The consolidated financial statements of all group divisions part of the Sanlorenzo S.p.a. were released recently. Approved by the Board of Directors, the company confirmed a positive performance with a group net profit of 117.3%, €27 million. A summary of the statement released is presented below.
Net Revenues New Yachts amounted to €455.9 million, showing an increase of 39.3% in 2019 when compared to 2018. Growths in Net Revenues New Yachts were seen on all divisions, amounting to €289.9 million (63.6% of the total) for the Yacht Division, €150 million for the Superyacht Division (32.9% of the total). The Bluegame Business Unit of the company also saw an increase in revenues, up by 172% compared to 2018 amounting to €16 million.
Considering by geographical area, the groups historical market generated, the Europe market generated €279.6 million, accounting for 61.3% of the total, with the Asia-Pacific area generating €73 million, Americas €71.7 million and Middle-East and Africas €31.6 million (up by 80.3%). From the Group’s historical market, i.e. Europe, Italy generated €60 million alone.The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amount to €66 million for the year with a margin of 14.5% on Net Revenues New Yachts and up by 73.4% when compared to 2018. Sanlorenzo credits this notable increase in margins to the increase in price on the new orders of the Superyacht Division as well as the increase in production capacity of the company.
EBIT is equal to €43.1 million, up by 84% compared to the previous year and equal to 9.5% of New Revenues New Yachts. Group net profit for the company in the 2019 financial year amounted to €27 million showing an increase of €14.6 million, or 117%.Photo: SanLorenzoSanlorenzo ended the calendar year of 2019 with a net financial position of €9.1 million showing a favourable trend that was supported both by the cash generation of operating activities, against the important investments in process and by the proceeds from the share capital increase.
Until March 13, Sanlorenzo claims that the current situation of the COVID-19 outbreak has not impacted the business operations in terms of material. However, they are constantly monitoring the situation and have undertaken significant actions to protect the Group and successfully deal with the financial repercussions.Massimo Perotti, Executive Chairman of the Company, stated:
“The results that have been approved today confirm the achievement of the targets indicated in the IPO phase with figures at the high end of the forecasts. We are extremely pleased with these figures and with all Group divisions having recorded a positive trend.
We will soon release the results of the first quarter 2020 which, to date, show a positive sales trend and a backlog exceeding 500 million Euros as at 29 February, ensuring we have important visibility for 2020 and 2021.
At the Board of Directors meeting scheduled on 11 May 2020 we will also indicate the guidance for 2020, also taking into account the extraordinary situation linked to the COVID-19.
The authorities (with the prime ministerial decree of 11 March) have strongly urged the entire population of Italy to comply with standards of caution in order to prevent the spread of the coronavirus. At present, production activities are permitted to continue, though with specific measures which the Company is rigorously carrying out to safeguard the health of workers and to block any possible propagation of the virus. Though we are in a situation of clear national emergency, at present it does not compromise the operations of the Company.”
The parent company Sanlorenzo S.p.a’s net profit for the financial year of 2019 thus amounted to €29.1 million, an increase of 140.3% and a net cash position of €1 million with the shareholders’ equity at €158.5 million.
SuperYacht Times - The State of Yachting 2019
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