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19/11/2008
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June 29, 2006
2005/2006 1st half-year net profit: € 10.0 million +2%
Rodriguez Group approved the financial statements for the 1st half-year of its 2005-2006 fiscal year, ended March 31, 2006.
It should be noted that, for the first time, the results are presented in accordance with IFRS and particularly the recognition of new yacht sales in line with their state of completion and no longer on delivery, as previously.
In order to provide a comparable basis, Rodriguez Group has presented, in accordance with applicable provisions, pro-forma data prepared under IFRS for the 1st half of the previous year (March 31, 2005).
The following developments were noted over the first half-year:
Rodriguez Group realized sales of € 212.4 million for the 2005-2006 1st half-year ending March 31, 2006, up 12.7% over the € 188.4 million pro-forma sales achieved in 2004-2005.
Operating profit increased by 3.5% to € 17.6 million, compared to € 17.0 million (pro-forma) in 2004-2005.
The slower increase in operating profit is primarily due to efforts made on the pre-owned yachts segment, in keeping with the objectives of significant reduction in inventories and positive free cash flow generation as early as 2006.
Net profit (Group share) increased by 2.0% and reached € 10.0 million, compared to € 9.8 million as per 2004-2005 pro-forma.
New Yacht Sales Annual Objectives
The Group confirms its annual objective for sales, restated in accordance with IFRS, of new yachts for the 2005-2006 fiscal year of € 330 million.
Launch of the Mangusta 165’/50 meters Line
The Group is pleased to announce the launch of the Mangusta 165’ (50 meters) line, the largest Open yacht in the world. This yacht breaks the record already held by Rodriguez Group with its Mangusta 130’.
This model benefits from the size of a Custom yacht (50 meters, for a price of about € 20 million), combined with the recurrence and profitability of a Semi-Custom.
The 1st unit, already sold, will be delivered as early as in the 2006-2007 fiscal year. The objective of the Group is to deliver two Mangusta 165’ a year from 2009, resulting in about € 40 million additional sales.
The over 50-meter steel Custom yacht or yachts, which are currently under negotiation, will naturally be added to this sales figure.
Cumulated Sales Order Backlog (current and subsequent years)
* order backlog of € 530 million restated by € 44 million corresponding to sales recognized by stage of completion at September 30, 2004
The recognition of sales by stage of completion requires the recalculation of the order backlog every year by deducting the sales recognized by stage of completion at September 30, of the previous year.
The IFRS order backlog at June 20, 2006 was thus € 542 million, up 12 % from € 486 million in June 2005.
New Dubai Subsidiary
The Group announces the opening of a new subsidiary in Dubai. It will be operational as early as this summer and is intended to benefit from an economic and geo-political situation that is especially favorable to Middle-East customers.
In addition, the launch of this subsidiary in Dubai should also enable the Group to benefit from new development projects in this city, based on hundreds of artificial islands, which should encourage the purchase of boats.
The Chairman of the Management Board, Alexandre Rodriguez, commented on the newly established subsidiary:
« For our Group, Dubai is one of the major areas of growth in the world, due not only to United Arab Emirates customers, but also to the tremendous potential of neighboring countries. Our Middle-East customers, which we have known very well since the Group’s creation, have continually surprised us over the past few months with their unrivalled will and purchasing power. Therefore, the establishment of this new subsidiary constitutes a particularly strategic new stage in the development of our Group ».
RODRIGUEZ GROUP SA shares are listed on Eurolist Compartment B of the Euronext Paris Stock Exchange and are a component of the Next Prime segment (ISIN Code: FR0000062994) and the SBF 250 and Next 150 indices. Its shares are eligible for SRD (Deferred Settlement Service)..
|
€ millions
|
Published
March 31, 2005 |
IFRS
March 31, 2005 |
IFRS
March 31, 2006 |
|
Sales
|
136,7
|
188,4
|
212,4
|
|
Operating
profit |
11,7
|
17,0
|
17,6
|
|
Net profit -
Group share |
6,4
|
9,8
|
10,0
|
Rodriguez Group approved the financial statements for the 1st half-year of its 2005-2006 fiscal year, ended March 31, 2006.
It should be noted that, for the first time, the results are presented in accordance with IFRS and particularly the recognition of new yacht sales in line with their state of completion and no longer on delivery, as previously.
In order to provide a comparable basis, Rodriguez Group has presented, in accordance with applicable provisions, pro-forma data prepared under IFRS for the 1st half of the previous year (March 31, 2005).
The following developments were noted over the first half-year:
Rodriguez Group realized sales of € 212.4 million for the 2005-2006 1st half-year ending March 31, 2006, up 12.7% over the € 188.4 million pro-forma sales achieved in 2004-2005.
Operating profit increased by 3.5% to € 17.6 million, compared to € 17.0 million (pro-forma) in 2004-2005.
The slower increase in operating profit is primarily due to efforts made on the pre-owned yachts segment, in keeping with the objectives of significant reduction in inventories and positive free cash flow generation as early as 2006.
Net profit (Group share) increased by 2.0% and reached € 10.0 million, compared to € 9.8 million as per 2004-2005 pro-forma.
New Yacht Sales Annual Objectives
The Group confirms its annual objective for sales, restated in accordance with IFRS, of new yachts for the 2005-2006 fiscal year of € 330 million.
Launch of the Mangusta 165’/50 meters Line
The Group is pleased to announce the launch of the Mangusta 165’ (50 meters) line, the largest Open yacht in the world. This yacht breaks the record already held by Rodriguez Group with its Mangusta 130’.
This model benefits from the size of a Custom yacht (50 meters, for a price of about € 20 million), combined with the recurrence and profitability of a Semi-Custom.
The 1st unit, already sold, will be delivered as early as in the 2006-2007 fiscal year. The objective of the Group is to deliver two Mangusta 165’ a year from 2009, resulting in about € 40 million additional sales.
The over 50-meter steel Custom yacht or yachts, which are currently under negotiation, will naturally be added to this sales figure.
Cumulated Sales Order Backlog (current and subsequent years)
Order Backlog published in June 2005 (€ millions) |
IFRS Order Backlog June 2005 (€ millions) |
IFRS Order Backlog June 2006 (€ millions) |
|
530
|
486*
|
542
|
* order backlog of € 530 million restated by € 44 million corresponding to sales recognized by stage of completion at September 30, 2004
The recognition of sales by stage of completion requires the recalculation of the order backlog every year by deducting the sales recognized by stage of completion at September 30, of the previous year.
The IFRS order backlog at June 20, 2006 was thus € 542 million, up 12 % from € 486 million in June 2005.
New Dubai Subsidiary
The Group announces the opening of a new subsidiary in Dubai. It will be operational as early as this summer and is intended to benefit from an economic and geo-political situation that is especially favorable to Middle-East customers.
In addition, the launch of this subsidiary in Dubai should also enable the Group to benefit from new development projects in this city, based on hundreds of artificial islands, which should encourage the purchase of boats.
The Chairman of the Management Board, Alexandre Rodriguez, commented on the newly established subsidiary:
« For our Group, Dubai is one of the major areas of growth in the world, due not only to United Arab Emirates customers, but also to the tremendous potential of neighboring countries. Our Middle-East customers, which we have known very well since the Group’s creation, have continually surprised us over the past few months with their unrivalled will and purchasing power. Therefore, the establishment of this new subsidiary constitutes a particularly strategic new stage in the development of our Group ».
RODRIGUEZ GROUP SA shares are listed on Eurolist Compartment B of the Euronext Paris Stock Exchange and are a component of the Next Prime segment (ISIN Code: FR0000062994) and the SBF 250 and Next 150 indices. Its shares are eligible for SRD (Deferred Settlement Service)..