(Boursier.com) — Delta Plus Group fell slightly by 0.7% to 69.90 euros on Tuesday, while sales increased by 22.1% over the year 2022 (+2.9% at constant scope and exchange rates) to reach 420.2 millions of euros.
Current operating income also increased compared to 2021 (+8.9%). It stands at 52.4 ME. Reduced as a percentage of revenue, it reached 12.5% of revenue (-1.5 points compared to the 2021 financial year).
The net result of the consolidated group amounts to 34.7 ME. Net income Group share amounted to 33.8 ME (+4.2% compared to 2021).
The balance sheet structure remains solid… Shareholders’ equity is strengthening, debt ratios are increasing due to the impact of the three acquisitions made during the past financial year, and the working capital requirement is making a comeback on the normative levels of the exercises preceding the Covid-19 crisis.
Net financial debt (before IFRS16) amounted to 173 ME. They are up by 81.7 ME compared to December 31, 2021. In particular, net bank debt increased by 72.1 ME over the year to stand at 162.9 ME at December 31, 2022, as a result of medium-term financing raised during the year and intended to finance the acquisitions made in 2022. Debt ratios remain at satisfactory levels despite the acquisitions made in 2022, all financed by bank loans. Net bank debt before IFRS16 (EUR162.9m) represents 73% of equity (47% at the end of 2021) and 2.8 times EBITDA for the last 12 months (1.7 at December 31, 2021).
The State-Guaranteed Loan, in the amount of 42 ME, obtained by the Group in June 2020, had been repaid in the amount of 28 ME in June 2021. The balance of 14 ME was extended over a period of two years, until June 2023.
The dividend proposed to the next General Meeting on June 16 will amount to 1.1 euro per share, stable compared to the dividend paid last year (1.1 euro).
Prospects displayed
The group is aiming for continued organic growth in its turnover for 2023, despite a very uncertain macro-economic and geopolitical context. In 2023, a residual scope effect of around €4 million, linked to the acquisition of Drypro (Mexico), will have a positive impact on first-half sales, which should represent a scope effect of around +2% over the first six months of the year.
Conversely, the recent strengthening of the euro against the dollar and most currencies should meanwhile result in the first half of 2023 in a negative exchange rate effect of around -2%… “At first reading, we maintain our 2023-2024 scenarios, with organic growth of 3%/year and a gradual return to a normative MOC of 14%” comments Portzamparc who maintains his recommendation to ‘Strengthen’ by targeting a price of 86 euros on file.
For its part, GreenSome Finance lowered its target on the value of 103.6 to 100.6 euros.