(Boursier.com) — The turnover of Capelli in the 1st half of its 2022-2023 financial year amounted to 107.3 million euros (141.1 MEUR in n-1) due to the voluntary postponement of worksite launches.
In an environment greatly disrupted by the rise in construction and energy costs, Capelli managed, thanks to the decisions adopted, to generate a gross margin rate of 24.1%, i.e. +2.2 points compared to the last year.
At the same time, the Group continued to reduce its structural costs (-0.5 ME vs. n-1) allowing it to record an Ebitda of 10.5 ME (9.7% of revenue) and an EBIT of 8.1 ME (8.1% of sales), i.e. margin levels equivalent to those observed at March 31, 2022.
Net income Group share for the period was -€2.6 million (€1.8 million at September 30, 2021).
As of September 30, 2022, the Group’s corporate gearing has improved significantly to 0.44x (0.68x as of September 30, 2021).
Consolidated gearing (corporate + operations) includes major land purchases over the period but is still down slightly at 3.72x (vs. 3.80x at 03.31.22).
The Group’s shareholders’ equity is at a high level and stands at 105.6 ME vs 71.7 ME in n-1. Active cash amounts to 84.7 ME.
Outlook
After months marked by a production shortage linked to the lack of building permits issued in 2021 and 2022, an irrational and recurring increase in appeals and finally a temporary spike in construction costs which prompted the Group not to launch certain projects in order not to burden its profitability, Capelli approaches the coming months with confidence in a context of a return to normal and thanks to the important decisions taken in recent months.
On the strength of the land purchases already made, the high level of operations in progress and a construction market which is normalizing, the Capelli Group anticipates growth in the second half of 2022-2023.
For the full year, Capelli is aiming for sales of around 300 ME with a gross margin that will remain high and an Ebitda rate that should be maintained at current levels.
Having relaunched its growth, the Group will thus deliver nearly 1,500 batches over the period from September 30, 2022 to June 30, 2023.
The 2023-2024 financial year should therefore be very dynamic.
Given the difficulties encountered by the diffuse (rise in rates, tightening of the conditions for granting loans), Capelli will continue to favor block sales in order to benefit from a rapid return on invested capital while preserving its margins. They will represent approximately 70% of sales in France.