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Beneteau Group reports fiscal-year results

Beneteau Group is reporting 11.7 million euros in operating income for fiscal 2013-14, up from 1 million the previous year.

Adjusted revenue from ordinary operations came to 17.6 million euros, compared with a forecast of 12 million, according to the company’s fiscal statement filed with the French exchange Bourse and translated via Google Chrome.

Net income for the year that ended Aug. 31 was 9.2 million euros, compared with 700,000 the previous year.

The powerboat segment comprised 38.9 percent of the group’s revenue; sailboats made up 41.5 percent and housing accounted for 19.6 percent.

The boat business is reporting 634.9 million euros in like-for-like revenue for fiscal 2013-14, compared with 624.4 million the previous year. At constant exchange rates, its like-for-like growth comes out at 2.6 percent. Income from ordinary operations for the boat business climbed from a loss of 1.3 million euros the previous year to a gain of 11.9 million in fiscal 2013-04.

At constant exchange rates and on a like-for-like basis, it came to 17.8 million euros, compared with an initial forecast of 15 million. Beneteau said the improvement in operational profitability has been driven by effective cost management, reflected in an improvement in the margin on direct costs, combined with rigorous management, making it possible to achieve reductions in fixed costs.

Like-for-like, the boat business recorded 64.6 million euros in EBITDA, representing 10.2 percent of revenue.

For FY 2013-14, the group recorded 61.6 million euros in operating cash flow, covering its current investments, excluding external growth (60.8 million euros). In view of the acquisition of Rec Boat Holdings on June 23, consolidated net debt represented 53.1 million euros at the end of August, independent of 12.9 million euros in treasury stock. On Aug. 31, the group had 504.4 million euros in shareholders’ equity.

The group projected continued positive trends in North America after the acquisition of Rec Boat Holdings brands Four Winns, Glastron, Scarab and Wellcraft.

In Europe, some of the eurozone countries that had been hit particularly hard by the economic crisis, such as Spain, the U.K. and Italy, are showing tangible signs of improvement, though to varying extents, Beneteau said. Overall, Europe is expected to see growth during the 2015 season.

Beneteau said Asian and South American markets are expected to remain uncertain for 2015, without calling into question the potential these markets represent for the group.


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