Germany’s HanseYachts has reported sales of €51.7m for the first nine months of fiscal 2012/13 – a 21 per cent drop compared to the same time last year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) improved by €0.3m to - €2.9m and write-downs amounted to €3.5m. Consequently, EBIT has slightly improved by €0.1m to - €6.3m compared to the same period last year.
“Overall market demand for sailing yachts still remains at a low level,” says Hanse in a statement. “Recovery over the short-term is not to be expected – in particular against the background of the economic situation of the countries along the Mediterranean rim.
"The only highlights have been the excellent sales volume in Turkey, stable demand in Germany, as well as the rising sales figures in the US. Within our sector, however, there is marked predatory competition that has been particularly reflected in competitive pricing."
Hanse has been working to offset weak demand by exhibiting and constantly improving its products, as well as entering new regional markets such as China and Chile and implementing stronger penetration into existing markets.
In Europe, the company is forecasting moderate economic growth in key markets such as Germany, the UK and northern Europe, whereas Italy, Holland, France and Spain are expected to decline. In the Eastern Med, Hanse is anticipating further economic growth.
“The boat market will continue to be challenging due to the overall economic uncertainty and the concomitantly weak demand on the part of consumers,” says Hanse. “Exports into markets such as Brazil, Chile and China will not be sufficient to offset declining sales in Europe."
Hanse says it will continue to increase productivity in order to achieve greater standardisation and industrialisation in the company’s operational processes. "We consider ourselves very well-positioned with respect to our competitors thanks to our clearly established multiple-brand strategy as well as our broad and trend-setting palette of models,” reads the statement.
Hanse is said to be the third largest series builder of sailing yachts worldwide. The company is responsible for the Hanse, Moody, Dehler and Varianta sailboat range and the powerboat brand Fjord.
As for the full 2012/13 fiscal year, which ends on June 30, Hanse is expecting significantly better results compared to the previous 12-month period. Turnover, however, could be lower than originally planned against the background of the euro debt crisis and could possibly even be somewhat lower than last year.
“Our financial results should nevertheless develop positively in light of the successful implementation of reorganisation measures to increase productivity, to reduce the cost of materials relative to total operating revenues as well as closing down distribution enterprises abroad that have been plagued by losses and the recent relocation of the production of Dehler yachts from Freienohl (North Rhine-Westphalia) to our company's main production venue in Greifswald," says Hanse.
At an AGM on December 10, 2012, Hanse's shareholders passed a resolution to permit a reduction in capital with a subsequent capital increase. HanseYachts AG has filed an application for release in court against an ongoing legal challenge to this resolution.
"In May 2013 the court will hear oral arguments in the release proceedings; there we are expecting a positive ruling on the legitimacy of the shareholders' resolutions from the general meeting," says Hanse. "The resolutions are then expected to be carried out sometime in June 2013. Successful placement of shares and the concomitant liquidity inflow will be essential for the further development of HanseYachts AG in 2013."
Source Hanse sails
Aucun commentaire:
Enregistrer un commentaire