Paris - France, 27 July 2022, 17h45 CEST
Resilient first half results
Cautious management of development activities
Strong growth of Services
Annual objectives specified
Cautious management ofresidential development: commercial launches postponed
- Recovery in permits granted, but commercial launches postponed to manage the consequences of inflation and protect margins
- Anticipation of a 17% market decline in 2022 (estimated at ~130,000 units vs. 157,000 in 2021)
- Nexity's robustness: 7,639 reservations in the first half (-9% in volume, -5% in value)
Financial performance: resilience in development activities, strong growth in services, indebtedness under control
- Revenue of €1,964 million, with service activities up by 9%
- Current operating profit of €110m, i.e. a half-year margin of 5.6%, not representative of annual performance
- Solid financial structure: net debt of €878m, i.e. 2.3x EBITDA, highest point of annual debt
2022 targets specified to better reflect the uncertainty of the macro-economic environment
- Confirmation of over 14% market share in 2022, in a new home market now expected to decline
- Maintain a high operating margin around 8% based on revenue at least equal to 2021
Nexity is well-preparedto addressthe tremendousneeds of the sustainable city
- Closing of the acquisition of the Angelotti Group, a leading residential developer in Occitanie (south of France), expected at year-end
- Investor Day on 28 September: accelerating Nexity's integrated real estate operator model for sustainable cities
H1 2022 KEY FIGURES1
| BUSINESS ACTIVITY | FINANCIAL RESULTS | |||||
| H1 2022 | Change | (€m) | H1 2022 | H1 2021 | 22 vs 21 | |
| New home reservations in France | vs. H1 2021 | Revenue | 1,964 | 2,063 | -5% | |
| Volume | 7,639 units | -9% | Operating profit | 110 | 133 | -17% |
| Value | €1,756m | -5% | Operating margin (% of revenue) | 5.6% | 6.4% | -80 bps |
| Commercial real estate | Net profit - Group share | 54 | 75 | -27% | ||
| Order intake | €92m | |||||
| (€m) | Jun-22 | Dec-21 | ||||
| Developmentoutlook | vs. Dec-21 | Net debt2 | 878 | 598 | ||
| Backlog | €6.5bn | -1% | x EBITDA after leases (12 month) | 2,3x | 1,5x | |
1Data on a like-for-like basis i.e without businesses sold in H1 2021: Century 21 consolidated until 31 March and Ægide-Domitys consolidated until 30 June 2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saasmode2Net debt before leases.
VÉRONIQUE BÉDAGUE, CHIEF EXECUTIVE OFFICER, COMMENTED:
«The geopolitical and macroeconomic uncertainty leads usto manage our operations with greater caution. To cope with inflationary pressures, we are more selective in launching operations and take the time to work on optimising our products in terms of both cost and selling price. Finally, once the launch has been decided, we capitalise on our diversified offer and our multi-channel marketing capabilityto ensure optimal time to market. This is how we protect our margins and contain our debt. This tight control of our supply for sale enables us to adapt to changes in demand, which remains strong, both from individuals and institutionals, despite macro-prudential measures aimed at reducing the credit availability to individuals and the rise in interest rates. Nexity's performance demonstrates the strength of its business model, capitalisingin particular on its position as France's leading developer and on the very strong growth in the results of its service activities. The volume of our business potential, the strength of our backlog, the solidity of our balance sheet and the quality and commitment of our teams, give us confidence that we will be able to weather this period of uncertainty as well as possible, and we will be able to meet the immense needs in the Frenchhousing market. We have also just strengthened our positions in Occitania region (South of France) by acquiring a majority stake in Angelotti and remain in motion to participate in the future consolidation of the sector and better respond to the challenges of sustainable cities. »
RESIDENTIAL REAL ESTATE
Business activity
The supply shortage, observed for several years on the French market, persists despite a recent recovery in the delivery of building permits for collective housing. The acceleration of the inflationary context recorded in the second quarter lengthens the operations' set-up time, delays the start of their marketing, thus constraining the supply for sale. The new home market in France is therefore affected despite a still sustained demand, both from individuals and institutional investors. According to the FPI (Fédération des Promoteurs Immobiliers), new home sales fell by around 20% in the first quarter which should continue for the rest of the year.
Against this backdrop, Nexity's business activity held up well in the first half of the year, with 7,639 reservations (-9% in volume compared with H1 2021, -5% in value to €1.8 billion), with its customer base still balanced between retail sales (63% of reservations in the first half of the year) and bulk sales (37%). Sales prices per square metre in supply constrained areas (A and B1), which account for around 80% of reservations during the period, remain on an upward trend, in line with the first quarter (+3.7% vs H1 2021).
As expected, Nexity saw during the first half a recovery in building permits (+19% vs H1 2021), but is keen to secure its margins in a more difficult environment. Therefore, these new permits did not allow to increase the supply for sale as anticipated at the beginning of the year, mainly given the negotiation time required to integrate the inflationary trend in construction costs and validate the selling price. As a result, housing launches fell by 12% over the period. The supply for sale therefore remains low (7,199 units against 7,655 on 31 December 2021) and does not meet demand. This supply is low-risk (no stock of completed homes, and more than 70% of the supply not launched) and the time-to-market remains very fast (4.5 months vs. 4.4 months at 31 December 2021).
| New scope (€m) | H1 2022 | H1 2021 | 2022/2021 change |
| Revenue | 1,377 | 1,398 | - 2% |
| Current operating profit | 65 | 81 | - 20% |
| Margin (as a % of revenue) | 4.7% | 5.8% | -110 bps |
| 30/06/22 | 31/12/21 | ||
| Working capital requirement (WCR) | 1,152 | 1,029 |
Financial results
Revenue was slightly down in the first half of 2022, reflecting the lower level of new operations starts during the period. The margin rate is down, affected by the cautious management of operations leading to a lower coverage of fixed costs due to operations delay and higher costs related to projects' exits. Working capital requirement amounted €1.2 billion. Working capital for new homes in France represented 18% of the backlog, in line with historical levels.
Outlook
Given the tougher housing environment observed in the second quarter, Nexity now expects the market to decline by 17% in 2022 (~130,000 units vs. 157,000 units in 2021). Nexity is maintaining its target of over 14% market share, with an acceleration in bulk sales expected in the second half of the year. The contribution to 2022 earnings from the acquisition of the Angelotti Group announced in June 2022 should be small, in the event of a year-end closing. The Group remains confident in its ability to contain the pressure on construction costs for ongoing operations. Expectations of rising real estate mortgage rates lead us to increase our vigilance regarding the relevance of new production in relation to market conditions.
COMMERCIAL REAL ESTATE
Business activity
In a market context at the bottom of the cycle and still wait-and-see, Nexity recorded, as expected, a low level of order intake in the first half of the year (92 million euros at the end of June). This amount includes 66 million euros in order intake in the regions (+41% compared to H1 2021) where Nexity continues to strengthen its presence.
| New scope (€m) | H1 2022 | H1 2021 | 2022/2021 change |
| Revenue | 161 | 280 | - 43% |
| Current operating profit | 21 | 44 | - 53% |
| Margin (as a % of revenue) | 13.0% | 15.8% | -280 bps |
| 30/06/22 | 31/12/21 | ||
| Working capital requirement (WCR) | 64 | 24 |
Financial results
H1 2021 basis of comparison is high, as it included the contribution of the order intake for the Reiwa building in Saint-Ouen, which contributed €124 million to revenue and €16 million to operating profit. The half-year results for 2022 are logically down due to this significant base effect. Restated for this item, revenue is up 3%. The margin rate for the first half of 2022 remains higher than the normative level of the business. The level of WCR remains low and takes into account the rate of customer advances collection during the construction period.
Outlook
The outlook for Commercial real estate business remains unchanged. Given the wait-and-see attitude of companies, order intake should reach a low point in 2022. The backlog consumption should lead to achieve a consolidated revenue of around €400 million in 2022.
SERVICES
| New scope (€m) | H1 2022 | H1 2021 | 2022/2021 change |
| Revenue | 421 | 385 | 9% |
| o/wProperty Management | 188 | 186 | 1% |
| o/wServicedProperties | 102 | 70 | 45% |
| o/w Distribution | 132 | 130 | 2% |
| Current operating profit | 36 | 26 | 39% |
| Margin (as a % of revenue) | 8.5% | 6.7% | +180 bps |
| 30/06/22 | 31/12/21 | ||
| Working capital requirement (WCR) | 52 | 75 |
Services revenue amounted 421 million in the first half of 2022, up 9% compared to H1 2021, mainly driven by serviced properties activities, particularly coworking (Morning), which saw its revenue double in H1 2022, driven by the increase in the occupancy rate over the period (+11 points) and the 30% increase in the number of managed spaces (9 openings during H1 representing 19,000 sqm). Student residencies (Studea) had also a strong performance with a3 points increase in occupancy rate at 96% compared to 93% at end-December 2021.
Current operating profit rose by 39% to €36 million. The operating margin rate increased by 180 basis points to 8.5%.
Outlook
In the second half of the year, the Services activities should benefit from the continued good momentum of profitable growth recorded in the first half of the year.
CONSOLIDATED RESULTS-OPERATIONAL REPORTING
Reported H1 2021 net profit amounted to €281 million and included non-recurring items relating to the disposal of Ægide-Domitys and Century 21 (€206 million). Restated on a like-for-like basis, H1 2021 net profit amounted to €75 million.
| H1 2021 restated* | H1 2022 | 2022/2021 change Like-for-like basis | ||||||
in € million | Reported | Disposed activities and non-recurring items | Like-for-like basis | |||||
| Consolidated revenue | 2,275 | 211 | 2,063 | 1,964 | -5% | |||
| Operating profit | 359 | 226 | 133 | 110 | -17% | |||
| As a % of revenue | 6.4% | 5.6% | ||||||
| Net financial income/(expense) | (44) | (13) | (31) | (26) | -18% | |||
| Income tax | (31) | (7) | (24) | (24) | ||||
| Share of profit/(loss) from equity-accounted investments | (1) | (1) | (1) | |||||
| Net profit | 283 | 206 | 77 | 59 | -23% | |||
| Non-controlling interests | (2) | (2) | (5) | |||||
| Net profit attributable to equity holders of the parent company | 281 | 206 | 75 | 54 | -27% | |||
| (in euros) | ||||||||
| Net earnings per share | €5.07 | €1.35 | €0.98 | |||||
*2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saas mode
REVENUE
Reported revenue amounted to€1,964 million, down 5% compared to H1 2021 on a like-for-like basis. H1 2021 reported revenue included revenue from disposed activities in 2021 (Century21 and Ægide-Domitys) and amounted to €2,275 million. Restated for the base effect of the Reiwa Commercial real estate order taken in the first half of 2021, revenue rose by 1%.
| in € million | H1 2022 | H1 2021 | 2022/2021 change | ||
| Development | 1,538 | 1,678 | - 8% | ||
| Residential Real Estate Development | 1,377 | 1,398 | - 2% | ||
| Commercial Real Estate Development | 161 | 280 | - 43% | ||
| Services | 421 | 385 | + 9% | ||
| Property Management | 188 | 186 | + 1% | ||
| Serviced properties | 102 | 70 | + 45% | ||
| Distribution | 132 | 130 | + 2% | ||
| Other Activities | 5 | 1 | ns | ||
| Revenue new scope | 1,964 | 2,063 | - 5% | ||
| Revenue from disposed activities (1) | 211 | ||||
| Revenue | 1,964 | 2,275 | - 14% |
(1) Disposed activities were consolidated until 31 March 2021 for Century 21 and until 30 June 2021 for Ægide-Domitys.
Under IFRS, reported revenue was €1,800 million. It excludes revenue from joint ventures in application of IFRS 11, which requires their recognition by equity accounting of proportionally integrated joint ventures in operational reporting. Reported revenue in H1 2021 (€2,099 millions) is not comparable as it included the revenue of the disposed activities in 2021 (Century21 and Ægide-Domitys).
As a reminder, revenue generated by the development businesses from VEFA off-plan sales and CPI development contracts is recognised using the percentage-of-completion method, i.e. on the basis of notarised sales and pro-rated to reflect the progress of all inventoriable costs.
OPERATING PROFIT
Current operating profit amounted to €110 million and the current operating margin reached 5.6% of revenue, at a level not representative of annual performance. Half of the decline in the margin rate (-80 bps) is due to the base effect from the Reiwa Commercial real estate order taken in H1 2O21.
| H1 2022 | H1 2021* | ||||||
| in € million | Operating profit | Margin rate | Operating profit | Margin rate | |||
| Development | 86 | 5.6% | 125 | 7.4% | |||
| Residential Real Estate Development | 65 | 4.7% | 81 | 5.8% | |||
| Commercial Real Estate Development | 21 | 13.0% | 44 | 15.8% | |||
| Services | 36 | 8.5% | 26 | 6.7% | |||
| Other Activities | (11) | ns | (18) | ns | |||
| Current operating profit new scope | 110 | 5.6% | 133 | 6.4% | |||
*2021 figures have been restated following the IFRS IC decision of March 2021 on the costs of software used in Saas mode
OTHER INCOME STATEMENT ITEMS
Financial expense amounted to -€26 million in H1 2022 and improved by €5 million compared to 30 June 2021 on a like-for-like basis. The increase in interest expenses on leases (€2 million vs. H1 2021) following the growth in coworking activities is largely offset by the decrease in the cost of financial debt for €7 million. The average cost of financing is down to 1.8% from 2.1% at end 2021. Given its mainly fixed-rate debt structure, the Group has little exposure to an increase in interest rates on the 2022 financial result.
Tax expense (including the Cotisation sur la ValeurAjoutée des Entreprises, CVAE) on a like-for-like basis was stable at - €24 million. The current effective tax rate (excluding CVAE) was 27% at end-June 2022 in line with the normative fiscal rate.
Net profitGroup's share on a like-for-like basis during H1 2022 was €54 million (compared to €75 million at 30 June 2021).
CASH FLOW AND BALANCE SHEET ITEMS
| CASH FLOWS |
Cash flow from operating activities after lease payments but before interest and tax expenses was €125 million at end-June 2022, comparable to the contribution in the first half of 2021.
Operating working capital (excluding tax) rose by €196 million, which is comparable to the usual increase in the first half of the year, still marked by expenditure flows on construction sites, which exceeds the inflows for the period. The change in WCR in H1 2021, which amounted to €355 million, took into account €238 million related to the consumption of advances paid for Commercial real estate on 2020 orders (mainly the Eco-campus in La Garenne Colombes).
Nexity's free cash-flow was a net outflow of €136 million at end-June 2022 compared to a net outflow of €95 million at 30 June 2021 restated for the effect of the consumption of customer advances. This reflects a controlled increase in working capital in H1 2022.
| in € million | H1 2022 | H1 2021* | |
| Cash flow from operating activities before interest and tax expenses | 188 | 233 | |
| Repayment of lease liabilities | (63) | (117) | |
| Cash flow from operating activities after lease payments but before interest and tax expenses | 125 | 116 | |
| Change in operating working capital | (196) | (355) | |
| Interest and tax paid | (36) | (71) | |
| Net cash from/(used in) operating activities | (107) | (310) | |
| Net cash from/(used in) operating investments | (29) | (23) | |
| Free cash-flow | (136) | (333) | |
| Net cash from/(used in) financial investments | (7) | 185 | |
| Dividends paid by Nexity SA | (138) | (111) | |
| Net cash from/(used in) financing activities, excluding dividends | 22 | (165) | |
| Change in cash and cash equivalents | (259) | (423) |
*2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saas mode
Net cash from/(used in) financial investments totalled €7 million in H1 2022. It mainly included in H1 2021, the disposal of 100% of Century 21 and 45% of Ægide.
Net cash flow from/(used in) financing activities totalled only €22 million as there were no repayments during the period. In H1 2021, they included the repayment at maturity of a bond.
WORKING CAPITAL REQUIREMENT
| in € million | 30 June 2022 | 31 December 2021 | 2022/2021 change | |
| Development | 1,215 | 1,053 | 162 | |
| Residential Real Estate Development | 1,152 | 1,029 | 123 | |
| Commercial Real Estate Development | 64 | 24 | 39 | |
| Services | 52 | 75 | (23) | |
| Other Activities | 46 | (7) | 52 | |
| Total WCR excluding tax | 1,313 | 1,121 | 192 | |
| Corporate income tax | 5 | (2) | 7 | |
| Working capital requirement (WCR) | 1,318 | 1,119 | 199 |
At 30 June 2022, WCR excluding tax increased by €192 million compared to end-December 2021, driven by Residential real estate (+€123 million).
Land commitments considered as Landbank totalled around €250 million at 30 June 2022 (compared to around €280 million at 31 December 2021).
| BALANCE SHEET AND FINANCIAL STRUCTURE |
The Group's net debt before lease liabilities amounted to €878 million at end-June 2022, up €280 million compared to end-2021. This increase came in particular from the dividend payment in the first half of the year (€138 million) and the increase in working capital requirement (€192 million).
The level at end-June represents the highest point in annual indebtedness.
Leverage ratio was 2.3x EBITDA at 30 June 2022, well below the bank covenant thresholds (3.5x).
The Group has a solid financial situation as of 30 June 2022, with a total cash position of €914 million, to which are added €600 million of confirmed and undrawn credit lines.
Gross debt is mainly fixed rate (56%), reducing the Group's exposure to rising interest rates.
| in € million | 30 June 2022 | 31 December 2021 | 2022/2021 change | |
| Bond issues and others | 999 | 994 | 5 | |
| Bank debt and commercial papers | 793 | 768 | 26 | |
| Net cash and cash equivalents | (914) | (1,163) | 249 | |
| Net financial debt before lease liabilities | 878 | 598 | 280 |
At 30 June 2022, the average debt maturity was high at 2.6 years (compared to 3.1 years at end-2021) with an average cost of debt down to 1.8% compared to 2.1% in 2021 given the refinancing policy pursued in 2021.
Lease liabilities rose during H1 2022 by €51 million, to reach €677 million, reflecting the growth in the number of managed coworking office spaces. Net debt including lease liabilities amounted to €1,554 million at 30 June 2022, compared to €1,224 million at 31 December 2021.
2022 OUTLOOK
2022 targets specified 1to better reflect the uncertainty of the macro-economic environment
- Confirmation of over 14% market share in 2022, in a new home market now expected to decline
- Maintain a high operating margin around 8% based on revenue at least equal to 2021
Nexity will continue to closely monitor the current economic, social and health situation.
ACQUISITION OF A MAJORITY STAKE IN THE ANGELOTTI GROUP
As the regional leader in residential development and urban planning in Occitania region (South of France), this acquisition is a major step forward for Nexity. Fully in line with the Group's strategic ambition, this transaction will strengthen Nexity's urban planning offer, a business that has been in place for a long time and that transforms territories to serve our local authority clients. It will also enable Nexity to strengthen its market share in residential development in Occitania and PACA regions, two regions with strong growth prospects, by relying on reputable and well-established local partners. In 2021, the Angelotti group totalled revenue of €150 million (+20% compared to 2020) and has a pipeline of projects representing around 6 years of activity.
***
FINANCIAL CALENDAR & PRACTICAL INFORMATIONS
Investor Day (only with invitation) Wednesday 28 September 2022
Q3 2022 business activity and revenue Wednesday 26 October 2022 (after market close)
A conference call will be held today in French with a simultaneous translation into English at 6.30 p.m.in the Finance section and with the following numbers:
| +33 (0) 1 70 37 71 66 |
| +44 (0) 33 0551 0200 |
| +1 212 999 6659 |
Code: Nexity en
The presentation accompanying this conference will be available on the Group's website from 6:15 p.m.H1 2022webcast
The conference call will be available on replay at https://nexity.group/en/financefrom the following day.
The French version of the 2022 interim financial report is filed today with the Autorité des Marchés Financiers (AMF) and is available on the Group's website.
Avertissement: The information, assumptions and estimates that the Company could reasonably use to determine its targets are subject to change or modification, notably due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in Section 2 of the Universal Registration Document filed with the AMF under number D.22-0248 on 6 April 2022, could have an impact on the Group's operations and the Company's ability to achieve its targets. Accordingly, the Company cannot give any assurance as to whether it will achieve its stated targets and makes no commitment or undertaking to update or otherwise revise this information.
Contact:
Domitille Vielle - Head of Investor relations / +33
ANNEX :OPERATIONAL REPORTING
Quarterly reservations - Residential Real Estate
| 2022 | 2021 | 2020 | |||||||||||
| Number of units | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
| New homes (France) | 4,149 | 3,490 | 7,658 | 4,092 | 4,843 | 3,508 | 7,299 | 3,848 | 5,402 | 3,450 | |||
| Subdivisions | 423 | 337 | 772 | 367 | 439 | 338 | 660 | 244 | 297 | 360 | |||
| International | 100 | 133 | 216 | 247 | 404 | 249 | 503 | 193 | 74 | 165 | |||
| Total new scope | 4,672 | 3,960 | 8,646 | 4,706 | 5,686 | 4,095 | 8,462 | 4,285 | 5,773 | 3,975 | |||
| Reservations carried out directly by Ægide | 348 | 389 | 143 | 336 | 392 | 207 | |||||||
| Total (in number of units) | 4,672 | 3,960 | 8,646 | 4,706 | 6,034 | 4,484 | 8,605 | 4,621 | 6,165 | 4,182 | |||
| 2022 | 2021 | 2020 | ||||||||||||
| Value, in €m incl. VAT | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||
| New homes (France) | 992 | 764 | 1,447 | 845 | 1,056 | 792 | 1,534 | 855 | 1,141 | 750 | ||||
| Subdivisions | 37 | 27 | 55 | 33 | 42 | 29 | 57 | 19 | 25 | 30 | ||||
| International | 2 | 18 | 31 | 48 | 72 | 41 | 91 | 29 | 11 | 26 | ||||
| Total new scope | 1,032 | 808 | 1,533 | 927 | 1,170 | 862 | 1,682 | 903 | 1,177 | 806 | ||||
| Reservations carried out directly by Ægide | 85 | 90 | 32 | 70 | 90 | 41 | ||||||||
| Total (in €m incl. VAT) | 1,032 | 808 | 1,533 | 927 | 1,255 | 952 | 1,713 | 974 | 1,267 | 847 | ||||
Breakdown of new home reservations in France by client
| In number of units, new scope | H1 2022 | H1 2021 | H1 2022/H1 2021 change | ||
| Homebuyers | 1,513 | 20% | 1,778 | 21% | -15% |
| o/w: - First time buyers | 1,317 | 17% | 1,514 | 18% | -13% |
| - Other home buyers | 195 | 3% | 264 | 3% | -26% |
| Individual investors | 3,335 | 44% | 3,686 | 44% | -10% |
| Professional landlords | 2,791 | 37% | 2,887 | 35% | -3% |
| O/w: - Institutional investors | 727 | 10% | 936 | 11% | -22% |
| - Social housing operators | 2,064 | 27% | 1,951 | 23% | 6% |
| Total | 7,639 | 100% | 8,351 | 100% | -9% |
Services
| June 2022 | December 2021 | Change | ||||||
| Property Management | ||||||||
| Portfolio of managed housing | ||||||||
| - Condominium management | 675,000 | 672,000 | + 0.4% | |||||
| - Rental management | 158,000 | 155,000 | + 1.9% | |||||
| Commercial real estate | ||||||||
| - Assets under management (in millions of sq.m) | 20.2 | 20.4 | - 1% | |||||
| Serviced properties | ||||||||
| Student residences | ||||||||
| - Number of residences in operation | 129 | 129 | 0 | |||||
| - Rolling 12-month occupancy rate | 96% | 93% | + 3 pts | |||||
| Shared office space | ||||||||
| - Managed areas (in sq.m) | 76,000 | 57,000 | + 19.000 | |||||
| - Rolling 12-month occupancy rate | 85% | 74% | + 11 pts | |||||
| Distribution | June 2022 | June 2021 | Change | |||||
| - Total reservations | 2,425 | 2,731 | - 11% | |||||
| - Reservations on behalf of third parties | 1,497 | 1,770 | - 15% | |||||
Quarterly figures - Revenue
| 2022 | 2021 | 2020 | ||||||||||
in € million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
| Development | 839 | 699 | 1,279 | 815 | 827 | 851 | 1,747 | 703 | 680 | 524 | ||
| Residential Real Estate development | 750 | 626 | 1,146 | 735 | 742 | 655 | 1,216 | 642 | 434 | 467 | ||
| Commmercial Real Estate development | 89 | 72 | 133 | 79 | 85 | 195 | 530 | 61 | 247 | 57 | ||
| Services | 226 | 195 | 270 | 198 | 209 | 176 | 237 | 198 | 161 | 171 | ||
| Property management | 149 | 141 | 141 | 140 | 129 | 126 | 129 | 133 | 114 | 126 | ||
| Distribution | 77 | 54 | 129 | 58 | 80 | 50 | 108 | 65 | 47 | 45 | ||
| Otheractivities | 4 | 1 | 1 | |||||||||
| Revenue - New scope | 1,069 | 895 | 1,549 | 1,013 | 1,036 | 1,027 | 1,983 | 901 | 842 | 695 | ||
| Revenue fromdisposedactivities* | 107 | 104 | 134 | 120 | 88 | 92 | ||||||
| Revenue | 1,069 | 895 | 1,549 | 1,013 | 1,143 | 1,132 | 2,118 | 1,021 | 929 | 787 | ||
* Disposed activities are consolidated until 31 Mars 2021 for Century 21 and until 30 June 2021 for Ægide-Domitys
Backlog
| 2022 | 2021 | 2020 | ||||||||||
| In € million, excluding VAT | H1 | Q1 | FY | 9M | H1 | Q1 | FY | 9M | H1 | Q1 | ||
| Residential Real Estate development | 5,541 | 5,551 | 5,565 | 5,610 | 5,504 | 5,399 | 5,509 | 5,100 | 4,986 | 4,522 | ||
| Commercial Real Estate development | 906 | 935 | 974 | 1,013 | 1,059 | 1,138 | 1,032 | 321 | 373 | 398 | ||
| Total Backlog | 6,447 | 6,485 | 6,538 | 6,622 | 6,563 | 6,536 | 6,541 | 5,421 | 5,359 | 4,920 | ||
| Restatement of operations carried out directly by Ægide | 242 | 280 | 298 | 300 | 274 | |||||||
| Total Backlog new scope | 6,447 | 6,485 | 6,538 | 6,622 | 6,563 | 6,778 | 6,820 | 5,719 | 5,659 | 5,194 | ||
Half-year figures
Reservations - Residential Real Estate
| 2022 | 2021 | 2020 | ||||||||
| Number of units | H1 | FY | H2 | H1 | FY | H2 | H1 | |||
| New homes (France) | 7,639 | 20,101 | 11,750 | 8,351 | 19,999 | 11,147 | 8,852 | |||
| Subdivisions | 760 | 1,916 | 1,139 | 777 | 1,561 | 904 | 657 | |||
| International | 233 | 1,116 | 463 | 653 | 935 | 696 | 239 | |||
| Total new scope | 8,632 | 23,133 | 13,352 | 9,781 | 22,495 | 12,747 | 9,748 | |||
| Reservations carried out directly by Ægide | - | 737 | - | 737 | 1,078 | 479 | 599 | |||
| Total (in number of units) | 8,632 | 23,870 | 13,352 | 10,518 | 23,573 | 13,226 | 10,347 | |||
| 2022 | 2021 | 2020 | ||||||||
| Value, in €m incl. VAT | H1 | FY | H2 | H1 | FY | H2 | H1 | |||
| New homes (France) | 1,756 | 4,140 | 2,292 | 1,848 | 4,281 | 2,389 | 1,892 | |||
| Subdivisions | 64 | 159 | 88 | 71 | 131 | 76 | 55 | |||
| International | 20 | 192 | 79 | 113 | 156 | 120 | 36 | |||
| Total new scope | 1,840 | 4,491 | 2,459 | 2,032 | 4,568 | 2,585 | 1,983 | |||
| Reservations carried out directly by Ægide | 175 | - | 175 | 233 | 102 | 131 | ||||
| Total (in €m incl. VAT) | 1,840 | 4,666 | 2,459 | 2,207 | 4,802 | 2,687 | 2,115 | |||
Revenue
| 2022 | 2021 | 2020 | ||||||||
in € million | H1 | FY | H2 | H1 | FY | H2 | H1 | |||
| Development | 1,538 | 3,771 | 2,094 | 1,678 | 3,654 | 2,449 | 1,204 | |||
| Residential Real Estate development | 1,377 | 3,279 | 1,882 | 1,398 | 2,759 | 1,858 | 901 | |||
| Commmercial Real Estate development | 161 | 492 | 212 | 280 | 895 | 592 | 303 | |||
| Services | 421 | 853 | 468 | 385 | 767 | 435 | 333 | |||
| Property management | 289 | 537 | 281 | 256 | 503 | 263 | 240 | |||
| Distribution | 132 | 316 | 186 | 130 | 265 | 172 | 92 | |||
| Otheractivities | 5 | 1 | 1 | |||||||
| Revenue - New scope | 1,964 | 4,625 | 2,562 | 2,063 | 4,421 | 2,884 | 1,537 | |||
| Revenue fromdisposedactivities* | 211 | 211 | 434 | 254 | 179 | |||||
| Revenue | 1,964 | 4,836 | 2,562 | 2,275 | 4,855 | 3,139 | 1,716 | |||
* Disposed activities are consolidated until 31 Mars 2021 for Century 21 and until 30 June 2021 for Ægide-Domitys
Current operating profit
| 2022 | 2021* | 2020* | ||||||||
| In € million | H1 | FY | H2 | H1 | FY | H2 | H1 | |||
| Development | 86 | 330 | 205 | 125 | 275 | 213 | 61 | |||
| Residential Real Estate development | 65 | 271 | 191 | 81 | 203 | 195 | 8 | |||
| Commmercial Real Estate development | 21 | 59 | 15 | 44 | 72 | 19 | 54 | |||
| Services | 36 | 74 | 48 | 26 | 41 | 27 | 14 | |||
| Property management | 23 | 37 | 23 | 14 | 20 | 12 | 8 | |||
| Distribution | 13 | 37 | 25 | 12 | 21 | 15 | 6 | |||
| Otheractivities | (11) | (33) | (16) | (18) | (35) | (26) | (9) | |||
| Current operating profit - New scope | 110 | 371 | 238 | 133 | 281 | 215 | 66 | |||
| Non-current operating profit | 157 | 116 | 41 | (2) | 14 | (16) | ||||
| Operating profit | 110 | 528 | 353 | 174 | 279 | 228 | 50 | |||
*2020 and 2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saas mode
Consolidated income statement -30 June 2022
| In € million | 30/06/2022 IFRS | Restatement of joint ventures | 30/06/2022 Operational reporting | 30/06/2021 Restated* Operational reporting New scope before non-recurring items | |||
| Revenue | 1,800.2 | 163,5 | 1,963.7 | 2,063.5 | |||
| Operating expenses | (1,623.6) | (1,772.0) | (1,772.0) | (1,853.4) | |||
| Dividends received from equity-accounted investments | 2.2 | (2.2) | - | - | |||
| EBITDA | 178.8 | 12.9 | 191.7 | 210.1 | |||
| Lease payments | (63.5) | - | (63.5) | (60.8) | |||
| EBITDA after lease payments | 115.3 | 12.9 | 128.2 | 149.3 | |||
| Restatement of lease payments | 63.5 | - | 63.5 | 60.8 | |||
| Depreciation of right-of-use assets | (63.0) | 0.0 | (63.0) | (59.3) | |||
| Depreciation. amortisation and impairment of non-current assets | (16.6) | (0.0) | (16.6) | (15.6) | |||
| Net change in provisions | 4.0 | 0.2 | 4.1 | 4.1 | |||
| Share-based payments | (6.1) | - | (6.1) | (6.3) | |||
| Dividends received from equity-accounted investments | (2.2) | (0.0) | - | ||||
| Current operating profit | 94.9 | 15.2 | 110.1 | 133.0 | |||
| Capital gains on disposal | - | - | - | - | |||
| Operating profit | 94.9 | 15.2 | 110.1 | 133.0 | |||
| Share of net profit from equity-accounted investments | 9.8 | (9.8) | - | ||||
| Operating profit after share of net profit from equity-accounted investments | 104.7 | 5.4 | 110.1 | 133.0 | |||
| Cost of net financial debt | (14.1) | (1.2) | (15.3) | (22.8) | |||
| Other financial income/(expenses) | (2.0) | (0.3) | (2.2) | (2.4) | |||
| Interest expense on lease liabilities | (8.1) | - | (8.1) | (5.9) | |||
| Net financial income/(expense) | (24.2) | (1.4) | (25.6) | (31.1) | |||
| Pre-tax recurring profit | 80.5 | 4.0 | 84.5 | 101.9 | |||
| Income tax | (20.5) | (4.0) | (24.4) | (24.2) | |||
| Share of profit/(loss) from other equity-accounted investments | (1.0) | - | (1.0) | (0.9) | |||
| Consolidated net profit | 59.0 | 0.0 | 59.0 | 76.7 | |||
| Attributable to non-controlling interests | 4.9 | - | 4.9 | 1.9 | |||
| - | |||||||
| Attributable to equity holders of the parent company | 54.2 | 0.0 | 54.2 | 74.8 | |||
| (in euros) | |||||||
| Net earnings per share | 0.98 | 0.98 | 1.35 |
*2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saas mode
Simplified consolidated balance-sheet - 30 June 2022
| ASSETS (in € million) | 30/06/2022 IFRS | Restatement of joint ventures | 30/06/2022 Operational reporting | 31/12/2021 Operational reporting | ||||
| Goodwills | 1,358.2 | - | 1,358.2 | 1,356.5 | ||||
| Other non-current assets | 873.8 | 0.2 | 874.1 | 817.7 | ||||
| Equity-accounted investments | 126.8 | (65.3) | 61.5 | 62.5 | ||||
| Total non-current assets | 2,358.8 | (65.1) | 2,293.7 | 2,236.7 | ||||
| Net WCR | 1,150.2 | 168.2 | 1,318.4 | 1,118.9 | ||||
| Total Assets | 3,509.0 | 103.1 | 3,612.1 | 3,355.6 | ||||
| Liabilities and equity (in € million) | 30/06/2022 IFRS | Restatement of joint ventures | 30/06/2022 Operational reporting | 31/12/2021 Operational reporting | ||||
| Share capital and reserves | 1,794.4 | (0.0) | 1,794.4 | 1,603.6 | ||||
| Net profit for the period | 54.2 | 0.0 | 54.2 | 324.9 | ||||
| Equity attributable to equity holders of the parent company | 1,848.6 | (0.0) | 1,848.6 | 1,928.6 | ||||
| Non-controlling interests | 24.9 | 0.0 | 24.9 | 19.6 | ||||
| Total equity | 1,873.5 | (0.0) | 1,873.5 | 1,948.2 | ||||
| Net debt | 1,463.4 | 91.0 | 1,554.5 | 1,223.8 | ||||
| Provisions | 99.0 | 1.7 | 100.6 | 104.2 | ||||
| Net deferred tax | 73.1 | 10.4 | 83.5 | 79.5 | ||||
| Total Liabilities and equity | 3,509.0 | 103.1 | 3,612.1 | 3,355.6 |
Net debt - 30 June 2022
| (in € million) | 30/06/2022 IFRS | Restatement of joint ventures | 30/06/2022 Operational reporting | 31/12/2021 Operational reporting | |
| Bond issues (incl. accrued interest and arrangement fees) | 809.7 | - | 809.7 | 806.3 | |
| Loans and borrowings | 904.1 | 78.2 | 982.3 | 955.3 | |
| Loans and borrowings | 1,713.8 | 78.2 | 1,792.0 | 1,761.6 | |
| Other financial receivables and payables | (163.3) | 157.5 | (5.8) | 4.7 | |
| Cash and cash equivalents | (782.9) | (164.8) | (947.7) | (1,204.2) | |
| Bank overdraft facilities | 19.0 | 20.2 | 39.2 | 36.2 | |
| Net cash and cash equivalents | (763.9) | (144.6) | (908.5) | (1,168.0) | |
| Total net financial debt before lease liabilities | 786.5 | 91.0 | 877.6 | 598.3 | |
| Lease liabilities | 676.9 | - | 676.9 | 625.5 | |
| Total net debt | 1,463.4 | 91.0 | 1,554.5 | 1,223.8 |
Simplified statement of cash flows - 30 June2022
| (in € million) | 30/06/2022 IFRS (6-month period) | Restatement of joint ventures | 30/06/2022 Operational reporting | 30/06/2021 Operational reportingRestated * | |
| Consolidated net profit | 59.0 | - | 59.0 | 283.0 | |
| Elimination of non-cash income and expenses | 72.1 | 9.6 | 81.7 | (123.5) | |
| Cash flow from operating activities after interest and tax expenses | 131.1 | 9.6 | 140.8 | 159.5 | |
| Elimination of net interest expense/(income) | 22.2 | 1.2 | 23.4 | 41.4 | |
| Elimination of tax expense, including deferred tax | 20.2 | 4.0 | 24.2 | 31.0 | |
| Cash flow from operating activities before interest and tax expenses | 173.5 | 14.8 | 188.3 | 231.9 | |
| Repayment of lease liabilities | (63.5) | - | (63.5) | (116.7) | |
| Cash flow from operating activities after lease payments but before interest and tax expenses | 110.1 | 14.8 | 124.8 | 115.2 | |
| Change in operating working capital | (200.3) | 4.4 | (195.9) | (355.2) | |
| Dividends received from equity-accounted investments | 2.2 | (2.2) | - | - | |
| Interest paid | (7.7) | (1.1) | (8.8) | (15.5) | |
| Tax paid | (26.2) | (1.3) | (27.6) | (50.9) | |
| Net cash from/(used in) operating activities | (122.0) | 14.6 | (107.4) | (306.4) | |
| Net cash from/(used in) net operating investments | (28.9) | - | (28.9) | (22.2) | |
| Free cash flow | (151.0) | 14.6 | (136.4) | (328.6) | |
| Acquisitions of subsidiaries and other changes in scope | (2.8) | (0.0) | (2.9) | 208.1 | |
| Other net financial investments | (3.7) | (0.1) | (3.8) | (27.4) | |
| Net cash from/(used in) investing activities | (6.5) | (0.1) | (6.7) | 180.7 | |
| Dividends paid to equity holders of the parent company | (138.1) | - | (138.1) | (110.6) | |
| Other payments to/(from) minority shareholders | 0.2 | - | 0.2 | (6.3) | |
| Net disposal/(acquisition) of treasury shares | (1.5) | (1.5) | 2.0 | ||
| Change in financial receivables and payables (net) | 18.3 | 4.5 | 22.8 | (160.8) | |
| Net cash from/(used in) financing activities | (121.2) | 4.5 | (116.6) | (275.8) | |
| Impact of changes in foreign currency exchange rates | 0.2 | - | 0.2 | 0.4 | |
| Change in cash and cash equivalents | (278.5) | 19.0 | (259.4) | (423.3) |
*2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saas mode
Capital employed
| In € million | 30 June 2022 | |||||||||||
| Total excl. right-of-use assets | Total incl. right-of-use assets | Non-current assets | Right-of-use assets | WCR | Goodwill | |||||||
| Development | 1,274 | 1,322 | 59 | 48 | 1,215 | - | ||||||
| Services | 163 | 715 | 111 | 552 | 52 | - | ||||||
| Other Activities and not attributable | 1,466 | 1,492 | 56 | 26 | 51 | 1,358 | ||||||
| Group capital employed | 2,903 | 3,529 | 226 | 626 | 1,318 | 1,358 | ||||||
| In € million | 31 December2021 | |||||||||||
| Total excl. right-of-use assets | Total incl. right-of-use assets | Non-current assets | Right-of-use assets | WCR | Goodwill | |||||||
| Development | 1,086 | 1,135 | 33 | 49 | 1,053 | |||||||
| Services | 179 | 678 | 104 | 499 | 75 | |||||||
| Other Activities and not attributable | 1,430 | 1,463 | 82 | 33 | (9) | 1,356 | ||||||
| Group capital employed | 2,694 | 3,276 | 219 | 582 | 1,119 | 1,356 | ||||||
ANNEX: IFRS
Consolidated income statement -30 June 2022
| In € million | 30/06/2022 IFRS | 30/06/2021 IFRSRestated* | ||
| Revenue | 1,800.2 | 2,099.0 | ||
| Operating expenses | (1,623.6) | (1,867.1) | ||
| Dividends received from equity-accounted investments | 2.2 | 2.5 | ||
| EBITDA | 178.8 | 234.4 | ||
| Lease payments | (63.5) | (116.7) | ||
| EBITDA after lease payments | 115.3 | 117.7 | ||
| Restatement of lease payments | 63.5 | 116.7 | ||
| Depreciation of right-of-use assets | (63.0) | (59.4) | ||
| Depreciation. amortisation and impairment of non-current assets | (16.6) | (16.0) | ||
| Net change in provisions | 4.0 | 4.9 | ||
| Share-based payments | (6.1) | (6.6) | ||
| Dividends received from equity-accounted investments | (2.2) | (2.5) | ||
| Current operating profit | 94.9 | 154.8 | ||
| Capital gains on disposal | - | 184.7 | ||
| Operating profit | 94.9 | 339.5 | ||
| Share of net profit from equity-accounted investments | 9.8 | 13.3 | ||
| Operating profit after share of net profit from equity-accounted investments | 104.7 | 352.8 | ||
| Cost of net financial debt | (14.1) | (24.2) | ||
| Other financial income/(expenses) | (2.0) | (2.0) | ||
| Interest expense on lease liabilities | (8.1) | (16.3) | ||
| Net financial income/(expense) | (24.2) | (42.5) | ||
| Pre-tax recurring profit | 80.5 | 310.3 | ||
| Income tax | (20.5) | (26.4) | ||
| Share of profit/(loss) from other equity-accounted investments | (1.0) | (0.9) | ||
| Consolidated net profit | 59.0 | 283.0 | ||
| Attributable to non-controlling interests | 4.9 | 2.1 | ||
| Attributable to equity holders of the parent company | 54.2 | 280.9 | ||
| (in euros) | ||||
| Net earnings per share | 0.98 | 5.07 |
*2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saas mode
Simplified consolidated balance-sheet - 30 June 2022
| ASSETS (in € million) | 30/06/2022 IFRS | 31/12/2021 IFRS | ||
| Goodwills | 1,358.2 | 1,356.5 | ||
| Other non-current assets | 873.8 | 817.6 | ||
| Equity-accounted investments | 126.8 | 124.9 | ||
| Total non-current assets | 2,358.8 | 2,299.0 | ||
| Net WCR | 1,150.2 | 943.8 | ||
| Total Assets | 3,509.0 | 3,242.8 | ||
| Liabilities and equity (in € million) | 30/06/2022 IFRS | 31/12/2021 IFRS | ||
| Share capital and reserves | 1,794.4 | 1,603.6 | ||
| Net profit for the period | 54.2 | 324.9 | ||
| Equity attributable to equity holders of the parent company | 1,848.6 | 1,603.6 | ||
| Non-controlling interests | 24.9 | 19.6 | ||
| Total equity | 1,873.5 | 1,948.2 | ||
| Net debt | 1,463.4 | 1,122.1 | ||
| Provisions | 99.0 | 102.4 | ||
| Net deferred tax | 73.1 | 70.2 | ||
| Total Liabilities and equity | 3,509.0 | 3,242.8 |
Consolidated net debt - 30 June 2022
| (in € million) | 30/06/2022 IFRS | 31/12/2021 IFRS | ||
| Bond issues (incl. accrued interest and arrangement fees) | 809.7 | 806.3 | ||
| Loans and borrowings | 904.1 | 865.7 | ||
| Loans and borrowings | 1,713.8 | 1,672.0 | ||
| Other financial receivables and payables | (163.3) | (133.0) | ||
| Cash and cash equivalents | (782.9) | (1,061.6) | ||
| Bank overdraft facilities | 19.0 | 19.2 | ||
| Net cash and cash equivalents | (763.9) | (1,042.4) | ||
| Total net financial debt before lease liabilities | 786.5 | 496.6 | ||
| Lease liabilities | 676.9 | 625.5 | ||
| Total net debt | 1,463.4 | 1,122.1 |
Simplified statement of cash flows -30 June 2022
| (in € million) | 30/06/2022 IFRS | 30/06/2021 IFRS Restated* | |
| Consolidated net profit | 59.0 | 283.0 | |
| Elimination of non-cash income and expenses | 72.1 | (136.8) | |
| Cash flow from operating activities after interest and tax expenses | 131.1 | 146.2 | |
| Elimination of net interest expense/(income) | 22.2 | 40.5 | |
| Elimination of tax expense, including deferred tax | 20.2 | 26.0 | |
| Cash flow from operating activities before interest and tax expenses | 173.5 | 212.7 | |
| Repayment of lease liabilities | (63.5) | (116.7) | |
| Cash flow from operating activities after lease payments but before interest and tax expenses | 110.1 | 96.0 | |
| Change in operating working capital | (200.3) | (333.1) | |
| Dividends received from equity-accounted investments | 2.2 | 2.5 | |
| Interest paid | (7.7) | (14.7) | |
| Tax paid | (26.2) | (45.3) | |
| Net cash from/(used in) operating activities | (122.0) | (294.7) | |
| Net cash from/(used in) net operating investments | (28.9) | (22.2) | |
| Free cash flow | (151.0) | (316.8) | |
| Acquisitions of subsidiaries and other changes in scope | (2.8) | 208.2 | |
| Other net financial investments | (3.7) | (23.5) | |
| Net cash from/(used in) investing activities | (6.5) | 184.7 | |
| Dividends paid to equity holders of the parent company | (138.1) | (110.6) | |
| Other payments to/(from) minority shareholders | 0.2 | (6.3) | |
| Net disposal/(acquisition) of treasury shares | (1.5) | 2.0 | |
| Change in financial receivables and payables (net) | 18.3 | (176.8) | |
| Net cash from/(used in) financing activities | (121.2) | (291.8) | |
| Impact of changes in foreign currency exchange rates | 0.2 | 0.3 | |
| Change in cash and cash equivalents | (278.5) | (423.5) |
*2021 figures have been restated following the IFRS-IC decision of March 2021 on the costs of software used in Saas mode
GLOSSARY
Business potential: The total volume of potential business at any given moment, expressed as a number of units and/or revenue excluding VAT, within future projects in Residential Real Estate Development (New homes, Subdivisions and International) as well as Commercial Real Estate Development, validated by the Group's Committee, in all structuring phases, including the projects of the Group's urban regeneration business (Villes & Projets); this business potential includes the Group's current supply for sale, its future supply (project phases not yet marketed on purchased land, and projects not yet launched associated with land secured through options)
Current operating profit: Includes all operating profit items with the exception of items resulting from unusual, abnormal and infrequently occurring transactions. In particular, impairment of goodwill is not included in current operating profit
Development backlog (or order book): The Group's already secured future revenue, expressed in euros, for its real estate development businesses (Residential Real Estate Development and Commercial Real Estate Development). The backlog includes reservations for which notarial deeds of sale have not yet been signed and the portion of revenue remaining to be generated on units for which notarial deeds of sale have already been signed (portion remaining to be built)
EBITDA: Defined by Nexity as equal to current operating profit before depreciation, amortization and impairment of non-current assets, net changes in provisions, share-based payment expenses and the transfer from inventory of borrowing costs directly attributable to property developments, plus dividends received from equity-accounted investees whose operations are an extension of the Group's business. Depreciation and amortization include right-of-use assets calculated in accordance with IFRS 16, together with the impact of neutralising internal margins on disposal of an asset by development companies, followed by take-up of a lease by a Group company.
EBITDA after lease payments: EBITDA net of expenses recorded for lease payments that are restated to reflect the application of IFRS 16 Leases
Free cash flow: Cash generated by operating activities after taking into account tax paid, financial expenses, repayment of lease liabilities, changes in WCR, dividends received from companies accounted for under the equity method and net investments in operating assets
Joint ventures: Entities over whose activities the Group has joint control, established by contractual agreement. Most joint ventures are property developments (Residential Real Estate Development and Commercial Real Estate Development) undertaken with another developer (co-developments)
Land bank: The amount corresponding to acquired land development rights for projects in France carried out before obtaining a building permit or, in some cases, planning permissions
Net profit before non-recurring items: Group share of net profit restated for non-recurring items such as change in fair value adjustments in respect of the ORNANE bond issue and items included in non-current operating profit (disposal of significant operations, any goodwill impairment losses, remeasurement of equity-accounted investments following the assumption of control)
New scope: Scope of consolidation excluding the contribution of disposed activities (Century 21 and Ægide-Domitys) and capital gains. Disposed activities have been consolidated until 31 March 2021 for Century 21 and until 30 June 2021 for Ægide-Domitys.
Order intake:Development for Commercial Real Estate: The total of selling prices excluding VAT as stated in definitive agreements for Commercial Real Estate Development projects, expressed in euros for a given period (notarial deeds of sale or development contracts).
Operational reporting: According to IFRS but with joint ventures proportionately consolidated. This presentation is used by management as it better reflects the economic reality of the Group's business activities
Pipeline: sum of backlog and business potential; could be expressed in months or years of activity (as the backlog and the business potential) based on the last 12 months revenue.
Property Management: Management of residential properties (rentals, brokerage), common areas of apartment buildings (as managing agent on behalf of condominium owners), commercial properties, and services provided to users.
Reservations by value: (or expected revenue from reservations) - Residential Real Estate: The net total of selling prices including VAT as stated in reservation agreements for development projects, expressed in euros for a given period, after deducting all reservations cancelled during the period.
Revenue: revenue generated by the development businesses from VEFA off-plan sales and CPI development contracts is recognised using the percentage-of-completion method, i.e. on the basis of notarised sales and pro-rated to reflect the progress of all inventoriable costs.
Serviced properties: the Group's business activities in the management and operation of student residences as well as flexible workspaces.
Time-to-market: supply for sale compared to reservations for the last 12 months, expressed in months, for new home reservations segment in France
1 Objectives for the full year 2022 communicated last February: a market share of over 14% in a new home market expected to slightly grow (c.150,000 units) and a current operating profit of at least €380 million, enabling the operating margin to be maintained at around 8%.
Attachment
- 20220727_PR H1 2022_vdef (https://ml-eu.globenewswire.com/Resource/Download/7caf97be-3ac2-45a7-b62b-027ad3c84acc)
