Earnings Release • Jul 27, 2011
Earnings Release
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Strong order backlog increase (+23%) with full-year order intake target exceeded by Commercial division
Improvement of Residential operating margin and robust financial position
Full-year 2011 outlook – Proposed distribution of an exceptional dividend of €4 per share
1 Revenue basis - previous 12-month period.
ALAIN DININ, CHAIRMAN AND CEO OF NEXITY, COMMENTED:
"Although the first half of 2011 continued to see a certain level of uncertainty as to the eventual shape of the market (in relation to mortgage rate trends, the further development of government stimulus measures, and the overall economic environment), together with a slowdown in the new home market, the Group maintained a sales volume equivalent to that during the first half of the previous year. Slower reservations recorded for individuals was offset by a rise in block sales to institutional investors and social housing operators. The greater concentration of transactions in markets characterized by tight supply resulted in an increase in average prices. In addition, the first half saw an improvement in operating margins for the Residential division, as expected.
In the Commercial division, the Group concluded a remarkable deal in June, indicative of the full breadth of the Group's capacities: a complex transaction, negotiated with both private and public operators, for a mixed-use project combining residential properties with commercial and retail premises, involving both new-build development and major renovation, in keeping with the sustainable refurbishment principles followed by the Group, offering in particular a high level of energy performance. Owing to this transaction, the Group managed to exceed its order intake target for 2011 already in the first half and has thus raised its full-year target. Considering the impact of the fire that occurred in March on the construction site of the Basalte building in La Défense, on the basis of information available to date, and an updated business outlook including the disposal of the Citéa urban extended-stay residence business in June, the Group adjusted its full-year revenue guidance to €2.6 billion, with an operating margin target at 8%, excluding expenses related to the "Nexity Demain" project. Lastly, Nexity's cash position will allow the Group to submit a proposal to the Shareholders' Meeting to be held in September for the payment of an exceptional dividend of €4 per share, corresponding approximately to the amount received in June of this year in connection with the disposal of Nexity's stake in Eurosic.
Nexity's Board of Directors convened on Wednesday July 27, 2011. The meeting, which was chaired by Alain Dinin, reviewed and approved the consolidated financial statements for the six-month period ended June 30, 2011. The Group's Statutory Auditors have conducted a limited review of the consolidated income statement and balance sheet included on pages 12 to 14 of this press release.
* * *
* * *
The first half of 2011 saw contrasting trends in the French new home market, with a growing polarization between areas characterized by short supply and other areas. Prices and sales pace stood at exceptional levels during the period in the city of Paris, which currently offers a very limited supply of new homes for sale, whereas market growth paused in a number of provincial regions.
The new re-targeted zero-interest loan scheme known as the PTZ+ (for prêt à taux zéro renforcé), which increases the borrowing capacity of first-time buyers in urban areas, is playing a major role for first-time buyers, with 68% of Nexity's first-time buyers making use of this loan scheme in the first half of 2011. In the area of buy-to-let investment, managed residences (furnished properties with services under the Scellier scheme) are accounting for an increasing share of sales (representing 20% of total sales for this segment in the first half of 2011, as against 13% during the same period in 2010). The upward trend in mortgage rates observed at the start of the year seems to have reached a plateau. According to Crédit Logement, rates rose to 3.9% on average in June, compared to 3.3% in the fourth quarter of 2010.
Net new home and subdivision reservations booked by Nexity Group were stable as compared to the first half-year 2010. They amounted to 6,643 units (including 87 promissory purchase agreements in Italy) representing a total value of €1,192 million (including €35 million in Italy).
| New home and subdivision reservations - FRANCE | |||
|---|---|---|---|
| (units and €m) | H1 2011 | H1 2010 | Change % |
| New homes (number of units) | 5,325 | 5,270 | +1% |
| Subdivisions (number of units) | 1,231 | 1,415 | -13% |
| Total new home and subdivision reservations | |||
| (number of units) | 6,556 | 6,685 | -2% |
| New home reservations (€m incl. VAT) | 1,063 | 1,048 | +1% |
| Subdivision reservations (€m incl. VAT) | 95 | 101 | -6% |
| Total new home and subdivision reservations (€m incl. VAT) |
1,158 | 1,149 | +1% |
| Breakdown of new home reservations by | Change % | ||||
|---|---|---|---|---|---|
| client - FRANCE | H1 2011 | H1 2010 | |||
| Home buyers (number of units) | 1,624 | 31% | 1,660 | 31% | -2% |
| o/w: - first-time buyers | 1,189 | 22% | 1,306 | 25% | -9% |
| - other home buyers | 435 | 9% | 354 | 6% | +23% |
| Private investors (number of units) | 2,358 | 44% | 2,671 | 51% | -12% |
| Institutional investors (number of units) | 1,343 | 25% | 939 | 18% | +43% |
| Total new home reservations | |||||
| (number of units) | 5,325 | 100% | 5,270 | 100% | +1% |
Excluding block sales to institutional investors and Iselection sales1 , the average price including VAT of homes sold was €232 thousand for an average floor area of 60 sq.m. The high average price level observed is due in large part to the 116 sales recorded in Paris during the first half, whose average price was €740 thousand. Excluding these sales, the average price in the first half of 2011 would have been €217 thousand, as against €203 thousand a year earlier with the same exclusion.
1 Sales of new homes as an operator, excluding commercialization on behalf of third parties
| Average sale price & surface area* | H1 2011 | H1 2010 |
|---|---|---|
| Average home price incl. VAT per sq.m (€) | 3,865 | 3,536 |
| Average surface area per home (sq.m) | 60.1 | 59.0 |
| Average price incl. VAT per home (€k) | 232.1 | 208.8 |
* excluding block sales and Iselection
Unsold completed stock held by the Group remains very low, amounting to 83 homes as of June 30, 2011. In the first half of 2011, the level of pre-commercialization recorded at the time construction work was launched remained very high (78% on average).
The Group's available supply improved in comparison with year-end 2010 thanks to the launches of 73 new developments, corresponding to 6,300 units, versus 5,300 units launched during the same period a year earlier. As of June 30, 2011, the business potential1 for new homes of the Group's Residential division corresponded to the equivalent of 21,700 units.2
Subdivision reservations totaled 1,231 units, decreasing by 13% compared to the first half of 2010. This decline is attributable in particular to the elimination of the Pass-Foncier® scheme, which had entered into effect in January 2011. The average price of net reservations from individuals remained stable at €77 thousand. Business potential for subdivisions amounted to 10,300 units, compared to 9,400 units a year earlier.
1 The business potential includes current supply for sale, future supply corresponding to project tranches not yet commercialized on acquired land, and supply not yet launched associated with land secured through options 2
Excluding Villes et Projets operations portfolio
3 Source: CBRE.
In the Services business, there were a total of 685,000 units under condominium management at the end of the first half (including 46,000 units outside France), compared to a total of 700,000 units as of December 31, 2010. In rental management, the Group's portfolio numbered 196,000 units at the end of June 2011, down from 212,000 units as of December 31, 2010, due to the expected expiration of one institutional investor's mandate corresponding to a portfolio of more than 14,000 units. The Group is focusing its efforts on service quality improvements and the development of new solutions, including an all-inclusive condominium management fee package launched early in the year, which has raised interest from co-owners. In the area of commercial real estate, total space under management amounted to 6.2 million square meters, compared to 6.6 million as of December 31, 2010.
Within the Distribution business, the number of agencies belonging to the franchise networks operated by the Group increased during the period, with 1,361 agencies as of June 30, 2011, up from 1,343 agencies as of December 31, 2010. As a vendor of real estate savings products on behalf of third-party real estate developers, Iselection saw a marked decline in reservations during the first half of the year following the exceptionally strong performance recorded in 2010 (671 reservations compared to 1,187 during the same period last year).
As of June 30, 2011, Nexity Villes & Projets had a non-commercialized land development potential of 851,000 square meters1 , with 38% of space in regions and 62% in Paris region. This portfolio was well-balanced, with 48% of space earmarked for residential projects, and 52% for commercial (23% intended for offices, 24% for logistics platforms and business premises, and 5% for retail). A new project of 15,000 sq.m was added to the portfolio during the half-year, in Marseille (Bouches-du-Rhône).
Operations initiated by Villes & Projets generated revenue for the Group's real estate development activities totaling €89 million in the first half of 2011 (€59 million in residential and €30 million in commercial), versus €93 million during the first half of 2010.
| € millions | H1 2011 | H1 2010 | Change % |
|---|---|---|---|
| Revenue | 1,215.1 | 1,236.2 | -2% |
| Current operating profit | 97.7 | 80.2 | +22% |
| Current operating margin | 8.0%* | 6.5% | |
| Net financial expense | (2.5) | (11.0) | - |
| Current profit after tax | 61.1 | 44.8 | +36% |
| Share of profits (loss) from equity-accounted | |||
| associates | 22.8 | 21,7 | ns |
| Group share of net profit (loss) | 81.8 | 64,2 | +27% |
| Earnings per share (€) | 1.57 | 1,20 | +31% |
* Excluding expenses related to the "Nexity Demain" project, current operating profit: €99.9 million (margin of 8.2%).
1 Surface area provided for information purpose only and may be subject to adjustment once administrative authorizations have been obtained.
Revenue recorded by Nexity Group in the first half-year 2011 was €1,215 million and thus stable as compared to the first half-year 2010.
| € millions | H1 2011 | H1 2010 | Change % |
|---|---|---|---|
| Residential | 795.3 | 785.8 | +1% |
| Commercial | 180.7 | 183.8 | -2% |
| Services & Distribution | 238.1 | 264.7 | -10% |
| Other activities | 1.0 | 1.9 | - |
| Total Group revenue* | 1,215.1 | 1,236.2 | -2% |
* Revenue generated by the Residential (excluding Italy) and Commercial divisions is calculated using the percentage-of-completion method, on the basis of notarized sales pro-rated to reflect the progress of committed construction costs.
Current operating profit amounted to €97.7 million (€99.9 million excluding expenses related to the "Nexity Demain" project), resulting in a current operating margin of 8%, compared to 6.5% a year earlier.
| € millions | S1 2011 | S1 2010 | Change % |
|
|---|---|---|---|---|
| Residential | 75.4 | 56.2 | +34% | |
| % of revenue | 9.5% | 7.2% | ||
| Commercial | 17.8 | 10.6 | +68% | |
| % of revenue | 9.9% | 5.8% | ||
| Services & Distribution | 17.1 | 20.7 | -17% | |
| % of revenue | 7.2% | 7.8% | ||
| Other activities | (12.6) | (7.3) | ns | |
| Current operating profit | 97.7 | 80.2 | +22% | |
| % of revenue | 8.0% | 6.5% |
The current operating margin for the Residential division improved further to 9.5%, up from 7.2% in the first half of 2010 and 8.5% in the second half of 2010, in line with the Group's forecasts. The increase in margins associated with reservations recorded as from 2009 thus results in a gradual improvement in the operating margin for the division.
The current operating margin recorded by the Commercial division in the first half, which takes into account the result on the sale of the third building in the Viale Edison Center office development in Italy, is not representative of the expected margin for the year as a whole.
The Services and Distribution division posted current operating profit of €17.1 million. Operating profit for the Services segment registered the exceptional impact of the disposal of the Citéa urban extended-stay residence business. Apart from this exceptional impact, Citéa did not make a significant contribution to operating profit for the Services business. The Distribution business saw a lower contribution by Iselection than that recorded in 2010.
Other activities posted a current operating loss of €12.6 million, which comprises in particular holding company expenses, expenses incurred by Villes & Projets1 , expenses related to share-based payments, and Nexity-Reim's business.
Expenses related to the "Nexity Demain" project are taken into account at the level of each division, in a total amount of €2.2 million for the first half of 2011.
As of June 30, 2011, the net financial expense was €2.5 million, compared to a net expense of €11.0 million for the same period in 2010, an improvement due in particular to the increase in the consolidated net cash position.
The contribution of equity-accounted investments was €22.8 million. This amount includes the positive impact of the sale of the Group's stake in Eurosic, in the total amount of €21.7 million.
The Group share of net profit amounted to €81.8 million.
1 Revenue and operating profit stemming from operations initiated by Villes & Projets are recognized in the Residential and Commercial divisions
| € millions | June 30, 2011 | Dec. 31, 2010 | Change in €m |
|---|---|---|---|
| Residential | 315.1 | 383.6 | (68.5) |
| Commercial | (126.7) | (81.1) | (45.6) |
| Services & Distribution | (0.7) | 5.1 | (5.8) |
| Other activities & tax | 111.3 | 51.2 | 60.1 |
| Total WCR | 299.0 | 358.7 | (59.7) |
The Group's WCR declined to a particularly low level in the first half of 2011, due to high take-up rates for Residential division projects and the relatively slow replenishment of supply, as well as a payment schedule for several Commercial division projects not in sync with the construction schedule for the developments in question. In particular, the signing of a new project by the Commercial division at the end of June gave rise to a net advance payment of €80 million, which is expected to be consumed over the course of the second half of the year. For both the Residential and the Commercial divisions, WCR declined to a low point as of June 30, in relation to its usual level in prior periods. WCR of Other activities & Tax (€111.3 million) mainly comprises the capital employed in Investment activity, land held by the Villes & Projets business, undergoing urban regeneration, as well as tax accounts receivable.
Moreover, as of June 30, 2011, the Group held in its current assets and on behalf of its customers, an outstanding cash balance of €522.7 million in connection with its property management business. This position did not impact the Group's WCR, since it was offset by a debt of the same amount.
The Group share of consolidated equity (equity attributable to owners of the parent company) amounted to €1,888.5 billion as of June 30, 2011, thus remaining stable compared to December 31, 2010.
The Group's positive net cash position came to €563.6 million, compared to €291.1 million as of December 31, 2010. This strong increase is explained in particular by the proceeds cashed upon the disposal of the Group's investment in Eurosic (€195.7 million) and by the significant, and in part temporary, decline in operating WCR (€117.1 million).
| € millions | H1 2011 | H1 2010 |
|---|---|---|
| Cash flow from operations before WCR, interest and taxes | 90.5 | 78.5 |
| Changes in operating WCR | 117.1 | 56.0 |
| Interest and tax payments | (36.1) | (5.3) |
| Net cash generated by operating activities | 171.5 | 129.2 |
| Operating capital expenditure | (3.5) | (2.8) |
| Free cash flow | 168.0 | 126.4 |
| Dividends received from equity-accounted companies | 11.9 | 0.7 |
| Proceeds from the sale of the stake in Eurosic | 195.7 | |
| Net cash (used in) generated by other financial investment activities | (3.2) | (10.9) |
| Dividends paid | (104.0) | (85.7) |
| Net cash used in other financing activities | (258.1) | (57.0) |
| Net change in cash | 10.3 | (26.5) |
The significant reduction in bank borrowings in the first half (reduced by €285 million to €174.1 million) was made possible thanks to dynamic debt management. This decrease mainly includes the repayment of a loan intended to finance external growth transactions in the amount of €211 million, which had been restructured as a line of credit and had remained entirely undrawn as of June 30, 2011, as well as net repayments of loans in the Residential and Commercial divisions (€39 million) and the early repayment of another credit facility supporting external growth transactions (€25 million). Furthermore, the Group arranged for an 18-month extension to its €285 million corporate credit facility dedicated to new homes and subdivisions development projects, which now matures in June 2015. As of June 30, 2011, the undrawn and available amount of the Group's corporate credit lines was €485 million.
| € millions | June 30, 2011 | Dec. 31, 2010 | Change in €m |
|---|---|---|---|
| Bank borrowings Other financial borrowings / other financial |
174.1 | 459.0 | (284.9) |
| receivables | 10.4 | 8.3 | 2.0 |
| Term deposit accounts | (80.1) | (100.8) | 20.7 |
| Net cash and cash equivalents, bank overdrafts | (668.0) | (657.7) | (10.3) |
| Net debt (net cash) | (563.6) | (291.1) | (272.5) |
The Group was in compliance with all of the financial covenants attached to its lines of credit as of June 30, 2011.
| € millions (excluding VAT) | June 30, 2011 | Dec. 31, 2010 | Change % |
|---|---|---|---|
| New homes* | 2,294 | 2,098 | +9% |
| Subdivisions | 258 | 246 | +5% |
| Residential division backlog | 2,552 | 2,344 | +9% |
| Commercial division backlog | 800 | 390 | X 2 |
| Total Group backlog | 3,352 | 2,734 | +23% |
* including Italy
In the first half of 2011, the Group raised its backlog to a level nearing its best prior performance. Surging 23% compared to its level as of December 31, 2010, Nexity's total order backlog represented 19 months of revenue from real estate development activities as of June 30, 2011.1 The substantial rise over the six-month period is explained in particular by large orders signed by the Commercial division in the first half.
1 Revenue basis - previous 12-month period.
Given the sales performance in the first half of 2011, changes in the scope of consolidation (Citéa), and the Group's current understanding of the impact of the fire at the Basalte building construction site, the consequences of which are still being analyzed with various experts and stakeholders, the Group's full-year outlook for 2011 breaks down as follows:
***
| - | Shareholders' Meeting | Friday, 23 September 2011 |
|---|---|---|
| - | Ex-dividend | Tuesday, 27 September 2011 |
| - | Dividend payment | Friday, 30 September 2011 |
| - | Q3 2011 Revenue and Business activity | Wednesday, 26 October 2011 |
A conference call on H1 2011 Business Activity and Results will be held in English at 15.00 CET on Thursday, July 28, 2011, and can be accessed via the following numbers:
| - | Call from France | + 33 (0) 1 70 99 35 15 | code : Nexity |
|---|---|---|---|
| - | Call from the rest of Europe | + 44 (0) 207 153 20 27 | code : Nexity |
| - | Call from US | + 1 (0) 480 629 96 73 | code : Nexity |
This conference call can be listened to again by dialing the following number: +44 (0) 20 79 59 67 20 (code : 4455409#)
The presentation accompanying this conference call may be followed at the following address: http://www.media-server.com/m/p/5mm9r32w
This presentation will be available on the Group's website from 28 July 2011, 09.00 CET.
The information, assumptions and estimates that the Company could reasonably use to determine its objectives are subject to change or modification due notably to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in chapter 4 of the Document de Référence, filed with the AMF under number D.11-317 on April 18, 2011 could have an impact on the Group's activities and the Company's ability to achieve its 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.
A fully integrated real estate group in France, Nexity uses its comprehensive range of sector-specific expertise to serve the private individuals, companies and local authorities: property development (homes, land subdivision, offices, logistics platforms, hotels and other businesses), real estate services for private individuals and companies, franchise networks, asset management and urban regeneration. Nexity can today provide global responses to the needs of its customers all over the territory. Nexity is also present in Europe.
Nexity is listed on the SRD and on NYSE Euronext's Compartment A – ISIN code: FR0010112524
Member of the Indices: SBF120, SBF 80, CAC Mid60, CAC Mid & Small and CAC All Tradable Mnemo: NXI - Reuters: NXI.PA –Bloomberg: NXI FP
Analysts/Investors Media
Olivier Seux +33 (0)1 71 12 15 49 Blandine Castarède +33 (0)1 71 12 15 52 Investor Relations Director Director, Communication and Brand Strategy [email protected] directiondelacommunication@nexity.fr
| IN THOUSANDS OF EUROS | 06/30/2011 | 06/30/2010 |
|---|---|---|
| Revenue | 1,215,102 | 1,236,162 |
| Purchases | (774,526) | (828,860) |
| Personnel costs | (211,373) | (205,697) |
| Other operating expenses | (110,339) | (102,214) |
| Taxes (other than income tax) | (15,898) | (13,983) |
| Depreciation and amortization | (5,272) | (5,206) |
| Operating profit | 97,694 | 80,202 |
| Financial expense | (10,153) | (16,132) |
| Financial income | 7,618 | 5,147 |
| Net financial expense | (2,535) | (10,985) |
| Pre-tax recurring profit | 95,159 | 69,217 |
| Income taxes | (34,112) | (24,418) |
| Share of profits of associates (equity-accounted investments) | 22,789 | 21,738 |
| Consolidated net profit | 83,836 | 66,537 |
| Net profit (loss) (attributable to equity holders of the parent company) | 81,817 | 64,155 |
| Net profit (loss) - Minority interests | 2,019 | 2,382 |
| ASSETS (IN THOUSANDS OF EUROS) | 06/30/2011 | 06/30/2010 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 1,021,521 | 1,021,802 |
| Other intangible assets | 13,109 | 12,493 |
| 23,342 | 25,954 | |
| Property, plant and equipment | ||
| Equity-accounted investments | 21,049 | 219,739 |
| Other financial assets | 28,453 | 28,279 |
| Deferred tax assets | 28,594 | 47,522 |
| Total non-current assets | 1,136,068 | 1,355,789 |
| Current assets | ||
| Inventories and work in progress | 1,232,143 | 970,547 |
| Trade and other receivables | 251,900 | 403,651 |
| Tax accounts receivable | 25,370 | 2,023 |
| Other current assets (1) | 931,688 | 995,796 |
| Other financial receivables | 96,470 | 119,361 |
| Cash and cash equivalents | 722,070 | 702,941 |
| Total current assets | 3,259,641 | 3,194,319 |
| TOTAL ASSETS | 4,395,709 | 4,550,108 |
| (1) of which cash held in client working capital accounts (Services division) | 522,743 | 550,866 |
| LIABILITIES AND EQUITY (IN THOUSANDS OF EUROS) | 06/30/2011 | 06/30/2010 |
|---|---|---|
| Share capital | 261,324 | 259,964 |
| Additional paid-in capital | 1,253,972 | 1,254,510 |
| Treasury shares | (2,056) | (2,075) |
| Reserves and retained earnings | 293,417 | 248,659 |
| Net profit for the period | 81,817 | 119,758 |
| Equity –attributable to equity holders of the parent company | 1,888,474 | 1,880,816 |
| Minority interests | 6,839 | 4,847 |
| Consolidated equity | 1,895,313 | 1,885,663 |
| Non-current liabilities | ||
| Long-term borrowings and financial debt | 9,829 | 214,635 |
| Employee benefits | 18,058 | 16,993 |
| Deferred tax liabilities | - | 302 |
| Total non-current liabilities | 27,887 | 231,930 |
| Current liabilities | ||
| Short-term borrowings, financial and operating cycle debt (1) | 245,110 | 316,545 |
| Current provisions | 85,278 | 102,645 |
| Trade and other payables | 649,618 | 664,162 |
| Current tax liabilities | - | 28,836 |
| Other current liabilities (2) | 1,492,503 | 1,320,327 |
| Total current liabilities | 2,472,509 | 2,432,515 |
| TOTAL LIABILITIES and EQUITY | 4,395,709 | 4,550,108 |
| (1) of which bank overdrafts | 54,119 | 45,273 |
| (2) of which client working capital accounts (Services division) | 522,743 | 550,866 |
| € millions | H1 2011 | H1 2010 | Change % |
|---|---|---|---|
| Residential | 716.2 | 716.7 | - |
| Subdivisions | 64.7 | 58.1 | +11% |
| International | 14.4 | 10.9 | +32% |
| Residential | 795.3 | 785.8 | +1% |
| € millions | H1 2011 | H1 2010 | Change % |
|---|---|---|---|
| Office buildings and hotels | 149.1 | 179.2 | -17% |
| Logistics platforms and other business premises | 31.6 | 4.7 | X 7 |
| Commercial | 180.7 | 183.8 | -2% |
| € millions | H1 2011 | H1 2010 | Change % |
|---|---|---|---|
| Services | 199.4 | 208.6 | -4% |
| Distribution | 38.8 | 56.1 | -31% |
| Services & Distribution | 238.1 | 264.7 | -10% |
| 2010 | 2011 | |||||
|---|---|---|---|---|---|---|
| € millions | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| Residential | 342.9 | 442.9 | 380.4 | 565.5 | 359.8 | 435.5 |
| Commercial | 81.7 | 102.1 | 103.6 | 87.6 | 72.7 | 108.0 |
| Services & Distribution | 130.3 | 134.4 | 133.6 | 210.9 | 126.3 | 111.8 |
| Other activities | 1.0 | 0.9 | 1.1 | 28.3 | 0.5 | 0.5 |
| Revenue | 555.9 | 680.3 | 618.7 | 892.3 | 559.3 | 655.8 |
| € millions | H1 2011 | H1 2010 | Change % | |
|---|---|---|---|---|
| Residential | 69.3 | 52.2 | +33% | |
| % of revenue | 9.5% | 7.2% | ||
| Subdivisions | 5.0 | 3.1 | +62% | |
| % of revenue | 7.8% | 5.3% | ||
| International | 1.1 | 0.9 | +17% | |
| % of revenue | 7.4% | 8.2% | ||
| Residential | 75.4 | 56.2 | +34% | |
| % of revenue | 9.5% | 7.2% |
| € millions | H1 2011 | H1 2010 | Change % |
|---|---|---|---|
| Office buildings and hotels | 14.5 | 11.0 | +32% |
| % of revenue | 9.7% | 6.1% | |
| Logistics platforms and other business premises | 3.3 | (0.4) | ns |
| % of revenue | 10.4% | ns | |
| Commercial | 17.8 | 10.6 | +68% |
| % of revenue | 9.9% | 5.8% |
| € millions | H1 2011 | H1 2010 | Change % | |
|---|---|---|---|---|
| Services | 15.9 | 11.9 | +34% | |
| % of revenue | 8.0% | 5.7% | ||
| Distribution | 1.2 | 8.8 | ns | |
| % of revenue | 3.0% | 15.7% | ||
| Services & Distribution | 17.1 | 20.7 | -17% | |
| % of revenue | 7.2% | 7.8% |
| € millions | H1 2011 | H1 2010 | Change % |
|---|---|---|---|
| Other activities | (12.6) | (7.3) | ns |
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