DGAP-News: HanseYachts Aktiengesellschaft: Press Release on preliminary results for 2009/2010
(firmenpresse) - HanseYachts Aktiengesellschaft / Key word(s): Preliminary Results/Final Results
30.09.2010 08:38
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Press Release on preliminary results for 2009/2010
Significant increase in turnover
Substantial improvements in earnings
Extensive investments in new products and services
Significant increase in turnover
In a continually demanding market climate, we have been able to hold our
own very well and to increase our turnover by 25.8 %. At EUR 73.2 million,
turnover for the HanseGroup was EUR 15 million above last year's figure of
EUR 58.2 million. Total operating revenues rose by 33.3 % from EUR 56.4
million to EUR 75.2 million. Measures implemented for sales, such as
comprehensive presentation of new models and facelifts as well as marketing
of special models, have developed their intended effects.
In an economically difficult market climate, we were able to stabilize
ongoing business operations and to prove to our suppliers that we are
reliable customers. Thanks to our success with our sales volume, we were
able to manage completely without short-time working during the period
reported here. Dehler's integration in the Group has succeeded.
To promote our sales volume and as a reaction to predatory pricing on the
part of other market participants, our marketing efforts had to be
intensified, which in addition to the above-mentioned special models,
included financial incentives for buyers such as discounts or improved
furnishings and equipment for their boats.
We have taken part in all of the relevant boat shows on an undiminished
scale and have successfully presented our palette of products. We have also
completely revised our online Web site and have now positioned and
presented our brands separately from another.
Substantial improvements in earnings
At EUR 48.9 million in total costs for materials, the ratio of cost of
materials to total operating revenues (EUR 40.9 million last year) was 7.3
percentage points below last year's level. In particular this reflects
changes in our product-mix, success in rationalisation with new
developments and improved conditions for purchasing from our suppliers.
Despite the significant increase of operating performance personnel
expenses rose disproportionately by only 5.6 % to EUR 18.4 million. The
ratio of personnel costs to total operating revenues has significantly
improved by 6.5 percentage points.
In relation to total operating revenues the other operating expenses have
also dropped by 3.7 percentage points. In total, other operating expenses
at EUR 14.2 million increased by EUR 1.5 million compared to last year's
figures.
HanseYachts' earnings before interest, taxes, depreciation and amortisation
(EBITDA) have thus improved by EUR 8.5 million and amounted to EUR - 4.4
million (EUR - 12.9 million last year).
Cash flow from operating activities has also developed positively and at
EUR + 0.3 million it is EUR 11.9 million better than last year. Net debt in
the Group at balance sheet date is only EUR 2.9 million and thus amounts to
ca. 5 % of total assets. Our ratio of equity to total assets is 62 %.
Our financial results amounted to EUR - 0.9 million (EUR - 0.8 million last
year). Depreciations are at EUR 5.6 million (EUR 8.1 million last year) and
contain unscheduled write-downs of EUR 1.0 million (EUR 3.9 million lastyear).
Earnings before taxes (EBT) have improved by EUR 10.8 million to EUR - 10.9
million (EUR - 21.7 million last year).
Our tax expense almost exclusively contains the impairment - which does not
affect liquidity - of last year's deferred taxes on loss carry forwards and
amounts to EUR 2.2 million (last year's tax income EUR + 3.6 million). Our
annual loss amounted to EUR - 13.1 million (EUR - 18.1 million last year).
Extensive investments in new products and services
In the final months of the fiscal year, we invested significantly in
developing new models. In so doing, we have worked out, inter alia, a
completely new furniture concept and interior design for our Hanse 325 and
Hanse 355 models. Moreover, the new design line for our larger models that
was initiated with the Hanse 545 last year has continued to be consistently
developed with the Hanse 445. The new models offer even more generous
spatial proportions together with HanseYachts' customarily excellent
sailing features and modern designs in its typical loft style. The Moody
Classic will be presented with a revamped interior design. We have expanded
the sporty-puristic Varianta line with a Varianta 44. We believe that the
new Varianta product line will have great sales potential and enables us to
test new marketing and sales strategies. With our motorboats, we have
rounded out our palette of models downwards with a minimalistic Fjord 36
Open. Additional new developments for the coming fiscal year are in
progress.
The costs for these developments were for the most part charged against
earnings in the past fiscal year. Only the manufactured production moulds
will be carried as an asset and written down. These investments have formed
the basis for additional growth and improvements in results for the coming
years.
Presentation of a complete and modern palette of models at all major autumn
boat shows will be an essential cornerstone for the success of our
marketing in the coming season. Consequently, we focused on punctual
completion of our exhibition models during the final weeks of the last
fiscal year.
Outlook
In the positive developments in the overall economy, we see excellent
chances for a continued upswing in the water sports and leisure sectors. In
this connection, economic developments in Europe will be particularly
crucial for our success. This economic recovery is still highly vulnerable.
Statistical studies have shown that demand for leisure and luxury goods
react to economic developments to an inordinately large degree.
Nevertheless the risks here are also accompanied by opportunities.
Should the mood of consumers improve, we can expect an additional market
upswing in our sector. A medium-term development will primarily depend on
economic recovery and developments in the European job market. These
developments and the resulting impact on consumer demand for leisure and
luxury goods can nevertheless not be quantified at this time.
Expectations have been confirmed that demand would become increasingly
seasonal, occasioned by buyers' placing orders on short notice and
uncertain financing capacities on the part of dealers and their
end-customers. This seasonality will lead to an increase in working capital
and thus to higher financial requirements, in particular in the winter
months.
Successful expansion of our palette of products, with the Hanse, Moody,
Dehler and Fjord brands, has consistently enabled us to implement our
'four-brand strategy'. Our palette of products reflects cutting-edge design
and technology, offers excellent value for money and appeals to a broad
target group.
We have state-of-the-art production facilities with ample space for
expansion. We are not planning any significant investments in the coming
fiscal year beyond current development of new models.
For fiscal year 2010/2011, we again are expecting increased turnover. In so
doing, we are also expecting a market environment that is very sensitive to
price. So long as additional, significant discounts do not become necessary
or slumps in demand do not occur for economicreasons, we expect a further
material improvement in earnings for the coming fiscal year. We are also
counting on this trend to continue into fiscal year 2011/2012.
We will publish the complete Annual Report of the HanseYachts Group on 27
October 2010.
Ende / End
Weiterführende Informationen, umfangreiches Bildmaterial, Spezifikationen
und vieles mehr finden Sie auf unseren Websites im Pressebereich der
HanseYachts Aktiengesellschaft. Bitte besuchen Sie den Pressebereich
unserer Website: www.hansegroup.com.
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.
30.09.2010 08:38 Dissemination of a Corporate News, transmitted by DGAP -
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: HanseYachts Aktiengesellschaft
Salinenstr. 22
17489 Greifswald
Deutschland
Phone: +49 (0)3834-5792-25
Fax: +49 (0)3834-5792-81
E-mail: ir(at)hanseyachts.com
Internet: www.hansegroup.com
ISIN: DE000A0KF6M8
WKN: A0KF6M
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Hamburg, München, Düsseldorf, Berlin,
Stuttgart
End of Announcement DGAP News-Service
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Datum: 30.09.2010 - 08:38 Uhr
Sprache: Deutsch
News-ID 32279
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