REGULATED PRESS RELEASE

from BENETEAU (EPA:BEN)

240319 BENETEAU Présentation Résultats annuels 2023

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image2023 performance overview

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Bruno Thivoyon

Groupe Beneteau CEO

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2023, a record year

Thanks to the commitment and dedication of our 8,000+ employees

REVENUES*

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€1,785m

+18.3%

+19% at constant exchange rates

GROUP INCOME FROM

ORDINARY OPERATIONS*

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€246m

13.8% of revenues

+3.5pts

NET INCOME*

(GROUP SHARE)

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€182m

10.2% of revenues*

FREE CASH FLOW*

NET CASH

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€82m €247m

Strong value-driven growth across all segments


Sail boats: 31% growth

ü  EXCESS sales more than doubled

ü  68% growth with Charters

Power boats: 9% growth (like-for-like)

ü  17% Real Estate growth driven by the PRESTIGE M-Line launch

ü  3% Dayboating growth, despite lower volumes (-

Outperforming the market

imageimageimageimageimageimageSAILING Monohull

MONOHULL

Multihull

SAILING

MULTIHULL

REOW

REAL ESTATE ON THE WATER

23%)

Dayboating

DAYBOATING

                                                                                           -40%                    -20%                      0%                      20%                       40%


14 new launches, winning 24 awards

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Effective and well-executed value-driven strategy

Solid model positioning the Group in a higher profitability range


Efficiency recovered in 2023 post the supply chain crisis

Agility thanks to shopfloor reorganization in Cholet, Belleville and Bordeaux

Flexibility thanks to the multi-year working time adjustment agreement

Competitiveness thanks to Portugal's rampup and the Tunisian shipyard's integration

Value-driven Product Roadmap for each segment

Proactive management of inflation

Income from ordinary operations (%)

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16%    image

Outstanding performance in 2023


Strong achievements with the B-Sustainable program

Ethical Growth

Engaged Crew

Preserved Oceans

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•         41% of purchases from CSR-

evaluated suppliers (+17pts vs. ‘22)

•         5% cost of claims reduction

Incident rate (boat division)

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•        9% improvement in incident rate

•        B-Equal program launched

•        #StOpE initiative signed

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•        -6% CO2 emissions intensity

•        1st line using fully recyclable resin

•        75% of activity under ISO14001 (+11pts)

•        6 sustainability-related awards

Confirming the 2030 ambition

Digital: Seanapps successfully ramped up

Achievements

ü  image8 brands covered

ü  8,000 boats equipped

ü  1 million nautical miles cumulated experience ü Worldwide deployment

Benefits

•        Connecting customers with their boat, their distributor and their brand

•        Ensuring traceability and improving boat longevity through preventive maintenance programs

Seanapps: the most widely-established connected fleet

•        Driving new product developments through quantitative customer insights

Sharing Economy: a year of acceleration

Charters

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•        Fleet of over 1,000 boats

•        Sales growth > 15%

Boat Clubs

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Fleet of over 500 boats

19% sales growth for YBC

Wiziboat takeover, ready for next season

Starting to deliver synergies

Boating Solutions: second House of Brands ramping up

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Customer centricity significantly reinforced


Housing division carve-out

French market leader, outperforming the plan

•        12,000+ leisure homes sold in 2023

•        €319m of revenues (+24% vs. 2022)

•       

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image>12% profitability

Transaction with Trigano would enable

•        the Housing division to accelerate its European expansion

•        Groupe Beneteau to focus and further accelerate its development in the boat industry

Completion of the transaction is subject to French competition authority approval (decision expected in H1 2024)

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image2023 financial performance

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Nicolas Retailleau

Groupe Beneteau CFO

2023, a record financial year

Group key figures resulting from the application of IFRS 5 for the Housing business*

Before IFRS 5

After IFRS 5

FY 2023 (pro forma)

FY 2022

(reported data)

Change

FY 2023

(reported data)

FY 2022

(pro forma)

Change

Revenues

1,785

1,508

18.3%

1,465

1,251

17.1%

EBITDA

306

229

33.6%

262

199

32.0%

% of revenues

17.2%

15.2%

+2.0 pts

17.9%

15.9%

+2.0 pts

Income from ordinary operations

246

155

59.2%

207

132

56.9%

% of revenues

13.8%

10.3%

+3.5 pts

14.1%

10.5%

+3.6 pts

Net income from operations held for sale

26

17

51.1%

Net income

182

103

81.4%

185

103

79.4%

% of revenues

10.2%

6.8%

+3.4 pts

12.6%

8.2%

+4.4 pts

Free cash flow

82

28

68

21

Net cash

247

211

234

211

* Following the announcement on May 5, 2023 of the Housing division’s sale to Trigano, the Group presents this activity under “Operations held for sale” in its full-year consolidated accounts at December 31, 2023 in accordance with IFRS 5. This transaction is subject to approval by the French competition authorities.


17% revenue growth for the Boat division

image+6% structural revenue growth

•        Power boat volume        - €150m

•        Sail boat volume    + €40m

•        Value-driven growth       + €190m

+11% exceptional growth post supply chain disruption

•        Dealer stock replenishment    + €150m

•        Foreign exchange rates   - €11m

Positive outcome from the value-driven strategy

Continuous improvement of Boat division profitability

€m

Boat revenues

H2 2023                   H2 2022                  Change

FY 2023               FY 2022                  Change

652.2

702.7

- 7.2%

1,465.1

1,250.9

+ 17.1%

104.6

106.5

- 1.8%

262.4

198.8

+ 32.0%

             16.0%                  15.2%

+0.9 pts                     17.9%                  15.9%

+2.0 pts

                           75.6                     72.3

+ 4.6%                           206.8               131.8

+ 56.9%

             11.6%                       10.3%

+1.3 pts                     14.1%                  10.5%

+3.6 pts

imageimageEBITDA

% of revenues

Income from ordinary operations

% of revenues

€80m of deliveries deferred from the first half to the second half of 2022

+1.3pt improvement in ordinary operating margin in H2 (vs. 2022)

Boat division's record 14% operating margin

Structural improvements boosted by exceptional post-Covid effects

Income from ordinary operations

€m                                                                                        +1.3pts from structural improvements

•        Value-driven growth       +€22m

•        Efficiency recovery          + €3m

imagePartially limited by dayboating activity in H2 2023

+2.3pts for exceptional effects

•        €/$ exchange rate variations in 2022        -€12m

•        Dealer stock volume effect      +€44m

•        Outstanding inflation balance          +€25m

•        New ERP        - €6m

Record net income of €185m

€m

FY 2023

FY 2022

FY 2022

Reported data

Pro forma

Reported data

Income from ordinary operations*

206.8

131.8

154.7

Other operating income and expenses

0.0

2.4

2.7

Operating income

206.8

134.3

157.4

Financial income and expenses

6.9

-12.2

-12.3

Associates

-0.5

-2.4

-2.4

Corporate income tax

-54.2

-33.3

-39.6

Income from discontinued operations

26.0

16.8

0.0

Consolidated net income

184.9

103.2

103.2

Net Income (Group share)

185.0

103.1

103.1

Net earnings per share (in €/u)

2.23

1.25

1.25

Net income up 79% (+€82m)

•        €7m of financial income (+€19m vs. 2022) benefited from the increase in interest rates in 2023, while 2022 was affected by foreign exchange hedging (-€10m), reflecting the change in €/$ rates

•        Associates: +€2m improvement thanks to financing activities development

IFRS 5 reclassification of the Housing business

•        €26m of net income in 2023 (+€6m vs. 2022)

•        Under IFRS 5, amortization of Housing division assets is suspended as of May 2023

Proposed dividend: €0.73

*In accordance with IFRS 5, the Housing business is now presented under “Assets held for sale”. Income from                (vs. €0.42 paid in 2023) ordinary operations reported in FY 2023 (and FY 2022 pro forma) relates to the Boat division.

Solid net cash position, with €247m at end-December 2023

€82m of free cash flow (vs. €28m in 2022)

•        €205m of operating cash flow for the Boat Division

                                             NET CASH POSITION – END-DECEMBER                                        (vs. €150m in ‘22)

€m                                                                                                                                              •             €55m increase in working capital requirements, linked primarily

imageto the reduction in customer advance payments (-€48m), resulting from a normalization of order book phasing

•        €72m of net investments, +€14m vs 2022 mainly to support

€247m of net cash (+€36m vs December 2022)

and Yacht Solutions, as well as to increase the interest in Your

                          2015       2016       2017       2018             2019 2020 2021                2022 2023

€856m of shareholders’ equity

Continuous improvement of Return on Capital Employed (ROCE)

€m

2023

2023

(bef. IFRS5)

2022

2021

2019

Dec 31

Dec 31

Dec 31

Dec 31

Aug 31

Revenues

1,465

1,785

1,508

1,227

1,336

Income from ordinary operations

207

246

154

95

82

% of revenues

14.1%

13.8%

10.3%

7.8%

6.1%

Capital employed

436

590

488

400

571

Net fixed assets

329

369

336

323

374

Goodwill

32

95

91

91

91

Working capital requirements

75

126

61

-13

106

ROCE

47%

42%

32%

24%

14%

Driving ROCE higher than 40%

Strong progress over 4 years

•        17% revenue increase vs. 2022

•        Capital employed turnover stable at 3x

•        +3.5pt improvement in operational profitability


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imageOutlook

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Groupe Beneteau resilient despite market headwinds

Market Conditions

Groupe BENETEAU

•    Dealer inventory reduction plan

•    End customers waiting for interest rate reduction before acquiring boats

•    Premium market still dynamic

•    Sustainable innovation: UX improvement expected to justify the price gap

•    Sharing economy penetration continuing to move forward

•     €100m to €150m dealer stock reduction expected in 2024

1.          Pursue value-driven growth, launching new models completing the offer on each segment

2.          Maintain efficiency and competitiveness through agile capacity and cost structure adaptation

3.          Accelerate the sustainable innovation roadmap, to generate new growth drivers

4.          Accelerate the development of new boating solutions

4 drivers to further strengthen Group profitability

Pursue value-driven growth, completing the range

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Dayboating

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Real Estate on the Water

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Sailing

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•        FOUR WINNS Twin Hull & deckboat range

•        WELLCRAFT Adventure & Sport new segment

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•        PRESTIGE F-Line (F5)  & M-Line range (M7)

•        BENETEAU Swift

Trawler 54

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•        LAGOON 60

•        EXCESS

•        BENETEAU First

10 new models positioned on new segments, out of 20 new launches in 2024-2025


Accelerate the sustainable innovation roadmap

imageAlternative propulsion

imageNaval architecture

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•    Investment in Candela to scale up electric foiling (-80% CO2 emissions during usage)

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• Develop Displacement Boat Range: New Swift Trawler 54 (-15% drag reduction)

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• Pursuing the 100% recyclable resin roadmap with Oceanis Yacht 60

CO2 emission intensity reduction trajectory: -30% by 2030

Accelerate the development of new boating solutions

Boat Clubs

Charters

Custom-made & refit

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•        Double-digit sales growth

•        New locations & increase in memberships

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•        Single-digit sales growth

•        Pursue profitability turnaround

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•        Develop Yacht Solutions

•        Launch Refit programs for 60’+ in Monfalcone

Generate recurring revenues and reinforce customer relationships

Further improve operational efficiency and agility

Already achieved

Build on progress

ü  House of Brands implemented

ü  Rational product development

ü  Flexible footprint in France

ü  Small parts integration (Poland / Tunisia)

ü  Social innovation (multi-year)

q  Finalize Monfalcone shipyard transformation

q  Ramp up recent acquisitions (Portugal, Tunisia)

q  Reinforce US competitiveness

q  Roll out the ERP

q  Focus development for each segment

Continuous improvement roadmap clearly defined


Robust value creation strategy despite revenue headwinds

ü  Value-driven growth on each segment

ü  imageLeading sustainable innovation roadmap

ü  Synergistic expansion on new boating solutions

ü  Clear cost efficiency roadmap to pursue

Remaining in a 7% to 10% operating margin range in 2024, and confirming a double-digit performance from 2025 


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imageimageBoat division revenue by activities & geographies

€m

2023

2022

Change

Reported data

Constant exchange rates

Boat revenues

1,465.0

1,250.9

          + 17.1%                     + 18.0%

Sailing

674.6

515.2

+30.9%

+31.3%

Motor

761.9

708.9

+7.5%

+8.8%

Other

28.5

26.8

+ 6.6%

+ 6.6%

€m

2023

2022

Change

Reported data

Constant exchange rates

Boat revenues

1,465.0

1,250.9

+ 17.1%

+ 18.0%

Europe

725.4

613.2

+ 18.3%

+ 18.3%

                                                                                                                                                                                                                                                                                                                                                                                                Americas                                                                                                                                                                                                                                                                                                   443.2                                                                                                                                                                                                                                                                                                   424.4                                                                                                                                                                                                                                                                                                  + 4.4%         + 6.9%

                                                                                                                                                                                                                                                                                                                                                                                                 Other regions                                                                                                                                                                                                                                                                                                       166.4                                                                                                                                                                                                                                                                                                       135.9                                                                                                                                                                                                                                                                                                     + 22.4% + 22.6%

                                                                                                                                                                                                                                                                                                                                                                                               Fleets                                                                                                                                                                                                                                                                                                130.0                                                                                                                                                                                                                                                                                                 77.4                                                                                                                                                                                                                                                                                              + 68.0%         + 68.0%

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Housing division confirming its trajectory

€m

FY 2023

FY 2022 Change

Housing revenues

319.6

257.2

+ 24.2%

France

255.8

192.1

+ 33.2%

Export

63.7

65.1

- 2.1%

EBITDA

43.9

30.4

+ 44.4%

% of revenues

13.7%

11.8%

+1.9 pts

Income from ordinary operations

39.3

22.8

+ 72.3%

% of revenues

12.3%

8.9%

+3.4 pts

Revenues up +24%

•        Positive trends continued on the camping tourism markets

•        Product mix improvement and inflation’s impact on sales prices

•        Sales recovery in 2023 after Luçon fire impacting 2022

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Income from ordinary operations up +72% (+3.4pts)

•        Contribution from Growth 

•        Improvement in sourcing conditions

•        Operational performance improvement

*In accordance with IFRS 5, the Housing business is now presented under “Assets held for sale”. Income from ordinary operations is now consolidated only at Group Net Income level

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