9-month revenue: €2.1 billion (up 10.5%)

5 Nov 2020

Residential: growth in the 3rd quarter, in line with post-lockdown recovery

  • New orders1 (9-month):  €2,407 million (+13%) for 8,520 units (+9%)
  • Notarised sales2 (9-month): €2,612 million (+68%)
  • Revenue3 (9-month): €1,651 million (+21%)

Retail: encouraging return to normal potentially suspended

  • Retailer sales for the 3rd quarter: +1.2%4
  • Net rental income (9-month): €140.8 million (down 7.4%, o/w -6.4% “Covid impact”)
  • Good progress in negotiations with retailers
  • Once again, only essential businesses can stay open

Business Property: good resumption in business

  • New orders (9-month): €138.6 million
  • Building sites: good progress, but only partly offsetting delays in the spring
  • Delivery of Danone headquarters in Rueil-Malmaison (92) in early October
  • Numerous operations under discussion, particularly in the Regions

Consolidated financial indicators: performance in challenging times

  • 9-month revenue: €2,099 million (+10.5%), +15.4% in Q3
  • Net debt5: €2,429.2 million (-€46.1 million vs. 31/12/2019)
  • Strong liquidity: €3,149 million at 30 September 2020, no RCFs6 drawn

Return of lockdown

  • Impact on FFO in the latter part of 2020 hard to gauge
  • Resumption of growth in FFO in 2021. Precise timing depending on the stabilisation of the health situation

 

Unaudited data as at 30 September 2020

  1. New orders net of withdrawals, in euros including VAT when expressed in value. New orders at 100%, with the exception of projects under joint control (Group share of placements, including Woodeum).
  2. Client’s definitive commitment is legally materialised upon the notarial signature, which regularises a reservation contract (depending on the stage of technical progress, client pays between 30% to 100% of the price at the notarial signature).
  3. Revenue by percentage of completion (technical and commercial) and external services.
  4. On a like-for-like basis, in July, August and September on the French scope (+1.0% including Sant Cugat shopping centre in Spain).
  5. Consolidated bank and bond net debt.
  6. Revolving credit facilities.
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