(AOF) – Immobilière Dassault posted a group share net loss of 26.1 million euros in 2023 compared to a profit of 43.84 million euros in 2022. The group’s accounts were impacted “by the unfavorable adjustment values of real estate assets (-43.5 million), due to pressure on the capitalization rates used by appraisers and whose effect on the value of assets nevertheless remains moderate (-3%) compared to the current market. general”. Current operating profit, on the other hand, increased by 29% to 28.2 million euros.
Rental income is up 7.6% in 2023 to 27.6 million euros. On a like-for-like basis, they increased by 8.3%.
Current cash flow increased by 23.5%, to 22.4 million euros.
The real estate company published an adjusted NAV (net asset value) per share of 85.3 euros compared to 91.8 euros at the end of 2022, and cites “the downward adjustment in the value of investment properties”.
The company will propose a dividend of 2.01 euros per share, entirely in cash.
After a year 2023 marked by the finalization of the majority of renovation work, Immobilière Dassault declares that it “intends to pursue an investment policy in line with its strategy of acquiring office and retail assets in the best Parisian addresses “, while maintaining “great selectivity due to the decompression of yield rates”.
As of December 31, 2023, Immobilière Dassault’s equity reflects the revalued net assets (NAV) to the extent that all investment properties are recorded at “market value” on the balance sheet and amount, as a group share, to 583.4 million euros compared to 621.9 million as of December 31, 2022.
The Loan-To-Value ratio, which corresponds to the debt rate, stands at 27.82% of the value of the assets (taxes included), compared to 25.32% as of December 31, 2022, remaining well below the limit. of the 50% that Immobilière Dassault is committed to respecting.
The net financial debt stands at 252.7 million euros as of December 31, 2023, denominated at 85.14% fixed rate or covered by swaps.
Immobilière Dassault will also pursue a “dynamic” asset management strategy in order to continue to generate value in the medium and long term and to “maintain the return on its assets at the best level”.
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A demand crisis
According to data from the Federation of Real Estate Developers (FPI), the figures for the third quarter of 2022 continue to be alarming. Sales of new collective housing fell by 12.4% over one year, to 19,006 units. Over the first nine months of 2022, the drop reached 10.2%, to 72,670 units.
Reservations are also plummeting due to the collapse of block sales to social landlords and institutional investors. With interest rates rising, institutional investors are renegotiating or halting operations. First-time buyers are penalized by the rise in rates and the tightening of the Pinel system puts off certain private investors.
Due to the sharp rise in construction costs, the FPI estimates that one in six authorized operations is ultimately not carried out for economic reasons.
Faced with this, prices are still rising: the sales prices of new collective housing increased by 5.9% across France in the third quarter of 2022. Ile-de-France is an exception, with a decrease of 0. 9%.