Half Year 2024 Nexity SA Earnings Call Transcript
Key Points
- Significant deleveraging of EUR264 million, reducing debt by 31%.
- Positive operating profits of EUR55 million, in line with annual guidance.
- Stable retail reservations despite market downturn, indicating strong market position.
- Successful disposal of PMI business, generating EUR183 million in capital gains.
- High occupancy rates in serviced properties, with sales up 4%.
- Total sales down 14% excluding divested activities, reflecting market challenges.
- Significant transformation costs of EUR128 million impacting financials.
- Decline in bookings and distribution activities due to market headwinds.
- High construction costs and price adjustments impacting profit margins.
- Deferred cash inflow of EUR85 million from key project affecting working capital.
Good evening, and welcome to this presentation of the half year results for 2024. This presentation is being recorded. (Operator Instructions) I'll now give the floor to Mrs. Véronique Bédague, who is CEO and Chairman of the Board.
Good evening. Welcome, and thank you for joining us on this webcast for our half year results. As usual, I have with me Jean-Claude Bassien; Pierre-Henry Pouchelon; the Chief of Investor Relations. I'll share with you the highlights of this half year presentation.
Jean-Claude and Pierre-Henry will give you details about our business activity and financial performance. And of course, we'll be able to put questions after the presentation.
First of all, a few key take-home messages on H1 and a few words about the market itself. As you know, this industry has been operating in what has been a downward market on housing. On new property, we have a downward trend to the tune of about 15% according to FPI after Q1, 27
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