- FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
5.2 PARENT COMPANY FINANCIAL STATEMENTS AT 31 DECEMBER 2023
5.2.1 Condensed consolidated financial statements
5.2.2 Notes to the Parent Company financial statements
Note 1 Information on the Company and significant developments
GENERAL INFORMATION
Note 2 Accounting principles
Note 3 Change of method
Note 4 Estimates and assumptions
Note 5 Accounting policies
STATEMENT OF FINANCIAL POSITION - ASSETS
Note 6 Nonટcurrent assets
Note 7 Current assets
STATEMENT OF FINANCIAL POSITION - LIABILITIES
Note 8 | Equity |
Note 9 | Provisions |
Note 10 | Payables |
299 | ADDITIONAL INFORMATION | 315 | |
Note 22 Analysis by type of regulated provisions, | |||
303 | provisions, amortisation, depreciation | ||
and impairment | 315 | ||
303 | Note 23 | Schedules of receivables and payables | 316 |
Note 24 | Adjustment accounts | 316 | |
304 Note 25 Analysis of the statement of cash flows
304 | and change in net debt | 317 | |
304 | Note 26 | Offટbalance sheet commitments | 317 |
304 | Note 27 | Workforce | 318 |
305 | Note 28 | Free share plans | 318 |
306 | Note 29 | Information on related parties | 319 |
Note 30 | Events after the reporting period | 319 | |
306 | |||
Note 31 | List of significant subsidiaries and holdings | 320 | |
309 | |||
5.2.3 | Statutory Auditors' report on the financial | ||
310 | 322 | ||
statements | |||
310 | |||
310 | |||
311 |
INCOME STATEMENT | 312 | |
Note 11 | Operating income | 312 |
Note 12 | Operating expenses | 313 |
Note 13 Analysis of operating profit/(loss) | 313 | |
Note 14 Impact of share buyback on operating profit/ | 313 | |
(loss) | ||
Note 15 | Financial income | 314 |
Note 16 | Financial expenses | 314 |
Note 17 Analysis of the net finance income (expense) | 314 | |
Note 18 Analysis of nonટrecurring profit/(loss) | 314 | |
Note 19 | Employee profitટsharing | 315 |
Note 20 | Income taxes | 315 |
Note 21 | Net profit | 315 |
298 / Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023
FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
5.2.1 | Condensed consolidated financial statements | |||||||||||
Statement of financial position | ||||||||||||
Assets | ||||||||||||
31/12/2023 | 31/12/2022 | |||||||||||
Gross Amortisation, depreciation | ||||||||||||
(in thousands of euros) | Notes | amount | and impairments | Net amount | Net amount | |||||||
Intangible assets | ||||||||||||
Concessions, patents and similar rights | 6.1 | 196,131 | (73,947) | 122,184 | 93,511 | |||||||
Goodwill | 6.1 | - | - | - | - | |||||||
Other intangible assets | 6.1 | 48,304 | - | 48,304 | 78,188 | |||||||
Property, plant and equipment | ||||||||||||
Property, plant and equipment | 6.2 | 53,992 | (41,138) | 12,854 | 5,976 | 5 | ||||||
Assets in progress | 2,654 | - | 2,654 | 6,362 | ||||||||
Financial investments | ||||||||||||
Equity investments | 6.3 | 2,537,554 | (275,308) | 2,262,246 | 2,062,850 | |||||||
Receivables from equity investments | 6.4 | 57,200 | (17,394) | 39,806 | 78,978 | |||||||
Other equity securities | 6.5 | 25,978 | (12,404) | 13,574 | 21,177 | |||||||
Loans | 6.6 | 298,973 | (52,442) | 246,531 | 267,689 | |||||||
Other financial investments | 6.7 | 177,651 | - | 177,651 | 179,187 | |||||||
current assets | 6.8 | 3,398,437 | (472,633) | 2,793,918 | ||||||||
2,925,804 | ||||||||||||
Inventories and work in progress | ||||||||||||
Advances and deposits paid on orders | 559 | - | 559 | 296 | ||||||||
Receivables | ||||||||||||
Trade and other receivables | 7.1 | 36,026 | (641) | 35,385 | 47,705 | |||||||
Other receivables | 7.2 | 882,149 | (68,632) | 813,516 | 835,811 | |||||||
Other | ||||||||||||
Marketable securities | - | - | - | - | ||||||||
Treasury shares held | 7.3 | 13,410 | - | 13,410 | 18,854 | |||||||
Cash and cash equivalents | 7.4 | 242,468 | - | 242,468 | 319,755 | |||||||
Adjustment accounts | ||||||||||||
Prepaid expenses | 7.5 | 6,130 | - | 6,130 | 4,886 | |||||||
Current assets | 1,180,742 | (69,273) | 1,227,307 | |||||||||
1,111,468 | ||||||||||||
Deferred expenses | 7.6 | 5,500 | - | 5,500 | 2,603 | |||||||
Translation differences assets | - | - | - | 4,141 | ||||||||
TOTAL ASSETS | 4,584,679 | (541,907) | 4,042,772 | 4,027,969 |
Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023 / 299
- FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
Liabilities and equity | ||||||
(in thousands of euros) | Notes | |||||
31/12/2023 | 31/12/2022 | |||||
Equity | ||||||
Share capital | 8.1 | 280,649 | 280,649 | |||
Share issue, merger, contribution premiums | 1,130,173 | 1,130,173 | ||||
Legal reserve | 28,065 | 28,065 | ||||
Other reserves (o/w purchase of original works) | - | - | ||||
Retained earnings | 247,922 | 322,705 |
Profit (loss) for the period | 195,157 | 64,458 | |
Regulated provisions | 6,508 | 7,588 | |
TOTAL EQUITY | 8 | 1,888,474 | 1,833,638 |
Provisions | 39,280 | 43,935 | |
TOTAL PROVISIONS | 9 | 39,280 | 43,935 |
Financial debt | |||
Convertible bonds | 10.1 | 440,599 | 440,599 |
Euro PP bonds | 10.1 | 362,816 | 393,643 |
Loans and borrowings from financial institutions | 10.2 | 170,780 | 130,262 |
Borrowings and financial liabilities | 10.3 | 997,884 | 1,081,353 |
Operating liabilities | |||
Advances and deposits received on orders in progress | 10.4 | 783 | - |
Trade payables | 54,524 | 62,911 | |
Tax payable and social security contributions | 52,411 | 32,519 | |
Other liabilities | |||
Liabilities on nonટcurrent assets and related accounts | 4,490 | 3,645 | |
Other liabilities | 27,008 | 4,105 | |
Adjustment account | |||
Deferred income | 3,724 | - | |
TOTAL PAYABLES | 2,115,019 | 2,149,037 | |
Translation differences liabilities | - | 1,359 | |
TOTAL LIABILITIES AND EQUITY | 4,042,773 | 4,027,969 |
300 / Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023
FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
Income statement
(in thousands of euros) | Notes | 31/12/2023 | 31/12/2022 | |||||||||||||||
Production of services sold | 148,920 | 150,497 | ||||||||||||||||
Revenue | 150,497 | |||||||||||||||||
148,920 | ||||||||||||||||||
Capitalised production | 21,605 | 23,414 | ||||||||||||||||
Operating subsidies | 335 | 183 | ||||||||||||||||
Reversals on depreciation, provisions, transfers of charges | 27,667 | 13,994 | ||||||||||||||||
Other income | 16 | 16 | ||||||||||||||||
Operating income | 11 | 188,104 | ||||||||||||||||
198,543 | ||||||||||||||||||
Purchase of raw materials and other supplies | (24) | (12) | ||||||||||||||||
Other purchases and external expenses | (119,928) | (113,854) | ||||||||||||||||
Taxes, duties and other levies | (3,807) | (2,903) | 5 | |||||||||||||||
Wages | (60,862) | (61,378) | ||||||||||||||||
Social security contributions | (21,963) | (21,031) | ||||||||||||||||
Operating additions | ||||||||||||||||||
On nonટcurrent assets: depreciation, amortisation and impairment | (17,479) | (16,732) | ||||||||||||||||
On nonટcurrent assets: provisions | - | - | ||||||||||||||||
On current assets: provisions | - | - | ||||||||||||||||
For risks and charges: provisions | (12,256) | (15,539) | ||||||||||||||||
Other expenses | (4,194) | (4,919) | ||||||||||||||||
Operating expenses | 12 | (236,368) | ||||||||||||||||
(240,513) | ||||||||||||||||||
OPERATING RESULTS | 13 | (48,264) | ||||||||||||||||
(41,970) | ||||||||||||||||||
Financial income from investments | 274,469 | 219,755 | ||||||||||||||||
Income from other securities and receivables from nonટcurrent assets | 9,232 | 8,009 | ||||||||||||||||
Other interest and equivalent | 2,976 | 6,831 | ||||||||||||||||
Reversals on provisions and transfers of charges | 26,885 | 32,582 | ||||||||||||||||
Positive exchange rate differences | 20 | 13 | ||||||||||||||||
Net income on disposals of marketable securities | 61 | - | ||||||||||||||||
Financial income | 15 | 267,190 | ||||||||||||||||
313,643 | ||||||||||||||||||
Financial additions to depreciation, amortisation and provisions | (66,033) | (144,738) | ||||||||||||||||
Interest and equivalent expenses | (90,943) | (40,246) | ||||||||||||||||
Negative exchange rate differences | (2,047) | (720) | ||||||||||||||||
Net expenses on sales of marketable securities | - | (14) | ||||||||||||||||
Financial expenses | 16 | (185,718) | ||||||||||||||||
(159,023) | ||||||||||||||||||
NET FINANCIAL INCOME/(EXPENSE) | 17 | 154,620 | 81,472 | |||||||||||||||
CURRENT PROFIT/(LOSS) BEFORE TAX | 112,650 | 33,208 | ||||||||||||||||
Nonટrecurring income from management operations | - | 151 | ||||||||||||||||
Nonટrecurring income from equity operations | 141,493 | 1,087 | ||||||||||||||||
Reversals on provisions and transfers of charges | 15,602 | 5,231 | ||||||||||||||||
Non recurring income | 6,469 | |||||||||||||||||
157,095 | ||||||||||||||||||
Nonટrecurring expenses from management operations | (6,980) | (1,748) | ||||||||||||||||
Nonટrecurring expenses from equity operations | (87,173) | (6,787) | ||||||||||||||||
Nonટrecurring additions to depreciation, amortisation and provisions | (547) | (754) | ||||||||||||||||
Non recurring expenses | (9,289) | |||||||||||||||||
(94,700) | ||||||||||||||||||
NON RECURRING PROFIT/(LOSS) | 18 | 62,395 | (2,820) | |||||||||||||||
Employee profitટsharing | 19 | (310) | (283) | |||||||||||||||
Income tax | 20 | 20,422 | 34,353 | |||||||||||||||
Total income | 461,763 | |||||||||||||||||
669,281 | ||||||||||||||||||
Total expenses | (397,305) | |||||||||||||||||
(474,124) | ||||||||||||||||||
PROFIT/(LOSS) FOR THE PERIOD | 21 | 195,157 | 64,458 |
Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023 / 301
5 | FINANCIAL REPORT | ||||||||||||
Parent Company financial statements at 31 December 2023 | |||||||||||||
Statement of cash flows | |||||||||||||
(in thousands of euros) | Notes | 31/12/2022 | |||||||||||
31/12/2023 | |||||||||||||
Net accounting profit/(loss) | 64,458 | ||||||||||||
195,157 | |||||||||||||
Elimination of nonટcash income and expenses and gains and losses: | |||||||||||||
Elimination of depreciation, amortisation and provisions | 40,771 | 132,531 | |||||||||||
Elimination of gains and losses on asset disposals | (45,827) | 3,917 | |||||||||||
Elimination of losses net of gains arising on mergers of assets | 3,305 | (4,212) | |||||||||||
Other nonટcash income and expenses | 10,630 | 11,865 | |||||||||||
Losses net of gains arising on mergers of assets | 4,182 | ||||||||||||
Cash flow | 208,559 | ||||||||||||
208,217 | |||||||||||||
Change in Working Capital Requirement | (26,026) | (13,640) | |||||||||||
Net cash from/(used in) operating activities | 194,919 | ||||||||||||
182,191 | |||||||||||||
Purchase of intangible assets | (34,247) | (35,250) | |||||||||||
Purchase of property, plant and equipment | (5,944) | (7,872) | |||||||||||
Acquisition/increase in equity investments | (265,873) | (61,079) | |||||||||||
Increase in receivables attached to investments and other financial investments | (5,832) | (15,409) | |||||||||||
Acquisition of treasury shares | (5,186) | - | |||||||||||
Proceeds from sale of property, plant, equipment and intangible assets | 21,186 | 6 | |||||||||||
Proceeds from disposals of equity investments | 121,805 | 617 | |||||||||||
Decrease in receivables attached to investments and other financial investments | 31,623 | 2,731 | |||||||||||
Net cash from/(used in) investing activities | (116,256) | ||||||||||||
(142,468) | |||||||||||||
Dividends paid | (139,241) | (137,871) | |||||||||||
Increase in convertible bond debt | - | - | |||||||||||
Increase in bank debt | 40,000 | 100,000 | |||||||||||
Buyback/Redemption/Conversion of convertible bonds | - | - | |||||||||||
Repayment of EURO PP bonds | - | - | |||||||||||
Repayment of bank debts | |||||||||||||
Change in negotiable debt securities (NEU CP and NEU MTN) | (128,000) | 28,600 | |||||||||||
Net change in financial current accounts | 110,877 | (264,629) | |||||||||||
Increase in deferred expenses | (4,763) | - | |||||||||||
Net cash flow from/(used in) financing activities | (273,900) | ||||||||||||
(121,127) | |||||||||||||
Impact of changes in foreign currency exchange rates | 4,141 | (1,064) | |||||||||||
CHANGE IN CASH AND CASH EQUIVALENTS | 25 | (196,301) | |||||||||||
(77,264) | |||||||||||||
Cash and cash equivalents at beginning of period | 319,731 | 516,032 | |||||||||||
Cash and cash equivalents at end of period | 242,468 | 319,731 |
302 / Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023
FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
5.2.2 Notes to the Parent Company financial statements
Note 1 Information on the Company and significant developments
1.1 Presentation
Notes to the statement of financial position, before appropriation of earnings, for the fiscal year ended 31 December 2023, showing a total of €4,042,772,863.69, and to the income statement showing a profit of €195,156,988.03.
The Company's fiscal year ran from 1 January to 31 December 2023 (12 months).
The notes and tables presented below are an integral part of the Parent Company financial statements.
The Company's press releases and annual reports - including historical financial information about the Company and Parent Company financial statements - are available on the Company's website: www.nexity.fr/en/ group. Copies may also be obtained from Nexity's registered office at 19, rue de Vienne - TSA 50029 - 75801 Paris Cedex 08 (France).
The Company is the central holding company of Nexity | 5 |
group and controls the Group's main subsidiaries (see list of |
the main subsidiaries in Note 31).
Nexity's shares are listed on Eurolist of Euronext Paris.
1.2 Significant developments during the fiscal year
2023 was marked by the following significant developments:
Disposal of international activities
- Disposal of activities in Poland and Portugal.
Strategic and financial partnerships
-
In December 2023, Nexity entered into exclusive negotiations to sell its Services to Individuals business
to Bridgepoint for an enterprise value of €440 million. The transaction is expected to close in the 1st half of 2024.
Legal restructuring
The Company absorbed Neximmo 65, Neximmo 111 and Pick a Brick through a universal transfer of assets during the fiscal year (see Note 1.3).
Nexity renewed its corporate bank loan in February 2023 for a new period of 5 years with an expanded pool for an amount of €800 million in credit and €2,120 million in commitment authorisations by signature (in particular to allow the issuance of completion bonds for the residential real estate projects).
1.3 Subsidiaries and investments
Equity investments and the associated technical merger losses went from €2,235 million at 31 December 2022 to €2,435 million net at 31 December 2023, i.e. a net increase of €199 million which corresponds to:
- -€66million in securities as part of the universal transfers of assets (Pick a Brick, Neximmo 65 and Neximmo 111): -€0.224 million in securities eliminated from companies absorbed through universal transfers of assets; -€66 million mainly related to the disposal of the Polish subsidiaries and NEMOA; and
- -€0.41million in financial provisions net of impairment on equity investments.
Partially offset by:
- €243 million related to net acquisitions of shares in companies (Edouard Denis Développement, Bureau Partager, Nexity Studéa and Urban Campus); and
- €23 million related to the net recapitalisation of shares in companies (Neximmo 132, Nexity Solution, Nexiville 11).
Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023 / 303
5 FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
The table below summarises movements relating to universal transfers of assets:
(in thousands of euros) | 31/12/2023 | |||
Statement of financial position | ||||
Shares eliminated | (224) | |||
Shares contributed | 0 | |||
Net securities (statement of financial position) | (224) | |||
Gains allocated to assets contributed | 0 | |||
Current accounts (statement of financial position) and other | 2,968 | |||
Provision for risk | 1,360 | |||
Statement of financial position subtotal | 4,104 | |||
Income | ||||
Losses arising on mergers of assets | (3,744) | |||
Gains arising on mergers of assets | 438 | |||
Universal transfer of assets income subtotal | (3,305) | |||
Provisions reversed | 0 | |||
NET IMPACT ON NET FINANCE INCOME | ||||
(3,305) |
GENERAL INFORMATION
Note 2 Accounting principles
The Parent Company financial statements were approved in accordance with the provisions of the French Commercial Code, Ruling No. 2014ટ03 of the French Accounting Standards Authority (Autorité des Normes Comptables - ANC) relating to the French General Accounting Plan and the applicable regulations.
The general accounting conventions were applied in compliance with the principle of prudence, in accordance
with the basic assumptions: going concern, consistency of accounting policies from one fiscal year to another, independence of fiscal years, in accordance with the general rules for preparing and presenting Parent Company financial statements.
The basic method selected to assess the items entered into the accounts is the historical cost method.
Note 3 Change of method
The presentation of the Parent Company financial statements and the assessment methods selected have not changed compared to the previous fiscal year.
Note 4 Estimates and assumptions
In the process of preparing the Parent Company financial statements, the measurement of certain statement of financial position and income statement items calls for the use of assumptions or assessments based, in particular, on budgets for real estate projects. These notably concern the valuation of equity investments.
These assumptions, estimates or assessments are established and reviewed regularly on the basis of information available and the actual position of the Company on the date the financial statements are prepared, taking into consideration past experience and other relevant factors. Actual results may differ significantly from estimates due to changes in the underlying conditions and assumptions.
The assumptions, estimates and assessments used to prepare the financial statements for the year ended 31 December 2023 were made in the context of the real estate market crisis (sharp rise in interest rates impacting the purchasing power of real estate buyers, the announced end of the Pinel scheme, the scarcity of land, and changes of commercial property usage, etc.).
Nevertheless, in the medium term, basic housing needs in France will support demand and the Group's activity.
304 / Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023
FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
Note 5 Accounting policies
5.1 Property, plant, equipment and intangible assets
Property, plant, equipment and intangible assets are stated at acquisition (purchase price and associated expenses) or contribution cost. Moreover, in accordance with the obligations placed by the BOI instruction 4 Iટ1ટ93 (paragraph 32), the cost of entry of the goods subject to a universal transfer of assets is broken down into gross value and depreciation.
Depreciation is calculated on a straightટline basis according to the estimated life of the assets:
- Software: 1 to 7 years straightટline basis;
- Fixtures and fittings: 7 to 9 years straightટline basis;
5.2 Financial investments
Equity investments
Equity investments are stated according to the valuation rules for the cost of entry of assets. Assets acquired subject to payment are recognised at their acquisition cost, comprising the purchase price plus the directly attributable costs. Assets acquired by contribution are recognised at the value indicated on the contribution document.
Impairment is recognised when the current value of an equity investment becomes lower than its cost. The goodwill recognised is subject to impairment. Subsequently, if needed, the receivables held in the subsidiary may be impaired and a provision for risks may be recognised.
The current value of the investment is determined according to the share of the net position and the profitability forecasts.
The profitability outlook of operating subsidiaries is generally determined using the discounted cash flow method, calculated based on the 5ટyear business plan adopted by Executive Management. The business plan includes differentiated growth assumptions depending on the business activity. These assumptions take into account current market conditions, their foreseeable changes, as well as the Group's assumptions on the evolution of the regulatory environment and the intensity of competition. The budgeted margin levels are consistent with the margin targets set by the Commitments Committee for commercial and residential real estate development projects, and higher margin levels for the activities of the Services division given the development of more profitable activities.
Despite a tougher economic environment in the short term, basic housing needs in France will support demand and the Group's activity.
- Office equipment: 1 to 5 years straightટline basis;
- IT equipment: 1 to 5 years straightટline basis; and
- Office furniture: 8 to 10 years straightટline basis.
Technical losses are allocated in the accounts according to Article 745ટ5 et seq. and Article 12 of ANC Ruling No. 2015ટ06 of 23 November 2015. The technical losses presented in Nexity's financial statements are all allocated to the equity investments contributed by the absorbed company, and to the related depreciations (Note 6.6).
5
Beyond the 5ટyear plan, the perpetual growth rate used to calculate the terminal value of the terminal cash flow was 2% as at 31 December 2022, in line with the inflation rate used.
This rate is lower than the average growth rate for the business activities over the period of the business plan.
By way of derogation to the General Accounting Plan principle, reversals on amortisation and provisions relating to equity investments are recognised in nonટrecurring income if the investments are sold, so that all impacts of the disposal are recognised in nonટrecurring profit/(loss).
Loans
Loans are stated at their nominal value. They are assessed on a caseટbyટcase basis. Impairment is recognised when there is a strong risk of nonટrecovery.
Other financial investments
Nexity shares held as part of a liquidity contract are recognised at their acquisition price less expenses. If at the end of the fiscal year, the average price of the last month of the fiscal year is lower than the purchase price, impairment is recognised. Gains and losses on asset disposals are recognised in nonટrecurring profit/(loss) according to the FIFO (First In - First Out) method.
By way of derogation to the General Accounting Plan principle, reversals on amortisation and provisions relating to treasury shares are recognised in nonટrecurring income if the investments are sold, so that all impacts of the disposal are recognised in nonટrecurring profit/(loss).
The technical losses allocated to the equity investments contributed by the absorbed company are impaired when the current value of the investments becomes lower than the cumulative value of the investments and the losses allocated to them.
5.3 Receivables
Trade and other receivables
Trade receivables are stated at their nominal value. They are assessed on a caseટbyટcase basis. Impairment is recognised when there is a strong risk of nonટrecovery.
Other receivables
Other receivables are recognised at their nominal value. They are assessed individually and impaired if required.
Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023 / 305
- FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
Receivables acquired or contributed for a discounted value are stated at their purchase or contribution price. The difference between the nominal value and the purchase or contribution price is only recognised in profit after cashing a surplus compared to the amount entered in the statement of financial position. The risk of nonટrecovery gives rise to the recognition of impairment only if the loss compared to the nominal value of the receivable exceeds the discount amount.
5.4 Marketable securities
They are recognised at the acquisition cost. If at the end of the fiscal year, the asset value is lower than the purchase price, the difference is subject to financial impairment.
5.5 Treasury shares
Treasury shares acquired for the purpose of their free allocation to Group employees (free share plans) are recognised in a "Treasury shares" item according to their destination, pursuant to the share allocation decision.
5.6 Deferred expenses
Bank commissions and miscellaneous costs paid as part of the setting up of loans are spread out as financial expenses over the duration of the loan. When a loan is repaid early,
Receivables on indirect subsidiaries are not subject to impairment when the risks relating to these subsidiaries are entered into the financial statements of their direct parent companies.
Gains and losses on disposals are recognised in net finance income (expense) according to the FIFO (First In - First Out) method.
These shares are not stated at their market value due to the commitment to allocate them to employees, which is subject to a provision for charges.
these commissions and costs are cleared into the net finance income (expense) of the repayment year.
5.7 Regulated provisions
The costs directly attributable to the acquisition of shares, incorporated into their entry costs, are amortised for tax purposes on a straightટline basis over a period of 5 years.
5.8 Provisions
The provisions are stated for the amount corresponding to the best estimate of the outflow of resources required to extinguish the obligation, pursuant to ANC Ruling No. 2014ટ03. At the reporting date, this estimate is made on the basis of the information known at the date of preparation of the financial statements. The provision for charges representing the obligation to deliver the securities
to the beneficiaries of free shares was stated according to the cost of the purchased shares, the number of shares to be delivered and the services rendered. As each free share plan provides for a vesting period, the provision is calculated for each plan on a pro rata temporis basis for the vesting periods elapsed at the closing date.
Note 6 Nonટcurrent assets
6.1 Intangible assets
This item comprises: | thousand, net of depreciation, amortisation and | |||
• Concessions, patents and similar rights for €122,184 | impairment; and | |||
thousand, net | of depreciation | and | amortisation, | • Other intangible assets, comprising expenses related to |
comprising the | Nexity brand (€56,463 thousand) and | IT projects in progress for €48,304 thousand. | ||
various software used in the | Group | for €65,721 |
306 / Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023
FINANCIAL REPORT
Parent Company financial statements at 31 December 2023
6.2 Property, plant and equipment
Property, plant and equipment is mainly composed of fixtures and fittings, and office furniture (at the Group's head office and regional offices), and IT equipment. These nonટcurrent assets are used by the central services and other Group subsidiaries.
6.3 Equity investments
This item includes the shares of the Group's main operating subsidiaries. The main investments are indicated in Note 31.
6.4 Receivables from equity investments
This item mainly consists of contributions granted to Group subsidiaries.
5 | |||
6.5 | Other equity securities | ||
This item mainly comprises the investments made by the Group in a certain number of investment funds in innovative activities.
The share of the commitments not paid at the end of the fiscal year is presented under "Liabilities on nonટcurrent assets and related accounts" for €1,522 thousand.
6.6Loans
This item mainly comprises loans granted to subsidiaries and holdings.
It notably includes the loan of €240,000 thousand granted to Nexity Logement, of which €84,000 thousand maturing on 30 November 2026 and €156,000 thousand maturing on 30 November 2027.
6.7 Other financial investments
(in thousands of euros) Guarantees paid
Amounts allocated to the liquidity contract:
Cash account
Treasury shares
Technical losses allocated to equity investments
TOTAL OTHER FINANCIAL INVESTMENTS
This loan granted to Nexity Logement mirrors the Euro PP Green issued in December 2019, the purpose of which is to finance the Group's residential real estate projects, in compliance with the CSR commitments described in the prospectus.
31/12/2023 | 31/12/2022 |
676 | 684 |
1,203 | 3,155 |
3,223 | 2,798 |
172,550 | 172,550 |
177,651 | 179,187 |
Treasury shares held
In accordance with the authorisations granted by the Shareholders' Meeting and implemented by the Board of Directors, the Group may hold treasury shares up to a maximum of 10% of the share capital, i.e. 5,612,972 shares at 31 December 2023.
At the closing date, this holding was carried out for two reasons:
- Via the liquidity contract entered into with an investment services provider, recorded under "Other financial investments"; and
- In connection with treasury share buyback programmes implemented to cover free share plans, recorded under "Treasury shares".
Nexity / UNIVERSAL REGISTRATION DOCUMENT 2023 / 307
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Nexity SA published this content on 19 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2024 14:20:07 UTC.