Sanlorenzo: ‘Solidity and resilience’ reflected in Q3 results
Sanlorenzo’s third-quarter results demonstrate “solidity and resilience” are reflected in the third quarter results Massimo Perotti, the company’s Executive Chairperson, said during Monday’s meeting of the board.
Net revenues from the sale of new yachts for 2020 reached €322.6m, down 0.2% compared with the first nine months of 2019. Whilst consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) stood at €48.5m, again just 0.2% down compared with €48.6m for the first nine months of 2019.
Group net profit at €22.3m down 8.2% compared with €24.3m for the first nine months of 2019, and investments of €17.3m has left Sanlorenzo with a group net financial position at €5.1m, a further improvement from €23.5m as at 30th June 2020.
Sanlorenzo reported gross backlog as of September 30th 2020 was €670.2m, up €104.6m compared with €565.6m posted in June’s mid-year results. The increase has been put down, in large part, to Sanlorenzo’s new initiative “Elite Weekends”.
Perotti said: “We are very satisfied with the constant and additional growth in the order portfolio, which reached €670m , an achievement that is even more significant when considering the cancellation of boat shows that are traditionally scheduled in September and made possible by the decisive commercial initiatives undertaken by the company from the beginning of the summer and continuing through September and October with the Sanlorenzo Elite Weekends.”
The resilience noted by Perotti has prompted the Italian builder to reconfirm its forecast its net revenues for new yachts and its EBITDA margin for this year will be in line with 2019 levels.