Sanlorenzo provides Q2 results and an update on Perini Navi
The Italian superyacht manufacturer provides its preliminary results as of 30 June 2020…
Sanlorenzo’s EBITDA is expected to be at around €25m, in line with the projected figures as of 30 June 2019. Net debt is between €24m and €26m, representing a significant improvement compared to €61m as of 31 March 2020 (€9m as of 31 December 2019 following the IPO).
According to the shipyard, its order book stands at approximately €556m, representing a €65m increase compared to €501m as of 31 March 2020 (€568mas of 30 June 2019). In particular, the order book as of 30 June 2020 covers approximately 90 per cent of the net revenue from new yachts expected in 2020 as projected on 30 June 2019 and approximately 35 per cent of net revenues for new yachts expected in 2021.
Following the news in May that Sanlorenzo was interested in acquiring Perini Navi, the shipyard has announced the expiration of the exclusivity period granted by the shareholders of Fenix S.r.l, a company owned by the Tabacchi family, and Lamberto Tacoli, for the evaluation of the potential transaction that would see Sanlorenzo become the majority owners of Perini Navi.
“Negotiations are still ongoing,” explains Sanlorenzo’s representatives. “In view of the fact that Perini Navi applied for composition with creditor under the Italian bankruptcy law (“concordato”) and that a judicial commissioner has been appointed, Sanlorenzo reserves the right to evaluate potential future initiatives under the procedure.”
According to The Superyacht Agency, Sanlorenzo delivered an average of 10.3 superyachts per year from 2010-2019. With 23 projects scheduled for delivery this year, 2020 was set to be a record year for Sanlorenzo, with original projecting having the yard deliver seven more projects that its most prolific year in 2018. However, with only a single superyacht delivered in 2020, it looks unlikely that Sanlorenzo will reach the dizzying heights projected at the beginning of the year. Nevertheless, with 10 projects launched, Sanlorenzo is still on track to at least meet it average delivery figures for the last decade, which in light of a global pandemic remains a strong output.
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