By Olivier Voituriez

The Rodriguez Group has officially published its 2012/13 results for the financial year ended September 30, 2013.

As reported by SB last month, the yard’s consolidated turnover dropped 27 per cent to €56.7m compared to €77.9m in 2011/12. The results, according to the company, were down to its failure to sell two new yachts this year.

Nevertheless, Rodriguez was able to reduce current operational losses in 2012/13 by around 65 per cent, resulting in losses of -€8.6m compared to -€21m in 2011/12.

Net results were losses of €18.7m, half the figure of the previous year (€35.6m).

Rodriguez believes that a turnaround in the group’s situation will depend on a new acceptable level of turnover, the threshold being around €80m – five times less than it was in 2008/09.

The main obstacle is the yard’s banking debts. Financial liabilities rose from €85.9m in 2012 to €87.6m at the end of the 2013 financial year.

After several weeks of negotiations with its institutional lenders, Rodriguez says it has submitted modifications to its rescue plan at the Commercial Tribunal at Cannes, requesting a total or partial abandonment of its debts. The court’s decision is expected in the beginning of 2014.

Restructuring the bank debt is important to ensure sufficient investment and production at Rodriguez. It would also help to reassure customers, which is vital to its survival.