Fountaine Pajot: RESULTS 2022/23 – December 21, 2023 at 6:45 PM
Économie

Fountaine Pajot: RESULTS 2022/23 – December 21, 2023 at 6:45 PM

  • Innovative solutions to tackle recruitment and skills challenges

  • Very good sales dynamics with a turnover of €276.8 million, an increase of 26%

  • Improving operational profitability with an EBITDA of €39.9 million, a margin of 14.4%

  • A solid financial structure

  • A voluntary approach for more eco-responsible boats

  • 2023/24, a new year of growth

Fountaine Pajot, a socially committed company

The Fountaine Pajot Group continued its recruitment policy last year, with around a hundred new employees joining the company’s ranks. Concerned about their integration and support, the Fountaine Pajot Group has just launched its own school, the Institute for Nautical Talents. The goal for the coming year is to offer 50% more training courses, intended for new employees, but also in the form of further training in the composite, electrical or carpentry industry.

Finally, thanks to the good economic performance in the 2022/23 financial year, profit sharing and profit sharing paid to employees increased by 21.5% to €5.8 million (vs. €4.7 million in the 2021/22 financial year). ).

Solid results 2022/23

The Fountaine Pajot Group, one of the world leaders in the production of pleasure boats, publishes its consolidated results for the financial year 2022/23 (from 01/01/22 to 31/08/23). The main financial data were approved by the Board of Directors at its meeting of December 20, 2023.

Data in M€ – (French standards) 2022/23[1] 2021/22

Sales

276.8

219.9

Gross operating surplus (EBE)

39.9

33.3

Business results (before deduction of depreciation and amortization of goodwill)

33.6

25.9

bottom line

0.7

(2.7)

Current result

21.3

23.1

exceptional result

(1.5)

Consolidated net result

11.1

15.8

Net result share of the group

11.4

15.9

Including Interest & participation 5.8 4.7

Improved operational performance

Fountaine Pajot achieved a 26% increase in turnover to €276.9 million for the 2022/23 financial year, mainly driven by the quality of the product offering in both the catamaran segment (Elba 45, Aura 51, Samana 59 and Alegria 67) and in the monohull segment (D530, D470 and D37) and by accelerating production rates.

These very good business dynamics were accompanied by a 2022/23 EBITDA of €39.9 million, compared to €33.3 million a year earlier, a performance that brings the profit margin to 14.4%. The operating result, before additions to goodwill amortization, amounts to € 33.6 million (+30%).

Finally, after taking into account a goodwill depreciation of -13 million euros (without impact on cash flow), a financial result of 0.7 million euros, an exceptional result of -1.5 million euros and a tax charge of – 8.7 million euros, the net profit, Group share, amounts to 11.4 M€.

A strengthened financial structure

In € million 31/08/23

31/08/22

In € million

31/08/23

31/08/22

Fixed assets

78.5

81.0

Equity

83.5 71.5

Shares

53.4

38.0

Services and postponed taxes

7.7

9.7

Customer claims and other claims

19.1

11.3

financial debts

26.6

29.8

Availability

144.7

139.4

Debts

32.2

19.3

Total assets 295.7

269.7

Other debts

Including customer deposits

145.6

117.4

139.4

117.1

Total liabilities 295.7

269.7

As of August 31, 2023, the cash flows generated by the activity amounted to €28.7 million, thanks to a gross cash flow after tax of €32.4 million and a working capital requirement limited to € -3.7 million (the increase in inventories awaiting orders delivered in the coming months).

The investments for 2022/2023, supported at €9.1 million, were mainly focused on new boats and the hybrid electric engine solution developed by the Group.

A Group that is fully committed to its environmental approach

With a view to limiting its ecological footprint by 2030, the Fountaine Pajot Group continues its efforts to roll out the Smart Electric® range, a hybrid electric solution developed by the Group, with the Astrea 42 Smart Electric® and the first Dufour D530 Smart Electric®.

Fountaine Pajot, like a number of industrial companies, now has a map of the CO2 footprint of its activities. This carbon accounting will allow it to map out a carbon trajectory to limit the impact of its activities in the coming years.

Favorable prospects for 2023/2024, for a new year of growth

Given the quality of its on-board control portfolio and an efficient industrial organization, the Fountaine Pajot Group has good visibility in the medium term and is confident of achieving a new year of profitable growth for the 2023 financial year. /24 supported by:

  • The new products: at Fountaine Pajot de Thira 80, the largest cruising catamaran in the shipyard’s history, intended for a premium clientele, and at Dufour the D41 monohull, in the running for 3 prestigious international awards (Sailmakers of the Year 2024 by Voile Magazine; Boats of the Year 2024 by Cruising Word and nominated for the British Yachting Award);
  • Adjustment of production rhythms;

  • Strengthening the human resources policy, with 3.5 million euros of investments intended to improve the working conditions of its employees, by expanding the surface area of ​​Aigrefeuille’s workshops.

Communication schedule :

Outlook and order book for 2022/23
Meeting to present the 2022/23 results

January 17, 2024 (before market)
January 17, 2024 – 10:00 am


About Fountaine Pajot

FOUNTAINE PAJOT, an emblematic brand founded in 1976 by Jean-François Fountaine and Yves Pajot, started producing consumer catamarans from 1983. With a unique know-how in the design and production of maritime and comfortable catamarans, FOUNTAINE PAJOT has more than 45 models and supplied
3,000 catamarans worldwide. Following the merger of FOUNTAINE PAJOT and Dufour Yachts, the Group offers a complete and renewed range of catamarans and monohulls. In the 2022/23 financial year, the FOUNTAINE PAJOT Group achieved a turnover of €277 million.

Euronext Growth Paris – ISIN: FR0010485268 – Ticker: ALFPC – Eligible PEA/PME


FOUNTAIN PAJOT
Helene de Fontainieu
Director of Communications
Such an. : 05 46 35 70 40
NEWS finance & communications
Corinne Puissant / Analyst Relations / Investors

cpuissant@actus.fr /Such an. 01 53 67 36 77

Manon Clairet / Press Relations

mclairet@actus.fr /Such an. 01 53 67 36 73


[1] During the fiscal year, Fountaine Pajot strengthened its presence in the United States by acquiring a majority stake in its main US distributor, Atlantic Cruising Yachts, in June 2023.


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