(Boursier.com) — During the 2023 financial year, Immobilière Dassault’s rental income amounted to €27.6 million, up +7.6% compared to the 2022 financial year.
On a like-for-like basis, annual revenues increased by +8.3%, mainly driven by the favorable evolution of rent review indices and the signing of new leases in 2022, having taken full effect in 2023.
Current operating profit increased by +29% compared to the end of 2022, to €28.2 million.
The operating result came out negative, at -15.3 ME, impacted by the unfavorable adjustment of the values of the real estate assets (-43.5 ME), due to the pressure on the capitalization rates retained by the evaluators and whose The effect on the value of assets nevertheless remains moderate compared to the market in general.
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Net income, Group share, stands at -26.1 ME as of December 31, 2023.
Current cash flow excluding variation in WCR comes to €22.4 million for the 2023 financial year, up more than 23% compared to December 31, 2022.
Immobilière Dassault will propose to the general meeting of shareholders, which will be held on May 14, 2024, the distribution of a cash dividend of 2.01 Euros per share.
As of December 31, 2023, Immobilière Dassault’s assets are made up of 14 assets mainly located in the “prime” Parisian districts.
Its value excluding duties is estimated at €847.6 million as of December 31, 2023, compared to €873.6 million as of December 31, 2022. This drop essentially results from the capitalization rates used by independent experts and remains moderate at -3% compared to the market. in general, demonstrating the resilience of the Group’s assets, supported by the quality of its main tenants.
The occupancy rate of the assets amounts to 94.06% as of December 31, 2023, compared to 92.82% as of December 31, 2022. This increase follows the signing of new post-work leases, the rental vacancy being voluntarily maintained on buildings and co-ownership lots under restructuring, notably at 16 rue de la Paix, delivery of which is planned for the second half of 2024.
On the basis of consolidated equity, group share, the revalued net assets amount to 583.4 ME as of December 31, 2023, compared to 621.9 ME as of December 31, 2022, this decrease reflecting in particular the adjustment of the values of the buildings of investment and dividend distribution.
The Adjusted NAV excluding duties stands at 85.3 Euros per share as of December 31, 2023, compared to 91.8 Euros as of December 31, 2022.
The share price stood at 50 Euros as of December 31, 2023, showing a discount of 41.4% compared to the Adjusted NAV excluding duties.
The Loan-To-Value ratio stands at 27.82% of the value of the assets, compared to 25.32% as of December 31, 2022, remaining well below the 50% limit that Immobilière Dassault has committed to respect.