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«Strong momentum for Residential division business activity
- Residential division: 39% growth in new home reservations1 recorded by Nexity Logement compared to H1 2008 for a total of 5,701 units, with a 21% increase in total reservations for new homes2 and subdivisions
- Reservation revenue: €936 million excluding VAT, representing a 12% increase in value terms
- Commercial division: limited order intake during the six-month period (€12 million excluding VAT)
- Backlog as of June 30, 2009: €2.9 billion, equivalent to 16 months’ development revenue3
Sound financial position
- Revenue: €1,312 million, stable compared to H1 2008
- Operating profit: €94 million, corresponding to an operating margin of 7.2% for the Group (8.2% for the Residential division)
- WCR for the Residential division (€695 million) stable compared to end-2008
- Net financial debt brought down to €112 million, from €563 million as of December 31, 2008, following the receipt of the proceeds from the disposal of the Group’s stake in Crédit Foncier de France, resulting in a gearing ratio of 6%
Full-year outlook
- Market share target of 10% in a new home market now estimated at between 80,000 and 90,000 units
- Confirmation of full-year guidance: consolidated revenue decline in 2009 expected to be contained under 10% compared to 2008, with operating margin target of more than 7% for 2009
1 Excluding Iselection and Italy
2 Including Iselection and Italy
3 Revenue basis - previous 12-month period» (CS della Società)
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