BENETEAU (EPA:BEN) - BENETEAU : 2014-15 full-year earnings
Transparency directive : regulatory news
04/11/2015 17:40
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Press release - November 4, 2015
FY 2014-15: growth in revenues and profitability
* The Group is fully benefiting from the upturn on the recreational boat market,
with solid organic growth. Revenues are up nearly +20% from the previous year,
driven by the US company RecBoat, the stronger dollar and the good end to the
season for the leisure homes business.
* Income from ordinary operations and net income are both up
BOATS HOUSING GROUP Var.
EUR '000,000 2014-15 2013-14 2014-15 2013-14 2014-15 2013-14 % yoy
Revenues 819,3 650,1 150,2 158,3 969,5 808,4 +19,9%
Income from
ordinary
operations 33,6 11,9 0,8 -0,2 34,4 11,7 +194,0%
Like-for-like
income from
ordinary
operations (1) 36,7 13,9 0,8 -0,2 37,5 13,7 +173,7%
Net income
(Group share) 12,8 9,2 +39,1%
(1) Excluding contribution by RecBoat, acquired on June 23, 2014
Boats: good progress with income from ordinary operations, against a backdrop of
stronger business development in Europe and continued growth in North America
The Boat business is reporting like-for-like growth of +10.7% in full-year
revenues compared with the previous year, at constant exchange rates.
Income from ordinary operations shows very strong growth, climbing +164%, thanks
to the volume of business and the dollar's appreciation against the euro.
Globally in line with forecasts, it came to EUR36.7 million, compared with a
forecast of EUR38 million, affected by a non-recurring event: the bankruptcy of
a Canadian dealer.
Alongside this, RecBoat's revenues came in 12% lower than forecast, affected by
the economic situation in Canada. Despite the efforts made to ensure effective
control over costs, income from ordinary operations has contracted from -$2
million to -$3.5 million.
Housing: better end to the season than expected and positive operating income,
higher than forecast
The season is ending on a positive note for the leisure homes business. The
French market is driven primarily by key account customers. Internationally,
business has been boosted in particular by the Italian market, which grew by
over 50%, following a 2014 season that was significantly affected by unsuitable
legislation.
Higher than forecast, income from ordinary operations came to EUR4.3 million.
The Residential Housing business has been affected by the postponement of a
project in the hotel sector, with no scheduled start date as of yet, limiting
revenues to EUR16.2 million. Income from ordinary operations is still negative,
with -EUR3.5 million.
Net income growth - Dividend
While net income has increased, it has been affected by foreign exchange hedging
(-EUR16.7 million) and two non-recurring factors:
- Consequences of the bankruptcy of one of the Group's boat design partners
(-EUR3.2 million)
- Costs relating to changes in the Group's Management Board.
Net income is up 40% from 2013-14.
A proposal will be submitted at the general meeting on January 29, 2016 to pay
out a dividend of 6 euro cents per share for FY 2014-15, representing a combined
total of EUR5 million.
Healthy financial position
The Group recorded EUR73.5 million in operating cash-flow, up +19% from the
previous year, covering its EUR69.1 million in current investments. The Group's
net debt remains stable at EUR51 million.
Outlook for 2016
Boats: The atmosphere has been positive at the season's first shows in Europe
and the US. Trends are expected to continue to be positive for these markets.
South America and Asia are down, although without calling into question these
markets' strong potential for the Group.
Housing: The confirmation of a good 2015 season for French professionals is a
positive sign for the future. The plans for orders received between now and the
end of December will offer a tangible indicator for assessing this business'
trends for the current financial year.
The next event will be January 28 with the financial information meeting, after
the main autumn shows have been completed.
Breakdown of revenues by business*
2014-15 Group revenues: EUR969.5 M
Housing 15.5%
Sailboats 37.8%
Motorboats 46.7%
* with Rec Boat Holdings LLC
About the Beneteau Group
The world's number one sailing yacht builder - both mono and multi-hull - the
Beneteau Group has continued to make progress on motorboats, and is now a global
market leader.
On both sailing yachts and motorboats, the Group's brands - BENETEAU, JEANNEAU,
LAGOON, PRESTIGE, MONTE CARLO YACHTS, CNB, FOUR WINNS, GLASTRON, WELLCRAFT and
SCARAB - are able to offer more than 200 models ranging from 15 to 105 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. Designing and producing
timber-frame houses, it aims to make quality homes that are affordable and in
line with sustainable development standards.
www.beneteau-group.com
Press information: Sarah Jardin sarah.jardin@consultants.publicis.fr
Tel: +33 1 44 82 46 36 - Mobile: +33 6 48 33 69 83
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