Ireland | 7 December 2010 08:46
HanseYachts Aktiengesellschaft / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
07.12.2010 08:46
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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1st Interim Financial Report of the Management Board for 2010/11 in
Accordance with Article 37x of the Securities Trading Law (WpHG)
- Major success at boat shows
- Increase in performance
- Outlook
Economic Climate and Market Situation
General economic recovery is continuing in Europe. Nevertheless, there are
still significant differences to be observed among the individual member
states. The ongoing discussion on the stability of currencies and necessary
restructuring of State budgets as well as the fear that in addition to
Greece and Ireland, Portugal and Spain could also make use of the
protective umbrella over the euro have resulted in creating continuing
uncertainty among consumers. In this exacting overall economic climate,
revival of demand has been perceptibly continuing in the market for
water-sports vehicles.
However, our customers are still sensitive to pricing. Financing sales
represents a genuine challenge both for smaller dealers as well as for
end-consumers.
We have amply presented all of our new developments and existing models at
the relevant autumn boat shows and have experienced substantial success.
Pre-order volume as of the end of November was well above last year's
figure. We consider this to be an endorsement of our development activities
and successful revival of the Dehler brand.
Earnings and Financial Position
The first months of every fiscal year are usually characterized by
seasonably high costs and low revenues. The reasons for this situation are
the expenditures and discounts occasioned by boat shows as well as
increased costs incurred in producing new models. Unlike last year, the
annual works holidays for this fiscal year also took place during the
period reported here. Consequently, output for the month of August 2010 was
significantly below last year's figure. In the months of September and
October we not only succeeded in balancing out this difference, but also in
substantially offsetting it. Altogether our total operating revenues for
the first three months of this fiscal year increased by 13 % compared to
last year's figure to EUR 14.9 million. With nearly constant sales revenues
of EUR 11.2 million, an increase in inventories of demonstrator and
boat-show yachts-in particular of new models-for the coming season are also
reflected in the total figure.
Nevertheless we were able to maintain both the proportion of our materials
usage to total operating revenues at a constant 65.3 % as well as
significantly improving the ratio of personnel costs to total operating
revenues by 3 percentage points. This improvement is also reflected in
gross profits for the first three months of the current fiscal year, which
at EUR 5.2 million was EUR 0.6 million above last year's figure at EUR 4.6
million.
Other operating expenses were 1.2 percentage points below last year's
figure relative to total operating revenues despite our undiminished
presence at boat shows. EBITDA improved by EUR 0.2 million to EUR - 2.5
million. Write-downs amounted to EUR 0.9 million (EUR 1.0 million last
year). Hence EBIT also improved by EUR 0.3 million to EUR - 3.5 million.
Cash flow from operating activities for the first three months of the
current fiscal year at EUR - 7.2 million displayed a significantly higher
commitment of funds in comparison to last year (EUR - 3.8 million). The
cause of this was a positive change in the number of finished and
unfinished boats as well as regular tax payments for past years of EUR 1.0
million. We have covered liquidity needs resulting therefrom from overdraft
facilities and shareholder loans available to us. The reverse impact from
binding capital will result from scheduled reduction of inventories during
the course of the season. Expenditures for investments were EUR 0.7
million.
Our ratio of equity to total capital is 56 %.
Outlook for Further Business Activities
Current success with our sales volume has confirmed our model policy. We
continue to set new standards as a trendsetter with our new developments.
This has been confirmed by the success of our newly developed models and
the great response to the Varianta line.
We have continued to push the positioning of this innovative product line
with the Varianta 44. The success of the Dehler yachts at regattas has also
led to a gratifying increase in demand. Moody and Hanse have also been
showing very positive developments in orders. On the occasion of an
international boat show taking place in Düsseldorf in January 2011, we will
present the new Hanse 495 as well as Fjord's new 36 Open. We are expecting
a positive impact on our sales revenues from these models.
Internally we are concentrating on improving the productivity of our
assembly line production. In so doing, optimisation introduced because of
new product developments will be positively reflected.
Incoming orders have thus far permitted improved production planning. We
are expecting an additional increase in capacity utilisation from the
results of major upcoming boat shows in Paris and Düsseldorf.
The market climate is expected to remain challenging due to the overall
economic uncertainty and the tough competitive situation.
For fiscal year 2010/2011 we are nevertheless expecting moderately rising
sales revenues thanks to our sales up till now. However, our margins will
continue to be under pressure. Improvements in the ratios of the cost of
materials and personnel to total operating revenues will be positively
reflected in developments in earnings.
For all of fiscal year 2010/2011, we expect a tangible improvement in
earnings compared to last year.
About HanseYachts: HanseYachts is one of the leading yacht manufacturers in
Europe. Sailing yachts are currently being built under the HANSE, MOODY and
DEHLER brands and motor yachts under the FJORD brand, all of which range in
length from 18 to 63 feet. From the very beginning, the concept of this
boatyard was to offer technologically sophisticated, owner-operated yachts
that are convenient to operate and represent excellent value for money.
That, coupled with innovative design concepts, has resulted in the success,
with which the HanseYachts Group has established itself on the market
today. Since March 2007 HanseYachts AG has been publicly listed on the
General Standard of the Frankfurt Stock Exchange.
Ende / End
Additional information, extensive photographic material, specifications and
much more can be found on our website in the press section of HanseYachts
Aktiengesellschaft. Go to the press section on our website at:
www.hansegroup.com.
07.12.2010 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: HanseYachts Aktiengesellschaft
Salinenstr. 22
17489 Greifswald
Deutschland
Internet: www.hansegroup.com
End of Announcement DGAP News-Service
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