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Nexity Results for the 2018 First Half

Nachrichtenquelle: GlobeNewswire
25.07.2018, 17:45  |  1462   |   |   
RESULTS FOR THE FIRST HALF OF 2018
NEXITY'S FINANCIAL OUTLOOK REVISED UPWARDS FOR 2018
 
Paris, Wednesday, 25 July 2018
  • New home reservations in France: up 6% by volume and up 10% by value (vs. H1 2017)
  • Revenue: €1.6 billion (up 10%)
  • EBITDA: €186 million (up 7%); EBITDA margin: 12.0%
  • Current operating profit: €136 million (up 12%); operating margin: 8.7%
  • Net profit before non-recurring items: €72 million (up 35%) 
  • Development backlog: €4.3 billion (up 7%)
  • Net financial debt before application of IFRS 16[1]: €739 million
  • Individual Clients

    • Revenue: €1,315 million (up 5%)
    • EBITDA: €151 million (down 1%)
    • Residential Real Estate: 9,282 reservations, of which 8,252 new home reservations in France[2] up 6% by volume and 10% by value
    • Business potential for new homes: 51,498 units, i.e. 2.7 years of development operations (up 8% from December 2017)
    • Controlling stake in Ægide-Domitys acquired in June 2018; provisional goodwill of €251 million

    Commercial Clients

    • Revenue: €239 million (up 52%)
    • EBITDA: €38 million (up 43%)
    • Commercial Real Estate: order intake of €74 million as of 30 June 2018 (€138 million in additional orders between 1 and 25 July 2018, putting order intake on track to hit the 2018 target of €400 million)
    • Commercial Real Estate business potential of €2.4 billion, i.e. 5.6 years of development operations
    • Agreement for major development signed on 13 July 2018: Engie's future eco-business park at La Garenne-Colombes (Hauts-de-Seine)

    FINANCIAL OUTLOOK REVISED UPWARDS

    • Revenue and EBITDA now expected to grow by over 12% in 2018[3]
    • Confirmation of all other aspects of the outlook communicated on 20 February 2018

    Alain Dinin, Chairman and CEO of Nexity, commented:

    "In line with our expectations at the beginning of the year, the French residential market contracted slightly (down 5% in the first quarter of 2018). The key forces at work here were the withdrawal of incentives in non-supply-constrained areas, the government's social housing policy and selling prices rising more rapidly than clients' purchasing power. Yet Nexity's new home reservations in France rose 6% during the first six months of the year, as we made good progress towards our target for market share growth. This performance was underpinned by our geographical positioning, our presence in rapidly expanding niche markets - such as serviced residences and social home ownership - the strong performance by the companies we have acquired in recent years, such as Edouard Denis, and our continuing ability to offer affordable prices.

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