Beneteau seeks continued expansion in U.S.


The Beneteau Group is continuing its push into North American markets and is planning to continue penetrating the North American powerboat market by deploying a wider product range.

Beneteau presented its objectives for fiscal 2015 in its earnings report, saying the company will benefit from the global development that it stepped up after the 2008 financial crisis.

The boat business increased profits significantly last year, the company said.

“Thanks to the growth in business and the positive change in the euro-dollar exchange rate, the boat division looks set to record 37 million euros in income from ordinary operations for fiscal year 2014 to 2015,” the company said in its annual earnings report filed on the Paris Bourse.

That amount, which represents about $41.78 million, is up from 11.9 million euros the year before, or about $13.44 million at Friday’s exchange rate of $1.13 per euro.

After the acquisition of Rec Boat in June 2014, the current financial year will be a year of consolidation for the American company.

“The action plans drawn up will make it possible to establish commercial and industrial synergies between the two groups, with the first returns expected for 2016,” Beneteau said in its report.

In fiscal years 2014 to 2015, Rec Boat will generate revenue of about $125 million, with about $3.5 million in earnings before interest, taxes, depreciation, and amortization, Beneteau said.

The group, which is made up of sailboats (41.5 percent), powerboats (38.9 percent) and housing (19.6 percent), is forecasting 979 million euros ($1.105 million) in consolidated revenue for fiscal year 2014 to 2015. That number is up 21 percent from the prior year.

The group reported nearly 37 million euros in income from ordinary operations, or about $41.79 million. That compares with 11.7 million euros the previous the year, or about $13.22 million in 2013.

Earnings before interest, taxes, depreciation, and amortization for the year is expected to exceed 100 million euros, compared with 67 million euros for 2013 to 2014, Beneteau said. That amounts to about $112.89 million, versus $75.66 million in the prior year.

After factoring in primarily the foreign exchange effect and tax, net income is expected to more than double, coming in at more than 20 million euros, or about $22.58 million, compared with 9.7 million euros, or about $10.95 million, the previous year.

With nearly 90 million euros ($101.63 million) in operating cash flow and a reduction in operational working capital requirements, overall net debt is expected to be reduced by about 40 million euros ($45.20 million) in the year ahead, Beneteau said. On this basis, it is expected to represent about 10 million euros ($11.29 million), compared with 504.4 million euros (569.44 million) in shareholders’ equity as of Aug. 31, 2014.


Freedom Boat Club Buys N.Y. Franchise

The latest acquisition is Brunswick’s sixth corporate-owned Freedom operation in the United States.

In-Person NMEA Conference Announced

The electronics conference, in conjunction with the Radio Technical Commission for Maritime Services, is scheduled for Sept. 20-24 in Orlando, Fla.

Vesper Appoints U.S.-based Manager

Damien Frye will drive sales of the New Zealand-based company’s Cortex product line.

Groupe Beneteau Sells CNB

As part of the conglomerate’s realignment, the Groupe has inked an agreement with Italian yard Solaris to purchase the bluewater sailing brand.

IBEX Hires Education Director

Patty Lawrence will manage the show’s preconference sessions, seminars and workshops.

Organizers Plan for In-Person Metstrade

The show is scheduled for Nov. 16-18 in Amsterdam and will incorporate virtual elements.

X Shore Secures $17M in Funding

The Swedish company’s 26-foot Eelex 8000 electric boat premiered at the Palm Beach show last month.