Sanlorenzo Reports 2020 Financials

Gains in the Asia-Pacific and Americas markets offset losses for the Italian builder’s superyacht division.

Author:
Jeff Moser
Publish date:
Feb 25, 2021

Italian yacht builder Sanlorenzo reported consolidated net revenues of 457.7 million euros ($560 million) for 2020, up 4 percent from 2019. The builder said the increase exceeded the company’s outlook for the time period.

The increase in sales was primarily driven by a sharp rise in orders from the Asia-Pacific region and the Americas, the builder said, even after a second quarter marked by significant Covid-19-related delays and closures.

Net revenues in the APAC region were up 42 percent from 2019 and totaled EUR103.7 million ($127 million), accounting for 22.6 percent of total revenues.

At EUR82.8 million ($101.3 million), revenues in the Americas were up 15.4 percent from the same time period in the year prior and accounted for 18.1 percent of total revenue.

Sanlorenzo said that while most of its sales — EUR234.1 million ($286.4 million) or 51.1 percent — were concentrated in Europe, that number is down 16.4 percent compared with 2019, chiefly due to restrictive measures that lingered throughout 2020.

Sanlorenzo’s superyacht division saw the most significant loss, down 9.5 percent to EUR135.8 million ($166 million), which the company said was hampered by travel restrictions.

“2020 results … prove once again the efficacy and the resilience of Sanlorenzo’s business model and the strength of the brand, not only the steadiness of revenues, but also and especially the relevant increase in operating margins,” executive chairman Massimo Perotti said in a statement.

Perotti highlighted a backlog of EUR408.8 million ($500 million), slightly down from 2019 but significant despite a 45-day lockdown last spring at the builder’s Ameglia, Massa, La Spezia and Viareggio yards, as well as worldwide, pandemic-related restrictive measures.

“A further reassuring element for the future is the strong acceleration in the order intake recorded in the last quarter,” Perotti said. “This, together with the positive market trend and the commercial success of the four new models launched during the year as planned, makes us look forward to 2021 with confidence.”