Good evening. Thank you for being with us. Around the table, we find the same people that were here last time. Jean-Claude Bassien, Deputy CEO. Helen Romano, Vice President of Nexity's Residential Real Estate Division. Nadia Bensalem-Nicollin is our Deputy CEO in charge of finance. And of course, we have the entire communications team here with us as well. Allow me to introduce this webcast. We don't always do that, but I think it's a good idea. This time we need to talk about the macroeconomic context. I wanna define that macroeconomic context in the following two ways. We're going to say a few words about the economy at the end of the day. Today's economy, today's world is different than what they were last time we spoke. Of course, as you well know, there is so much uncertainty these days.
I think that in economic terms, in recent years, this hasn't happened very often. I think that the level of uncertainty has reached its peak. If we look at GDP and inflation, here we're looking at OECD's forecasts in March, and then again in June. What's interesting to note is that the red line is June, and the gray line is March. What you can see right away is the growth prospects have been reduced by half since March, but the forecasts for inflation have doubled by 2022 and almost tripled by 2023. The world has changed, particularly when it comes to inflation. You well know, in our line of business, at the end of the day, inflation and unpredictability, because that's what we've been through. Unpredictability of inflation has an impact.
In particular, this is increasing the level of complexity and slowing down quite a bit, work. There's a slowdown on sales and the pace of works. We have addressed this level of unpredictability, and then we'll get back to that in a minute. We decided to be cautious. At the end of the day, we reviewed all of our operations, and we started only those projects for which we have secured the construction costs. You probably remember that at the end of the day, we don't really work with major construction companies. We only do it when we absolutely have to. Most of our projects are meant for SMEs, not in Paris, but also in the Greater Paris area. In April and in May, those SMEs were faced with actual or expected rises in commodity prices.
The president of the French Construction Federation actually talked about it. We took the time to work with all of our partners, and whenever possible, we worked on prices as well. In other words, we renegotiated whenever that made sense. We renegotiated bulk sales prices so that we could pass on part of those rising construction costs. We also increased the sales prices for individuals whenever possible. Obviously, all of that took time in Q2. I think we can safely say that in Q2, the crisis in Ukraine has had deep consequences on the production of new housing. We hope that that hot streak, quote-unquote, and there has been some occasional speculation. We're hoping that impact is going to subside in terms of calls for tender. I'm hoping that the response will be more normal in the future.
We're hoping that the river is back in its own bed, quote-unquote. Construction starts are stagnating in the entire market, but we did a little better than the market, plus 4%. Also what's important is that sales of new homes have dropped by nearly 20% in Q1 2022 because of a number of factors. All of those factors have a common denominator, and that's the high level of uncertainty. On the demand side, I'm talking about households. There has been a succession of crises and shocks. The epidemic and geopolitical and economic problems have caused a strong erosion in consumer sentiment, which reached a low point in June. Inflation reduced the real estate purchasing power of the most vulnerable households. Real estate credit rates are going back up.
They stood at 1.38% in May, 1.48% in June for 20-year loans, and 1.59% for 25-year loans. What does this mean in terms of our market today? The disenfranchised and the younger generation are stopped from buying homes. There is a paradox in this context. It's also important to note, because obviously we always look at that from the point of view of our property management services. There's a chronic shortage of production in terms of new and renovated housing units. There was a crisis and there's an uncertainty and an insufficiency, and this is creating tensions. We're seeing this in the existing homes market. The uncertainty is spreading very quickly.
Because it's harder and harder to buy your own home, tenants are more and more reluctant to leave the apartment that they're renting in order to buy their own home. The supply of apartments is dropping -13% over the past year. If you look at one-room apartments, which are highly sought after, the drop comes to 17.5%. Whenever you have something a property to rent, you find that the level of demand is 32% higher than last year. That's the trend on the market. More and more demand and less and less supply, and it reduced the purchasing power for the entire society, particularly the younger generation and the disenfranchised. We'll get back to that on Investor Day.
Obviously, we try to bridge both markets, and we will discuss that at greater length next time. A number of key figures, I'm sure you took a look already. Those figures confirm the trends in Q1. The new home market is down by 20%. Our bookings are down 9% in volume and in H1. Commercial real estate has reached a low point as expected. Services are increasing quite a bit, plus 9%. The pipeline is constant, five years. We are at a time of consolidation, and this brings in new projects, small property developers who were unable to finish their projects, and we are now stepping in. If we look at our financial performance, our first house sales were down 5% compared with last year.
Obviously, last year, you probably remember in terms of commercial real estate, we sold our future headquarters in January last year, so sales increased by 1% if we exclude that impact. Margin is down to 5.6%. It was 6.4% last year at the same time. That's because we decided to be cautious in terms of our balance sheets. In detail, sales in residential real estate are down slightly. In commercial real estate, services are doing pretty well, increasing by 9%. Commercial real estate is down by 43%. What about the guidance for 2022? There's a level of uncertainty over the next 2 months, which is rather high. It is true throughout the economy. We want to bring our prices under control, our margins as well, and our operations.
As you well know, the property development market is all about risk management, and that's what we did in the first half, and we will do that in the second half of the year as. Well, it all depends on the level of revenue of our customers. Within this context, our guidance stays at 14% market share. Our assumption is that the market will no longer account for 150,000 housing units, but rather closer to 130,000 housing units, of course. We'll take our own market share out of that, EUR 4.6 billion constant relative to last year. Also our recurring operating margin is about 8%. A little bit of background information, if I may.
What I found very striking over and beyond the figures is that push, that need for housing in our country. That's something we can discuss. As soon as we stop building new homes, this locks the rental market. There's a structural need for homes between 500 and 600 thousand housing units a year. We're talking either new homes or renovated, refurbished homes, because in real life, Nexity operates in a continuum of housing units. Some of them are new, and the others are fully refurbished. We build about 380,000 housing units on average, have been doing so over the past 10 years. Because of population growth trends, we expect over 3 million households by 2040. Substandard housing is also a problem. The Fondation Abbé Pierre caters to those people.
We have 2 million social housing seekers, and between 3 and 4 million people have substandard housing. We've been saying from the very beginning that the Climat et Résilience legislation is going to be a problem. We think we need to move fast. When it comes to that legislation, because we provide property management services, we know that time is short. We know that you can no longer increase rent for F and G-rated housing units from 2025 unless you've done refurbishment work. We find that there's a lot of people who have homes that they want to refurbish, and they can never afford that refurbishment. It's a risk. We've said that from the very beginning. This will crowd out a lot of potential clients. We're starting to tell ourselves that those problems need to be addressed.
Because there are existing homes that will be crowded out of the market. There's more seepage between new homes and older homes, between new homes and refurbished homes, and we are ready to do whatever it takes because as you know, we do property development, we do new homes, we do refurbished homes, and we do property management services. We do it all. Unfortunately, you know how the government works. I know that I've spent some time on the other side of the fence, so I need to be careful what I say, but there are growing constraints on the market, and at some point, the government will need to get the job done. You know, all of these crises also can serve as opportunities, and I firmly believe that we are at a time when the market is being consolidated.
We have taken an equity holding in the Angelotti Group. It's very much in line with our strategy, a strategy that was defined last year. We want to focus our M&A in strategy, in property development, in areas where there's a lot of activity. Occitania is one such region. Angelotti is a group that provides excellent products. They have a great presence in Occitania. They have a pipeline that is worth six years of revenue, and so we are very happy that we made this acquisition. At the end of the day, this gives us a foothold in the south of France because we usually work in the north, right? We are proud to welcome Angelotti's culture into the fold. Now, the market is being consolidated, as I said, but it's not just down to M&A.
To my mind, today, property development is a market that is becoming increasingly complex. When it comes to works and supply, we managed to get the job done. We're very busy. Our construction business back in April and May were extremely clear when it came to wood-frame buildings. We had framework agreements that we had signed before that time, so whenever we had a supply problems, we're able to shift back and forth between different contracts. That's because of our scale. That's because of our size. Also what helps is that we understand the RE2020 environmental legislation or regulation, which is not necessarily the case of smaller players. Also, this was extremely useful and will be even more useful in H2, we have a lot of salespeople at subsidiary level.
We have a portfolio team that deals with prescribers, and we have our services business because we sell new homes directly to some of our tenants that we believe are ready to buy new homes. Also, clearly, we will need more and more equity. At the end of the day, how should I put this? We have around us a real network of small property developers who come to us. They want planning permits. They want our help securing those permits. Over the next few months, there's going to be a real movement, a movement that is inevitable. The property development market is being consolidated. It's inevitable, and we're getting ready to take our share and even more than our share. That's what I wanted to say to you. Over to Helen when it comes to the residential market.
There was an expected rebound in building permits, and that rebound in building permits did take place for collected building permits. There was an increase by 18% of building permit grants between January and May of 2022 versus the same time last year. This curve shows that beautifully, although we haven't yet reached the peak we saw in 2018, but there's a given increase. Increase in building permits for new housing and rented housing in Nexity has gone up a bit faster than market, up 19%. This means a very good potential for supply. This is being held back due to the increased inflation we heard previously about, the inflation point. There could be an increased supply due to this good momentum in building permits, but what held this back was inflation.
Construction costs went up by 7% over a one-year period, April 2021 to April 2022, after many years of relative stability in construction costs. Therefore, that's the backdrop. As Véronique said, we decided to do as best we could to negotiate our works contracts to preserve our margins. We optimized projects, had framework agreements, partnerships with small, medium-sized companies and so forth. We decided to secure the cost price of our deals before launching them commercially to be sure of the cost price and be sure that we could pass on any price hikes to the selling price. The immediate commercial offering was slightly weakened, lower than expected, beginning of 2020. Down by 12% compared to H1 2021 due to the postponement of some of the marketings.
The postponed production from the half year, no production was postponed for the same reason, to renegotiate production costs. This meant we had to renegotiate selling prices, particularly selling prices for reservation contracts that had already been signed with the social housing operators. These were postponed the time it took to renegotiate this contract. There's a resumption now to the tune of 4% in Nexity now, versus, as Véronique said, a stable housing starts market and collective housing has been a -4%. We've got +4% for Nexity for collective housing versus minus 4% elsewhere. We're being even more selective in our operations, which means we've abandoned some of the projects when we felt that their profitability was jeopardized by increased selling prices and problems due to changes in rates and loans.
We sought other products with small and medium-sized developers that were more in line with the building permits. Our estimate is the market will be down versus 2021, 150,000 housing units at the time. We feel that due to the drop in the loan applications by around 14% over a one-year period, and due to the figures given to the FFC in the first quarter, we're seeing a drop of -20%. We're thinking we'll hover around 130,000 housing units, which would bring us to a similar number of units as in 2020. I'd like to talk to you briefly about the customer mix. It's well-balanced. Selling prices continue ticking up. Reservations stood at 7,639 new houses or renovated houses, down 9% volume.
Remember, in Q1, the market had gone down by 20%, 5% in value. Retail sales representing 63% of these reservations. Proportion is very similar to last year, where it stood at 66% in the first half, down by 11% due to retail down by 11% due to constrained supply, as mentioned previously. The cancellation rate, we should keep a careful eye on, has remained stable, the same as we've observed in recent years. Selling prices up by 3.7% in zones A and B1, where we've got the bulk of our production, 80% of it. Bulk sales down 3% inter alia, as I mentioned, due to the length it takes to negotiate sales prices with the social housing operators.
Most of these do come to fruition, though, and we're expecting things to speed up in the next half of the year. Commercial real estate. There's not a whole lot of the completed stock in the commercial offering, and we've got a similar amount of works in the pipelines in previous years. Very little risk in terms of our offering and no worsening in WCR. 70% of operations still in project work not started yet, which means we keep a careful handle on pace of production to keep this in line with customer demand. WCR in line with our WCR of H1 of last year. Over to Jean-Claude Bassien to talk to you about commercial property. Véronique, talk to us about trends for our profits in this segment.
Revenue down 44%, up 41%. Let us say that on this point, we are exactly where we thought we would be considering market trends. The real question in terms of commercial property is where the market's taking us, where it's headed, and how we can position ourselves in this marketplace. Firstly, what we're observing in this market is the outlook for commercial property. Is it a trough, a low point? End of 2022, this will remain at a low point, probably throughout 2023. Why, therefore, when we're seeing indicators for market trends, why do we think there's going to be recovery in spite of what the indicators are? Well, if we look at the rental market, we see that there's a rebound of 23% in terms of space demand for the half year period.
The market's highly focused, though. There's a strong premium for central locations. The central business districts, downtown areas, up strongly, but not the entire marketplace is up strongly. There's a real split in terms of the recovery. If you look at this in a more granular way, the recovery is happening for small spaces. 70% of demand is for small spaces, below 5,000 square meters. Another observation we've made, investment in the market, up 29%. This is an indicator that would appear to look good. We're coming close to the 10-year average. The variance only 4%. In the market, if we're talking about owners, commercial owners, they haven't been repricing for the property risk. The liquidity is also less than vacancy rates. None of that's been repriced.
Broadly, we're seeing a market where in terms of the commercial owners, they're in a wait-and-see mode. They're waiting to see what the repricing is going to be. That time will come because for property companies, they're going to have expert opinions given the end of the year, and there's going to be realigning of risk premiums. That realigning will continue in 2023 as well, with the beginning of a trade-off in portfolios and arbitrages in subsequent years. This could be beneficial to resumption our activity in commercial property development. Now, this issue of repricing, remarketing. There's one observation to make. We're seeing a slight shift in value from products towards services, a slow shift from products to services. Very naturally, the question is for us, what's our position going to be in this area of services?
Now, pertaining to services, major figures, you're familiar with them, you can see them on the screen, and it's also in the press release. Total EUR 421 million, up 9% compared to last year. We have to also remember a few additional figures. EUR 421 million, 22%, this is 22% of the group's revenue. Services activity only consumes 5% of our WCR. If you look at current operating profits for this activity, EUR 36 million, that's a third of the group's profits in H1. We can say that this is an activity where the group is being very dynamic. What are the drivers in the various areas here for services? First of all, property management. You know that property management is first and foremost to private individuals.
Lease is rents, rental management and so forth. The first half is very strong here, 49% advance in revenue. You can see going up 2%. We're continuing to see the benefits of traction in transactions in this scope, up 12% in our scope. As we said in the first quarter, we're continuing to see an improvement in the penetration rates, the monetization of clients, particularly providing them with insurance policies, and we're continuing to see good penetration rates here. Now, on property management in both commercial and stores, we've got two offerings here. We NPM and Accessite, here we're pretty much in line with our overall trajectory. Slight delay in commercial property management, which is offset by growth in stores property management.
Onto distribution, second division here. Distribution, as you can see on the screen, representing 30% of all of our services. Revenue up by 2% here. Now, the important thing to observe under distribution is that we can say that we've got a high level of performance in an overall marketplace, which is still at record highs. We're seeing private investors and private individuals, and this is a market that's still high, but we're starting to see the beginnings of a turnaround. What's the beginnings of a turnaround? Well, in the first quarter, we saw the market drop by around 15%. We're expecting a drop in H1 in the neighborhood of up to 15% to 20%. So in this marketplace, Nexity's performance in terms of our reservations in this scope is only down 10%.
The relative performance is much better than market performance for a pretty straightforward reason. We receive from third-party developers inventory liquidation of their stocks. They come to see us to market liquidate their inventory. This enables us to enhance our performance. To talk about serviced properties here, we've got two main activities. Student residences, Studéa. 129 residences, 16,223 units. Revenue up strongly, up 13%, profit up 15%. This great performance, thanks to the improvement in our occupancy rate, up by 4%, from one half year to next half year. Occupancy rate at 97%. We're outperforming, doing better than the first half of 2019, which is the usual benchmark year. We're doing better occupancy rate than we had back then.
Growth in profits, of course, driven by the improvement in occupancy rates, but also driven by growth in overall facilities. We opened six additional residences. That's equivalent of around 1,000 units. Morning co-working office spaces. This is an activity which has grown strongly at Nexity. There's a marketplace for this flexibility in leases, flexibility in office space offerings. Morning's offering is 34 operators spaces, 25,000 square meters, around 8,800 working positions. Revenue multiplied by 2.5 and profitable. The strong acceleration Morning, driven by two things, core businesses co-working, which explains 50% of growth in revenue here. The other thing that's boosting Morning's growth is derivative products, diversification such as offering for outfitting for the clients.
These are two activities which explain the growth at Morning. One thing was, there was an illustration of Morning's great business model's effectiveness. Morning, divided by two, cut in half its ramp up. It used to take around 12 months on average to attain an occupancy rate above 90%, mostly open space. Now it only takes six months. Even more significantly, during Q2, the three most recent sites we opened, Q2 2022, as I'm speaking, already full to the tune of 80%.
Thank you, Jean-Claude. My name is Nadia Bensalem-Nicollin. Now our financial performance. But with introduction, I would like to remind you that Nexity finalized its strategic review in the first half of 2021 with the disposals of the Century 21 and the media services. The H1 2021 results included the contributions and proceeds from those disposals and are therefore not directly comparable with the H1 2022 results. Those effects have been isolated in order to allow for a comparison of results between the two periods on a like-for-like basis. It is those figures that I'm going to comment upon in the next few slides. Let's start with our income statement, line one, revenue. Reported revenue were EUR 1.964 billion, down EUR 100 million from last year's revenues.
This included the one-off contribution of the Reiwa order intake and commercial real estate for an amount of EUR 124 million, without which we find there's a 1% increase, which reflects several dynamics at work. On the one hand, a slight decline, a 2% decline in revenues from residential real estate, which is explained by a lower volume of revenues from production due to the delay in our commercial launches and the start of construction, which has delayed backlog conversion into revenues. Here I'm talking of a delay. It's a lag effect. There's no actual loss of revenue. On the other hand, there's a very strong increase in services, plus 9%. I won't get back to that. Jean-Claude did a great job of detailing that.
Services account for 1% of our revenue, 30% of our profit, and there's very good continued momentum. Profitable, resilient growth over the past 18 months. By and large, revenue remains high and is increasing, excluding the commercial property effect. This increase is lower than our pre-Ukraine expectations due to a cautiously slower start-up of production, which leads us to clarify our outlook for revenue forecast at the beginning of the year. That should remain stable or at least equal to the 2021 level on a like-for-like scope basis. Now moving on to operating profit, EUR 110 million. Next slide, please. EUR 110 million at June 30. The restated for the EUR 16 million base effect of the Reiwa transaction was down slightly by EUR 7 million on a like-for-like basis, with again, two strong dynamics at work.
On the one hand, there's a decline in development activities, so minus EUR 23 million, which is partially offset by an increase in services. Other activities corresponding mainly to holding company expenses. In terms of residential property, operating income is the direct consequence of the delay in the start-up of operations. This has led to less revenue recognition and therefore lower coverage of fixed costs. When it comes to continued operations, the margin rate remains in line with the normative margins forecast by the commitment committee, so no difference here. In terms of commercial property, results were down as expected. The margin rate remained very high, 15%, still above the normative and expected levels for the year.
On the services side, as Jean-Claude rightly said, operating income is up by EUR 36 million and the margin rate is increased by 180 basis points to 8.5%. Growth was driven by a triple effect, operating businesses, a higher occupancy rate, a reduced shorter start-up occupancy times. But this is lower, this semester. By and large, operating margin was 5.6% at June 30. As you know, it is not representative of annual performance because in our lines of business, the margin rate in H1 is usually lower. Given the different dynamics of our businesses, we are confident that we will be able to deliver in 2022 an operating profit with a margin maintained at around 8%. Now moving on to our net profit.
As I said before, the operating income is the first line, and it comes to EUR 110 million, down by EUR 23 million. The net income group share comes to EUR 54 million, down by EUR 21 million, and most of the items in between are what you can see on the screen. The net income is improved by EUR 5 million relative to last year. There's a twofold impact, the drop in debt due to decisions we made last year, and also the drop in financial debt cost that has dropped from 2.1% last year to 1.8% this year because of our active refinancing policy in 2021. The tax charge was stable at minus EUR 24 million, with an effective current tax rate of 27% at the end of June.
This is an abnormal tax rate. After taking into account the results of equity account and the company's minority interest, not controlling interest, net income group share was 54 million, representing an EPS of almost 1 EUR. Very few changes here relative to the balance sheet structure at December 31, except for the working capital requirement and our debt, which I will now comment upon. Let's start with our WCR. At the end of June, it came to EUR 1.3 billion at June 30, mainly concentrated, as you can see on the left-hand side in the housing sector. It increased by EUR 200 million compared with December 31, mainly concentrated in housing.
This increase, as Helen rightly said, is comparable to what we usually see in the first half of the year, which is always marked by a flow of expenses on construction sites that exceed receipts from customers during that period. As you can see on the right-hand side, the WCR to backlog ratio is the indicator that we monitor to make sure we keep things under control, and this ratio remains stable relative to previous year, 18%. I believe it is important to clarify that over and beyond the occasional cash inflows and outflows, those figures reflect good structural control of our WCR, considering the fundamentals of our business. Our commercial offer is low risk. As I said before, it does not include any inventory of completed housing units. It mainly concerns operations that have not been launched, and therefore, they require little working capital.
Our lead time or time to market is very short, 5.4 months, and we are rigorously managing our land bank. Our land bank is not expected to increase significantly between now and the end of the year. As you can see, EUR 250 million at the end of June, and we have set maximum envelope of EUR 300 million euros. Therefore, we are confident that the increase in working capital will be highly contained in the H2 of the year.
I'd like to talk about net debt for the group before leased liabilities, EUR 878 million as of end of June, up by EUR 280 million versus the low point that we booked at the end of December 2021 at EUR 598 million. This increase is mainly due to two things. I'm not going to go through each of the bridge lines, but there are two main points. First of all, the increase in WCR around EUR 200 million, I just mentioned that. Plus, second point, a 100% impact of dividend payment, EUR 138 million for less than 50% of the EBITDA generated per annum. It's a sound debt level.
The financial leverage is 2.3x EBITDA as of third of June, in line with expectations already announced, well, below thresholds of our bank covenants, which are at 3.5x EBITDA, as you know. This level of debt is on a high point of annual data. End-of-year debt will be under control, the order of magnitude of 30 June, due to our expectations for the second half. Acquisition of Angelotti, expected by the end of the year, should impact our net debt to the tune of less than EUR 100 million. Last point on our financial structure, as I said, it's very sound.
Change in net debt was mainly financed by reducing cash on hand, going from, as you can see on the chart on the left-hand side, EUR 1.1 billion at 31 December to EUR 914 million at 30 June. This is still a very high level, over EUR 900 million in cash. In addition to this, there's EUR 600 million in credit lines that are confirmed and not drawn. Gross debt mainly is at fixed rate. I would specify 56% of it is fixed rate, which very much reduces our group's exposure and to any financial expenses if there are any increases in interest rates in the future. As you can also see on the right-hand side here, there are no significant repayments, no maturities over the next two financial periods.
Cash flow, this is slide 31 to wrap up the financial portion of the presentation. Cash flow after rent payments, EUR 125 million as of end of June. Overall comparable to contribution in the first half of last year, mainly due to the increase in WCR. Free cash flow, briefly negative, minus EUR 130-some million. The correction for some of the non-recurring last year related to customer advanced payments in the major orders signed in commercial, Reiwa and also La Garenne-Colombes. Also, due to the full effect, EBITDA effect and less consumption of WCR in the second half, we're highly confident that we will generate cash flow, yet again by the end of the year, positive cash flow generation. Those were the financial points, the highlights for this half year. I'll give the floor back to Véronique for conclusions.
Briefly, by way of conclusions, we've understood that we've really tackled the points from T2. We've been firm, clear-sighted. We set up the necessary precautionary actions to contain risk. We didn't do commercial launches without knowing full well what the construction costs would be. You also saw we don't have inventory of built housing that hasn't been sold, no inventory. We've really contained risk. We've worked on margins and also on our ability to recover. We've got the resources, significant resources to speed things up when the time comes. As you realize, we very much intend to benefit from any and all opportunities as they arise. The conclusion, the upshot, the Investor Day will take place. You received the invitation, I believe, already on 28th September at the Pavillon Gabriel.
We'll also go out to Saint-Ouen to show you what we're up to out there to build the city. That was our presentation. We'd be very happy to field any questions you might have now after our presentation of our half-yearly results. Yes. If you'd like to ask a question or make a comment, press star one. Please press star one. First question, Gilbert Dupont. Yes, go ahead, if you can hear me. Can you hear me?
Yes. Just a couple of quick questions. The first one on, you're saying that net debt is stable end of the year compared to 30 June. I didn't fully understand. Does this include the cash out for Angelotti, EUR 20 million? That was the first question. Second one. What about H1 reservations? Give us an idea. What's the gross margin or operating margin inherent in these reservations to check that these are in line with the previous situations? Another question for clarification. In H1, commercial launches, were any of them abandoned? If so, what were the related costs when you gave up things that had already been launched commercially? One last point, if I might. On commercial property, EUR 900 million. Could you specify how this translates into revenue over the next three to four years? To talk about net debt.
Yes, let me field that question. First of all, what I was saying is that end of June, we had that figure, EUR 878 million, due to the full year effect of EBITDA, and they were consuming less WCR in the second half.
In all likelihood, end of year debt should not be above the net debt of 30 June. Like for like, same scope. Leverage ratio, therefore, should remain well around 2x. There'll be the impact of the Angelotti acquisition. This should make a strong contribution to results due to the timing of closing. Impact on the income statement. In terms of net debt, the impact would be just under EUR 300 million. EUR 3 million, sorry. Impact, EUR 3 million. Yes, we talked about other points as well. Now, to talk about operations that may have been launched, commercial operations launched. Did we actually give up, abandon anything that had already been launched? The answer is no, but Helen will really explain this. Nothing abandoned with building permits. Similar to previous years. Anything given up was in very early stages.
Mainly, it was just some research costs, low-ish research costs that we gave up or lost. Asking about margin loss, I believe that Véronique and myself did already comment on the point, no doubt about it. We've decided to actually market operations when we had full control of cost price to the buyer as possible. That led to a slowdown in our overall product offering. Precisely to preserve the margin, to know full well the cost price, to be able to pass on the increased cost in construction costs to the final clients, whether you're talking about retail clients or social housing managers. Yes, backlogs for commercial, about three years' worth of construction of operations that are underway, mainly backlog for construction in La Garenne-Colombes in line with our forecasts.
Short-term, in terms of revenue 2022, we're expecting a low point around EUR 400 million in commercial real estate. The backlog will then be reduced over subsequent years. Improvements in 2023, significant improvements, thanks to La Garenne-Colombes in our figures. Are there further questions? No, thank you for those clarifications.
There are no further questions in the queue. Please, we would ask you one last time, if you'd like to ask a question, press star one. We have a question. The next questioner from Kepler Cheuvreux. Go ahead. You have the floor.
Hello. I'm from Kepler. A question on your guidance. I'm not sure I fully understood guidance revenue equivalent, excluding sold activities, service activities around EUR 4 billion, EUR 4.6 billion last year. Now, if the premise is operating margin 8%, that's EUR 370.
There's a drop in guidance on operating income, right? There's a drop in guidance on revenue, which has an impact on margin, but we're also seeing around 8%, approximately 8%. Just to be clear on that one follow-up, there is an adjustment in profitability for 2022. No, absolutely not. We explained this to you. Overall, yes, but profitability, no. We're not using the same meaning of the words. I think we explained at length that we are taking the time it takes to control risk and to preserve our profitability and our margins, as we did in Q2. Consequences that some revenue necessarily will be postponed, shifted to 2023. Broadly, we're saying that our revenue will remain stable versus last year, but the margin on that revenue remains the same.
Oh, okay. Thank you. That's very clear.
We have no further questions in the queue. I'd like to give the floor back to our speakers to conclude.
Thank you very much. I thank you one and all. We'll all meet together at the Pavillon Gabriel end of September.