20% revenue growth for the third quarter and full-year forecasts confirmed

Strong business growth in the third quarter

The Group recorded third-quarter revenues of 317.1 million euros, up 19.9% from 2021 (+14.3% at constant exchange rates), in line with the full-year forecasts from its last financial communication on September 28.

The Boat Division’s revenues climbed 17.7% to 294.2 million euros in the third quarter (+11.8% at constant exchange rates). This growth was stronger on the American markets (+30% at constant exchange rates), driven by the dayboating segments (motorboats up to 40 feet). Sales in Europe and the rest of the world increased by 17% during the quarter^[1]. The supply chain disruption stabilized in the third quarter at half the peak level observed during the first half of 2022. However, the disruption is still significantly higher than the levels usually seen. Part of the deliveries deferred to the second half of the year were shipped during the summer.

The Housing Division’s sales came to 22.9 million euros in the third quarter, which is traditionally the weakest quarter due to the seasonality of this business. They increased by +57.9% compared with 2021, when the month of August was marked by the fire at the Luçon site.

At end-September, the Group’s revenues totaled 1,032.2 million euros, up 11.8% from 2021 (+8.6% at constant exchange rates). The Boat Division grew 7.5% during the first nine months of the year (+3.8% at constant exchange rates) as a result of the supply chain disruption that affected deliveries during the first half of the year, while the Housing Division maintained its very strong growth (+35.6%).

Outlook

The Group is reporting a solid order book at end-September 2022, with a strong level of orders, higher than the third quarter of the previous year. This order book offers increased visibility compared with 2021 for the Group’s two business lines. The Housing Division recorded strong business trends both in France and for export markets. For the Boat Division, this development is benefiting in particular from the success of the new models presented in 2022, including the Lagoon 51, Excess 14 and Beneteau Oceanis 60, which drove the sailing segments during the autumn shows, as well as the Prestige X60, M48 and Jeanneau DB43 for motor yachts.

Alongside this, the Group’s Racing business has signed a partnership agreement with Multiplast for the industrialization, manufacturing and marketing of competition monohull sailing yachts. Supported by prestigious international yacht clubs, the Jeanneau Sun Fast 30 One Design aims to become a leading One Design class for offshore racing. This eco-design model will incorporate the boat industry’s most advanced composite materials in terms of environmentally responsible innovations and will make it possible to demonstrate, under demanding conditions, the reliability of the new recyclable resin developed by Arkema with Groupe Beneteau.

Recap on the 2022 full-year forecasts

In a complex macroeconomic environment, the Group is able to confirm its expectations for 13% to 16% consolidated revenue growth based on reported data, and is forecasting 120 to 125 million euros of income from ordinary operations for FY 2022, up 25% to 30% versus 2021 (95.8 million euros).

Next dates

For the Nautic Paris Boat Show, Groupe Beneteau will organize an Investor Conference on December 5, 2022 at 10:30am. The Group will review its Let’s Go Beyond plan’s progress and outlook, as well as the development of its CSR approach, particularly for the Boat Division.

Groupe Beneteau will report its 2022 full-year revenues on Monday February 13, 2023 and its full-year earnings on Wednesday March 22, 2023 (after close of trading).

Footnotes

1. ^{^} [1] Excluding CNB Yachts and Monte Carlo Yachts brands (representing a 14 million euro contraction in revenues in the third quarter).