2020 first half results

Financial press release

2020 first half results

Financial press release

29 September 2020




HEXAOM’s Board of Directors approved the accounts for the first half of 2020 during its meeting on September 22nd, 2020. The Statutory Auditors have carried out a limited review of these consolidated financial statements.


Consolidated in € Millions
% Change
Revenue 398.7 418.0 -4.6%
Operating income 6.1 10.4 -41.3%
Operating margin 1.5% 2.5%
Financial income -0.2
Net income 3.9 7.0 -44.3%
Net margin 1.0% 1.7%
Net cash 48.6 37.4 +29.9%


Revenue stood firm in an unprecedented health crisis context

After a very dynamic start to the year, with Group revenue up 13% at the end of February, lockdown measures due to the Covid-19 health crisis had a negative impact on the rest of the half-year.

HEXAOM thus records revenue of €398.7 million, down only 4.6% compared to 2019. On a like-for-like basis, (consolidation of the companies Groupe Plaire and Toits de France), business is down 7%.

The Group is looking resilient, particularly its home building business, which quickly reopened its construction sites. From April, this area of business recorded an average production rate of 50%, reaching 85 to 90% in June and returning to almost normal levels as from early July. As announced in the half-year revenue press-release, the renovation business (where the work is carried out in inhabited environments for the B2C renovation activity and in joint activity, and mainly in urban areas for the B2B renovation business) was more strongly impacted, with an almost total shutdown of production from mid-March to mid-May, with business rising gradually through late June.

Preserved profitability, demonstrating the resilience of the business model and a strong financial position in line with the growth trajectory

Under these exceptional circumstances, HEXAOM took all the necessary measures to continue its production and uphold its commercial activity, while complying with the strictest health regulations and using the digital tools already widely deployed in the group.

Tailoring its response to each situation, the group adapted its organization and optimized its cost structure. Short-time working was implemented on a case-by-case basis, depending on the areas of business and the subsidiaries. The half-year results reflect the agility and responsiveness shown by all of the group’s teams.

Operating income was €6.1 million compared to €10.4 million last year:

  • The home building business generated revenue of €336.1 million compared to €359.1 million during the first half of 2019. As production targets were not met, operating income for this business was impacted, and came to €10.7 million, compared with the €14.6 million at June 30th, 2019.  It therefore represents 3.2% of revenue, i.e. -0.9 points compared to 2019. Under these challenging circumstances, the group benefited from its economic model, which favors cost variability.
  • The renovation business, where a very dynamic growth was expected, was severely disrupted by the total shutdown of its production for almost two months and a very gradual resumption of its activity. This business recorded sales of €51.0 million compared to €56.9 million in the first half of 2019. The operating income is -€4.0 million (-€3.5 million at June 30th, 2019), with B2B profitability impacted by the temporary additional costs associated to the necessary preventive healthcare measures implemented on work sites.
  • The real estate development activity, which is just getting started, achieved revenue of €8.0 million, with operating income at -€0.7 million (compared to -€0.8 million at June 30th, 2019).
  • The land development business continued its growth, contributing €3.6 million to revenue with operating income of €0.2 million (€0.1 million at June 30th, 2019).

Net income for the half-year came to €3.9 million, i.e. net profitability of 1.0%, compared with 1.7% last year.

At June 30th, 2020, the financial structure was solid, with the equity group share amounting to €199.7 million, a cash position of €141.0 million, and debt of €92.4 million. Net cash stood at €48.6 million at the end of June 2020, stable compared to the end of December 2019 and significantly higher by +€11.2 million compared to the end of the first half of 2019, after financing the upscaling of the real estate development business.

Resilient order intake and sound fundamentals

  • The home building activity reported good order intake under these exceptional circumstances. Following an increase in sales of around 8% in January and February, sales between March and June dropped by an average of 27%, picking up again in July (+1.7%) and in August (+33.8%). This sharp upturn confirms the post-lockdown eagerness of the French population for single-family homes, with sales leads growing steadily over the last 5 months. At the end of August, HEXAOM recorded 4,356 sales worth €545.8 million in revenue, down 14% in number and 10.5% in value, compared to 2019. The average price excluding tax continues to rise, and stands at €125,400, i.e. an increase of 13.5% over 5 years.
  • At the end of August, sales for the renovation business amounted to €123.6 million, up 10.9% compared to the first half of 2019, which suggests production will be higher during the second half of the year, particularly in the B2B area, which reports a 26.1% increase in order intake.


The home building business order intake as well as the pickup in the renovation business, combined with the buildup of the real estate and land development activities allow the HEXAOM Group to anticipate a more dynamic growth in its production during the second half of the year and an upturn in profitability.

HEXAOM will however continue to closely monitor the tightening of borrowing conditions and lengthened administrative delays that have cropped up since the beginning of the pandemic (it is taking more time to secure building permits and acquire land due to lower land developer productivity and slower turnaround times at notaries’ offices), which will necessarily impact the pace with which new work sites are opened during the second half of the year.

The group welcomed the French government recovery plan incentives in favour of building energy efficiency but regrets the lack of incentives for new housing.

The group remains confident in its ability to achieve, with a twelve-month delay, revenue of around €1 billion in 2021.

HEXAOM has once again shown its ability to weather crises, relying on its solid fundamentals and very healthy financial structure. In a highly fragmented market, the Group strengthens its leading position and with its strong financial position, remains attentive to expected consolidation opportunities in the sector.

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