EUROPEAN REPORT
Cost increases in several areas caused HanseYachts AG to report a loss of EUR 20.72 million (US$25 million) for the fiscal year 2021/2022 ended June 30, 2022. However, because of the great demand during the pandemic for sailing boats and fully complete order books, production increased from 446 to 568 boats, compared to the previous year.
Revenues totaled EUR 132,38 million, an increase of 22.8% compared to the previous fiscal year. But, at the same time, costs of materials increased 40.7%, personal expenses climbed 22% and other operating costs increased 58%. All this led to a net loss higher by 130.5% compared to the previous fiscal year.
The recent Covid-19 shutdown and worker absenteeism heavily impacted the finances of the group for fiscal year 2021/2022.
HanseYacht Group said it will not exhibit this year at BOOT, the biggest indoor pleasure boat trade show held in Dusseldorf, Germany.
The main boat builder’s market, Germany, has not been growing as expected due to high inflation and the uncertain political and economic environment caused by the war in Ukraine. Work in progress had a value of only EUR 8 million, down from €XX the previous year, mainly due to a parts shortage and supplies not being delivered as scheduled. Privilege Catamarans, the French brand acquired just three years ago, recorded a loss of EUR 7.78 million
HanseYacht Group was established in 1990 originally producing traditional sailing boats. The builder has rapidly become one of the leading European brands investing in new brands and markets. Norwegian motorboat brand Fjord was acquired in 2005, and the UK sailboat brand Moody one year later. HanseYacht added the main sailboat competitor at the time Dehler in 2009, the luxury motor yachts manufacturer Sealine with the UK origins in 2013, and finally the French builder of ocean-going luxury catamarans Privilege Marine SAS in 2019. The new brand Ryck Yacht, the powerboat with an outboard engine, was introduced at the Cannes Festival in 2021. The group has been listed on the Frankfurt Stock Exchange (EU Regulated market) since 2007.
Carrying seven brands in its portfolio, from smaller outboard boats to luxury motor yachts, HanseYacht Group has become one of the most respected German boat builders, the bestselling sailing boat producer in the country and the third largest globally.
The group has been taking measures to ensure a healthier year in 2022/2023. The company has worked with its lenders to restructure its finances by setting up new loans and renegotiating existing loans. The luxury catamaran business line was sold in October 2022.
HanseYacht is a very popular brand and has a long tradition of offering high-quality boats. Its latest Hanse 510 and 460 models are solid bestsellers, and the company has invested in innovative solutions and is implementing its “Confidence 2026 Strategy,” which is focused on a significantly reorganized management team supported by “high professional experts.” Based on these moves, the group is looking for a much improved outcome in 2022/2023. PSR
Natasa Mulahalilovic is Marine Analyst for Power Systems Research
