HANSE YACHTS (H9Y) H1 21/22 earnings summary

Executive summary

• Record order backlog of EUR 313.8 million, up 104% year-over-year, nearly selling out production for two years.

• Revenues for H1 2021/2022 rose 27.9% to EUR 61.6 million despite pandemic-related disruptions.

• Positive operating cash flow of EUR 1.3 million, though liquidity and income were negatively impacted by supply chain issues.

• Net loss for H1 reduced to EUR 6.9 million from EUR 8.5 million year-over-year, reflecting seasonality and supply chain delays.

• Production expected to run at full capacity for the remainder of the financial year due to high order backlog.

Financial highlights

• Revenues: EUR 61.6 million (+27.9% year-over-year); total operating performance: EUR 72.9 million (+67.8%).

• Gross profit margin: 44.2%, down 2.3 percentage points due to supplier price increases.

• EBITDA: -EUR 3.1 million (improved from -EUR 4.5 million year-over-year).

• EBIT: -EUR 6.4 million (improved from -EUR 7.4 million year-over-year).

• Net loss: -EUR 6.9 million (improved from -EUR 8.5 million year-over-year); EPS: -0.54.

• Cash in banks at period end: EUR 11.4 million (down from EUR 21.8 million year-over-year).

Outlook and guidance

• Revenues, EBITDA, and net result for FY 2021/2022 expected to be slightly up on the previous year.

• Number of yachts invoiced and produced anticipated to exceed prior year.

• Forecast assumes no repeat of extensive pandemic shutdowns and resolution of most supply chain issues in H2.