Boat sales exceed forecasts at Bénéteau but losses hit €3.3m
By IBI Magazine
French boat and leisure home builder the Bénéteau Group has posted results exceeding expectations for the financial year 2008-2009.
Income from ordinary operations totalled €8.7m for the financial year 2008-2009, a threefold increase on an initial forecast of a loss of €4m.
Boat sales for the period totalled €494.3m generating a loss of €3.3m from ordinary operations, but an improvement on a forecast of sales totalling €473m and a loss of €14m.
The group's total sales for the period came to €659.2m, up two per cent on the forecast of €646m.
Bénéteau's net income for the period totalled -€10.4m, reflecting €25m expenses linked to adapting the boat business, €3.1m financial loss primarily due to foreign exchanges, €7.3m in income relative to corporate income tax and €1.7m in positive earnings.
The group says its boating business has benefited from cost reductions and that sales outperformed forecasts thanks to the diversity of its brands, close ties maintained with customers and the extension of its motorboat range from 9m-15m (30ft-49ft).
Bénéteau's mobile home business — which now accounts for 25 per cent of the group's sales — generated €164.9m of sales compared to a forecast of €173m. Income from ordinary operations was on target at €15.0m.
Sales targets for 2010 reflect the maintaining of 'ambitious objectives'. A total increase of 17 per cent is the target for 2010, including a sales target of €568m for the boating business, which would be a 15 per cent increase on 2009's result.
The Bénéteau Group is the world's largest constructor of sailing boats and is a leading producer of motorboats in Europe. Sailing boats account for 48 per cent of the group's sales and motorboats 27 per cent. The rest of Bénéteau's sales come from its leisure home business.
(5 November 2009)
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