2021 annual results

Financial press release

2021 annual results

Financial press release

23 March 2022



The Hexaom board of directors met on March 23rd, 2022 and approved the financial statements for the year ended December 31, 2021. The consolidated financial statements were audited. The statutory auditors’ report will be issued when the annual report is published.


Consolidated Net Income in € Millions
% Change
Revenue 997.0 881.8 +13.1%
Current operating income 34.5 29.1 +18.6%
Current operating margin 3.5% 3.3% +20 bp
Operating income 32.0 29.1 +10.0%
Net financial income -0.7 -0.4
Net income 22.7 19.7 +15.2%
Net margin 2.3% 2.2% +10 bp

Annual revenue close to €1 billion, up +13.1%.

Despite the difficult context caused by the lingering effects of the health crisis, the Hexaom group posted good performance for 2021. Annual revenue is just shy of €1 billion, at €997.0 million, up +13.1% compared with 2020 (+9.9% like-for-like). This growth was driven by all the company’s businesses, with new activities representing €275.9 million, or 27.7% of total revenue.

Improved results and strengthened financial position

This sustained level of production is all the more satisfying as it was achieved in a real estate sector strongly impacted by longer delivery times for materials. These disruptions in the supply chain were accompanied by a significant increase in construction costs (materials and labor) throughout the year.

Hexaom has been able to adapt to this complex environment by drawing on:

  • Good supply chain management
  • Recognized leadership in its various businesses
  • A strong capacity to quickly adjust pricing to offset rising material costs

These strengths allowed the group to limit the impact of the various global health and geopolitical crises on its results.

Under the combined effect of a now profitable Real Estate Development business and a growing Land Development business, current operating income rose by 18.6% to €34.5 million. The current operating margin was 3.5% of revenue compared to 3.3% last year.

The contribution of each of the group’s businesses to current operating income is as follows:

  • The Home Building business posted a current operating income of €25.6 million, with an operating margin of 3.5%.
  • The Renovation business, impacted by non-standard margins in the B2B segment, posted a current operating income of €2.4 million, representing an operating margin of 1.3%.
  • The Real Estate Development business, profitable for the first time, contributed €3.0 million to current operating income, representing a margin of 4.7%.
  • The Land Development business generated €3.5 million in current operating income for a margin of 13.9%.

The operating income for the period was impacted by two significant, non-recurring items. First, an impairment of goodwill on the Atelier des Compagnons subsidiary of -€5.6 million. Second, an adjustment to the sale prices of the Plaire and Camif subsidiaries of +€3.1 million.

Considering these items, operating income amounted to €32.0 million, compared to €29.1 million in 2020.

Annual net income amounted to €22.7 million, up 15.2%, for a net margin of 2.3%.

The already solid financial structure was strengthened with the group share of equity amounting to €227.8 million and a cash position of €167.3 million. Net cash amounted to €57.3 million, up €27.8 million for the year.

Dividend for the 2021 financial year

The board of directors will propose at the annual general meeting on June 1st, a dividend payment of €1.41 per share. Payment will be made on June 16, 2022.

Prospects strengthened by record order intake of over one billion euros

Thanks to excellent sales performance in 2021 and despite longer construction delays, production is expected to grow again in 2022. However, the group remains watchful over maintaining its margins in a context of tensions over materials and subcontracting (inflation and availability), and the implementation of the new 2020 Environmental Regulations.

On the sales front, the group expects continued strong momentum for the B2C Renovation business, due to continuing government subsidies and the high level of sales in existing properties. Order intake for the B2B Renovation business will be kept under control, to focus on further margin improvement. The Real Estate and Land Development businesses will continue to grow. Lastly, the Home Building business will continue to be driven by the strong demand for this type of housing in France. Hexaom will nevertheless pay close attention to the consequences of new regulations (2020 Environmental Regulations, Climate and Resilience law) and rising interest rates.

Governance, the 5th generation will take over managing the group as of June 1st, 2022

During its meeting on March 23rd, 2022, the board of directors declared its willingness to dissociate the functions of chairman of the board of directors and chief executive officer, and to create the function of chief operating officer.

As a result, Hexaom announced that, as of June 1st, 2022, and subject to the final decision of the board of directors to be held after the general meeting, Loïc Vandromme would be appointed Chief Executive Officer of HEXAOM. He will be supported by Eric Vandromme and Antoine Vandromme, who will become chief operating officers, while retaining their functions as regional managers of the Occitanie and Hauts-de-France regions, respectively.

Subject to his reappointment as a director, Patrick Vandromme would be reappointed as chairman of the board of directors. Philippe Vandromme, currently deputy CEO, will remain a director. Both will therefore carry on bringing their experience and expertise to the board of directors and the CEO.

Loïc Vandromme has held various functions in the group since 2005: sales, marketing, digital, subsidiary operational management, and member of the executive committee. In 2018, he was appointed secretary general alongside the chairman and CEO, Patrick Vandromme.

He has developed extensive expertise and has perfect knowledge of the group and the markets in which it operates. Along with Eric and Antoine Vandromme, they embody the values and culture of the group and represent the 5th generation at the head of Hexaom. They are supported by the group’s key executives with whom they have worked closely in the executive committee since 2012. Members of this committee will continue to offer their dedication and support for the new management.

The board of directors is convinced that the proposed organization will guarantee the continuity of a human and family governance that are the cornerstones of the group’s performance, values, and ambitions. 

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