Sanlorenzo's 2021 numbers: over 1 billion new orders received

The construction site San Lorenzo Yachts Sanlorenzo announced that today, under the chairmanship of Massimo Perotti, the Board of Directors of Sanlorenzo examined the preliminary consolidated results as of December 31, 2021, and the guidance for 2022.

These are the main indicators in summary:

• Net revenues from the sale of new yachts to €585,9 million, +28% compared to €457,7 million in 2020, driven by the acceleration of Europe and the Americas
• Ebitda adjusted to 95,5 million euros, +35,3% compared to 70,6 million euros in 2020, with a margin on Net New Revenues up 90 basis points to 16,3%
• investments for 49,2 million euros, +59,7% compared to 30,8 million euros in 2020, of which 26,7 million euros dedicated to increasing production capacity and 17,5 million euros to product development, to support future growth
• Net financial position cash of €39,0 million as of December 31, 2021, compared to €3,8 million as of December 31, 2020
• Backlog more than doubled to €915,6 million as of December 31, 2021, compared to €408,8 million as of December 31, 2020, net of Net New Revenues for the year
• Further backlog growth which, as of January 31, 2022, exceeds 1 billion euros
• The outlook for 2022 forecasts double-digit growth again in the main financial indicators and Net Revenues New covered for approximately 80% by the current order book

Commenting on these numbers, Massimo Perotti, president and CEO of the shipyard based in Ameglia (La Spezia), underlined the “great importance, not only for our Group, but for the entire sector”, of the “project that Sanlorenzo is developing together with Siemens Energy for fuel cell systems for the generation of clean electricity in yachts: a cutting-edge experiment destined to introduce a new paradigm in contemporary sailing, which will be applied as early as 2024”.

Regarding future guidance, he added: “The contracts already signed at the end of January give us broad confidence in sustainable economic growth over the long term.”

The revenue analysis explains that, “in a context of strong market acceleration, these results are linked both to an increase in volumes due to the high collection of new orders, and to an increase in average selling prices starting from late spring of the year, due to the company's commercial positioning".

The Yacht Division generated net revenues of €362,8 million, up 23,9% compared to 2020, across all product lines; the Superyacht Division reported new net revenues of €179,0 million, up 31,8% compared to 2020, driven by the Steel Line, the largest range. Bluegame also continued its strong performance, with revenues of €44,1 million, up 51,5% compared to 2020, thanks in particular to the great success of the BGX Line.

La breakdown by geographical area highlights high growth in the Americas, equal to 65,3% compared to 2020, particularly in the United States, a strategic market for the group.

NEW NET REVENUES BY DIVISION

NEW NET REVENUES BY GEOGRAPHICAL AREA

Operational results

The examination of the operating results explains that “The constant increase in operating profitability is linked to the change in the product mix in favor of larger yachts in all divisions and to the increase in average selling prices. Despite an inflationary scenario in the final months of the year, the impact of rising raw material prices remains limited, also due to the prevalence of labor in the production cost structure. Partnerships with suppliers are increasingly close, ensuring the supply of key materials and components at a pre-established price through the signing of multi-year contracts. Operating results also continue to benefit from the efficiencies generated by the optimization of new production capacity and the resulting greater absorption of fixed costs.

Ininvestments

Investments amount to 49,2 million euros, up 59,7% compared to 30,8 million in 2020, of which 26,7 million allocated to increasing production capacity and 17,5 million to the development of new products and the introduction of innovations and technologies aimed at reducing the environmental impact of yachts.

In particular, during the third quarter there were completed three acquisitions of industrial infrastructure adjacent to the company's shipyards in Viareggio, Massa and La Spezia, for a total amount of 19,2 million euros, which will lead to a significant increase in production capacity to respond to the acceleration in sales.

Pnet financial position

The net financial position as of December 31, 2021, was positive at €39 million, compared to €3,8 million as of December 31, 2020. The strong cash generation, despite significant investments and dividend payments, "mainly derives from increased volumes and advances related to the robust order intake."

Backlog

The acquisition of new orders in the fourth quarter, equal to 309,6 million euros, adds to the 738,1 million euros of the first nine months of the year, for a total of 1.092,8 million euros in new orders collected during 2021Net backlog as of December 31, 2021, after deducting Net New Revenues generated during the year, amounted to €915,6 million, more than double the €408,8 million recorded in December 2020.

Superyachts' weight in the order book has increased as a result of the contracts signed in the second half of the year, which saw, among others, the sale of the new flagship 72Steel in November and of 6 units of the new X-Space range, which achieved great success even before its presentation.

The feedback received by the new models launched in 2021 (SL90 Asymmetric, SL120 Asymmetric, SD118 for the Yacht Division and BG72 for Bluegame) was also extremely positive.

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