Beneteau: Thanks to the jump in boat deliveries at the end of the year, Beneteau is doing better than expected in 2022

(BFM Bourse) – Driven by a dynamic end to the year, the world leader in the nautical industries is raising its current operating profit target for 2022.

After the storm, comes the good weather. Thanks to an excellent end to the year, Beneteau posted double-digit growth in its annual turnover, driven by the keen interest of its customers in its products. The group exceeded its own targets unveiled last December.

The world leader in the nautical industries achieved a very dynamic end to the year. During the fourth quarter of 2022, Beneteau saw its turnover soar by 56.6% over one year, to 476 million euros. The group was able to accelerate the pace of its deliveries at the end of the year thanks to the “quality of its operational management”. The group stresses that it has erased the invoicing delay caused by the supply difficulties at the start of 2022.

“Exceptional” growth in the habitat division

In detail, the boat division – which concentrates the bulk of the company’s invoicing – recorded a jump of 56.3% in published data (+51% at constant exchange rate) in its turnover which established at the “record” level of 408.5 million euros.

In addition to the continuation of the catch-up in first-half invoicing for an amount close to 80 million euros, the growth of the boat division benefited from the measures taken at the start of 2022 to increase production capacities, in particular in the segments multihull sailing and dayboating. The nautical manufacturer has indeed been confronted with tensions over the supply of parts.

Over the whole of 2022, the turnover of this division thus increased by 19.7% in published data, in a homogeneous manner between the two sailing and motor activities. This is more than the 12% growth announced last December.

The habitat division recorded an increase in its turnover qualified as “exceptional”: +58.8% over one year in the fourth quarter, to reach 67.4 million euros. Beneteau recalls that this growth benefited in part from a favorable base effect, due to delivery delays caused by the fire at the Luçon site in August 2021.

The housing division’s revenue for the 2022 financial year therefore amounts to 257 million euros, up 41% compared to 2021. This growth was driven by a very dynamic market in France and by the continued international growth of the division, particularly in Southern Europe. Here too, Beneteau defies its own predictions. The group was aiming for a 35% increase in annual billings for this division.

Overall, over the whole of the 2022 financial year, the world leader in the nautical industries achieved a turnover of 1.508 billion euros, up 22.9% over one year, of which 19.4% at rate constant exchange rate. Beneteau specifies that this performance takes into account a favorable base effect of around 50 million euros linked to the 2021 cyberattack.

The group thus exceeds its own objectives. Last December, management was still counting on a level of consolidated sales of more than 1.4 billion euros, an increase of 15% on that of 2021.

On the front of the current operating profit for 2022, this should come out “significantly higher” than the last estimate of the group announced at 125 million euros, two months earlier. The high invoicing observed in the fourth quarter, “combined with the good management of inflation and the favorable impact of the exchange rate on the year”, allowed Beneteau to raise its sights once again. To confirm these projections, the market will have to wait for the publication of the full annual results on Wednesday March 22, 2023 after the close of trading.

Forecasts exceeded if supplies follow

For the current year, visibility is also in good shape. The company claims a “solid” order book, allowing it to confirm its sales forecast for 2023, communicated on December 5. Beneteau estimates that it should exceed 1.66 billion euros, i.e. a growth of more than 10% compared to a turnover achieved in 2022 better than expected.

“The commercial performances recorded during the last winter boat shows, the dynamism of the segments of boats over 8 meters and of the leisure habitat markets, as well as the reception given in recent months to the group’s various new products, have confirmed the relevance of the value-oriented strategy, presented by the group at the investor conference on December 5, “explains Beneteau in its press release.

At constant parity, the boat activity is expected to grow by more than 10%, while the housing activity would continue to expand throughout the European market and would record growth of more than 15% in 2023. Beneteau warns that this forecast could be exceeded if supply pressures continue to ease.

On the Paris Stock Exchange, Beneteau rose 2% around 10:50 a.m. after its annual activity point. The stock has gained nearly 40% over the past three months and is now trading at levels more seen since January 2022.

Sabrina Sadgui – ©2023 BFM Bourse

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