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Groupe Beneteau reports full-year financials

Beneteau

Groupe Beneteau today reported year-end sales of $1.44 (€1.33 billion) for its fiscal year 2018-19, up 3.8 percent compared to the same period a year ago. Income from ordinary operations fell 6.4 percent, the company said in a statement, to $91 million (€82 million). Groupe Beneteau is made up of a boating and manufactured housing division.

Boat sales were up 4.6 percent to $1.26 billion (€1.14 billion), with net income down 5.8 percent to $76.45 million (€68.9 million). The group said in the statement that its Boat Division is “reporting good performance,” thanks to “robust development of sales” on its monohull and multihull sailboat brands, as well as outboard powerboats.

It reported a sales decline in motoryachts larger than 60 feet and “contraction” for its U.S. brands, largely due to tariffs on U.S.-built boats exported to Canada and the European Union. The group’s acquisition of Seascape and Delphia in 2018 added $30.6 million (€27.6 million) to 2019 sales.

Its SPBI division had sales of $909.2 million (€819.4 million), with net income of $40.6 million (€36.6 million); Beneteau Inc. (U.S. brands) reported sales of $334.1 million, compared to $338.4 million in 2018, with a net loss of $900,000; Ostroda Yachts in Poland had sales of $135.2 million (517.4 million zlotys), with net income of $7.6 million (2.9 million zlotys); SJ Delphia had sales of $25.2 (96.5 million zlotys), with a net loss of $4.1 million (16 million zlotys); CNB had sales of $338 million (€305.4 million), with net income of $14.1 million (€12.9 million); Monte Carlo Yachts had sales of $32.7 million (€29.5 million) and a loss of $12.6 million (€11.4 million); and the Seascape brand had sales of $5.6 million (€5.1 million), with a loss of $333,000 (€0.3 million).

The company last year increased its workforce to 8,361 across 27 production facilities in five countries, from 7,379 in fiscal 2018.

Groupe Beneteau maintains an optimistic outlook for 2020. “The atmosphere has been positive at the season’s first shows in Europe, and this trend is expected to be confirmed in the U.S. with the upcoming shows,” the statement reads. “Positioned primarily on the most dynamic market segments, the 34 new models launched for the 2019-20 season have received a promising response.”

The company noted that it has net cash of $107.6 million (€97 million).

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