Good evening, ladies and gentlemen. Thank you for joining us for this Groupe Beneteau 2024 results presentation. I will start as an introduction on the key achievements of the year 2024 for the group. Nicolas will go further in detail regarding full-year financial results. Then we'll talk about perspective, either short, either mid-term. What a year. We used to close our call by we say what we do, we do what we say, and more when we can. That's the way I concluded the last month's one, relative to sales. You knew we overreached EUR 1 billion sale. We also overreached our guidance regarding EBIT, 7.3%. We also managed to adapt our cost structure and adapt our stock level, our production plan level, to generate a positive free cash flow during the period.
We finally managed to close the Housing division deal, generating a significant contribution in our net income. We'll come back on it. On each of these items, thanks to anticipation, thanks to cost structure adaptation, we managed to overreach each of our objective for the year. I said by anticipation, because since one year and a half now, since mid-2023 results, we shared with you two things at that time. One, we're going to beat the historical record of the group in 2023 in terms of sales, in terms of cash, in terms of results. The market is shifting. The dealer network, not the Groupe Beneteau, all the dealer networks are probably stocking too much in 2023 and will de-stock in 2024. Since then, when we talk together, we talk more about sell-out than sell-in.
We talk more about what our dealer network sell to final customers than what we sell to them. The sell-out performance of the year, we commented last month together, is declining by 70%, which is the market trend. This is not the case from a volume standpoint, 16% sell-out decrease in volume, mainly on monohull selling, mainly on entry-level day boats, which is the segment which is the most impacted by inflation and interest rate increase. Thanks to the value-driven growth strategy that we shared with you during the last years, we've been able to compensate part of this volume trend from a top-line standpoint by 9%. This is a huge gap from one year to the next. EUR 240 million stock increase in 2023 to EUR 110 million stock decrease at our dealer network in 2024. It was in line with our expectation.
We said between EUR 100 million and EUR 150 million, it's been EUR 110 million. We could actualize our production plan, our cost structure. We could rationalize our industrial footprint. We could integrate parts in Tunisia, in Poland. We could arrange our production schedule either through multi-year pluriannualization of working time, either through furlough or CIG in Italy, and also could adapt the indirect cost structure to keep the group profitability, the boat division profitability in the tunnel between 6% and 12% we wanted to. A solid performance from a financial standpoint and also making significant progress on a sustainable roadmap. We have a program, B-Sustainable or CSR, which has been built on three pillars: Ethical Growth, Engaged Crew, Preserved Oceans. Ethical Growth is relative to the way we conduct our business. We already shared this information, 56% of our purchases today are eco-l abeled, EcoVadis, mainly.
This is 15 points more than one year ago. We accelerated our parity, gender diversity programs, creating the B-Equal program. We are not enough from a women and men repetition, but we have been progressing by five points in six years. We have continued investing in training, either from a safety standpoint, either from a CSR standpoint. The Climate Fresk, La Fresque du Climat in France, has been trained for 800 of our employees today in two years. This is huge. This is 50% of our structure. Regarding CO2, regarding preserving oceans, I will comment two things. One, Scope 2, meaning in our plants, we have reduced by 26% our CO2 emissions by reducing gas and reducing electricity consumption. This is not easy in a plant that is open to reduce at the same magnitude at the top line.
In terms of trend, it's a very significant step, especially in U.S. We are structured by an organization dedicated to continuous improvement, which is certified for many years now, ISO 14001. That was the case in France, in Vendée, historically. That was the case in France, in Bordeaux since last year. This was the case in France this year, in 2024, also in Poland. 84% of our footprint today is ISO 14001 certified. Our CO2 emission intensity has reduced as well from 920 ton CO2 per million euro to 650 ton CO2 per million euro. Thanks to a lot of innovation that we launched. Regarding CSR approach, we really think that it will work only if it improves the customer experience. I will take two examples which are illustrated there. The foiling of a cat. It doesn't cost that much to add this foil.
It reduces the drag by 15%-20%. It reduces the consumption during this navigation. More than that, it improves the stability inside the navigation. Either because it's a cat, either because it's a foil cat. That's the first concrete example that is becoming a standard progressively. That's the case for materials like on this boat, the Oceanis Yacht 60, which is now produced with Elium resin, meaning it's a fully recyclable boat. It's the case as well for the more complete concept boat, the Island Cruising Concept, which has started in the opposite way. We started by the user experience of a charter experience navigating in Croatia, eight people. What's the average duration of the trip? What's the average speed? Then designed the boat with the objective to reduce significantly the consumption by 50%. Let's look at a short video illustrating this concrete example.
What boaters really want today is to live outside and enjoy the scenery. They also want comfort, space, and silence. They want to get together and simply share the best of times. They want to go boating without constraint and in complete safety. They want to disconnect and forget it all. They want to make the most of every moment on the water. Above all, they want to do all this in an eco-conscious manner, by making the most of renewable energies to limit their impact on the environment. We did not leave this new concept in a box. We actually did it, and we are currently testing it in real conditions because we're committed to inventing tomorrow's boating. More relevant, simpler, and more sustainable.
More space, less noise, less consumption. The doubt we had on it was will it create the dream? We did not go for industrialization. We've gone for a concept boat, practice in Croatia and BVI, show it in the boot Düsseldorf in January. Surprisingly, the wow was much more important than what we expected on a boat, seeing the platform, seeing the habitability. We're going to launch the industrialization of this boat, reducing the consumption, and also as an answer to competitiveness. Last achievement, I say last because it was in the last weeks of the year, it's done. It took two years of discussion with Trigano, out of which one year and a half with the competition authorities, but it's done since end of November. We sold the Housing activity, EUR 235 million, which could generate a capital gain in our net income by EUR 38 million.
We'll come back on it later on in the presentation. The Groupe Beneteau is now as solid, as focused on the boat business as a pure player, the boat business development. That were the key achievement of 2024. Nicolas, can we talk about the results themselves?
Thank you, Bruno, for sharing the business highlights. Good evening, ladies and gentlemen. As Bruno just mentioned, the main impact of Beneteau results, obviously, is the sale of the Housing division. Since the closing happened in the last day of November, it prevent us to share with you a financial statement before the application of IFRS 5, as we did the past three semesters. Consequently, we will share only after the application of the norm showing the result of the 11 months of operation of the Housing division and the consequence of the proceed of the disposal of the activity in the net income from discontinued operation. You saw it, EUR 633 million, out of which EUR 38 million is coming from the capital gain on the transaction based on, as Bruno said, EUR 235 million transaction. Regarding the EBIT, as Bruno mentioned, we overachieved the guidance more than 7%.
We'll come back on the detailed bridge on this operation. We can also notice here a gap between the deterioration of the EBIT margin and the EBITDA margin with a 29% decrease in sales. This is a consequence of the increase of the weight of depreciation on the revenues. Last item to be noticed here is the performance on H2 free cash flow. We commented in September for H1 result that we had the target to reduce inventory. We overachieve the target, which enable us to overachieve our treasury target, but we will come back on that. Regarding revenues, Bruno mentioned the gap is threefold. First, obviously, the gap in inventory will not come back on that. It's a EUR 350 million gap between one year to another. Second is a market trend on monohull segment on dayboat and entry-level, as you said, which is impacting also the net revenues.
Last, most interestingly, is the value-driven growth, which is again, this year, bringing almost 10% growth with EUR 100 million. You have an illustration here with the PRESTIGE M8 and the PRESTIGE M48, which is exposed here. Regarding operating margin, what enabled us to overachieve our business target, 7.3% ROC. First of them, as Bruno mentioned, is obviously an aggressive saving plan that we put in place early in 2024 to protect the profitability of the group. It's been followed almost everywhere. It's been indirect cost reduction. It's been industrial initiative also. It represents a EUR 25 million yearly saving and a EUR 20 million gap between one year to another. Second is the remaining impact of the inflation balance. We commented that last year, the exact same time. We have a remaining gap of having anticipating the inflation on our selling price, and it's waiting EUR 25 million year-over-year in 2024.
The 7% has been overachieved despite two major negative impact. First one that we commented in our last press release on H1 result, the U.S. brands on the dayboat market performance, which is waiting a loss of EUR 21 million. Second is a continuous investment on our ERP, which is going by the plan and waiting EUR 15 million on the year. When we look at the net income, aside the impact of the disposal of the Housing division, the main impact comes a share in income from associates. Deterioration of the performance in charter company in line with the market, unfortunately, and the consequence is a depreciation of securities for both charters company, The Moorings Charter and NAVIGARE, and in the dayboats boat club, Your Boat Club, waiting for EUR 13 million. Both business model are very fragile and very exposed to financing, interest rate, and inflation.
Net income from interest on investment is improving by EUR 1 million. We don't see that in the result because it's unable to offset the expense related to the non-unwinding of the U.S. dollar hedging. At the end, net income, EUR 93 million. When we look excluding the impact of the disposal of the Housing activity is EUR 57 million, waiting EUR 0.69 per share. Last comment on the result, the solid net cash position, EUR 357 million. Obviously, a record for the group. EUR 230 million coming from the Housing divestment including the operation of the first 11 months. I just want to highlight here, obviously, the working capital, which is the main driver of the first improvement in terms of inventory. As I said earlier, we improved EUR 83 million, the position in terms of inventory, which is the lowest point over the past three years. At the end, the working capital need increased.
The reason is partly what we explained last year, the consequence of the 2023 record mark that we did, which impacted in 2024 tax, year-end rebate for dealer, year-end bonus, profit sharing, which had been paid in 2024. This is a stretch between a year where we increased 18% of revenues, with a year we decreased 29% of revenues, and this is a stretch in the variation of working capital on both payable and receivable. As a conclusion of this result presentation, the group is getting out of this difficult 2024 year stronger than ever, with a solid and sound financial position, which enable us to look at the future with a new growth plan that now Bruno will share with you as a perspective. Thank you.
Thank you, Nicolas. Let's go straight. Let's talk about the market, sell-out wise, market-wise. H1 will not go better than 2024. The sailing monohull market is highly penalized by inflation and interest rates. Same thing for dayboats. It start to be the same for multihull now, especially since charter companies are struggling from the stop of subsidies increase from the inflation, from the price discussion, I would say, on the chartering itself. Even the motor yachting, which was on a very positive dynamic also on the big boats, start to switch from green to orange. Let's say it that way. A bit longer to sign a big deal is the way it's written for the big yacht maker. There are two positive signals inside this ecosystem. The first one is that boat shows are better this year than last year.
During a boat show, we perform well and better than last year. We don't really move forward between boat shows. During the boat show, the dream still work. Second, the second-hand market is still resilient in terms of number of transactions, meaning the willingness to navigate is still there. Talking about our business, the retail business, we expect a retail activity 2025 slowing down by 5%-10% in 2025. In a macroeconomic environment, geopolitical, economical, in Europe, in France, in Germany, in Italy versus Russia, custom risk with U.S. I don't know what will be the output of that. What is a certitude is that it creates uncertainty.
It push our dealers to say, "Okay, I will buy back a boat in stock a bit later on." We think that the sell-out will be slowing down, but the sell in will continue to be impacted during the first semester by that. What about Groupe Beneteau in this context? You said it, Nicolas. It has never been as strong as of today, financially speaking. And what does a strong group? It distribute dividend to its shareholders, it invest for organic growth, and it looks at external growth opportunities that will be relative, which will be positively contributive. This is about what will happen in the next three years. We will go in detail with you now on what we're going to do in terms of product development acceleration. We have launched 44 models during the last three years.
We will launch 66 during the next three with two priorities. One, of course, continue the value-driven growth strategy that we shared with you, that we explained to you already, one step further accelerating it. Of course. Being cautious in the level of CapEx that we do in line with the level of volume that we can expect on this market, the level of industrialization of big value for low volume markets. We will also redynamize the volume market, not only our position on the market, but also the market itself, by accelerating the renewal of the volume offer, the entry level of our range, the one which are penalized today by inflation. This is what we're going to detail now. Accelerating the premiumization means 28 model launch in three years. On the three segments, the flagship Lagoon EIGHTY 2 will be shown in Cannes.
Most of the investment is already done, the presentation of the boat will be in Cannes this year. the PRESTIGE M7 as well for PRESTIGE will be shown in Cannes. The Gran Turismo 32 as well will be shown in Cannes. On each segment, there is a value-driven growth strategy to generate revenues, growth, going one step further in a reasonable condition, meaning with the right level of investment, with the right level of industrialization for each segment. We have to do the same for the entry level of our range. Because it's our DNA, it's our front commerce, it's our relationship, customer relationship, that we asked to renew and which is today in competition with the second-hand market. Here again, that's true for each segment. The Lagoon 38 here is the new high-runner of Lagoon for charter companies, is the post-inflation answer.
We showed it last week in Bordeaux in the Lagoon exclusive days. Same thing, of course, for American brands. Yes, we're going to grow them in value, the inflation deposition, the price, and the design to cost approach must be applied also on the day boating, is in a reasonable CapEx level, of course. Same thing for PRESTIGE, same thing for the motor yachting segment, meaning the boat we launched three years ago before inflation as the entry level of this segment have been a bit deposition. We have to have one step below like this one, which has been sold in the sell-off for the PRESTIGE 4.3. 38 launches will be done during the next three years. Of course, all of that will continue to embed innovation, and in particular, sustainable innovation.
On each block of the life cycle assessment, either on energy management, either on recyclability, through naval architecture improvement, as we said, especially for the Island Cruising Concept that will switch from concept to series next year, in order to confirm, to execute, to implement our CO2 emission reduction trajectory, intensity reduction by 30% in 2030. What can we say about short term? Let's say that 2025 will be a contrasted year. We are sure, as we said one month ago, that H1 will be a tough one. We talked about European markets and the discussion that we have between Europe and U.S. regarding tax. There is now a shutdown on the sailing catamaran market. That's a fact. Our dealers will continue to destock their destocking program, the EUR 40 million that they didn't do last year.
Probably we'll do it quickly and go one step further until the end of the season. The promotions are increasing on the boat shows, that's clear. We will not be able to renew positive inflation balance every year as we did during the last three. The cost reduction measure mentioned by Nicolas will be maintained, of course, and we'll accelerate the rollout of our new ERP. It's better to launch it at a low point of the market than full speed. That's for H1. What can we say about H2? Just as a reminder, we are a seasonal activity. The next season start in five months, it's difficult to say a lot about the next season.
The only factual thing we can say is that it will start with, at least for us, a normalized dealer stock level, meaning a realigned sell in and sell-out from the next season. It will start with 20 new models shown in Cannes, which is the good moment to show innovation and to show new model. New model that will ramp up Portugal in a competitive way, that will ramp up Italy, the M8, the M7 from PRESTIGE I was talking previously. It will gradually show the turnaround of our American brand. We kept our industrial footprint in U.S. I think today it's strategic to keep it. In terms of turnaround, it's a huge task force to make this market a profitable one for us. What can we say about 2025? We expect to generate a top-line level between EUR 0.9 billion-EUR 1 billion sales.
I think that's the only thing we can say today, in March, for the year 2025, out of which the next season will start in five months from now. If we look a bit ahead, what do we expect from the 66 model that we will launch in the next three years, versus the 44 during the last three? About this 50% increase and acceleration of product development is to continue to grow in our value-driven segments and to accelerate the renewal of the volume one. We will size the investment probably around 50% increase from a product investment standpoint, keeping the industrial one at the same speed than today, meaning feeding better the existing footprint. That's why it was important to keep the rebound capacity in our cost structure today, and growing the one which are more recent, such as Italy or Portugal.
We'll finalize the ERP deployment in the years to come. Our ambition in this context is to bring back the group into the EUR 1.5 billion sales level into the double-digit profitability during this plan that we size at this time for 2028. This is what we could share with you today. Of course, we'll look at external growth opportunities, being cautious, being ambitious, but without being at a speed, in a rush to make it happen. Of course, it has to be growth-oriented. Last thing, to conclude, it's just when the boating markets are slowing down that the solid one accelerate their product development, invest in product development, and of course, get stronger out of it.
That's not the first time the group will show it. That's not the first time the group will make it, and the group will make it again and get stronger out of this market slowdown. Thank you very much.
Thank you.
Talk to you mid-May regarding Q1 sales. Thank you very much.