Regulatory News:
LES NOUVEAUX CONSTRUCTEURS (Paris:LNC), a leading residential real estate developer, today released its earnings report for first-half 2012. The financial statements for the period were examined by the Supervisory Board on September 21. They have also been reviewed by the auditors, who issued their report on September 26.
KEY PERFORMANCE INDICATORS (in ? millions) | ||||||||
First-half 2012 | First-half 2011 | |||||||
Net revenue | 212.0 | 178.0 | ||||||
Gross profit | 46.4 | 42.7 | ||||||
Gross margin | 21.9% | 24.0% | ||||||
Recurring operating profit/(loss) | (2.9) | 0.0 | ||||||
Recurring operating margin | -1.4% | 0.0% | ||||||
Net profit/(loss), Group share | (0.1) | 0.1 | ||||||
At June 30. 2012 | At Dec. 31. 2011 | |||||||
Net cash/(debt) | (1.4) | 29.3 |
Olivier Mitterrand, Chairman of the Management Board, said:
"During the first six months of the year, we continued to turn in a strong business performance, especially in France where sales were sustained by a broader product portfolio adapted to demand. Despite a 19% increase in consolidated revenue for the first half, our profitability was impacted by the poor operating performance of Zapf's Bau division, for which a recovery plan has been launched. Backlog was at a high level, providing LNC with clear visibility for the year ahead. Our land potential - of which 90% is in France - has been significantly strengthened in recent years and we are continuing to develop it on a selective basis."
REVENUE
For the six months ended June 30, 2012, LNC revenue totaled ?212 million, an increase of 19% over the prior-year period.
REVENUE BY OPERATING SEGMENT
In ? millions excl. VAT | First-half 2012 | First-half 2011 | % change | |||||||||
France | 138.1 | 115.3 | 20% | |||||||||
Spain | 11.0 | 7.7 | 43% | |||||||||
Germany | 53.8 | 50.8 | 6% | |||||||||
Of which Concept Bau | 8.6 | 11.0 | -22% | |||||||||
Of which Zapf | 45.2 | 39.8 | 14% | |||||||||
Other countries | 0.6 | 2.4 | -75% | |||||||||
TOTAL HOUSING | 203.4 | 176.2 | 15% | |||||||||
COMMERCIAL REAL ESTATE | 8.6 | 1.8 | 378% | |||||||||
TOTAL | 212.0 | 178.0 | 19% |
In France, first-half 2012 housing revenue increased by 20% to ?138 million, from ?115.3 million in the first six months of 2011. The rise was due to the increase in home building activity in 2010 and 2011. Cabrita, the Toulouse-based developer consolidated as from August 1, 2011, contributed ?14.2 million to revenue for the period.
In Spain, revenue amounted to ?11 million, compared with ?7.7 million in first-half 2011, thanks to the delivery of 59 homes in the first six months of 2012, compared with 34 units in the prior-year period. Of the total deliveries in first-half 2012, 24 were affordably priced units and 35 were homes sold on the open market, most of them previously completed units.
In Germany, Concept Bau generated ?8.6 million in revenue, with 10 homes delivered during the period - most of them upscale units sold at high unit prices - compared with ?11 million in revenue and 27 homes delivered in first-half 2011.
Zapf's revenue amounted to ?45.2 million, versus ?39.8 million in the year-earlier period, an increase of 14%. Growth was led by the strong performance of the Prefabricated Garages division, which accounted for 72% of the subsidiary's first-half revenue. A total of 6,745 units were delivered during the first six months of the year, compared with 6,066 in first-half 2011, an increase of 11%.
Given the deconsolidation of the Indonesian subsidiary, which was sold in first-quarter 2012, the "Other countries" segment contributed almost nothing to first-half revenue.
Revenue from commercial real estate totaled ?8.6 million. It came from the office building in Boulogne, which was sold to an investor in fourth-quarter 2011. Construction of the building began in early 2012.
BUSINESS PERFORMANCE
Orders rose by 14% to ?343 million in first-half 2012, from ?302 million in the prior-year period. This represented 1,517 units sold in the first six months of 2012, compared with 1,374 in first-half 2012, a volume increase of 10%.
TOTAL ORDERS
In ? millions incl. VAT | First-half 2012 | First-half 2011 | % change | |||||||||
France | 263 | 194 | 36% | |||||||||
Of which individual homebuyers | 226 | 166 | 36% | |||||||||
Of which block sales | 37 | 28 | 32% | |||||||||
Spain | 30 | 12 | 159% | |||||||||
Germany | 50 | 81 | -38% | |||||||||
Of which Concept Bau | 29 | 41 | -29% | |||||||||
Of which Zapf (excl. the Garages division) | 21 | 41 | -48% | |||||||||
Other countries | 0 | 16 | -100% | |||||||||
TOTAL HOUSING | 343 | 302 | 14% | |||||||||
COMMERCIAL REAL ESTATE | 0 | 0 | nm | |||||||||
TOTAL | 343 | 302 | 14% |
In France, first-half housing orders rose sharply to ?263 million, from ?194 million in the first six months of 2011. This represented 1,117 housing units, compared with 818 for the year-earlier period. The increase was driven by a significantly broader product portfolio, especially following the large number of new programs launched on the market in second-half 2011. Demand continued throughout first-half 2012 although sales office traffic declined and the pace of sales slowed compared with the prior-year period.
The customer profile has substantially changed, with buy-to-live sales representing 68% of total sales to private buyers in the first six months of 2012, versus 43% for full-year 2011, and buy-to-let sales accounting for the remaining 32% in first-half 2012, compared with 57% for 2011.
Block sales were also higher, increasing to 208 units, from 151 units in first-half 2011. Totaling ?37 million, they represented nearly 14% of orders booked in France.
Cabrita, which was not included in the first-half 2011 scope of consolidation, contributed ?14 million to first-half 2012 revenue on sales of 80 units. Note as well that starting in 2012, LNC is returning to the standard method of recognizing orders that was used until year-end 2009, i.e. without waiting until buyers complete their mortgage applications.
In Spain, orders totaled ?30 million (180 units) versus ?12 million (60 units) in first-half 2011. Orders were mainly for affordably priced units, a product that is meeting with considerable success in the marketplace. For example, the Hospitalet program in Barcelona, launched in April 2012, generated 103 orders in less than three months.
Premier España had 25 completed homes that were unsold as of June 30, 2012, compared with 46 units six months earlier.
In Germany, orders at Concept Bau totaled ?29 million, versus ?41 million in first-half 2011. The subsidiary booked 86 orders in the first six months of 2012, compared with 94 for the prior-year period. Because of the make-up of the current product portfolio, orders in 2012 were for units with a substantially lower average unit price than in first-half 2011.
Zapf's housing sales came to ?21 million in first-half 2012, compared with ?41 million in the prior-year period. These involved a total of 134 units, versus 255 in the first six months of the previous year.
There were no new orders in the commercial real estate business during the period.
BACKLOG
At June 30, 2012, backlog stood at ?892 million (excluding VAT), up 14% from year-end 2011. It represented 19 months of business based on housing revenue over the past 12 months, compared with 17 months of business at December 31, 2011.
BACKLOG
In ? millions excl. VAT | At June 30, 2012 | At Dec. 31, 2011 | % change | |||||||||
France | 572 | 504 | 13% | |||||||||
Spain | 74 | 55 | 35% | |||||||||
Germany | 204 | 153 | 34% | |||||||||
Of which Concept Bau | 114 | 94 | 21% | |||||||||
Of which Zapf (incl. the Garages division) | 90 | 59 | 54% | |||||||||
Other countries | 0 | 21 | -100% | |||||||||
TOTAL HOUSING | 850 | 733 | 16% | |||||||||
COMMERCIAL REAL ESTATE | 42 | 51 | -18% | |||||||||
TOTAL | 892 | 784 | 14% |
In France, housing backlog at end-June 2012 came to ?572 million, up 13% from December 31, 2011, as the business held up well during the first six months of the year.
In Spain, backlog totaled ?74 million at June 30, 2012 and was divided equally between Madrid and Barcelona. Of the total, 95% involved orders for affordably priced housing units.
In Germany, backlog stood at ?204 million, up 34% from year-end 2011.
Backlog at Concept Bau rose by 21% to ?114 million. This especially high level was due to strong marketing efforts prior to the period and the important program of deliveries scheduled for second-half 2012, in particular the high-profile Cosimastrasse program in Munich.
Zapf's backlog totaled ?90 million, of which 61% for the Bau division (364 units) and 39% for the Garages division (7,604 units). Because of Zapf's short construction cycle, most of the backlog will be delivered in second-half 2012.
Commercial real estate backlog comprises the office building in Boulogne, which was sold to an institutional investor in late 2011 and is currently being built.
LAND POTENTIAL
LNC's land potential at June 30, 2012 amounted to a net ?1,234 million, a decline of 14% from year-end 2011.
Housing land potential totaled ?1,098 million excluding VAT at June 30, 2012 and corresponded to 5,149 units. This represented 24 months of business based on revenue over the past 12 months.
LAND POTENTIAL
In ? millions excl. VAT | At June 30, 2012 | At Dec. 31, 2011 | % change | |||||||||
France | 961 | 1,092 | -12% | |||||||||
Spain | 29 | 66 | -56% | |||||||||
Germany | 108 | 102 | 6% | |||||||||
Of which Concept Bau | 108 | 102 | 6% | |||||||||
Of which Zapf | 0 | 0 | 0% | |||||||||
Other countries | 0 | 41 | -100% | |||||||||
TOTAL HOUSING | 1,098 | 1,301 | -16% | |||||||||
COMMERCIAL REAL ESTATE | 136 | 140 | -3% | |||||||||
TOTAL | 1,234 | 1,441 | -14% |
In France, where nearly 90% of LNC's housing land potential is located, purchase selection criteria have been adapted more closely to recent market conditions. This change led to a decrease in net confirmed land potential, which represented seven new programs in first-half 2012, compared with seventeen in the prior-year period. Housing land potential at June 30, 2012 amounted to ?961 million, a decline of 12% from year-end 2011, and represented 4,727 housing units, versus 5,497 units six months earlier.
In Spain, where no additional land was acquired during the first half, the land potential continued to diminish and represented 169 housing units at June 30, 2012, compared with 358 units at year-end 2011. At June 30, 2012, LNC had four lots in Spain that were intentionally being kept off the market, as well as two tranches of suspended operations.
In Germany, Concept Bau's land potential increased slightly in value to ?108 million at June 30, 2012 and represented 253 units, compared with 260 at December 31, 2011.
Zapf no longer has any land potential because of the discontinuation of its property development business.
The "Other countries" segment no longer has any land potential following the disposal of the Indonesian subsidiary in March 2012.
In Commercial real estate, the land potential was generally stable at ?136 million. It is comprised of programs in Montrouge and Chatenay Malabry, near Paris, which are in the financial structuring and pre-sales phase.
FINANCIAL REVIEW
- Income statement
Gross profit for the first six months of 2012 rose by ?3.7 million to ?46.4 million, from ?42.7 million in the prior-year period. Gross margin stood at 21.9% of revenue, compared with 24% in first-half 2011.
The country-by-country breakdown in gross profit is as follows:
GROSS PROFIT BY COUNTRY
In ? millions excl. VAT | First-half 2012 | First-half 2011 | ||||||
France - Housing | 34.6 | 26.1 | ||||||
France - Commercial real estate | 2.3 | 0.5 | ||||||
Spain | 0.1 | 0.5 | ||||||
Germany - Concept Bau | 2.1 | 2.5 | ||||||
Germany - Zapf | 7.1 | 12.3 | ||||||
Other countries | 0.2 | 0.8 | ||||||
TOTAL | 46.4 | 42.7 |
In France, gross profit from the Housing business totaled ?34.6 million, an increase of ?8.5 million compared with first-half 2011. Gross margin amounted to 25% of revenue, an increase over the prior-year period's 22.6%. The improvement results from the high selling prices for programs brought to market in 2010 and 2011.
Gross profit for Commercial real estate came to ?1.8 million, led by an increase in revenue resulting from the construction of the office building in Boulogne.
In Spain, gross margin was slightly lower for the period while gross profit stood at 0.9% of revenue. This low level was due in particular to the fact that nearly 50% of first-half revenue was generated by previously completed units, which by nature yield very low margins.
In Germany, Concept Bau's gross profit also declined slightly, to ?2.1 million from ?2.5 million in first-half 2011, and represented 24.4% of revenue.
Zapf, however, recorded a significant decline in gross profit, which totaled ?7.1 million, versus ?12.3 million in the first six months of 2011. During the period, the Bau division reported major building-cost overruns on small apartment projects, which required that ?2.9 million be set aside in provisions. Margins in the Garages division were, however, unchanged.
For the period, LNC reported a recurring operating loss of ?2.9 million, a decline from first-half 2011 when the figure was at breakeven.
In France, recurring operating profit from the Housing and Commercial real estate segments, which accounted for over two-thirds of the Group's business, rose sharply to ?11.4 million (7.8% of revenue) from ?7.4 million (6.3% of revenue) in first-half 2011.
In Spain and Germany, the recurring operating loss was due to the traditionally low level of deliveries in the first half, as gross margin did not cover overheads. Given the seasonal nature of the business, the number of deliveries - and therefore the revenue and profit - from these two countries is expected to be sharply higher in the second half.
Following the above-mentioned decline in gross profit, Zapf had a strongly negative impact on LNC's overall performance, with the subsidiary ending the period with a ?12-million operating loss, versus a ?3.8-million loss in the first six months of 2011.
Net finance costs and other financial income and expense represented a net expense of ?1.5 million, compared with a net expense of ?1.6 million in the prior-year period. Income tax expense rose to ?2.4 million, from ?0.1 million in first-half 2011, because of the increase in taxable profit in France.
The net loss, Group share of ?0.1 million reported for the period was broadly unchanged from the net profit, Group share of ?0.1 million recorded in the first six months of 2011.
- Balance sheet structure
Working capital requirement amounted to ?178.5 million at June 30, 2012 an increase of ?17.5 million over year-end 2011, owing mainly to the acquisition of land in France.
Consolidated net debt totaled ?1.4 million at end-June 2012, compared with net cash of ?29.3 million six months earlier. The decline of ?30.7 million was due mainly in the above-mentioned increase in working capital requirement and to the payment of dividends in June 2012.
At June 30, 2012, net debt represented 1% of consolidated equity, which came to ?195.9 million. Equity in France amounted to 87% of the consolidated total at end-June 2012.
OUTLOOK
In second-half 2012, Les Nouveaux Constructeurs will pursue its efforts to optimize marketing and production costs for programs currently underway while vigilantly reinforcing its new project acquisition criteria, the priority being to ensure that purchases are aligned with the market. In France, thanks to its more extensive product portfolio, substantial backlog, high-quality land potential and ability to selectively seize opportunities in the commercial real estate segment, LNC enjoys clear visibility for the rest of the year and is committed to sustaining the current growth momentum.
FINANCIAL CALENDAR
-
Third-quarter financial data: Wednesday, October 31, 2012
(before start of trading on the NYSE-Euronext Paris stock exchange)
LES NOUVEAUX CONSTRUCTEURS
Les Nouveaux Constructeurs, founded by Olivier Mitterrand, is a leading developer of new housing, as well as offices, in France and two other European countries.
Since 1972, the Company has delivered nearly 60,000 apartments and single-family homes in France and abroad. It has an extensive presence in France, where its operations in the country's six largest metropolitan areas and high-quality programs have made Les Nouveaux Constructeurs one of the most well known names in the industry.
Les Nouveaux Constructeurs ("LNC") has been listed on the NYSE Euronext Paris, compartment C, since November 16, 2006 (ISIN: FR0004023208) and is included in the SBF 250 index.
All LNC press releases are posted on its website at: www.lesnouveauxconstructeurs.fr/fr/communiques
APPENDICES
QUARTERLY REVENUE - BY COUNTRY
In ? millions excl. VAT | 2012 | 2011 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||
France (Housing) | 55.2 | 82.8 | 50.3 | 65.0 | 56.4 | 94.4 | ||||||||||||||||||||||||||
France (Commercial real estate) | 2.4 | 6.2 | 1.3 | 0.5 | 0.0 | 5.4 | ||||||||||||||||||||||||||
Spain | 3.3 | 7.7 | 2.2 | 5.5 | 16.3 | 30.7 | ||||||||||||||||||||||||||
Germany (Concept Bau) | 6.1 | 2.5 | 6.1 | 4.9 | 21.1 | 30.6 | ||||||||||||||||||||||||||
Germany (Zapf) | 13.7 | 31.5 | 14.3 | 25.5 | 29.7 | 55.6 | ||||||||||||||||||||||||||
Other countries | 0.3 | 0.3 | 0.6 | 1.8 | 0.9 | 5 | ||||||||||||||||||||||||||
TOTAL | 81.0 | 131.0 | 74.8 | 103.2 | 124.4 | 221.7 |
AVERAGE UNIT PRICE - HOUSING ORDERS | ||||||||||||
In ? thousands incl. VAT | First-half 2012 | First-half 2011 | % change | |||||||||
France - including block sales(1) | 235 | 237 | -1% | |||||||||
France - excluding block sales(1) | 249 | 249 | 0% | |||||||||
Spain(2) | 169 | 199 | -15% | |||||||||
Germany (Concept Bau) | 337 | 431 | -22% | |||||||||
Germany (Zapf) | 160 | 159 | 1% | |||||||||
Other countries(3) | - | 106 | nm | |||||||||
LNC | 226 | 220 | 3% | |||||||||
LNC (excluding Other countries) | 226 | 233 | -3% | |||||||||
(1) Including VAT of 7% or 19.6%. (2) Including VAT of 7% for first-time homebuyers. (3) Indonesia deconsolidated in 2012. | ||||||||||||
NUMBER OF HOUSING ORDERS, NET | ||||||||||||
Number of units | First-half 2012 | First-half 2011 | % change | |||||||||
France | 1,117 | 818 | 37% | |||||||||
Spain | 180 | 60 | 200% | |||||||||
Germany (Concept Bau) | 86 | 94 | -9% | |||||||||
Germany (Zapf) | 134 | 255 | -47% | |||||||||
Other countries | 0 | 147 | nm | |||||||||
TOTAL | 1,517 | 1 374 | 10% |
QUARTERLY ORDERS BY COUNTRY | ||||||||||||||||||||||||||||||||
In ? millions incl. VAT | 2012 | 2011 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||
France (Housing) | 128 | 134 | 82 | 112 | 116 | 195 | ||||||||||||||||||||||||||
France (Commercial real estate) | 0 | 0 | 0 | 0 | 0 | 67 | ||||||||||||||||||||||||||
Spain | 3 | 27 | 5 | 7 | 4 | 28 | ||||||||||||||||||||||||||
Germany (Concept Bau) | 18 | 11 | 26 | 15 | 41 | 18 | ||||||||||||||||||||||||||
Germany (Zapf) | 9 | 13 | 22 | 19 | 11 | 13 | ||||||||||||||||||||||||||
Other countries | 0 | 0 | 8 | 7 | 7 | 18 | ||||||||||||||||||||||||||
TOTAL | 158 | 185 | 143 | 159 | 179 | 340 | ||||||||||||||||||||||||||
BACKLOG BY QUARTER (period end) | ||||||||||||||||||||||||||||||||
In ? millions excl. VAT | 2012 | 2011 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||
France (Housing) | 549 | 572 | 347 | 373 | 440 | 504 | ||||||||||||||||||||||||||
France (Commercial real estate) | 48 | 42 |
| 0 | 0 | 0 | 51 | |||||||||||||||||||||||||
Spain | 55 | 74 | 63 | 64 | 52 | 55 | ||||||||||||||||||||||||||
Germany (Concept Bau) | 105 | 114 | 86 | 95 | 116 | 94 | ||||||||||||||||||||||||||
Germany (Zapf) | 77 | 90 | 70 | 88 | 97 | 59 | ||||||||||||||||||||||||||
Other countries | 0 | 0 | 16 | 16 | 18 | 21 | ||||||||||||||||||||||||||
TOTAL | 834 | 892 | 582 | 636 | 723 | 784 |
LAND POTENTIAL - HOUSING | ||||||||||||
Number of units | At June 30, 2012 | At Dec. 31, 2011 | % change | |||||||||
France | 4,727 | 5,497 | -14% | |||||||||
Spain | 169 | 358 | -53% | |||||||||
Germany (Concept Bau) | 253 | 260 | -3% | |||||||||
Germany (Zapf) | 0 | 0 | nm | |||||||||
Other countries | 0 | 830 | nm | |||||||||
TOTAL | 5,149 | 6,945 | -26% |
LAND POTENTIAL BY QUARTER (period end) | ||||||||||||||||||||||||||||||||
In ? millions excl. VAT | 2012 | 2011 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||
France (Housing) | 981 | 961 | 710 | 831 | 952 | 1,092 | ||||||||||||||||||||||||||
France (Commercial real estate) | 136 | 136 | 190 | 189 | 186 | 140 | ||||||||||||||||||||||||||
Spain | 58 | 29 | 90 | 118 | 71 | 66 | ||||||||||||||||||||||||||
Germany (Concept Bau) | 85 | 108 | 169 | 181 | 83 | 102 | ||||||||||||||||||||||||||
Germany (Zapf) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Other countries | 0 | 0 | 21 | 18 | 33 | 41 | ||||||||||||||||||||||||||
TOTAL | 1,260 | 1,234 | 1,179 | 1,337 | 1,325 | 1,441 |
DISCLAIMER
The statements on which the Company objectives are based may contain forward-looking statements. Such forward-looking statements involve risks and uncertainties regarding the economic, financial, competitive, and regulatory environment and the completion of investment programs and asset transfers. In addition, the occurrence of certain risks [see chapter 4 in the Document de Base registered with the French Stock Exchange Commission (AMF) under number I.06-155] could affect the business of the Company and its financial performance. Moreover, the achievement of the objectives supposes the success of the marketing strategy of the Company (see chapter 6 of the Document de Base). Therefore, the Company hereby makes no commitment nor gives any guarantee as to the fulfillment of objectives. The Company does not undertake to update any forward-looking statement subject to the respect of the principles of the permanent information as provided by articles 221-1 et seq. of the AMF's general regulations.
CONSOLIDATED INCOME STATEMENT
INCOME STATEMENT | ||||||||||||
In ? thousands |
First-half |
First-half | 2011 | |||||||||
Revenue | 212,047 | 178,050 | 524,083 | |||||||||
Cost of sales | (165,640) | (135,399) | (395,372) | |||||||||
Gross profit | 46,407 | 42,651 | 128,711 | |||||||||
Payroll costs | (25,714) | (22,799) | (49,542) | |||||||||
Other recurring operating income and expense, net | (20,783) | (16,916) | (43,384) | |||||||||
Taxes other than on income | (1,045) | (864) | (1,765) | |||||||||
Net depreciation and amortization expense and impairment | (1,736) | (2,085) | (4,078) | |||||||||
Recurring operating profit/(loss) | (2,871) | (13) | 29,942 | |||||||||
Other operating income and expense | 2,609 | 0 | 0 | |||||||||
Operating profit/(loss) | (262) | (13) | 29,942 | |||||||||
Finance costs | (1,907) | (2,263) | (5,498) | |||||||||
Income from cash and cash equivalents | 710 | 967 | 1,510 | |||||||||
Net finance costs | (1,197) | (1,296) | (3,988) | |||||||||
Other financial expense | (541) | (692) | (3,458) | |||||||||
Other financial income | 233 | 344 | 1,035 | |||||||||
Net finance costs and other financial income and expense | (1,505) | (1,644) | (6,411) | |||||||||
Profit/(loss) from operations before tax | (1,767) | (1,657) | 23,531 | |||||||||
Income tax | (2,363) | (137) | (7,656) | |||||||||
Shares of profits and losses in associates | (118) | 104 | (609) | |||||||||
Net profit/(loss) of fully consolidated companies | (4,248) | (1,690) | 15,266 | |||||||||
Minority interests | (4,139) | (1,825) | 118 | |||||||||
Net profit/(loss), Group share | (109) | 135 | 15,148 | |||||||||
Basic earnings/(loss) per share (in ?) | (0.01) | 0.01 | 1.04 | |||||||||
Diluted earnings/(loss) per share (in ?) | (0.01) | 0.01 | 1.04 |
*To make financial information easier to understand, the cost of performance bonds presented in "Finance costs" in the first-half 2011 financial statements has been reclassified to "Other financial expenses" in the amount of ?0.4 million.
Assets | At June 30, 2012 | At Dec. 31, 2011 | ||||||
In ? thousands | ||||||||
Net goodwill | 6,844 | 6,844 | ||||||
Net intangible assets | 346 | 292 | ||||||
Net property, plant and equipment | 39,181 | 38,889 | ||||||
Other non-current investments | 1,246 | 2,885 | ||||||
Deferred tax assets | 8,120 | 6,625 | ||||||
Total non-current assets | 55,737 | 55,535 | ||||||
Inventories and work in progress | 376,050 | 324,782 | ||||||
Trade receivables and related accounts | 47,608 | 46,225 | ||||||
Tax receivables | 114 | 135 | ||||||
Other current assets | 52,442 | 46,605 | ||||||
Current available-for-sale securities | 809 | 808 | ||||||
Other current financial assets | 15,253 | 15,129 | ||||||
Cash and cash equivalents | 124,215 | 151,613 | ||||||
Total current assets | 616,491 | 585,297 | ||||||
Total assets | 672,228 | 640,832 | ||||||
Liabilities | At June 30, 2012 | At Dec. 31, 2011 | ||||||
In ? thousands | ||||||||
Contributed capital | 15,242 | 15,242 | ||||||
Additional paid-in capital | 77,115 | 77,115 | ||||||
Reserves and retained earnings | 103,382 | 95,952 | ||||||
Net profit/(loss), Group share | (109) | 15,148 | ||||||
Shareholders' equity before minority interests | 195,630 | 203,457 | ||||||
Minority interests | 274 | 4,809 | ||||||
Shareholders' equity | 195,904 | 208,266 | ||||||
Non-current borrowings | 73,221 | 71,071 | ||||||
Non-current provisions | 2,983 | 2,570 | ||||||
Deferred tax liabilities | 7,304 | 6,921 | ||||||
Total non-current liabilities | 83,508 | 80,562 | ||||||
Current borrowings | 65,281 | 63,313 | ||||||
Current provisions | 14,321 | 15,428 | ||||||
Trade and other payables | 122,743 | 117,852 | ||||||
Tax liabilities | 315 | 2,389 | ||||||
Other current liabilities | 178,555 | 140,646 | ||||||
Other current financial liabilities | 11,601 | 12,376 | ||||||
Total current liabilities | 392,816 | 352,004 | ||||||
Total shareholders' equity and liabilities | 672,228 | 640,832 |
In ? thousands | First-half 2012 |
First-half 2011 | 2011 | |||||||||
Net profit/(loss) of fully consolidated companies | (4,248) | (1,690) | 15,266 | |||||||||
Adjustments to reconcile profit to net cash provided by operating activities | 237 | 271 | ||||||||||
Elimination of depreciation, amortization and provisions | 2,042 | 2,031 | (592) | |||||||||
Elimination of fair value adjustments | 333 | (238) | 849 | |||||||||
Elimination of capital gains and losses | (2,649) | (7) | 12 | |||||||||
Elimination of earnings/(losses) of associates | 118 | (104) | 609 | |||||||||
= Cash flow after finance costs and tax | (4,404) | 230 | 16,415 | |||||||||
Elimination of net finance costs | 1,197 | 1,296 | 3,988 | |||||||||
Elimination of tax expenses, including deferred tax | 2,363 | 137 | 7,656 | |||||||||
= Cash flow before finance costs and tax | (844) | 1,663 | 28,059 | |||||||||
Impact of changes in operating working capital requirement | (11,330) | (51,358) | (4,490) | |||||||||
Net interest payments | (1,197) | (1,695) | (4,006) | |||||||||
Tax payments | (5,673) | (3,488) | (7,887) | |||||||||
Net cash provided (used) by operating activities | (19,044) | (54,878) | 11,676 | |||||||||
Effect of changes in the scope of consolidation | (5,878) | |||||||||||
Disposals of consolidated companies, after deducting disposals of cash | (2,076) | (709) | ||||||||||
Acquisition of intangible assets and property, plant and equipment | (2,182) | (1,099) | (3,200) | |||||||||
Acquisition of financial assets | (2,712) | (114) | (2,799) | |||||||||
Disposal of intangible assets and property, plant and equipment | (11) | 8 | 12 | |||||||||
Disposal and repayment of financial assets | 1,140 | 301 | 400 | |||||||||
Dividends received from associates | (426) | 681 | 691 | |||||||||
Net cash used by financing activities | (6,267) | (223) | (11,483) | |||||||||
Effect of changes in the scope of consolidation | (200) | (200) | ||||||||||
Dividends paid to parent company shareholders | (7,344) | (7,350) | (7,349) | |||||||||
Dividends paid to minority shareholders in consolidated companies | (382) | (683) | (806) | |||||||||
Acquisition and disposal of treasury shares | (8) | (55) | (86) | |||||||||
Changes in borrowings | 2,648 | 25,533 | (12,797) | |||||||||
Net cash provided (used) by financing activities | (5,086) | 17,245 | (21,238) | |||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | (77) | (116) | 180 | |||||||||
Change in net cash and cash equivalents | (30,474) | (37,972) | (20,865) | |||||||||
Opening net cash and cash equivalents | 151,057 | 171,922 | 171,922 | |||||||||
Closing net cash and cash equivalents | 120,583 | 133,950 | 151,057 | |||||||||
of which Cash and cash equivalents | 124,215 | 134,660 | 151,613 | |||||||||
of which Bank overdrafts | 3,632 | 710 | 556 | |||||||||
Closing net cash and cash equivalents | 120,583 | 133,950 | 151,057 |
Les Nouveaux Constructeurs
Investor Relations
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or
LT
Value
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or
Media
Cap
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Real
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