On December 31, 2011, the 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, the Rodriguez Group points 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 metre and the Alloy Sanlorenzo’s 40 meter as flagship products, which take longer to build (an average of 18 months), the 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.