During FY 2012-13, the Bénéteau Group recorded €1 m illion in operating income, better than the Group's initial forecast (expected operational loss of -€7.5 million), reflecting the upturn in earnings on both boats and housing.
Boats: operational performance close to breaking even
Operating income came to -€1.3 million for the Boat business in FY 2012-13 (versus an initial forecast of -€5.5 million), thanks to business exce eding the targets set and a positive trend for margins on direct costs.
Housing: operating income levels better than expected
The Housing business generated €2.3 million in operating income , compared with an initial forecast of -€2.0 million.
In an environment marked by lower levels of investm ent by tourism professionals, the leisure homes business generated nearly €7 million in operating income, tw o times more than the figure forecast for the year, thanks to the doublin g of international sales and the Group's rapid adaptation faced with a significant contraction on the domestic market.
Alongside this, the revenue growth achieved and imp rovements in the quality of execution have made it possible to reduce the residential housing branch's operational losses, which came in at -€4.6 million for the year (compared with an initia l forecast of -€5.5 million).
Net income breaking even for 2012-13
After factoring in a financial balance of -€2.6 mil lion, a -€0.6 million tax expense and a +€2.6 million share in earnings from associates, the Grou p recorded +€0.7 million in net income (Group share) for the year.
A proposal will be submitted at the general meeting on January 31st, 2014 to not pay out any dividends for the year.
Operating cash flow up 17%, with a positive net cas h position of €23.2 million
Operating cash flow climbed to €58.7 million, up 17 % on the previous year. In line with its strategic objectives, the Group has maintained a hi gh level of investments (€61.4 million), focused in particular on product development. The consolida ted net cash position is still positive, coming in at €23.2 million at August 31st, 2013, including €13.2 million of treasury stock.
Outlook: 2014 season buoyed by growth resuming on t he global pleasure boat market
Boats : The performances achieved in the 2013 season and th e long-term trends for the markets represent positive factors for the 2014 season. In North America, the first tentative trends seen in 2013 are encouraging and are being confirmed at the start of this 2014 season. Emerging countries in Asia and South America are markets where custome rs are buying new boats for the first time, benefiting from structural growth, even if the leve ls of progress on the markets vary depending on the economic environment. Caution is still needed i n Europe, where markets are rising in certain countries, but falling in others. In view of these varied trends, the European region overall is expected to be stable at best in the 2014 season.
Overall, the 2014 season is expected to see the global boat market's first growth for five years, with a slight increase forecast of around 3 to 5%.
The Group aims to capitalize on this more positive environment and progress more strongly than the market, as in the past, by developing its globa l position through a wider selection of boats across all its ranges.
Housing: The leisure homes business looks set to maintain its dynamic rate of growth internationally. On the French mobile home market, as expected, tourism professionals have continued to show a wait-and-see attitude at the st art of this season, with investment decisions to be taken later than in the previous season. The fir st tangible indicators concerning professionals' intentions are expected between now and the end of December.
In the residential housing sector, the business will continue to develop thank s to a stronger offering and dynamic price positioning, built aroun d a new product design. These actions will pave the way for a gradual improvement in profitability on this business.
Next dates:
- 2013-14 first-quarter revenues: January 9th, 2014 ( after close of trading)
- Financial information meeting: January 30th, 2014
By press release, source Beneteau Group
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