Financière Duval SAS

AvH: 31.10%

(€ 1,000) 2014 2015
Turnover 389,079 454,653
EBITDA 24,884 25,796
EBIT 10,885 11,587
Net result 2,485 8,142
Shareholders' equity (group share) 108,330 116,031
Net financial position -101,221 -72,349
Balance sheet total 639,532 602,431
Personnel 1,853 1,877

Key figures



CFA - Helio7 - Lyon


Financière Duval

Beneficial interest AvH: 31.10%
AvH Contact: Piet Dejonghe

Groupe Financière Duval is a multidisciplinary real estate group in France that offers both its private and public sector customers comprehensive real estate solutions. The group is organized along two lines of business: real estate activities (Construction and Promotion, Real estate services) and exploitation activities (Tourism, Golf).

Information from the 2015 annual report

Financial overview 2015

Groupe Financière Duval confirmed the gradual improvement in its activities in 2015, despite a difficult French market. The turnover increased by 17% to 455 million euros, compared with 390 million euros in 2014, primarily as a result of a recovery in the real estate and tourism activities. The net result (group share) increased from 2.5 million euros to more than 8.0 million euros.

An agreement was reached with Mr Eric Duval to swap AvH’s 50% interest in Holding Groupe Duval (which owns 82.28% of Groupe Financière Duval) for a 53.5% stake in the French company Patrimoine & Santé, which owns the real estate of 22 retirement homes operated by Residalya. At the end of October, AvH had already converted a 12.2% interest in Holding Groupe Duval into a 22.5% stake in Patrimoine & Santé, so that AvH, together with its partner Hervé Hardy, now already controls 51.5% of Patrimoine & Santé.

At the same time as the agreement on the Groupe Financière Duval - Patrimoine & Santé swap, AvH acquired the 87.42% stake of Groupe Financière Duval in Residalya (with rights to increase to 93.43%) at the beginning of 2015. The other shares are held by founder and CEO Hervé Hardy and the management.

Operational overview 2015

In 2015, property developer CFA completed more than 43,000 m² and reported a substantial in-crease in construction projects (+35%). Its level of activity, like that of Alamo, was still depressed by temporary delays in certain projects, due mainly to the hesitancy of prospective buyers and investors, and appeals against commercial licences and planning permissions.

Yxime, specializing in property & facility management of industrial and commercial real estate, realized a turnover in line with 2014.

In 2015, the activity of Odalys, the second largest French operator of holiday residences with 120,000 beds spread over 350 residences, was also stimulated by the development of business residences in city centres (Odalys City) and student residences (Odalys Campus). Financially, the company strengthened its equity in April 2015 by a capital increase in cash of 25.5 million euros and a rescheduling of its bank debt at the end of the year.

NGF Golf operated 47 golf courses in France at year-end 2015, and remained the number one in the Paris area with 20 golf courses. The economic turnover remained stable, which is an excellent performance, given the unfavourable general economic situation.

Reclassification as ‘assets held for sale’

Under the agreements with the Duval family, AvH will gradually increase its stake in Patrimoine & Santé to a controlling interest of 71% by the end of January 2017. The 37.8% stake which AvH still held in Holding Groupe Duval at year-end 2015 was reclassified to ‘assets held for sale’, and its value was impaired to the contractually defined value. The impact of the stake in Groupe Financière Duval on the 2015 group result of AvH was -8.0 million euros.


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