(BFM Bourse) – Despite the tensions on supplies, the nautical manufacturer confirms its forecast of double-digit growth this year while further improving its operating result, after having recorded in 2021 a result higher than that achieved in 2019 before the Covid, beyond the group’s latest forecasts.
Less than a month ago, the publication of its turnover for the past financial year (up 12% to 1.227 billion euros) led to an 8.53% jump in the price of Bénéteau. Since then, the action has gone through a soft spot like the rest of the market, but has quickly recovered and the publication of the details of the 2021 accounts gives it a new boost on Friday. Around 10:40 a.m., Bénéteau thus gained 1.71% to 14.24 euros in a market that is starting to fall again.
According to figures announced Thursday after the market, the group’s Ebitda amounted to 181.6 million euros, i.e. a rate of 14.8% of turnover against 9.1% over the same period of 2020. The increase is noticeable in each of the two divisions, in Boats (at 15.9%) and in Housing (10%).
A current operating profit higher than that achieved in 2019 before the Covid
Current operating income (COI) for the past financial year amounted to 95.8 million euros, up nearly 250%, a performance “significantly” better than the forecast, although raised in November to a range of 59 to 65 million (against at least 55 million expected previously). This improvement reflects the increase in activity, but also additional insurance compensation relating to the cyberattack that occurred in February 2021 (for 10 million euros), the additional reduction in commercial expenses and structural expenses and the change favorable parities over the last quarter.
Net income stands at 73.3 million euros for the 2021 financial year and shareholders’ equity increased from 543 to 630 million euros over the financial year. The Board of Directors will therefore propose a dividend increased to 30 cents per share, against 23 cents for the previous one.
Bénéteau also generated 176 million euros in free cash flow (including a decrease of 84 million euros in WCR), bringing net cash to 222 million euros at the end of the year, after taking into account external growth investments in the service businesses and the acquisition of two shipyards in Portugal. The amount of cash net of debt represents around 18% of capitalization at the current price.
The Beneteau group says it has little exposure to the direct effects of the Ukraine-Russia conflict, having no industrial facilities or suppliers in the region on which it depends. The volume of orders for Ukraine, Russia and Belarus represents less than 1% of its order book.
“In a market supported by strong demand and with a record order book, the growth of the group’s activity remains hampered by tensions over supplies”, underlines the company, while forecasting growth of 11 to 14% (in published data) this year compared to 2021. Growth is expected between +10 to +13% for the Boat division, which continues to develop across all segments and is beginning to benefit from the recovery of the fleet market and over 20% for the Housing division, which is benefiting from the renewed dynamism of the outdoor accommodation markets in France and Europe.
This commercial dynamic should favor a continued improvement in current operating income, which should be between 110 and 120 million euros for the 2022 financial year.
Guillaume Bayre – ©2022 BFM Bourse
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