(Boursier.com) — Bassac published 2021 annual revenue of 1,209 ME consolidated and 1,408 ME consolidated on a like-for-like basis (integrating the Marignan indicators as if the company had been fully consolidated from January 1, 2020 ).
Marignan has been fully consolidated since August 13, 2021, the date of acquisition by Bassac of the balance of the capital of Bayard Holding (acquisition company of Marignan) and transition to exclusive control exercised by Bassac over Bayard.
TURNOVER
For the real estate development activity, it corresponds, in France and Germany, to the total amount of sales signed before a notary on the closing date of the financial year, weighted by the percentage advancement of the cost price (in including land). In Spain, it is cleared during the transfer of ownership which occurs upon delivery of the completed lot. It is expressed excluding taxes.
For the Garages business, revenue is recognized upon delivery and installation of the garage.
In 2021, Bassac’s pro forma turnover increases by 3% and amounts to 1,451 million euros, its consolidated turnover amounts to 1,209 million euros. The difference between these two aggregates is due to the overall integration of Marignan in the consolidated financial statements since the date of its takeover, August 13, 2021.
COMMERCIAL ACTIVITY
Reservations correspond to promises to purchase real estate lots signed by customers, for which a security deposit has been paid and the withdrawal period has expired. They are most of the time carried out under the condition precedent of obtaining financing by the client. They are expressed inclusive of all taxes.
The total amount of reservations amounts to 1,794 million euros including tax in 2021, up 37% compared to 2020, on a like-for-like basis (integrating the Marignan indicators over 12 months in 2021 and 2020).
During the financial year, reservations concerned 6,433 lots, compared to 5,123 in 2020 (including Marignan reservations), i.e. +26% in volume. These strong increases are mainly explained by a favorable base effect, the sales offices in France having had to close during the two confinements of 2020.
BACKLOG
For the real estate development activity, it corresponds, in France and Germany, to the sum of the share not yet recognized in the accounts of the turnover of the sales of housing signed before a notary and the turnover expected from the housing reserved and not yet signed. In Spain, the order backlog represents the expected revenue from reserved housing units that have not yet been delivered. It is expressed excluding tax.
For the Garages activity, the backlog corresponds to the turnover of garages reserved and not delivered.
As of December 31, 2021, the order book amounted to 1,950 million euros, up 2% compared to December 31, 2020 on a like-for-like basis (including Marignan indicators over 12 months in 2021 and 2020).
Based on the turnover of the last twelve months, the order book represents approximately 16 months of activity, a stable indicator compared to its level at the end of 2020.
In France, the Les Nouveaux Constructeurs order book increased by 10% to 980 million euros, and is close to what it was in 2019.
In Spain, Premier’s order book stands at 250 million euros. It fell by 18% after the large number of deliveries in 2021 in Spain – where turnover is recognized on delivery – which were not fully compensated by reservations.
In Germany, Concept Bau’s order book stands at 76 million euros.
Zapf’s order book stands at 76 million euros as of December 31, 2021, representing approximately 10,700 garages to be delivered. It reflects the good recent commercial performance, in particular in the fourth quarter of 2021.
LAND PORTFOLIO
The land portfolio corresponds to land controlled in the form of an agreement to sell which allows Bassac, subject to the lifting of the conditions precedent, to have visibility on its future activity. This portfolio is measured in number of housing units not yet reserved and is estimated in forecast turnover excluding tax.
As of December 31, 2021, Bassac’s land portfolio stood at 8,105 million euros, up 12% compared to the end of 2020, on a like-for-like basis (integrating Marignan’s indicators over 12 months in 2021 and 2020).
Based on the turnover for the last twelve months, including Marignan over 12 months in 2021, the land portfolio represents just over 6 years of activity, an indicator slightly up on its level at the end of 2020.
OUTLOOK
Benefiting from an order book representing approximately 16 months of activity, 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 approximately 6 years of activity. However, it should be noted that the persistent difficulties in obtaining building permits complicate and prolong its transformation.
The company continues to be attentive to investment opportunities that may arise, including in sectors unrelated to real estate.
FINANCIAL COMMUNICATION CALENDAR
2021 results: Thursday March 10, 2022 (after closing of Euronext Paris).