Double-digit growth for Sanlorenzo – H1 2023 results
The Italian shipbuilder’s orderbook is at a historical high of €1.421 billion, with deliveries reaching into 2027…
Sanlorenzo’s revenues and investments grew significantly compared to last year. Net revenues from the sale of new yachts amounted to €388.4 million, up 12.6% compared to €344.9 million in the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 20.3% to €67.7 million. Organic net investments made in the first half of 2023 amounted to €13.1 million, of which more than 80% was dedicated to increasing production capacity and to developing new models and ranges.
Group net profit was at €39.0 million, up 20.3% compared to €32.5 million in the first half of 2022.
“I am particularly proud to present excellent results in a quite challenging market scenario, achieved thanks to the commitment and passion of all Sanlorenzo teams, to which I would like to address a special thanks,” says Massimo Perotti, Chairman and Chief Executive Officer, Sanlorenzo. “Such performance is a direct consequence of our business model, which has proven highly reliable throughout our history and makes us confident for the years to come.”
Geographical breakdown showed strong expansion of the European market, up by 37.1% compared to the first half of 2022, and the Middle-East, up by 57.7%, more than offsetting the slowdown in the Americas, a market particularly affected by the level of interest rates, and APAC (Asia-Pacific), where an extraordinary transaction with Simpson Marine is underway.
Some 89% of expected net revenues on new yachts is in the range of €830-850 million, covered by 2023 share of the current order portfolio, 90% sold to final clients in its entirety.
After the company presented its second-half 2023 results, which exceeded sales forecasts by 3.1% and adjusted EBITDA forecasts by 3%, Intesa Sanpaolo has reaffirmed its recommendation on Sanlorenzo, a luxury yachting operator listed on Euronext STAR Milan, at ‘Buy’ and raised its target price to €51.5 per share (from €50).
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Sanlorenzo has reported double-digit growth across all metrics