The Bénéteau Group is confirming its full-year forecast, announced in January 2014 and several months of partial unemployment

The Bénéteau Group is confirming its full-year forecast, announced in January 2014, for a significant improvement in consolidated income from ordinary operations, with over €12 million expected, buoyed by the upturn in profitability for the Boat division. For the first six months of FY 2013-14, the Group's income from ordinary operations came to -€30.8 million, compared with -€39.9 million for the first half of the previous year. This result is not representative of the Group's performances over the whole year, with the bulk of invoicing to take place during the second half of the year.

Boat division: full-year earnings forecast confirmed despite business coming in lower than expected in emerging regions

During the first half of 2013-14, the Boat business recorded -€30.8 million in income from ordinary operations, compared with –€44.1 million at end-February 2013. This positive trend factors in the improvement in operational performance, as well as the good level of business for the division. More specifically, the Group has benefited from strong growth in its business in the North America region, while its sales are virtually stable in Europe.

Nevertheless, this progress has been held back by a more difficult environment than expected for the South American and Asian Markets, reflected in April's boat shows. As a result, these markets are set to make a smaller contribution to the Group's annual business than forecast.

In this context, with Boat revenues expected to come in at €642 million for the year, nearly 3% higher than 2012-13, the Group is maintaining its full-year forecast for income from ordinary operations to reach €15 million for the Boat division.

Housing division: order book and half-year earnings in line with annual forecasts

During the first half of 2013-14, the Housing division broke even in terms of income from ordinary operations (versus €4.2 million for the first half of 2012-13), with a €3 million loss expected for the year.

The Leisure Homes business, marked by later billing than usual during the season, recorded €1.8 million in income from ordinary operations for the half-year period (versus €6.2 million for the first six mon ths of 2012-13). The order book is developing in line with the Group's initial forecasts, down -15%, representing a limited contraction compared with last year and making it possible to confirm the full-year forecast for €1 million in income from ordinary operations.

In line with recent market developments, the Group is finalizing its redeployment plan for the next season. This plan is based on a more dynamic offering thanks to an innovative product designed for a new segment on the mobile home camping market; increased flexibility safeguarding production jobs and making it possible to reduce structural fixed costs; and lastly, stronger upstream integration for production activities.

For the Residential housing business, the operational losses for the first half of 2013-14 (-€1.8 million) are stable compared with the first half of the previous year, which had benefited from the delivery of a major project. With an expanded product range and the first orders received for its new products, this business is expected to achieve significant growth in 2015.

Thanks to all these various actions, a return to profitability is forecast for the Housing division from 2015.

( The half-year activity report will be available online atwww.beneteau-group.com)

The group prepares several months of partial unemployment

Beneteau wants to adapt to the market level. Jeanneau's yard of Herbiers , would be most affected .

Some of the Beneteau group plants are already affected by partial unemployment and the device should extend to all French sites ( Vendée and Maine- et-Loire ). The information was confirmed by the management. Faced with declining market there is need "to adapt the organization of work in relation to the workload ," the group reported . All sites " are potentially concerned. " 
The Herbiers site concerned

This yard, which brings together more than a thousand employees, could be more affect than others. Here partial unemployment began in April . Sources suggest a maximum of 100 000 hours for all sites , but according to the Trade Unions, the maximum hours of partial unemployment claimed by management about three months, would rather have been fixed " a little over 180,000 hours , "says Emmanuel Landreau .  

For now, impossible to say how and when they will be distributed and which Jeanneau sites will be really affected.

For Trade Unions, Jean -Pierre Auvinet Steward Jeanneau 25 years "The management strategy , already applied last year, is to make predictions + 15% + 20 % compared to the previous year , making up as markets are restricted and then move to partial unemployment " , for lack of orders. 

Source Beneteau Group


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