"Revenue: +4% compared to Pro Forma 2007
Group operating margin: 9.2%
Group share of net profit excluding Eurosic impairment and deconsolidation of Crédit Foncier de France: €177m
Net debt at end-2008: €563m, €213m lower compared to June 30; gearing 28%
Receipt of €540m in cash from the sale of Crédit Foncier shares on February 20,2009
Residential WCR: €698m, €93m lower than June 30
Backlog: €3.1 billion, representing 17 months’ development activity1
Proposed dividend: 1.50 euro per share, down 25%
Outlook for 2009
Residential: target market share of 10% in a residential property development market estimated at between 65,000 and 70,000 units
Commercial: expected reduction in the volume of order intake, offset by the high backlog at end-2008 (€970m)
Revenue decline expected to be contained under 10% compared to 2008
2009 operating margin target of more than 7%
Alain Dinin, Chairman and CEO of Nexity, commented as follows :
“TheGroup’s results for 2008 reflect a good level of resilience in a deteriorated environment.
This result is due notably to the combination of our various business lines. It is also attributable to the prudent risk profile and financial strategy that the Group has implemented over the years: high pre-commercialization rates, limited and long-term debt.
The vigorous adaptation plan that we applied in response to the crisis in the second half of 2008 has already begun to bear fruit. Our group is well placed to make the most of the new government measures (doubling of Zero Rate Loan (“PTZ”), and the Scellier law, among others) which should contribute to supporting the new homes market. Our WCR is under control and we are maintaining a very healthy financial structure, which easily satisfies the covenants required by the banks. The disposal of our stake in Crédit Foncier de France, which has now been carried out, provides us with an even greater level of financial flexibility, so that we can seize new development opportunities that may arise for our businesses in 2009.” (stralcio dal CS della Società)
