Interim management report for the first quarter of 2021/2022


DGAP-News: HanseYachts Aktiengesellschaft / Keyword (s): Quarterly / Interim statement / Quarterly results
22.11.2021 / 07:00
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HanseYachts AG doubles operational performance and generates positive EBITDA in Q1 2021/2022 – Order intake hits record high after 52% increase

– Total operational performance more than doubled to reach 36.1 million euros (year: 15.1 million euros, + 138%)
– Consolidated turnover up 20% to reach a record 34.0 million euros in the first quarter over 13 years (full year: 28.4 million euros)
– EBITDA already positive in Q1 2021/2022 – Second best Q1 figure for the last 13 years
– An even better result avoided by supply chain disruptions
– Group-wide order book increased by 130% to 245.6 million euros (financial year: 106.7 million euros)
– Healthy liquidity position
– Positive outlook subject to the evolution of the coronavirus: Revenue and profit expected to rise sharply in
fiscal year 2021/2022

Income and earnings

HanseYachts AG recorded a successful first quarter of 2021/2022 (July to September 2021) with record revenue and order intake. During the first three months of the 2021/2022 financial year, the company generated a consolidated turnover of 34.0 million euros (AP: 28.4 million euros) and a total operating performance of 36 , 1 million euros (AP: 15.1 million euros). Both of these figures are first quarter records, indicating a 20% increase in revenue and a 138% increase in total operational performance compared to the respective figures for the first quarter of last year. Total operating performance is made up of sales, changes in inventories of finished and unfinished products, and capitalized internal performance. The largest increase in total operating performance results from the substantial drop in finished product inventories (EUR -13.6 million) during the same period of the previous year and the increase in inventories (EUR +1.5 million) during the current reference period. The increase in inventories in the first quarter of 2021/2022 was caused by delayed shipments of yachts to customers due to late deliveries of inputs by suppliers due to the pandemic.

Profit before interest, taxes, depreciation and amortization (EBITDA) improved from € 2.2 million to € +0.2 million in the first quarter of 2021/2022 (year: -2.0 million euros). This is the second best operating result for the first quarter in more than ten years.

Depreciation and amortization charged to the first quarter of 2021/2022 amounted to 1.7 million euros (financial year: 1.4 million euros). Financial charges decreased by 0.2 million euros to -0.2 million euros (annual year: -0.4 million euros). The consolidated loss generated in the first quarter of 2021/2022 amounts to -1.8 million euros (AP: -3.8 million euros). The improvement compared to Q1 2020/2021 is mainly due to the better operational performance. Despite the improvements achieved compared to the same period last year, the company generated a negative consolidated net income due in part to disruptions in the global supply chain, but also in particular to the seasonal pattern of the company’s activities. . Management expects this seasonal effect to be more than offset in the rest of the year, especially from the start of the water sports season in spring 2022.

Order book and order intake

HanseYachts AG again recorded a record level of new orders in the first quarter of the new financial year 2021/2022. Total order intake of 94.1 million euros in the first quarter is approximately 52% higher than the corresponding figure of 61.9 million euros a year ago. With a Group-wide order book of 245.6 million euros (AP: 106.7 million euros, + 130%), the assembly lines of the Group’s sailboats, motor yachts and catamarans are fulfilled until the end of calendar year 2022, with the exception of only a few construction locations, according to the production schedules of HanseYachts AG.

The main reason for the strong order intake is the desire of many end customers to enjoy HanseYachts yachts as a safe and coronavirus-free sanctuary on the water in nature; other reasons include the successful conversion of the business to digital sales channels and the trend towards greater sustainability by taking vacations to the local surroundings.

Liquidity

Thanks to the wide availability of freely available liquidity, the still high level of new orders and the well-filled order book of yachts still to be produced, the Group has sufficient liquidity for the entire 2021/2022 financial year.

Outlook

Traditionally, large contributions to profits are only generated in the second half of the year. No income of a comparable amount is generated on the sales of boats during the first half of the year although the Group still incurs significant marketing and sales expenses and other fixed costs such as depreciation and amortization. financing expenses over this period.

The current high level of orders bodes well for the rest of the 2021/2022 financial year. However, the forecast is still subject to risk due to the coronavirus pandemic and its aftershocks. In particular, global issues with supply chains cause costly disruptions in the production process of HanseYachts AG, as a result of which production must be continually adjusted to adapt to the availability of parts purchased and in some cases , the completion of yachts already under construction should be delayed until the missing parts can be delivered by the relevant supplier and installed by HanseYachts.

On the other hand, progress in vaccination rates in key markets and the lifting of travel and contact restrictions support a positive outlook. The two developments will essentially make it possible to re-present the sailboats, motor yachts and catamarans of HanseYachts AG directly to customers at boat shows during the financial year 2021/2022, if the respective regional Covid situation allows it. At the same time, the Group continues to develop its digital media in order to virtually present its products and support its traditional distribution channels.

Given the mainly positive outlook, but also the negative impacts of the coronavirus pandemic on the business of HanseYachts, the Management Board expects the revenues, EBITDA and profit to be generated during the 2021 financial year / 2022 are significantly higher. than the respective figures for the financial year 2020/2021. It is also expected that the number of yachts to be produced and invoiced in fiscal year 2021/2022 will also be significantly higher than in the previous year.

TABLE OF KEY FIGURES

In millions of euros

Q1 2021/2022

Q1 2020/2021

Q1 2019/2020

Q1 2018/2019

Income

34.0

28.4

26.3

25.0

Total operating performance

36.1

15.1

27.2

29.7

EBITDA

+0.2

-2.0

-2.6

-1.3

Consolidated result

-1.8

-3.8

-4.4

-3.5

Backlog

245.6

106.7

71.5

71.3

22.11.2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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