Brand expansion
To keep pace with demand and diversify its product offering, HanseYachts AG will add a seventh brand to its stable – an outboard range from 29 to 34 feet.
05 July 2021
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With the aim of achieving the medium-term goal of increasing revenue to EUR200 million with an EBITDA margin of 10 percent, HanseYachts AG has announced the next expansion step for the 2021/2022 financial year: the establishment of a seventh Group brand.
This new brand will bring innovative motorboats in the 24- to 39-foot range and with outboard engines to the market. These boats will be elegantly appointed and set new standards in sleeping, bathrooms and driving characteristics.
The worldwide releases and the accompanying global marketing are planned for the first quarter of the new financial year 2021/2022.
HanseYachts has acquired another plot of land in Poland, directly adjacent to the company’s own shipyard property, to provide the necessary production capacities for the targeted growth and dedicated to the new brand.
The new property comprises 27,500 square metres, increasing the area of the Polish shipyard by 40 percent. This increases the calculated capacity by up to 250 boats.
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This announcement follows the company’s financial statement for the end of the 2020/2021 financial year that shows for the first time in the company’s history, HanseYachts AG’s incoming orders have exceeded the 1,000-boat mark.
Over the past year, sales of HanseYachts AG products developed particularly positively. The consumer demand for a boat as a safe option for a relaxed holiday is very high.
As industry leader in digitalisation, HanseYachts benefits particularly strongly from this development.
As customers were unable to visit trade shows worldwide, HanseYachts’ brands are presented sufficiently in high detail digitally so that purchasing decisions can be made in front of the computer screens.
This resulted in an order intake that, after deduction of the dealer margin, reached a revenue of over EUR230 million and included more than 1,000 boats for the first time.
This value also surpassed the boom year 2007/2008, when 940 boats were ordered at a significantly lower value.
The impact of the pandemic on production continued in the fourth quarter of the 2020/2021 financial year. After COVID-related production delays between November 2020 and March 2021, problems in the supply chains affected the completion of boats from April 2021 onward.
Suppliers throughout Europe temporarily lacked raw materials to produce stainless-steel products and electronic components, as well as upholstery and toilets.
Since April, HanseYachts AG has therefore been storing between 45 and 65 boats that had already gone through production, and which are 99 percent complete.
However, the lack of only a few components at a time leads to a delay in the delivery of these boats – and 45 to 65 boats represents a calculated value of EUR10 to 15 million.
After the delivery of the parts still necessary for completion, the boats are ready for delivery in the short term and can then flow into the accounts in terms of turnover and profit.
As not enough parts have been delivered in time to date to allow completion by the end of the financial year on 30 June, however, the completion of these boats will have to be postponed to the new financial year 2021/2022.
Accordingly, the EBITDA forecast for the 2020/2021 financial year had to be adjusted from “lower than previous year” to “negative in the low single-digit millions”.
All other forecasts for the 2020/2021 remain unchanged. The forecast for the new 2021/2022 business year will be published with the 2020/2021 annual and consolidated financial statements on 27 October 2021.
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