Perused the Beneteau Group annual report. Discovered some troubling information.
Beneteau Boats lost money on a P&L basis again this year.
Group had $130 million negative cash flow over last 2 years.
Group S,G,&A is 60% of revenue 6 years into a downturn.
Group eliminated its dividend.
Anyone who understands the dynamics of a multi-generational publically traded business knows the meaning of these results.