2018-19 nine-month & Q3 revenues

For the first nine months of the year, Boat Division revenues totaled €758.1 million, up +4.9% year-on-year and +3.5% at constant exchange rates. The acquisitions of Seascape and Delphia generated €9.6 million of additional revenues. Like-for-like revenue growth came to +3.9% (+2.7% at constant exchange rates).

The Boat Division’s growth is being supported by positive sales trends on the European, North American and fleet markets. In the third quarter, Europe delivered the strongest growth for these three sectors (+12.3%), with fleet sales primarily recorded during the first half of the year. In North and Central America, following a robust first six months, sales slowed down in the third quarter. For both the first nine months and the third quarter, sales are down year-on-year for the Asia, Pacific, South America and Rest of World regions, which together represent just 8% of the Boat Division’s revenues.

In the outboard motorboat segment, sales are robust, benefiting from the Europe region’s growth in the third quarter. They are stable for the segment for 30 to 60-foot inboards. In the segment for boats over 60 feet, business has continued to be affected by the slowdown in sales of large yachts seen since the start of the year. This trend is reflected in the contraction in sales for Asia, Pacific, South America and the Rest of the World.

The sailing segment, which generated 48% of sales over the first nine months of the year, is continuing to benefit from the strong development of catamarans and the progress made with monohull sailing.

For the first nine months of the year, the Housing Division recorded €171.8 million of revenues, up +5.5% compared with the first nine months of the previous year. Growth is being driven exclusively by the Leisure Homes business, with revenues up +5.8%. For reference, the Residential Housing business is no longer active in 2018-19.

This growth is linked primarily to an acceleration in orders and deliveries compared with the previous year, particularly during the third quarter, when revenues climbed +4.9%, as well as the strong level of export sales, with +25% growth, driven by the Benelux and Adriatic regions, as well as Italy and Spain-Portugal.

In line with the Boat business’ order book to date, the outlook for full-year revenue growth in 2018-19 can be confirmed on a reported basis, continuing to outpace the market.

For the Housing Division, full-year revenues are expected to be stable year-on-year.

In this market environment, the Group is forecasting global revenue growth of around +3% to +5% (+2% to +4% at constant exchange rates), with the rate of income from ordinary operations to revenues to be virtually stable on a reported basis.

At constant exchange rates: average rate for the previous reporting period.

EBITDA: earnings before interest, taxes, depreciation and amortization, i.e. operating income restated for allocation / reversal of provisions for liabilities and charges and depreciation charges.

Free cash flow: cash generated by the company during the reporting period before dividend payments and changes in treasury stock.

Net cash: cash and cash equivalents after deducting financial debt and borrowings.