Sanlorenzo superyacht division revenues reach €133.2M
Superyacht revenues are up by 33.5% on the previous period and account for 31.1% of all Sanlorenzo yacht sales…
San Lorenzo have released a report unveiling their periodic financial information for the first nine months of the year. The report stated that the Italian ship builders had witnessed unprecedented results with net revenues from the sale of yachts at €428.4 million, an increase of 32.8 per cent from last year. It was also reported that their EBITDA stood at €68.6 million, up by 41.5 per cent, and that they had a record backlog of €1.2 Billion.
Massimo Perotti, Chairman and Chief Executive Officer of the Company, commented, “The results we approve today testify to the soundness of Sanlorenzo’s business model and the ability to navigate with constancy, commitment and resolution towards our medium-long term goals. Our compass is a growth that, if at first I defined as gentle, I now consider “meaningful”. Such an excellent sales performance is also achieved by keeping on launching new models at a constant pace, as we did this year: most recently at the Fort Lauderdale boat show, after the world premieres in Cannes, we unveiled the new asymmetric model of Sanlorenzo family, SL106A, in addition to the American debut of the SL96A and BGX70.”
During the third quarter, the superyacht division was one of the main reasons for the company's dramatic order portfolio increase. The report claims that this was also due to the ‘extremely positive feedback’ received following the Cannes Yachting Festival, Genoa Boat Show and Monaco Yacht Show. The show season, evidently, saw the start of numerous commercial negotiations, partially already closed with the signing of sales contracts, regarding in particular the recently launched products - SL90 Asymmetric, SL120 Asymmetric, SD118 for the Yacht Division and BG72 for Bluegame, and the new X-Space range of the Superyacht Division which will be presented in 2022.
The Superyacht Division generated net revenues for new yachts of €133.2 million, accounting for 31.1 per cent of the total, up by 33.5 per cent on the first nine months of 2020, this was driven by the Steel Line and the new X-Space Line. Perotti stated that, “Following the international boat shows, we have orders amounting to €1.2 billion in the pipeline, with three new ranges already planned for 2022. Together with product results, we pay strong attention to economic performance and sustainability: the growth in EBITDA and in the main financial indicators achieved in the nine months of the year provides us significant visibility on future growth, confirming Sanlorenzo as a luxury Maison in the yachting sector.”
As expected, Europe is Sanlorenzos biggest market and accounts for more than half of their overall yacht sales in the last nine months. The Americas are second at 24 per cent, the Asia Pacific is third at 16.5 per cent, while the Middle East accounts for 7.2 per cent.
The enormous success of the shipbuilders is largely due to the post-lockdown boom in the marketplace. The company appears to be making steps towards maintaining this upward momentum with investments into future-proof projects. in 2021, Sanlorenzo invested €36.7 million back into the business, with almost €25 million of that arriving in the third quarter. The overall investment figure was more than double compared to the same time period last year. SuperyachtNews also recently reported that Sanlorenzo, along with The Ferretti Group, launched an undisclosed offer for Perini Navi in a 50:50 venture.
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