Six Month´S Report 2020/21

Interim Group management report...............................................................................3 Consolidated statement of financial position................................................................7 Consolidated statement of comprehensive income......................................................8 Consolidated statement of cash flows..........................................................................9 Consolidated statement of changes in equity..............................................................10 Notes to the condensed interim financial statements..................................................11 Responsibility statement..............................................................................................18 Publication details……………………………………………………………………………19 2 Interim Group management report for the period from 1 July to 31 December 2020 KEY FACTS • Record order backlog for sailing and motor yachts and catamarans after the first six months: EUR 153.6 million (+64% from H1 2019/2020) • Revenues in the first half of 2020/2021 reach EUR 48.2 million, nearly at the year-ago level despite the coronavirus pandemic (-1.9% from H1 2019/2020) • One’s own boat from the HanseYachts portfolio is seen as a safe refuge amid the coronavirus pandemic • Excellent liquidity position: EUR 21.8 million cash in banks at 31 December 2020 (PY: EUR 9.9 million) • High positive cash flow from operating activities in the amount of EUR 8.6 million, as compared to negative EUR 2.0 million in H1 2019/2020 1. MARKET AND MARKET ENVIRONMENT 2020/2021 financial year. While buyers could be found for all Hanse sailing yachts, demand for the Model 348, HanseYachts AG (referred to in the following as 388, 418 and 458 yachts was especially strong. Demand “HanseYachts” or the “Group”) is the world’s second- for Dehler sailing yachts is so strong among sportively biggest manufacturer of sailing yachts with hull lengths of ambitious sailors that the Dehler 38SQ, for example, is approximately 30 to 74 ft (= 10 - 22 m). In the motor yacht completely sold out for the current financial year. segment with hull lengths of approximately 30 to 55 ft Moreover, new orders for the yachts of the Moody brand, (= 10 - 16 m), the boatyard is among the top 10 which are designed for long-distance trips, have worldwide. Sailing and motor catamarans (approx. 50 to exceeded expectations, due in no small part to the new 70 ft = 15 to 21 m) are well established in the market as Moody 41 Deck Saloon model. In the motor yacht luxurious, seaworthy catamaran yachts. Most of the segment, the Group has benefited from the sustained Group’s boats are delivered to customers in Europe and success of the Fjord series and the expansion of the the United States. The Group exports roughly 80% of its Sealine brand product line. Privilège brand catamarans production. The most important sales markets of still represent a relatively small share of the Group’s HanseYachts AG are Germany, Spain, France and the revenues because this manufacturer has only belonged United States. to the HanseYachts Group since June 2019. The general long-term trend in the global maritime The various awards given by the trade press to the sailing market for HanseYachts is one of modest growth; under and motor yachts of HanseYachts AG vindicate the the current, short-term trend that began in the early company’s strategy of investing in the development of summer of 2020 after the first lockdowns, the demand for innovative, premium-quality, reliable yachts. recreational boats is reflective of strong growth. HanseYachts is especially proud of the fact that the Moody 41 Deck Saloon model was named “Cruising The product portfolio of HanseYachts AG is marketed by Yacht of the Year 2020” in the British Yachting Awards its worldwide dealer network and in digital media. and most recently, the Fjord 41 XL was named Innovations are continually introduced to accommodate “European Powerboat of the Year 2021” and the Dehler customers’ wishes for personalization, guaranteeing 30 One Design was twice honored in the Best Boats 2021 lasting sales success. The sailing boats manufactured by Awards of the U.S. magazine SAIL. HanseYachts are sold under the Hanse, Moody and Dehler brands, motor yachts under the Fjord and The large order backlog for sailing and motor yachts and Sealine brands, and catamarans under the Privilège catamarans at 31 December 2020 in the total amount of brand. The Group is represented in many important EUR 153.6 million (31 December 2019: market segments with 48 different models. EUR 93.5 million) proves that the Group’s boats also meet the exacting demands and wishes of sailing yacht As in prior periods, the core brand Hanse was a major and motor yacht owners. In the midst of the current driver of the Group’s sales success in the first half of the coronavirus pandemic, moreover, many are discovering 3 Interim Group management report for the period from 1 July to 31 December 2020 the appeal of having your own boat as a floating, safe and certainly not representative of the full year’s home away from home where one can enjoy a luxurious performance. and safe vacation far away from areas with a high incidence of coronavirus infections. Thanks to the large Unlike the first half of last year, the Group’s performance order backlog, the boatyard is nearly sold out for the in the first half of 2020/2021 was influenced by the effects current year. In fact, orders for some models extend into of the coronavirus pandemic. A temporary drop in new the year 2023. orders in the first lockdown in the spring of 2020 and the worrisome global spread of coronavirus cases, which affected the worldwide suppliers, customers and 2. EFFECTS OF THE CORONAVIRUS PAN- employees of HanseYachts, caused production to be DEMIC delayed after the company’s summer holiday period. For this reason, most production workers of HanseYachts HanseYachts is currently experiencing temporary effects were placed on shortened work schedules in the months from the worldwide Covid-19 pandemic. Although the of July and August 2020. market was adversely affected in the spring of 2020 by the closures of ports and national borders, the Despite the delayed resumption of production, Han- subsequent reopening had positive effects on the new seYachts AG generated revenues of EUR 48.2 million in orders booked by HanseYachts, which were well above the first half of 2020/2021 (PY: EUR 49.2 million). Includ- the numbers of comparable months in previous years. ing the marked reduction of inventories of boats begun in The cancellation of boat shows does not appear to have the past financial year, but not yet delivered to customers caused purchasing restraint among boat buyers, due to travel and contact restrictions in the amount of although HanseYachts cannot yet predict the long-term EUR 5.7 million (H1 2019/2020: increase of EUR 8.3 mil- effects. The cost position of HanseYachts has benefitted lion), as well as internal production capitalized, the from the digitalization of sales activities, the lower Group’s total operating performance amounted to number of boat shows, and reduced business travel. On EUR 43.4 million (H1 2019/2020: EUR 59.0 million). the other hand, the Group’s costs and production operations were adversely affected by lacking and The other operating income of EUR 0.9 million delayed parts due to difficulties in delivering parts from (PY: EUR 1.2 million) includes income from sales of foreign countries and by employee absences due to spare parts, proceeds from court cases won, insurance quarantines or having to look after children at home. payments and the charging of advertising expenses to dealers. 3. DEVELOPMENT OF REVENUES AND EARN- Purchased goods and services amounted to EUR 23.2 INGS million (PY: EUR 33.6 million). The ratio of purchased goods and services to the total operating performance The financial year of HanseYachts begins on 1 July and declined by 3.4 percentage points to 53.5% (PY: 56.9%). ends on 30 June of the following year. Accordingly, the The main reason for this renewed positive effect was the present semi-annual report covers the period from 1 July implementation of optimization projects in production and to 31 December 2020, that being the first half of the procurement. 2020/2021 financial year. The comparison figures refer to the period from 1 July to 31 December 2019 (“PY” for Gross income (total operating performance minus short). purchased goods and services, plus other operating income) amounted to EUR 20.2 million (PY: EUR 25.4 The business of HanseYachts is traditionally million). The gross profit margin calculated as the ratio of characterized by a high degree of seasonality. From July gross profit to total operating performance came to to December, the Group usually incurs high expenses for 46.5%, which was 3.4 percentage points lower than the model maintenance and production launches for new first half of last year due in particular to the coronavirus products. Not all boats produced in the first half of the effects of temporarily disrupted material flows and the year are completed and delivered. Most revenues and temporary absence of employees as a result of profits are typically only booked later in the months of quarantines, the prohibition of border crossings and the February to June, that being the second half of the necessity of looking after children. financial year of HanseYachts, when the boats are delivered. Consequently, the cost of purchased goods In absolute terms, the personnel expenses of EUR 17.1 and services and personnel expenses are traditionally million were EUR 2.7 million less than in the comparable higher as a percentage of the total operating year-ago period. Thanks to the shortened work hours performance in the first half. For this reason, the benefit, the absolute level of expenses was reduced and expenses incurred in the first half are not very meaningful well-trained employees were kept on the company’s 4 Interim Group management report for the period from 1 July to 31 December 2020 payroll.

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