Nexity_9M 2023 Business activity and revenue
Paris,
25 October 2023, 5:45 p.m. CEST
9M BUSINESS ACTIVITY AND REVENUE IN LINE
WITH OUR EXPECTATIONS
NEXITY CONTINUES TO REFOCUS ITS STRATEGIC
ROADMAP
-
9-month business activity and revenue in line with the
Group’s expectations in a persistently adverse economic
climate
- Nexity beats
the market thanks to its leading position in bulk
sales: 9,213 new home reservations (in France), down 20%
by volume and 27% by value
-
Revenue stable at ~€3.0bn
-
Refocusing the Group’s strategic roadmap:
-
Pivoting more quickly towards
urban regeneration and new lifestyles and behaviours
through growth in managed real estate (revenue up
28%)
-
Finalisation of the disposal of activities in Poland and
Portugal
- Process initiated to seek
out strategic and financial partners in our Property
management and distribution businesses, potentially including
accepting equity investments in those businesses
-
2023 guidance unchanged (barring changes in the
market environment)
Véronique Bédague, Chairwoman and Chief
Executive Officer, commented:
“In a challenging market environment, business
activity over the first nine months of the year continued to follow
the same trend as seen in the first half. Our leading position
across all our markets and our agile sales strategy – focused on
bulk sales since 2022, in particular through our long-term
partnerships with private and public landlords – has enabled us to
beat the market.We’re living through an unprecedented and lasting
crisis, and our people are working to meet the challenges this
raises: boosting our operational efficiency, strictly managing our
working capital and debt, working on the costs of our developments
and adapting our strategic roadmap in response to new market
realities. We’ve initiated a process of seeking out
strategic and financial partners in our Property management and
distribution businesses so as to allow these businesses to grow and
more quickly pivot our business model towards urban regeneration
and new lifestyles and behaviours. Nexity has a strong balance
sheet and unrivalled expertise, as recently demonstrated, for
example, in our partnership with Carrefour, which further
consolidates our leading position in sustainable cities, making
sure we have the room for manoeuvre we need to be able to seize
market opportunities.”
Key figures to end-September
2023
Home reservations (France) |
9M 2022 |
9M 2023 |
Change2023 vs 2022 |
Volume |
11,446 units |
9,213 units |
-20% |
Value |
€2,561m |
€1,865m |
-27% |
Revenue
(€m) |
9M 2022 |
9M 2023 |
Change2023 vs 2022 |
Development |
2,318 |
2,334 |
+1% |
Residential Real Estate |
2,068 |
1,972 |
-5% |
Commercial Real Estate |
249 |
362 |
+45% |
Services |
637 |
624 |
-2% |
Property Management |
286 |
287 |
- |
Serviced Properties |
155 |
198 |
+28% |
Distribution |
195 |
139 |
-29% |
Revenue |
2,954 |
2,958 |
- |
Residential Real Estate
Development
In a market that remained highly challenging,
Nexity’s business activity proved resilient, with 9,213
reservations generated in the period to end-September 2023 (down
20% relative to end-September 2022 in a market that fell by 31% in
the first half of the year), giving revenue of €1,865 million (down
27%). As expected, and in line with market data, retail
sales continued to decline sharply (down 41% compared with
9M 2022) due to the substantial and lasting rise in interest rates,
which is having a significant impact on access to credit and thus
on retail demand.Bulk sales were
up 9% by volume compared with
end-September 2022. Nexity continued to pursue its agile sales
strategy, in place since 2022, earmarking retail sale reservations
for bulk sales, in particular through its long-term partnerships
with private and public landlords.
The difference between the change in
reservations by volume and by value was mainly due to the product
mix, with a higher proportion of sales to social housing operators,
which accounted for 39% of orders at end-September 2023 (versus 30%
at end-September 2022).
At end-September 2023, the supply of properties
for sale (down 15% from year-end 2022 at 8,590 units) and shorter
take-up periods (down 0.3 months to 6.5 months) illustrated the
Group’s selective approach to launching programmes and demonstrated
its ability to adapt its supply despite a slower pace of sales.
Revenue declined by 5% to
€1,972 million, reflecting the slower pace of signings of notarial
deeds of sale since the beginning of the year.
In early October, the French government
revised the country’s zoning map, reclassifying more than
150 municipalities as supply-constrained areas
(A/Abis/B1), meaning they are now eligible for the “Pinel”
scheme, intermediate rental housing (LLI) and the 2024 PTZ
interest-free loan scheme, and in some cases raising rent ceilings,
which in turn improves rental yields. This zoning extension should
enable Nexity to recalibrate developments currently being set up in
the municipalities concerned, and to sell its available supply more
quickly. For reference, 80%1 of Nexity’s supply for sale is now
located in supply-constrained areas.
Commercial Real Estate
Development
With the market at a standstill (investment in
France down 57% in the first nine months of the year, with a 74%
decline in the third quarter alone2), as forecast, Nexity recorded
€32 million in new orders in the period to end-September 2023.
Revenue from Commercial Real
Estate totalled €362 million in the period to end-September 2023,
up 45% relative to end-September 2022, driven by the substantial
contribution of the green business park project in La
Garenne-Colombes, scheduled for completion in 2024.
Services
The Property Management
businesses confirmed their resilience, with
Property Management for Individuals (condominium and rental
management) showing a portfolio of 823,000 properties under
management at end-September 2023, and Property Management for
Companies seeing a number of major contracts entered into or
renewed. Meanwhile, intermediation-related business lines continued
to be affected by the rise in interest rates, France’s Climate
& Resilience Act and very tight supply in the rental
market.
The Serviced Properties
business (serviced residences for students and seniors, as well as
coworking spaces) continued to grow, with an 18% increase in square
metres of coworking space under management and occupancy rates
still high for both coworking units (99% at end-September 2023 at
mature sites3) and student residences (97% at end-September
2023).
Services revenue:
in €m |
9M 2022 |
9M 2023 |
Change2023 vs 2022 |
Property Management |
286 |
287 |
- |
Serviced Properties |
155 |
198 |
+28% |
Revenue from Property Management and Serviced
Properties |
441 |
485 |
+10% |
Revenue from Property
Management activities (for residential and commercial
property) remained stable in the period to end-September 2023, at
€287 million. It was buoyed by the recurring nature of the
residential property management business (condominium and rental
management), while sales and lettings – which do not account for a
significant proportion of the property management business –
continued to be affected by market tensions (rising interest rates
on borrowing, low occupant turnover and buyers adopting a
wait-and-see attitude).
Serviced Properties delivered
an upbeat performance, generating revenue of €198 million, up
28% relative to end-September 2022, reflecting growth in the
portfolio of coworking businesses in particular.
Excluding distribution, revenue from the
Services business came to €485 million in the
period to end-September 2023, up 10% relative to
end-September 2022.
in €m |
9M 2022 |
9M 2023 |
Change2023 vs 2022 |
Revenue: Distribution |
195 |
139 |
-29% |
Revenue from Distribution
activities declined (down 29%) as a result of the low number of
deeds signed, which was affected by the downturn in the new home
market.
Consolidated revenue under
IFRS
Under IFRS, reported revenue to end-September
2023 came in at €2,749 million, stable relative to
9M 2022 on a like-for-like basis (€2,724 million at 30
September 2022). 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.
NON-FINANCIAL
PERFORMANCE (ESG)
On 15 September, Nexity joined the
Euronext CAC SBT 1.5 index, following the
validation of the Group’s carbon trajectory in
July 2023 by SBTi (the Science Based Targets
initiative) as being aligned with the goal of limiting the increase
in global temperatures to 1.5°C. This index, launched by Euronext
in January 2023, currently consists of 47 companies from the
SBF 120 index whose emissions reduction targets have been
validated as consistent with the 1.5°C goal laid down in the Paris
Agreement.
Nexity also confirmed its leading
position in the BBCA ranking4 of France’s
top low-carbon property developers, coming first in each of the
following four categories for the 5th year running:
-
Number of BBCA-certified development projects over the period
November 2022 – October 2023
-
Number of BBCA-certified development projects since the
certification was launched in 2016
-
Number of sq.m of BBCA-certified space over the past 12 months
-
Number of sq.m of BBCA-certified space since 2016
In addition, Nexity continued to roll out its
decarbonisation strategy through immediate, tangible initiatives
undertaken with a range of partners, including a partnership
launched with Saint-Gobain in 2022 to roll out new zero-carbon
glass at the Carré Invalides site, as well as the following
initiatives entered into in September and October 2023:
-
Partnership with Schneider Electric, a leading player in the
digital transformation of energy management and automation aimed at
improving energy efficiency in homes, underpinned by a unique home
energy management platform
-
Nationwide agreement with long-standing partner Fibois France,
which represents and coordinates 12 regional organisations spanning
a range of professions in the forestry and timber sector, through
which Nexity has committed to incorporate more bio-sourced wood
solutions into its buildings
Lastly, in line with its responsible finance
approach, on 11 October 2023 Nexity published a
sustainable framework that supplements the “Green” dimension, in
place since 2019, with a “Social” dimension. The framework also
includes a section on environmental criteria used in
sustainability-linked financing. This framework was reviewed by
ISS-ESG, which issued a Second-Party Opinion (SPO) that described
Nexity’s aims as being robust and in line with market best
practice. These documents are available in the Green Finance
section of the Group’s website.
OUTLOOK
The 2023 guidance issued in July remains
unchanged, barring changes in the market environment. In the medium
term, Nexity will continue to refocus its strategic roadmap,
adapting it to new market conditions:
Pivoting more quickly towards urban
regeneration and new lifestyles and behaviours:
-
Launch of Nexity Héritage, a subsidiary specialising in urban
regeneration
-
Partnerships entered into in the first half of 2023 with Carrefour
and TopHat, in line with our ambition of becoming the leading
player in urban regeneration, and will help accelerate the
decarbonisation of real estate
-
Nexity’s expertise in managed real estate capitalised on through
its student residence and coworking businesses, which continued
their sustained growth since the beginning of the year (revenue up
28%), and its build-to-rent coliving activities, in partnership
with Urban Campus
Leveraging our customer
base:
-
Exclusive partnership announced mid-September with Suravenir5 for
the launch of Nexity Life, a fully digital assurance-vie savings
account dedicated to real estate, and launch in early October of
Pierre Papier Immo, a digital platform dedicated to the
distribution of investment and savings products for the general
public (assurance-vie savings accounts, SCPIs [real estate
investment companies] and classic savings accounts)
-
Process initiated to seek out strategic and financial partnerships
in Property management and distribution businesses, potentially
including accepting equity investments in those businesses.
FINANCIAL
CALENDAR & PRACTICAL INFORMATION
2023 full-year
results Wednesday,
28 February 2024 (after market close)
Q1 2024 revenue and business
activity Thursday,
25 April 2024 (after market close)
Shareholders’
Meeting Thursday, 23
May 2024
A conference call will be held
today in French, with simultaneous translation into English, at
6:30 p.m. (Paris time), which can be joined
via the “Finance” section of our website,
https://nexity.group/en/finance, or by calling one of the following
numbers:
|
+33 (0) 1 70 37 71 66 |
- Calling from elsewhere in
Europe
|
+44 (0) 33 0551 0200 |
- Calling from the United States
|
+1 786 697 3501 |
Code: Nexity FR
The presentation accompanying this conference
will be available on the Group’s website from 6:15 p.m. (Paris
time) and may be viewed at the following address: Nexity 9M 2023
webcastThe 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.23-0251 on 6 April 2023 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 – Head of
Financial Communication / +33 (0)6 23 15 40 56Anne-Sophie Lanaute –
Head of Investor Relations and Financial Communication / +33 (0)6
58 17 24 22investorrelations@nexity.fr
ANNEX:
OPERATIONAL REPORTING
Residential Real Estate Development – Quarterly
reservations
|
|
2021 |
|
2022 |
|
2023 |
Number of units |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
New homes
(France) |
|
3,508 |
4,843 |
4,092 |
7,658 |
|
3,490 |
4,149 |
3,807 |
6,569 |
|
2,811 |
3,274 |
3,128 |
Reservations made directly with Ægide |
|
389 |
348 |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
- |
Total new homes (France) |
|
3,897 |
5,191 |
4,092 |
7,658 |
|
3,490 |
4,149 |
3,807 |
6,569 |
|
2,811 |
3,274 |
3,128 |
Subdivisions |
|
338 |
439 |
367 |
772 |
|
337 |
423 |
219 |
558 |
|
288 |
359 |
186 |
Total number of reservations (France) |
|
4,235 |
5,630 |
4,459 |
8,430 |
|
3,827 |
4,572 |
4,026 |
7,127 |
|
3,099 |
3,633 |
3,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2022 |
|
2023 |
Value (€m incl. VAT) |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
New homes
(France) |
|
792 |
1,056 |
845 |
1,447 |
|
764 |
992 |
805 |
1,363 |
|
575 |
685 |
605 |
Reservations made directly with Ægide |
|
90 |
85 |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
- |
Total new homes (France) |
|
882 |
1,141 |
845 |
1,447 |
|
764 |
992 |
805 |
1,363 |
|
575 |
685 |
605 |
Subdivisions |
|
29 |
42 |
33 |
55 |
|
27 |
37 |
18 |
53 |
|
28 |
28 |
25 |
Total amount of reservations (France) |
|
911 |
1,183 |
878 |
1,502 |
|
790 |
1,029 |
824 |
1,416 |
|
604 |
713 |
630 |
Residential Real Estate Development – Cumulative
reservations
|
|
2021 |
|
2022 |
|
2023 |
Number of units |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
New homes
(France) |
|
3,508 |
8,351 |
12,443 |
20,101 |
|
3,490 |
7,639 |
11,446 |
18,015 |
|
2,811 |
6,085 |
9,213 |
Reservations made directly with Ægide |
|
389 |
737 |
737 |
737 |
|
- |
- |
- |
- |
|
- |
- |
- |
Total new homes (France) |
|
3,897 |
9,088 |
13,180 |
20,838 |
|
3,490 |
7,639 |
11,446 |
18,015 |
|
2,811 |
6,085 |
9,213 |
Subdivisions |
|
338 |
777 |
1,144 |
1,916 |
|
337 |
760 |
979 |
1,537 |
|
288 |
647 |
833 |
Total number of reservations (France) |
|
4,235 |
9,865 |
14,324 |
22,754 |
|
3,827 |
8,399 |
12,425 |
19,552 |
|
3,099 |
6,732 |
10,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2022 |
|
2023 |
Value (€m incl. VAT) |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
New homes
(France) |
|
792 |
1,848 |
2,693 |
4,140 |
|
764 |
1,756 |
2,561 |
3,924 |
|
575 |
1,260 |
1,865 |
Reservations made directly with Ægide |
|
90 |
175 |
175 |
175 |
|
- |
- |
- |
- |
|
- |
- |
- |
Total new homes (France) |
|
882 |
2,023 |
2,868 |
4,315 |
|
764 |
1,756 |
2,561 |
3,924 |
|
575 |
1,260 |
1,865 |
Subdivisions |
|
29 |
71 |
104 |
159 |
|
27 |
64 |
82 |
135 |
|
28 |
56 |
81 |
Total amount of reservations (France) |
|
911 |
2,094 |
2,972 |
4,474 |
|
790 |
1,819 |
2,643 |
4,059 |
|
604 |
1,316 |
1,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Breakdown of new home reservations (France) by
client
(number of units) |
9M 2022 |
9M 2023 |
Homebuyers |
1,967 |
17% |
1,424 |
15% |
o/w: - First-time buyers |
1,687 |
15% |
1,173 |
13% |
- Other homebuyers |
280 |
2% |
252 |
3% |
Individual investors |
4,534 |
40% |
2,419 |
26% |
Professional landlords |
4,945 |
43% |
5,370 |
58% |
o/w: - Institutional investors |
1,539 |
13% |
1,768 |
19% |
- Social housing operators |
3,406 |
30% |
3,602 |
39% |
Total |
11,446 |
100% |
9,213 |
100% |
o/w: Reservations made through external growth (Angelotti) |
|
|
|
|
Backlog
|
|
2021 |
|
2022 |
|
2023 |
(in millions of euros, excluding VAT) |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
12M |
|
Q1 |
H1 |
9M |
Residential Real
Estate Development (France) |
|
5,183 |
5,200 |
5,279 |
5,236 |
|
5,230 |
5,219 |
5,168 |
5,321 |
|
5,225 |
5,168 |
5,041 |
Development
projects undertaken directly by Ægide |
|
242 |
- |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
- |
Commercial Real
Estate Development |
|
1,138 |
1,059 |
1,013 |
974 |
|
935 |
906 |
827 |
779 |
|
659 |
536 |
445 |
Total |
|
6,562 |
6,259 |
6,291 |
6,210 |
|
6,165 |
6,125 |
5,995 |
6,100 |
|
5,883 |
5,704 |
5,485 |
Services
|
|
December 2022 |
|
September 2023 |
|
Change |
Property Management for Companies and
Individuals |
|
|
|
|
|
|
Property
Management for Individuals |
|
|
|
|
|
|
- Condominium
management |
|
680,000 |
|
667,000 |
|
-2% |
- Rental
management |
|
160,000 |
|
156,000 |
|
-2% |
Property Management for Companies |
|
|
|
|
|
|
- Assets under
management (in millions of sq.m) |
|
20.0 |
|
18.8 |
|
-6% |
Serviced Properties |
|
|
|
|
|
|
Student residences |
|
|
|
|
|
|
- Number of
residences in operation |
|
131 |
|
131 |
|
- |
- Rolling
12-month occupancy rate |
|
97% |
|
97% |
|
+0.4 pts |
Shared office space |
|
|
|
|
|
|
- Floor space
under management (in sq.m) |
|
110,000 |
|
130,000 |
|
+20,000 |
- Rolling
12-month occupancy rate |
|
85% |
|
83% |
|
-2 pts |
Distribution |
|
September 2022 |
|
September 2023 |
|
Change |
- Total
reservations |
|
3,419 |
|
2,114 |
|
-38% |
- o/w: Reservations on behalf of third parties |
|
2,125 |
|
1,332 |
|
-37% |
Revenue – Quarterly figures
|
2021(1) |
|
2022(1) |
|
2023 |
(in millions of euros) |
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Development |
851 |
827 |
815 |
1,279 |
|
700 |
843 |
775 |
1,448 |
|
701 |
934 |
699 |
Residential Real
Estate Development |
656 |
742 |
736 |
1,146 |
|
627 |
754 |
687 |
1,317 |
|
577 |
793 |
602 |
Commercial Real
Estate Development |
195 |
85 |
79 |
133 |
|
72 |
89 |
89 |
131 |
|
125 |
140 |
97 |
Services |
176 |
209 |
198 |
270 |
|
195 |
226 |
215 |
301 |
|
194 |
214 |
216 |
Property
Management |
91 |
94 |
100 |
94 |
|
92 |
96 |
98 |
96 |
|
92 |
95 |
100 |
Serviced
Properties |
35 |
35 |
40 |
47 |
|
49 |
53 |
53 |
62 |
|
61 |
68 |
70 |
Distribution |
50 |
80 |
58 |
129 |
|
54 |
77 |
64 |
144 |
|
40 |
52 |
46 |
Revenue – New scope(2) |
1,028 |
1,036 |
1,013 |
1,549 |
|
895 |
1,069 |
991 |
1,750 |
|
895 |
1,148 |
915 |
Revenue from
discontinued operations |
104 |
107 |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
- |
Revenue |
1,132 |
1,143 |
1,013 |
1,549 |
|
895 |
1,069 |
991 |
1,750 |
|
895 |
1,148 |
915 |
o/w: External growth in Residential Real Estate (Angelotti) |
- |
- |
- |
- |
|
- |
- |
- |
45 |
|
35 |
39 |
25 |
o/w: International |
7 |
11 |
3 |
39 |
|
25 |
1 |
35 |
128 |
|
4 |
43 |
11 |
(1) Reclassification of Villes & Projets (historically
classified in the Other Activities division) in Residential Real
Estate Development(2) Excluding operations disposed of in 2021
(Century 21 and Ægide-Domitys)
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 According to the new zoning plan2 Source: Immostat Q3 20233
Sites open for more than 12 months4 Low-carbon building (Bâtiment
Bas Carbone)5 Subsidiary of Crédit Mutuel Arkéa specialising in
assurance-vie savings accounts and personal protection
insurance
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