Beneteau reports increased profitability for 2010/11
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10 Novembre 2011
The group's boat business recorded €54.4m in operating income
Groupe Beneteau has reported another year of strong growth, with total sales in the 2010/11 fiscal year up 18.3 per cent to €921.8m.
Operating income came to €66.9m, representing 7.3 per cent of sales, compared with 5.8 per cent in 2009/10. Net income climbed by 49.2 per cent to €47m after taking into consideration €3.8m in financial income, a €25.8m tax expense and €2.1m for the share in income from equity affiliates.
Beneteau’s boat business reported a particularly strong improvement in profitability. Operating income for the 2010/11 financial year was up 67 per cent to €54.4m compared to the previous 12-month period.
The negative impact of exchange rates on operations is reflected in €4.7m in exchange gains, recognised under financial income and expenses.
Adjusted for this factor, operating income shows an increase of 93.8 per cent, climbing to €59.1m (versus €30.5m the previous year) and representing 8.5 per cent of sales (versus 5.3 per cent in 2009/10), in line with the group’s target.
The significant increase in profitability on the boat business factors in the cost of starting up the development drivers — large power yachts, powerboats in North and South America, and the Asia region.
Beneteau’s housing business also performed well in 2010/11, with a 10 per cent rise in sales to €227.1m and operating income of €12.5m.
Following the €80m investment plan rolled out over the year, Groupe Beneteau has significant leeway with €101.5m in net cash as of August 31, 2011.
