PRESS RELEASE : HanseYachts Aktiengesellschaft: Record level of new orders

 
 DGAP-News: HanseYachts Aktiengesellschaft / Key word(s): Quarterly / Interim 
Statement/Quarter Results 
HanseYachts Aktiengesellschaft: Record level of new orders 
 
2020-11-30 / 07:00 
The issuer is solely responsible for the content of this announcement. 
 
*- Revenues and EBITDA in the first quarter of 2020/21 were higher than the 
comparable period of last year 
despite the coronavirus pandemic 
- Secure liquidity position 
- Positive outlook for the overall market* 
 
*Order backlog and new orders * 
HanseYachts booked a record amount of new orders in the first quarter of the 
new 2020/2021 financial year. The accumulated volume of new orders reached 
EUR 62.7 million, which is about 87% higher than the year-ago figure of EUR 
33.6 million. With a Groupwide order backlog of EUR 106.7 million (PY: EUR 
71.5 million, +48 %) after the first three months of the new financial year, 
the capacity of the production lines for sailing and motor yachts is already 
filled up into the early summer of 2021 and the capacity of the French 
catamaran manufacturer is filled up into the year 2022, according to the 
production schedule of HanseYachts AG. 
 
Dr. Jens Gerhardt, CEO of HanseYachts AG: "Demand for safe boats for 
individual vacations and as a refuge for families in the coming vacation 
season is the main reason for the bigger-than-average order backlog. This 
means that the market for recreational boats and thus HanseYachts AG as well 
are beneficiaries of the coronavirus pandemic. However, another factor 
contributing to the increased order backlog is digitalization as the 
preferred choice of new sales channels to neutralize the negative effects of 
the COVID-19 containment measures, including the cancellation of boat shows, 
for example. Moreover, we are experiencing a positive market response to our 
new models and our existing, extensive product range of modern sailing 
yachts, motor yachts and catamarans." 
 
The continued high levels of unit sales in northern Europe, especially in 
Germany, the Netherlands and Norway, are likewise heartening. Spain and 
France are highly promising sales markets in southern Europe. Moreover, 
positive impetus is coming from Turkey and the boat market in the United 
States is solid. 
 
*Revenues and earnings* 
HanseYachts generated consolidated revenues of EUR 28.4 million in the first 
quarter (July to September 2020) of the new 2020/2021 financial year (PY: 
EUR 26.3 million). This represents a revenue increase of 8% over the 
comparable period of last year. A large number of the production workers of 
HanseYachts AG were on government-subsidized short-time work for two months 
of the first quarter as fewer orders were placed in the period from March to 
May 2020 as a result of the coronavirus lockdown and because critical 
materials were lacking as a result of border closures. Consequently, the 
volume of production declined in the first quarter. The revenue increase 
over the first quarter of last year resulted mainly from the shifting of 
boat production to the new financial year as a result of the coronavirus 
pandemic and from an increase in the production of catamarans. 
 
Earnings before interest, taxes, depreciation and amortization (EBITDA) 
improved to EUR -2.0 million in the first quarter of 2020/21 (PY: EUR -2.6 
million). Depreciation and amortization amounted to EUR 1.4 million, close 
to the year-ago figure. Financial expenses rose by EUR 0.1 million to EUR 
-0.4 million (PY: EUR -0.3 million). The loss generated in the first quarter 
amounted to EUR -3.8 million (PY: EUR -4.4 million). The improvement over 
the first quarter of last year resulted mainly from a reduction of the 
purchased goods and services ratio. The loss is attributable to the seasonal 
pattern of the Group's business; the management expects that it will be more 
than made up in the further course of the financial year, especially from 
the start of sailing season in late spring. 
 
*Liquidity* 
To stabilize its operations over the long term, HanseYachts borrowed 
additional liquidity of approximately EUR 17 million from its banks in the 
first quarter so as to be prepared for any possible adverse effects of the 
COVID-19 pandemic in the future. 
 
*Outlook* 
Traditionally, essential profit contributions are only generated in the 
second half of the financial year. Income of a comparable amount is not 
generated on boat sales in the first half of the financial year although the 
Group still incurs substantial marketing and sales expenses and other fixed 
costs such as depreciation and amortization in this period. 
 
The well-filled order backlog provides an indication of the further course 
of the 2020/2021 financial year. However, the currently uncertain 
progression of the coronavirus pandemic, which could also entail negative 
effects, makes it difficult to offer a reliable forecast. Delayed or even 
missing deliveries of materials from Germany and abroad and a worker 
shortage due to employees in quarantine could have adverse effects on the 
production and cost situation and result in delayed deliveries of finished 
products. 
 
In consideration of all positive and negative effects of the coronavirus 
pandemic on the business of HanseYachts, the Executive Board expects that 
the revenues generated in the full year 2020/21 will be moderately higher 
and that the total operating performance will be nearly identical to the 
previous-year level due to the reduction of inventories of produced goods, 
the expected EBITDA will be slightly less than the respective prior-year 
figures. The profit will be considerably higher than the prior-year figure 
due to the absence of non-recurring charges. 
 
KEY FIGURES     Q1 2020/2021     Q1          Q1          Q1 
                              2019/2020   2018/2019   2017/2018 
In EUR millions 
Revenues            28.4        26.3        25.0        23.3 
EBITDA              -2.0        -2.6        -1.3        -1.3 
Order backlog      106.7        71.5        71.3        66.0 
 
2020-11-30 Dissemination of a Corporate News, transmitted by DGAP - a 
service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
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Language:    English 
Company:     HanseYachts Aktiengesellschaft 
             Ladebower Chaussee 11 
             17493 Greifswald 
             Germany 
Phone:       [phone] 
Fax:         [phone] 
E-mail:      [e-mail] 
Internet:    www.hanseyachtsag.com 
ISIN:        DE000A0KF6M8 
WKN:         A0KF6M 
Listed:      Regulated Market in Frankfurt (General Standard); Regulated 
             Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, 
             Stuttgart 
EQS News ID: 1151301 
 
End of News DGAP News Service 
 
1151301 2020-11-30 
 
 

(END) Dow Jones Newswires

November 30, 2020 01:00 ET (06:00 GMT)