HanseYachts AG

Earnings Release • Jun 17, 2009

News Details

Ireland | 17 June 2009 08:28

HanseYachts Aktiengesellschaft:

HanseYachts Aktiengesellschaft / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]

Interim report according to Article 37x of the WpHG, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Greifswald, 17 June 2009

Interim Financial Report for the 2nd half of 2008/09 in Accordance with
Article 37x of the German Securities Trading Law (WpHG)

Sales incomes stabilised to reduced level

Improvement in result and cash flow

Acquisition of the Dehler brand

Prospects for the entire year 2008/09

Market situation

In the course of the third quarter of the current 2008/09 financial year
the general economic conditions have stabilised to the low level that has
now been reached. We are still experiencing a market reticence on the part
of customers to purchase. The slight seasonal increase in demand was
considerably below last year's values. The adaptations of our production
capacities to the current market level have now largely been completed. The
shipyard now has a full order book until the annual closure for holidays.

The measures implemented since the autumn of 2008 to reduce costs have
worked and are increasingly having a positive effect. However, the results
for the third quarter are still influenced due to the fact that
measurements will show effects with a time lag.

Earnings and financial situation

In the first 9 months of the current financial year group turnover amounted
to EUR 38.9 million (last year: EUR 86.8 million), which corresponds to a
decline of 55 %. The total cumulative EBIT for the first 9 months is EUR -
12.8 million (last year: EUR + 2.6 million).

In the third quarter (1 February to 30 April 2009) of the current 2008/09
financial year we achieved group sales amounting to EUR 17.9 million (last
year: EUR 36.8 million). The gross earnings was EUR + 4.3 million (last
year: EUR +11.1 million), and the EBIT is EUR - 2.9 million (last year: EUR
+ 2.8 million).

Considered in isolation, we achieved a positive periodic result in April
2009. Here not only seasonal effects on income were seen, but also the cost
savings implemented in terms of personnel expenses and other operating
expenses also had an effect. The operative cash flow for the third quarter
was EUR + 4.3 million.

The total operative cash flow in the first 9 months of the financial year
was EUR - 13.5 million after EUR - 5.4 million in the comparative period
last year.

The available funds of the group amounted at the end of the quarter on 30
April to around EUR 11.0 million; the equity capital ratio is 71%.

Investments

Capital expenditures (net cash inflow after subsidies) were at EUR + 1.0
million (last year: EUR - 26.7 million) in the first 9 months of the
2008/09 financial year.

Following the resolution of the temporary committee of creditors of the
insolvent Dehler Deutschland GmbH, the latter has accepted our offer to
acquire the Dehler brand and additional major assets. The contractual
negotiations have been largely completed. The funds required for this
investment are being made available by us from our current cash position.

Current developments

Our stocks of finished boats are so small that we have not been forced to
sell them off on a price-driven basis. Our dealers were also able to reduce
their stocks considerably, which in turn is creating space to re-order for
the coming season. We are currently producing only boats already been sold
to end customers and some demo boats for the coming autumn boat shows.

The uncertainty among the customers and the associated reticence to
purchase are continuing, and an aggressive pricing policy has only limited
effects to enliven demand. We rather believe that certainty in purchasing,
stable value and quality of products as well as good service are essential
for gaining customer confidence.

We have concentrated and strengthened our sales and service activities in
Scandinavia by incorporating dealers in our existing sales unit. Our
delivery and service centre in Southern France has begun operating, and the
investments being started there in the workshop and service building will
be completed in early autumn.

Our product development is continuing as planned at undiminished intensity,
and the new developments will be presented at the important boat shows in
the autumn and winter.

The new developments for the Dehler brand have also begun, and we will
commence production of Dehler boats after the required optimisation of the
production processes, probably in the autumn of this year, at the Freienohl
and Greifswald production facilities.

Our multi-brand strategy continues to prove satisfactory, and we are able
to react very flexible to shifts in demand. In future the Dehler brand will
contribute as a conclusive supplement to our product portfolio. Dehler
stands on the one hand for smaller, extremely innovative sailing boats and
on the other hand for fast, slim, sporty sailing yachts.

Prospects for the entire year 2008/09

The dramatic collapse of the markets already seen appears to have slowed
down to allow optimistic prospects on the correspondingly reduced level.

Although we still do not expect any improvement in the market in the short
term, we assume that our competitors are also being affected by the
substantial reductions in demand. In the medium term we are expecting a
positive effect on our business development from the resulting
concentration of the markets.

The spring revival typical for our industry has turned out to be much
weaker than it has been over the past few years. The profit contributions
expected for the second half (1 February to 31 July 2009) of our financial
year are correspondingly more moderate. However, we believe that our
efforts will prove successful. Because of the improvements in results
achieved in the last few months we are expecting quite a positive EBIT for
the fourth quarter and an EBIT of approx. EUR - 13 to - 14 million for the
whole business year.

For the fourth quarter we are expecting a positive cash flow, which means
that the good liquidity situation will further improve.

About HanseYachts

HanseYachts is one of the fastest growing yacht shipyards in Europe.
Sailing yachts under the Hanse and Moody brands as well as motor yachts
under the Fjord brand are currently being built that range from 24 ft to 63
ft. In 2008 HanseYachts AG is celebrating the 15th anniversary of the HANSE
brand. Under this brand the first sailing yacht produced on an assembly
line, the Hanse 291, was manufactured in Greifswald in 1993. From the very
beginning the concept of our shipyard was to offer technologically
sophisticated yachts for private ownership with convenient handling and
outstanding value for money. This, coupled with an innovative design
concept, has resulted in the success, which HanseYachts enjoys in its
markets today. HanseYachts AG has also been publicly listed on the General
Standard of the Frankfurt Stock Exchange since March 2007.

International Securities Identification Number (ISIN): DE000A0KF6M8

Securities Code Number (SCN): A0KF6M

Common Code: 028245980

Stock Market Abbreviation: H9Y

www.hanseyachts.com | www.fjordboats.com | www.moodyboats.com

17.06.2009 Financial News transmitted by DGAP

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

End of News DGAP News-Service

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