Publication of Sales for the second quarter of 2011/2012
Cannes, May 15, 2012
On March 31, 2012, Rodriguez Group closed the 1st half of its 2011/2012 financial year
As forecast by the Group on implementing its new business model, business activity did not take off during this 1st half of the year.
Yachts sales (new and pre-owned) declined by 54% in the 2nd quarter of 2012, compared to the 2nd quarter of 2011 (€ 9.9 million in Q2 2012, compared to € 21.6 million in Q2 2011), and a similar trend prevailed over the full 1st half of the year (€ 19.7 million in HY1 2012, compared to € 42.1 million in HY1 2011, down 53%).
More specifically, new yacht sales generated revenue of € 8.9 million in the 2nd quarter of 2012 (compared to € 16.5 million in the 2nd quarter of 2011) and cumulative sales of € 16.1 million over the 1st half of the 2012 fiscal year (compared to € 32.5 million over the same period of the previous year).
This decline was due to RODRIGUEZ Group’s choice to steer production towards the development of larger yachts, which take longer to build and are not expected to be sold before the second half of their production process, if not after the first sea trials.
Furthermore, the Group now offers new models and new ranges (ITALYACHTS’ 50-meter aluminum, CERRI’s 86 ft and 102 ft), which are unique on the market and for which no demonstration product, necessary to trigger sales at the start of production or off the plan, is available yet.
Perfectly in tune with market trends and its customers’ expectations, RODRIGUEZ Group remains confident in its capacity to fulfill its 2011/2012 sales plan.
A sale was signed in March 2012 for a 34-meter ITALYACHTS, a model replicated from the LEOPARD range, marking the start of the summer season several weeks ahead of forecasts.
In addition, due to massive reduction in pre-owned yacht inventories over the last few months, it is intended the pre-owned yacht sales business will continue to decline substantially, as the Group’s core business must become the sale of new yachts once again.
Sales generated by this now secondary business thus totaled € 1 million over the 2nd quarter of 2012, compared to € 5.1 million over the 2nd quarter of 2011. Over the full period just closed, sales were € 3.5 million, compared to € 9.6 in the 1st half of 2010/2011.
Conversely, the Services business recorded significant growth over the period (up 19%, from € 5.3 million in Q2 2011 to € 6.3 million in Q2 2012), testifying to robust health of so-called Services activities, which include those developed by the CAMPER & NICHOLSONS Group, in particular brokerage.
Overall, the Group posted consolidated sales of € 30.2 million in the 1st half of 2012, compared to € 52.3 million in the 1st half of 2011.
HIGHLIGHTS OF THE LAST QUARTER
The 2nd quarter of 2011/2012 was marked by the following events:
- the signing of a new exclusive partnership with the CERRI shipyard (BAGLIETTO Group), whereby the Group has been granted exclusive worldwide distribution rights for products developed by this shipyard, including one 86-footer and one 102-footer starting this year.
- the presence of RODRIGUEZ Group in the boat show in Hainan on the Sanya island, in southern China.
- the appointment of Alexandre RODRIGUEZ as Chairman of the Supervisory Board of RODRIGUEZ GROUP.
RODRIGUEZ GROUP is listed on Compartment C of the Eurolist Paris (Code ISIN : FR0000062994)
Direction Financière RODRIGUEZ GROUP
105 avenue des Frères Roustan
06220 Golfe-Juan, France
Tel.: +33 4 97 21 81 81
Site Internet : www.rodriguezgroup.com/finance-actionnaires/