Beneteau full-year earnings 2018/19
Beneteau has released its 2018/19 full-year earnings showing that the boat division has enjoyed a fifth consecutive year of growth.
Figures from 2018/19 - a transition year before rolling out a new strategic plan - are in line with forecasts whilst EBIDTA is up 3.3% on the previous period and now represents 11.8% of revenues. The Boat division is up 3.2% at constant exchange rates whilst Housing is stable at -0.4%.
Chairman and chief executive, Jérôme de Metz, said that the strong growth from the last few years has led to an increase in investments but reduced operational efficiency, which is reflected in the results for 2019. "The large number of brands and models represents a strength, supporting a diversified offering with global distribution capabilities, but is also a source of complexity," he explained. "The sources of losses or underperformance have been clearly identified and action plans are moving forward."
Robust monohull and multilhull segments
The Boat division is up 3.2% at constant exchange rates, the fifth consecutive year of growth, thanks to the robust development of sales on the monohull and multihull sailing segments, as well as outboard motorboats. These successes make it possible to offset the drop in sales for the large motor yacht segment and American brands which have been affected by Canadian and EU trade tariffs. The lifting of these tariffs for Canada, in May 2019, was too late to have a significant impact on the financial year.
Beneteau's performances with charter professionals are sound (+29.7% at constant exchange rates) and sales are continuing to progress on the two main boat markets, Europe (+5% at constant exchange rates) and North America (+4.8% at constant exchange rates). Sales are down for the Rest of the World region, mainly owing to the contraction in sales for larger motor yachts.
The acquisition and integration of Seascape and Delphia Yachts generated combined revenues of €27.6m for the year and in terms of services, the financial year was marked by the acquisition and integration of the startup Digital Nautic, which offers services management tools for professionals.
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