Beneteau reports 2012-13 earnings

Posted on Written by Michael LaBella

The Be?ne?teau Group recorded 1 million euros in operating income for fiscal 2012-13, better than the group’s initial forecast — an expected loss of 7.5 million euros — which the company said reflects an upturn in earnings on boats and housing.

Net income for the year was 700,000 euros, compared with a loss of the same amount the previous year.

The French builder of sailboats and powerboats said it came close to breaking even in the boat segment, posting an operating loss of 1.3 million euros, compared with an initial forecast of a 5.5 million-euro loss. The group said it exceeded the targets it set and had stronger margins on direct costs.

Operating cash flow climbed to 58.7 million euros, up 17 percent from the previous year. In line with Beneteau’s strategic objectives, the group said it maintained a high level of investments (61.4 million euros), particularly focused on product development.

Beneteau said its consolidated net cash position is still positive, coming in at 23.2 million euros on Aug. 31, including 13.2 million euros of treasury stock.

The group said tentative marine trends in North America in the 2013 season were encouraging and are being confirmed at the start of the 2014 season.

Beneteau said emerging markets in Asia and South America are benefiting from structural growth in the marine industry, although progress varies, depending on the economy. Caution is still needed in Europe, where markets are rising in certain countries, but falling in others, the company said. In view of these trends, Beneteau said it expects the overall European region to be stable, at best, during the 2014 season.

The group said the global boat market can expect to see its first growth in five years during the 2014 season, forecasting an increase of about 3 to 5 percent.

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