* Revenues 1,083.5 million euros +11.8%
* Income from ordinary operations 43.6 million euros +27.0%
* Net income (Group share) 24.8 million euros +93.8%
* Net debt Return to a positive cash position of
13.5 million euros
Groupe Beneteau closed out FY 2015-16 with solid performances linked to robust
sales across its two divisions:
- Boats: the business achieved over 10% growth for the second year running,
driven by the quality of its range of innovative products and the positive
market trends for recreational boats;
- Housing: the business is up 15%, with a strong resumption of investment in
In million EUR 2015-2016 2014-2015 Change Change
(reported data) (constant exch.
Revenues 1,083.5 969.4 + 11.8% + 10.6%
- Boats 910.7 819.3 +11.2% + 9.8%
- Housing 172.8 150.1 +15.0% + 15.0%
Income from ord.
operations 43.6 34.4 +27.0%
Net income (Group share) 24.8 12.8 +93.8%
Net earnings per share 0.3 0.15 +93.8%
Operating cash flow 107.1 73.5 45.7%
Boats: strong progress with operating income
The Boat business has achieved good performances thanks to its solid order book
and good operational execution.
In million EUR 2015-2016 2014-2015 Var. % Var. %
(reported data) (constant
Revenues 910.7 819.3 + 11.2% + 9.8%
Income from ordinary
operations 46 33.6 + 36.9%
EBITDA 113 88 + 28.4%
* Full-year revenues for the Boat business are up +11.2% year-on-year and
+9.8% at constant exchange rates.
* Income from ordinary operations shows strong growth, up +36.9%, thanks to the
volume of business. The first results of the Group's transformation actions
and the effectiveness of the measures adopted over the first half of the year
- including tighter cost management - have made it possible to offset the
non-recurring elements, with significantly improved forecasts. Illustrating
this, income from ordinary operations is up to 46.0 million euros.
* Major post-reporting date event: as its production entity was not expected to
break even again over the short term faced with the economic situation in
Brazil, the Group took the decision mid-October to mothball boat production
operations in this country. With this decision, the Group is moving forward
with its goal to eliminate sources of losses.
Housing: excellent end to the season
The Leisure Homes business, after facing various operational and logistical
difficulties that were overcome at the end of the year, is reporting strong
In million EUR 2015-2016 2014-2015 Var. %
Revenues 172.8 150.1 15.1%
- Leisure Homes 160.7 133.9 20.0%
- Residential Housing 12.1 16.2 -25.3%
Income from ordinary
operations -2.4 0.8 N/A
- Leisure Homes 0.8 4.3 -81.4%
- Residential Housing -3.2 -3.5 -8.6%
EBITDA 4.3 3.5 22.9%
* Leisure Homes
This business line has had a very active end to the season, supported by two
positive factors: strong growth with key account customers (+40%) on the
French market and strong progress on the major European markets (+30%) other
Income from ordinary operations came to +0.8 million euros and continued to be
affected by the operational issues experienced with starting up a new IT tool.
These issues, which affected a large part of the year, have since been
* Residential Housing
After contracting sharply, this business recorded an insufficient level of
orders to break even financially. Revenues came to 12.1 million euros, down 25%
year-on-year. Despite the new synergies put in place between the Housing
division's two business lines, and ongoing work to reduce operating costs for
the Residential Housing business, income from ordinary operations is still
negative, with -3.2 million euros, a very slight improvement from 2015.
* Major post-reporting date event: in this context, although the BH subsidiary
(timber-frame residential housing) is able to carry out innovative and
competitive projects, there is no market for the solutions offered in the
detached housing, collective housing and dedicated residence sectors, so the
Group announced at the end of October its plans to transform the BH
subsidiary to produce leisure homes.
Groupe Beneteau: consolidated earnings
Very healthy financial position: positive net cash
The Group is reporting 107.1 million euros in operating cash-flow, up +45.7%
year-on-year. Following a 32.4 million euro improvement in working capital and
71.1 million euros of current investments, the Group recorded 13.5 million
euros of positive net cash, compared with 51 million euros of net debt at the
end of FY 2014-15.
During FY 2015-16, in addition to the financing linked to RBH's acquisition in
2014, the Group secured a medium-term revolving credit line for 150 million
euros over five years with a pool of partner banks.
Strong growth in net income - Dividend
Net income climbed nearly 94% to 24.8 million euros, factoring in non-recurring
- The mothballing of boat production operations in Brazil for -4.8 million
- The restructuring costs for BH's business for -5.9 million euros.
A proposal will be submitted at the General Meeting on January 27, 2017 to pay
out a dividend of 10 euro cents per share for FY 2015-16, up 67%, representing
an overall total of 8.3 million euros.
Outlook for 2017
The atmosphere has been positive at the season's first shows in Europe and the
US. Trends are expected to continue to be positive for these markets. South
America and Asia are contracting, although without calling into question the
potential offered by these markets for the Group.
The confirmation of a good 2016 season for French campsite professionals is a
positive sign for the future. The plans for orders received between now and the
end of December will offer a tangible indicator for assessing this business'
trends for 2017.
Financial information meeting: January 26, 2017 (after the Paris International
A detailed presentation of the full-year earnings is available on the Groupe
About Groupe Beneteau
The world's number one sailboat builder - mono and multihull - Groupe Beneteau
is continuing to make progress on the motorboat market, establishing itself as
a global market leader.
For both sailing and motorboating, the Group's brands - BENETEAU, JEANNEAU,
LAGOON, PRESTIGE, MONTE CARLO YACHTS, CNB, FOUR WINNS, GLASTRON, WELLCRAFT
and SCARAB - offer over 200 models ranging from 15 to 105 feet.
The Group is also a leading player on the European leisure homes market, with
its O'HARA, IRM and COCO SWEET brands.
Breakdown of revenues by business 2015-16 Group revenues:EUR1,083.5 million