- Contraction of 17.3% after production was temporarily shut down due to
(-17.9% at constant exchange rates)
Outlook for the year
- Revenues expected to be down 16% to 18%
- EBITDA margin of over 8%
- Income from ordinary operations above breakeven
Following first-half growth of 4.8%, the Group's revenues for the third
quarter, affected by the Covid-19 health crisis, came to EUR249.3 million, down
42.6% compared with the third quarter of the previous year. This contraction
reflects the temporary shutdown of production for half of the quarter, before
gradually starting up again due to the strict health constraints.
The Boat business is down 43.3%, while the Housing business is reporting a drop
As a result, consolidated revenues for the first nine months of FY 2019-20
totaled EUR768.7 million, down 17.3% year-on-year and 17.9% at constant
exchange rates. The Boat business is down 17.8%, while the Housing business,
which was able to start its shipments up again slightly more quickly, recorded
a 15.4% decrease compared with the same period in 2019.
Revenues at May 31, 2020
EURm 2019-20 2018-19 data rates
Boat division: business affected across all segments and regions by the
temporary production shutdown
For the first nine months, Boat revenues came to EUR623.2 million, down 17.8%
year-on-year and 18.4% at constant exchange rates.
EURm 2019-20 2018-19 data rates
BOATS 422.2 403.8 + 4.6% + 3.6%
Europe 170.5 176.9 -3.6% -3.7%
Americas 112.8 121.3 -7.0% -9.9%
Other regions 33.3 39.7 -16.0% -16.4%
Fleets 105.6 65.9 60.2% 59.9%
BOATS 201.1 354.3 -43.3% -43.5%
Europe 122.4 222.4 -45.0% -44.9%
Americas 41.9 78.0 -46.2% -47.4%
Other regions 13.1 18.1 -27.2% -27.4%
Fleets 23.4 35.8 -34.5% -34.5%
BOATS 623.2 758.1 -17.8% -18.4%
Europe 292.9 399.3 -26.6% -26.6%
Americas 154.7 199.3 -22.4% -24.6%
Other regions 46.5 57.8 -19.5% -19.8%
Fleets 129.0 101.7 26.8% 26.7%
As all of the Group's plants were temporarily shut down due to the health
risks, the contraction in revenues concerns all the segments and regions, which
all show a downturn in business at end-May 2020, with the exception of fleet
sales, which are up 26.8%, thanks to an excellent first half of the year
On a reported basis, North America (-22.4%) was slightly less affected than
Europe (-26.6%), despite a significant drop of -46.6% for the American brands.
The contraction for other regions around the world came to -19.5%.
For the first nine months of the year, the downturn for motorboat segments
(-21.7%) shows contrasting trends: the decline was limited for 30 to 60-foot
outboard and inboard motorboats, but significantly more marked for the inboard
(under 30 feet and over 60 feet) and jet segments.
Sailing revenues are down 13.5%, offset in particular by the fleet sales
performance mentioned previously.
At end-May 2020, the Sailing and Motorboat segments each represent 50% of
revenues for the Boat division.
Housing division: strong first-half trends stopped by the temporary production
shutdown in the third quarter
For the first nine months of the year, the Housing division recorded EUR145.3
million of revenues, down 15.4% compared with the first nine months of the
The positive first-half trends (+5.4%) were brought to a sudden stop by the
suspension of production in the third quarter, which saw a 39.4% drop in
revenues for the Housing division (EUR48.3 million) compared with the third
quarter of the previous year.
Outlook for FY 2019-20
The gradual resumption of operations, ramped up from early May, will not be
sufficient to make up for the lack of production during the six weeks of the
shutdown. Combined with the order cancellations and deferrals recorded by the
Boat business, particularly from charter firms, 2019-20 full-year revenues are
expected to contract by 16% to 18% on a reported basis compared with the
The Housing division expects its full-year revenues to come in 13% to 14% lower
In this context, the Group estimates that its full-year revenues will contract
by 16% to 18% on a reported basis, with an EBITDA margin of over 8% and income
from ordinary operations above breakeven.
The next key dates will be:
* July 9, 2020 at 6pm: presentation of the core features of the Group's
strategic plan "Let's Go Beyond!" for 2020-2025
* September 8, 2020: new boat models announced for the 2020-2021 season
* October 27, 2020: 2019-20 full-year earnings released
At constant exchange rates: change calculated based on figures for the first
half of 2019-20 converted at the exchange rate for the first half of 2018-19.
EBITDA: earnings before interest, taxes, depreciation and amortization, i.e.
operating income restated for allocation / reversal of provisions for
liabilities and charges, depreciation charges and IFRS GAAP (IFRS 2 and IAS
Free cash flow: cash generated by the company during the reporting period
before dividend payments, changes in treasury stock and the impact of changes
Net cash: cash and cash equivalents after deducting financial debt and
borrowings, which include IFRS 16 lease liabilities and financial liabilities
on commitments to buy out non-controlling interests.
Income from ordinary operations adjusted for currency hedging: income from
ordinary operations after taking into account currency hedging income and
expenses. Income from ordinary operations adjusted for currency hedging is an
alternative performance indicator that makes it possible to measure the Group's
performance after the impact of foreign exchange hedging. Since 2016, income
and expenses from currency hedging primarily reflect the difference between
forward purchase / sales positions and the accounting exchange rate for
recording transactions in currencies (USD, PLN). The Group hedges its
commercial currency risk based exclusively on currency forwards.
This press release, which has been prepared by BENETEAU SA (the "Company", and
together with its subsidiaries and affiliates, the "Group"), does not
constitute, and should not be constructed as, an offer to sell or the
solicitation of an offer to purchase or subscribe for any securities of the
Group in any jurisdiction.
This press release may include forward-looking statements. By their nature,
forward-looking statements involve risks and uncertainties, which could cause
the actual results and performance of the Group to be materially different from
the future results and performance expressed or implied by such forward-looking
ABOUT GROUPE BENETEAU
As the boating industry's global market leader, Groupe Beneteau, through its
Boat Division's 12 brands, offers over 180 recreational boat models serving its
customers' diverse navigational needs and uses, from sailing to motorboating,
monohulls and catamarans.
Leading the European leisure homes market, the three brands from the Group's
Housing division offer a comprehensive range of leisure homes, lodges and pods
that combine eco-design with high standards of quality, comfort and
With its international industrial capabilities and global sales network, the
Group employs 8,200 people, primarily in France, the US, Poland, Italy and
CA Groupe 2018-2019 : 1336.2 MEUR
Voile 39.8 %
Habitat 14.4 %
CONTACTS - GROUPE BENETEAU
INVESTORS AND PRESS CONTACT
Tel +33 (0)2 51 26 21 25
Address: 16 bd de la Mer - CS 43319
85803 Saint Gilles-Croix-de-Vie Cedex - France