Covid-19 epidemic: Groupe Beneteau update on March 30, 2020
Monday, March 30, 2020 6:07 PM
As a result of the Covid-19 epidemic, Groupe Beneteau temporarily shut down its production activities in France and Italy on March 18, before extending these measures to include the United States and Slovenia last week. This measure will also be applied for Poland within the next few days.
The Group is already working on a plan for operations to gradually resume and this will be rolled out as soon as the health conditions allow it to do so. Only certain maintenance, finishing and shipping activities will be continuing at the Group’s plants, while its activities focused on releasing new models are being maintained with staff working remotely.
However, the temporary suspension of its production and shipping activities for several weeks will have an impact on its revenues and therefore its earnings, which means that the outlook announced on February 4, 2020 is no longer applicable.
Groupe Beneteau benefits from a robust financial position. At August 31, 2019, its financial year-end, the Group had 97 million euros of net cash and its credit lines are confirmed through to 2023.