Rodriguez Group reports 34 per cent decline in annual sales
By IBI Magazine
The Rodriguez Group reported sales €307.6m for its fiscal year ended September 30, 2008, a 34.2 per cent decline compared to its previous fiscal year. The company reported lower sales in all three of its business segments, noting in a statement that the current financial crisis has "adversely affected, as never before, all of the Group's businesses." Its New Yacht sales division reported sales of €214.7m, a decline of 30.4 per cent compared to last year. The Group said customers have cancelled orders or postponed yacht purchases because of the gloomy financial situation. "The company has decided, in consultation with partner shipyards, to significantly cutback 2008/09 production in order to adapt to this exceptional economic situation," read the statement. Its Pre-Owned Yacht sales division reported revenues of €44.5m, down 57.7 per cent compared to the previous fiscal year. "The Group will have to recognize significant provision charges in respect of its pre-owned yacht inventory, which will have a highly significant impact on the Group's results," said the company. Sales in its Yacht Services and Merchandise division were €48.4m, down 10.2 per cent compared to the previous fiscal year. A "much less dynamic summer" caused the decrease as well as the unfavorable impact of the US dollar/euro exchange rate of Camper & Nicholsons Intl sales. The company's Cumulative Sales Order Backlog (current and subsequent years) was down 28 per cent to €301m compared to €416m in the previous fiscal year. "The Group intends to draw on the recognized quality of its products and services, as well as on the revised scale of its production to cope with this exceptional economic situation and grasp recovery opportunities as soon as they arise," read the statement.
(17 November 2008)
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