The results of the promoter Capelli explode despite the health crisis

The Lyon group posted a net profit (group share) of 4,3 million euros, against only 0,1 million a year earlier, according to a press release.

This is the consequence of the strong increase in its turnover (+ 39,1% to 280,5 million euros), which in turn was reflected in the gross operating surplus (+37,6 , 27,6%, to XNUMX million euros).

Capelli explains these increases by its decision to step up "block" sales of apartments to institutional investors, even if these sales are made at lower margin levels than those obtained during retail sales to individuals.

In the prevailing uncertain economic context, this strategy makes it possible to generate cash and maintain stocks of completed apartments at reasonable levels, he notes.

Net debt fell slightly to 179,8 million euros, but still represents more than double the equity (78 million), up slightly. The group nevertheless considers its debt "under control" in view of its strong growth.

For the current financial year, Capelli expects a continuation of its "profitable growth", with an increase in activity of around 20%. The projects in progress ("backlog") thus represent a potential turnover of more than 700 million euros.

In particular, its development strategy in Luxembourg and Switzerland - markets with high margins and where building permits are easier to obtain - should generate turnover "consistently", he notes.