EDITOR’S NOTE: The following is a press release from Knaus Tabbert, one of Europe’s leading manufacturers of recreational vehicles. Also note that 1 EUR is equal to 1.09 US dollars on August 9.
The German market for recreational vehicles looks back on a positive first half of the year. In the first half of 2024, a total of 57,893 recreational vehicles were newly registered in Germany. This corresponds to an increase of 6.6% compared to the same period last year and marks the second-best figure after the record half of 2021 with 62,839 new registrations.
The main driver of the positive development is the motorhome segment, which continues to be well above pre-pandemic levels. Thanks to improved vehicle availability, demand for larger motorhome models in particular is increasing again.
The KNAUS, WEINSBERG and MORELO brands continue to be clearly at the top when it comes to new registrations of motorized vehicles. In the most important segment of partially integrated motorhomes, KNAUS and WEINSBERG products secured first and second place in new registrations. MORELO is and remains number 1 in the luxury motorhome segment.
Sales and earnings
In the first six months of 2024, Knaus Tabbert achieved consolidated sales of EUR 699.4 million and an adjusted EBITDA margin of 9.6%.
“We adapted to the changed market conditions early on. A key factor in this is the adjustment of the product mix and the broad product range as part of our multi-brand strategy. This enabled us to achieve strong results in the first half of the year,” says Wolfgang Speck, CEO of Knaus Tabbert AG.
Order development
Following the presentation of the 2025 model year in mid-June, incoming orders are showing the expected positive momentum and are leading to an order backlog – as of the beginning of August 2024 – of well over half a billion euros.
Long-term financing agreed with consortium bank
In June 2024, Knaus Tabbert, together with its long-standing banking partners Commerzbank, Nord/LB and Raiffeisenlandesbank Oberösterreich, signed a syndicated loan totaling EUR 250 million. The loan has a term of three years – with an option to extend by two years – and replaced the previous loan. The significantly higher volume also takes into account 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 last year. The main payments relate to investments in the completion of the new production line (including new construction) at Morelo in Schlüsselfeld (DE).
“In order to make the most of the growth potential in the luxury segment, a second production line was built at the Schlüsselfeld site. 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.
Overall, Knaus Tabbert generated a positive free cash flow of EUR 12.3 million.
outlook
Knaus Tabbert updated its forecasts on June 17:
Despite the overall positive market environment and normal stock levels at caravanning dealers, dealers are now financing these stocks at their banks at significantly higher interest rates. As one measure, Knaus Tabbert will extend the planned factory holidays in August from three to five weeks. The temporary reduction in production output, combined with solid customer demand, should lead to a reduction in dealers’ stock levels in the coming months and thus a reduction in the dealers’ high interest burden.
Based on the temporary measures to support trade, Knaus Tabbert AG now expects group sales in the range of 1.3 to 1.4 billion euros (previously: 1.4 to 1.55 billion euros) and an adjusted EBITDA margin of 7.0 to 8.0 percent (previously: 8.0 to 9.0 percent) for the full year 2024.
