 42.5 1.9
--------------------------------------------------------------------------------
GROUP 735.6 621.9 1,016.0 694.1 778.2 568.7 909.6 607.7 610.0 504.6
--------------------------------------------------------------------------------
CURRENT OPERATING PROFIT BY DIVISION
OPERATIONAL REPORTING (According to IFRS but with joint ventures proportionately
consolidated)
----------------------------------------------------------------------
? millions H1 2016 H1 2015 Change %
----------------------------------------------------------------------
New homes 75.0 64.1 +16.9%
% of revenue 8.3% 7.9%
Subdivisions 5.4 4.5 +20.0%
% of revenue 9.0% 8.3%
International (1.0) 0.6 -282.7%
Residential real estate 79.4 69.2 +14.7%
% of revenue 8.1% 7.8%
Commercial real estate 21.9 22.2 -1.4%
% of revenue 17.0% 11.0%
Services 13.0 10.5 +23.7%
% of revenue 5.8% 4.6%
Distribution Networks 2.3 1.5 +51.8%
% of revenue 13.3% 9.8%
Services and Distribution Networks 15.4 12.1 +27.3%
% of revenue 6.3% 5.0%
Other activities (9.9) (11.1) -10.8%
----------------------------------------------------------------------
GROUP 106.7 92.3 +15.6%
% of revenue 7.9% 6.9%
----------------------------------------------------------------------
Half-yearly progression of current operating profit by division
-------------------------------------------------
2016 2015 2014
-------------------------------------------------
? millions H1 FY H2 H1 FY H2 H1
--------------------------------------------------------------------------------
Residential real estate 79.4 186.3 117.1 69.2 142.8 84.2 58.6
Commercial real estate 21.9 39.0 16.8 22.2 45.6 32.4 13.2
Services and Distribution
Networks 15.4 35.4 23.3 12.1 26.7 15.7 11.0
Other activities (9.9) (40.6) (29.5) (11.1) (31.4) (21.8) (9.6)
--------------------------------------------------------------------------------
GROUP 106.7 220.1 127.8 92.3 183.7 110.5 73.2
--------------------------------------------------------------------------------
EBITDA BY DIVISION - 30 JUNE 2016
OPERATIONAL REPORTING (According to IFRS but with joint ventures proportionately
consolidated)
---------------------------------------------------------------------
? millions H1 2016 H1 2015 Change %
---------------------------------------------------------------------
Residential real estate 78.4 68.1 +15.1%
% of revenue 8.0% 7.6%
Commercial real estate 22.9 18.5 +23.6%
% of revenue 17.8% 9.2%
Services and Distribution Networks 18.8 13.7 +37.5%
% of revenue 7.7% 5.6%
Other activities (0.9) (1.2) na
---------------------------------------------------------------------
GROUP 119.3 99.2 +20.2%
% of revenue 8.8% 7.4%
---------------------------------------------------------------------
Half-yearly progression of EBITDA by division
-----------------------------------
2016 2015
-----------------------------------
? millions H1 FY H2 H1
------------------------------------------------------------------------
Residential real estate 78.4 189.3 121.2 68.1
Commercial real estate 22.9 38.8 20.3 18.5
Services and Distribution Networks 18.8 46.3 32.6 13.7
Other activities (0.9) (14.6) (13.4) (1.2)
------------------------------------------------------------------------
GROUP 119.3 259.8 160.6 99.2
------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT - 30 JUNE 2016 (IFRS)
--------------------------------------------------------------------------------
30/06/2016 30/06/2015
? thousands 6-month period 6-month period
--------------------------------------------------------------------------------
Revenue 1,315,526 1,252,676
Purchases (846,466) (813,358)
Personnel costs (238,928) (230,714)
Other operating expenses (104,238) (100,252)
Taxes (other than income tax) (16,517) (15,204)
Depreciation, amortisation and impairment (11,008) (9,952)
--------------------------------------------------------------------------------
Operating profit 98,369 83,196
--------------------------------------------------------------------------------
Share of profit from equity-accounted investments 4,760 7,046
--------------------------------------------------------------------------------
Operating profit after share of profit from 103,129 90,242
equity-accounted investments
--------------------------------------------------------------------------------
Financial expense (17,763) (14,439)
Financial income 3,314 4,681
--------------------------------------------------------------------------------
Net financial income/(expense) (14,449) (9,758)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pre-tax recurring profit 88,680 80,484
--------------------------------------------------------------------------------
Income taxes (31,715) (30,333)
Share of profit/(loss) from equity-accounted (3,363) (425)
investments
--------------------------------------------------------------------------------
Consolidated net profit 53,602 49,726
--------------------------------------------------------------------------------
Net profit attributable to equity holders of the 52,499 48,817
parent company
--------------------------------------------------------------------------------
Net profit attributable to non-controlling 1,103 909
interests
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - 30 JUNE 2016 (IFRS)
--------------------------------------------------------- ----------------------
ASSETS 30/06/2016 31/12/2015
? thousands
--------------------------------------------------------- ----------------------
Non-current assets
Goodwill 1,148,095 1,148,836
Other intangible assets 62,018 61,388
Property, plant and equipment 47,991 49,003
Equity-accounted investments 25,834 30,527
Other financial assets 92,756 43,238
Deferred tax assets 7,900 7,907
--------------------------------------------------------- ----------------------
Total non-current assets 1,384,594 1,340,899
--------------------------------------------------------- ----------------------
Current assets
Inventories and work in progress 1,255,908 1,326,851
Trade and other receivables 373,748 385,618
Tax receivable 18,459 8,270
Other current assets ((1)) 1,029,964 1,073,923
Other financial receivables 85,940 93,893
Cash and cash equivalents 604,221 744,267
--------------------------------------------------------- ----------------------
Total current assets 3,368,240 3,632,822
--------------------------------------------------------- ----------------------
Total assets 4,752,834 4,973,721
--------------------------------------------------------- ----------------------
--------------------------------------------------------- ----------------------
LIABILITIES AND EQUITY 30/06/2016 31/12/2015
? thousands
--------------------------------------------------------- ----------------------
Equity
Share capital 273,915 270,945
Additional paid-in capital 777,624 915,255
Treasury shares (1,179)
Reserves and retained earnings 396,868 269,377
Net profit for the period 52,499 123,521
--------------------------------------------------------- ----------------------
Equity attributable to equity holders of the parent 1,499,727 1,579,098
company
--------------------------------------------------------- ----------------------
Non-controlling interests 4,078 2,279
--------------------------------------------------------- ----------------------
Total equity 1,503,805 1,581,377
--------------------------------------------------------- ----------------------
Non-current liabilities
Long-term borrowings and financial debt 690,949 632,044
Employee benefits 29,326 28,541
Deferred tax liabilities 44,059 37,690
--------------------------------------------------------- ----------------------
Total non-current liabilities 764,334 698,275
--------------------------------------------------------- ----------------------
Current liabilities
Short-term borrowings, financial and operating
liabilities 226,962 309,955
Current provisions 96,515 100,418
Trade and other payables 607,050 710,978
Current tax liabilities 2,490 339
Other current liabilities 1,551,678 1,572,379
--------------------------------------------------------- ----------------------
Total current liabilities 2,484,695 2,694,069
--------------------------------------------------------- ----------------------
Total liabilities and equity 4,752,834 4,973,721
--------------------------------------------------------- ----------------------
--------------------------------------------------------------------------------
[1] See press release of 16 February 2016. Edouard Denis will be consolidated in
the financial statements of Residential real estate from 1 July 2016.
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2016 - 17:46 Uhr
Sprache: Deutsch
News-ID 484720
Anzahl Zeichen: 65578
contact information:
Town:
Paris-la-Défense
Kategorie:
Business News
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