(AOF) – Bénéteau posts “record” turnover in 2023 at 1.78 billion euros. The pleasure craft specialist underlines that strong growth in turnover benefits its two businesses, with 1.46 billion euros for its Boat division (+17%) and 320 million euros for the Habitat division (+24%). The group announces that it will “significantly” exceed its latest current operating profit forecast of 210 million euros for the 2023 financial year and the operating margin objectives (12% for the Boat division, 11% for the housing division).
The Boat division should generate a current operating margin of between 7% and 10% in 2024, the group announces, judging that this performance confirms “the progression of its structural profitability since the launch of its Let’s Go Beyond strategic plan in 2020”.
AOF – LEARN MORE
Learn more about Beneteau
Key points
– Manufacturer of pleasure boats diversified in the leisure habitat, created in 1884;
– Turnover of €1.51 million achieved 83% in boats then in housing and distributed between France for 29%, the rest of Europe for 36% and the Americas for 29%;
– Business model based on a tight portfolio of 8 brands on which investments are concentrated and including 4 world leaders – Beneteau, Jeanneau, Prestige, Lagoon – and 5 brands with high potential – Four Winns, Wellcraft, Scarab, Delphia and Excess ;
– Capital held at 54.36% (70.53% of voting rights) by the holding company of the founding family BERI, Yves Lyon-Caen chairing the board of directors of 8 members and Bruno Thivoyon being general manager;
– Healthy balance sheet with equity of €706 million, net debt of €145 million and cash of €322 million.
Challenges
– 2025 Strategy “Let’s Go Beyond!” »:
– based on the deployment of boat brands, more efficient industrial processes and innovation in the service of the environment,
– aiming for 10% operating margin as soon as activity returns to 2019 levels;
– Innovation strategy:
– connectivity of all boats;
– alternative propulsion solutions across the entire boat offering by 2030,
– progressive integration of recyclable resins in the industrialization of boats,
– B–SUSTAINABLE environmental strategy based on 2 pillars -Preserved Ocean and Ethical Growth:
– continued reduction in the intensity of direct emissions (-14% 2022 vs 2021), with the objective of a reduction of 30%, vs 2022, by 2030,
– design based on life cycle analyzes of boats,
– certification of the majority of suppliers by 2025;
– Increase in services – boat rental for the day or short term, in Europe and the United States, via around a hundred bases offering more than 1,000 boats to around 8,000 subscribers – and in the offer of customization for high-end yachts and boats.
Challenges
– Ability to withstand the negative impact of foreign exchange, inflation and supply tensions;
– Waiting for approval from the competition authorities for the sale of the housing activity to Trigano, which will finance growth in the nautical markets and technological transformation;
– Customer response to the new models: Antares 12, Oceanis 37, Wellcraft 435 and Prestige F4 and M8;
– Investor concerns over the next financial year, motivated by “the increase in dealer inventory financing costs (effect of rising interest rates) and inventory levels returning to their pre-Covid level, in volumes;
– After sales up 48.3% in the first half of 2023, targets increased: turnover up 16% to €1.75 billion and operating profit of +€200 million.
Find out more about the “hospitality and leisure” sector
Global tourism still on the rise
Over the first nine months of 2022, 700 million tourists traveled internationally, more than double (+133%) the figure recorded for the same period in 2021. This figure reached 63% of 2019 levels , which should allow the sector to reach 65% of its pre-pandemic levels in 2022. This result is due to a high level of demand and the gradual lifting of restrictions in a large number of countries. Europe is significantly supporting this rebound with the arrival of 477 million people between January and September 2022 (68% of the global total), reaching 81% of the pre-covid level. Tourism there is driven by strong intra-regional demand and travel from the United States. Some destinations saw notable increases in revenue, including Serbia, Romania, Turkey, Latvia, Portugal, Pakistan, Mexico, Morocco and France.