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Bénéteau

Investor Presentation • Oct 29, 2019

1145_iss_2019-10-29_4a09066b-f190-4be6-a85f-f5f5455187c9.pdf

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BUSINESS REVIEW, 2018-19 FULL-YEAR EARNINGS, OUTLOOK

October 29, 2019

2018-19 FULL-YEAR EARNINGSI October 29, 2019

01

FY 2018-19A TRANSITION YEAR

Jérôme de Metz

CHAIRMAN AND CEO

2

01

FY 2018-19: A TRANSITION YEAR

  • New governance and new leadership team
  • New organization focused on a coherent brand portfolio and operational efficiency
  • Ambitious project being put together

2018-19 FULL-YEAR EARNINGS I October 29, 2019GROUP EXECUTIVE LEADERSHIP TEAM

01

Gianguido GirottiDeputy CEOProduct and Brand Strategy Jean-Paul ChapeleauCEO of the Jeanneau and Prestige brands

Jérôme de MetzChairman and CEO

Corinne MargotChief HR and Communications Director

Christophe CaudrelierDeputy CEOOperational ExcellenceGroup Chief Financial Officer 2018-19 FULL-YEAR EARNINGS I October 29, 2019OVERVIEW OF THE CONSOLIDATED ACCOUNTS

AT AUGUST 31, 2019

01

REVENUE GROWTH IN LINE WITH FORECASTS

R
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  • Revenue growth (+3.8%) in line with forecasts
  • EBITDA up +3.3%, maintaining a high level for the business (11.8% of revenues)
  • Contraction in income from ordinary operations due to the increase in depreciation and provisions
  • Cash position at a satisfactory level despite an increase in working capital requirements and the acquisition of Delphia Yachts

BOAT BUSINESS REVIEWFY 2018-19

Christophe Caudrelier

DEPUTY CEOGROUP CHIEF FINANCIAL OFFICER

2018-19 FULL-YEAR EARNINGS I October 29, 2019BUSINESS REVIEW – BOAT DIVISION02

BOAT BUSINESS

2018-19 KEY FIGURES

h
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Scope extended with the integration of Delphia Yachts and Seascape, representing revenues of €27.6m

  • Robust development of multihull sailing yacht and outboard motorboat sales offsetting the drop in sales for large motor yachts and the American brands, impacted by trade tariffs (Canada, EU)
  • Good level of EBITDA (12.2% of revenues)
  • Income from ordinary operations affected by the increase in depreciation and provisions 7

BOAT BUSINESS: 2018-19 HIGHLIGHTS

M
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RANGE & SALES

  • Targeted product offering, focused in particular on dynamic segments
  • 32 new models for the 2018-19 season

MOTORBOAT SALES

  • American brands' sales penalized by trade tariffs adopted in Canada and the EU

  • Contraction in sales for units >60 feet

  • Leading positions consolidated on the dynamic sailing and motor multihull segment, as well as monohull sailing yachts

  • Positions further strengthened on the robust outboard motorboat segment
  • 60% of the 200 models from the product offering less than 4 years old

022018-19 FULL-YEAR EARNINGS I October 29, 2019BUSINESS REVIEW – BOAT DIVISION

BREAKDOWN BETWEEN SAILING AND MOTORBOATS: GLOBAL LEADERSHIP CONSOLIDATED FOR SAILING YACHTS

  • Global leadership consolidated for monohull and multihull sailing yachts
  • Positions further strengthened on the segments for outboard and inboard motorboats <60 feet

2018-19 FULL-YEAR EARNINGS I October 29, 2019BUSINESS REVIEW – BOAT DIVISION02

BOAT BUSINESSBREAKDOWN OF REVENUES BY REGION

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Solid performances on the main boat markets (Europe, North America and fleets)

BOAT BUSINESS: 2018-19 HIGHLIGHTS

OPERATIONS & INDUSTRY

  • Optimization of the use of production capacity:
  • France / multihull: multihull production capacity increased in Bordeaux following the transfer of CNBYachts production to Monfalcone (Italy)
  • Poland / outboard motorboats: Delphia Yachts acquired and currently being integrated
  • United States / outboard and inboard motorboats: Sport Plant reopened in Cadillac
  • Operational performance improvement plans continuing to move forward

BOAT BUSINESS: 2018-19 HIGHLIGHTS

DEVELOPMENT OF THE RANGE OF SERVICES

Achievements this year:

  • Acquisition and successful integration of the startup Digital Nautic (services management tool for professionals)
  • Growth in traffic on the bandofboats.com platform
  • Development of the Leasyboat all-inclusive offering
  • Continued development of boat clubs in Europe (Beneteau Boat Club and Freedom Boat Club)

Further strengthening global leadership by serving all boat experiences

HOUSING BUSINESS REVIEWFY 2018-19

HOUSING BUSINESS

2018-19 KEY FIGURES

i
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  • Revenues virtually stable and EBITDA in line with forecasts
  • Income from ordinary operations impacted by provisions

032018-19 FULL-YEAR EARNINGS I October 29, 2019BUSINESS REVIEW - HOUSING DIVISION

HOUSING BUSINESS: 2018-19 HIGHLIGHTS

LEISURE HOMES:STRONG PROGRESS WITH EXPORT SALES SLIGHT CONTRACTION IN SALES FOR FRANCE

RANGE AND SALES

  • Export sales up +22.5%, driven by +61.3% sales growth in Benelux
  • French sales down faced with a slight contraction on the French market

OPERATIONS AND INDUSTRY

Implementation of the new industrial roadmap in Vendée, reflected in improved industrial performance

FINANCIAL RESULTS

FY 2018-19

2018-19 FULL-YEAR EARNINGS I October 29, 2019GROUP FINANCIAL RESULTS FOR FY 2018-1904

INCOME FROM ORDINARY OPERATIONS

i
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EBITDA growth, but contraction in income from ordinary operations due to the increase in depreciation and provisions17

2018-19 FULL-YEAR EARNINGS I October 29, 2019GROUP FINANCIAL RESULTS FOR FY 2018-1904

BREAKDOWN OF INCOME FROM ORDINARY OPERATIONS FOR 2018-19

18

INCOME FROM ORDINARY OPERATIONS ADJUSTED FOR CURRENCY HEDGING

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Negative impact of currency hedging

2018-19 FULL-YEAR EARNINGS I October 29, 2019GROUP FINANCIAL RESULTS FOR FY 2018-19

NET INCOME

04

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Significant impact of certain non-recurring costs and financial income and expenses

CHANGE IN CASH POSITION

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%

Satisfactory net cash position despite an increase in working capital requirements and after the acquisition of Delphia Yachts

Jérôme de Metz

CHAIRMAN AND CEO

052018-19 FULL-YEAR EARNINGS I October 29, 2019OUTLOOK

IN THE SHORT-TERM FOR FY 2019-20

BOATS

  • Order book up
  • Positive response to the 34 new models launched for the 2019-2020 season
  • Multihull sailing yachts (world leader): Excess 12 and Excess 15
  • Monohull sailing yachts (world leader): Sun Loft 47 for charter professionals
  • Outboard motorboats (European leader): Jeanneau Cap Camarat 12.5 WA and Merry Fisher 1095 Fly
  • Motor trawlers (world leader 30-60 feet): Beneteau Swift Trawler 41 Fly
  • Multihull motor yachts (world no.2): Lagoon SIXTY 7

LEISURE HOMES

Growth expected for FY 2019-20

GROUP

2020 guidance will be updated and published on February 4, 2020

IN THE MEDIUM-TERM

What is our conviction?

OUR CONVICTION (1/3)

Groupe Beneteau has outstanding assets:

  • Portfolio of renowned brands with leading positions on numerous markets
  • Solid industrial assets in Europe and the US
  • Strong expertise and many talents in the teams, from production to product development, marketing, sales and support
  • Robust distribution networks worldwide
  • Healthy financial structure

OUR CONVICTION (2/3)

The facts are clear:

  • The strong growth from the last few years has led to a significant increase in our investments and reduced operational efficiency
  • The large number of brands and models represents a strength (diversification, globalization), but also a source of complexity
  • The sources of losses or underperformance have been clearly identified and action plans are moving forward

OUR CONVICTION (3/3)

Thanks to our assets and the quality of our executive leadership team, the Group will be able to implement a policy for effectively managed growth through:

  • Active and coherent management of our brand portfolio
  • Better use of our industrial assets and our know-how, driving more value creation

We are working intensively on a medium-term plan, which we will present to you on April 29, 2020

2018-19 FULL-YEAR EARNINGS I October 29, 2019OUTLOOK

05

NEXT DATES

Tuesday February 4, 2020

  • Outlook for the current financial year
  • Press release followed by a conference call

Wednesday April 29, 2020

  • Half-year earnings and Capital Market Day
  • Dedicated day for analysts and investors

APPENDICES

AT CONSTANT EXCHANGE RATESAverage rate for the previous reporting period.

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 FLOWCash generated by the company during the reporting period before dividend payments and changes in treasury stock.

NET CASHCash and cash equivalents after deducting financial debt and borrowings.

INCOME FROM ORDINARY OPERATIONS ADJUSTED FOR CURRENCY HEDGING

Income from ordinary operations after taking into account currency hedging income and expenses. Income from ordinary operations adjusted for currency hedging is an alternative 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.

www.beneteau-group.com

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