Q BUSINESS ACTIVITY AND REVENUE WEBCAST 25 APRIL 2017

Transcription

1 BUSINESS ACTIVITY AND REVENUE WEBCAST 25 APRIL 2017

2 DISCLAIMER The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, its shareholders, its advisors or representatives nor any other person shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction. The information, assumptions and estimates that were used to determine these objectives are subject to modification due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in chapter 2 in the Document de Référence, filed with the AMF under number D on 6 April 2017, could have an impact on the company s ability to achieve these objectives. Accordingly, the Company cannot give any assurance as to whether it will achieve the objectives described, and makes no commitment or undertaking to update or otherwise revise this information. No assurance is given as to the fairness, accuracy, completeness or correctness of the information or opinions contained in this document. PAGE 2

3 SUMMARY NEXITY S NEW HOME RESERVATIONS 3,506 new home reservations in France +19% in volume and +22% in value compared to Q At constant perimeter, +5% in volume and +8% in value, 410 reservations from 2016 external growth COMMERCIAL REAL ESTATE ORDER INTAKE No significant order intake at end of March 2017 REVENUE 656 million (up 5% vs Q1 2016) BACKLOG 4.1 billion +2% vs 31 December % vs 31 March 2016 PAGE 3

4 1. MARKETS AND BUSINESS ACTIVITY

5 Q Q Q Q MARKET DRIVERS MORTGAGE RATES (all markets, excl. insurance, last month of the quarter, average) MONTHLY CONSUMER CONFIDENCE SURVEY SYNTHETIC INDEX (data corrected for seasonal variations) % % 2.20% 1.34% 1.51% 0.99% 0.18% Average: Mortgage rates TEC 10 (average rate over the period) Sources : Observatoire Crédit Logement and Finance Active Source : INSEE PAGE 5

6 Feb. 15 Feb. 16 Feb. 17 Feb. 15 Feb. 16 Feb. 17 FRENCH RESIDENTIAL MARKET: BUILDING PERMITS & HOUSING STARTS BUILDING PERMITS (in number of units, 12 months rolling) HOUSING STARTS (in number of units, 12 months rolling) 405, % 463, , % 387,000 Source : Commissariat Général au Développement Durable (CGDD) PAGE 6

7 NEW HOME RESERVATION MARKET IN FRANCE (DEVELOPERS) DEVELOPERS NEW HOME RESERVATIONS (in units) 126, , ,800 Average : 104,700 78, , ,000 88,900 89,300 87, % 125, , e Sources : Commissariat Général au Développement Durable Nexity s estimation for 2017 PAGE 7

8 NEXITY NEW HOMES RESERVATIONS VOLUME (in units) +17.0% VALUE (in m, incl. VAT) 20.2% 14 2, , , , % 4, ,365 Subdivision International New homes o/w 2016 external growth % Q Q Q Q New homes reservations in France are up 19% in volume and 22% in value (+5% in volume and +8% in value at constant perimeter) PAGE 8

9 NEXITY NEW HOME RESERVATIONS IN FRANCE: QUARTERLY CHANGE NEW HOME RESERVATIONS (in units) at constant perimeter * +5% +35% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q * +19% in including Edouard Denis (389 reservations) and Primosud (24 reservations) PAGE 9

10 NEXITY NEW HOME RESERVATIONS IN FRANCE: BREAKDOWN BY CLIENT TYPE VOLUME (excluding Edouard Denis and Primosud, in units) +5% % +6% 26% Professional Landlords 26% 45% +9% 46% Individual Investors 47% 6% 22% 8% 22% -11% +1% 7% 21% Other home buyers First-time buyers -2% vs Q Q Q PAGE 10

11 NEXITY RESERVATIONS IN FRANCE BY AREA VOLUME (in units) VALUE (in m, incl. VAT) +19% 3, % 655 2,187 2, % 39% 36% Paris region % +24% 45% 35% 42% 65% 64% +13% 61% Rest of France 58% 56% +20% 55% Q Q Q Q Private clients reservations in (excluding bulk sales) : stable in Paris region, +28% for the rest of France Bulk sales: x3 in Paris region, -21% for the rest of France PAGE 11

12 NEXITY NEW HOMES: PRICE TRENDS NEW HOMES NEXITY CLIENTS (in thousand of euros, excl. Iselection, PERL, International, and bulk sales) Paris region: +2.5% Paris region excl. Paris: +1.6% Rest of France: +6.3% Q Q Q Var. Average home price incl. VAT per sq.m. 3,705 3, % Average surface area per home (sq.m.) % Average price incl. VAT per home ( k) % PAGE 12

13 NEXITY NEW HOMES: SUPPLY FOR SALE NEXITY NEW HOMES SUPPLY (in units, excl. International and incl. Iselection and PERL from 2015, Edouard Denis from 2016 and Primosud from 2017) 6,988 2% 52% 3,663 3,542 4,202 4,293 5,058 5,313 6,438 1% 6,564 39% +1% 6,773* 6,650* 2% 2% 30% 34% E.Denis et Primosud Completed new homes New homes under construction 46% 60% 64% 68% New homes in project phase Q * 2016 external growth: 1,112 units at 31 December 2016 and 881 units at 31 March 2017 PAGE 13

14 NEXITY: BUSINESS POTENTIAL* FOR NEW HOMES (in units, excl. International and incl. Iselection, PERL and Villes & Projets from 2015, Edouard Denis from 2016 and Primosud from 2017) 2.6 YEARS OF ACTIVITY +18% 34,453 36,051 41,813** 42,474** E.Denis et Primosud 22,824 28% 19,057 21,285 23,143 23,941 23,100 24,832 47% 49% 49% Paris region 72% 53% 51% 51% Rest of France Q * Includes the Group s current supply for sale, its future supply corresponding to project phases not yet marketed on acquired land, and projects not yet launched associated with land secured through options ** 2016 external growth: 5,446 units at 31 December 2016 and 6,980 at 31 March 2017 PAGE 14

15 COMMERCIAL REAL ESTATE MARKETS TAKE-UP IN PARIS REGION (in millions of sq.m.) % FRENCH COMMERCIAL REAL ESTATE INVESTMENTS (in billions of euros) Offices off-plan sales : 0.8 billion in Incl. 62% of speculative investments % % in investments and +27% for take-up in the Paris region in compared to Q Sources: CBRE, Paris Region Office and Investment France, PAGE 15

16 COMMERCIAL REAL ESTATE NEW ORDER INTAKE AND BACKLOG ORDER INTAKE (in m) BACKLOG (in m) Average : % ns Q Target 31 Dec revenue order intake Additional works and other adjustments 31 Mar > No significant order in ( 1 million) > Backlog is equivalent to 17 months revenue from development activities (revenue basis, 12 months rolling period) PAGE 16

17 SAINT-OUEN (93) INFLUENCE 1 & 2.0 The Île-de-France region signed 2 off-plan leases for the Influence 1 and 2.0 buildings in the eco-district of Saint-Ouen (Seine-Saint-Denis): > New district between the City Hall and the Seine > 100 metres from metro line 13 (Mairie de Saint-Ouen) and from new line 14 extension > Certified HQE Passport Excellent and BREEAM Very good IMMEUBLE INFLUENCE 1 INFLUENCE 1 BUILDING Influence 1 : > Sold to Tishman Speyer in 2014 > Delivered in March 2017 > sq.m² of offices and services > The Île-de-France Region should move in at the beginning of 2018 INFLUENCE 2.0 BUILDING Influence 2.0 : > Delivery planned for 2019 > sq.m of offices > Will host the second part of the Region s staff PAGE 17

18 EXISTING HOME SALES NUMBER OF TRANSACTIONS FOR EXISTING HOMES (in thousand of units 12 months rolling) Average : Sources : CGDD based on data from DGFiP and notarial databases from 2006 to 2016 PAGE 18

19 SERVICES TO INDIVIDUALS KEY FIGURES REAL ESTATE SERVICES TO INDIVIDUALS (PMI) Units under management (in thousands) -0.1%* OTHER REAL ESTATE SERVICES TO INDIVIDUALS Studéa (student housing excl. Edenea ans Switzerland) % 92.3% Condominium management Rental management * -0.1% churn in (-0.5% in Q1 2016) in property management for individuals on a like-for-like basis (excl. Reims and Toulouse agencies acquisition and sale of Vichy agency) Brokerage (number of provisional sales agreements) 5,139 1, % 5, Q , Q Number of residencies (end of period) Occupancy rate (average rate over the period)* * excl. renewal or expected closure of residencies Franchises > Provisional sales agreements signed up 13% for Century 21 and Guy Hoquet l Immobilier real estate agencies > Change in number of agencies : 1, , % 1, Century 21 Guy Hoquet l Immobilier PAGE 19

20 SERVICES TO COMPANIES KEY FIGURES REAL ESTATE SERVICES TO COMPANIES (NPM) (in millions of sq.m under mgmt) MAIN INNOVATIONS TO COMMERCIAL CLIENTS % 11.8 > Nexity Lab opening, in-house demonstrator located rue de Vienne (75) > Opening of Blue Office Paris Saint-Lazare (75) > Development of a Blue Office for Atos at its site in Bezons (95) > Launch of Connect : interactive and immersive showroom of Nexity Conseil et Transaction CONNECT BLUE OFFICE PAGE 20

21 2. REVENUE

22 CONSOLIDATED REVENUE * (in m) +5.5% Other activities Services Commercial +27% Residential +3% Q Residential Commercial Services Other activities > Revenue up +5% compared to Q1 2016, with growth in all business activities > Order intake in property development resulting in progressive revenue recognition over about two years, in application of the percentage-of-completion method > Edouard Denis and Primosud: no contribution to revenue due to the restatement of the purchase price allocation (neutralisation of revenue arising from business activity prior to the acquisition) * According to IFRS with joint ventures proportionately consolidated PAGE 22

23 3. OUTLOOK

24 NEXITY BACKLOG * AT 31 MARCH 2017 (in m, excl. VAT, incl. Iselection, PERL, International, Edouard Denis and Primosud) 19 MONTHS REVENUE FROM DEVELOPMENT ACTIVITIES +2% 2,734 3,315 3, ,355 3, , , , Commercial 390 2,344 2,606 2,702 2,869 2,834 2,806 3,464 3,631 Residential Dec Dec Dec Dec Dec Dec Dec Mar * Corresponds to the Group s order backlog in terms of forecast revenue and number of months of development activities According to IFRS with joint ventures proportionately consolidated PAGE 24

25 2017 OUTLOOK CONFIRMED* NEW HOME RESERVATIONS Growth of Nexity s reservations in a 2017 French market expected stable (125,000 reservations), Nexity s market share increase of around 1 point COMMERCIAL REAL ESTATE ORDER INTAKE At least 350 million REVENUE Growth of around 10% CURRENT OPERATING PROFIT 300 million DIVIDEND PAID IN 2017** 2.40 per share * Financial data and indicators based on Nexity s operational reporting, with joint ventures proportionately consolidated ** Compared with a dividend of 2.00 per share paid in 2015, 2.20 oer share paid in dividend will be submitted to the approval of the General Shareholders Meeting to be held on 1 June 2017 on the basis of resolutions adopted by Nexity s Board of Directors PAGE 25

26 MEDIUM-TERM TARGET NEXITY SHARE OFFERS GROWTH Current operating profit * 220m 266m 300m 325m RETURN Dividend per share paid ** 2.4 ** * Financial data and indicators based on Nexity s operational reporting, with joint ventures proportionately consolidated ** 2017 dividend will be submitted to the approval of the General Shareholders Meeting to be held on 1 June 2017 on the basis of resolutions adopted by Nexity s Board of Directors dividend pending the decision of Nexity s Board of Directors and approval at the Shareholders Meeting PAGE 26

27 19, rue de Vienne Paris Tél. : +33 (0)