Sanlorenzo 2009 financial results and prospects for 2010

Sanlorenzo's sales turnover in 2005, the year in which Massimo Perotti took over the boatyard from its former and long-time owner, Giovanni Jannetti, was 42 million Euros, with an EBITDA of 4 million. The company employed 75 staff members, most of whom were office workers, with an indirect workforce of 200 people, engaged in an average production of 14 crafts per year.

In 2008, the turnover of Sanlorenzo Spa rose to 180 million Euros (registering an increase in sales of 330% over 2005), and an EBITDA of 24 million (with a growth rate of 500% over 2005). Company headcount has risen to 250, while the indirect labour force is now made up of 900 workers, with a production of about 34 crafts, thanks to the opening of the new Viareggio Division.

In fact Massimo Perotti has chosen not to further expand the traditional production of fibreglass motor yachts produced in the Cantieri Navali di Ameglia, and has created a new Division, the Cantieri Navali di Viareggio, to design and produce two lines of motor yachts: small crafts in composite material with a semidisplacement hull (from 92 to 122 feet) and superyachts in metal (steel and aluminium) ranging from 40 to over 60 metres. The manufacturing plant, where these new Sanlorenzo craft have now been produced for two years, is located in the nautical pole of Viareggio, the incubator of international superyacht production.

Forecasts for 2009
In the annus horribilis of the economy in general, and particularly that of the boat industry, Sanlorenzo represents something of a "white crow". While leading European and American groups declare two-figure drops in sales, Sanlorenzo Spa is managing to limit its contraction to - 6%, which amounts to an estimated sales volume of 170 m Euros, with an EBITDA passing from 24 to 18 million, equivalent to a reduction that manages to stay within the 25% mark.

This fall in profitability may be attributed to the depreciation effect of the used boat fleet which, in 2009, underwent a devaluation that varied between 20 and 25% on a worldwide basis. Sanlorenzo has successfully maintained a good margin on its crafts, passing from 14% in 2008 (a turnover of 180 million and an EBITDA of 24 million) to 11% in 2009 (a turnover of 170 million and an EBITDA of 18 million).

It is worth noting that, Sanlorenzo has not adopted a policy of aggressive discounts, in an attempt to sell at all costs, but has preferred to maintain its price level, in order to guarantee and safeguard the investment made by its ship-owners.

2010 Forecasts
Relying strongly on its competitive edge and the solidity of its brand, Sanlorenzo forecasts a 2010 budget of 200 million Euros, amounting to an increase of 18% over 2009. To date, the order portfolio represents 66% of the estimated budget, while Brand Representatives have no stock.

Sanlorenzo Spa
Tel. +39 0187 6181



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