Ireland | 21 November 2014 10:55
HanseYachts Aktiengesellschaft / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
21.11.2014 10:55
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Greifswald, November 21st, 2014
FIRST INTERIM REPORT FROM THE MANAGEMENT 2014/2015 IN ACCORDANCE WITH ยง 37X
WPHG (GERMAN SECURITIES TRADING ACT)
HanseYachts AG with strong first quarter 2014 - orders 33 % above previous
year
HanseYachts AG ended the first quarter of the new fiscal year (1 July 2014
- 30 September 2014) with another significant increase and is continuing on
its growth course. A positive EBITDA is expected for the current fiscal
year 2014/2015.
Economic situation and market situation
For HanseYachts AG, the situation on the market can be described as stable
to slightly growing on a global level. The key drivers for the growth are
North America and Asia. Despite the crisis in the Ukraine, Russian
sanctions and the conflicts in Syria and Iraq, the sales situation in
Europe and the Middle East has remained stable. In Italy, Greece and Spain,
we have even observed a slight upturn in the water sports market. Thanks to
its multi-brand strategy and the new yacht models presented on the market,
as well as the successful established models, HanseYachts AG can report an
extremely good level of incoming orders in the first quarter, which
significantly exceeds the development on the market.
Yield and financial situation
Incoming orders in the first quarter increased by a further 9 % on the
already unprecedented level recorded for the same period last year with a
volume of 29.9 million euro. In September alone, the number of orders
increased by 33 % compared with the same period of the previous year,
ensuring that production will be kept busy over the coming months.
The good autumn boat show season and the new products, such as the Hanse
455, the Dehler 46 and the motor boat brand Sealine added to the range last
year, played a major part in the success. The high number of incoming
orders is also due to the successful and consistent implementation of the
multi-brand strategy and the development of models tailored to the demands
of the market. In addition to quality, the clear product design and design
language represent key sales criteria for the existing brands.
In the first quarter 2014/2015 (July to September 2014), HanseYachts AG
achieved a total output of 17.8 million euro, which puts it at the same
level as the extremely good previous year. The other operating revenues
totaling 0.4 million euro are significantly below the values for the
previous year, although the revenue for the previous year includes the sale
of a property, which was not essential to operation, worth 1.4 million
euro. Due to the launch into the motor boat market and the associated
planned startup phase, the material costs amount to 66 % in relation to the
overall output and are therefore slightly higher than the 63 % in the
previous year. The gross yield in the first three months of the current
fiscal year has reduced by 0.5 million euro compared with the same period
of the previous year to 6.1 million euro.
The personnel costs ratio has increased by 8.7 % to 32.9 %, due largely to
the fact that we have employed significantly more personnel in preparation
for processing the high level of incoming orders.
The other operational expenses were reduced again in the quarterly
comparison. In relation to the overall output, the expenses lie 1.6 % under
the value for the previous year. In absolute terms, the expenses have
fallen by 0.3 million euro to 3.7 million euro. The EBITDA (earnings before
interest, taxes, depreciation and amortization) is -3.1 million euro. At
1.1 million euro, the depreciation has remained practically unchanged. The
EBIT is now -4.2 million euro and has therefore reduced by 3.2 million euro
over the previous year. Taking into account taxes and the financial result,
the result for the period is -4.6 million euro (previous year -1.3 million
euro). The difference compared with the previous year is due mainly to the
income from the sale of a property not essential to operational business
for a total of 1.4 million euro in the previous year, as well as the
planned startup losses for the new motor boat brand Sealine. It is expected
that the losses from Sealine will be balanced out over the course of the
current fiscal year, as the startup phase will soon be complete.
The operating cashflow for the first three months of the current fiscal
year is -4.0 million euro, showing a slightly lower outflow of funds
compared with the previous year (-4.2 million euro). The real investments
in new yacht models and investments in other assets also led to a
commitment of funds to a total of 2.3 million euro.
On 30 September 2014, the equity ratio equaled 21.9 % (30 June 2014: 26.7
%).
It should be pointed out that the incoming order figures for the new brand
'Sealine' and the 'Fjord' brand are extremely pleasing and significantly
above the level for the previous year. They even exceed our own targets.
Dr. Jens Gerhardt, CEO of HanseYachts AG, states: 'Just one year after
adding the Sealine brand to our range, motor boats now account for almost
one in every three orders. This is helping us to reach our growth targets
and proves that our strategy is working!'
About HanseYachts: HanseYachts is one of the leading yacht builders in the
world. We currently produce sailing yachts under the brands HANSE, MOODY,
DEHLER and VARIANTA and motorized yachts under the FJORD and SEALINE brands
in sizes ranging from 29 to 63 ft. The range of sailing yachts and
motorized yachts includes 31 different models across all brands. From the
very beginning, the shipyard focused on supplying technologically
challenging, easy to operate owner yachts with an outstanding
price-performance ratio. Combined with an innovative design concept, this
has led to the success of the HanseYachts Group on the market today.
HanseYachts AG has been listed in the regulated market (General Standard)
on the Frankfurt Stock Exchange since March 2007. The bearer bond issued in
June 2014 meets the entry standard for bonds.
End of release
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21.11.2014 The DGAP Distribution Services include Regulatory Announcements,
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Language: English
Company: HanseYachts Aktiengesellschaft
Ladebower Chaussee 11
17493 Greifswald
Germany
Internet: www.hansegroup.com
End of Announcement DGAP News-Service
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