Nexity_9M 2024_Business activity and revenue
CONFIRMED RECOVERY IN RETAIL
SALES
ONGOING PROACTIVE IMPLEMENTATION
OF THE TRANSFORMATION PLAN
Business activity and revenue for the
first 9 months of the year
- Market:
Encouraging signals, particularly for our clients’ purchasing
power
-
3rd ECB rate cut in 2024 in October; ongoing decrease in mortgage
rates since the beginning of the year: down ~70bps YTD, translating
to a 7% improvement in purchasing power
-
Consensus on the housing crisis in France and the urgent need to
take action; amendments underway regarding the widespread rollout
of the PTZ interest-free loan scheme and announcements from the
French government with details to follow regarding property
taxation
-
Confirmation of the recovery in retail sales driven by
first-time buyers (up 4%1 since the beginning
of the year amid an ongoing market downturn (down 20%2);
increase in momentum in Q3 (up 11%), driven in
particular by the successful launch of the Group’s subsidised
interest-free loan aimed at helping first-time buyers and young
people become homeowners (in partnership with LCL)
-
Group revenue: €2.57bn, down 8% on a like-for-like
basis; continued strong momentum in managed real estate (revenue up
4%)
-
Backlog of €4.5bn, representing 2 years’ revenue for Residential
Real Estate
Ongoing proactive implementation of the
transformation plan over the quarter, following a very active first
half of the year
-
Refocusing: Ongoing deleveraging
-
Disposal of NPM:3 Conditions precedent met, sale
expected to be finalised in Q4
-
Disposal of shares in the Bien’ici platform (EV of 100%: €70m;
Stake sold: €35m)
- Ongoing operational
control (selective commitments, WCR, backlog) and disciplined
balance sheet management
- €800m in
undrawn credit facilities to date
-
Resizing: Execution of the plan to reduce operating
expenses
-
Redundancy plan approved by all parties;4 implementation
effective starting November 2024, in line with the planned schedule
and budgeted amount
-
Total cost savings calculated based on the cost base expected by
2026: €95m (16%)
-
Recalibrating: Plan to adapt supply for sale to new market
conditions
-
Ongoing adjustments to existing supply (abandonment of unprofitable
programmes and readjustments to selling prices to fit new market
conditions) reflected in decreased supply for sale (down 26% vs
Dec. 2023) and the virtual absence of completed homes in
inventory (<100 units)
-
Redeploying: Shifting towards a regional, multi-product
organisation, focused on development and urban
regeneration
-
More than 20% of projects reviewed by the Commitment Committee
since the beginning of the year concerned mixed-use urban
regeneration projects, representing 17,000 new and renovated
homes
-
New organisation fully operational at 1 January 2025
Outlook unchanged subject to no
deterioration in the macroeconomic environment
VÉRONIQUE BÉDAGUE, CHAIRWOMAN AND CHIEF
EXECUTIVE OFFICER, COMMENTED:
“Nexity’s performance in the third quarter was
in line with our trajectory, and the crisis scenario facing our
sector is taking place as I have observed for more than a year now.
Because we were among the first to anticipate this crisis, we were
among the first to allocate the resources needed to overcome it. A
number of positive signals have been confirmed, with interest rates
now beginning to come back down and increasing widespread awareness
of the urgent need to take action for housing, in the US, Europe
and France. Our business activity in the third quarter showed
positive momentum in retail sales, up 11%, driven in particular by
our range launched at the end of September, developed in
partnership with LCL. The success of this range shows that there is
strong demand for affordable, low-carbon housing. It also reflects
the importance of purchasing power and mortgage rates for aspiring
first-time homebuyers, and in that regard the recent decreases and
the announced expansion of the PTZ interest-free loan scheme are
positive signals to fuel the recovery.
To maintain this edge, we are also proactively continuing to
implement our transformation, positioning Nexity as France’s
leading urban operator for regional and urban regeneration.
Deleveraged, agile and focused on development, Nexity will be ready
to rise to the challenges of the new real estate cycle and
capitalise on the rebound starting in 2025.”
I. Business activity and
revenue by division
|
Home reservations (France) |
9M 2023 |
9M 2024 |
Change: 9M 2024 vs 9M 2023 |
|
Volume reflecting business activity5 |
9,213 units |
8,109 units |
-12% |
|
Value |
€1,865m |
€1,690m |
-9% |
Development backlog
|
31 Dec. 2023 |
30 Sep. 2024 |
Change vs Dec. 2023 |
|
€5,367m |
€4,455m |
-17% |
|
|
|
Revenue (€m) |
9M 2023 |
9M 2024 |
Change: 9M 2024 vs 9M 2023 |
|
Development |
2,316 |
2,153 |
-7% |
|
Residential Real Estate |
1,954 |
1,804 |
-8% |
|
Commercial Real Estate |
362 |
349 |
-4% |
|
Services |
394 |
349 |
-11% |
|
Property Management |
57 |
53 |
-7% |
|
Serviced Properties |
198 |
207 |
+4% |
|
Distribution |
139 |
88 |
-36% |
|
Revenue excluding discontinued operations |
2,709 |
2,502 |
-8% |
|
Discontinued operations* |
248 |
72 |
N/A |
|
Total revenue |
2,958 |
2,573 |
-13% |
* Following the sale
of the Property Management for Individuals business, finalised on
2 April 2024, revenue for this business is presented
separately in the following tables within a separate “Discontinued
operations” line item for 2023 and 2024. For 2023, this line item
also includes indicators relating to the activities in Poland and
Portugal, which were disposed of in 2023.
Residential Real Estate
Development
Business activity:
In a housing market in which reservations are still significantly
down, with a 9% overall decrease at the end of Q2 according to the
French Federation of Real Estate Developers (FPI), Nexity booked a
total of 8,1096 reservations over the period, down
12% by volume (and down 9% by value).
- Retail reservations recorded in the
first months of the year came to 4,007 units, up 4.3% in a
market that was down 20%.7 This momentum supports our
assumption at this time that retail sales reached a low point in
2023.
Performance was solid in Q3 (up 11%), driven in
particular by the success of the supply launched in late September
in partnership with LCL to help first-time buyers and young people
access loans in order to become homeowners. Site traffic on our
sales platforms was up 35% and the number of contacts established
doubled, reflecting renewed interest from individual investors,
especially first-time buyers, with whom reservations surged 14% by
volume (vs 9M 2023), accounting for 16% of total
reservations.
- Bulk sales accounted for
4,102 reservations in the period (vs 5,370 in
9M 2023). Bulk sales are not linear over the year and depend
on the timing of deals signed with social housing operators, which
are particularly concentrated at the end of the year in 2024.
It should be noted that an agreement was signed with CDC Habitat in
June 2024 for the acquisition of more than 1,000 units, close
to 50% of them intermediate housing, the majority of which will be
included in reservations for Q4 2024 and early 2025.
As part of the implementation of its plan to
adapt supply for sale (see Section 2 under “Recalibrating”), the
Group continued to take proactive measures and abandoned
64 programmes designed before 2023, the profitability of which
was no longer certain in the new cycle. This decision led to the
cancellation of 1,504 reservations, recorded before
1 January 2024, comprised of 195 retail sales and
1,309 bulk sales.
Supply for sale at
end-September came to 5,757 units, down 26% relative to
year-end 2023 and 12% relative to June 2024. Absorption rates were
down by nearly 1.5 months relative to June, at
6.4 months.
- These trends reflect the following:
- The ongoing highly selective
approach to launching programmes (with an average rate of
pre-selling of 82% on programmes launched over the first
9 months of the year).
- The Group’s ability to sell its new
supply for sale, notably thanks to pricing that has been adjusted
and is in line with the purchasing power of our customers and the
current interest rate environment.
- The impact of the
decision to abandon 64 programmes designed during the previous
cycle, the profitability of which was uncertain (with these
abandoned programmes representing 1,504 reservations
previously recorded at 1 January 2024).
- The stock of unsold
completed units remained marginal, at less than 100 units,
equating to around 1% of total supply for sale.
- Supply for sale
under construction accounted for 51% of total supply, with more
than 90% of projects scheduled to be delivered in more than 6
months.
- Lastly, 85% of
supply for sale is now located in supply-constrained areas (vs 81%
at year-end 2023 and 76% at year-end 2022).
Revenue declined by 8% to
€1,804 million in the first 9 months of the year,
primarily reflecting the decline in business activity from projects
underway, with revenue stabilising in Q3.
This volume does not yet include the initial
contributions of the Carrefour partnership to the backlog, which
are expected starting in Q4, with the filing of four building
permits (representing a total of around 800 homes, more than
4,200 sq.m of retail space and €120 million in business
potential).
Commercial Real Estate
Development
With the market still challenging, marked by
higher interest rates and changes in usage for commercial real
estate (investment in France was down 18%8 at
end-September 2024, with commercial real estate expected to reach a
low point in 2024), Nexity recorded €55 million in new orders
during the period, higher than the amount recorded for full-year
2023 (€39 million) but still much lower than the level before
the crisis.
During the quarter, Nexity delivered two
projects totalling nearly 110,000 sq.m,
illustrating the Group’s capacity to complete large-scale mixed-use
projects on schedule:
- The La Garenne-Colombes
green business park (Hauts-de-Seine): a complex of four
buildings spanning 95,000 sq.m, delivered to Swiss Life in
September.
- The commercial portion of the
Carré Invalides programme (Paris), featuring the
renovation of the 13,500-sq.m former headquarters
of the Greater Paris regional council, delivered to AG2R
La Mondiale on 30 September.
These deliveries brought the total floor
area delivered since the beginning of the year to more than
170,000 sq.m, including the following iconic
projects:
- Reiwa, Nexity’s
future head office, a development totalling 25,000 sq.m, in
Saint-Ouen (Seine-Saint-Denis).
- Lilo (Puteaux –
Hauts-de-Seine), a development totalling nearly 21,000 sq.m of
coliving space.
At end-September 2024, revenue totalled
€349 million, driven, as in 2023, by the contribution of the
green business park in La Garenne-Colombes.
Services
Revenue from Services, excluding
discontinued operations (Property Management for Individuals, or
PMI), amounted to €349 million at
end-September 2024, down 11%, still buoyed by Serviced Properties
but affected by the slowdown in Distribution.
|
In €m |
9M 2023 |
9M 2024 |
Change:
2024 vs 2023 |
|
Property Management |
57 |
53 |
-7% |
|
o/w: NPM * |
39 |
38 |
|
|
o/w: Other Property Management Activities |
18 |
15 |
|
|
Serviced Properties |
198 |
207 |
+4% |
|
Distribution |
139 |
88 |
-36% |
|
Revenue excluding discontinued operations |
394 |
349 |
-11% |
|
Discontinued operations (PMI) |
230 |
72 |
N/A |
|
Revenue – Services |
624 |
421 |
N/A |
* On
25 July 2024, Nexity announced that it had entered into
exclusive negotiations with Crédit Agricole Immobilier with a view
to selling Nexity Property Management.
- Revenue from
Property Management (primarily Property Management
for Companies) remained virtually stable at €53 million. It
should be noted that, following the July 2024 announcement of an
exclusive agreement with Crédit Agricole Immobilier to sell NPM in
its entirety, this sale is expected to be finalised in late
October, as all conditions precedent have been met.
- The
Serviced Properties business (serviced residences
for students, coworking spaces) posted €207 million in revenue
(up 4%), driven in particular by the strong growth momentum in the
portfolio of coworking businesses (11 new sites in 9M for a
total of around 150,000 sq.m under management9), as
well as occupancy rates, which remained high at end-September for
both coworking spaces (89%10) and student residences
(97%), which saw a record level of bookings secured before the
start of the academic year.
- Lastly, as
expected, revenue from Distribution activities
(down 36%) reflected the lower number of reservations made in 2023
due to the downturn in the new home market and the withdrawal of
individual investors. However, 2024 saw a recovery in off-plan
sales (with reservations 1.5 times higher than in
9M 2023).
Consolidated revenue under
IFRS
In IFRS terms, reported revenue
to end-September 2024 totalled €2,429 million, down 12%
relative to 30 September 2023 (down 6% on a like-for-like
basis; see details in Annex 7).
-
This figure excludes revenue from joint ventures, in accordance
with IFRS 11, which requires these ventures – proportionately
consolidated in the Group’s operational reporting – to be accounted
for using the equity method.
-
It should be noted that 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.
II. Ongoing proactive
implementation of the transformation plan focused on our
“4 Rs”
After beginning to refocus its business in 2023,
Nexity began rolling out its transformational roadmap in early 2024
and is forging ahead with the implementation of its proactive
decisions relating to deleveraging as part of the Group’s
refocusing, reducing operating expenses to resize its cost base,
and adjusting supply to fit new market conditions. Following a very
active first half of the year, the Group continued to
implement this plan during the quarter, focused on its
“4 Rs”:
Refocusing: Making every possible effort
to deleverage
-
Disposal of NPM: Following the announcement on
25 July 2024 that the Group had entered into exclusive
negotiations with Crédit Agricole Immobilier with a view to selling
Nexity Property Management, this sale is expected to be finalised
by the end of the year, as all conditions precedent have now been
met.
- Disposal of
Bien’ici: Nexity sold a 50% stake in the Bien’ici property
listings platform to the Arche group for €35 million
(enterprise value of 100% of the company: €70 million). As a
major player in the field, Nexity has retained a 6% stake in the
platform.
- As a reminder, on
2 April 2024 Nexity finalised the sale of its PMI business
(EV: €440 million; Capital gain: €183 million).
During the quarter, the Group also maintained a
healthy, disciplined level of control over its balance sheet and
its liquidity, which was boosted by the delivery of the large-scale
LGC and Carré Invalides commercial programmes, in particular. As
such, the amount of confirmed undrawn credit facilities at
end-October came to €800 million, which comprised the total
amount of confirmed credit facilities with repayment due in 2028
and without limitations of use.
As a reminder, all the Group’s Euro PP
bondholders and partner banks agreed in Q1 2024 to waive its
obligations with regard to financial ratios until the end of
financial year 2024. This waiver reflects the support Nexity has
from its partner banks and Euro PP bondholders for the
implementation of the Group’s transformation.
Resizing: Execution of the plan to
reduce operating expenses to support the Group’s
transformation
The redundancy plan, for which the information
and consultation procedure was initiated in April 2024, was
approved in Q3 by all employee representatives and by the French
labour administration. Its implementation will therefore be
effective starting November 2024, in line with the planned schedule
and budgeted amount.
- The plan will affect 500 jobs,
including 275 involuntary departures to date, after a round of
internal transfers to new positions and voluntary departures.
- Savings on the cost base are
expected from 2025 onwards and will represent total full-year
savings of €45 million.
The overall reduction in the cost base
on a full-year basis is expected to amount to
€95 million, equating to a 16% reduction, 75%
of which is expected to be achieved from 2025.
Recalibrating: Plan to adapt supply for
sale
In Q3, the Group continued to adjust supply for sale to fit new
market conditions through resolutely proactive measures.
- For supply under construction and
supply designed in the previous real estate cycle, the measures
mainly involve realigning selling prices with the purchasing power
of our clients, which is affected by the current interest rate
environment, and construction costs, which have been particularly
affected by business insolvencies.
- For supply in the planning stage,
in Q3 the Group abandoned 64 programmes designed in the
previous cycle. Abandoning these programmes led to our cancellation
of 1,504 reservations that had previously been recorded at
1 January 2024 (195 retail reservations and
1,309 bulk reservations).
All of these measures were reflected in
decreased supply for sale (down 26% vs December 2023) and the
virtual absence of unsold completed homes at end-September (less
than 100 units, or ~1%). Adjustments to selling prices for
supply under construction, the launch of programmes adjusted to fit
new market conditions and the abandonment of unprofitable
programmes are aimed at improving profitability for development
starting in 2025.
Redeploying: Shifting towards a
regional, multi-product organisation, focused on development and
urban regeneration
-
With regard to the Group’s ramp-up in urban regeneration,
240 Commitment Committee projects have been reviewed since the
beginning of the year, covering the review of nearly
17,000 potential homes, more than 20% of which as part of
mixed-use urban regeneration projects. Our partnerships, including
those with Carrefour and Mirabaud, will enable us to scale up our
urban regeneration efforts without affecting the Group’s balance
sheet during the land banking phase.
-
Nexity has adjusted its governance structure11 to
support its redeployment towards a regional, multi-product
organisation, focused on development and urban regeneration, in
order for it to be fully operational by the end of the year.
III. Recognised low-carbon
ambition
For the sixth year in a row, Nexity has taken
first place in the four main categories of the BBCA ranking,
confirming its commitment to – and leadership in – low-carbon real
estate.
- Number of BBCA-certified
development projects in 2023-2024
- Number of BBCA-certified
development projects since the certification was launched in
2016
- Number of sq.m of BBCA-certified
space in 2023-2024
- Number of sq.m of BBCA-certified
space since the certification was launched in 2016
Since the launch of the BBCA certification in
2016, 175 Nexity developments have been (or are in the process
of being) certified, totalling nearly 1 million square
metres.
This recognition reflects the Group’s ongoing
rollout of its ambitious strategy in support of resilient,
low-carbon cities. As a reminder, the Group’s low-carbon ambition
is to achieve a 42% reduction in its carbon impact per square metre
delivered between 2019 and 2030, 10% above the level required by
France’s RE2020 environmental regulations.12 On average
in the first 9 months of the year, the Group’s developments at
building permit stage outperformed RE2020 requirements by 30%, thus
meeting the new 2025 regulatory threshold in advance.
IV. Outlook
unchanged
Thanks to the effective implementation of its
roadmap and its tangible commitment to adjust and transform its
organisation, the Group is able to maintain its 2024 outlook
unchanged:
-
Operating profit to remain positive while reaching a low
point, taking into account gains on disposals, the costs
of adjusting supply to new market conditions and costs relating to
the Group’s reorganisation, paving the way for a rebound in
2025
-
Net financial debt considerably lower than at the end of
2023
Nexity is aiming for improved
profitability from 2025, and as a result, maximum
net debt of €500 million at year-end 2025.
FINANCIAL CALENDAR & PRACTICAL
INFORMATION
- 2024 annual results
Thursday,
27 February 2025 (after market
close)
- Shareholders’ Meeting
Thursday,
22 May 2025
A conference call will be held
today at 6:30 p.m. (Paris time)
(in French, with simultaneous translation into English)
- Webcast link: Nexity Q3 2024
webcast (also accessible via the “Finance” section of our website:
https://nexity.group/en/finance)
- Audio access (Code: Nexity FR)
|
|
+33 (0) 1 70 37 71 66 |
- Calling from elsewhere in
Europe
|
+44 (0) 33 0551 0200 |
- Calling from the United States
|
+1 786 697 3501 |
The presentation accompanying this conference
will be available on the Group’s website from 6:15 p.m. (Paris
time).
The conference call will be available on replay at
www.nexity.group/en/finance from the following day.
Disclaimer: The information,
assumptions and estimates that the Company could reasonably use to
determine its targets are subject to change or modification,
notably due to economic, financial and competitive uncertainties.
Furthermore, it is possible that some of the risks described in
Chapter 2 of the Universal Registration Document filed with the AMF
under number D.24-0287 on 16 April 2024 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.
NEXITY – LIFE TOGETHER
With €4.3 billion in revenue in 2023, Nexity is France’s
leading comprehensive real estate operator, with a nationwide
presence and business operations in all areas of real estate
development and services. Our strategy as a comprehensive real
estate operator is designed to serve all our clients: individuals,
companies, institutional investors and local authorities. Our
corporate purpose, “Life together”, reflects our commitment to
creating sustainable spaces, neighbourhoods and cities that let our
clients connect and reconnect. Nexity has been ranked France’s
number-one low-carbon project owner by BBCA for the sixth year in a
row, is a member of the Bloomberg Gender-Equality Index (GEI), was
included in the Best Workplaces 2021 ranking and was awarded
Great Place to Work® certification in September 2022. Nexity
is listed on Euronext Paris (Compartment A) and is eligible for the
Deferred Settlement Service (SRD) (SBF 120 index).
CONTACTS:
Anne-Sophie Lanaute – Head of Investor Relations and Financial
Communications /
+33 (0)6 58 17 24 22 / investorrelations@nexity.fr
Cyril Rizk – Media Relations Manager / +33 (0)6 73 49 72 61 –
presse@nexity.fr
ANNEX:
OPERATIONAL REPORTING
1. Residential Real Estate Development
– Quarterly reservations
| |
|
2022 |
|
2023 |
|
2024 |
|
Number of units |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
| New homes
(France) |
|
3,490 |
4,149 |
3,807 |
6,569 |
|
2,811 |
3,274 |
3,128 |
5,389 |
|
2,005 |
3,055 |
3,049 |
|
Subdivisions |
|
337 |
423 |
219 |
558 |
|
288 |
359 |
186 |
217 |
|
221 |
218 |
267 |
|
Total number of reservations (France) |
|
3,827 |
4,572 |
4,026 |
7,127 |
|
3,099 |
3,633 |
3,314 |
5,606 |
|
2,226 |
3,273 |
3,316 |
-
| |
|
2022 |
|
2023 |
|
2024 |
|
Value (€m incl. VAT) |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
| New homes
(France) |
|
764 |
992 |
805 |
1,363 |
|
575 |
685 |
605 |
1,099 |
|
446 |
614 |
630 |
|
Subdivisions |
|
27 |
37 |
18 |
53 |
|
28 |
28 |
25 |
20 |
|
18 |
17 |
24 |
|
Total amount of reservations (France) |
|
790 |
1,029 |
824 |
1,416 |
|
604 |
713 |
630 |
1,119 |
|
464 |
631 |
654 |
2. Residential Real Estate Development
– Cumulative reservations
| |
|
2022 |
|
2023 |
|
2024 |
|
Number of units |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
| New homes
(France) |
|
3,490 |
7,639 |
11,446 |
18,015 |
|
2,811 |
6,085 |
9,213 |
14,602 |
|
2,005 |
5,060 |
8,109 |
|
Subdivisions |
|
337 |
760 |
979 |
1,537 |
|
288 |
647 |
833 |
1,050 |
|
221 |
439 |
706 |
|
Total number of reservations (France) |
|
3,827 |
8,399 |
12,425 |
19,552 |
|
3,099 |
6,732 |
10,046 |
15,652 |
|
2,226 |
5,499 |
8,815 |
-
| |
|
2022 |
|
2023 |
|
2024 |
|
Value (€m incl. VAT) |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
| New homes
(France) |
|
764 |
1,756 |
2,561 |
3,924 |
|
575 |
1,260 |
1,865 |
2,964 |
|
446 |
1,060 |
1,690 |
|
Subdivisions |
|
27 |
64 |
82 |
135 |
|
28 |
56 |
81 |
101 |
|
18 |
35 |
58 |
|
Total amount of reservations (France) |
|
790 |
1,819 |
2,643 |
4,059 |
|
604 |
1,316 |
1,946 |
3,065 |
|
464 |
1,095 |
1,748 |
3. Breakdown of new home reservations
(France) by client
|
Breakdown of new home reservations by client – France –
New scope |
9M 2023 |
9M 2024 |
Change:
9M 2024 vs 9M 2023 |
|
Homebuyers |
1,424 |
15% |
1,579 |
19% |
11% |
|
o/w: - First-time buyers |
1,173 |
13% |
1,337 |
16% |
14% |
|
- Other homebuyers |
252 |
3% |
242 |
3% |
-4% |
|
Individual investors |
2,419 |
26% |
2,428 |
30% |
0% |
|
Professional landlords |
5,370 |
58% |
4,102 |
51% |
-24% |
|
o/w: - Institutional investors |
1,768 |
19% |
1,381 |
17% |
-22% |
|
- Social housing operators |
3,602 |
39% |
2,721 |
34% |
-24% |
|
Total |
9,213 |
100% |
8,109 |
100% |
-12% |
4. Backlog
| |
|
2022 |
|
2023 |
|
2024 |
|
(in millions of euros, excluding VAT) |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
| Backlog –
Residential Real Estate Development (France) |
|
5,230 |
5,219 |
5,168 |
5,321 |
|
5,225 |
5,168 |
5,041 |
5,019 |
|
4,845 |
4,699 |
4,411 |
| Commercial Real
Estate Development |
|
935 |
906 |
827 |
779 |
|
659 |
536 |
445 |
349 |
|
248 |
208 |
43 |
|
Total (France) |
|
6,165 |
6,125 |
5,995 |
6,100 |
|
5,883 |
5,704 |
5,485 |
5,367 |
|
5,093 |
4,907 |
4,455 |
5. Services
|
Property Management |
|
Dec. 2023 |
|
Sep. 2024 |
|
Change |
|
Commercial Real Estate |
|
|
|
|
|
|
| Assets under
management (in millions of sq.m) |
|
20.1 |
|
12.4 |
|
-38% |
|
Serviced Properties |
|
|
|
|
|
|
|
Student residences |
|
|
|
|
|
|
| Number of
residences in operation |
|
133 |
|
133 |
|
0 |
| Rolling 12-month
occupancy rate |
|
97.0% |
|
97.3% |
|
+0.2 pts |
|
Shared office space |
|
|
|
|
|
|
|
Number of sites opened – Morning |
|
42 |
|
49 |
|
+7 |
|
Number of sites opened – Hiptown |
|
38 |
|
42 |
|
+4 |
| Number
of sites opened |
|
80 |
|
91 |
|
+11 |
| |
|
|
|
|
|
|
|
Floor space under management (in sq.m) – Morning |
|
105,647 |
|
118,762 |
|
+13,115 |
|
Floor space under management (in sq.m) – Hiptown |
|
27,393 |
|
29,927 |
|
+2,534 |
| Floor
space under management (in sq.m) |
|
133,040 |
|
148,689 |
|
+15,649 |
| |
|
|
|
|
|
|
|
Occupancy rate (rolling 12-month basis) – Morning |
|
83% |
|
83% |
|
0.0 pts |
|
Occupancy rate (rolling 12-month basis) – Hiptown |
|
85% |
|
80% |
|
-5.0 pts |
|
Occupancy rate (rolling 12-month basis) |
|
83% |
|
82% |
|
-1.0 pts |
| |
|
|
|
|
|
|
|
Occupancy rate at mature sites (rolling 12-month basis) –
Morning |
|
92% |
|
88% |
|
-4.0 pts |
|
Occupancy rate at mature sites (rolling 12-month basis) –
Hiptown |
|
94% |
|
91% |
|
-3.0 pts |
|
Occupancy rate at mature sites (rolling 12-month
basis) |
|
92% |
|
89% |
|
-3.8 pts |
| |
|
|
|
|
|
|
|
Distribution |
|
Sep. 2023 |
|
Sep. 2024 |
|
Change |
| Total
reservations |
|
2,114 |
|
1,855 |
|
-12% |
|
o/w: Reservations on behalf of third parties |
|
1,332 |
|
1,057 |
|
-21% |
6. Revenue – Quarterly
figures
| |
|
2022 |
|
2023 |
|
2024 |
|
(in millions of euros) |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
|
Development |
|
675 |
842 |
774 |
1,356 |
|
700 |
921 |
695 |
1,067 |
|
593 |
805 |
754 |
| Residential Real
Estate Development |
|
603 |
754 |
686 |
1,225 |
|
575 |
780 |
599 |
970 |
|
489 |
727 |
588 |
| Commercial Real
Estate Development |
|
72 |
89 |
89 |
131 |
|
125 |
140 |
97 |
97 |
|
103 |
78 |
167 |
|
Services |
|
120 |
148 |
135 |
225 |
|
120 |
138 |
136 |
172 |
|
106 |
108 |
136 |
| Property
Management |
|
17 |
18 |
18 |
19 |
|
18 |
18 |
20 |
21 |
|
17 |
18 |
18 |
| Serviced
Properties |
|
49 |
53 |
53 |
62 |
|
61 |
68 |
70 |
72 |
|
66 |
68 |
73 |
| Distribution |
|
54 |
77 |
64 |
144 |
|
40 |
52 |
46 |
79 |
|
22 |
22 |
44 |
|
Revenue – New scope |
|
796 |
991 |
910 |
1,581 |
|
819 |
1,059 |
831 |
1,239 |
|
698 |
913 |
890 |
| Revenue
from discontinued
operations (1) |
|
99 |
78 |
81 |
169 |
|
76 |
89 |
84 |
77 |
|
72 |
|
|
|
Revenue |
|
895 |
1,069 |
991 |
1,750 |
|
895 |
1,148 |
915 |
1,315 |
|
770 |
913 |
890 |
| o/w: External
growth in Residential Real Estate Development (Angelotti) |
|
0 |
0 |
0 |
45 |
|
35 |
39 |
25 |
48 |
|
21 |
29 |
20 |
| o/w:
NPM |
|
12 |
13 |
13 |
13 |
|
12 |
13 |
14 |
14 |
|
12 |
12 |
14 |
| o/w:
PMI |
|
75 |
78 |
80 |
76 |
|
74 |
76 |
80 |
77 |
|
71 |
0 |
0 |
|
o/w: International (Germany, Belgium & Italy) |
|
1 |
1 |
36 |
35 |
|
3 |
30 |
0 |
2 |
|
0 |
3 |
1 |
|
(1) Operations disposed of in July 2023
(Poland), September 2023 (Portugal), and April 2024 (PMI) |
7. Revenue: Transition to IFRS –
Operational reporting
|
(in millions of euros) |
|
30/09/2024
Operational reporting |
|
Restatement
of joint ventures |
|
30/09/2024
IFRS
reporting |
|
Development |
|
2,153 |
|
(143) |
|
2,009 |
| Residential Real
Estate Development – France |
|
1,801 |
|
(138) |
|
1,663 |
| Commercial Real
Estate Development – International |
|
3 |
|
- |
|
3 |
| Commercial Real
Estate Development |
|
349 |
|
(6) |
|
343 |
|
Services |
|
349 |
|
(1) |
|
348 |
| Property
Management |
|
53 |
|
- |
|
53 |
| Serviced
Properties |
|
207 |
|
- |
|
207 |
| Distribution |
|
88 |
|
(1) |
|
88 |
|
Revenue – New scope |
|
2,502 |
|
(144) |
|
2,357 |
| Discontinued
operations(1) |
|
72 |
|
- |
|
72 |
|
Revenue |
|
2,573 |
|
(144) |
|
2,429 |
|
(1) Discontinued operations: Poland and
Portugal in 2023 and PMI in 2024 |
|
|
|
|
GLOSSARY
Absorption rate: Available
market supply compared to reservations for the last 12 months,
expressed in months, for the new homes business in France.
Business potential: The total
volume of potential business at any given moment, expressed as a
number of units and/or revenue excluding VAT, within future
projects in Residential Real Estate Development (new homes,
subdivisions and international) as well as Commercial Real Estate
Development, validated by the Group’s Committee, in all structuring
phases, including the programmes of the Group’s urban regeneration
business (Villes & Projets); this business potential includes
the Group’s current supply for sale, its future supply (project
phases not yet marketed on purchased land, and projects not yet
launched associated with land secured through options).
Current operating profit:
Includes all operating profit items with the exception of items
resulting from unusual, abnormal and infrequently occurring
transactions. In particular, impairment of goodwill is not included
in current operating profit.
Development backlog (or order
book): The Group’s already secured future revenue,
expressed in euros, for its real estate development businesses
(Residential Real Estate Development and Commercial Real Estate
Development). The backlog includes reservations for which notarial
deeds of sale have not yet been signed and the portion of revenue
remaining to be generated on units for which notarial deeds of sale
have already been signed (portion remaining to be built).
EBITDA: Defined by Nexity as
equal to current operating profit before depreciation, amortisation
and impairment of non-current assets, net changes in provisions,
share-based payment expenses and the transfer from inventory of
borrowing costs directly attributable to property developments,
plus dividends received from equity-accounted investees whose
operations are an extension of the Group’s business. Depreciation
and amortisation includes right-of-use assets calculated in
accordance with IFRS 16, together with the impact of
neutralising internal margins on disposal of an asset by
development companies, followed by take-up of a lease by a Group
company.
EBITDA after lease payments:
EBITDA net of expenses recorded for lease payments that are
restated to reflect the application of IFRS 16
Leases.
Free cash flow: Cash generated
by operating activities after taking into account tax paid,
financial expenses, repayment of lease liabilities, changes in WCR,
dividends received from companies accounted for under the equity
method and net investments in operating assets.
Joint ventures: Entities over
whose activities the Group has joint control, established by
contractual agreement. Most joint ventures are property
developments (Residential Real Estate Development and Commercial
Real Estate Development) undertaken with another developer
(co-developments).
Land bank: The amount
corresponding to acquired land development rights for projects in
France carried out before obtaining a building permit or, in some
cases, planning permissions.
Market share for new homes in
France: Number of reservations made by Nexity (retail and
bulk sales) divided by the number of reservations (retail and bulk
sales) reported by the French Federation of Real Estate Developers
(FPI).
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).
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.
Order intake – Commercial Real Estate
Development: 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).
Pipeline: Sum of backlog and
business potential; may be expressed in months or years of revenue
(as for backlog and business potential) based on revenue for the
previous 12-month period.
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 programmes, 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: Operation
of student residences and flexible workspaces.
1 Change restated for the impact of programmes abandoned as part
of efforts to adapt supply for sale to market conditions
2 Market data for retail sales: Down 20% according to the FPI at
Q2 2024
3 NPM: Nexity Property Management
4 Employee representatives and French labour administration
(DRIEETS)
5 The volume of reservations net of 1,504 cancellations
(relating to the abandonment of 64 programmes) came to
6,605 units.
6 Scope: France (total). 8,815 reservations, including 706 for
subdivisions (vs 10,046 in 9M 2023)
7 Source: FPI Q2 2024
8 Source: Immostat Q3 2024
9 Total floor area net of additions/disposals
10 Method used to calculate occupancy rate updated at
1 January 2024 to take into account the inflationary
environment and the impact of rent indexation; rolling 12-month
basis – occupancy rate at mature sites (open for more than
12 months).
11 The presentation on the governance structure is available on the
Group’s website: nexity.group/en/about-us/our-governance
12 Regulations setting out demanding thresholds every
three years for reducing carbon emissions across the life
cycle of a real estate development (materials and energy).
- PR- Nexity_9M 2024 Business activity and revenue
Nexity (EU:NXI)
過去 株価チャート
から 10 2024 まで 11 2024
Nexity (EU:NXI)
過去 株価チャート
から 11 2023 まで 11 2024
