EDITOR’S NOTE: The following is a press release from Knaus Tabbert, one of the leading recreational vehicle manufacturers in Europe. Also note that, as of Aug. 9, EUR 1 is the equivalent of $1.09 (US).
The German market for leisure vehicles can look back on a positive first half of the year. A total of 57,893 new leisure vehicles were registered in Germany in the first half of 2024. This corresponds to an increase of 6.6% compared to the same period of the previous year and thus marks the second‐best figure behind the record half‐year of 2021 with 62,839 new registrations.
The main driver of the positive trend is the motorhome segment, which remains well above the pre‐pandemic level. Thanks to improved vehicle availability, demand for larger motorhome models in particular is on the rise again.
The KNAUS, WEINSBERG and MORELO brands continue to occupy the clear lead in new registrations of motorised vehicles. In the most important segment of semi‐integrated motorhomes, KNAUS and WEINSBERG products secure first and second place in new registrations. MORELO is and remains the number 1 in the luxury motorhome segment.
Revenue and earnings
Knaus Tabbert recorded consolidated revenue of EUR 699.4 million and an adjusted EBITDA margin of 9.6% in the first six months of 2024.
“We adjusted to the changed market conditions at an early stage. A key factor here is the adjustment of the product mix and the broad product range in line with our multi‐brand strategy. This enabled us to achieve strong earnings quality in the first half of the year.‟ states Wolfgang Speck, CEO of Knaus Tabbert AG.
Order development
Following the presentation of the 2025 model year in mid‐June, order intake is showing the expected positive momentum and results in an order backlog – as of the beginning of August 2024 – of well over half a billion euros.
Long-term financing agreed with syndicate bank
In June 2024, Knaus Tabbert signed a syndicated loan totalling EUR 250 million together with its long‐standing banking partners Commerzbank, Nord/LB and Raiffeisenlandesbank Oberösterreich. The facility has a term of three years – with an option to extend by two years – and has replaced the previous facility. The considerably higher volume also takes account of the Group’s growth.
Investments
Investment activity fell significantly by 41.3% to EUR 13.2 million in the first six months of 2024, compared to EUR 22.4 million in the same period of the previous year. The main payments relate to investments in the completion of the new production line (including the construction of a new building) at Morelo in Schlüsselfeld (DE).
“In order to optimally utilise the growth potential in the luxury segment, a second production line was added to the Schlüsselfeld site in Germany. This will enable MORELO to further expand its leading role in the European luxury motorhome segment,‟ says Wolfgang Speck, CEO of Knaus Tabbert AG, explaining the investments.
In total, Knaus Tabbert thus generated a positive free cash flow of EUR 12.3 million.
Outlook
Knaus Tabbert updated its forecasts on 17 June:
Despite the generally positive market environment and normal stock levels at caravanning dealers, dealers are now financing this stock at their banks at significantly higher interest rates. As one measure, Knaus Tabbert will extend the planned factory holidays in August from three weeks to five weeks. The temporary reduction in production output, combined with solid customer demand, should lead to a reduction in dealer inventories in the coming months and thus to a reduction in the high interest burden on dealers.
Based on the temporary measures to support the trade, Knaus Tabbert AG now expects consolidated sales for the full year 2024 to be in the range of EUR 1.3 billion to EUR 1.4 billion (previously: EUR 1.4 billion to EUR 1.55 billion) and an adjusted EBITDA margin of 7.0% to 8.0% (previously: 8.0% to 9.0%).
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