BENETEAU (EPA:BEN) - BENETEAU : 2014-15 financial meeting

Transparency directive : regulatory news

29/01/2015 17:40

Press release - January 29th, 2015

                           2014-15 financial meeting

Forecasts for 2014-15

-  Like-for-like growth of 10% for the Boat business at constant exchange rates

-  EUR37 million in income from ordinary operations forecast for the Group,
   compared with EUR11.7 million the previous year

During its financial information meeting, the Bénéteau Group presented its
objectives for FY 2014-15, which will benefit from its global development,
stepped up following the 2008 crisis. With its deployment on the global
motorboat market, and particularly the North American market, the Group has put
in place two foundations in Europe and America. With profitability increasing
significantly for the Boat business and showing its resilience on Housing,
despite a still difficult French market for the season, globally the Group's
operational performance levels will be considerably strengthened in FY
2014-15.

* Boats: significant progress with profitability, driven by growth across all
  the regions

The Boat business' revenues for FY 2014-15 are estimated at EUR824 million, with
year-on-year growth of nearly 27%, buoyed by 10% growth on a like-for-like basis
and at constant exchange rates, as well as the consolidation of Rec Boat
Holdings LLC over the full year.
The North American market, on which the Group is forecasting revenues of EUR269
million for the year (including Rec Boat's contribution), is expected to
represent around 35% of the Boat business excluding fleets.

- Growth across all regions for the Group in 2015
  (like-for-like business at constant exchange rates)

In Europe, the Group's business is expected to grow around 5%, thanks in
particular to a good performance on the Spanish, UK and Italian markets.

In North America, the business is expected to grow 15% over the year, driven by
the boat market's continued growth and the Group's penetration on the motorboat
market.

In all the other markets, the Group is forecasting sales growth of around 15%
for the 2015 season.

- Significant increase in profitability over the year

Thanks to the growth in business and the positive change in the euro-dollar
exchange rate, the Boat division looks set to record EUR37 million in income
from ordinary operations for FY 2014-15, up from EUR11.9 million the previous
year. Following the acquisition of Rec Boat in June 2014, the current financial
year will be a year of consolidation for the American company. The action plans
drawn up will make it possible to establish commercial and industrial synergies
between the two groups, with the first returns expected for 2016. In FY 2014-15,
Rec Boat will generate approximately USD 125 million of revenues, with around
USD 3.5 million in EBITDA.

* Housing: profitability holding up well

While campsite professionals in France are still uncertain about their
investment decisions for the 2015 season, the Leisure Homes business will
continue to see growth internationally. Between 2012 and 2015, international
sales have increased by 75%. In addition, COCO Sweet(tm), a new leisure home
designed by the Group, has received a positive response from professionals
because it is in line with their needs to broaden their target customer
segments.

Leisure Home revenues are expected to represent EUR134 million for FY 2014-15,
compared with EUR141.5 million the previous year, contracting by around 5%.
Income from ordinary operations is expected to total EUR3 million for FY
2014-15, reflecting this business line's resilient profile.

The Residential Housing business looks set for revenue growth of around 25% over
FY 2014-15, climbing from EUR16.8 million the previous year to EUR21 million,
combined with a reduction in its operational losses.

Overall, the Housing division is expected to generate EUR155 million in revenues
for FY 2014-15, down 2% versus 2013-14, with income from ordinary operations to
break even.

* 2014-15 forecasts consolidated: cash position to improve by around EUR40
  million

The Group is forecasting EUR979 million in consolidated revenues for FY 2014-15,
up 21% from FY 2013-14, and nearly EUR37 million in income from ordinary
operations, compared with EUR11.7 million the previous year.

EBITDA for the year is expected to exceed EUR100 million, compared with EUR67
million for 2013-14.

After factoring in primarily the foreign exchange effect and tax, net income
(Group share) is expected to more than double, coming in at over EUR20 million,
compared with EUR9.7 million the previous year.

With nearly EUR90 million in operating cash-flow and a reduction in operational
working capital requirements, overall net debt is expected to be reduced by
around EUR40 million over the year. On this basis, it is expected to represent
around EUR10 million, compared with EUR504.4 million in shareholders' equity at
August 31st last year.

* Group to start fulfilling its potential between now and 2020

The Group has presented several scenarios for the development of its business
between now and 2020, confirming the significant potential for progress with its
revenues and income from ordinary operations.

For the Boat business, this potential is based in particular around the
deployment of a wider product range, the continued penetration of the North
American motorboat market and the gradual upturn on the European market.

The requirements to renew campsite equipment on the French market and the
extended product range rolled out will benefit the Mobile Home business, while
the effective management of the Residential Housing business model will make it
possible to ensure this new activity's profitability.

The 2013-14 Annual Report will be available from this evening on
www.beneteau-group.com.

Next date:
- January 30th, 2015: general shareholders' meeting.

About the Beneteau Group

The world's number one yacht builder - both mono and multi-hull - the Beneteau
Group has continued to make progress on the motorboat market, and is now one of
the world's leading players.

On both sailing yachts and motorboats, the Group's brands - BENETEAU, JEANNEAU,
LAGOON, PRESTIGE, MCY, CNB, FOUR WINNS, GLASTRON, WELLCRAFT and SCARAB - are
able to offer more than 200 models ranging from 15 to 90 feet.

The Group is also a leading player on the European leisure home market, with its
O'HARA and IRM brands, and is developing its business on the market for high
environmental performance residential housing. With the design and production of
wooden- frame houses, it aims to make quality homes that are affordable and in
line with sustainable development standards.

Breakdown of revenues by business*
2013-14 Group revenues: EUR 808.4 M

Sailboats   41.5%
Motorboats  38.9%
Housing     19.6%

                           www.beneteau-group.com
      Press information: Image Sept - Claire Doligez cdoligez@image7.fr -
                            Tel: +33 1 53 70 74 25
Shareholder contact: Yannick Coicaud-Thomas y.coicaud.thomas@beneteau-group.com
  16 bd de la Mer - CS 43319 - 85803 Saint Gilles Croix de Vie Cedex - France

             BENETEAU Group Financial meeting January 29th, 2015

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