(Boursier.com) — The group hexaom confirms having exceeded one billion euros in turnover for the 2022 financial year. It reached 1.065 billion euros, an increase of 6.9%. This like-for-like growth in production compares to 2021 activity which had reached a historic high.
The Home Construction business posted a good performance with revenue of 809.3 ME, up 12.2%. Nevertheless, the record level of commercial activity recorded by the sector in 2021 (generating an increase in subcontracting activity in 2022) combined with difficulties in supplying materials in the context of the Ukrainian crisis have impacted the lead times construction. The latter have been extended by an average of 2 months, thus postponing part of the production to 2023.
The Property Development activity contributed €67.1 million to turnover, an increase of +3.2% over the year. This activity also underwent a significant production lag. Contrary to the house building activity, this lag is mainly due to the lengthening of administrative deadlines (increasingly restrictive local authority impositions weighing on the deadlines for obtaining permits, quasi-systematic appeals from third parties, etc.). This activity nevertheless continues to be deployed and remains an important area of diversification for the Group.
Land development achieved a turnover of 39.8 ME, up +34.9% over the whole of the financial year in line with the Group’s expectations.
B2C Renovation is also showing a good growth rate. Driven by government aid, changes in energy regulations and the development of its network, this activity recorded a turnover of 52.9 ME, up +8.2%. Thanks to a well-controlled model and benefiting from short lead times, this activity has been able to manage the rise in the cost of materials in its sales prices and thus preserve its margins as well as possible.
B2B Renovation achieved revenue of €96.3 million as expected, down 27.3% year-on-year. As a reminder, faced with too strong and poorly controlled growth, this activity has been undergoing restructuring for several months. In this context of major reorganization, a cautious reassessment of estimates relating to the apprehension of the margin at completion of projects in progress as well as the level of risk provisioning will weigh heavily on the 2022 results of this activity. The losses recorded on this subsidiary in the 1st half of 2022 thus persisted in the second part of the year. The current operating loss of this activity estimated for the entire financial year should be around 30 ME.
At the consolidated level, Hexaom estimates that all of the other profitable activities will offset the current operating loss of the B2B Renovation activity, allowing the consolidated current operating income to be close to break-even. However, the Group estimates that given the remainder of the old contracts to be executed, a return to profitability is not expected before the 2024 financial year. in 2022.
In 2023, in the home construction segment, the group announces that it has good visibility thanks to a good level of on-boarding and expects to continue to gain market share while benefiting from an increase in its margins in line with the price increases made in 2022 and the high variability of its expenses.
2022 order intake for homes came to 6,090 in volume, down 29%, and represented revenue of 941.1 ME, down 18.4% compared to last year. Throughout the year, Hexaom recalls having made an adjustment to its sales prices to compensate for both the increase in construction costs (materials and subcontracting) and the evolution of regulatory standards (RE 2020). The average selling price at the end of December 2022 thus stands at 154.5 K excl. VAT compared to 134.5 KE excl. VAT on the same date in 2021, i.e. an increase of +14.9% over one year.