HanseYachts AG

Earnings Release • Sep 30, 2009

News Details

Media | 30 September 2009 10:21

HanseYachts Aktiengesellschaft: Press release Preliminary Total Earnings for Business Year 2008/2009

HanseYachts Aktiengesellschaft / Enterprise

30.09.2009

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The issuer is solely responsible for the content of this announcement.

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Preliminary Total Earnings for 2008/09
Current Market Situation

The past fiscal year has forced the HanseYachts Group to cope with major
challenges. After over ten years of successful growth, we were confronted
with a drop in turnover to an extent and speed that could not have been
foreseen. In this framework we have adjusted our capacities and our brand
environment as well as our product portfolio. Within the past fiscal year
we were again able to improve both our liquidity and earnings situation. We
are now prepared for renewed growth.

Nevertheless the HanseYachts Group closed out the last fiscal year that
ended on 31 July 2009 with a substantial loss as a result of the financial
and economic crisis. Our distributorships were not able to repeat the
success of last year, especially abroad, and only contributed negative
figures to our Group results.

According to preliminary figures, Group turnover at EUR 58.2 million was
57% below last year's turnover of EUR 135.3 million. At EUR -12.9 million,
EBITDA has been charged primarily for the under-utilisation of our full
production potential and the associated disproportionately high personnel
expenses as well as the costs for the capacity adjustments during the
course of the fiscal year. In comparison to the beginning of this fiscal
year, we have reduced our monthly personnel expenses by over 35 percent as
at the balance sheet date.

The mounting competition and the pricing pressure associated with it also
reduced our gross profits. We have not suffered any direct losses due to
the loss of some of our foreign dealers. As these dealers, however, have
not complied with their service and guarantee obligations or at least not
completely, we were forced to provide these services to customers and to
bear the costs in fiscal year 2008/09.

Other operating expenses decreased by EUR 2.3 million to EUR 12.7 million.

At EUR 8.1 million, write-downs were EUR 5.1 million above last year's
figure. The basis for this increase was formed by higher fixed assets of
EUR 1.2 million compared to last year as well as unscheduled write-downs of
approx. EUR 3.9 million on the goodwill and brand from the acquisition of
Fjord Boats AS. We have thus taken the slump in the motorboat market into
account. Consequently, EBIT will probably be approx. EUR -21.0 million.
Consolidated net earnings after net financial result of EUR -0.8 million
and after taxes (EUR 3.3 million) amounted to EUR -18.4 million.

Thanks to our stable cash flow, we had liquid funds of EUR 11.0 million as
at the balance sheet date. With bank liabilities of EUR 11.8 million, the
HanseYachts Group is financially almost free of debt. At EUR 52.2 million,
equity accounts for 70 % of total assets.

On 27 October 2009, HanseYachts Group will publish its Annual Report for
the past fiscal year that ended on 31 July 2009.

Just in times of weak markets, developing new, attractive and innovative
models is of decisive importance for successful marketing. In the past
fiscal year, we thus concentrated increasingly on developing new models,
such as the HANSE 375 and HANSE 545, the Moody Classic Line 41' and 45'
yachts as well as our new flagship, the Moody 62 DS deck-saloon yacht, in
order to be able to present these products at major international boat
shows. The prototype of the new 62' Moody Deck Saloon has already found a
buyer after its premiere at the Southampton Boat Show.

To offset the still uncertain financial capacities of customers and
dealers, we have been using a financing concept for our dealers to provide
funding for sales by means of an independent and internationally engaged
lending institution. In this way, we hope to promote greater readiness
among our dealers to acquire demonstrator models of our boats so that they
can better present our products to customers on the spot.

At present we have obtained a large number of new orders at the current
international autumn boat shows. In addition to three new developments that
have been successfully presented during the current boat-show season, we
have also produced two special models, the HANSE 320 'Smart Line' and the
HANSE 470 'Mystic' that have thus far been well received by the market.

Demand for our special models as well as for new developments has enabled
us to have excellent capacity utilisation for our production facilities for
several months.

We consider this situation to be a positive signal. Nevertheless, we have
not derived a viable forecast from it for the current fiscal year, as we
are still not expecting a quick recovery in all of our markets. However,
there are signs that customers are again responding to attractive offers in
key markets. In this context, we can particularly point to developments in
turnover in Scandinavia, England, Holland and in the Mediterranean
countries, primarily in France.

For fiscal year 2009/2010 we expect slightly rising turnover. However,
profit margins will continue to be under pressure. Thanks to the capacity
and cost adjustments already completed, we are anticipating significant
improvements in our results compared to the last fiscal year.

About HanseYachts: HanseYachts is one of the leading yacht manufacturers in
Europe. Sailing yachts are currently being built under the Hanse, Moody and
Dehler brands and motor yachts under the Fjord brand, all of which range in
length from 24 to 63 feet. From the very beginning, the concept of this
boatyard was to offer technologically sophisticated, owner-operated yachts
that are convenient to operate and represent excellent value for money.
That, combined with innovative design concepts, has resulted in the
success, with which the HanseYachts Group has established itself on the
market today. Since March 2007 HanseYachts AG has been publicly listed on
the General Standard of the Frankfurt Stock Exchange.

End of the Press Release

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.hanseyachts.com

30.09.2009 Financial News transmitted by DGAP

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Language: English
Company: HanseYachts Aktiengesellschaft
Salinenstr. 22
17489 Greifswald
Deutschland
Internet: www.hanseyachts.com

End of News DGAP-Media

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