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An encouraging 1st quarter 2010/2011

(€ thousands) 31/12/2010 31/12/2009 Variation in %
Yachts 20 511 13 322 +54%
Services 4 832 7 735 -37%
Total 25 343 21 057 +20,4%

The 1st quarter of Rodriguez Group's 2010/2011 fiscal year ended on 31 December 2010.

During the period starting on 1 October 2010 and ending on 31 December 2010, total sales increased by 20% compared to the 1st quarter of the fiscal year 2009/2010 (25,343 K€ versus 21,057 K€ during the previous year).

The downgraded results of the Services activities (-37%) during the 1st quarter 2010/2011 are related to an exceptional turnover of 3,841 K€ recorded during the 1st quarter of the fiscal year 2009/2010 as a result of the settlement agreement entered into between SNP Boat Service and Arno shipyards.

When excluding the impact of the Arno transaction, the Products activity increased from 159 K€ during the 1st quarter 2009/2010 to 229 K€ during the 1st quarter 2010/2011, i.e. a 44% increase.

Therefore, when excluding the Products activity, the increase in total sales can be analyzed as follows:

-     Sales of Yachts represent 20,511 K€, a 54% increase compared to the 1st quarter of 2009/2010;

-     Sales of Services (excluding Products) represent 4,603 K€ compared to 3,735 K€ during the 1st quarter of 2009/2010, i.e. a 23% increase.


These sales confirm the beginning of improvement of the luxury yachts market as a result of an increase of interest for newly built yachts and stabilization in transaction prices.

In parallel, Rodriguez Group now fully benefits from the restructuring measures implemented since 2009, which have resulted in lowering the breakeven point of Rodriguez Group.

Rodriguez Group has sufficient cash resources to finance its operating costs and launch at the same time the production of new units necessary to achieve its new business model.

In this encouraging context showing a comeback of historical clients, Rodriguez Group intends to continue its policy of margin restoration and confirms its objective to reach positive operating results over the fiscal year 2011/2012.

Significant events during 1st quarter 2010/2011


The following events occurred during the 1st quarter of the 2010/2011 fiscal year:

-     appointment of Mr. Eric de Saintdo as Managing Director and Serge ALLEGRE as Head of Marketing and Development ;

-     the entering into a partnership agreement with Sanlorenzo shipyard under which Rodriguez Group becomes (i) exclusive dealer in France and Monaco for all types of Sanlorenzo vessels and(ii) worldwide dealer of yachts exceeding 90', without exclusivity or volume undertakings; 50 meters units will be developed in common, with exclusivity for the sale all over the world by SNP Boat ;

-     the merger between SNP Boat and Le Yacht, authorized by the Commercial court of Cannes on 23 November 2010 and approved by the shareholders on 31 December 2010, with a retroactive effect as from 1 October 2010 ;

-     the publication of the sales for the last quarter of 2009/2010, showing total sales of 40.5 M€, i.e. a 3.2 % increase compared to 2009/2010's last quarter, as a result of an increase in Yacht sales during the second half year 2009/2010;

-     the publication of the annual results for 2009/2010 and the presentation thereof to analysts on 14 December 2010. Total sales amounted to 87,195 K€ (compared to 109,566 K€ during the previous year), operating losses of 25,520K€ (versus a 119 642 K€ loss during the previous year) and a net result of 3,788 K€ (compared to a 121,660 K€ loss during the previous year).

Forecast

 

As a result of the partnership agreements entered into with the Italian shipyards Sanlorenzo and Italyachts, Rodriguez Group is able to consolidate its business model, in line with the needs of the Group and customers' expectations.

In parallel, Rodriguez Group intends to pursue the development of its Services activities, by strengthening the relationship with Camper & Nicholsons and developing synergies with Sanlorenzo.




RODRIGUEZ GROUP is listed on Compartment C of the Eurolist Paris (ISIN Code: FR0000062994)


Press contact:

Christophe Ginisty
RUMEUR PUBLIQUE
Tel: 01.55.74.52.00
Email: rodriguez-group@rumeurpublique.fr