par BENETEAU (EPA:BEN)
240319 BENETEAU Présentation Résultats annuels 2023
2023 performance overview
Bruno Thivoyon
Groupe Beneteau CEO
2023, a record year
Thanks to the commitment and dedication of our 8,000+ employees
REVENUES*
€1,785m +18.3% +19% at constant exchange rates | GROUP INCOME FROM ORDINARY OPERATIONS*
€246m 13.8% of revenues +3.5pts | |
NET INCOME* (GROUP SHARE)
€182m 10.2% of revenues* | FREE CASH FLOW* NET CASH
€82m €247m |
Strong value-driven growth across all segments
Sail boats: 31% growth
ü EXCESS sales more than doubled
ü 68% growth with Charters
Power boats: 9% growth (like-for-like)
ü 17% Real Estate growth driven by the PRESTIGE M-Line launch
ü 3% Dayboating growth, despite lower volumes (-
Outperforming the market
SAILING Monohull
MONOHULL
Multihull
SAILING
MULTIHULL
REOW
REAL ESTATE ON THE WATER
23%)
Dayboating
DAYBOATING
-40% -20% 0% 20% 40%
14 new launches, winning 24 awards
Effective and well-executed value-driven strategy
Solid model positioning the Group in a higher profitability range
Efficiency recovered in 2023 post the supply chain crisis
Agility thanks to shopfloor reorganization in Cholet, Belleville and Bordeaux
Flexibility thanks to the multi-year working time adjustment agreement
Competitiveness thanks to Portugal's rampup and the Tunisian shipyard's integration
Value-driven Product Roadmap for each segment
Proactive management of inflation
Income from ordinary operations (%)
16% 
Outstanding performance in 2023
Strong achievements with the B-Sustainable program
Ethical Growth | Engaged Crew | Preserved Oceans | ||
• 41% of purchases from CSR- evaluated suppliers (+17pts vs. ‘22) • 5% cost of claims reduction | Incident rate (boat division)
• 9% improvement in incident rate • B-Equal program launched • #StOpE initiative signed |
• -6% CO2 emissions intensity • 1st line using fully recyclable resin • 75% of activity under ISO14001 (+11pts) • 6 sustainability-related awards |
Confirming the 2030 ambition
Digital: Seanapps successfully ramped up
Achievements
ü 
8 brands covered
ü 8,000 boats equipped
ü 1 million nautical miles cumulated experience ü Worldwide deployment
Benefits
• Connecting customers with their boat, their distributor and their brand
• Ensuring traceability and improving boat longevity through preventive maintenance programs
Seanapps: the most widely-established connected fleet |
• Driving new product developments through quantitative customer insights
Sharing Economy: a year of acceleration
|
|
Starting to deliver synergies
Boating Solutions: second House of Brands ramping up
Customer centricity significantly reinforced
Housing division carve-out
French market leader, outperforming the plan
• 12,000+ leisure homes sold in 2023
• €319m of revenues (+24% vs. 2022)
•
 |
>12% profitabilityTransaction with Trigano would enable
• the Housing division to accelerate its European expansion
• Groupe Beneteau to focus and further accelerate its development in the boat industry
Completion of the transaction is subject to French competition authority approval (decision expected in H1 2024)
2023 financial performance
Nicolas Retailleau
Groupe Beneteau CFO
2023, a record financial year
Group key figures resulting from the application of IFRS 5 for the Housing business*
Before IFRS 5 | After IFRS 5 | |||||
FY 2023 (pro forma) | FY 2022 (reported data) | Change | FY 2023 (reported data) | FY 2022 (pro forma) | Change | |
Revenues | 1,785 | 1,508 | 18.3% | 1,465 | 1,251 | 17.1% |
EBITDA | 306 | 229 | 33.6% | 262 | 199 | 32.0% |
% of revenues | 17.2% | 15.2% | +2.0 pts | 17.9% | 15.9% | +2.0 pts |
Income from ordinary operations | 246 | 155 | 59.2% | 207 | 132 | 56.9% |
% of revenues | 13.8% | 10.3% | +3.5 pts | 14.1% | 10.5% | +3.6 pts |
Net income from operations held for sale | 26 | 17 | 51.1% | |||
Net income | 182 | 103 | 81.4% | 185 | 103 | 79.4% |
% of revenues | 10.2% | 6.8% | +3.4 pts | 12.6% | 8.2% | +4.4 pts |
Free cash flow | 82 | 28 | 68 | 21 | ||
Net cash | 247 | 211 | 234 | 211 | ||
* Following the announcement on May 5, 2023 of the Housing division’s sale to Trigano, the Group presents this activity under “Operations held for sale” in its full-year consolidated accounts at December 31, 2023 in accordance with IFRS 5. This transaction is subject to approval by the French competition authorities.
17% revenue growth for the Boat division
+6% structural revenue growth
• Power boat volume - €150m
• Sail boat volume + €40m
• Value-driven growth + €190m
+11% exceptional growth post supply chain disruption
• Dealer stock replenishment + €150m
• Foreign exchange rates - €11m
Positive outcome from the value-driven strategy
Continuous improvement of Boat division profitability
€m |
Boat revenues |
H2 2023 H2 2022 Change | FY 2023 FY 2022 Change | |||||
652.2 | 702.7 | - 7.2% | 1,465.1 | 1,250.9 | + 17.1% | |
104.6 | 106.5 | - 1.8% | 262.4 | 198.8 | + 32.0% | |
16.0% 15.2% | +0.9 pts 17.9% 15.9% | +2.0 pts | ||||
75.6 72.3 | + 4.6% 206.8 131.8 | + 56.9% | ||||
11.6% 10.3% | +1.3 pts 14.1% 10.5% | +3.6 pts | ||||
EBITDA
% of revenues
Income from ordinary operations
% of revenues
€80m of deliveries deferred from the first half to the second half of 2022
+1.3pt improvement in ordinary operating margin in H2 (vs. 2022)
Boat division's record 14% operating margin
Structural improvements boosted by exceptional post-Covid effects
Income from ordinary operations
€m +1.3pts from structural improvements
• Value-driven growth +€22m
• Efficiency recovery + €3m
Partially limited by dayboating activity in H2 2023
+2.3pts for exceptional effects
• €/$ exchange rate variations in 2022 -€12m
• Dealer stock volume effect +€44m
• Outstanding inflation balance +€25m
• New ERP - €6m
Record net income of €185m
€m | FY 2023 | FY 2022 | FY 2022 |
Reported data | Pro forma | Reported data | |
Income from ordinary operations* | 206.8 | 131.8 | 154.7 |
Other operating income and expenses | 0.0 | 2.4 | 2.7 |
Operating income | 206.8 | 134.3 | 157.4 |
Financial income and expenses | 6.9 | -12.2 | -12.3 |
Associates | -0.5 | -2.4 | -2.4 |
Corporate income tax | -54.2 | -33.3 | -39.6 |
Income from discontinued operations | 26.0 | 16.8 | 0.0 |
Consolidated net income | 184.9 | 103.2 | 103.2 |
Net Income (Group share) | 185.0 | 103.1 | 103.1 |
Net earnings per share (in €/u) | 2.23 | 1.25 | 1.25 |
Net income up 79% (+€82m)
• €7m of financial income (+€19m vs. 2022) benefited from the increase in interest rates in 2023, while 2022 was affected by foreign exchange hedging (-€10m), reflecting the change in €/$ rates
• Associates: +€2m improvement thanks to financing activities development
IFRS 5 reclassification of the Housing business
• €26m of net income in 2023 (+€6m vs. 2022)
• Under IFRS 5, amortization of Housing division assets is suspended as of May 2023
Proposed dividend: €0.73
*In accordance with IFRS 5, the Housing business is now presented under “Assets held for sale”. Income from (vs. €0.42 paid in 2023) ordinary operations reported in FY 2023 (and FY 2022 pro forma) relates to the Boat division.
Solid net cash position, with €247m at end-December 2023
€82m of free cash flow (vs. €28m in 2022)
• €205m of operating cash flow for the Boat Division
NET CASH POSITION – END-DECEMBER (vs. €150m in ‘22)
€m • €55m increase in working capital requirements, linked primarily
to the reduction in customer advance payments (-€48m), resulting from a normalization of order book phasing
• €72m of net investments, +€14m vs 2022 mainly to support
€247m of net cash (+€36m vs December 2022)
and Yacht Solutions, as well as to increase the interest in Your
2015 2016 2017 2018 2019 2020 2021 2022 2023
€856m of shareholders’ equity
Continuous improvement of Return on Capital Employed (ROCE)
€m | 2023 | 2023 (bef. IFRS5) | 2022 | 2021 | 2019 |
Dec 31 | Dec 31 | Dec 31 | Dec 31 | Aug 31 | |
Revenues | 1,465 | 1,785 | 1,508 | 1,227 | 1,336 |
Income from ordinary operations | 207 | 246 | 154 | 95 | 82 |
% of revenues | 14.1% | 13.8% | 10.3% | 7.8% | 6.1% |
Capital employed | 436 | 590 | 488 | 400 | 571 |
Net fixed assets | 329 | 369 | 336 | 323 | 374 |
Goodwill | 32 | 95 | 91 | 91 | 91 |
Working capital requirements | 75 | 126 | 61 | -13 | 106 |
ROCE | 47% | 42% | 32% | 24% | 14% |
Driving ROCE higher than 40% |
Strong progress over 4 years
• 17% revenue increase vs. 2022
• Capital employed turnover stable at 3x
• +3.5pt improvement in operational profitability
Outlook
 |
Groupe Beneteau resilient despite market headwinds
Market Conditions | Groupe BENETEAU | |
• Dealer inventory reduction plan • End customers waiting for interest rate reduction before acquiring boats • Premium market still dynamic • Sustainable innovation: UX improvement expected to justify the price gap • Sharing economy penetration continuing to move forward | • €100m to €150m dealer stock reduction expected in 2024 1. Pursue value-driven growth, launching new models completing the offer on each segment 2. Maintain efficiency and competitiveness through agile capacity and cost structure adaptation 3. Accelerate the sustainable innovation roadmap, to generate new growth drivers 4. Accelerate the development of new boating solutions |
4 drivers to further strengthen Group profitability
Pursue value-driven growth, completing the range
Dayboating |
Real Estate on the Water |
Sailing | ||
• FOUR WINNS Twin Hull & deckboat range • WELLCRAFT Adventure & Sport new segment |
• PRESTIGE F-Line (F5) & M-Line range (M7) • BENETEAU Swift Trawler 54 |
• LAGOON 60 • EXCESS • BENETEAU First |
10 new models positioned on new segments, out of 20 new launches in 2024-2025
Accelerate the sustainable innovation roadmap
|
|
| ||
• Investment in Candela to scale up electric foiling (-80% CO2 emissions during usage) |
• Develop Displacement Boat Range: New Swift Trawler 54 (-15% drag reduction) |
• Pursuing the 100% recyclable resin roadmap with Oceanis Yacht 60 |
Alternative propulsion
Naval architecture
CO2 emission intensity reduction trajectory: -30% by 2030
Accelerate the development of new boating solutions
Boat Clubs | Charters | Custom-made & refit | ||
• Double-digit sales growth • New locations & increase in memberships |
• Single-digit sales growth • Pursue profitability turnaround |
• Develop Yacht Solutions • Launch Refit programs for 60’+ in Monfalcone |
Generate recurring revenues and reinforce customer relationships
Further improve operational efficiency and agility
Already achieved | Build on progress | |
ü House of Brands implemented ü Rational product development ü Flexible footprint in France ü Small parts integration (Poland / Tunisia) ü Social innovation (multi-year) | q Finalize Monfalcone shipyard transformation q Ramp up recent acquisitions (Portugal, Tunisia) q Reinforce US competitiveness q Roll out the ERP q Focus development for each segment |
Continuous improvement roadmap clearly defined
Robust value creation strategy despite revenue headwinds
ü Value-driven growth on each segment
ü 
Leading sustainable innovation roadmap
ü Synergistic expansion on new boating solutions
ü Clear cost efficiency roadmap to pursue
Remaining in a 7% to 10% operating margin range in 2024, and confirming a double-digit performance from 2025
Boat division revenue by activities & geographies
€m | 2023 | 2022 | Change | |||||
Reported data | Constant exchange rates | |||||||
Boat revenues | 1,465.0 | 1,250.9 | + 17.1% + 18.0% | |||||
Sailing | 674.6 | 515.2 | +30.9% | +31.3% | ||||
Motor | 761.9 | 708.9 | +7.5% | +8.8% | ||||
Other | 28.5 | 26.8 | + 6.6% | + 6.6% | ||||
€m | 2023 | 2022 | Change | |||||
Reported data | Constant exchange rates | |||||||
Boat revenues | 1,465.0 | 1,250.9 | + 17.1% | + 18.0% | ||||
Europe | 725.4 | 613.2 | + 18.3% | + 18.3% | ||||
Americas 443.2 424.4 + 4.4% + 6.9%
Other regions 166.4 135.9 + 22.4% + 22.6%
Fleets 130.0 77.4 + 68.0% + 68.0%
Housing division confirming its trajectory
€m | FY 2023 | FY 2022 Change | |
Housing revenues | 319.6 | 257.2 | + 24.2% |
France | 255.8 | 192.1 | + 33.2% |
Export | 63.7 | 65.1 | - 2.1% |
EBITDA | 43.9 | 30.4 | + 44.4% |
% of revenues | 13.7% | 11.8% | +1.9 pts |
Income from ordinary operations | 39.3 | 22.8 | + 72.3% |
% of revenues | 12.3% | 8.9% | +3.4 pts |
Revenues up +24%
• Positive trends continued on the camping tourism markets
• Product mix improvement and inflation’s impact on sales prices
• Sales recovery in 2023 after Luçon fire impacting 2022
Income from ordinary operations up +72% (+3.4pts)
• Contribution from Growth
• Improvement in sourcing conditions
• Operational performance improvement
*In accordance with IFRS 5, the Housing business is now presented under “Assets held for sale”. Income from ordinary operations is now consolidated only at Group Net Income level