Sanlorenzo announces its financial results and agenda for 2022
The Italian yachting stalwart has presented a series of impressive figures as well announcing the first 50m hydrogen fuel celled superyacht…
During a press briefing, Sanlorenzo's senior team explored the shipyard's 2021 financial year, looked ahead to 2022 and outlined a series of developments that will ensure the shipyard's continued success. Perhaps of greatest interest, beyond the staggering figures presented, was the announcement of the first 50m superyacht to utilise hydrogen fuel cell technology.
Net revenues from the sale of new yachts in 2021 were €585.9million, up 28 per cent on the figure of €457.7mllion in 2020, which was primarily led by an acceleration of sales in Europe and the Americas. New superyacht sales accounted for €179million (30.5 per cent) of total sales, with the lions share being accounted for by yacht sales and a smaller proportion by the blue game division. Adjusted EBITDA at year-end was at €95.5million, up 35 per cent compared to €70.6million in 2020. The shipyard received €1,092million of new orders in 2021.
Sanlorenzo’s strong financial results can be accounted for by two principle phenomena, namely the acceleration in sales that was experienced across the market and the increase in sales prices that began in earnest in spring 2021, which was only made possible by the strong sales performance. The superyacht division in isolation grew by 31.8 per cent compared to 2020. As previously stated, the majority of sales occurred in Europe and the Americas, but Massimo Perotti, chairman and CEO of Sanlorenzo, was clear in the message that the Asia Pacific represents an excellent growth opportunity for the business.
The shipyards trajectory for 2022 looks equally as impressive with the order book backlog as of 31 January valued at €1,003million. Perotti is eager to point out that 90 per cent of the deal have been covered by final clients.
“This is very important,” explains Perotti. “This is part of our business model, which is unique in the yachting business. Most of our competitors are selling their products to dealers, which is risky. Our order book is strong, over €1billion, but 90 per cent, which means €900million is sold with final customers who typically pay 20-30, meaning it carries far less risk and is more tangible than sales through dealerships.”
Sanlorenzo’s strategy for 2022 is unsurprisingly multifaceted, but hinges on a number of central themes, chief amongst which is the strengthening of its presence in North America and APAC, a realignment of sales prices to reflect the high demand, and enhancement of its service offering, as well as the continued expansion of its product range.
Of interest to the superyacht market has been the introduction of the 44m X-Space range, of which six have already been sold. However, of perhaps wider interest was the announcement that Sanlorenzo will build the first 50m superyacht with hydrogen fuel cell technology that uses methanol for generating electricity on board. The project is scheduled for delivery in 2024 and has been commissioned by Perotti himself to prove the concept before rolling it out to the wider market upon its success. This development has been made possible through Sanlorenzo’s partnership with Siemens. The system will allow vessels to generate zero-emission electricity when both the generators and engines are turned off.
Sanlorenzo’s 2021 results are undeniably impressive, but it is arguably the businesses determination to continue innovating, evolving and developing technological solutions in line with its new product offerings that are particularly commendable.
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