Présentation PowerPoint

FINANCIAL MEETING
JA NUA RY 3 1 , 2 0 1 3
WELCOME
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INTRODUCTION
YVES LYON-CAEN
FINANCIAL MEETING
JANUARY 31, 2013
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G L O B A L S T R AT E G Y F O R G R O W T H
Commercial deployment on new markets
Extension of the product range
Industrial operations set up in new regions
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AGENDA
Bruno Cathelinais
FINANCIAL MEETING
JANUARY 31, 2013
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AGENDA
HOUSING: 2013 forecasts
Residential housing
Leisure homes
BOATS: 2013 forecasts
KEY FIGURES FOR 2013
MEDIUM-TERM BEARINGS
FINANCIAL MEETING
-
JANUARY 31, 2013
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2013 FORECASTS
RESIDENTIAL HOUSING
Significant growth expected
Operational management team
Development of a new “MUSE” range underway
HOLDING COURSE TO BREAK EVEN IN 2015
HOUSING
6
2013 FORECASTS
LEISURE HOMES
Significant growth internationally
Marked contraction on the French market
HOUSING
7
2013 FORECASTS
LEISURE HOMES
Significant growth internationally
Positive impacts of the industrial investment in Italy
Market share gains in other European countries
OVER 60% GROWTH EXPECTED
HOUSING
8
2013 FORECASTS
LEISURE HOMES
French market affected by wait-and-see attitude among professionals
Professionals’ concerns about the 2013 season
Market shares maintained for our IRM and O’HARA brands
FRENCH MARKET DOWN BY ALMOST 25%
HOUSING
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2013 FORECASTS
LEISURE HOMES
2009 SEASON:
Lower levels of orders from professionals
Good 2009 season in terms of reservations
2010 SEASON:
Virtual return to 2008 levels
C A P A C I T Y T O B O U N C E B A C K Q U I C K LY
HOUSING
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2013 FORECASTS
LEISURE HOMES
Encouraging indicators for winter tourism in the mountains
Relevant indicators for the outdoor accommodation sector end of April
FRENCH CAMPSITES STILL HAVE POTENTIAL FOR NEW UNITS
HOUSING
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2013 FORECASTS
HOUSING BUSINESS TRENDS
2012 actual
2013 forecast
Δ% /N-1
Leisure homes
208.3
172
- 17%
France
195.2
150
- 23%
Other Europe
13.1
22
+ 69%
Residential housing
13
20
+ 54%
221.3
192
-13.2%
€M
Total housing
HOUSING
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B O AT S
13
2013 FORECASTS
B O AT S
One weak area: Europe
More positive global environment in 2013
Balance achieved thanks to the areas for development
B O AT S
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2013 FORECASTS
ONE WEAK AREA : EUROPE
Negative
France
Germany
Neutral
Turkey
Italy - Spain
Positive
Russia
Scandinavian countries
UK
EUROPE IN 2013: DOWNTURN ESTIMATED AT 10% TO 15% (-25% IN 2012)
B O AT S
15
2013 FORECASTS
MORE POSITIVE GLOBAL ENVIRONMENT IN 2013
North America:
Promising signs for the market
Group’s rapid penetration on motorboats
Asia and South America:
Markets in the take-up phase
B O AT S
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2013 FORECASTS
BOAT SALES TRENDS OUTSIDE OF EUROPE (*)
2012 actual
€M
2013 forecast
South America
Rest of
world
24.8
39.9
42
42
+ 31%
44.3
South America
Rest of
world
51
72.5
Asia
102
Asia
181.5
North America
237
North America
VERY DYNAMIC LEVEL OF BUSINESS ON THE AMERICAN CONTINENT
B O AT S
(*) excluding fleet
17
2013 FORECASTS
MORE POSITIVE GLOBAL ENVIRONMENT IN 2013
BOAT SALES TRENDS (*)
2008
actual
2012
actual
32%
21%
79%
2013
forecast
68%
41%
59%
Europe
Rest of world
B O AT S
(*excluding fleet)
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2013 FORECASTS
BALANCE ACHIEVED THANKS TO THE AREAS FOR DEVELOPMENT
2012 actual
Δ% /N-1
2013 forecast
Δ% /N-1
TRADITIONAL SCOPE
510.8
-18%
469
- 8%
AREAS FOR DEVELOPMENT
99.1
+48%
149
+ 50%
609.9
-12.3%
618
+ 1.3%
€M
TOTAL BOATS
B O AT S
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2013 FORECASTS
OVERVIEW
Growth in emerging markets
Certain visibility restored on the American market
Areas for development proving decisive
Visibility lacking only in Europe at present
B O AT S
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KEY FIGURES FOR 2013
Patrick Guilloux
F I N A N C I A L
M E E T I N G
J A N U A R Y
3 1 ,
2 0 1 3
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GROUP OVERVIEW
KEY FIGURES FOR 2013
BUSINESS TRENDS
OPERATING INCOME TRENDS
BREAKDOWN OF INVESTMENTS
CASH-FLOW STATEMENT
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GROUP OVERVIEW
SALES TRENDS FOR 2013
2012
actual
2013
forecast
Δ% /N-1
Boats
609.9
618
+1.3%
Housing
221.3
192
-13.2%
831.2
810
- 2.5%
€M
Total
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GROUP OVERVIEW
O P E R AT I N G I N C O M E T R E N D S
2012
actual
€M
2013
forecast
(*)
Boats
- 6.7
Housing
+ 4.5
-2
- 2.2
- 7.5
Total
- 5.5
(*) adjusted for operational exchange rate gains / losses
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GROUP OVERVIEW
BREAKDOWN OF INVESTMENTS
€M
2012
actual
2013
forecast
PRODUCTS
35
35
CAPACITY
22
13
CURRENT
17
17
MODERNIZATION
2.5
5
76.5
70
AMBITIOUS PRODUCT INVESTMENT PLAN MAINTAINED
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GROUP OVERVIEW
C A S H - F L O W S TAT E M E N T
2012 actual
2013 forecast
+ 50
+ 54
Investments
- 76.5
-70
Dividends
- 14.6
-
- 38
+6
Change in cash-flow
- 79.1
- 10
Cash excl. treasury stock
+ 21.7
+ 11.7
Cash incl. treasury stock
+ 36.5
+ 26.5
€M
Operating cash-flow
Change in working capital
OPERATING CASH-FLOW GROWTH
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GROUP OVERVIEW
F I N A N C I A L C A P A C I T Y M A I N TA I N E D
NET CASH STILL POSITIVE
GROSS CASH POSITION OF OVER €100 M
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MEDIUM-TERM BEARINGS
Bruno Cathelinais
F I N A N C I A L
M E E T I N G
J A N U A R Y
3 1 ,
2 0 1 3
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MEDIUM-TERM BEARINGS
Markets growing again
Moving towards a new profile
 wider product range
 increasingly global positioning
First assumptions for 2014
B O AT S
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MEDIUM-TERM BEARINGS
GLOBAL PLEASURE BOAT MARKET TRENDS
12 200
€M
9 200
6 130
2008
B O AT S
2012
By 2020
Source: Bénéteau Group
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MEDIUM-TERM BEARINGS
MOVING TOWARDS A NEW PROFILE
Sailboats
Motorboats
6
4
No. of brands
80%
6+
Europe Motor
Global Motor
strategy
strategy
5 to 15 m
5 to 30 m
60%
40%
60%
40%
20%
2000
B O AT S
2010
2020
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MEDIUM-TERM BEARINGS
WIDER PRODUCT RANGE
60
Introduction of large power yachts
€M
48
39
22
8
2010 sales
B O AT S
2011 sales
2012 sales
2013 forecast
2014 est.
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MEDIUM-TERM BEARINGS
INCREASINGLY GLOBAL POSITIONING
60
Example of North America for motorboats
€M
42
21
Decision in 2010
7,5
1
2010 sales
B O AT S
2011 sales
2012 sales
2013 forecast
2014 est.
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MEDIUM-TERM BEARINGS
INCREASINGLY GLOBAL POSITIONING
BOAT SALES TRENDS (*)
Emerging
countries
Rest of
world
North
America
6%
Emerging countries
Rest of
world
7%
5%
7%
25%
80%
Europe
2010
B O AT S
25%
45%
North
America
Europe
By 2020
(*excluding fleet)
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MEDIUM-TERM BEARINGS
FIRST ASSUMPTIONS FOR 2014
(SALES FOR EACH REGION)
EUROPE
Stability
NORTH AMERICA
+ 30%
SOUTH AMERICA
+ 25%
ASIA
+ 20%
REST OF WORLD
+ 5%
FLEETS
+ 10%
2014 SEASON TO BE MORE PROMISING
Conclusion
Questions
F I N A N C I A L
M E E T I N G
J A N U A R Y
3 1 ,
2 0 1 3
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Notes
F I N A N C I A L
M E E T I N G
J A N U A R Y
3 1 ,
2 0 1 3