Ireland | 15 June 2011 08:29
HanseYachts Aktiengesellschaft / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
15.06.2011 08:29
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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2nd Interim Financial Report of the Management Board for 2010/11 in
Accordance with Article 37x of the Securities Trading Law (WpHG)
- Significant improvement in turnover and performance
- New models have secured a positive situation with orders
- Outlook for all of fiscal year 2010/11
- Return to positive figures expected for 2011/12
Economic Climate and Market Situation
The economic upswing is continuing. In so doing, economic developments in
those markets that are relevant for our business are not proceeding
uniformly. While Northern Europe has continued to stabilise, it is not
possible to make a uniform statement about the Southern European economies.
All in all, the European market for water sports has been steadily
recovering in the current fiscal year. The Northern European markets have
been displaying positive developments. In South-eastern Europe, we have
also been able to increase our sales volume.
Nevertheless, our sale prices have remained under pressure. In some
markets, measures to promote sales have been necessary, such as an
increased presence at boat shows and support of our network of dealers via
special promotions. Overall we are experiencing an appreciable improvement
in the market situation.
A significant part has been contributed to the positive developments in
turnover by new developments in our products, an attractive pricing policy
and extensive presentation of our products at boat shows. All in all, there
has been a very welcome tendency towards higher-value boats.
Earnings and Financial Position
Turnover for the HanseYachts Group during the first 9 months of fiscal year
2010/11 amounted to EUR 46.7M and was thus 10.7% above last year's figure
at EUR 42.2M. The increase in total revenues is even more significant. This
amounted to EUR 57.3M and has thus surpassed last year's figure by 13.2%.
In comparison to the same period last year, the ratio of cost of materials
to total operating revenues has remained unchanged at 63.6% of total
revenues.
In the first nine months of the present fiscal year, we had gross profits
of EUR 20.8M (EUR 18.4M last year).
Despite the substantial increase in total revenues, personnel costs have
risen disproportionately by 4.2%. The ratio of personnel costs to total
revenues improved by 2.1 percentage points to 24.7% (26.8% last year).
Other operating expenses rose from 19.9% to 20.6% of total revenues. This
absolute increase has primarily been caused by higher marketing and
advertising costs (EUR 0.8M) as well as higher energy expenditures (EUR
0.5M).
Earnings before interest, taxes, depreciation and amortisation (EBITDA) has
improved by EUR 0.2M to EUR - 4.0M. Write downs amounted to EUR 3M (EUR
3.1M last year). EBIT has thus improved by EUR 0.3M from EUR - 7.3M last
year to EUR - 7.0M.
From 1 February till 30 April 2011, we realised consolidated turnover of
EUR 20.3M (EUR 19.8M last year). Total revenues amounted to EUR 24.7M after
EUR 22.5M last year. Gross profits were EUR 9.3M (EUR 7.2M last year);
EBITDA was EUR 0.9M (EUR 1.1M last year).
Operative cash flow for the first 9 months of the current fiscal year was
EUR - 7.2M compared to last year (EUR - 2.7M). The reason for this has
primarily been the availability of EUR 3.8M higher working capital,
essentially consisting of finished and unfinished boats. Reduction of the
working capital base will take place as scheduled in the coming months by
delivering these boats to our dealers and end-consumers.
Expenditures for investments were EUR 1.2 million (EUR 1.6M last year).
To be better able to compare current results with those of last year, the
changes in presentation for the previous year have been eliminated that
were undertaken in the course of this year.
Measures and Outlook for the Entire Fiscal Year 2010/11 and for the Coming
Fiscal Year 2011/12
Our situation with new orders is now considerably better than it was last
year after investing significantly in new models and in expanding our
market presence, also in non-European countries, during the early months of
this fiscal year. As at the end of April, incoming orders are 38% above the
level for the same period last year and will thus already extend into the
next fiscal year. Sales of larger boats with larger profit margins have
also noticeably increased.
By the same token, we have been observing that the group brands, Dehler,
Moody and Fjord, have been able to raise their turnover disproportionately.
Thanks to consistent development policies, we have now succeeded in
bringing out new models on the market faster and more economically. In
addition to continuing to develop our palette of models, however, our
development activities are currently focussed on measures to improve our
commercial results. At present, we are creating a technical basis for these
measures by involving all of the operating divisions essential to
production as well as our external development partners. By further
reduction of complexity and by cross-model standardization of production
processes, we can achieve an increase in manufacturing efficiency while at
the same time minimizing the variety of parts. The findings of the current
project will flow into the pending new developments.
In accordance with the seasonality of our business, the remaining months of
this fiscal year will be devoted to completing and delivering pending
orders for the current season as well as developing and constructing the
prototypes and exhibition boats for the autumn shows and trade fairs. In
this regard, we expect positive monthly results and cash flow from our
business operations.
For all of fiscal year 2010/11, we expect an increase in total operating
revenues on the order of about 10% as well as a significant improvement in
earnings compared to last year.
We are looking forward into a positive coming 2011/12 fiscal year. Our
model policy has been confirmed by our present incoming orders and we are
expecting turnover to continue to rise in future. Our measures to reduce
complexity and increase efficiency are on track. Consequently, we are
expecting our year-end results to turn out positively again. A return to
the level of turnover prior to the economic crisis should be feasible in
the coming two years.
About HanseYachts: HanseYachts is one of the leading yacht manufacturers in
Europe. Sailing yachts are currently being built under the HANSE, MOODY,
DEHLER and VARIANTA 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.
15.06.2011 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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