(Boursier.com) — In the 1st half of 2022, the consolidated revenue of Bassac decreased by -15% on a like-for-like basis, and amounted to 579 million euros.
The total amount of reservations amounted to 834 M including VAT in the 1st half of 2022, down -12% compared to 2021, on a like-for-like basis (integrating the Marignan indicators over 6 months in 2022 and 2021).
During the 1st half of 2022, reservations related to 2,890 lots, compared to 3,311 over the same period in 2021 (including Marignan reservations), i.e. -13% in volume. This decline is mainly explained by a reduction in the pace of sales.
At June 30, 2022, the order book stood at E2.078 billion, up +7% compared to December 31, 2021 on a like-for-like basis (including Marignan indicators).
Based on the turnover of the last 12 months, the order book represents approximately 18 months of activity, an indicator up from its level at the end of 2021.
The gross margin increased by 26 ME, mainly due to the contribution of Marignan.
Current operating income (COI) was €51m in the first half of 2022, compared to €59m over the same period in 2021, down €8m.
Net income group share fell to €38.2m in the first half of 2022, i.e. 6.6% of revenue (€42.8m in the first half of 2021 and 8.9% of revenue).
As of June 30, 2022, Bassac presents a consolidated net debt of 157ME, including borrowings from leases (IFRS 16) for 16ME, against a net debt of 14ME six months earlier. This increase in net debt is notably linked to numerous land acquisitions in the 1st half, in particular that of the Feldmoching land in Germany.
Outlook
Benefiting from an order book representing approximately 18 months of activity, an indicator that has been on the rise since the end of 2021, Bassac maintains correct visibility for the coming semesters, both for its real estate development activities and for its garage construction activity.
The property development activities also have a property portfolio representing around 6 years of activity. However, it should be noted that the persistent difficulties in obtaining building permits complicate and prolong its transformation.