1. Hymer GB 04-05 Textf. engl.

Performance
Group and AG management report
In the past financial year, the HYMER Group again
managed to increase revenues, despite the economically
challenging general situation. As in previous
years, the basis for this success was the fact that the
weakness of the domestic market was offset by the
strength of export markets.
At the end of the financial year, the Group posted
total revenues of just under € 750 million. This represents
an increase of € 33.3 million or 4.7% compared
with the previous year. One interesting factor here is
that the profits that stemmed almost entirely from
the motorhome area last year were heavily supported
by the profits of the caravans this year. Although
motorhomes maintained their high level with a slight
increase, caravans generated double-digit percentage
revenue growth. This illustrates that whilst motorhomes
certainly have a dominant position on the
market, profits can still be made with attractive
products in the caravan sector.
Domestic sales accounted for € 259.8 million of the
total revenues from last year. This was down € 5.8
million or 2.2% on the previous year. This decline was
offset by exports, which rose by € 39.1 million or
8.7% to € 490.1 million.
The caravan area had an overall revenue share of
€ 117.7 million. Motorhomes contributed a share of
€ 574.0 million, and other revenues totalled € 58.3
million. Overall, this revenue volume is based on unit
sales of 10,758 (previous year 9,537) caravans and
13,836 (previous year 13,567) motorhomes.
The remarkable unit sales increase of 1,490 vehicles,
consisting of 269 motorhomes and 1,221 caravans,
meant that the HYMER Group in turn generated a
very good result from ordinary operations of € 47.8
million. However, the intended target of reaching the
previous year's result of € 49.9 million was missed by
€ 2.1 million.
Key factors in this development were substantial
downturns in earnings at the Hymer France S.A.S.
production site (down € 1.3 million) and at Bürstner
(down € 1.5 million). At LAIKA, there was a slight
change of minus € 0.7 million. It must be
remembered here that LAIKA is number one in the
Group in absolute terms, with a return on sales of
9.6% (result from ordinary operations).
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The performance was pleasing at Niesmann+Bischoff,
which produced an earnings increase of € 2.3 million,
thus making a positive contribution to the earnings
of HYMER AG.
Crucial factors in the development of consolidated
earnings were an expansion of stock of semi-finished
and finished goods valued at manufacturing costs, a
0.6 percentage point reduction of the gross income
with a € 4.6 million impact on earnings and a € 1.4
million increase in write-downs. Furthermore, we
stated in our annual report for the 2003/04 financial
year that there is an unmistakeable trend towards
low-cost vehicles. A change of the product mix
towards products with lower margins is related to
this.
After elimination of the dividend payments and the
income-impacting consolidations at the corresponding
companies, the shares of the main companies in
the consolidated net income for the year are as
follows:
€ million %
HYMER AG
External revenue share
Share of consolidated net
354.0 47.2
income for the year
Bürstner sub-group
13.4 48.3
External revenue share
Share of consolidated net
277.9 37.1
income for the year
LAIKA Caravans S.p.A.
10.7 38.5
External revenue share
Share of consolidated net
88.6 11.8
income for the year 4.1 14.8
Compared with the previous year, HYMER AG
increased its external revenue share and its share of
consolidated net income for the year. However, the
reported figures of the two largest subsidiaries
impressively demonstrate the significance of these
companies to the performance of the HYMER Group.