IBI Plus has posted an updated financial report for luxury yacht builder Azimut-Benetti confiming continued revenue growth over the past three years for Italy’s top leisure shipyard. Consolidated accounts for the financial year ended August 2016 indicate the Group’s turnover grew 1.8% to €694.5m for the year after posting 11.6% growth the previous year with turnover of €682.2m.
In addition to boatbuilding in Italy as well as Brazil, the Group’s operations include a growing portfolio of yacht services including Fraser Yachts, Yachtique, Lusben Refit and four marina projects – three in Italy and one in Moscow. The Azimut-Benetti production business accounts for more than 90% of Group turnover and assets, while the Azimut Yacht division is responsible for about half of Group revenues.
The builder’s profitability (net income after taxes) also improved while continuing to invest heavily in new product and facility development, registering a 60% gain over the previous year with a 2016 NI of -€8.9m. The company notched up its investment level to a three-year €100m programme in 2017 which will focus on product development and production capabilities – up from €85m for the previous three-year investment plan.
The Group appears to be well on its way to achieving the €710m in turnover it is expecting for the financial year ending August 2017. At the end of Q1 2017, the company reported its Azimut division alone had orders of over €200m for 165 boats, representing 12% growth in volume compared to the same period the previous year.
In 2015, Azimut Benetti said it delivered 265 boats but is now reporting average annual production of about 300 units. The Group's best year came in 2008 when turnover reached €960m.
Approximately 98% of Azimut’s revenues are generated from exports, with the Americas accounting for around 50% of global sales, Europe approximately 30% and the rest of the world 20%. In 2016, the builder sold more than 100 yachts across its brands into the US, making it the market's top overseas supplier of motorboats 30ft and above. Employment is currently reported at about 2,000, up from 1,800 workers in August 2016, with 90% of these working in Italy. Azimut's production facility in Brazil had about 350 employees as reported in the latest filed accounts.
The full financial report on Azimut-Benetti is available to IBI Plus subscribers by clicking here. The report is based on annual accounts recently filed by the company in Italy.