DGAP-News: HanseYachts Aktiengesellschaft: Press Release on preliminary results for 2010/11
(firmenpresse) - DGAP-News: HanseYachts Aktiengesellschaft / Key word(s): Preliminary
Results/Final Results
HanseYachts Aktiengesellschaft: Press Release on preliminary results
for 2010/11
30.09.2011 / 11:24
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Press release on preliminary results for 2010/2011
Once again turnover increases
Continued improvement in results
Consistent development of models
Once again turnover increases
We have succeeded in significantly increasing our turnover revenues for the
second year in a row. At EUR 86 million, turnover for the HanseGroup was
EUR 12.8 million above last year's figure of EUR 73.2 million. Total
operating revenues rose by 15 % from EUR 75.2 million to EUR 86.6 million.
Altogether revenues have increased by nearly 50 % since 2008/2009, a year
characterized by the worldwide economic crisis.
One essential driver responsible for this increase has been our successful
strategy involving multiple brands and development of models in line with
the demands of our markets.
We are still moving in a very demanding and competitive market environment.
To achieve our sales-volume targets in the past fiscal year, comprehensive
marketing efforts were necessary, which in addition to our presence at
international boat shows, also included financial incentives for buyers
such as discounts or improved furnishings and equipment for their boats.
Continued improvement in results
At 63.4 %, the ratio of cost of materials to total operating revenues was
thus 1.7 percentage points below last year's level. We were able to achieve
this improvement in spite of offering attractive sales prices thanks to
shifts in our model mix, our success with rationalization in our new
developments and to stable procurement conditions.
At 22.8 %, the ratio of personnel costs to total operating revenues has
improved significantly and was 1.7 percentage points below last year's
figure.
The ratio of other operating expenses to total operating revenues has also
dropped by 1.2 %. At EUR 15.4 million, other operating expenses were EUR
1.1 million above last year's figure.
HanseGroup' earnings before interest, taxes, depreciation and amortisation
(EBITDA) have thus improved by EUR 3.6 million and amounted to EUR - 0.8
million (EUR - 4.4 million last year).
At EUR - 0.8 million, operational cash flow was slightly negative. On the
balance sheet date, Net financial debt in the HanseGroup was only EUR 3.9
million and thus amounted to approx. 6.2 % of total assets. Our ratio of
equity to total capital was 52 %.
Our financial results amounted to EUR - 0.8 million (EUR - 0.9 million last
year). With write-downs at EUR 4.1 million (EUR 5.6 million last year)
earnings before taxes (EBT) have improved by over EUR 5.1 million to EUR -
5.8 million (EUR - 10.9 million last year). Write-downs contained approx.
EUR 0.1 million in unscheduled depreciation (EUR 1.5 million last year).
For the current year, the tax expense of EUR 1.1 million (EUR 2.2 million
last year) includes the aggregate impact of valuation adjustments of the
deferred taxes capitalised on tax loss carry forwards in previous years and
tax provisions for the current year.
Our annual loss amounted to EUR - 6.9 million (EUR - 13.1 million last
year).
Consistent development of models
In the final months of the fiscal year, we have invested significantly in
developing new models. More-over, the new design line has continued to be
consistently developed with the Hanse 495 and the Hanse 385. The new models
offer even more generous spatial proportions together with Hanse's
customarily excellent sailing features and modern designs in its typical
loft style. Moreover, these models have been establishing the technological
standards for essential structural and manufacturing solutions. For Dehler
the gap between the Dehler 35 and Dehler 45 has been closed with the new
Dehler 41. The Dehler 41 strictly complies with the strategy of the Dehler
brand as a sporty cruiser with regatta potential. For the Fjord brand, we
have successfully completed development of the Fjord 36 open.
Additional new developments are in progress for the coming fiscal year.
The cost of these developments was for the most part charged against
earnings in the past fiscal year. In addition to manufactured production
forms, development costs have for the first time been recognized in
accordance with IFRS 38 to a net amount of EUR 0.3 million, as in the
fiscal year reported here the criteria specified for separate compilation
of costs have been created. The investments in new models have formed the
necessary basis for further growth and improvements in results for the
coming years.
Outlook
Current market studies have raised hopes for positive developments in the
water-sports market in the coming years. The sustainability of last year's
positive developments will essentially depend on economic progress in
Europe as it constitutes our main sales areas.
In our estimation, an upswing in the market will turn out very differently,
depending on the region involved. We are not expecting a very rapid
recovery in Spain, Portugal, Italy or Greece. Instead we see positive
market opportunities in Turkey and countries along the Adriatic coast as
well as in South America and Asia/Oceania. In Northern Europe and in France
we are expecting further stabilization.
The extent, to which the current fluctuations on the stock market and the
ongoing discussions about the stability of some Southern European countries
will have an impact on the water-sports market, cannot be assessed at this
time. The trend of the autumn boat shows will be an important indicator for
our future success. We have been satisfied with the way the initial boat
shows have turned out thus far.
Our expectations have been confirmed that demand would become increasingly
seasonal, occasioned by buyers' placing orders on short notice and by
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 greater demand for liquid funds, 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
'multiple-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 room for expansion. Beyond the new models currently under
development, we are not planning any significant investments in the coming
fiscal year, either.
On 30 July 2011 the majority shareholders of HanseYachts AG and the
Aurelius Group concluded a sales contract for 64.67 % of the shares in
HanseYachts AG. Execution of this contract is contingent on conditions,
which have not yet been fulfilled. The transaction will affect the
ownership structure of HanseYachts AG and will thus not have any immediate
impact on the business activities of the HanseGroup.
For the coming fiscal year 2011/2012, we are expecting a market climate
that will be very sensitive to pricing. However, increases in price for the
first time are possible for newly introduced models.
By increasing production efficiency and optimizing product development, we
are expecting further improvement in our results and positive earnings
before interest, taxes, depreciation and amortization (EBITDA). We are also
counting on this trend to continue into fiscal year 2012/2013.
We will publish the complete annual report of the HanseGroup on 31 October
2011.
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.
End of Corporate News
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Language: English
Company: HanseYachts Aktiengesellschaft
Salinenstr. 22
17489 Greifswald
Germany
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 Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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