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The Rodriguez Group closes 3rd quarter of the year 2011/2012

New-Build

The Rodriguez Group ended the third quarter of the financial year 2011/2012 on 30 June 2012, culminating with the success of the new range of large new builds.

Boat sales (new and secondhand) are up 158% as of the third quarter of 2012 compared to the third quarter 2011 (€15.6M at Q3 2012 compared to €6M at Q3 2011), thus confirming the business forecasts for the Group announced at the start of activity, particularly the sale of new builds, in the run up to the summer season.

Thus, sales of new units generated a turnover of €13.6M in Q3 2012, compared to €4.7M in Q3 2011. This strong performance confirms the relevance of recent strategic orientation that favours the building of large units ready for delivery in early summer, as well as the commercial success of new products designed and developed by the RODRIGUEZ GROUP, in collaboration with its partner shipyards.

Furthermore, sales of secondhand units reached close to €2M in Q3 2012, compared to €1.4M for the same period in 2011. As of 30 June 2012, total turnover generated by secondhand sales amounts to €5.5M, compared with €11M at the same date in 2011.

Sale of secondhand units from the old stock continues, thus enabling the Group to achieve the objectives set at the start of the year: improve the rate of stock rotation and the reconstitution of a quality stock, made up uniquely of new and/or recently-built units.

The fourth quarter of 2012 should confirm the success of the destocking policy thanks to the sale of the last large units from the old stock.

The Rodriguez Group also anticipates for the present quarter the signing of new orders for new builds to be delivered in 2013 (units from 43 to 46 metres) and 2014 (units of 50 metres), which make it possible to prepare for the coming seasons at the same time as the autumn boat shows (in particular the Festival de la Plaisance de Cannes and the Monaco Boat Show this September) where the Group will be one of the major players.

New units now represent 85% of the boat sales, while the proportion amounts to 77% on the previous year. Rodriguez Group is satisfied with this growth, which marks the fulfilment of the policy of renewing the range and revitalising of the sales force.

Finally, Services generated equivalent figures for the period (from €9.4M for Q3 2011 to €9.2M for Q3 2012), confirming the stability of the activities of the Camper & Nicholsons Group (€19.7M turnover for Services as of 30 June 2012 compared to €19.6M for the same period in 2010/2011).

Ultimately, the consolidated turnover of the Group reached €55M as of 30 June 2012, compared to €67.7M as of 30 June 2011.

Parallel to business development, Rodriguez Group has undertaken a new approach to reduce fixed costs (down by about 15%), an automatic consequence of setting up a more efficient functional organisation.

By reducing and revitalising its teams and by concentrating its resources again around its historical core occupation, the Rodriguez Group has placed operational efficiency at the centre of its priorities and accelerated the prospects of a return to a balanced operation by a dual action: improved margins through the sale of large units and lower expenses by reducing operating budgets.

Through the limitation of capital expenditure and the careful management of working capital requirements, made possible by advantageous terms in financing production, the Group’s net liquid assets have increased from €23.2 M on 30 September 2011 to €29.3 M as of 30 June 2012.

Moreover, the complete fulfilment of commitments made under the restructuring programme has made it possible to stabilise financial debts as of 30 June 2012 in comparison with 30 September 2011.

Rodriguez Group
+33 4 97 21 81 81
[email protected]
www.rodriguezgroup.com

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