Publication of sales for the 1st quarter of 2011/2012
|(€ thousands)||2011/2012||2010/2011||% change|
|Yacht||9 775||20 511||(52%)|
|Services||4 182||4 832||(13%)|
|Total||13 957||25 343||(45%)|
On December 31, 2011, RODRIGUEZ GROUP closed the 1st quarter of its 2011/2012 financial year.
1st quarter consolidated sales,concerning the period from October 1, 2011 to December 31, 2011, were € 13.9 million € 9.7 million from Yacht Sales and € 4.2 million generated by Sales of Services, including transactions carried out by the Camper & Nicholsons Group.
Even though the Group’s overall performance reflected a 45% decline in sales compared to the 1st quarter of 2010/2011, RODRIGUEZ GROUP would like to point out that this is an automatic consequence of the change in its business model.
By steering production towards the development of large yachts, with ITALYACHTS’ 50 meter and ALLOY SANLORENZO’s 40 meter as flagship products, which take longer to build (an average of 18 months),RODRIGUEZ GROUP has decided to consider the 1st quarter of the fiscal year as a period where it prepared for the coming season and showcased its models to customers.
RODRIGUEZ GROUP currently does not anticipate the New Yacht Sales business to take off before the 2nd or even the 3rd quarter of its fiscal year. The Group’s commercial ambitions for these products will focus on these periods.
Furthermore, by putting a cap on the number of trade-ins and accelerating its destocking policy, the Group intends to significantly reduce the volume of Pre-Owned Yacht sales, hence the 42.6% decline between the 1st quarter of 2010/2011 and the 1st quarter of 2011/2012.
Lastly, the Services business remained stable, with an immaterial decline of 13% compared to the 1st quarter of the previous year.
RODRIGUEZ GROUP will also announce tomorrow the signing of a new exclusive partnership with a famous shipyard which specializes in super yachts.
HIGHLIGHTS OF THE PAST QUARTER
- On December 14, 2011, RODRIGUEZ GROUP published annual results for the 2010/2011 fiscal year, which showed consolidated sales in excess of € 100 million and a € 53.4 million improvement in losses from recurring operations;
- Anne-Lise Colonna de Leca, General Secretary, has been appointed as Chief Financial Officer of RODRIGUEZ GROUP. She holds a Master’s degree from the High Business School ESCP Europe (2004) and is a former barrister with the Paris Bar, where she specialized in turnaround management. Anne-Lise Colonna de Leca will be specifically in charge of identifying areas of possible growth, both organic and through acquisitions, and will set out objectives and allocate resources in order to restore operating profitability;
- The Camper & Nicholsons Group announced the recruitment of Daniel Ziriakus as Marketing Manager. Having headed the Marketing Department of Fraser Yachts USA for several years, followed by his appointment as Northrop and Johnson’s Marketing Manager, Daniel Ziriakus’ proven know-how is recognized in the super yachting world in his field of expertise. His appointment to the Camper & Nicholsons Group completes the new management team built around Eric de Saintdo.
RODRIGUEZ GROUP will meet its shareholders on March 30, 2012 at the General Meeting called to approve the financial statements for the 2010/2011 fiscal year.
The next press release will relate to sales for the 2nd quarter of 2011/2012 and will be published on May 15, 2012.
RODRIGUEZ GROUP is listed in Compartment C of Eurolist Paris (ISIN Code: FR0000062994)
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Direction Financière RODRIGUEZ GROUP
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