(Boursier.com) — In 2022, like-for-like revenue of Bassac (excluding the contribution of Maisons Baijot) decreased by -12%, and amounted to 1.279 MdE. The 2022 consolidated turnover amounts to 1.297 MdE.
The difference between these two aggregates is due to the integration over 3 months of Maisons Baijot’s turnover in the consolidated accounts, since the date of the acquisition of 55% of its capital, September 30, 2022.
As of December 31, 2022, the order book amounted to E2.074 billion, up +6% compared to December 31, 2021 on a like-for-like basis.
Based on the turnover of the last 12 months, the order book represents approximately 19 months of activity, an indicator up from its level at the end of 2021.
Outlook
All of Bassac’s activities, real estate development, construction of garages and construction of individual houses are negatively affected by inflation, which returned in 2022.
This has naturally increased construction costs, and should also have an impact on Bassac’s turnover, due to the rise in key rates which is supposed to contain it, which reduces the purchasing power of its customers.
The depressive effect on demand of this reduction in purchasing power as well as the deterioration in expectations are weakening selling prices and slowing down the pace of marketing.
These sales rates in real estate development have slowed since September 2022 in France and were at a standstill during the last two months of the year in Germany, where Bassac operates in the Munich region. However, commercial activity there seems to be showing some signs of recovery.
The limited supply, particularly on the French market, however seems to temper the risk of an excessive correction in selling prices.
The real estate development activities have an order book and a land portfolio representing between them 8 years of activity, and which therefore offer Bassac reassuring visibility.
Lastly, on the strength of a solid balance sheet, the company remains focused on the quality of its products and the optimization levers at its disposal.