Dienstag, 26.10.2021 17:45 von GlobeNewswire | Aufrufe: 340

Nexity: 9M 2021 Business activity and revenue

Ein Business-Meeting (Symbolbild). © gilaxia / E+ / Getty Images

                                                                                
Paris, October 26, 2021, 5.45pm CEST

STRONG REVENUE GROWTH: +26% OVER THE FIRST 9 MONTHS
ANNUAL TARGETS CONFIRMED

Positive momentum in reservations

  • 13,180 new home reservations at the end of September 2021: -3% in volume over 9 months, +6% in Q31

Encouraging signs for the refilling of the supply for sale

  • Number of building permits obtained: +28% vs. 2020, up for the first time since 2019 (+8%)

Strong revenue growth1: +26% vs. 2020 and +22% vs. 2019

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Véronique BEDAGUE, Chief Executive Officer, commented

"For Nexity, the third quarter confirms the recovery momentum that has been underway since the beginning of the year. The increase in our granted permits for the first time since 2019 confirms the expertise of Nexity's teams in developing the most relevant projects to meet the challenges of tomorrow's cities. This is an encouraging sign for the future. Our new home reservations rose in the third quarter on a comparable basis. Demand for residential real estate is still strong from institutional investors. The extension of tax incentives scheme beyond 2022 for individual investors and first-time buyers gives us visibility to produce more housing. Nexity is confident in its ability to deliver its 2021 targets despite the observed rise in construction costs and certain supply delays. Our high level of backlog allows us to look at the future with confidence and ambition. In the face of climate, environmental and social emergency, it is more than ever necessary to accelerate the building of "the city over the city", and to support the renewal of city centers whose infrastructures must be transformed to become more resilient and service-oriented. Our financial capacity will allow us to intensify our efforts with investments in this direction starting this year, and prepare for future growth.

Consolidated revenue


In Million euros
9M 2021 9M 2020 9M 2019 Change
21 vs. 20
Change
21 vs. 19
  Q3 2021 Q3 2020 Q3 2019 Change
21 vs. 20
Change
21 vs. 19
Development 2,492 1,907 1,966 + 31% + 27%   815 703 682 + 16% + 20%
Residential Real estate 2,133 1,543 1,691 + 38% + 26%   735 642 586 + 15% + 26%
Commercial Real estate 359 364 275 - 1% + 31%   80 61 96 + 30% - 17%
Services 583 531 547 + 10% + 7%   198 198 189 - 0% + 5%
Other activities 1 - 1 ns ns   - - - ns ns
Revenue - new scope 3,077 2,437,6 2,514 + 26% + 22%   1,013 901 871 + 12% + 16%
Revenue - disposed activities (1) 211 299 291       - 120 94    
Revenue 3,288 2,737 2,805 + 20% + 17%   1,013 1,021 964 - 1% + 5%

(1) The new scope of consolidation corresponds to the scope of business excluding the contribution of disposed activities (Century 21 and Ægide-Domitys). Disposed activities have been consolidated until March 31 for Century 21 and until June 30 for Ægide-Domitys. In H1 2019, disposed activities include Guy Hoquet l’Immobilier.

Note: Revenues from development activities are recognized using the percentage of completion method for VEFA and property development contracts, i.e. calculated on the basis of notarized sales and pro rata to the stage of completion of all inventory costs incurred.

Reported revenues (in operational reporting) for the first 9 months 2021 were €3,288 million, and €3,077 million on the new scope (excluding the contribution of businesses sold in the first half), up €639 million (+26%) compared to the end of September 2020 (which, as a reminder, had been affected by a drop in revenues due to the impacts of the Covid-19 health crisis of around €430 million). Revenues increased by 22% compared to the first nine months of 2019, reflecting strong growth in all of the Group's businesses over the past two years.

In the third quarter alone, revenues were up 12% compared with Q3 2020 given the good level of revenues from residential and commercial real estate.

In Q4, revenues are expected to be lower than in Q4 2020, mainly due to the base effect on revenues from commercial real estate, which will not benefit from major orders (such as the Eco-campus in La Garenne-Colombes, which have represented €400 million in Q4 2020, and for residential real estate, forecasts of notarized deeds and completion rates that are expected to be lower than last year given the portfolio of operations and economic conditions.

Under IFRS, reported revenues at the end of September 2021 amounted to €3,022 million, compared with €2,554 million at September 30, 2020, an increase of 18%. These revenues exclude revenues from joint ventures in application of IFRS 11, which requires the equity accounting of proportionately consolidated joint ventures in operational reporting.

Residential Real estate Development

Nexity's activity is resilient, with new home reservations in France down slightly in volume (-3%) and in value (-3%) at the end of September 2021, with an improvement in momentum in the third quarter of 2021 (+6% in volume on the new scope). Given the low level of commercial launches since the beginning of the year and the still very rapid time-to-market (nearly 5 months), the level of commercial supply remains at a low level at the end of September (7,709 lots), but up 6% compared to June 30, 2021. This trend should continue in the coming months given the increase in building permits obtained by Nexity at the end of September, up for the first time since 2019 (+8% compared to 2019, +28% compared to 2020 at the same date). This performance outstrips the slight, but still insufficient, recovery in the issuance of collective permits at the national level (-6% vs. 2019, +7% vs. 2020). Solid level of activity in planning and development (permits filed up by around 50% compared with 2020).

On the commercial front, the marked return of individual investors, helped by financing conditions that are at the lowest level on record, is being confirmed: individual clients reservations rose by 17% in volume (8,140 reservations at end-September) with a slight increase in the average selling price (+1.2% to €243,800 including tax), with contrasting performances between the Paris region and medium-sized cities in the rest of France, whose attractiveness is increasing. As anticipated by the Group, bulk sales continued to grow (+10% over the quarter, i.e., nearly 40% of all reservations made since the beginning of the year), and should accelerate in the fourth quarter given the growing interest of institutional investors and pre-contracts.

Across the entire scope of Residential Real estate Development (including subdivisions and international), reservations for the first nine months of the year were up 2% in volume and 1% in value, with particularly dynamic activity outside France and a strong growth in reservations in Poland.

Total revenues amounted to €2,133 million, up 38% compared with the end of September 2020, when activity was penalized by the complete halt in construction at the start of the health crisis. In the third quarter of 2021 alone, revenues were up 15% to €735 million.

During the third quarter, Nexity was selected as the winner of a number of large-scale mixed-use urban projects, notably in Lyon-Confluence (69) (a mixed-use development of housing and higher education and training establishments with a total surface area of 33,000 sq.m.) and in Sainte-Adresse near Le Havre (76) (a mixed-use development with a total surface area of 22,000 sq.m. comprising apartments, a serviced residence, premises for cultural purpose, retail units and light industrial spaces). These projects are based on Nexity's innovative environmental and social ambitions (bioclimatic architecture that revolutionizes energy standards to radically reduce energy consumption, integration into the local economy, biodiversity refuges, mixed use and reversibility).
  
Commercial Real estate Development

As of end-September 2021, Nexity recorded €335 million of order intake, of which €260 million in the Paris region, thanks in particular to Reiwa, the Group's future headquarters in Saint-Ouen, making it possible to be confident about reaching the annual target of €400 million. Commercial real estate development revenues at the end of September were down slightly by 1.4% compared with the end of September 2020 at €359 million. In the third quarter of 2021 alone, revenues were up 30% compared with Q3 2020 to €80 million, given the progress of operations under construction. The Eco-campus in La Garenne-Colombes, which is at the construction start-up stage, is still making a small contribution to revenue.

In a commercial real estate market that is still below its pre-Covid levels, Nexity does not anticipate any major order intake in the coming months. On the other hand, discussions on new uses show the need to design new buildings in line with these new requirements.

Services 

At end-September 2021, Services revenue in the new scope is up 10% compared with end-September 2020, at €583 million.

  • Revenue from Property Management activities is up 6% at end-September 2021, and up 5% in the third quarter alone
    • Revenue from property management activities is up 5%, driven by services to companies, which grew by 6% with the acquisition of new mandates, and by the good recovery in services to individuals (transactions and rentals), which grew by 4%.
    • Revenue from the Studéa student residences business is also up 6% compared with the end of September. The success of the marketing campaign for the 2021/2022 academic year has enabled the Group to achieve an occupancy rate of close to 100% at the end of September with the resumption of classroom studies, reflecting student demand for this type of accommodation.
    • Revenue from coworking activities is sharply up by 20%, with a significantly improved occupancy rate of 79% compared with 69% at the end of December 2020 (and June 2021). This growth is due to increased demand from users for greater flexibility in line with changing usage, and Nexity is particularly well placed to take advantage of this trend. This business should continue to grow strongly with the change in office uses and the dedicated offer that the Group is proposing with Nexity@work.
  • Revenue from the Distribution business rose by 19%, reflecting the good level of commercial activity with the interest of individual investors in investing in real estate

        

A conference call will be held today in English at 6.30 p.m. CET, available in Our financial information section within the website https://nexity.group/en/finance with the code 6606778# calling one of the following numbers:

  • Calling from France
+33 (0)1 76 77 25 07
  • Calling from elsewhere in Europe
+44 (0)330 336 9434
  • Calling from the United States
+1 646 828 8193

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: https://orange.webcasts.com/starthere.jsp?ei=1500932&tp_key=04eb2d9b84
The conference call will be available on replay at https://nexity.group/en/finance from the following day.

Disclaimer: The information, assumptions and estimates that the Company could reasonably use to determine its targets are subject to change or modification, notably due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in Section 2 of the Universal Registration Document filed with the AMF under number D.20-0280 on 9 April 2020, as revised by an amendment filed with the AMF on 28 April 2020, 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
Géraldine Bop – Deputy Head of Investor Relations / +33 (0)6 23 15 40 56 - investorrelations@nexity.fr

ANNEX OPERATIONAL REPORTING

Residential Real Estate - Quarterly Reservations

  2021   2020   2019
Number of units Q3 Q2 Q1   Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
New homes (France) 4,092 4,843 3,508   7,299 3,848 5,402 3,450   7,344 4,163 5,246 3,598
Subdivisions 367 439 338   660 244 297 360   836 435 559 258
International 247 404 249   503 193 74 165   307 161 137 36
Total new scope 4,706 5,686 4,095   8,462 4,285 5,773 3,975   8,487 4,759 5,942 3,892
Reservations directly recorded by Ægide   348 389   143 336 392 207   450 394 357 285
Total number of reservations 4,706 6,034 4,484   8,605 4,621 6,165 4,182   8,937 5,153 6,299 4,177
    OK OK   OK OK OK OK   OK OK OK OK
                           
  2021   2020   2019
Value, in €m incl. VAT Q3 Q2 Q1   Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
New homes (France) 845 1,056 792   1,534 855 1,141 750   1,442 797 1,079 714
Subdivisions 33 42 29   57 19 25 30   76 35 46 20
International 48 72 41   91 29 11 26   47 37 13 3
Total new scope 927 1,170 862   1,682 903 1,177 806   1,565 868 1,138 738
Reservations directly recorded by Ægide   85 90   32 70 90 41   87 113 72 59
Total amount reserved (€m incl. VAT) 927 1,255 952   1,713 974 1,267 847   1,652 981 1,209 797

Residential Real Estate - Cumulated Reservations

  2021   2020   2019
Number of units 9M H1 Q1   FY 9M H1 Q1   FY 9M H1 Q1
New homes (France) 12,443 8,351 3,508   19,999 12,700 8,852 3,450   20,351 13,007 8,844 3,598
Subdivisions 1,144 777 338   1,561 901 657 360   2,088 1,252 817 258
International 900 653 249   935 432 239 165   641 334 173 36
Total new scope 14,487 9,781 4,095   22,495 14,033 9,748 3,975   23,080 14,593 9,834 3,892
Reservations directly recorded by Ægide 737 737 389   1,078 935 599 207   1,486 1,036 642 285
Total number of reservations 15,224 10,518 4,484   23,573 14,968 10,347 4,182   24,566 15,629 10,476 4,177
Including new homes France 13,180 9,088 3,897   21,077 13,635 9,451 3,657   21,837 14,043 9,486 3,883
    ECART OK   OK OK OK OK   OK OK OK OK
                           
  2021   2020   2019
Value, in €m incl. VAT 9M H1 Q1   FY 9M H1 Q1   FY 9M H1 Q1
New homes (France) 2,693 1,848 792   4,281 2,747 1,892 750   4,031 2,589 1,793 714
Subdivisions 104 71 29   131 74 55 30   177 101 66 20
International 162 113 41   156 65 36 26   100 53 16 3
Total new scope 2,959 2,032 862   4,568 2,887 1,983 806   4,308 2,743 1,875 738
Reservations directly recorded by Ægide 175 175 90   233 201 131 41   330 244 131 59
Total amount reserved (€m incl. VAT) 3,134 2,207 952   4,802 3,088 2,115 847   4,639 2,987 2,006 797
Including new homes France 2,868 2,023 882   4,515 2,948 2,023 792   4,362 2,833 1,923 773


Breakdown of new home reservations by client – France 9M 2021 9M 2020 Change
21 vs. 20
Homebuyers 2,447 19% 2,305 17% 6%
                     o/w:   - First-time buyers 2,082 16% 1,970 14% 6%
                              - Other homebuyers 365 3% 335 2% 9%
Individual investors 5,693 43% 4,680 34% 22%
Professional landlords 5,040 38% 6,650 49% -24%
                    o/w:  - Institutional investors 1,735 13% 4,201 31% -59%
                             - Social housing operators 3,305 25% 2,449 18% 35%
Total 13,18 100% 13,635 100% -3%

Services

    September 2021   December 2020   Change
Property Management            
Portfolio of managed housing            
- Condominium management       703,000    
Restatement of disposed activities*       18,000    
- Condominium management restated   680,000   685,000   - 0.7%
- Rental management       173,000    
Restatement of disposed activities*       12,900    
- Rental management restated   159,000   160,100   - 0.7%
Commercial real estate            
- Assets under management (in millions of sq.m)   20.4   19.7   + 3.6%
Serviced properties            
Student residences            
- Number of residences in operation   129   125   + 4
- Rolling 12-month occupancy rate   92.5%   94.0%   - 1.5 pt
Shared office space            
- Number of sites opened   25   25   0
- Rolling 12-month occupancy rate   70%   69%   - 5.0 pts
Distribution   9M 2021   9M 2020   Change
- Total reservations   3,716   2,700   + 38%
- Reservations on behalf of third parties   2,428   1,527   + 59%
             

* Apartments managed by Nexity’s Polish team in Condominium management and by Domitys for rental management.

Revenue - Quarterly

  2021   2020   2019
In million euros Q3 Q2 Q1   Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Development 814.8 826.8 850.7   1,746.6 702.8 680.5 523.7   1,252.4 681.7 678.7 605.6
Residential Real estate 735.4 742.3 655.4   1,216.1 641.7 433.7 467.2   1,151.1 585.8 594.3 510.9
Commercial Real estate 79.5 84.5 195.3   530.5 61.0 246.7 56.6   101.37 95.8 84.4 94.7
Services 197.9 209.2 176.2   236.8 198.0 161.2 171.4   259.6 189.3 184.9 173.0
Property management 140.2 129.1 126.5   129.3 133.3 114.2 126.1   136.8 132.9 130.2 123.1
Distribution 57.7 80.0 49.7   107.5 64.8 47.0 45.3   122.8 56.5 54.7 50.0
Other activities 0.3 0.0 0.6   0.0 (.0) 0.0 (.0)   0.0 (0.0) 0.5 0.4
Revenue - New scope 1,013.0 1,036.0 1,027.5   1,983,4 900,8 841,7 695,2   1,512,1 871,0 864,0 779,0
Revenue - disposed activities (*)   107.1 104.2   134.2 120.2 87.6 91.6   181.9 93.5 95.3 102.1
Revenue 1,013.0 1,143.1 1,131.7   2,117.6 1,021.0 929.3 786.8   1,694.0 964.5 959.4 881.1

* Disposed activities have been consolidated until March 31st for Century 21 and until June 30th for Ægide-Domitys.

Backlog

  2021   2020   2019
In million euros, excl. tax 9M H1 Q1   12M 9M H1 Q1   12M 9M H1 Q1
Residential Real estate 5,610 5,504 5,641   5,789 5,397 5,285 4,796   4,640 4,510 4,493 4,269
Commercial Real estate 1,013 1,059 1,138   1,032 321 373 398   456 401 269 222
Total Backlog 6,622 6,563 6,778   6,820 5,719 5,659 5,194   5,095 4,911 4,762 4,491
Restatement of projects directly recorded by Ægide     242   280                
Total Backlog new scope 6,622 6,563 6,536   6,540                

GLOSSARY

Time-to-market: Available market supply compared to reservations for the last 12 months, expressed in months, for new home reservations segment 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 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 March 31 for Century 21 and until June 30 for Ægide-Domitys. In H1 2019, disposed activities include Guy Hoquet l’Immobilier.

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: The pipeline is the sum of business potential and backlog. it can be expressed as a number of months or years of activity (like the backlog or the potential) on the basis of a reference revenue (calculated on the previous financial year for residential real estate and on the average of the last 5 years for commercial real estate).

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. The Group’s business activities in the management and operation of student residences as well as flexible workspaces are included in this segment.

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

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