2019-20 revenues: better end to the year than forecast thanks in particular to
strong demand for outboard boats in line with current boating trends
* Revenues (16 months) EUR1,344.4m -15.1% based on reported data
* Revenues (4 months 2020*) EUR195.3m -21.2% based on reported data
* 4 months of 2020 from September 1 to December 31
In a market context faced with a major shift in demand due to the effects of
the health crisis, Groupe Beneteau closed out FY 2019-20 (16-month transition
year ended December 31, 2020) with revenues of EUR1,344.4m, down 15.1% based on
reported data (-15% at constant exchange rates) compared with the pro-forma
16-month period from September 1, 2018 to December 31, 2019(1).
Revenues for the last four months (September-December 2020) came to EUR195.3m,
down 21.2% based on reported data (-19% at constant exchange rates) compared
with the last four months of 2019. This contraction, which was less than
expected, reflects the weak level of both sales to charter operators and
leisure home sales, partially offset by the upturn in the outboard segment.
Boat Division: strong desire to be on the water despite the health constraints
Following a summer that saw strong levels of interest in dayboating and sales
of small motorboats, with the cancellation of virtually all the autumn-winter
shows around the world, all of the Groupe Beneteau brands and their dealer
networks had to quickly adapt and offer new formats for discovering, testing
and marketing boats. A number of local private events, exclusive days and other
digital initiatives and virtual shows have therefore continued to be organized
around the world.
(1)12-month revenues (September 1, 2019 to August 31, 2020) were reported
with the interim financials at August 31, 2020 published on October 27, 2020.
Since the autumn, the successive waves of the epidemic in Europe and North
America have led to new travel restrictions, significantly longer transport
times (particularly air) and the closure of many watersports centers in the
Caribbean, affecting the winter season for charter professionals. In this
context, during these four months, Groupe Beneteau continued to benefit from
its multi-specialist positioning, enabling it to strongly mitigate the
consequences of the contraction in fleet sales (-70.9% at constant exchange
rates, after +80.6% for the last four months of 2019) through good growth for
motorboats, with sales climbing +13.6% at constant exchange rates, driven
primarily by demand for outboard boats.
Boat sales in Europe and North America are therefore up 10.2% and 6%
respectively at constant exchange rates, while other regions around the world
are stable. The American brands achieved a good performance on this dayboating
segment in North America. As a result, the Boat business contracted by just
15.2% based on reported data during the last four months (-12.7% at constant
For the whole of the 2019-20 financial year (16 months), the motorboat segment
grew to represent 52.6% of Boat revenues, compared with 47.4% for the sailing
EURm 2019- 2018-
Sep- Dec 2020
BOATS 175.8 207.5
Europe 75 68.3
Americas 62.8 63.9
Other regions 22.9 23.1
Fleets 15.1 52.2
BOATS 1,151.2 1,351.1
Europe 577.8 656.8
Americas 313.5 390.8
Other regions 106.2 122.2
Fleets 153.7 181.3
Housing Division: significant contraction in sales with client investments
Affected by the lockdown in spring last year, and the effects of the health
crisis throughout the 2020 season, many camping companies in France chose to
defer their leisure home investments by one season. During the last four months
of 2020, Housing sales dropped significantly on the French market (52.9%) and
for export (-45.3%).
Housing revenues for FY 2019-20 (16 months) totaled EUR193.3m, down 17%
compared with the previous 16-month period.
EURm 2019-20 2018-19 Change
Sep- Dec 2020
HOUSING 19.4 40.3 -51.8%
France 16.3 34.6 -52.9%
Export 3.1 5.7 -45.3%
On March 17, Groupe Beneteau will be reporting its results for FY 2019-20 (16
months) and its outlook for FY 2021 (January 1 to December 31).
For the pro-forma 12-month calendar period in 2020 (January 1-December 31),
Groupe Beneteau's revenues came to EUR1,096.5m, down 18.9% based on reported
data compared with the pro-forma 12- month calendar period in 2019.
For this period, the Boat Division's revenues represent EUR943.4m, down 18.5%
based on reported data compared with the same period in 2019, while Housing
Division revenues totaled EUR153m, down 21.3%.
At constant exchange rates: change calculated based on figures for the period
from September 1, 2019 to December 31, 2020 converted at the exchange rate for
Revenues: in connection with changes to its commercial processes launched
during the first half of 2020, Groupe Beneteau has changed the invoicing date
for boats produced in Europe, previously based on when boats were made
available at the yard, while invoices are now issued on the date when boats are
shipped to dealer clients, consistent with the recognition of revenues. This
change is effective at the end of the interim period at August 31, 2020.
EBITDA: earnings before interest, taxes, depreciation and amortization, and
IFRS 2 and IAS 19 adjustments following IFRS GAAP, i.e. income from ordinary
operations restated for allocation / reversal of provisions for liabilities and
charges, depreciation charges and IFRS GAAP (IFRS 2 and IAS 19).
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, excluding financial debt with floor plan-related financing
ABOUT GROUPE BENETEAU
As the boating industry's global market leader, Groupe Beneteau, through its
Boat Division's 12 brands, offers nearly 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 7,500 people, primarily in France, the US, Poland, Italy and
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