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Distribution of this report in the United States. See important disclosures at the end of this report. Morning News Midcaps 01/07/09 Leisure supplies France Beneteau Reduce CHBE.PA / BEN@FP Conference call All eyes on the 2009/10 season - Confirmation of business guidance for 2008/09. - How the 2009/10 season shapes up will be crucial. - Not the same tone as the competition. § News: Beneteau reported Q3 08/09 sales (FY to end-August) of €272m, down 28.4% on same scope, in line with our expectations (€272m). Over 9 months, business was down 35.8% on same scope. Boats showed a decline of 34.8% and mobile homes 5.7%. The group has confirmed its sales guidance for 2008/09 of €646m. Cost-wise, the staff restructuring plan is set to cost around €5m more than initially expected, at €20m. Fixed-cost savings for 2009/10 were confirmed at €15m (relative to the 2008/09 cost structure and -€25m relative to 2007/08), with €10m for staff and €5m for general expenses. The group provided an update on its ambitions for the 2009/10 season. In the continued belief that boat markets will not turn up, Bénéteau expects to outperform (+20% in volume). Previously, the main drivers behind this performance were: 1/ the launch of new models (30 vs. 20 over the last few years); 2/ inventory reductions in the network; and 3/ market share gains. Yesterday, the first two points were still there, with the reduction in new boat inventories in the network (around 400 dealers) estimated at €30m (-€15m at end-June) relative to 31/08/08, i.e. €43m. But the group has replaced market share gains by lower prices. The stance on market share gains is more cautious, given the situation for some competitors, and the CEO does not expect these gains to be achieved that quickly. The price cuts will have a negative impact on earnings (3% of net profit less). The group also expects sales through boat leasers to be unchanged relative to 2008/09, bearing in mind that this segment has seen business decline less than sales to private individuals in 2008/09. Sales to charters usually accounts for 20% of the sailing business (i.e. 10% of the total). § Implications: We are more sceptical than management and are sticking to our cautious scenario regarding the upturn at the group (flat sales in 09/10), given the competitive environment (several rivals are owned by private equity firms) and the situation concerning consumer spending in Europe. The first boat shows in September could give some indications but we would expect consumers to stay on the sidelines and make decisions later in the season. § Valuation: We have slightly adjusted our estimates (additional cost of €5m for restructuring plan in 2008/09). Our Reduce rating remains unchanged but we have updated our target price to €4.0, from €3.3 (market parameters and peer comparison). Price on 30/06/2009 €7.75 Target ì €4.00 Upside -48.4% Performance 1m 12m 1 Jan Absolute -19.3% -44.3% 14.8% Sector -5.5% -27.8% 0.1% DJS Small200 -1.6% -27.5% 17.5% Market capitalisation €675.4m Free float 40.5% Béri 21 55.0% Daily volume €637k On 31/8 2009e 2010e 2011e EPS (€) 0.07 0.20 0.35 Revision na na na Change -94.4% na 78.9% P/E (x) na 39.3 21.9 P/CF (x) 18.5 9.1 7.0 EV/EBIT (x) na 38.7 19.9 EV/EBITDA (x) 15.2 10.4 7.7 Net yield 0.0% 0.9% 1.6% FCF yield -8.3% 2.7% -0.2% Analyst Sarah Emsellem (33 1) 58 55 03 62 Website www.beneteaugroup.com Natixis Securities www.sec.natixis.com Bloomberg access NXSE 42 62 82 102 122 142 juil-06 nov-07 mars-09 Beneteau Rel. DJS Small200 Source: Natixis Securities Morning News Distribution of this report in the United States. See important disclosures at the end of this report. Financial Data on 31/8 Beneteau Breakdown by activities (€m) 2007 2008 2009e 2010e 2011e CAGR 08/11 Turnover 1,013.7 1,094.6 657.2 658.5 682.1 -14.6% Boats 798.7 860.7 473.1 469.8 488.7 -17.2% Mobil-homes 153.8 203.6 184.1 188.7 193.4 -1.7% 61.2 30.3 0.0 0.0 0.0 - Reported operating profit 135.2 151.8 2.8 19.6 38.3 -36.8% Boats 117.9 128.5 (13.6) 2.8 21.0 -45.3% Mobil-homes 14.8 21.7 16.4 16.8 17.2 -7.4% 2.6 1.6 0.0 0.0 0.0 - Reported operating margin 13.3% 13.9% 0.4% 3.0% 5.6% Boats 14.8% 14.9% -2.9% 0.6% 4.3% Mobil-homes 9.6% 10.7% 8.9% 8.9% 8.9% 4.2% 5.2% - - - Profit & loss statement (€m) 2007 2008 2009e 2010e 2011e CAGR 08/11 Turnover 1,013.7 1,094.2 657.2 658.5 682.1 -14.6% Change 22.7% 7.9% -39.9% 0.2% 3.6% Organic growth 12.1% 8.3% -36.4% 0.2% 3.6% EBITDA 174.4 194.8 50.9 72.6 98.8 -20.3% Change 19.3% 11.7% -73.9% 42.8% 36.0% EBIT 135.3 158.6 -17.3 19.5 38.3 -37.7% Change 30.0% 17.2% na na 96.5% Adjusted EBIT 135.3 151.8 2.7 19.5 38.3 -36.8% Change 24.4% 12.3% -98.2% 616.2% 96.5% Operating margin 13.3% 13.9% 0.4% 3.0% 5.6% Financial items 2.8 2.5 1.7 1.1 1.3 Pre-tax profit on ordinary activities 138.0 161.1 -15.5 20.6 39.6 -37.4% Exceptional items 0.0 0.0 0.0 0.0 0.0 Corporate tax -46.0 -48.5 0.0 -6.9 -13.2 Goodwill amortisation/ impairment 0.0 0.0 0.0 0.0 0.0 Equity associates 1.6 1.8 1.1 2.0 2.0 Minority interests 0.0 0.0 0.0 0.0 0.0 Net profit on divested activities - - - - - Reported net profit 93.6 114.4 -14.5 15.8 28.4 -37.2% Change 30.8% 22.2% na na 80.3% Adjusted net profit 93.7 104.8 5.8 16.0 28.7 -35.1% Change 30.7% 11.9% -94.5% 175.9% 78.9% Cash flow statement (€m) 2007 2008 2009e 2010e 2011e CAGR 08/11 Cash flow from operations 133.0 146.7 33.7 69.2 89.1 -15.3% Net investments -51.9 -72.6 -62.0 -60.0 -88.0 6.6% Decrease (Increase) in WCR 58.1 -64.3 -27.6 9.0 -2.7 Free cash flow 139.3 9.8 -55.9 18.2 -1.6 na Acquisitions -44.3 0.0 0.0 0.0 0.0 Dividend -24.3 -32.5 -34.7 0.0 -5.6 -44.4% Capital increase 21.0 -29.5 -7.8 0.0 0.0 Divestments 0.9 0.0 30.0 0.0 0.0 Miscellaneous -47.1 -12.0 -20.0 -0.3 -0.3 Increase (Decrease) in cash 45.4 -64.2 -88.4 17.9 -7.4 Net debt -224.0 -159.8 -71.5 -89.4 -82.0 Gearing -51.2% -32.6% -16.5% -19.9% -17.4% Rating changes for Beneteau in the last 36 months Date Rating Prev. rating Price 11/09/2007 Reduce Add €19.39 01/26/2007 Add Reduce €17.53 Morning News Distribution of this report in the United States. See important disclosures at the end of this report. This document may mention valuation methods, which are defined as follows: 1/ Peer comparison method: valuation multiples for the company in question are compared with those of a sample of companies in the same sector, or with a similar financial profile. The sample average acts as a valuation benchmark, to which the analyst can, where necessary, apply discounts or premiums resulting from his/her perception of the company’s specific features (legal status, growth outlook, profitability, etc.). 2/ NAV method: Net asset value is an assessment of the market value of the assets on a company’s balance sheet using the method that the analyst deems most relevant. 3/ Sum of the parts method: this method involves valuing each of the company’s businesses separately using the most appropriate valuation methods for each, and then adding them together. 4/ DCF method: the discounted cash flow method involves assessing the current value of cash that a company will generate in the future. The analyst draws up cash flow projections based on his/her assumptions and models. The discount rate used is the average weighted cost of capital, which equates to the company’s cost of debt and the theoretical cost of equity as estimated by the analyst, and weighted by the proportion of each of these two components in the company’s financing. 5/ Method based on transaction multiples: with this valuation method, the company’s multiples are compared with those seen in transactions involving groups wi th a similar business profile. 6/ Dividend discount method: with this method, the analyst establishes the present value of dividends to be paid to shareholders by the company, using a projection of dividend payments and an appropriate discount rate (generally the economic cost of equity). 7/ EVA method: with the Economic Value Added method, the analyst determines the additional level of profitability generated annually by a company on its assets relative to its cost of capital (difference also known as value creation). 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