RODRIGUEZ GROUP informs its shareholders of the resignation, effective as of yesterday, of Mr. Alexandre RODRIGUEZ from all of its management positions within the RODRIGUEZ GROUP companies. His resignation was acknowledged by the company.
Mr. Alexandre RODRIGUEZ handed-in his resignation to the members of the Supervisory Board of the company considering that “given the current circumstances, the protection of the Group’s interests and of its shareholders must remain an absolute priority”.
RODRIGUEZ GROUP confirms that the ongoing judicial procedure is directed towards Mr. Alexandre RODRIGUEZ personally only and does not concern RODRIGUEZ GROUP’s activities. RODRIGUEZ GROUP is regularly subject to legal audits and controlled by relevant authorities.
During the Safeguard procedure which lasted a year, the operations of RODRIGUEZ GROUP and its French subsidiaries were supervised by two judicial receivers.
The Supervisory Board of the company appointed Mr. Gérard RODRIGUEZ as a member of the company’s Management Board. Gérard RODRIGUEZ will hold the position of Chairman of the company.
By appointing Mr. Gérard RODRIGUEZ, founder of RODRIGUEZ GROUP, the Supervisory Board provides the partners and clients of RODRIGUEZ GROUP a strong signal showing its willingness to ensure the business continuity under normal conditions.
Mr. Gérard RODRIGUEZ, new Chairman of RODRIGUEZ GROUP, declared:
“Rodriguez Group benefits from an undisputed leadership with respect to the design and manufacturing of luxury yachts acquired over the years. Thanks to the quality of its teams and the loyalty of its clients, Rodriguez Group has managed to create a unique and successful brand. Over the fiscal year 2009/2010, the company took measures in order to manage its financial difficulties and to strengthen the success of the safeguard proceeding, completed in
April 2010. Those measures and efforts confirm our wish to pursue the company’s business under normal conditions. I have personally dedicated my entire life to the Group and my energy remains the same, despite the circumstances, to hold the Chairmanship while waiting for a long-term solution.”
ANNUAL RESULTS 2008/2009
Annual results (1) 2007/2008 2008/2009 (€ thousands)
Yachts 259 276 79 678
Services 48 371 29 888
Consolidated sales 307 647 109 566
Current operating loss (61 494) (103 668)
Net loss – Group share (47 571) (121 660)
The RODRIGUEZ GROUP’S Fiscal year 2008/2009 ended on September 30, 2009
Annual sales totalled € 109.6 million, compared to € 307.6 million in 2007/2008 (1). The decline reflects the continuing slowdown in global sales for the luxury goods segments.
Taking into account the loss generated and provision charges required by the Yacht business, the current operating loss amounts to € 103.7 million, compared to a € 61.5 million loss in 2007/2008 (1).
Provisions for write-offs (net of releases) made in 2008/2009 amounted to € 8.9 million.
Net loss – Group share amounts to € 121.7 million (compared to a € 47.6 million loss in 2007/2008) (1), taking into account a € 7.2 million deferred tax asset.
PUBLICATION OF ANNUAL FINANCIAL STATEMENTS
The annual and half-yearly financial statements of RODRIGUEZ GROUP and the related financial reports, as approved by the Management Board and Supervisory Board on April 27 and May 31, 2010 and certified by the auditors, are available on the company’s website (-rodriguezgroup.com), section Documentation / Regulated information (-RODRIGUEZ group.com/fr/finance/information.aspx)
The Annual Shareholders’ meeting convened to approve the financial statements related to the financial year ending on September 30, 2009 will take place on July 21, 2010 at 9 AM, Hôtel Carlton – 58 Boulevard de la Croisette, Cannes.
The trading of shares will resume on June 16, 2010.
(1) Audited data
HALF-YEARLY RESULTS 2009/2010
Half-yearly results (1) 2008/2009 2009/2010
Yachts 37 317 7 981
Services 11 887 13 858
Consolidated sales 49 204 21 839
Current operating loss (78 438) (12 586)
Net loss – Group share (63 860) (11 405)
The first half-year of RODRIGUEZ GROUP’s 2008/2009 fiscal year ended on March 31, 2010. The Group reported half-year sales of € 21.8 million, compared to € 49.2 million over the 1st half-year 2008/2009 (1).
Sales of yachts suffered from the continuing effects of the economic crisis as well as the attitude of certain clients which prefer to wait for the closing of the safeguard procedure before buying their yacht or concluding a long-term manufacturing contract.
The current operating loss shows a reduction of the group losses of € 12.6 million, compared to a € 78.4 million loss over the 1st half-year 2008/2009 (1).
This result has been obtained thanks to cost-cutting measures implemented over the past year regarding marketing expenses, management fees, sale fees and workforce.
Such results include the net releases on provisions for writedown related to the first half-year for an amount of € 18.8 million.
Net loss – Group share was € 11.4 million compared to a € 63.9 million loss in the first half-year 2008/2009, after taking into account a € 5.7 million deferred tax asset (1).
This loss does not include the € 54.3 million extraordinary profit resulting from the agreement concluded with the Group’s creditor banks which came into force on April 29, 2010.
Such profit will be taken into account during the second half-year 2009/2010.
(1) Audited data
The success of the safeguard procedure in April 2010 allows RODRIGUEZ GROUP to start the 2010 season in more favorable conditions.
The Spring 2010 season shows what can be deemed as a start of market stabilization.
The Group intends to build on such favorable conditions to implement its goal to generate cash and redevelop its business dynamic.