BENETEAU (EPA:BEN) - BENETEAU : 2014-15 half-year earnings

Transparency directive : regulatory news

29/04/2015 17:40

Press release - April 29th, 2015

                         2014-15 half-year earnings

Group confirms its full-year forecast for strong growth in consolidated income
  from ordinary operations, with first-half earnings in line with expectations

For FY 2014-15, the Group is confirming its full-year forecast for EUR37 million
in consolidated income from ordinary operations, with earnings tripling compared
with FY 201 3-14 (EUR 1 1.9 million). This strong growth, announced in January
and confirmed with the dynamic level of revenues mentioned on April 7, has been
achieved thanks to the Boat business performing better than expected on the
European market over the first half of the year.

KEY FIRST-HALF FIGURES (September 2014 to end-February 2015)

With the bulk of invoicing to take place during the second half of the year,
first-half earnings, as forecast, are not representative of performances over
the whole year.

                       First half                           Full-year
               BOATS      HOUSING       GROUP            Actual Forecast
EUR'000,000  13-14  14-15 13-14  14-15 13-14  14-15  Change 13-14  14-15
Average EUR
/ $ rate                               1.36    1.22          1.36   1.20
Revenues    212.6  251.3 70.1   61.7  282.7     313   10.7% 808.4    979
Income
from
ordinary
operations -32.9  -35.5 -0.5   -1.7  -33.4(1) -37.2(1) n.s.  11.9    37
Exchange
rate
gains /
losses                                -0.3    -18.5           1.8   -8
Net income
(Group share)                        -19.7    -33.8    n.s.

(1) Including impact of IFRIC 21 - concerning levies - applicable from September
1st, 2014, with -EUR2.5 million for the first half of 2013-14 and -EUR2.6
million for the first half of 2014-15.

For the first six months of FY 2014-15, the Group recorded -EUR37.2 million in
income from ordinary operations. Net income (Group share) includes -EUR 18.5
million of foreign exchange losses. This factors in various arbitrage
transactions and the valuation of current foreign exchange instruments in
accordance with IAS39 for -EUR 15.6 million, which will be reflected in a EUR4.2
million profit for the full year.

Boats: confirmation of over EUR37 million in income from ordinary operations for
the year, driven by a better-than-expected trend for the European market

For the first half of 2014-15, the Boat business is reporting -EUR35.5 million
in income from ordinary operations, compared with -EUR32.9 million at
end-February 2014. Like-for-like, excluding the contribution by Rec Boat, this
figure comes out at -EUR30.6 million. It reflects the good level of business for
the division, particularly with the Group achieving a better performance than
expected on the European market. In this positive environment, the Group is
forecasting over EUR37 million in full-year income from ordinary operations for
the Boat division.

Housing: slight loss forecast for the year, in a still uncertain market
environment

During the first half of 2014-15, the Housing division recorded -EUR 1.7 million
in income from ordinary operations (versus -EUR0.5 million for the first half of
2013-14).

For the Residential Housing business, operational losses came to -EUR2.5 million
for the first half of FY 2014-15 (-EUR 1.8 million for the same period the
previous year).

The Leisure Home business generated EUR0.8 million in income from ordinary
operations over the first half of FY 2014-15, compared with EUR1.3 million for
the first half of the previous year. French tourism professionals, including key
accounts, have resumed their investment policies. However, this trend is not yet
being seen across the board.

In this environment, the Housing Division's income from ordinary operations is
expected to show a slight loss for FY 2015.

The half-year activity report will be available online at www.beneteau-group.com
from April 30th, 2015.

About the Beneteau Group

The world's number one sailing yacht builder - both mono and multihull - 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: EUR808.4 M

Housing      19.6%
Sailboats    41.5%
Motorboats   38.9%

*with Rec Boat Holdings LLC

                              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 - BP 319 - 85803 Saint Gilles Croix de Vie Cedex - France

BENETEAU Group - press release - 2014-15 half-year earnings - April 29th, 2015

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