HANSE YACHTS (H9Y) H1 22/23 earnings summary

Executive summary

• Revenues rose 27.8% year-over-year to EUR 76.8 million for the first half of 2022/2023, driven by a record order backlog of EUR 263.5 million.

• Sale and deconsolidation of Privilège Marine SAS completed, resulting in a EUR 2.4 million gain.

• Supply chain disruptions and higher material costs weighed on profitability, leading to a consolidated loss of EUR -8.8 million (PY: EUR -4.0 million).

Financial highlights

• Gross margin declined to 37.1%, down 6.8 percentage points year-over-year due to increased supplier prices.

• EBITDA was negative at EUR -5.6 million (PY: EUR -0.6 million); EBIT at EUR -8.3 million (PY: EUR -3.6 million).

• Cash flow from operating activities was negative at EUR -7.2 million, impacted by higher inventories and delayed deliveries.

• Cash and cash equivalents at period end were EUR 8.0 million (PY: EUR 11.2 million).

Outlook and guidance

• Full-year revenues and yacht production expected to be significantly higher than previous year.

• EBITDA forecasted to be positive in the low single-digit millions; consolidated profit/loss expected to remain negative in the low single-digit millions.

• Price increases of over 30% implemented; higher margins anticipated as old-price orders phase out.

• Production capacity fully booked through June 2023 and well into 2024.