LESNXCONSTRUCTEURS : Les Nouveaux Constructeurs - First-Half 2011 Review
07/28/2011| 11:50am US/Eastern
Recommend:
Regulatory News:
LES NOUVEAUX CONSTRUCTEURS (Paris:LNC), a leading
residential and commercial real estate developer, today released its
business review for the six months ended June 30, 2011.
|
KEY PERFORMANCE INDICATORS (in ? millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First-half 2011
|
|
First-half 2010
|
|
% change
|
|
Net revenue
|
|
178
|
|
220
|
|
-19%
|
|
Orders (including VAT)
|
|
302
|
|
300
|
|
+1%
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2011
|
|
At Dec. 31, 2010
|
|
% change
|
|
Backlog, net
|
|
636
|
|
518
|
|
+23%
|
|
Land potential, net
|
|
1,337
|
|
1,077
|
|
+24%
|
|
|
|
|
|
|
|
|
Olivier Mitterrand, Chairman of the Management Board, said:
"After a record high sales performance in 2010, Les Nouveaux
Constructeurs continued to post good results in first-half 2011.
Backlog is up 23% compared with year-end 2010, which will generate
considerable revenue growth in the second half of the year. The increase
in land potential, which rose by 24% in six months, also attests to our
successes in France, in housing and in commercial property, our two
development paths. The acquisition of Cabrita, a real estate
developer based in Toulouse, reflects our goal of expanding in regions
that offer especially favorable property markets."
REVENUE
For the six months ended June 30, 2011, LNC revenue totaled
?178 million, versus ?220 million in the prior-year period, a decline of
19%.
REVENUE BY OPERATING SEGMENT
|
In ? millions excl. VAT
|
|
First-half 2011
|
|
First-half 2010
|
|
% change
|
|
France
|
|
115.3
|
|
129.1
|
|
-11%
|
|
Spain
|
|
7.7
|
|
26.9
|
|
-71%
|
|
Germany
|
|
50.8
|
|
46.0
|
|
+10%
|
|
Of which Concept Bau-Premier
|
|
11.0
|
|
15.1
|
|
-27%
|
|
Of which Zapf
|
|
39.8
|
|
30.9
|
|
+29%
|
|
Other countries
|
|
2.4
|
|
1.2
|
|
+100%
|
|
TOTAL HOUSING
|
|
176.2
|
|
203.2
|
|
-13%
|
|
COMMERCIAL REAL ESTATE
|
|
1.8
|
|
16.8
|
|
-89%
|
|
TOTAL
|
|
178.0
|
|
220.0
|
|
-19%
|
|
|
|
|
|
|
|
|
In France, first-half 2011 housing revenue totaled
?115.3 million, compared with ?129.1 million in the first six months of
2010. The contraction was due to a decline in housing construction that
was directly related to 2009's low level of land potential, with 2010's
strong sales performance expected to make a delayed impact on the
Company's accounts.
In Spain, revenue amounted to ?7.7 million, a decline of
?19.2 million compared with the prior-year period, as only 34 housing
units were delivered in first-half 2011, versus 88 in the first six
months of 2010. However, four new programs are scheduled for completion
and delivery in the second half.
In Germany, Concept Bau-Premier generated ?11.0 million in
revenue, with 27 homes delivered during the period, compared with
?15.1 million in revenue and 43 homes delivered in first-half 2010. A
considerably larger delivery program is also scheduled for the second
half of the year.
Zapf's revenue for the first six months of the year totaled
?39.8 million, versus ?30.9 million in first-half 2010. The 29% increase
was related to the strong performance of the garage business, which
accounted for 71% of revenue for the period.
In the commercial real estate segment, revenue declined to
?1.8 million from ?16.8 million in first-half 2010, following the
completion of the two CPI de Montevrain programs.
BUSINESS PERFORMANCE
Orders rose in value very slightly compared with first-half 2010. They
represented 1,374 housing units in the first six months of 2011,
compared with 1,336 in the year-earlier period, a volume increase of 3%.
TOTAL ORDERS
|
In ? millions incl. VAT
|
|
First-half 2011
|
|
First-half 2010
|
|
% change
|
|
France
|
|
194
|
|
195
|
|
-1%
|
|
Of which individual homebuyers
|
|
166
|
|
170
|
|
-2%
|
|
Of which block sales
|
|
28
|
|
25
|
|
+10%
|
|
Spain
|
|
12
|
|
29
|
|
-59%
|
|
Germany
|
|
81
|
|
58
|
|
+39%
|
|
Of which Concept Bau-Premier
|
|
41
|
|
30
|
|
+35%
|
|
Of which Zapf (excl. the garage business)
|
|
41
|
|
28
|
|
+43%
|
|
Other countries
|
|
16
|
|
12
|
|
+35%
|
|
TOTAL HOUSING
|
|
302
|
|
294
|
|
+3%
|
|
COMMERCIAL REAL ESTATE
|
|
0
|
|
6
|
|
-95%
|
|
TOTAL
|
|
302
|
|
300
|
|
+1%
|
|
|
|
|
|
|
|
|
In France, orders generally held firm, declining just a slight 1%
in value and 3% in volume against high first-half 2010 comparatives,
while the average unit price rose by 2%.
During second-quarter 2011, LNC launched 16 new projects on the
market, versus just one in the first quarter, thereby rebuilding its
product portfolio. In first-half 2011, sales to individual homebuyers
represented 667 units, versus 688 in the first six months of 2010.
Buy-to-let sales accounted for 45% of sales to private buyers in
first-half 2011, the same as in the prior-year period.
Block sales were generally stable in volume, with 151 units sold in
first-half 2011, compared with 155 for the previous-year period.
Totaling ?28 million, they represented 14% of orders booked in France.
In Spain, the subsidiary had 10 programs on the market at June
30, 2011. Orders totaled ?12 million (60 units) versus ?29 million (138
units) in first-half 2010. The 60 units comprised 34 affordable housing
units, 22 completed homes and one unit sold off-plan at market price.
Premier España had 96 completed homes that were unsold as of June
30, 2011, compared with 115 units six months earlier.
In Germany, Concept Bau-Premier booked 94 orders in
first-half 2011 versus 70 for the prior-year period. These solid results
were due to the success of programs recently launched in Munich.
Zapf's housing sales came to ?41 million in first-half 2011,
compared with ?28 million in the prior-year period. Orders involved a
total of 255 homes, versus 178 in the first six months of 2010.
BACKLOG
At June 30, 2011, backlog stood at ?636 million (excluding VAT), up 23%
from year-end 2010. It represented 16 months of business based on
housing revenue over the past 12 months, compared with 12 months of
business at December 31, 2010.
BACKLOG
|
In ? millions excl. VAT
|
|
At June 30, 2011
|
|
At Dec. 31, 2010
|
|
% change
|
|
France
|
|
373
|
|
331
|
|
+13%
|
|
Spain
|
|
64
|
|
61
|
|
+5%
|
|
Germany
|
|
183
|
|
115
|
|
+59%
|
|
Of which Concept Bau-Premier
|
|
95
|
|
66
|
|
+44%
|
|
Of which Zapf (incl. the garage business)
|
|
88
|
|
49
|
|
+80%
|
|
Other countries
|
|
16
|
|
10
|
|
+65%
|
|
TOTAL HOUSING
|
|
636
|
|
517
|
|
+23%
|
|
COMMERCIAL REAL ESTATE
|
|
0
|
|
1
|
|
-100%
|
|
TOTAL
|
|
636
|
|
518
|
|
+23%
|
|
|
|
|
|
|
|
|
In France, backlog at end-June 2011 came to ?373 million, up 13%
from December 31, 2010.
In Spain, backlog totaled ?64 million at the end of the period,
of which 72% for affordable housing units.
In Germany, backlog amounted to ?183 million at June 30, 2011, up
59% from six months earlier, thanks to sustained sales and because of
the small number of deliveries during the half.
Backlog rose by ?29 million for Concept Bau-Premier and
?39 million for Zapf compared with year-end 2010. Of Zapf's
total, 64% was for the construction business and 36% for the garage
business.
With the completion of the CPI de Montevrain programs and in the absence
of any orders, the commercial real estate business has no backlog
at present.
LAND POTENTIAL
LNC's land potential at June 30, 2011 amounted to a net
?1,337 million, an increase of 24% from year-end 2010.
Housing land potential totaled ?1,148 million excluding VAT at June 30,
2011 and represented 5,249 housing units. Based on revenue over the past
12 months, this represented more than two years of business.
CONFIRMED LAND POTENTIAL
|
In ? millions excl. VAT
|
|
At June 30, 2011
|
|
At Dec. 31, 2010
|
|
% change
|
|
France
|
|
831
|
|
708
|
|
+17%
|
|
Spain
|
|
118
|
|
91
|
|
+29%
|
|
Germany
|
|
181
|
|
178
|
|
+2%
|
|
Of which Concept Bau-Premier
|
|
181
|
|
178
|
|
+2%
|
|
Of which Zapf
|
|
0
|
|
0
|
|
|
|
Other countries
|
|
18
|
|
25
|
|
-25%
|
|
TOTAL HOUSING
|
|
1,148
|
|
1,002
|
|
+15%
|
|
COMMERCIAL REAL ESTATE
|
|
189
|
|
76
|
|
+149%
|
|
TOTAL
|
|
1,337
|
|
1,077
|
|
+24%
|
|
|
|
|
|
|
|
|
In France, housing land potential represented 3,910 units at June
30, 2011, versus 3,525 at December 31, 2010, an increase of 11% in
volume and 17% in value. This performance was driven by successful
efforts to build up the land potential in Ile-de-France.
In Spain, land potential rose by 44% to 568 housing units at June
30, 2011, from 395 units at year-end 2010. The increase was due mainly
to the signature of an agreement to purchase two new lots in the Madrid
Urban Community for the construction of affordable housing units. At the
end of the first half, LNC had five lots in Spain that were
intentionally being kept off the market.
In Germany, Concept Bau-Premier's land potential amounted
to 534 housing units at June 30, 2011, compared with 483 at end-December
2010.
Zapf no longer has any land potential due to the discontinuation
of its property development business.
Commercial real estate land potential totaled ?189 million net at
June 30, 2011, an increase of ?113 million from year-end 2010, thanks to
the first-quarter signature of an agreement to purchase a lot in
Montrouge, south of Paris, where 22,000 square meters of usable office
space will be built.
CABRITA ACQUISITION
On Thursday, July 28, 2011, Les Nouveaux Constructeurs acquired
all outstanding shares of Cabrita, a property developer. Based in
Toulouse, which is France's fourth-largest metropolitan area and offers
an especially favorable demographic and economic environment, Cabrita
has around 16 employees and production capacity of approximately 200
housing units a year. The company will be consolidated in LNC's
accounts beginning in the second half of 2011.
OUTLOOK
While revenue was low in first-half 2011, due in part to unfavorable
seasonal factors, a significant increase is expected in the second part
of the year, led by the delivery of major programs in Spain and Germany.
Logically, this seasonal contraction in revenue will have a negative
impact on first-half earnings.
Land potential is being actively built up in France, in housing as well
as in commercial property, a segment in which Les Nouveaux
Constructeurs is continuing to invest and already enjoys substantial
growth potential.
With the acquisition of Cabrita, the Toulouse-based real estate
developer, Les Nouveaux Constructeurs is pursuing its
strategic refocusing on France, in a region that offers considerable
opportunities for development.
FINANCIAL CALENDAR
-
First-half 2011 earnings report: Thursday, September 29, 2011, (before
the opening of 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, Les Nouveaux Constructeurs 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 has been listed on the NYSE Euronext
Paris, compartment C, since November 16, 2006 (code LNC; ISIN code:
FR0004023208) and is included in the SBF 250 index.
All LNC press releases are posted on its website at: http://www.lesnouveauxconstructeurs.fr/fr/communiques
APPENDIXES
QUARTERLY REVENUE - BY COUNTRY
|
In ? millions excl. VAT
|
|
2011
|
|
2010
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
France (Housing)
|
|
50.3
|
|
65.0
|
|
|
|
|
|
52.7
|
|
76.4
|
|
75.8
|
|
89.9
|
|
France (Commercial real estate)
|
|
1.3
|
|
0.5
|
|
|
|
|
|
6.5
|
|
10.3
|
|
11.4
|
|
6.3
|
|
Spain
|
|
2.2
|
|
5.5
|
|
|
|
|
|
16.0
|
|
10.9
|
|
3.6
|
|
11.8
|
|
Germany (Concept Bau-Premier)
|
|
6.1
|
|
4.9
|
|
|
|
|
|
12.6
|
|
2.5
|
|
8.7
|
|
36.4
|
|
Germany (Zapf)
|
|
14.3
|
|
25.5
|
|
|
|
|
|
10.2
|
|
20.7
|
|
24.5
|
|
43.4
|
|
Other countries
|
|
0.6
|
|
1.8
|
|
|
|
|
|
0.4
|
|
0.8
|
|
0.7
|
|
7.5
|
|
Total
|
|
74.8
|
|
103.2
|
|
|
|
|
|
98.4
|
|
121.6
|
|
124.7
|
|
195.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE UNIT PRICE - HOUSING ORDERS
|
In ? thousands incl. VAT
|
|
First-half 2011
|
|
First-half 2010
|
|
% change
|
|
France - including block sales((1))
|
|
237
|
|
231
|
|
+2%
|
|
France - excluding block sales((1))
|
|
249
|
|
247
|
|
+1%
|
|
Spain(2)
|
|
199
|
|
212
|
|
-6%
|
|
Germany(3)
|
|
232
|
|
236
|
|
-2%
|
|
Other countries(4)
|
|
106
|
|
108
|
|
-2%
|
|
Total
|
|
220
|
|
220
|
|
+0%
|
(1) Including VAT of 5.5% or 19.6%. (2) Including VAT of 7% for
first-time homebuyers. (3) No VAT. (4) Including 10% sales tax in
Indonesia.
NUMBER OF HOUSING ORDERS, NET
|
Number of units
|
|
First-half 2011
|
|
First-half 2010
|
|
% change
|
|
France
|
|
818
|
|
843
|
|
-3%
|
|
Spain
|
|
60
|
|
138
|
|
-57%
|
|
Germany (Concept Bau-Premier)
|
|
94
|
|
70
|
|
+34%
|
|
Germany (Zapf)
|
|
255
|
|
178
|
|
+43%
|
|
Other countries
|
|
147
|
|
107
|
|
+37%
|
|
Total
|
|
1,374
|
|
1,336
|
|
+3%
|
|
|
|
|
|
|
|
|
QUARTERLY ORDERS BY COUNTRY
|
In ? millions excl. VAT
|
|
2011
|
|
2010
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
France (Housing)
|
|
82
|
|
112
|
|
|
|
|
|
76
|
|
119
|
|
95
|
|
119
|
|
France (Commercial real estate)
|
|
0
|
|
0
|
|
|
|
|
|
0
|
|
6
|
|
0
|
|
1
|
|
Spain
|
|
5
|
|
7
|
|
|
|
|
|
15
|
|
14
|
|
21
|
|
15
|
|
Germany (Concept Bau-Premier)
|
|
26
|
|
15
|
|
|
|
|
|
13
|
|
17
|
|
14
|
|
21
|
|
Germany (Zapf)
|
|
22
|
|
19
|
|
|
|
|
|
9
|
|
19
|
|
23
|
|
5
|
|
Other countries
|
|
8
|
|
7
|
|
|
|
|
|
3
|
|
8
|
|
9
|
|
8
|
|
Total
|
|
143
|
|
159
|
|
|
|
|
|
116
|
|
184
|
|
161
|
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG BY QUARTER (period end)
|
In ? millions excl. VAT
|
|
2011
|
|
2010
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
France (Housing)
|
|
347
|
|
373
|
|
|
|
|
|
297
|
|
322
|
|
331
|
|
331
|
|
France (Commercial real estate)
|
|
0
|
|
0
|
|
|
|
|
|
28
|
|
19
|
|
8
|
|
1
|
|
Spain
|
|
63
|
|
64
|
|
|
|
|
|
42
|
|
43
|
|
59
|
|
61
|
|
Germany (Concept Bau-Premier)
|
|
86
|
|
95
|
|
|
|
|
|
60
|
|
75
|
|
81
|
|
66
|
|
Germany (Zapf)
|
|
70
|
|
88
|
|
|
|
|
|
57
|
|
78
|
|
87
|
|
49
|
|
Other countries
|
|
16
|
|
16
|
|
|
|
|
|
10
|
|
15
|
|
21
|
|
10
|
|
Total
|
|
582
|
|
636
|
|
|
|
|
|
494
|
|
552
|
|
586
|
|
518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAND POTENTIAL - HOUSING
|
Number of units
|
|
At June 30, 2011
|
|
At Dec. 31, 2010
|
|
% change
|
|
France
|
|
3,910
|
|
3,525
|
|
+11%
|
|
Spain
|
|
568
|
|
395
|
|
+44%
|
|
Germany (Concept Bau-Premier)
|
|
534
|
|
483
|
|
+11%
|
|
Germany (Zapf)
|
|
0
|
|
0
|
|
+0%
|
|
Other countries
|
|
237
|
|
327
|
|
-27%
|
|
Total
|
|
5,249
|
|
4,730
|
|
+11%
|
|
|
|
|
|
|
|
|
LAND POTENTIAL BY QUARTER (period end)
|
In ? millions excl. VAT
|
|
2011
|
|
2010
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q3
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
France (Housing)
|
|
710
|
|
831
|
|
|
|
|
|
617
|
|
684
|
|
619
|
|
708
|
|
France (Commercial real estate)
|
|
190
|
|
189
|
|
|
|
|
|
29
|
|
29
|
|
29
|
|
76
|
|
Spain
|
|
90
|
|
118
|
|
|
|
|
|
116
|
|
116
|
|
97
|
|
91
|
|
Germany (Concept Bau-Premier)
|
|
169
|
|
181
|
|
|
|
|
|
162
|
|
142
|
|
186
|
|
178
|
|
Germany (Zapf)
|
|
0
|
|
0
|
|
|
|
|
|
2
|
|
1
|
|
0
|
|
0
|
|
Other countries
|
|
21
|
|
18
|
|
|
|
|
|
12
|
|
15
|
|
15
|
|
25
|
|
Total
|
|
1,179
|
|
1,337
|
|
|
|
|
|
938
|
|
986
|
|
946
|
|
1,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Investor Relations
Les Nouveaux Constructeurs
Paul-Antoine
Lecocq, +33 (0)1 45 38 45 45
Vice President Finance
palecocq@lncsa.fr
or
LT
Value
Investor Relations
Nancy Levain / Maryline
Jarnoux-Sorin, +33 (0)1 44 50 39 30
nancy.levain@ltvalue.com
maryline.jarnoux-sorin@ltvalue.com
or
Media
Cap
& Cime
Financial Media
Capucine de Fouquières,
+33 (0)6 09 46 77 33
capucine@capetcime.fr
or
Real
Estate Media
Virginie Hunzinger, Tel: +33 (0)1 55 35 08 18
+33
(0)6 10 34 52 81
vhunzinger@capetcime.fr
© Business Wire 2011
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