The Board of Directors of Sanlorenzo S.p.A. (“Sanlorenzo” or the “Company”), which met today under the chairmanship of Cav. Massimo Perotti, reviewed and approved the consolidated half-yearly financial report as of June 30, 2023 and the upward revision of the guidance on expected results for the year 2023.
Massimo Perotti, Chairman and Chief Executive Officer of the Company, commented:
“I am particularly proud to present excellent results, achieved thanks to the commitment and passion of all the teams that make up Sanlorenzo, to whom I would like to extend special thanks.
We revise upward the guidance on the results expected for the current year, on the strength of a very satisfying first half of the year and a massive order book, as of June 30 exceeding 1.4 billion euros, but above all of high quality, because it is guaranteed by contracts signed with end customers for 90%.
This performance is the result of our business model, which has proven to be absolutely reliable over the years and which reassures us for those to come, on the path that will see us pioneer the industry toward carbon neutrality, a central priority in our route to 2030.
With this long-term vision, we combine the development of new, highly innovative product lines, which will create new market segments, with the highest expression of Made in Italy craftsmanship and design, strongly distinctive elements of our brand.
Just as distinctive and successful is our strategy of direct distribution in key markets, in adherence to which the offices in Monaco and the French Riviera have been activated, in locations consistent with the positioning of Maison Sanlorenzo.
We presented Our Road to 2030 at an event in May attended by more than 700 employees, sharing with them our ambitious goals that we will all face together, with courage and awareness of our values and strength, to develop the Sanlorenzo of the future.”
NET REVENUES NEW YACHTS BY DIVISION |
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(€’000) |
| Six months ended 30 June |
| Change | ||
| 2023 | % total | 2022 | % total | 2023 vs. 2022 | 2023 vs. 2022% |
Yacht Division | 239,335 | 61.6% | 234,656 | 68.0% | 4,679 | +2.0% |
Superyacht Division | 105,810 | 27.3% | 77,805 | 22.6% | 28,005 | +36.0% |
Bluegame Division | 43,286 | 11.1% | 32,405 | 9.4% | 10,881 | +33.6% |
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Net Revenues New Yachts | 388,431 | 100.0% | 344,866 | 100.0% | 43,565 | +12.6% |
NET REVENUES NEW YACHTS BY GEOGRAPHICAL AREA |
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(€’000) |
| Six months ended 30 June |
| Change | ||
| 2023 | % total | 2022 | % total | 2023 vs. 2022 | 2023 vs. 2022% |
Europe | 256,697 | 66.1% | 187,241 | 54.3% | 69,456 | +37.1% |
Americas | 62,956 | 16.2% | 91,138 | 26.4% | (28,182) | -30.9% |
APAC | 42,514 | 10.9% | 49,837 | 14.5% | (7,323) | -14.7% |
MEA | 26,264 | 6.8% | 16,650 | 4.8% | 9,614 | +57.7% |
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Net Revenues New Yachts | 388,431 | 100.0% | 344,866 | 100.0% | 43,565 | +12.6% |
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CONSOLIDATED OPERATING AND NET RESULTS
EBITDA2 amounted to €67.7 million, up by 20.3% compared to €56.3 million in the first half of 2022. The margin on Net Revenues New Yachts is equal to 17.4%, up by 110 basis points compared to the same period of 2022, as proof of the solidity of the business model and the ability to practice sustainable pricing policies, consistent with the brand positioning.
EBIT amounted to €53.1 million, up by 20.0% compared to €44.3 million in the first half of 2022. The margin on Net Revenues New Yachts is equal to 13.7%, up by 90 basis points compared to the same period of 2022, following the implementation of the investments aimed at developing new products and increasing production capacity.
Pre-tax profit amounted to €54.1 million, up by 22.7% compared to €44.1 million in the first half of 2022.
CONSOLIDATED BALANCE SHEET AND FINANCIAL RESULTS
Net working capital was negative for €75.6 million as of 30 June 2023, compared to a negative figure of €37.0 million as of 31 December 2022 and a negative figure of €70.0 million as of 30 June 2022, a physiological normalisation, whilst also confirming the efficiency of the business model in terms of capital intensity invested.
Inventories were equal to €89.0 million, up by €35.6 million compared to 31 December 2022 and up by €13.0 million compared to 30 June 2022. The increase compared to the year-end figures is mainly due to raw materials and work-in-progress products, reflecting the progressive increase in backlog. Finished products were equal to €18.0 million, up by €9.8 compared to 31 December 2022.
Organic net investments made in the first half of 2023 amounted to €13.1 million, of which over 80% dedicated to increase production capacity and to develop new models and ranges. The incidence on Net Revenues New Yachts showed a reduction, amounting to 3.4% in the first half, mainly as a result of an ever-expanding revenue base, given a substantially stable average amount of investment needed for a new model development.
Net cash position as of 30 June 2023 was equal to €140.5 million, notwithstanding the payment of dividends of €22.6 million, compared to €100.3 million as of 31 December 2022 and €91.1 million as of 30 June 2022. This progressive improvement is linked to a free cash flow of €65.8 million in the first half of 2023, mainly driven by a steady increase in the EBITDA margin and the ability to deliver and comply with planned contractual advances.
Liquidity as of 30 June 2023 amounted to €281.9 million, of which €222.6 million referred to cash and €59.3 million referred to other current financial asset, up by €80.1 million compared to 31 December 2022 and €87.8 million compared to 30 June 2022. Ready to seize new investment opportunities, the Company continues the flexible and diversified liquidity management strategy undertaken since the first half of 2022, with financial investments totalling €59.3 million as of 30 June 2023.
Financial indebtedness was equal to €141.4 million, of which €93.7 million current and €47.7 million non-current. Lease liabilities, included pursuant to IFRS 16, amounted to €10.0 million.
BACKLOG
As of 30 June 2023, backlog3 amounted to €1,421.1 million, up by €18.3 million compared to 30 June 2022.
The order intake in the first half of 2023 is equal to €351.5 million, of which €170.1 million in the first quarter and €181.4 million in the second quarter. This result represents a physiological normalization compared to the figure of €487.1 million as of 30 June 2022, partially due to (i) a return towards the historical growth trend, (ii) longer waiting times for yachts delivery, given the high backlog and (iii) the already mentioned slowdown in demand from the Americas, as a result of the increasing uncertainty of the current macroeconomic scenario a high level of interest rates, to which the US clientele is typically more sensitive.
The amount of the gross backlog referred to the current year, equal to €746.0 million, translates into an excellent coverage of the expected revenues in 2023. Visibility on future years’ revenues is still significantly high, with orders totalling €675.1 million, fostered by the overall extension of delivery dates – sold deliveries up to 2026 for the Yacht Division and up to 2027 for the Superyacht Division. Bluegame enjoys sold deliveries up to 2025, a distinctively long timeframe for its reference market segment
- Backlog is calculated as the sum of the value of all orders and sales contracts signed with customers or brand representatives relating to yachts for delivery or delivered in the current financial year or for delivery in subsequent financial years. For each year, the value of the orders and contracts included in backlog refers to the relative share of the residual value from 1 January of the financial year in question until the delivery date. Backlog relating to yachts delivered during the financial year is conventionally cleared on 31 December.
(€’000) |
| Backlog |
| Change (order intake) |
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| 1 January4 | 31 March | 30 June | Q1 | Q2 | Total H1 |
Backlog 2023 | 1,069,619 | 1,239,731 | 1,421,081 | 170,112 | 181,350 | 351,462 |
of which current year | 617,394 | 696,478 | 745,978 | 79,084 | 49,500 | 128,584 |
of which subsequent years | 452,225 | 543,253 | 675,103 | 91,028 | 131,850 | 222,878 |
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Backlog 2022 | 915,632 | 1,178,029 | 1,402,774 | 262,397 | 224,745 | 487,142 |
of which current year | 544,060 | 628,110 | 671,272 | 84,050 | 43,162 | 127,212 |
of which subsequent years | 371,572 | 549,919 | 731,502 | 178,347 | 181,583 | 359,930 |
2023 GUIDANCE
In light of the soundness of the order backlog – 90% of which is sold to final clients – while constantly monitoring the evolution of the general environment, the Company has revised upward the guidance for the current year5. In particular, the 2023 backlog share as of 30 June 2023 covers about 89% of the average new guidance range referred to Net Revenues New Yachts for 2023.
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| upward | 2023 vs. 20226 |
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(€ million and margin in % of Net |
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Revenues New Yachts) |
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| Actual | Actual |
| Guidance | Change |
| Guidance |
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Net Revenues New Yachts | 585.9 | 740.7 |
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| 830-850 | 13.4% |
| 810-830 |
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EBITDA7 | 95.5 | 130.2 |
| 155-160 | 21.0% |
| 150-155 |
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EBITDA margin7 | 16.3% | 17.6% |
| 18.6%-18.8% | +110 bps |
| 18.5%-18.7% |
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Group net profit | 51.0 | 74.2 |
| 86-89 | 17.9% |
| 84-86 |
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Investments | 49.2 | 50.0 |
| 48-50 | – |
| 48-50 |
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Incidence % on Net Revenues New Yachts | 8.4% | 6.8% | 5.8% | -100 bps | 6.0% |
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Net financial position | 39.0 | 100.3 |
| 135-145 | +40m |
| 118-128 |
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The upward guidance revision follows the continuing positive trend of the current orders, an order intake in the first half substantially in line with the Business Plan, as well as a positive sentiment on the general market evolution, and in detail on favourable commercial pipeline dynamics.
- Opening the reference year with the net backlog at 31 December of the previous year.
- On a like-for-like basis and excluding potential extraordinary transactions.
6 Calculated on the average of the guidance interval.
7 The figures from 2019 to 2022 referred to Adjusted EBITDA, which differed from reported EBITDA by less than 0.5%.
UPDATE ON THE DIRECT DISTRIBUTION IN KEY MARKETS OF THE INTERNATIONAL YACHTING SCENE
SANLORENZO CÔTE D’AZUR SAS
After the end of the first half of the year, Sanlorenzo consolidated its presence on the French market with the establishment of “Sanlorenzo Côte d’Azur SAS”, wholly owned by Sanlorenzo S.p.A.
The new company will be active in the distribution and selling of the Group’s products and services in the French Riviera, a key market for the international yachting scene.
The opening of the subsidiary in France confirms Sanlorenzo’s distribution strategy announced in the 2023-2025 Business Plan, which provides for direct presence in the main strategic markets, with the opening of monobrand offices, to ensure a strong and closely-knit relationship with Sanlorenzo customers.
SANLORENZO MONACO (PREVIOUSLY NAMED MARINE YACHTING MONACO)
The business activities of the Monaco headquarters begin, with the opening of “Villa Portofino”; the new offices are located near the marina, in an exclusive environment perfectly in line with the positioning of the Maison Sanlorenzo.
REGULATORY INFORMATION
In accordance with the requirements of the Rules of the Markets organised and managed by Borsa Italiana S.p.A. (Title IA.2, Section IA.2.1), the Board of Directors of the Company resolved that the month for the payment of any dividend on the results of FY 2023 is May 2024.
Sanlorenzo also points out that no decision has been taken on the possible distribution of the dividend, its payment neither on the Company’s dividend policy. Such decision is subject to the exclusive competence of the Shareholders’ Meeting that will be convened for the approval of the financial statements for the year ended 31 December 2023. This communication is therefore made exclusively to comply with the requirements of Borsa Italiana S.p.A. and it does not assume any forward-looking value with regard to the existence of the conditions for dividend distribution during this year or in the years to come.
BUSINESS OUTLOOK
Sanlorenzo continues to enjoy a robust performance of its traditional core markets, Europe above all, which more than compensates a slowdown in the first half of the year, as anticipated during the Q1 results presentation, of the Americas region. The backlog is at its historical high and very healthy, setting the basis for the 2023 upward guidance revision and for an overall confidence about the next few years, both around growth, margins, and cash-flow generation.
The luxury yachting industry, even in the current environment of global environment geopolitical and macroeconomic uncertainty, continues to benefit from the growth of the Ultra High Net Worth Individual (UHNWI) population, defined as those with a net worth above USD 50 million. The penetration rate of yachting within the target addressable market – the UHNWI population – fell below 3% in recent years, thus representing an even more important driver for the future market growth. According to the Credit Suisse Global Wealth Report 2022, in fact, the UHNWIs population CAGR is forecasted at 7.8% within the 2021-2026 timeframe.
The widening of the potential customer base is also combined with a variety of new factors driving the propensity to purchase, namely new lifestyles which can now meet yachting. It will therefore be important to catch these new types of demand and increase the penetration rate among UHNWIs over time. Technology evolution also supports these new pockets of demand; by way of example, new satellite connectivity systems even in the middle of the ocean, enables the rising of the “Work-from-Yacht” phenomenon, which can be read as the equivalent to the well-known “Work-from-Home”. The average time that the yacht owner can spend on board is therefore extended, allowing in fact to increase the attractiveness towards younger customers, already well into working age. The analysis of the clientele evidences a reduction in the average age of the Sanlorenzo Superyacht buyers, from 56 years-old (in the 2016-2020 timeframe) to 49 (2021-2022 timeframe), a trend that, if confirmed, will create the premise for a new generation of yachtsmen to be included within our highly loyal client base.
Sanlorenzo keeps reaping the benefits of a solid competitive advantage resulting from its distinctive and fine-tuned business model: high-end positioning of the brand, exclusive vessels in the 24 to 75 meters market segment – the sweet spot of the market – rigorously made-to-measure and distributed through a highly selected number of brand representatives, always at the forefront of innovation also in terms of sustainability solutions.
Aware of its leadership position, the Group has defined its strategic roadmap to 2030, setting Green Tech at its centre, in particular researching and developing hydrogen fuel-cell systems for yachting, while keep investing in the strengthening of the supply chain and of our regional ecosystem. These are the key themes to ensure continuity, in the long term, of the virtuous dynamics experienced so far.
A RESPONSIBLE ROUTE
GREEN TECH SOLUTIONS FOR A SHIFT IN YACHTING PARADIGM
The combined pressure resulting from the customer requests, increasingly responsible and focused on sustainability issues, and a more restrictive regulatory framework in terms of shipping emissions, has been pushing Sanlorenzo to firmly believe that the implementation of a serious and long-term strategy on sustainability of luxury yachting is no longer an option.
Thanks to the exclusive agreement signed in 2021 with Siemens Energy, the segment of yachts above 40 metres in length will initially see the integration of hydrogen fuel cells for power generation for hotellerie functions. The first application will be on a 50Steel Superyacht scheduled for delivery in 2024.
The chosen fuel of the future for vessels above 40 metres is green methanol, produced by combining green hydrogen that stores energy from renewable sources with CO2 captured from the atmosphere with carbon capture systems. The quantity of CO2 released in the atmosphere in the combustion process is therefore equal to the quantity of CO2 captured from the environment to produce methanol, allowing a circular system and completely carbon-neutral.
The segment of the yachts below 24 metres in length sees Bluegame engaged in the design and construction of the first chase boat with propulsion fed exclusively with hydrogen fuel cells and using foils, to reach 50 knots of speed for up to 180 miles with zero emissions. This BGH model will debut alongside American Magic, challenger in the 37th edition of the prestigious America’s Cup in 2024 co-sponsored by the New York Yacht Club.
Capitalising on the experience in this extremely complex project, today the highest possible expression of sustainable technology on board a boat, Bluegame is developing the multi-hull model BGM65HH (hydrogen-hybrid), which will enable 80 miles of zero-emission cruising.
The world of the shipping provides encouraging feedbacks on the correctness of this route, as the behemoth Maersk, which alone accounts for a 15% global market share, has been declaring since autumn 2021 significant investments in the fleet, both in terms of new build and engine refits of existing vessels, running on e-methanol.
SUSTAINABLE AND PROFITABLE GROWTH
After an above-average growth for the two years post-Covid, with growth rates over 25%, Sanlorenzo consolidates the turnover, returning to a sustainable high single-digit growth rate equally driven by the prices-mix product-volumes effect.
Focused on the constant increase in margins, the Company can rely on a unique business model closer to luxury than to boating, and a prudent investment policy that ultimately translates into a high return on investment and a consistent cash generation capacity.
As a result, Sanlorenzo today boasts an extremely solid balance sheet, which will allow to seize all the opportunities that the market will present, in line with the Group’s long-term strategy.
In the last 12-18 months, Sanlorenzo has acquired stakes, majority or minority depending on the context, in key companies of its supply chain, to ensure their growth along with the business and keep them up to speed in terms of innovation, also integrating downstream with the acquisition – in the final stage of due diligence – of the major retailer in the APAC region, a key market with an undisputed long-term potential.
Today at 3:30PM CET, the management team of Sanlorenzo will hold a conference call to present H1 2023 consolidated results and 2023 guidance, as well as the latest Company’s updates to the financial community and the press. Please click the following link to join the conference call:
https://us02web.zoom.us/j/86834803240?pwd=YVY5OUxXWlJ3TmE3YmxLMVZhcFpwUT09
The supporting documentation will be published in the “Investors/Conferences and presentations” section of the Company’s website (www.sanlorenzoyacht.com) before the conference call.
The manager charged with preparing the company’s financial reports, Attilio Bruzzese, pursuant to Article 154-bis, paragraph 2, of Italian Legislative Decree no. 58 of 1998 (Consolidated Law on Finance – “TUF”) states that the information in this communication correspond to the records, ledgers and accounting entries.
This document includes forward-looking statements relating to future events and operational, economic and financial results of Sanlorenzo Group. These forecasts, by their nature, contain an element of risk and uncertainty, as they depend on the occurrence of future events and developments.
This document makes use of some alternative performance indicators. The represented indicators are not identified as accounting measurements in the context of IFRS standards and, therefore, must not be viewed as alternative measurements to those included in the financial statements. The management team retains that these indicators are a significant parameter for the assessment of the Group’s economic and financial performance.
The reclassified accounting statements in this document have not been audited by the independent auditors. The condensed half-yearly consolidated financial statements as at 30 June 2023 are currently being audited, to date, in the course of being completed.
The Half-Yearly Financial Report as at 30 June 2023 will be made available to the public, in accordance with current provisions, at the Company’s registered office in via Armezzone 3, Ameglia (SP), in the “Investor Relations”/Results and financial documents” section of the Company’s website (www.sanlorenzoyacht.com) and on the eMarket Storage mechanism (www.emarketstorage.it).
Sanlorenzo S.p.A.
Sanlorenzo is a leading global brand in the luxury yachting which builds “made-to-measure” yachts and superyachts customized for each client, characterized by a distinctive and timeless design.
Founded in 1958 in Limite Sull’Arno (FI), the cradle of Italian shipbuilding, Sanlorenzo has excelled in carving out a clear identity and a high-end brand positioning over time. In 1974, Giovanni Jannetti acquired the company and created Sanlorenzo legend, producing every year a limited number of yachts characterized by a unique, highly recognizable style, comfort, safety and focusing on a sophisticated customer base. In 2005, Massimo Perotti, Executive Chairman, acquired the majority of Sanlorenzo, guiding its growth and development on international markets, while preserving the heritage of the brand. Today, manufacturing activities are carried out in four shipyards in La Spezia, Ameglia (SP), Viareggio (LU) and Massa, synergistically and strategically located within a 50 kilometres radius, in the heart of the nautical district.
The production is articulated into three business units: Yacht Division (composite 24-38 metres yachts); Superyacht Division (40-73 metres aluminium and steel superyachts); Bluegame Division (13-23 metres sports utility yachts in composite). Sanlorenzo also offers an exclusive range of services dedicated to its clients, such as a monobrand charter program (Sanlorenzo Charter Fleet), maintenance, refit and restyling services (Sanlorenzo Timeless) and crew training (Sanlorenzo Academy).
The Group employs over 960 people and cooperates with a network of thousands of qualified artisan companies. In addition, the Group leverages on an international distribution network, a widespread service network for customers worldwide, close collaborations with world-renowned architects and designers and a strong liaison with art and culture.
In 2022, the Group generated net revenues from the sale of new yachts of €740.7 million, Adjusted EBITDA of €130.2 million (EBITDA of €129.6 million) and a Group net profit of €74.2 million.
www.sanlorenzoyacht.com
Investor Relations | Investor Relations & Media | Advisory | |
Attilio Bruzzese | Mara Di Giorgio | |
Ivan Cutrufello | Mob. +39 | 335 7737417 [email protected] |
Mob. +39 335 6560754 | Luca Macario | |
Mob. +39 | 335 7478179 [email protected] | |
SANLORENZO GROUP
RECLASSIFIED INCOME STATEMENT AS OF 30 JUNE 2023 |
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(€’000) |
| Six months ended 30 June |
| Change |
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| 2023 % Net Revenues | 2022 % Net Revenues | 2023 vs. 2022 2023 vs. 2022% | ||||
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| New Yachts |
| New Yachts |
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Net Revenues New Yachts | 388,431 | 100.0% | 344,866 | 100.0% | 43,565 |
| +12.6% |
Revenues from maintenance | 6,259 | 1.6% | 5,405 | 1.6% | 854 |
| +15.8% |
and other services |
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Other income | 4,984 | 1.3% | 2,628 | 0.8% | 2,356 |
| +89.6% |
Operating costs | (331,831) | (85.4)% | (296,289) | (85.9)% | (35,542) |
| +12.0% |
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Adjusted EBITDA | 67,843 | 17.5% | 56,610 | 16.4% | 11,233 |
| +19.8% |
Non-recurring costs | (186) | (0.1)% | (350) | (0.1)% | 164 |
| -46.9% |
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EBITDA | 67,657 | 17.4% | 56,260 | 16.3% | 11,397 |
| +20.3% |
Amortisation/depreciation | (14,523) | (3.7)% | (11,973) | (3.5)% | (2,550) |
| +21.3% |
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EBIT | 53,134 | 13.7% | 44,287 | 12.8% | 8,847 |
| +20.0% |
Net financial expense | 647 | 0.2% | (274) | – | 921 |
| n.a. |
Adjustments to financial assets | 358 | 0.1% | 99 | – | 259 |
| n.a. |
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Pre-tax profit | 54,139 | 13.9% | 44,112 | 12.8% | 10,027 |
| +22.7% |
Income taxes | (15,234) | (3.9)% | (11,186) | (3.3)% | (4,048) |
| +36.2% |
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Net profit | 38,905 | 10.0% | 32,926 | 9.5% | 5,979 |
| +18.2% |
Net (profit)/loss attributable to | 138 | 0.0% | (463) | (0.1)% | 601 |
| -129.8% |
non-controlling interests |
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Group net profit | 39,043 | 10.1% | 32,463 | 9.4% | 6,580 |
| +20.3% |
SANLORENZO GROUP
RECLASSIFIED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2023 |
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(€’000) | 30 June | 31 December | 30 June | Change |
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| 2023 | 2022 |
| 2022 | 30 June 2023 vs. | 30 June 2023 vs. |
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| 31 December 2022 | 30 June 2022 | |||
USES |
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Goodwill | 15,985 | 10,756 |
| 8,667 | 5,229 | 7,318 |
Other intangible assets | 52,087 | 51,374 |
| 46,766 | 713 | 5,321 |
Property, plant and equipment | 168,066 | 158,710 |
| 145,312 | 9,356 | 22,754 |
Equity investments and other non-current assets | 9,363 | 11,426 |
| 26,561 | (2,063) | (17,198) |
Net deferred tax assets | 8,681 | 5,495 |
| 7,556 | 3,186 | 1,125 |
Non-current employee benefits | (2,193) | (1,109) |
| (842) | (1,084) | (1,351) |
Non-current provisions for risks and charges | (9,939) | (9,944) |
| (14,933) | 5 | 4,994 |
Net fixed capital | 242,050 | 226,708 |
| 219,087 | 15,342 | 22,963 |
Inventories | 89,044 | 53,444 |
| 76,086 | 35,600 | 12,958 |
Trade receivables | 19,536 | 21,784 |
| 9,297 | (2,248) | 10,239 |
Contract assets | 119,118 | 168,635 |
| 98,501 | (49,517) | 20,617 |
Trade payables | (182,397) | (155,979) |
| (141,945) | (26,418) | (40,452) |
Contract liabilities | (129,862) | (132,369) |
| (127,721) | 2,507 | (2,141) |
Other current assets | 57,687 | 60,388 |
| 60,771 | (2,701) | (3,084) |
Current provisions for risks and charges | (7,178) | (8,039) |
| (4,819) | 861 | (2,359) |
Other current liabilities | (41,511) | (44,828) |
| (40,078) | 3,317 | (1,433) |
Net working capital | (75,563) | (36,964) |
| (69,908) | (38,599) | (5,655) |
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Net invested capital | 166,487 | 189,744 |
| 149,179 | (23,257) | 17,308 |
SOURCES |
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Equity | 306,973 | 290,081 |
| 240,301 | 16,892 | 66,672 |
(Net financial position) | (140,486) | (100,337) |
| (91,122) | (40,149) | (49,364) |
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Total sources | 166,487 | 189,744 |
| 149,179 | (23,257) | 17,308 |
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SANLORENZO GROUP
NET FINANCIAL POSITION AS OF 30 JUNE 2023
(€’000) | 30 June | 31 December | 30 June | Change |
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| 2023 | 2022 | 2022 | 30 June 2023 vs. | 30 June 2023 vs. |
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| 31 December 2022 | 30 June 2022 | |||
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A | Cash | 222,552 | 146,317 | 182,601 | 76,235 | 39,951 |
B | Cash equivalents | – | – | – | – | – |
C | Other current financial assets | 59,332 | 55,459 | 11,480 | 3,873 | 47,852 |
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D | Liquidity (A + B + C) | 281,884 | 201,776 | 194,081 | 80,108 | 87,803 |
E | Current financial debt | (72,110) | (28,307) | (13,658) | (43,803) | (58,452) |
F | Current portion of non-current financial debt | (21,589) | (23,873) | (29,767) | 2,284 | 8,178 |
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G | Current financial indebtedness (E + F) | (93,699) | (52,180) | (43,425) | (41,519) | (50,274) |
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H | Net current financial indebtedness (G + D) | 188,185 | 149,596 | 150,656 | 38,589 | 37,529 |
I | Non-current financial debt | (47,699) | (49,259) | (59,534) | 1,560 | 11,835 |
J | Debt instruments | – | – | – | – | – |
K | Non-current trade and other payables | – | – | – | – | – |
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L | Non-current financial indebtedness (I + J + K) | (47,699) | (49,259) | (59,534) | 1,560 | 11,835 |
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M | Total financial indebtedness (H+L) | 140,486 | 100,337 | 91,122 | 40,149 | 49,364 |
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SANLORENZO GROUP
RECLASSIFIED CONSOLIDATED STATEMENT OF CASH FLOWS AS OF 30 JUNE 2023 |
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| |
(€’000) | 30 June 2023 | 30 June 2022 | Change |
EBITDA | 67.657 | 56.260 | 11.397 |
Taxes paid | (1.761) | (9.221) | 7.460 |
Change in inventories | (35.600) | (7.817) | (27.783) |
Change in net contract assets and liabilities | 47.010 | 43.467 | 3.543 |
Change in trade receivables and advances to suppliers | (1.996) | 7.144 | (9.140) |
Change in trade payables | 26.418 | 21.820 | 4.598 |
Change in provisions and other assets and liabilities | (12.847) | 12.126 | (24.973) |
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|
|
|
Operating cash flow | 88.881 | 123.779 | (34.898) |
Change in non-current assets (investments) | (13.144) | (17.634) | 4.490 |
Business acquisitions and other changes | (9.868) | (28.645) | 18.777 |
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|
|
Free cash flow | 65.869 | 77.500 | (11.631) |
Interest and financial charges | (1.007) | (318) | (689) |
Other cash flows and changes in equity | (24.713) | (25.066) | 353 |
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|
|
|
Change in net financial position | 40.149 | 52.116 | (11.967) |
Net financial position at the beginning of the period | 100.337 | 39.006 | 61.331 |
Net financial position at the end of the period | 140.486 | 91.122 | 49.364 |
