BENETEAU (EPA:BEN) - BENETEAU : 2015-16 financial meeting

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28/01/2016 17:45

Press release - January 28, 2016

                                                    2015-16 financial meeting

                              Forecasts for 2015-16

- Growth of around +15% for the Boat business
- Around EUR55 million forecast for Group income from ordinary operations, an
  increase of around +60%
- Net debt reduced to zero by the end of the financial year

During its financial information meeting, the Bénéteau Group presented its
objectives for FY 2015-16 and its priorities for the medium term. The Group will
continue to capitalize on the recreational market's growth and the success of
its strategy for development on motorboats and in North America. The Leisure
Homes business is expected to see a return to growth, while the Residential
Housing business has continued to be adversely affected by some major projects
being postponed. Profitability will increase significantly for the Boat business
and be stable for Housing.

* Boats: significant progress with profitability, driven by growth in the
motorboat business and positive market trends in America and Europe

The Boat business' revenues for FY 2015-16 are estimated at EUR950 million, with
year-on-year growth of over 15%. The motorboat segment is expected to represent
60% of revenues. One third of the Boat business is expected to be generated in
North America, with revenues of around EUR310 million.

- Positive trends for recreational boat markets globally

In Europe, the Group's business is expected to grow around +18%, buoyed by good
performances on the German, Spanish, UK and Italian markets, and to a lesser
extent the French market.

In North America, the recreational boat market will continue to grow and,
despite the weak Canadian market, business is expected to grow over 15% in
dollars, thanks to the Group's penetration on the motorboat market.
In Asia, the development of the range of large boats is expected to offset the
slowdown in market growth. Revenues are expected to increase by at least 15%.
The only region facing difficulties will continue to be South America as a
result of the economic situation in Brazil.

- Strong growth in profitability over the year

Thanks to the growth in business, the Boat division looks set to record around
EUR54 million in income from ordinary operations for FY 2015-16, up from EUR33.6
million the previous year.

* Housing: profitability holding up well

After sales falling for three years, the Leisure Homes business is expected to
get back on track for growth. The good summer season and the ageing of the
mobile homes already in place are encouraging mobile home campsite professionals
to invest for the 2016 season.

Leisure Home revenues are expected to represent EUR150 million in FY 2015-16,
compared with EUR133.9 million the previous year, an increase of around +12%. As
a result, income from ordinary operations is expected to come to +EUR5 million
for FY 2015-16, including the non-recurring impact of the deployment of a new
information system.

The Residential Housing business has continued to be adversely affected by some
major projects that have been postponed. Its revenues for FY 2015-16 are
expected to be limited to EUR13 million, compared with EUR16.2 million the
previous year. Operational losses will be limited to -EUR4 million, thanks to a
drastic cost reduction plan.

Overall, the Housing division is expected to generate EUR163 million in revenues
for FY 2015-16, up +9% from 2014-15, with income from ordinary operations
breaking even.

* Consolidated forecasts for 2015-16: growth in key indicators and balanced cash
position at end-August

The Group is moving forward with its sustained investment policy, with EUR86
million planned for FY 2015-16, up +25% from the previous year.

Its consolidated revenues are expected to come in +15% higher than FY 2014-15,
while income from ordinary operations will be close to EUR55 million, compared
with EUR34.4 million the previous year.

With over EUR100 million in operating cash-flow and a reduction in working
capital requirements, the Group is expected to reduce its net debt to zero by
the end of the financial year.

* Priorities and areas for development

The Group's new management team has mapped out its priorities, which are focused
on rationalizing the boat business, based around four major global sales
networks, and integrating the brands of RecBoat, the company acquired in June
2014, within these networks. The Group's growth will be driven by the continued
expansion of its product range, the development of products for first-time
buyers and high-end customers, and the development of new services, as well as
growth in emerging countries and targeted acquisitions.

In the Leisure Homes business, the Group needs to effectively manage the
technical and commercial challenges involved with a strong market recovery, as
well as the challenges resulting from the deployment of a new integrated
management tool. The market for Timber Residential Housing is gradually
developing, while its cost prices are moving closer to those for the traditional
construction sector. It is essential that this business break even again and
this will be achieved by pooling resources with the Leisure Homes business and
producing mobile homes during the peak season.

Lastly, by pooling its resources more widely, the Group will be able to further
strengthen the synergies between its business lines and brands, while
reinforcing its operational excellence and managing its cost base more
effectively.

The 2014-15 Annual Report will be available from this evening on
www.beneteau-group.com.

Next date:
    - January 29, 2016: general shareholders' meeting.

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.

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

                              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

             BENETEAU Group - Financial meeting - January 28, 2016

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