November 2018 – The Beneteau Group closed out FY 2017-18 with performance levels that were higher than its latest forecasts. They are linked to the quality of operational execution achieved in the fourth quarter for the Boat and Leisure Homes Divisions, as well as the results of the Transform to Perform plan:
- Boats: business is up +9% at constant exchange rates, the fourth consecutive year of strong growth, supported by a stronger and diversified range, aligned with demand from dynamic segments;
- Housing: business is up +11% for Leisure Homes;
- The increase in the operating margin at constant exchange rates reflects the higher volumes
recorded and good operational execution. The ratio of income from ordinary operations adjusted for currency hedging to revenues represents 7%, slightly higher than the previous year (6.9%);
- The product and industrial investment plan is continuing to move forward, combined with external growth, while improving the cash position.
Boat Division: sales trends outpacing the markets and excellent execution in the fourth quarter
The Boat Division is reporting good performances thanks to the dynamic level of sales for the multihull sailing and outboard / inboard motorboat segments, offsetting the contraction in sales for large motor yachts. The delays with deliveries in the third quarter were effectively caught up thanks to the excellent operational execution achieved in the fourth quarter.
Full-year revenues for the Boat business are up +9.0% year-on-year at constant exchange rates (+6.7% reported data). The Group’s performances in Europe are excellent (+12.7% at constant exchange rates), while they show contrasting trends for North America depending on the market segments (+4.4% at constant exchange rates), with very strong progress for small boats and a contraction for large motor yachts. Sales are robust in Asia-Pacific (+27.3% at constant exchange rates) and with charter fleets (+26.8%). The Rest of the World region (-38.7% at constant exchange rates) has been affected by the lower level of sales for large motor yachts.
Income from ordinary operations is up +6.9% at constant exchange rates (down -7.2% on a reported basis due to the currency effect and the return to profit-sharing in the Group’s main subsidiary). In this way, income from ordinary operations represents €73.2 million.
The acquisition of Seascape, a Slovenian company specialized in designing, building and marketing performance sailing yachts, was announced in July 2018. It is further strengthening the range on the segment for mini-performance cruisers. The integration of the four models into Beneteau’s First range made it possible to generate revenues of €300k over the last two months of the financial year.
Delphia Yachts’ acquisition is expected to be completed before the end of 2018 and will be effective in FY 2018-19. It will further strengthen production and development capacity for sailing / motorboats in Poland, and bring on board complementary motorboat lines (lake and river boats).