Full Year 2024 Nexity SA Earnings Call Transcript
Key Points
- Nexity SA (FRA:NQ9) successfully executed its transformation plan, reducing financial debt by 44% to EUR474 million, ahead of its target.
- Retail sales showed strong performance with a 14% growth in the second half of 2024, driven by first-time buyers and effective marketing campaigns.
- The company secured its medium-term banking funding until February 2028, ensuring liquidity and financial stability.
- Nexity SA's liquidity stands at EUR1 billion, providing confidence for future operations and investments.
- The company has a robust pipeline with a developable volume of 61,000 homes, positioning it as a leader in the sector.
- Total reservations were down 8% in 2024, reflecting challenges in the market despite a recovery in retail sales.
- Operating profit was only EUR2 million, heavily impacted by transformation costs of EUR218 million.
- Recurring operating profit showed a loss of EUR120 million, indicating ongoing financial challenges.
- The office space segment is experiencing a low point in the cycle, with a backlog reflecting reduced market activity.
- The company faces potential delays in planning permissions due to upcoming local elections in France, which could impact future projects.
(spoken in foreign language) Good evening, everyone. Thank you for joining us here for this webcast for the publication of our full year results 2024. As you can see, we are being innovative for these results with a video webcast. As is always the case, I'm here with Jean-Claude Bassien, our Deputy Director General, and Pierre Pouchelon, Secretary General and Head of Finance.
I'm going to share some of the major ins and outs of this announcement and then Jean-Claude and Pierre Henry will come back to the commercial performance and the financials. You will, of course, as is always the case, be given the opportunity to ask questions at the end of the presentation. If I may, let's kick things off with some of the key takeaways from this presentation. We'll go over them briefly and then come back to the details. There are five key messages.
First of all, 2024, as you well know, was a transformative year for the company. All of the highlights for the entire year show the actions that we
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