Groupe Beneteau announced that its new “Let’s Go Beyond” plan is moving forward, helping the French company offset contraction in its chartering business through growth of segments including outboard powered boats.
However, the impacts of the crisis on the last four months of 2020 remain significant, with business over this period expected to be down 25 percent to 30 percent year-over-year, the company announced.
Measures to adapt production capacity and fixed costs in line with current market volumes are being rolled out and will make it possible to reduce costs by 45 million euros to 65 million euros on a full-year basis (between around $57 million and $76 million).
Revenues overall were down 14.3 percent; boat group revenues were off 15.1 percent; group EBITDA revenues were down 36.9 percent in the boat group, and boat income dropped 76.8 percent.
The group’s boat division adjusted its production capacity in each country in response to the pandemic, with five sites gradually hibernated, closed or sold, and production transferred to other sites; partial activity measures have been rolled out in France and Italy.
The brands have implemented new initiatives in light of most major boat shows being cancelled, including organizing events, private trials and exclusive days in France (Cannes-Mandelieu, La Rochelle, Les Sables d’Olonne) and internationally (Monaco, Spain, Italy, UK, Germany, and the United States).
The company is also preparing for the opening of virtual shows Dec. 10-12 and creating new digital formats that are more immersive and interactive.