Paris, France, October 30, 2018

FY 2017-18: performances higher than forecast

FY 2017-18: performances higher than forecast thanks to excellent operational performance in Q4

Targets for 2020 confirmed

Key figures - FY 2017-18

Revenues EUR1,287.2 million  +8.5% at constant exchange rates 
Income from ord. operations EUR87.6 million  +15.3% at constant exch. rates 
Pre-tax income EUR88.6 million  +17.7% 
Net cash EUR161.9 million  +47.7% 




Groupe Beneteau closed out FY 2017-18 with performance levels that were higher than its latest forecasts. They are linked to the quality of operational execution achieved in the fourth quarter for the Boat and Leisure Homes Divisions, as well as the results of the Transform to Perform plan:

  • Boats: business is up +9% at constant exchange rates, the fourth consecutive year of strong growth, supported by a stronger and diversified range, aligned with demand from dynamic segments;
  • Housing: business is up +11% for Leisure Homes;
  • The increase in the operating margin at constant exchange rates reflects the higher volumes recorded and good operational execution. The ratio of income from ordinary operations adjusted for currency hedging to revenues represents 7%, slightly higher than the previous year (6.9%);
  • The product and industrial investment plan is continuing to move forward, combined with external growth, while improving the cash position.


Boat Division: sales trends outpacing the markets and excellent execution in the fourth quarter

The Boat Division is reporting good performances thanks to the dynamic level of sales for the multihull sailing and outboard / inboard motorboat segments, offsetting the contraction in sales for large motor yachts. The delays with deliveries in the third quarter were effectively caught up thanks to the excellent operational execution achieved in the fourth quarter.


Full-year revenues for the Boat business are up +9.0% year-on-year at constant exchange rates (+6.7% reported data). The Group’s performances in Europe are excellent (+12.7% at constant exchange rates), while they show contrasting trends for North America depending on the market segments (+4.4% at constant exchange rates), with very strong progress for small boats and a contraction for large motor yachts. Sales are robust in Asia-Pacific (+27.3% at constant exchange rates) and with charter fleets (+26.8%). The Rest of the World region (-38.7% at constant exchange rates) has been affected by the lower level of sales for large motor yachts.

Income from ordinary operations is up +6.9% at constant exchange rates (down -7.2% on a reported basis due to the currency effect and the return to profit-sharing in the Group’s main subsidiary). In this way, income from ordinary operations represents €73.2 million.

The acquisition of Seascape, a Slovenian company specialized in designing, building and marketing performance sailing yachts, was announced in July 2018. It is further strengthening the range on the segment for mini-performance cruisers. The integration of the four models into Beneteau’s First range made it possible to generate revenues of €300k over the last two months of the financial year.

Delphia Yachts’ acquisition is expected to be completed before the end of 2018 and will be effective in FY 2018-19. It will further strengthen production and development capacity for sailing / motorboats in Poland, and bring on board complementary motorboat lines (lake and river boats).

Housing Division: solid growth for the Leisure Homes business and strong improvement in profitability 

The Housing Division is benefiting from growth in the Leisure Homes business, buoyed by solid markets. It has delivered good performance levels on the French and Italian markets and is continuing to grow in Germany and the Benelux. The delivery delays seen in the third quarter were effectively caught up thanks to the fourth quarter’s good performance.


Leisure homes

Income from ordinary operations shows strong growth (+56.9% to €14.5 million), thanks to the volume effect, product mix and operational improvements.

Residential housing

In line with the decision announced in October 2016, this business line has been fully shut down, without any arrears.

Very healthy financial position: strong progress with net cash

The Group generated €121.2 million of operating cash flow. Following a €33.6 million reduction in working capital and €81.3 million of current investments, the Group’s net cash position is positive, up +47.7% from the end of FY 2016-17 to €161.9 million. The Group’s positive cash position is enabling it to continue investing in product development and industrial facilities and capitalize on opportunities for growth.


Consolidated net income significantly affected by tax

Net income (Group share) has been significantly affected by the increase in tax, linked primarily to the non-recurring contribution to corporate income tax in France, reducing net income by €3.8 million. Pre-tax income is up +17.7% to €88.6 million. Following the increase in tax, net income (Group share) came to €61.3 million, up +2.7%.


Dividend payment

A proposal will be submitted at the General Meeting on February 8, 2019 to pay out a dividend of €0.26 per share for FY 2017-18, representing an overall total of €21.5 million, up +4%.

Initial market trends for the autumn shows

Boat business

The atmosphere has been positive at the season’s first shows in Europe and this trend is expected to be confirmed in the US with the upcoming shows. The four models introduced with the acquisition of Seascape have been integrated into Beneteau’s First range. The new catamaran brand Excess was unveiled at the Cannes Yachting Festival. The new production capacity and quicker production speeds are making it possible to respond to market demand, with 32 new models launched during the 2018-19 season.

Leisure homes business

The new models presented at the autumn shows have received a positive response from camping industry clients, in a buoyant market environment.


Continued progress with the Transform to Perform plan

In FY 2018-19, the Transform to Perform plan will continue moving forward. The Group is continuing to roll out its investment policy to offer a stronger and innovative product range, aligned with buoyant market segments. Illustrating this, 44% of the product range has been renewed over three years (88 models out of 200).

Alongside this, the range of services is being further strengthened to respond to changing consumption trends, while continuing to develop the various initiatives launched in 2017-18: Beneteau and Jeanneau boat clubs, shared ownership with Sailtime and the Leasyboat all-inclusive financing offer. The Band of Boats platform is ramping up its development through exclusive negotiations with a boating startup.

To continue strengthening its leading positions on the market’s most dynamic segments, the Group is embarking on the latest phase of its industrial transformation plan in France, the US and Poland. It is on track to achieve its target to double multihull production capacity, with 50% already completed at the halfway point (2016-2020). Lastly, the Group is continuing to organize production transfers between euro and dollar regions in order to limit currency effects.


The next date will be February 6, 2019 for the announcement of the outlook for the current financial year, which will be covered in a press release.

A detailed presentation of the full-year earnings and the balance sheet at August 31, 2018 are available on the Groupe Beneteau website.

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.

Income from ordinary operations adjusted for currency hedging: income from ordinary operations after taking into account currency hedging income and expenses. Income from ordinary operations adjusted for currency hedging is an alternative indicator that makes it possible to measure the Group’s performance after the impact of foreign exchange hedging. Since 2016, income and expenses from currency hedging primarily reflect the difference between forward purchase / sales positions and the accounting exchange rate for recording transactions in currencies (USD, PLN). The Group hedges its commercial currency risk based exclusively on currency forwards.

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