Sanlorenzo reports 40 percent sales gain in 2019

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Sanlorenzo - Massimo Perotti - CEO&Chairman 01

Sanlorenzo, which held an IPO last year, reported its preliminary results for 2019. The Italian builder said sales from new yachts were up 39.3 percent to $494.6 million (455.9 million euros) compared to the same period a year ago. The company said its adjusted EBITDA was up 73.4 percent to $71.6 million (€66 million) compared to fiscal 2018.

“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,” said Massimo Perotti, Sanlorenzo chairman, in a statement. “All the group divisions recorded a positive trend, with a significant increase in export sales as set out in the strategies.” Perotti said the company’s order book is $524 million (€483 million) for the end of January.

The company’s Yacht Division generated net sales of $314.5 million (€289.9 million), which comprised 63.6 percent of total new-boat sales. The company said that was up 41 percent compared with 2018. Its Superyacht Division reported a gain of 47.3 percent in net sales, or $162.7 million (€150 million). Its new Bluegame Business Unit reported sales of $17.3 million (€16 million).

The company said Europe was its strongest market, with sales of $303.4 million (€279.6 million), accounting for 61.3 percent of the total. The APAC area had sales of $79.2 million (€73 million). The Americas reported sales of $77.8 million (€71.7 million), accounting for 15.7 percent of new-boat sales.

Investments made in 2019 amount to $55.7 million (€51.4 million) compared with $50.2 million (€46.3 million) a year earlier. About $16.95 million was dedicated to product development.

Net financial position as of Dec. 31, 2019, was $9.9 million (€9.1 million) compared with its pro forma net financial position at Dec. 31, 2018, of $81.8 million (€75.4 million) after its initial public offering. Sanlorenzo used $53.2 million (€49.1 million) to repay medium/long-term loans.

The company said its backlog at the end of January was $523.9 million (€482.9 million). It said a proposal to adopt a stock option plan has been approved by the board of directors.