NEXITY Paris, 31 May 2016
AT ITS SHAREHOLDERS' MEETING, NEXITY CONFIRMS ITS TARGETS AND REVISES UPWARD ITS MARKET OUTLOOK FOR NEW HOME SALES IN 2016
Nexity is holding its Combined Shareholders' Meeting today, Tuesday, 31 May 2016 at 10 a.m. at the Pavillon Gabriel in Paris, chaired by Alain Dinin, Chairman and Chief Executive Officer. At this Shareholders' Meeting (where resolutions have been submitted on topics including the renewal of certain directors' appointments, compensation paid to company officers and the delegations of financial authority conferred to the Board of Directors), Nexity will confirm all its targets and revise upward its market outlook for new home sales in France in 2016 to approximately 120,000 net reservations, versus Nexity's previous estimates of 110,000[1].
This outlook has been revised as a result of the continued high level of business activity in Residential real estate in April and May 2016, in line with the growth observed in the first quarter of 2016, which is expected to continue over the coming months.
Nexity's targets and outlook are as follows:
Outlook for 2016
- Growth in Nexity's new home reservations, consistent with estimated French market volume of around 120,000 reservations for 2016 1
- External growth: Nexity takes majority stakes in Edouard Denis and developer Primosud
- Order intake in Commercial real estate of about €250 million
- 2016 revenue: stable, around €3 billion
- 2016 current operating profit target: at least €235 million (up 7%)
Medium-term outlook
- Increase in business activity (organic and external growth)
- Continued investments in digital and innovation (about €20 million/year)
- Ambition for 2018: €300 million in current operating profit
The indicators and financial data, including forward-looking information, used in this press release are based on Nexity's operational reporting, with joint ventures proportionately consolidated.
[1] Translates to year-on-year growth compared to 2015 (102,500 reservations - source: CGDD) of 15-20%, versus 5-10% as initially expected. Cf. press releases on Nexity's 2015 annual results (16 February 2016) and on Q1 2016 business activity and revenue (27 April 2016).
[2] Subject to approval at Nexity's Shareholders' Meeting.
[3] Pending the decision of Nexity's Board of Directors and approval at the Shareholders' Meeting.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nexity via Globenewswire
