Sanlorenzo’s 2019 preliminary results show 39% growth in revenues

Massimo Perotti_MF debut

Following its IPO in December, Italian yachtbuilder Sanlorenzo posts strong gains in sales and profitability with EBITDA up 73.4% to €66m

In its first results since listing on the Italian Borsa last December, superyacht builder Sanlorenzo has reported a 39.3% rise in revenues from the sale of new yachts to reach €455.9m based on preliminary figures for 2019. The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 73.4% to €66m compared to €38.1m in 2018.

Key Highlights:

  • Net Revenues from the sale of new yachts1 of €455.9m (+39.3% compared to the €327.3m in 2018)
  • Adjusted EBITDA2 at €66.0m (+73.4% compared to €38.1m in 2018)
  • Adjusted EBITDA margin on new yacht sales of 14.5% (compared to 11.6% in 2018)
  • Net financial position of €9.1m compared to €75.4m in 2018
  • Investments totalling €51.4 million compared to €46.3m in 2018
  • Backlog3 of €482.9m at 31 January 2020
  • Approval of the proposed adoption of the stock option plan

Sanlorenzo’s board of directors met in Turin yesterday to review the preliminary consolidated results for the 2019 financial year and consider a proposed stock option plan for 2020.  Massimo Perotti, Sanlorenzo’s Executive Chairman said: “We are extremely pleased with the preliminary results that have been examined today, confirming the achievement of the targets indicated in the IPO phase, with results at the high-end of [our] forecasts.” He added, “All the Group divisions recorded a positive trend, with a significant increase in export sales as set out in the strategy.

”In the first few weeks of the current year, good performance in terms of sales has been confirmed, with the order book reaching €483m at January 31, ensuring we have important visibility for 2020 and 2021,” he also noted.

Breaking out revenues by division…

To continue reading IBI’s full report including breakout of company sales by Division and Region, see the options below for accessing IBI’s Premium Content.

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