Sanlorenzo announces consolidated financial results for 2021
The brand confirms its strong performance and reaffirms its limited exposure to the impact of sanctions…
The renowned Italian superyacht builder Sanlorenzo has released its consolidated financial results for 2021, confirming its strong performance and order book, reaffirming its limited exposure to the impact of Russian sanctions and outlining its various development commitments for 2022 and beyond.
According to Sanlorenzo, the sale of new yachts was up to €585.5 million in 2022, which represents a 28 per cent increase compared to the €457.7 million generated from the sale of new yachts in 2020. The yard primarily attributes this growth in sales to the acceleration of business across Europe and the Americas. The sale of superyachts contributed €179 million to the overall sales, representing an increase of 31.8 per cent in comparison with 2020, which is primarily due to sales within the Steel Line and the new X-Space Line.
“Today we deliver to Shareholders and the market not only results that exceed, once again, our promises, but, in this painful and complex geopolitical context, we also confirm our forecasts. As never before, Sanlorenzo’s business model is actually proving its resilience: 91% of sales towards final clients, largely covered by significant advances, testify the soundness of the order portfolio.,” comments Massino Perotti, chairman and CEO of Sanlorenzo.
As of 31 December 2021, Sanlorenzo’s order book stood at €915.6 million, which was more than double compared to the same period in 2020, which further grew to €1,097.1 million by the end of February 2022. Since Sanlorenzo’s last announcement, however, the war in Ukraine and the subsequent sanctions imposed on certain UHNW Russians have raised questions about the potential impact on superyacht manufacturers like Sanlorenzo.
Sanlorenzo has confirmed that its exposure to Russian clients is only 7.7 per cent, spread across three years and further points of that, at this juncture, no of those individuals have been sanctioned and, therefore, payments and projects are continuing. Sanlorenzo still considers the risk to its own business as a result of the war limited, especially given how high the demand for superyacht projects remains.
“The exposure towards Russian customers is marginal, representing only 7.7 per cent of backlog, spread over three years. In fact, we have been able to seize the strong acceleration of other geographical areas, where all Group’s divisions have grown organically, starting from the United States, a key market in which we have achieved the best results. These excellent performances resulted in a remarkable cash generation that allows us to propose a dividend which is doubled compared to last year and the maximum allowed by the policy of the Company,” explains Perotti.
“In this reassuring scenario, while we witness with sorrow this terrible tragedy at the heart of our Europe, we constantly monitor and assess any developments, being aware that the strength of Sanlorenzo, demonstrated even during the pandemic, enables us to face the most difficult challenges, thanks also – and above all – to the contribution of all those who work in and for Sanlorenzo, without whose dedication any effort would become unrealistic.”
As well as confirming its financial position, order book and exposure of the Ukraine crisis, Sanlonrezo further outlined its key areas of change and development. Firstly, Sanlorenzo will be looking to increase its market penetration in North America and APAC, which it has highlighted as the markets with the greatest growth potential. Secondly, Sanlonrezo will be looking to increase the price of its superyachts, in order to progressively align the pricing to those of the best Northern European shipyards, especially above 500gt. Furthermore, Sanlorenzo will continue to expand its product and service portfolios and offerings.
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The official statements from Ferretti and Sanlorenzo affirm minimal exposure to sanctioned clients at present