HANSE YACHTS (H9Y) H1 23/24 earnings summary

Executive summary

• Net income from continuing operations reached €3.0 million, a significant turnaround from the prior year's loss of €8.5 million.

• Revenue increased 22.7% year-over-year to €94.2 million, driven by strong order fulfillment and price adjustments.

• Order backlog remains high at €174.9 million, though down from €263.5 million the previous year.

• Production is fully booked for the fiscal year, with some capacity already allocated for the next year.

Financial highlights

• EBITDA improved to €7.0 million from a negative €5.6 million in the prior year.

• EBIT reached €4.1 million, compared to a loss of €8.3 million year-over-year.

• Gross margin rose to 42.8% from 37.1% in the previous year.

• Operating cash flow was negative at €-9.8 million, mainly due to reduced prepayments and seasonal increase in receivables.

• Cash and cash equivalents at period end were €2.4 million, down from €8.0 million a year earlier.

Outlook and guidance

• Revenue for FY 2023/24 expected between €180 million and €200 million.

• Positive EBITDA anticipated in the mid to upper single-digit million euro range.

• Net income forecasted to be positive in the low single-digit million euro range.

• Management notes high uncertainty due to inflation, interest rates, and geopolitical risks.