First-quarter business & outlook for 2021
- Positive trends for the boat and outdoor accommodation markets
- 2021 full-year guidance raised for revenues and operating income
- Order book* up +21% to €1,370m at end-March
The boat market and the outdoor accommodation market show positive trends at the start of 2021, and both of the Group’s divisions have effectively capitalized on this, despite the cyberattack mid-February.
In view of this positive environment and its performance on its markets, the Group is raising its full-year revenue and income from ordinary operations guidance for 2021.
The Group is forecasting revenue growth of +2% (+1% for the Boat Division, +7% for the Housing Division), compared with the stable performance previously expected. This growth could have exceeded 6% without the impact of the cyberattack, which is estimated at €45m on the 2021 revenues.
The improvement can be seen even more strongly for income from ordinary operations, which could achieve +90% growth compared with proforma 2020 income from ordinary operations of €27.5m, up from the +60% estimated previously. This progress is even more significant as it is set against a global context of pressure on prices for raw materials, certain components and international transport, while these pressures have been managed effectively thanks to the work of the procurement and supply chain teams.
The global order book* at end-March came to €1,370m, up +21% based on reported data.
For the Boat Division, the growth in orders reflects the robust development of all the segments that the Group operates in, with the exception of the charter market, on which activities have not yet started up again.
For the Housing Division, the order book is supported by growth on export markets.
The figure for Group revenues at end-March (€286.5m, -24.3% based on reported data, -22.9% at constant exchange rates), strongly impacted by the effects of the cyberattack, is not particularly significant.
At end-April, revenues were down by just 4.5% based on reported data (-2.9% at constant exchange rates), with operations returning to normal following the cyberattack.
* Invoiced since the start of the year and to be delivered in FY 2021 and beyond
Revenues at end-March and end-April 2021
The Group can also announce that it has entered into exclusive negotiations with the shareholders of the Portuguese yard Starfisher to acquire a significant interest in its capital, with a view to increasing the production capacity for boats under 35 feet for Groupe Beneteau’s various brands.
Upcoming financial releases
Groupe Beneteau will be reporting:
- 2021 first-half revenues on July 28
- 2021 half-year earnings on September 29
At constant exchange rates: change calculated based on figures for the period from January 1, 2021 to March 31, 2021 converted at the exchange rate for the first quarter of 2020 (January 1, 2020 – March 31, 2020).
Revenues: in connection with changes to its commercial processes launched during the first half of 2020, Groupe Beneteau has changed the invoicing date for boats produced in Europe, previously based on when boats were made available at the yard, while invoices are now issued on the date when boats are shipped to dealer clients, consistent with the recognition of revenues. This change is effective at the end of the interim period at August 31, 2020.