Quarterly Report • Nov 14, 2013
Quarterly Report
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Ireland | 14 November 2013 13:45
HanseYachts Aktiengesellschaft:
HanseYachts Aktiengesellschaft / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
14.11.2013 13:45
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
1st Interim Financial Report of the Management Board for 2013/14 in
Accordance with Article 37x of the Securities Trading Law (WPHG)
Economic Climate and Market Situation
The overall economic situation in the area of our main sales volume,
Europe, still remains demanding. In this regard, the Northern European
economies have become more stable than those in Southern Europe. In this
overall market climate, there are nevertheless signs of a recovery at a low
level and that the crisis has bottomed out. HanseYachts AG has had an
outstanding 1st quarter and is now looking positively to the future with
renewed confidence. We consider this development to be primarily justified
by our new products that have been introduced in recent months. The key to
success for HanseYachts AG can thus be found in the convincing concepts of
the individual brands and innovations that have touched the nerve of our
times.
Earnings and Financial Position
In the 1st quarter of fiscal year 2013/2014 (July to September 2013),
HanseYachts AG succeeded in increasing total revenues by 19 % to EUR 17.8
million compared to last year. Other operating income of EUR 1.7 million
includes the proceeds of EUR 1.4 million from the sale of property not
considered essential for operations. Our ratio of cost of materials to
total operating revenues at 63 % was slightly above last year's figure of
62 %. The ratio of personnel costs to total operating revenues improved by
5.3 percentage points to 24.1 %. Altogether gross profits for the first
three months of the current fiscal year increased by EUR 0.9 million to EUR
6.6 million compared to the same period last year.
Other operating expenses also fell off compared to the same quarter last
year. Relative to total revenues, they were 8.5 percentage points below
last year's figure. In absolute terms they decreased by EUR 0.6 million to
EUR 4.0 million. Earnings before interest, taxes, depreciation and
amortization (EBITDA) improved by EUR 2.3 million to an almost break-even
result of -EUR 0,004 million. Write-downs remained unchanged at EUR 1.0
million. EBIT is now at -EUR 1.0 million and has thus improved by EUR 2.3
million compared to last year. While taking taxes and financial results
into account, it resulted in net profit or loss for the period of -EUR 1.3
million, which meant an improvement of EUR 2.1 million compared to last
year.
At -EUR 4.2 million, operative cash flow for the first 3 months of the
current fiscal year has indicated a higher commitment of resources in
comparison to last year (-EUR 1.9 million). In addition to significantly
improved net earnings for this period and higher advance payments on yacht
orders, the reason for this was higher working capital. The balance between
income from the sale of fixed assets not considered essential for
operations and expenditures for investments was -EUR 0.2 million (+EUR 0.3
million last year).
Thanks to successful completion of a capital increase from authorized
capital in the 1st quarter, subscribed capital rose by EUR 2.6 million to
EUR 9.6 million and capital reserves by EUR 2.4 million. As at 30 September
2013, our ratio of equity to total capital amounted to 38 % (as at 30 June
2013: 31 %).
Outlook for the Further Course of this Year's Business
For the current fiscal year, we continue to see positive market
opportunities in Germany, England, the US, in Asia as well as in South
America. In Northern Europe we are expecting demand to remain stable at the
current low level. Individual orders and an increasing number of inquiries
from Southern Europe have made us hopeful of a slight recovery in demand
from this region. All in all, we consider our own development to be better
than that of the boat market in general. Incoming orders during the period
under review have also reflected this trend: In the 1st quarter of fiscal
year 2013/2014, orders for new yachts amounted to EUR 27.6 million and were
thus around 85 % above last year's figure for the same period.
This healthy level of incoming orders can primarily be attributed to our
multiple-brand strategy and our willingness to invest in developing
trend-setting models tailored to our markets. A comprehensive presentation
of our palette of models, including the newly developed HANSE 505, MOODY 54
Deck Saloon and the VARIANTA 37, at the coming boat shows will form the
basis for modest growth in turnover planned for fiscal year 2013/2014. This
growth in turnover in conjunction with measures implemented to increase
production efficiency will guarantee substantial improvement in our results
and significantly more positive earnings before interest, taxes,
depreciation and amortization (EBITDA) for fiscal year 2013/14.
About HanseYachts: HanseYachts is one of the leading yacht manufacturers
worldwide. This year we will celebrate the 20th anniversary of the HANSE
brand and in fact the 50th anniversary of the DEHLER brand. Sailing yachts
are currently being built under the HANSE, MOODY, DEHLER and VARIANTA
brands and motor yachts under the FJORD brand, all of which range in length
from 18 to 63 feet. Our product palette of sailing and motor yachts
includes 28 different models extending across all of our brands. From the
very beginning, the concept of this boatyard was to offer technologically
sophisticated, owner-operated yachts that are convenient to handle and that
represent excellent value for money.
That, coupled 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 Message.
Additional information, extensive photographic material, specifications and
much more can be found on our website in the press section of HanseYachts
Aktiengesellschaft. Please visit our press area at www.hansegroup.com
14.11.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: HanseYachts Aktiengesellschaft
Salinenstr. 22
17489 Greifswald
Germany
Internet: www.hansegroup.com
End of Announcement DGAP News-Service
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