HANSE YACHTS (H9Y) Q3 21/22 earnings summary

Executive summary

• Order backlog more than doubled year-over-year to a record EUR 330.6 million as of March 31, 2022, driven by strong demand and digital sales channels.

• Revenues for the first nine months rose 30.7% year-over-year to EUR 92.8 million, surpassing pre-pandemic levels.

• Despite revenue growth, supply chain bottlenecks and rising costs led to continued negative earnings.

Financial highlights

• Q3 2021/2022 revenues increased 36% year-over-year to EUR 31.1 million; order intake up 44% to EUR 44.6 million.

• EBITDA for Q3 was EUR -3.4 million (Q3 2020/2021: EUR -0.3 million); nine-month EBITDA at EUR -6.5 million (prior year: EUR -4.8 million).

• Net loss for the first nine months widened to EUR -12.2 million from EUR -10.5 million year-over-year.

• Gross profit in Q3 fell to EUR 16.4 million from EUR 17.0 million year-over-year, despite higher revenues.

• Cash in banks as of March 31, 2022, was EUR 6.0 million, down from EUR 14.4 million a year earlier.

Outlook and guidance

• Revenues for FY 2021/2022 expected to significantly exceed prior year (EUR 120.8 million), but negative EBITDA in the high single-digit millions and a net loss in the low double-digit millions are forecast.

• Supply chain issues expected to persist until at least July–September 2022, delaying production and deliveries.