Sanlorenzo limits drop in sales to six per cent
By IBI Magazine
Italian superyacht builder Sanlorenzo says it has bucked the trend for two-figure drops in sales, limiting the contraction to six per cent in 2009.
The boatbuilder estimates that its sales volume for 2009 will total €170m, with an EBITDA of €18m, a drop of 25 per cent. Sanlorenzo says that the drop in profitability can be attributed to the depreciation of used boats in 2009.
In 2008 Sanlorenzo generated a turnover of €180m and an EBITDA of €24m.
Sanlorenzo says is has 'maintained a good margin' on its yachts, dropping from 14 per cent in 2008 to 11 per cent in 2009. The boatbuilder says that it has not adopted a policy of aggressive discounts offered by some other boat brands.
Sanlorenzo forecasts an increase in turnover of 18 per cent to €200m in 2010. The company's order portfolio represents 66 per cent of this estimated budget, while its brand representatives have no stock.
In 2010 an extension project will begin at Sanlorenzo's Ameglia headquarters, expanding the working area to 100,000m2. The total investment for 2010 will amount to €20m.
Sanlorenzo employs 250 people directly and 900 workers indirectly. The company produces superyachts at Viareggio and Ameglia in Italy.
(30 October 2009)
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