- Business - Sanlorenzo’s preliminary results for 2019 show growth


Sanlorenzo’s preliminary results for 2019 show growth

The Italian yard's performance following its IPO paints a positive picture for the superyacht manufacturing stalwart…

During a meeting in Turin on 12 February, Sanlorenzo’s board of directors examined the company’s preliminary consolidated results for the 2019 financial year and approved the proposal for the adoption of the stock option plan for 2020. Net revenues in 2019 amounted to €455.9 million, representing an increase of 39.3 per cent compared to €327.3 million in 2018. The Superyacht Division recorded an increase in net revenues of new yachts of 47.3 per cent from €101.9 million in 2018 to €150 million in 2019, representing 32.9 per cent of total revenue.

“We are extremely pleased with the preliminary results that have been examined today, confirming the achievement of the targets indicated in the IPO phase, with results at the high end of the forecasts," comments Massimo Perotti, executive chairman of Sanlorenzo. "All the Group divisions recorded a positive trend, with a significant increase in export sales as set out in the strategies. In the first few weeks of the current year, good performance in terms of sales has been confirmed, with an order book reaching €483 million at 31 January, ensuring we have important visibility for 2020 and 2021.”

In terms of the nationality of the end users across both Sanlorenzo’s yacht and superyacht markets, Europe recorded net Revenues for new yachts of €279.6 million (€60.0 million of which was generated in Italy), with an incidence of 61.3% on the total, a significant increase of 48.7 per cent compared to 2018. The APAC area recorded net revenues of €73.0 million, an increase of 26.8 per cent compared to 2018 and 16 per cent of the total. The Americas recorded net revenues off €71.7 million, an increase of 11.9 per cent with an incidence of 15.7 per cent on the total. There was also Significant growth in the Middle East and Africa, with net revenues up 80.3 per cent reaching €31.6 million (6.9 per cent of the total).

Sanlorenzo’s investments made in 2019 amount to €51.4 million compared to €46.3 million in 2018, €15.2 million of which was dedicated to the product development and creation of model and moulds and a further €29.6 million linked to the production capacity increase programme that began in 2017.

Sanlorenzo’s positive financial outlook follows a busy year for the Italian superyacht building stalwart that has already seen it launch its new High-end Services Division and open new production facilities in Ameglia.

According to The Superyacht Agency, since 2010 Sanlorenzo has delivered a total 103 superyacht projects at an average of 10.3 units year on year. According to the yard’s order book, there is a further 13 deliveries scheduled in 2020, which would mean Sanlorenzo starts the new decade with a delivery output that outperforms its average output for the previous 10 years. Additionally, over the course of the same 10-year period Sanlorenzo’s average year on year fluctuated between 35-38m. However, between 2020-2022 the yard’s average LOA is expected to climb to 45m-plus, which falls in line with the data suggesting that superyachts are, on average, getting bigger.

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