French listed property developer Nexity will look to expand its activities particularly in the commercial property segment in 2010 after a year spent rebuilding its balance sheet. The company said it was able to significantly improve its financial position in 2009, curbing its net debt by EUR 668 mln over the year through the sale of its interest in Crédit Foncier de France for EUR 540 mln.
French listed property developer Nexity will look to expand its activities particularly in the commercial property segment in 2010 after a year spent rebuilding its balance sheet. The company said it was able to significantly improve its financial position in 2009, curbing its net debt by EUR 668 mln over the year through the sale of its interest in Crédit Foncier de France for EUR 540 mln.
CEO Alain Dinin said the the company currently has 'a net cash position of over EUR 100 mln and significant available medium term lines of credit'. Nexity is looking at a number of potential acquisitions in the market. 'The group's expansion will be based on its strong financial position and the following strategic actions: focusing exclusively on real estate activities, increasing recurrent business, and favouring profitability over volume,' Dinin said.
The company saw operating profit fall 16% to EUR 206 mln in 2009, but posted a EUR 50 mln net loss following EUR 122 mln of writedowns. Revenues showed a moderate increase of 6% year-on-year to EUR 2.8 bn.
The company will propose a dividend of EUR 1.60 per share for 2009.
