(Boursier.com) — In 2023, Artea records a turnover of 111.1 million euros, up +42% compared to 2022. All of the group’s activities are growing.
On the other hand, Artea recorded an operational loss of -9.5 ME, mainly explained by an increase in expenses linked to the strong structuring and investment policy carried out by the group in its two new activities: Dream Energy and Storia and Pureplaces. .
The change in fair value of the assets linked to the drop in the appraised value of the Group’s assets amounts to €11.7 million (i.e. a drop of 9.5% on a like-for-like basis in real estate assets). This drop alone explains the negative operating result.
The group’s share of net income is a loss of -27.4 ME (+8 ME in 2022).
Financial structure
In 2023, net current cash flow, group share, stands at €4.8 million, up +12% compared to 2022.
At the end of December, land stocks increased to 45.2 ME (38.7 ME at the end of 2022), of which 62% (27.6 ME) are already marketed and 38% (17.2 ME) are partially pre-marketed. (1.2 ME) or currently being marketed (16 ME).
The real estate assets under management are valued at 400 ME, stable compared to 2022.
The year is characterized by a creation of value in real estate assets not put at fair value in the hotel industry with a latent capital gain on “other buildings” which increases from 13.6 ME to 28.7 ME.
The cost of financial debt increased to €7.8 million.
The group’s LTV ratio, including equity-accounted companies up to their holding rate in accordance with the covenants on bond issues, stood at 62% as of December 31, 2023, an increase of 8% compared to 2022.
As of December 31, net debt stood at 191 ME for equity of 84 ME. Cash amounted to €4.6 million (€14.6 million as of December 31, 2022). This temporary drop is explained by the repayment in December 2023 of a bond for an initial amount of 25 ME which was partially refinanced at the beginning of 2024 by the issue of several bonds for a total amount of 8.5 ME.
Revalued Net Assets (ANR), which includes at fair value assets operated for own account (for energy production or for real estate services), stands at 137 ME, or 29 euros per share, down -28%. The NAV net of latent taxes amounts to 121 ME, or 25.5 euros per share.
No dividend
The Board of Directors of Artea has decided to propose to the General Meeting not to pay a dividend for the 2023 financial year, “in order to preserve Artea’s ability to self-finance its growth”.
Outlook
Growth prospects are good for the group’s three divisions. The objective is to gradually reduce the relative weight of the promotion division thanks to stronger growth in the other two divisions.