(AOF) – Immobilière Dassault revealed a current cash flow of 18.1 million euros in 2022, up 15.3%. Net income, group share, increased in one year from 72.7 million euros in 2021 to 43.84 million euros in 2022. Adjusted revalued net assets, which measure the value of its portfolio of ‘assets, accounted for 91.8 euros, per share up 5.1%. The real estate group has proposed an increased dividend of 2.72 euros per share, divided between 1.78 euros in cash and 0.94 euros with the option of payment in shares.
As a reminder, the dividend paid in 2022 was €1.30 per share. The three main shareholders (Dassault Group, Peugeot Invest and Horizon Group) have indicated their intention to receive the extraordinary dividend in shares.
Already published, rental income reached 25.7 million euros, up slightly by 1.9%, despite the asset disposals carried out over the past two years. On a like-for-like basis, annual income is up 4.1%, driven by the favorable trend in the revision indices as well as the fall in rental vacancies.
After a year 2022 during which Immobilière Dassault refocused its assets on the best Parisian addresses, the real estate group wishes to be able to increase its real estate portfolio centered on tertiary assets within “prime” districts.
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A demand crisis
According to data from the Federation of Property 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 decline reached 10.2%, to 72,670 units.
Reservations are also plummeting due to the collapse of bulk sales to social landlords and institutional investors. As interest rates rise, institutional investors renegotiate or halt operations. First-time buyers are penalized by the rise in rates and the tightening of the Pinel system puts off some private investors.
Due to the sharp rise in construction costs, the REIT estimates that one out of six authorized operations is ultimately not carried out for economic reasons.
Faced with this, prices are still rising: the sale prices of new collective housing increased by 5.9% throughout France in the third quarter of 2022. Ile-de-France is an exception, with a drop of 0, 9%.