Italy

Sea Energy

In their most recent financial disclosure, the Board of Directors of <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>, under the chairmanship of Massimo Perotti, gathered to review and approve the preliminary consolidated results as of 31 December 2023.<img src="https://photo-assets.superyachttimes.com/photo/250520/image/large-0a3fbeca280e8c3933c53ff570e0aa4f.jpg" data-gid="gid://syiq/Photo/250520"><a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> demonstrated robust financial performance in 2023, with Net Revenues from New Yachts reaching €840.2 million, marking a 13.4% increase from €740.7 million in 2022. In the fourth quarter alone, Net Revenues from New Yachts amounted to €214.2 million, reflecting an 8.9% rise over the €196.6 million recorded in the corresponding period of the previous year.An analysis of the factors contributing to the growth in Net Revenues from New Yachts reveals that the Yacht Division played a pivotal role, reporting €510.6 million, which represents a 9.9% increase compared to 2022. In a similar vein, the Superyacht Division significantly boosted the overall performance, generating Net Revenues from New Yachts of €238.3 million, marking a 19% increase. Additionally, <a data-gid="gid://syiq/Company/5648" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bluegame (Company)">Bluegame</a> demonstrated substantial growth, with Net Revenues from New Yachts reaching €91.3 million, a 20.2% increase compared to the previous year.Geographically, the European market demonstrated significant growth. Net revenues from new yachts in Europe experienced a substantial increase of 38.3%, rising from €417,268,000 in 2022 to €577,238,000 in 2023. Concurrently, this region's contribution to the total net revenues expanded, moving from 56.3% in 2022 to 68.7% in 2023.The Middle East and Africa (MEA) region exhibited the highest growth rate, with net revenues from new yachts increasing by 83.7%, from €42,641,000 in 2022 to €78,333,000 in 2023. The MEA region's share of the total net revenues also increased from 5.7% in 2022 to 9.3% in 2023.&nbsp;The Americas witnessed a decline in net revenues, decreasing by 46% from €171,497,000 in 2022 to €92,594,000 in 2023. Furthermore, the region's contribution to total net revenues dropped from 23.2% in 2022 to 11% in 2023.The Asia-Pacific (APAC) region also saw a decline in net revenues from new yachts by 15.8%, from €109,273,000 in 2022 to €91,999,000 in 2023. The APAC region's share of total net revenues also decreased from 14.8% in 2022 to 11.0% in 2023.&nbsp;The net cash position of <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> as of 31 December 2023 stood at €140.5 million, reflecting a significant increase of €40.2 million from the €100.3 million recorded on 31 December 2022. This improvement in the net cash position was achieved after accounting for several key financial activities throughout the year, including the distribution of dividends amounting to €22.9 million, a share buy-back initiative costing €3.3 million, organic net investments totaling €44.5 million, and the financial impact of €11.3 million related to changes in the net financial position (NFP) from the consolidation perimeter adjustments. These adjustments were notably influenced by the acquisition and subsequent consolidation of majority stakes in Duerre and <a data-gid="gid://syiq/Company/7075" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sea Energy (Company)">Sea Energy</a>, marking a strategic expansion of <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>'s operational footprint.In the fourth quarter of 2023, <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>'s order intake was €207.8 million, a 30% increase from the €159.1 million recorded in the same period of 2022. This contributed to a total of €812.3 million in new orders for 2023, slightly below the €894.7 million seen in 2022. The change reflects a market normalization, partially due to the impact of extended yacht delivery times, with schedules planned up to 2028.Commenting on the strong financial performance Perotti stated: “The performance of the year is substantiated by the growth of all the main metrics – at income and assets level, as well as in terms of constant ability to generate new cash to support future investments and the remuneration of our shareholders.”“In this perspective, we signed in December the contract for the acquisition of <a data-gid="gid://syiq/Company/1011" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Simpson Marine (Company)">Simpson Marine</a>, allowing us direct control in the APAC area towards which we have significantly high expectations in the medium-long term, but not only: the capillary structure in the South-East Asia will be synergic with the international development strategy of services. For example, in chartering, the activities started with the acquisition of <a data-gid="gid://syiq/Company/2790" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Equinoxe Yachts International (Company)">Equinoxe</a>.”&nbsp;“Also in December, the signing of a Memorandum of Understanding to explore a possible partnership with the <a data-gid="gid://syiq/Company/313" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nautor Swan (Company)">Nautor Swan Group</a> fits perfectly into our long-term strategy, especially in terms of sustainability given the obvious complementarity between the world of sailing and the cutting-edge technologies that we are applying for the use of green methanol and hydrogen as yachting fuels of the future”.

Sanlorenzo reports 13% increase in net revenues compared to 2022

Sanlorenzo demonstrated robust financial performance in 2023, with Net Revenues from New Yachts reaching €840.2 million, marking a 13.4% increase.

Sanlorenzo reports net revenue of €840m in 2023 end of year results

Italy-based yacht builder <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> has reported an increase in profitability across all levels in their latest financial report. The Board of Directors at <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> confirmed the Q1 2023 results reporting double-digit growth of all main metrics.<img src="https://photo-assets.superyachttimes.com/photo/251953/image/large-55cc082ff4a9a8179c905e3cd857a19c.jpg" data-gid="gid://syiq/Photo/251953">“In line with our Business Plan 2023-2025, the results of the first quarter 2023 demonstrate the strength of the brand and the excellence of the business model of the Maison <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>, which once again translates into increasing results and substantially in-line with our forecasts,” commented Massimo Perotti, Chairman and Chief Executive Officer of <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>. <img src="https://photo-assets.superyachttimes.com/photo/261779/image/large-7b5718deb5680c4926c86d70113ad2a3.jpg" data-gid="gid://syiq/Photo/261779"><a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> reported a net revenue of €183.7 million for the sale of new yachts in Q1, a 11.8 percent increase from the previous year’s results. The breakdown by geographical area confirmed the expansion of the European market which was up by &nbsp;50.3 percent compared to the first quarter of 2022. <img src="https://photo-assets.superyachttimes.com/photo/260252/image/large-ada74dc8b41b84a403a728772110d2bf.jpeg" data-gid="gid://syiq/Photo/260252">The order intake for the first quarter of 2023 is equal to €170.1 million, while the gross backlog up to March 2023 equates to €1.24 million, with a further increase in financial availability to support the Group’s objectives.Read: <a data-gid="gid://syiq/Article/57522" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo reports €740m net revenue from sale of new yachts for 2022 (2023-05-03 11:30:00 +0200)">Sanlorenzo reports €740m net revenue from sale of new yachts for 2022<img src="https://photo-assets.superyachttimes.com/photo/250520/image/large-0a3fbeca280e8c3933c53ff570e0aa4f.jpg" data-gid="gid://syiq/Photo/250520"></a>“Our backlog is consistent and of high quality, 92 percent sold to final clients. The next deliveries are not available before summer 2025 for yachts and before summer 2026 for superyachts. This combination results in a high-degree visibility, well above the industry average, which allows for an enviable planning,” added Massimo Perotti.<img src="https://photo-assets.superyachttimes.com/photo/254882/image/large-24c2c6fee353841bc8f326fecea1254a.png" data-gid="gid://syiq/Photo/254882">The group also reported a net profit of €17.2 million, up by 23 percent compared to Q1 2022. This gives a margin of 9.4 percent on net revenue of new yachts, up by 90 basis points. <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> has also continued to strengthen partnerships with strategic suppliers such as Sea Energy and Duerre.“We continue the strategic strengthening of our supply chain as demonstrated by the investments made to acquire the stake in <a data-gid="gid://syiq/Company/7075" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sea Energy (Company)">Sea Energy</a> and the acquisition of the majority of Duerre to ensure the procurement of key works and the supervision of the unique know-how offered by our territory,” explained Massimo Perotti.Read:&nbsp;<a data-gid="gid://syiq/Article/57510" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo signs offer to acquire a further 33% stake in Duerre (2023-05-02 11:15:00 +0200)">Sanlorenzo signs offer to acquire a further 33% stake in Duerre<img src="https://photo-assets.superyachttimes.com/photo/250646/image/large-18832677c619206548f392505500f566.jpg" data-gid="gid://syiq/Photo/250646"></a><a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> also stated that EBITDA was at €31.2 million for Q1 2023, up 21.2 percent compared to Q1 2022. As well as this EBIT was at €24.2 million, also up 22 percent compared to last year.“We are confident that the future of the sector will depend on innovation, especially in the field of sustainability. Therefore, by providing concrete answers and with a long-term vision to lead towards a zero- emission yachting transition, we continue to invest in research and development, confident of the path we have taken,” concluded Massimo Perotti.

Sanlorenzo reports €184 million net revenue in Q1 2023 report

Sanlorenzo has reported an increase in profitability across all levels in their latest financial report.

Sanlorenzo reports €184 million net revenue for new yachts in Q1 2023 report

<a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> has acquired 49 percent of the share capital of <a data-gid="gid://syiq/Company/7075" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sea Energy (Company)">Sea Energy</a>, a company focused on plant engineering design, production and installation of electrical and naval electronics, as it “continues to verticalise its strategic suppliers”.&nbsp;The Italian luxury yacht builder acquired its share capital for a value close to €2.7 million, an investment that will bring a wealth of knowledge and skills oriented toward the “development of projects attentive to the sustainability of <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>” from the highly specialised company. <img src="https://photo-assets.superyachttimes.com/photo/261779/image/large-7b5718deb5680c4926c86d70113ad2a3.jpg" data-gid="gid://syiq/Photo/261779">Read:&nbsp;<a data-gid="gid://syiq/Article/57162" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo announces €1b backlog and intention to acquire Simpson Marine (2023-03-16 10:15:00 +0100)">Sanlorenzo announces €1b backlog and intention to acquire Simpson Marine</a>Massimo Perotti, President and Chief Executive Officer of <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>, commented “I am happy to announce <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>’s investment in <a data-gid="gid://syiq/Company/7075" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sea Energy (Company)">Sea Energy</a>, a strategic partner of ours, which allows us to take a further step in strengthening the supply chain. <a data-gid="gid://syiq/Company/7075" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sea Energy (Company)">Sea Energy</a> represents excellence in its field, having built its own success through many technological innovations. In recent years, it has also developed significant experience in the field of propulsion electric and hybrid; this know-how makes this operation fully consistent with our “Road to 2030” vision for the development of innovative and sustainable technologies capable of revolutionising yachting. I am sure that <a data-gid="gid://syiq/Company/7075" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sea Energy (Company)">Sea Energy</a>'s contribution will be invaluable for our journey"

Sanlorenzo acquires share capital of Sea Energy

Sanlorenzo has acquired share capital of Sea Energy, as it “continues to verticalise its strategic suppliers”. 