Sanlorenzo in positive position despite Covid-19
The Italian superyacht builder, Sanlorenzo, has published its latest preliminary financial results as of June 30th, indicating a net financial position between €24m and €26m, which it says represents a significant improvement compared with €61m reported on 31st March.
Furthermore, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is expected at around €25m, in line with the figure as of 30 June 2019.
At June end, backlog is approximately €566m, representing a €65m increase compared with €501m as of 31st March (€568m as at 30th June 2019). Sanlorenzo’s Board of Directors said the backlog covers nearly 90% of net revenues for new yachts expected in 2020, in line with 2019, and approximately 35% of net revenues for new yachts expected in 2021.
The Board of Directors has called on its members to approve the half-year financial report before they meet on 31st August.
Elsewhere, Sanlorenzo has announced the expiration of the exclusivity period granted by the shareholders Fenix S.r.l., a company owned by the Tabacchi family, and Lamberto Tacoli, for the evaluation of the potential transaction which, where carried out, would envisage Perini Navi S.p.A. (“Perini Navi”) to be majority-owned by Sanlorenzo.
Negotiations are still ongoing. Since Perini Navi applied for composition with creditors under the Italian bankruptcy law and a judicial commissioner has been appointed, Sanlorenzo “reserves the right to evaluate potential future initiatives under the procedure”.
Meanwhile, in February Sanlorenzo has reported a 39.3% increase in net revenue to €455.9m from new-yacht sales in its preliminary results for 2019.