FULL YEAR RESULTS 2011

Transcription

1 FULL YEAR RESULTS 2011

2 BUSINESS ACTIVITY

3 RESIDENTIAL RESERVATIONS IN 2011 VOLUME (units, excl. Italy) VALUE ( m, incl.vat, excl. Italy) 13,013 2,205 14,723 2,869-3% 14,258-1% 2,834 Subdivisions 2, , % -2% 2, ,808 11,854-4% 11,424 New homes 1,972 2,295-2% 2, FULL YEAR RESULTS 2011 PAGE 3

4 KEY CLIENT SEGMENTS PERFORMANCE BREAKDOWN OF CLIENTS BY TYPE (Number of reserved homes, excl. Italy) 11,854 11,424 18% 2, % 2,969 26% Institutional Investors 57% 6,968-20% 5,540 48% Private Investors 6% % 796 8% Other home buyers 19% 2, % 2,119 18% First-time buyers FULL YEAR RESULTS 2011 PAGE 4

5 NEW HOMES MARKET New homes reservations (apartments and individual homes) Number of reservations 120, , , , ,000 80,000 Average 1985/2010: 89, ,000 (1) 70,000-80,000 (e) 60,000 40,000 20, (e) 2012(e) Source: Meedat, Nexity estimation for 2012 (1) Estimation FPI FULL YEAR RESULTS 2011 PAGE 5

6 RESIDENTIAL: NEXITY MARKET SHARE 2011 NEXITY MARKET SHARE OVER 9M 2011 CHANGE IN NEXITY MARKET SHARE 11.4%(e) 13.3% 19% 14.7% 7.4% 8.4% 8.6% 10.2% 9.2% 10.3% 9.3% 6.2% % in 2011 on the basis of a market of 100,000 homes (1) (1) FPI Estimation - February 8, 2012 Source: Meedat FULL YEAR RESULTS 2011 PAGE 6

7 HOUSING: A KEY TOPIC FOR THE PRESIDENTIAL RACE F. HOLLANDE (Left-wing) F. BAYROU (Centrist) N. SARKOZY (Right-wing) > Building of 2.5 millions new homes over the next 5 years, including 150,000 «very social» housing units > Doubling of the maximum deposit amount of Livret A (saving account aimed at financing social housing) > Rents control (first time rental or rent renewal) > Minimum share of social housings for large cities (SRU quotas) raised from 20% to 25% > Raising SRU law -related penalties ( X 5) > Handing over State plots of land to local authorities for free FULL YEAR RESULTS 2011 > Rental incentives for the 500,000 currently vacant homes > Creation of a complementary insurance protecting owners from unpaid rents > Dedicated «Préfet» (local State representative) for Housing in Regions > Raising SRU quota from 20% to 25% and increased penalties for noncompliance > Boost sales of public plots of land through emphyteotic leases > Spur on the mayors to boost housing construction in high density areas through government grants > New progressive capital gain tax to fight unbuilt land retention > Simplification of urban planning rules in high density areas PAGE 7

8 COMMERCIAL: INVESTMENT MARKET ( bn) COMMERCIAL INVESTMENT MARKET IN FRANCE (1) vs % (1) Source: CBRE Q1 Q2 Q3 Q Q1 Q2 Q3 Q FULL YEAR RESULTS 2011 PAGE 8

9 COMMERCIAL: NEW ORDER INTAKE AND BACKLOG NEW ORDER INTAKE ( m) BACKLOG CHANGE IN 2011 ( m) % Dec , 2010 Dec , 2011 > 2011 new order intake: 644 m excl. VAT > New order intake in Q4 2011: 68 m (Kinetik for 51 m) FULL YEAR RESULTS 2011 PAGE 9

10 SERVICES: BUSINESS ACTIVITY 2011 BUSINESS ACTIVITY (Property Management) Residential 870,000 homes Commercial 5.7 millions sqm REVENUE ( m) Citéa Others Condominium management 78% Rental management 22% Dec. 31, 2011 Dec. 31, Condominium management: portfolio erosion limited to 19,000 units in 2011 (-2.7%) vs 59,000 units in 2010 (-7.7%). Complete overhaul and upgrade of Client treatment starting 2012 Revenue: impact of the disposal of Citéa urban extended-stay residences business in Q FULL YEAR RESULTS 2011 PAGE 10

11 SERVICES TO CORPORATES LFP NEXITY REAL ESTATE SERVICES 75% 25% Property Management LFP Nexity Real Estate Services Advisory & brokerage > Leading position in property management in France (proforma 2011 revenue: 50m) > 4th rank conforted in commercial real estate advisory and brokerage services (proforma 2011 revenue: 27m) FULL YEAR RESULTS 2011 PAGE 11

12 FINANCIALS

13 2011 REVENUE -5% 31 2, % at constant perimeter* , ,732 1,732 in M Residential Commercial Services Others 2011 and networks * Excluding the impact of Citéa disposal for 30m FULL YEAR RESULTS 2011 PAGE 13

14 OPERATIONAL PERFORMANCE 2011 CURRENT OPERATING MARGIN 2011 (%) 10.0% (7.9%)* 8.1% 7.8% (9.7%)* (7.3%)* Services and Networks Commercial CURRENT OPERATING PROFIT IN 2011 ( m) % (4.2%)* Residential 174 Group Others -26 Current operating margin: 212 m, i.e. 8.1% (excl. «Nexity Demain») * Operating Margin of 2010 FULL YEAR RESULTS 2011 PAGE 14

15 RESIDENTIAL: CURRENT OPERATING MARGIN CURRENT OPERATING MARGIN PER SEMESTER (%) S S S S S S S S Continued improvement of residential operating margin FULL YEAR RESULTS 2011 PAGE 15

16 P&L AND EARNINGS M Variation % Revenue 2, , % Current operating profit excluding «Nexity Demain» related expenses Current operating margin excluding «Nexity Demain» related expenses % 8.1% 7.5% Current operating profit % Current operating margin 7.8% 7.3% Net financial expense (7.5) (22.2) Tax (72.8) (65.6) Current profit after tax % Goodwill impairment (88.9) (35.4) Other equity accounted companies and minority interests Group share of net profit % FULL YEAR RESULTS 2011 PAGE 16

17 BALANCE SHEET AT DECEMBER 31, 2011 in M Goodwill Total shareholders equity (incl. minority interests) Other assets 91 WCR 387 Net cash (1) Provisions ASSETS LIABILITIES (1) Cash minus financial debt FULL YEAR RESULTS 2011 PAGE 17

18 WORKING CAPITAL REQUIREMENT En m Others Services & Networks Residential Real Estate Residential Unsold completed new homes: 59 Average pre-commercialization rate of 76% at the start of construction Commercial Partial absorption of the negative WCR Commercial Real Estate December 31, 2009 December 31, 2010 December 31, 2011 FULL YEAR RESULTS 2011 PAGE 18

19 CHANGE IN NET CASH POSITION NET CASH POSITION (In m) +45 m Free Cash Flow 2010 Dividend Eurosic Disposal Exceptional Dividend Others FULL YEAR RESULTS 2011 PAGE 19

20 CREDIT FACILITIES CREDIT FACILITIES AT DEC. 31, 2011 ( m) Committed Drawdown Nexity Residential Corporate Facilities Corporate Holding Facility Put options and deferred payment on acquisition Property management acquisition Facilities Total Project-related debts Total Fair value adjustment for financial instruments 14.2 Deposit account and others 2.2 Financial gross debt Cash and cash equivalents (492.5) Net financial debt (336.1) Available undrawn corporate facilities: 485 m at Dec. 31, 2011 FULL YEAR RESULTS 2011 PAGE 20

21 GOODWILL GOODWILL DECEMBER 31, 2011 (in m) 1,022 Networks Real Estate Services Commercial Real Estate Residential Real Estate Services & Networks acquisitions Services Impairment Networks impairment 2011 FULL YEAR RESULTS 2011 PAGE 21

22 OUTLOOK

23 NEXITY DEMAIN: A TRANSFORMING PROJECT NEW OFFERINGS CLIENT ORIENTED ORGANIZATION A SINGLE AND STRONGER BRAND Differentiating offers and services aimed at reinsuring the client (guaranties, security ) Improved service quality (and reduced cost of substandard quality) Cross-cutting marketing (CRM, communication tools) Develop cross-selling Enhance client loyalty and lower client acquisition costs Grow client base Enhance communication effectiveness Build brand value Reference brand status : create a benchmark Embody leadership Grow the Group s competitive advantage FULL YEAR RESULTS 2011 PAGE 23

24 BACKLOG (in m, excl. VAT, Iselection ; and incl. Italy) 19 MONTHS DEVELOPMENT ACTIVITY 1, , , , ,645 3, , % 2, , ,606 Commercial Real Estate Residential Real Estate 1,451 1,808 2,369 2,130 2,044 2,344 Dec. 31, 2004 Dec. 31, 2005 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 December 31, 2011 FULL YEAR RESULTS 2011 PAGE 24

25 DIVIDEND DIVIDEND PER SHARE ( per share) Exceptional Dividend of 2 per share to be proposed to the shareholders meeting to be held on May 10, 2012 FULL YEAR RESULTS 2011 PAGE 25

26 GUIDANCE 2012 Residential Real Estate: market share maintained in an expected total market of between 70,000 and 80,000 new homes Commercial Real Estate: order intake target of approximately 200 million Consolidated revenue for 2012 expected to be higher than 2.6 billion Current operating profit target for 2012 higher than 200 million, excluding expenses related to the «Nexity Demain» project Proposal to distribute a dividend of 2 per share for 2011 FULL YEAR RESULTS 2011 PAGE 26