Sanlorenzo reports 2019 net revenue up 39% to €455.9m
All Sanlorenzo’s divisions reported growth in preliminary full-year results posted today.
Superyacht builder Sanlorenzo has reported a 39.3% increase in net revenue to €455.9m from new-yacht sales in its prelimnary results for 2019. The Italian yacht builder also posted adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €60m, 73.4% up on the previous year’s €38.1m.
It reports a positive performance from all group divisions, with export revenues on the up and confirmed targets set in the initial public-offering (IPO) phase.
The board of directors met on Wednesday, February 12th, in Turin to review the results and to approve the proposal for the adoption of the stock-option plan for 2020. Massimo Perrotti, Sanlorenzo’s executive chairman, said: “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. All the group divisions recorded a positive trend, with a significant increase in export sales as set out in the strategies.”
Revenue for new yachts increased by 39%
Revenue for new yachts last year increased by 39.3% to €455.9m compared with €327.3 in 2018. In particular, the Superyacht Division recorded an increase in net revenue of 47.3%, rising from €101.9m in 2018 to €150m in 2019, which is 32.9% of the total revenues.
Europe recorded net revenue for new yachts of €279.6m- €60m of which was generated in Italy. The Asia Pacific (APAC) area recorded net revenue for new yachts of €73m, an increase of 26.8% compared with 2018. The Americas recorded net revenue for new yachts of €71.7m, an increase of 11.9% , accounting for 15.7% of the total. Significant growth was achieved in the Middle East and Africa, with net revenue for new yachts soaring by 80.3% to reach €31.6m.
Adjusted EBITDA last year reached €66m, up 73.4% compared with €38.1m in 2018. EBITDA for 2019, which included €6.1m of costs related to the IPO, amounted to €60m, up 74.2% compared with €34.4m in the previous year.
Investments totalled €51.4m
Investments last year totalled €51.4m compared with the previous year’s €46.3. Most of the investment arose from to the production of new moulds and models, and the expansion programme launched in 2017.
The board of directors also approved the adoption of stock-option plan for 2020. The so-called 2020 Plan is a three-year strategy to improve the stock value for shareholders. If approved, it will be supported by a capital increase, issuing new shares of about 2.5% of the share capital resulting from the increase itself. The plan will be considered by shareholders in April.
Meanwhile, Sanlorenzo confirmed its IPO on the Italian stock exchange, the Borsa Italiana, on Wednesday December 11. Shares began trading at €16 each, which implied a total market capitalisation to €552m.