Revenue up 49% for Uniti in 2022
Uniti accelerated its growth in 2022 with annual revenue of €150.6 million, up 49%. This change is “mainly driven by strong growth on a like-for-like basis (+33.6%), which reflects the progress of worksite production operations and the development over the year of new real estate programs, in particular those intended for the dynamic market. managed residences on which 25 senior service residence projects, representing approximately 2,500 housing units, are being assembled and produced on site, ”explained in a press release. This growth also includes a scope effect linked to the integration since September 30, 2021 of the company Première Pierre, whose contribution for the full year amounted to €23 million.
“Despite a difficult economic environment marked in particular by inflation in construction costs and rising interest rates, Uniti recorded new record performances in 2022, confirming its ability to very quickly increase its positions in the residential housing market. accessible to all and demonstrating the relevance and resilience of its block sale model”, welcomed Stéphane Oria, its CEO, quoted in a press release.
Ebitda restated for financial costs related to projects stands at €11.7 million in 2022, up 40.2% compared to 2021. The group’s available cash amounts to €36.7 million (compared to €34.6 million as of December 31, 2021) and net financial debt represents €52.7 million (compared to €46.1 million).
Consolidated shareholders’ equity amounted to €28.4 million, an increase of +€10.2 million, taking into account the result for the financial year (+€2.5 million) and the achievement in May 2022 of an increase of capital of €7.98 million, almost entirely subscribed by Establishments Oria and Silver Holding (company controlled by the PGIM Real Estate group). In parallel with this fundraising and in the continuity of the first joint venture formed in July 2019, Uniti and Silver Holding have renewed their long-term strategic and financial partnership by setting up a new development JV in July 2022 endowed with €22 million investment capacity in order to finance the development of new social accession operations, intermediate housing or housing in managed residences.
A large order book
As of December 31, 2022, the overall portfolio of operations in the order book reached a historically high level and included nearly 7,500 approved and managed housing units, representing a volume of business including tax close to €1.4 billion. Housing operations in managed residences (RSS) represented nearly 35% of the portfolio in terms of business volume including tax, confirming the strong growth in the group’s activities in this market since the signing in July 2020 of a first partnership contract between Primonial REIM, Uniti and its operating partner Aquarelia.
This portfolio of operations, developed by the network of six Uniti agencies and by the Première Pierre teams, consists of nearly 2,850 housing units in the construction site production phase, representing an estimated business volume including tax of close to €490 million and including the delivery during 2023 of six new RSSs, representing around 550 housing units and a business volume including tax close to €84.5 million. All of these RSSs were sold en bloc to institutional investors including Primonial REIM, the Ofi Innovacare fund (Ofi Pierre) and banking property companies. Eight other RSS projects representing around 830 housing units and a business volume including VAT close to €135.2 million, also sold en bloc or benefiting from firm purchase commitments from investors, are in production phase with openings planned between 2024 and 2025.
In addition, nearly 4,650 housing units are under land control and are in the assembly or construction permit examination phase. These operations, mainly intended to be sold off-plan to social landlords and institutional investors, represent a forecast business volume including tax of €910 million.