HanseYachts AG

HanseYachts operates with a negative equity position of EUR -10.8 million and a debt-to-equity ratio of -3.93, indicating a leveraged capital structure with liabilities exceeding assets [doc:HA-latest]. The company's liquidity position is weak, with a current ratio of 0.66 and negative free cash flow of EUR -12.1 million, suggesting limited ability to meet short-term obligations [doc:HA-latest]. The negative operating cash flow of EUR -11.2 million further highlights operational cash generation challenges [doc:HA-latest]. Profitability metrics show a return on assets of -9.76%, indicating asset underperformance relative to industry peers, while the return on equity of 1.05 is misleading due to the negative equity base [doc:HA-latest]. Gross profit of EUR 69.0 million represents 40% of revenue, but the operating loss of EUR 11.4 million and net loss of EUR 11.3 million indicate significant cost pressures [doc:HA-latest]. These results fall below the median for the Recreational Products industry, where positive operating margins are typical [doc:industry_config]. The company's revenue is split between Sailing Yachts and Motor Yachts segments, with no disclosed geographic breakdown. However, the German manufacturing base and European brand presence suggest regional concentration risk [doc:HA-latest]. No competitor market share data is available, but the negative equity position implies competitive disadvantage in a capital-intensive industry [doc:market_share]. Outlook data is not provided, but the recent EUR 173.7 million revenue and EUR -11.3 million net loss suggest a challenging operating environment. The capital expenditure of EUR -5.5 million indicates ongoing investment, though the negative free cash flow limits reinvestment capacity [doc:HA-latest]. The company's liquidity risk is elevated due to negative net cash and high leverage [doc:HA-latest]. Risk factors include liquidity constraints, negative equity, and operational losses. The dilution risk is low, with no near-term pressure from share issuance, but the negative equity position could necessitate future capital raises [doc:HA-latest]. ESG controversies score of 100.0 indicates significant governance and social risks, with low governance and social pillar scores of 15.9 and 7.6, respectively [doc:HA-latest]. Recent filings and transcripts are not provided, but the negative operating cash flow and net loss suggest operational challenges. The company's ability to service EUR 42.3 million in long-term debt is questionable given the negative equity and liquidity position [doc:HA-latest].