BENETEAU (EPA:BEN) - BENETEAU : Annuals Revenues & Results FY 2016-17

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31/10/2017 17:40

Press release - October 31, 2017

FY 2016-2017:
Marked improvement in operational performance and cash position

- Revenues                           EUR1,208.3 million   +11.5%
- Income from ordinary operations    EUR85.6 million      +96.1%
- Consolidated net income            EUR60.1 million      +138.9%
- Net cash                           EUR109.6 million

Groupe Beneteau closed out FY 2016-17 with solid performances, linked to the
good level of sales across its two divisions in dynamic markets, as well as the
first results of the Transform to Perform plan:

- Boats: business is up 12.2% at constant exchange rates, the third consecutive
  year of good growth. This progress has been built around a reinforced and
  diversified offering, effectively aligned with the demands of markets with
  positive trends in Europe and North America.

- Housing: business closed out the year up 5.8%, with a very significant
  improvement in margins on dynamic markets in France and neighboring
  countries.

                                                      Change
In million Euros       2016-17   2015-16                    (constant
                                          (reported data) exchange rates)

Revenues                1208.3    1083.5      +11.5%           11.2%

- Boats                 1025.5     910.7      +12.6%           12.2%
- Housing                182.8     172.8        5.8%            5.8%

Income from ordinary
operations                85.6      43.6      +96.1%

EBITBA                   152.9     117.2      +30.5%

Net income (Group share)  59.7      24.8     +140.8%
Net earnings per share    0.73       0.3       +139%

Free Cash Flow           104.2      72.5      +43.7%

Net cash                 109.6      13.6        N/A

2016-17 BUSINESS REVIEW

Boat division: very strong progress with operating income

The Boat division has achieved good performances thanks to sustained demand and
good operational execution.

                                                      Change
In million Euros      2016-17   2015-16                     (constant
                                          (reported data) exchange rates)

Revenues               1025.5     910.7       +12.6%           12.2%
Income from ordinary
operations               78.9      46.0       +71.3%
EBITBA                  140.2     112.9       +24.2%

Full-year revenues for the Boat business are up +12.6% year-on-year and +12.2%
at constant exchange rates.

Income from ordinary operations shows very strong growth, up +71.3%, buoyed by
the product mix and volume effect. The first results of the transformation
actions rolled out within the Transform to Perform plan, particularly for
developing new products and adapting production facilities, have enabled the
Group to significantly improve its operational profitability. Illustrating
this, income from ordinary operations is up to EUR78.9 million.

Housing division: very significant improvement in profitability

The Leisure Homes business is benefiting from the good season recorded by its
campsite customers, ensuring positive market trends with investment and the
renewal of leisure home facilities.

                                                      Change
In million Euros      2016-17   2015-16                     (constant
                                          (reported data) exchange rates)

Revenues                182.8     172.8        +5.8%          +5.8%

- Leisure homes         173.8     160.7        +8.1%          +8.1%
- Residential housing     9.1      12.1       -24.7%         -24.7%

Income from ordinary
operations                6.7      -2.4         N/A

- Leisure homes           9.2       0.8      +1018.9%
- Residential housing    -2.5      -3.2         N/A

EBITBA                   12.6       4.3      +194.9%

Leisure homes
This division has made very strong progress with income from ordinary
operations, up to +EUR9.2 million, thanks to its rapid turnaround of
operational performances, its improved product mix and its effective management
of margins.

Residential housing
The business has been effectively shut down with the successful completion of
the various projects underway. Industrial facilities have also been
successfully converted to meet the requirements of the Leisure Homes business.

GROUPE BENETEAU: CONSOLIDATED EARNINGS

Very healthy financial position: strong progress with net cash

The Group is reporting EUR131.4 million of operating cash flow, up +21.9%
year-on-year. Following a EUR49.9 million reduction in working capital and
EUR78.8 million of current investments, the Group recorded EUR109.6 million of
positive net cash, up EUR96 million from the end of FY 2015-16.

Very strong growth in net income

Net income (Group share) is up by over 140% to EUR59.7 million.

Increase in the dividend

A proposal will be submitted at the General Meeting on February 9, 2018 to pay
out a dividend of EUR0.25 per share for FY 2016-17, representing an overall
total of EUR20.7 million.

OUTLOOK FOR 2017-18

In FY 2017-18, the Transform to Perform plan will continue moving forward, with
actions focusing in priority on:

- Deployment of safety, quality, industrial efficiency and common platform
  plans
- Sustained product investment to guarantee a reinforced and innovative product
  offering
- Sustained investment in industrial capacity (multihull, outboard, American
  boats)
- International commercial development, particularly for North America
  (American brands) and the large yacht segment (multihull and motor)
- Industrial transformation (plant of the future)
- Development of the range of digital services offered

Initial market trends for the autumn shows

Boat business
The atmosphere has been positive at the season's first shows in Europe and this
looks set to continue in the US. These markets are expected to see their
positive trends continue. There has been strong demand from professional
charter firms, further strengthened by the weather-related phenomena affecting
the Caribbean and United States. This is reflected in early growth with the
order book.

Housing business
The good 2017 season for French campsite professionals is a positive sign for
the leisure homes sector. Our customers have planned ahead for their orders,
maintaining the rate of progress seen at the end of the previous season.

The next key date will be February 7, 2018 in Paris for the financial
information meeting, following the Paris Boat Show.

A detailed presentation of the full-year earnings and the balance sheet at
August 31, 2017 are available on the Groupe Beneteau website.

FINANCIAL GLOSSARY

At constant exchange rates: average rate for the previous reporting period.

EBITDA: earnings before interest, taxes, depreciation and amortization, i.e.
operating income restated for allocation / reversal of provisions for
liabilities and charges and depreciation charges.

Free cash flow: cash generated by the company during the reporting period
before dividend payments and changes in treasury stock.

Net cash: cash and cash equivalents after deducting financial debt and
borrowings.

ABOUT GROUPE BENETEAU

As the boating industry's global market leader, Groupe Beneteau, through its
Boat division's 10 brands, offers over 200 recreational boat models serving its
customers' diverse navigational needs and uses, from sailing to motorboating,
monohulls and catamarans.

Leading the European leisure homes market, the three brands from the Group's
Housing division offer a comprehensive range of leisure homes, lodges and pods
that combine eco-design with high standards of quality, comfort and
practicality.

With its international industrial capabilities and global sales network, the
Group employs 7,000 people, primarily in France, the US, Poland, Italy and
China.

FY 2016-2017 Group revenues : EUR 1208.3 M

15.0% - Housing
37.5% - Sailboat
47.5% - Motorboat

CONTACTS - GROUPE BENETEAU

PRESS & INVESTOR CONTACT
Mirna Cieniewicz
m.cieniewicz@beneteau-group.com
Tel +33 (0)2 51 26 21 25

SHAREHOLDER CONTACT
Yannick Coicaud-Thomas
y.coicaud-thomas@beneteau-group.com
Address: 16 bd de la Mer - CS 43319
85803 Saint Gilles-Croix-de-Vie Cedex (France)

www.beneteau-group.com

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