(Boursier.com) — The real estate group Realities managed to cushion the effects of the crisis in the new construction sector on its 2023 income statement.
EBITDA stood at €33 million, representing 8.3% of consolidated turnover compared to 10.3% in 2022 (Pro forma IFRS 5). Operating profit stood at €20.1 million, representing 5.1% of consolidated turnover after 7.9% in 2022 (Pro forma IFRS 5). This takes into account the positive effects linked to the revaluations of the Hospitality and Medical-social divisions, following the opening of their capital and their equity accounting.
The net result remains positive at 2.1 ME despite a financial result of -19.1 ME linked to an increase in debt and the average cost of financing.
Réalités shows an increase of 15% in its 2023 turnover, which crosses the 400 ME mark thanks to its strategic and differentiating positioning as a territorial developer.
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On the commercial level, Réalités indicates that it will outperform the market in 2023 with reservations of 531 ME (vs 543 ME in 2022), or -2.3% in a market in free fall. These reservations benefit from a “20/80” mix between diffuse sales and block sales which greatly secures them. Acts fell by only 3% to 476 ME, which allows the group to continue to target growth in 2024.
Réalités estimates that the new real estate market will reach its low point in 2024 before a more sustained recovery expected in 2025. Land development has been deliberately limited in order to adjust to new market conditions and to favor embedded margin over gross growth. It stands at 660 ME for the year 2023, compared to 956.6 ME in 2022.
The project pipeline (composed of the commercial backlog, the commercial offer and the land portfolio) remains at a high level of 3,107 ME, including 708 ME of acquired turnover not yet recorded.
Active cash stood at €47.1 million at the end of 2023. Net corporate debt (excluding projects) decreased by 21% to €86.9 million, showing corporate gearing of 48%.