Rodriguez Group publishes disappointing financial results
The French media has reported that the Rodriguez Group had 12 per cent shaved off its overall value on the Euronext Paris on 2 June following publication of its results for the first half of 2013/2014 on 30 May.…
The French media has reported that the Rodriguez Group lost 12 per cent of its value on the Euronext Paris on 2 June following its publication of its results for the first half of 2013/2014 on 30 May.
The Group announced via their website that as of 15 May "the consolidated turnover for the first half of 2013/2014 amounted to €15.7 million against €21.2 million in the previous year. Boat sales activity generated, in the first half, revenues of €7.7 million against €15.7 million in the first half of fiscal 2012/2013. Revenue sales of new boats amounted to €2.9 million and is advancing a unit being finalised."
The release stated that decrease is mainly due to:
- The bankruptcy restructuring of SNP Boat Service (a subsidiary of the Rodriguez Group), which has prevented the sale of new boats due to the inability to ratify new orders.
- The effects of massive destocking and the limiting of policy options, significantly reducing the sale of used boats. Rodriguez Group claims it has still managed to limit the current operating loss to €4.9 million, against €12 million in 2012/2013.
After restructuring costs in the Group recorded a significant decrease in external expenses by 24.9 per cent, from €6.1 million in the first half of 2013/2014 against €8.2 million in the first half of 2012/2013, and personnel expenses by 12.4 per cent to €6.2 million in the first half of 2013/2014 against €6.9 million in the first half of 2012/2013.
The statement went on to explain that this reduction in operating loss “despite sales, decreased sharply compared to the same period in 2012/2013 (-25.8 per cent) and demonstrates the efforts to streamline the business. However, the cash generated from operations is insufficient to ensure both the payment of current expenses and repayment of old liabilities”.
Therefore, the net loss of the Group totalled €44 million for the first half of 2013/14,
compared to a loss of €15.7 million in the first half of 2012/2013.
The publishing of these results came a fortnight after Cerri, a manufacturer of planing yachts between 26m and 31m, announced it was terminating its contractual relationship with Rodriguez or the worldwide sale of Cerri-branded yachts and would be taking on the marketing and sales of Cerri yachts directly.
SuperyachtNews.com has repeatedly contacted The Rodriguez Group since the publication of these results but the group has failed to respond. Camper & Nicholsons International, the group's most recognised brand within the superyacht industry, declined to comment.
The Group announced via their website that as of 15 May "the consolidated turnover for the first half of 2013/2014 amounted to €15.7 million against €21.2 million in the previous year. Boat sales activity generated, in the first half, revenues of €7.7 million against €15.7 million in the first half of fiscal 2012/2013. Revenue sales of new boats amounted to €2.9 million and is advancing a unit being finalised."
The release stated that decrease is mainly due to:
- The bankruptcy restructuring of SNP Boat Service (a subsidiary of the Rodriguez Group), which has prevented the sale of new boats due to the inability to ratify new orders.
- The effects of massive destocking and the limiting of policy options, significantly reducing the sale of used boats. Rodriguez Group claims it has still managed to limit the current operating loss to €4.9 million, against €12 million in 2012/2013.
After restructuring costs in the Group recorded a significant decrease in external expenses by 24.9 per cent, from €6.1 million in the first half of 2013/2014 against €8.2 million in the first half of 2012/2013, and personnel expenses by 12.4 per cent to €6.2 million in the first half of 2013/2014 against €6.9 million in the first half of 2012/2013.
SNP Boat Service, a subsidiary company of Rodriguez Group, was placed into administration at the start of 2014. Image courtesy of Rodriguez Group.
The statement went on to explain that this reduction in operating loss “despite sales, decreased sharply compared to the same period in 2012/2013 (-25.8 per cent) and demonstrates the efforts to streamline the business. However, the cash generated from operations is insufficient to ensure both the payment of current expenses and repayment of old liabilities”.
Therefore, the net loss of the Group totalled €44 million for the first half of 2013/14,
compared to a loss of €15.7 million in the first half of 2012/2013.
The publishing of these results came a fortnight after Cerri, a manufacturer of planing yachts between 26m and 31m, announced it was terminating its contractual relationship with Rodriguez or the worldwide sale of Cerri-branded yachts and would be taking on the marketing and sales of Cerri yachts directly.
SuperyachtNews.com has repeatedly contacted The Rodriguez Group since the publication of these results but the group has failed to respond. Camper & Nicholsons International, the group's most recognised brand within the superyacht industry, declined to comment.
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