Sanlorenzo, positive financial results

Meeting in Turin, the Board of Directors of Sanlorenzo S.p.A. examined the preliminary consolidated results for 2019 and approved the proposal to adopt the stock option plan for 2020.

Massimo Perotti, Executive Chairman of the Company, 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 the forecasts. All the Group divisions recorded a positive trend, with a significant increase in export sales as set out in the strategies. In the first few weeks of the current year, good performance in terms of sales has been confirmed, with an order book reaching €483 million at 31 January, ensuring we have important visibility for 2020 and 2021.”

Preliminary consolidated results for 2019 

Net Revenues New Yachts in 2019 amounted to €455.9 million, an increase of 39.3% compared to €327.3 million in 2018.

In particular, the Yacht Division generated Net Revenues New Yachts of €289.9 million, 63.6% of the total, up 41.0% compared to 2018. The Superyacht Division recorded an increase in Net Revenues New Yachts of 47.3%, going from €101.9 million in 2018 to €150.0 million in 2019 (32.9% of the total). The results of the Bluegame Business Unit were also positive, with €16.0 million of Net Revenues New Yachts, up 172,0% compared to 2018 and 3.5% of the total net revenues.

In terms of geographical areas, Europe recorded Net Revenues New Yachts of €279.6 million (€60.0 million of which generated in Italy), with an incidence of 61.3% on the total, a significant increase of 48.7% compared to 2018, benefiting from a particularly lively market dynamic. The APAC area recorded Net Revenues New Yachts of €73.0 million, an increase of 26.8% compared to 2018 and 16.0% of the total. The Americas recorded Net Revenues New Yachts of €71.7 million, an increase of 11.9% with an incidence of 15.7% on the total. Significant growth in the Middle East and Africa area, with Net Revenues New Yachts up 80.3% reaching €31.6 million (6.9% of the total).

Sanlorenzo Ameglia sede

The new headquarters of Sanlorenzo in Ameglia

Adjusted EBITDA in 2019 reached €66.0 million, up 73.4% compared to €38.1 million in 2018, with a margin of 14.5% on Net Revenues New Yachts (11.6% in 2018). EBITDA for 2019, including non-recurring items worth €6.1 million entirely related to the costs of the IPO, amounted to €60.0 million, up 74.2% compared to €34.4 million in 2018.

Investments made in 2019 amount to €51.4 million compared to €46.3 million at 31 December 2018, €15.2 million of which dedicated to product development and the creation of models and moulds and €29.6 million linked to the production capacity increase program launched in 2017.

In particular, the expansion project for the Ameglia production site in the D2 area came to an end following the completion of the construction of two industrial buildings and one block dedicated to offices and the logistics warehouse, for a total investment of €11.9 million in 2019. During the fourth quarter, Sanlorenzo also acquired ownership of the two industrial buildings located in Viareggio previously occupied by virtue of a lease for approximately €9.5 million and continued the expansion of La Spezia site for approximately €6.1 million.

Net financial position at 31 December 2019 is €9.1 million compared to pro forma net financial position[1] at 31 December 2018 of €75.4 million, thanks to the proceeds deriving from the share capital increase linked to the IPO, of which €49.1 million was used to repay medium/long-term loans.


Sanlorenzo 96 Asymmetric

The backlog (calculated as the sum of the value of all orders and sales contracts signed with customers or brand representatives) as at 31 December 2019 amounted to 444.3 million Euro (900.2 million Euro gross of production advances valued as revenue during the year), of which 327.8 million Euro referred to 2020 and 116.5 million Euro referred to subsequent years. The backlog at 31 December 2019 shows an increase of 10.4% compared to the end of 2018.

The backlog recorded further growth at 31 January 2020, reaching €482.9 million, of which €359.5 million relating to 2020 and €123.4 million relating to subsequent years.

The Board of Directors’ meeting scheduled for 13 March 2020 will examine and approve the draft financial statements and the consolidated financial statements at 31 December 2019.

2020 stock option plan

The Board of Directors also approved on February 12 the proposal to adopt the stock option plan for 2020 (the “2020 Plan”) reserved for executive directors and key employees of Sanlorenzo and its subsidiaries.

The 2020 Plan provides for the free assignment over a three-year period of options that grant the beneficiaries, subject to the achievement of predetermined performance objectives, the right to subscribe Sanlorenzo shares in the ratio of one share for each option exercised at an exercise price equal to the price at which the Company’s shares are placed on the MTA market, with a three-year vesting period.

The 2020 Plan will be supported by a specific capital increase through the issue of new shares amounting to approximately 2.5% of the share capital resulting from the capital increase.

The proposal to adopt the 2020 Plan will be submitted for approval to the Company’s ordinary shareholders’ meeting scheduled for 21 April. On the same date, the Extraordinary Shareholders’ Meeting will be called to resolve on the capital increase to service the 2020 Plan.

Sanlorenzo in brief
Sanlorenzo was founded in 1958 in Limite Sull’Arno (FI), the production of Sanlorenzo is divided into three divisions:

Yacht Division – composite yachts between 24 and 38 meters in length;
Superyacht Division – aluminum and steel superyachts between 40 and 68 meters in length;
Bluegame Division – sport utility composite yachts between 13 and 21 meters in length.

Sanlorenzo consists of four production sites located in La Spezia, Ameglia (SP), Viareggio (LU) and Massa.

The Group employs about 480 people and collaborates with a network of 1,500 qualified artisan companies.

(Sanlorenzo, positive financial results – – February 2020)