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Bénéteau

Investor Presentation • Apr 29, 2019

1145_iss_2019-04-29_712aa67b-42c2-4b05-8cc7-6805d30c9431.pdf

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2018-19 HALF-YEAR EARNINGS

April 29, 2019

CONTENTS

0

Group overview

-1 0 -2 0

Business reviewFirst half of 2018-19

First half of 2018-19

-3 0 -4

Financial results

Outlook

0-1GROUP OVERVIEW

Hervé GastinelChief Executive Officer

GROUP KEY FIGURES

FIRST HALF OF 2018-19 (September 1, 2018 - February 28, 2019)

h
C
a
n
g
e
€
m		 H
1
2
0
1
8-
1
9		 H
1
2
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1
7-
1
8		 (
d
d
)
t
t
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p
o
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a
a		 (
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)
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Re
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%
+		 5.
6
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+
Bo
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8		 3
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8
%
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-		 9
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%
+		 6.
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1		 2
4.
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%
+		 1
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9
%
+
fro
d
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io
In
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co
m
e
m
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a
ry
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p
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a
ns		 -3
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4		 ns
(
ha
)
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in
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co
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ro
up
s
re		 -1.
6		 0.
1		 ns

►Satisfactory progress with first-half revenues, with this period's significance still relatively limited due to seasonality

  • ►Progress with EBITDA against a backdrop of sustained investment
  • ►Income from ordinary operations traditionally negative for this period of the year
  • ►Deterioration in net income, affected by currency hedging

0-2BUSINESS REVIEWH1 2018-19

02 - BUSINESS REVIEW - H1 2018-19 - GROUP

SATISFACTORY GROWTH FOR GROUP REVENUES IN H1 2019

Increase in revenues

+6.7% on a reported basis +5.6% at constant exchange rates

€m

The euro-dollar foreign exchange impact was favorable during the first half of the year

02 - BUSINESS REVIEW - H1 2018-19 - BOAT DIVISION

BOAT DIVISION: CONTRASTING MARKET SITUATIONSFIRST HALF OF 2018-19

1 2
H
0
1
8-
1
9		 1 2
H
0
1
7-
1
8		 h
C
a
n
g
e		 h
C
a
n
g
e
€
m		 (
d
d
)
t
t
r
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p
o
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e
a
a		 (
t
t
n
s
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n
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)
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x
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a
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e
s
Eu
ro
p
e		 1
7
6.
9		 1
8
2.
5		 -3
0
%		 -3
1
%
h
d
l
No
C
A
ic
t
t
r
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n
en
ra
m
er
a		 1
2
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3		 1
0
0.
0		 2
1.
3
%
+		 1
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7
%
+
h
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7		 5.
7		 -5
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0
%		 -5
2.
2
%
f
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ic
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-P
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5.
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%		 -3
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%
f w
l
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or		 1
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2.
1
%
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%
+
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e
s		 6
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9		 4
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7.
4
%
+		 5
7.
4
%
+
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V
E
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U
E
S		 4
0
3.
8		 3
7
8.
0		 6.
8
%
+		 5.
6
%
+

► Europe Good trends on Continental

European markets Significant drop in sales for Turkey and the UK

► North and Central America Increase in sales for European brands

►Asia-Pacific

Contraction in sales in a market with low activity levels

►Fleets

Sales driven by demand for multihulls

02 - BUSINESS REVIEW - H1 2018-19 - BOAT DIVISION

PROGRESS FOR THE SAILING AND MOTORBOAT BUSINESS LINES

Growth in fleet sales for charter firms and the Figaro Beneteau 3 effect (over 50 boats sold in H1) are reflected in a 6-point increase in the percentage of sailing yachts.

02 - BUSINESS REVIEW - H1 2018-19 - BOAT DIVISION

FIRST-HALF KEY DEVELOPMENTS

Numerous investments for the future – PRODUCTS

►Product plan: launch of the new EXCESS brand

Development of the range (5 models) and construction of 2 prototypes to be presented at the Cannes Yachting Festival in September 2019

►Acceleration of innovation

Development of the flight feature on the prototype motor foilerLaunch of the Sun Loft 47, a monocat for cabin cruising

►Award-winning new models in Europe, North America and Asia-Pacific

European Yacht of the Year 2019 – Beneteau Oceanis 46.1 US Sailing World Boat of the Year 2019 – Figaro Beneteau 3 US Cruising World Boat of the Year 2019 – Jeanneau Sun Odyssey 410 & 490Best Sailing Yacht in Asia 2019 – Jeanneau Sun Odyssey 410Asia Boating Award 2019 Sailing Multihull up to 50ft – Lagoon 46Asia Boating Award 2019 – Sailing Monohull over 50ft – CNB 66Asia Boating Award 2019 Sport Cruiser up to 55ft – Prestige 520SAsia Boating Award 2019 Best Flybridge Yacht 55-80ft – MCY 70

32 new models launched in the 2018-19 season

02 - BUSINESS REVIEW - H1 2018-19 - BOAT DIVISION

FIRST-HALF KEY DEVELOPMENTS

Numerous investments for the future – USES AND SERVICES

► Innovative uses: DockSense assisted dockingJoint development by Raymarine and Prestige

► Development of offers adapted for new forms of consumption

Beneteau Boat Club: 17 bases being set up in Europe (France, Spain, Norway) and member community being developed

Freedom Boat Club x Jeanneau: 3 bases opened in France and around 10 openings to come (France, UK, Italy, Spain)

► Development of the Band of Boats platform

250k unique visitors / month>10k boats for sale16k boats to rent450 professionals

02 - BUSINESS REVIEW - H1 2018-19 - BOAT DIVISION

FIRST-HALF KEY DEVELOPMENTS

Numerous investments for the future – OPERATIONS

►Optimization of industrial operations

G
r
o
u
p		 h
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LEISURE HOMES BUSINESS DYNAMIC, BUT NOT VERY REPRESENTATIVE FOR THE YEAR

H1 2018-19

b
F
2
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1
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y		 h
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t
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en
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s
g
-		 0 0.
5		 ns

► First-half revenue growth linked primarily to a slight time-lag effect with seasonality, reflected in orders and deliveries completed earlier in the year.

►First-half revenue growth does not reflect the state of the order book, which is down.

FINANCIAL RESULTSH1 2018-19

Christophe Caudrelier

Group Deputy Managing DirectorGroup Chief Financial Officer

03 – GROUP FINANCIAL RESULTS – H1 2018-19

INCOME FROM ORDINARY OPERATIONS

€
m		 H
1
2
0
1
8-
1
9		 H
1
2
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1
7-
1
8		 h
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(
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Ho
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s
g
-		 7.
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5		 2.
3
%
+		 2.
3
%
+

03 – GROUP FINANCIAL RESULTS – H1 2018-19

BREAKDOWN OF INCOME FROM ORDINARY OPERATIONS FOR H1 2018-19 vs. H1 2017-18

► Income from ordinary operations penalized by the negative impact of additional support costs (indirect production labor, R&D and sales costs), costs linked to the launch of new activities (including Band of Boats and Beneteau Boat Club), and allocations for investments (linked primarily to product development for the new catamaran brand Excess and the Sun Loft 47).

03 – GROUP FINANCIAL RESULTS – H1 2018-19

INCOME FROM ORDINARY OPERATIONS ADJUSTED FOR CURRENCY HEDGING

€
m		 2
8-
9
H
1
0
1
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f r
%
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ev
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ue
s		 ns ns

► Deterioration in financial income and expenses following the negative impact of currency hedging

NET INCOME

€
m		 H
1
2
0
1
8-
1
9		 H
1
2
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1
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1
8
fro
d
In
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e		 -1
6		 0.
1

► Deterioration in net income due to the impact of financial income and expenses

03 – GROUP FINANCIAL RESULTS – H1 2018-19

CASH

€
m		 H
1
2
0
1
8-
1
9		 H
1
2
0
1
7-
1
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Y
2
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1
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In
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5.
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Pr
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6		 -0
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1.
9

0-4OUTLOOK

04 - OUTLOOK FOR 2018-19

FULL-YEAR OUTLOOK CONFIRMED FOR 2018-19

BOAT BUSINESS

  • Performance in line with forecasts on markets with slight growth
  • Satisfactory growth in North America
  • Continued growth for fleets
  • Estimated full-year revenue growth of 4% to 6% (reported data)

HOUSING BUSINESS

  • Order book down for the Leisure Homes business
  • Slight contraction expected for full-year revenues

OUTLOOK FOR THE GROUP UNCHANGED

  • Expected global revenue growth of around 3% to 5% based on reported data and 2% to 4% at constant exchange rates
  • Income from ordinary operations stable based on reported data

APPENDICES

FINANCIAL GLOSSARY

Income from ordinary operations after taking into account currency hedging income and expenses. Income from ordinary operations adjusted for currency hedging is an alternative performance indicator that makes it possible to measure the Group's performance after the impact of foreign exchange hedging. Since 2016, income and expenses from currency hedging primarily reflect the difference between forward purchase / sales positions and the accounting exchange rate for recording transactions in currencies (USD, PLN). The Group hedges its commercial currency risk based exclusively on currency forwards. AT CONSTANT EXCHANGE RATES Change in an item calculated by converting the figures for the first half of 2018-19 based on the rates for FY 2017-18. EBITDA Earnings before interest, taxes, depreciation and amortization, i.e. operating income restated for allocation / reversal of provisions for liabilities and charges and depreciation charges. FREE CASH FLOWNET CASHCash generated by the company during the reporting period before dividend payments and changes in treasury stock. Cash and cash equivalents after deducting financial debt and borrowings. INCOME FROM ORDINARY OPERATIONS ADJUSTED FOR CURRENCY HEDGING

www.beneteau-group.com

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