The Italian Sea Group to report revenues of €186 million and EBITDA of €28 million in 2021
For 2022, forecasts speak of a 55% increase in revenues to reach between 280 and 295 million euros.
The Italian Sea Group, a shipyard operating in the luxury yachting sector with the Picchiotti, Admiral, Perini Navi, Tecnomar and Nca Refit brands, announced that the Board of Directors, which met today, approved the preliminary consolidated results as of December 31, 2021, as well as the 2022 Guidance.
In the past financial year, revenues amounted to 186 million euros, up 60,3% compared to 116 million in 2020, EBITDA was 28 million euros (doubled compared to 14 million in 2020) and the EBITDA margin was 15% (compared to 12,5% in the 2020 financial year).
"This result is due to an increase in contracts, the steady progress of the vessels currently under construction, and the positive sales trend of the Tecnomar for Lamborghini 63," the company explains. Significant consolidation in the large sailing yacht segment and strong demand for the NCA Refit division contributed to a further increase in revenues.
Nca Refit increased its revenues by approximately 60% compared to 2020, despite the reduction in operating space caused by the "TISG 4.0" and "TISG 4.1" expansion projects. The total value of the order book—the gross value of contracts for new yachts not yet delivered—as of December 31, 2021, is €827 million. The total value of contracts for yachts not yet delivered, net of revenues already recognized in the income statement (Net Backlog) as of December 31, 2021 (Shipbuilding and Refit), is €536 million.
Over the past year, TISG made investments totaling €26 million, primarily related to the progress of the two investment plans "TISG 4.0" and "TISG 4.1" to expand production capacity at its Marina di Carrara site. The Net Financial Position as of December 31, 2021, was positive at €41 million; this result reflects significant cash generation driven by the increase in orders in progress in the final quarter of the year.
"2021 was a particularly significant year for The Italian Sea Group. Today's results are testament to our demonstrated capacity for growth, determination, and continuous pursuit of excellence, recognized as a solid company with high-profile standards," commented Giovanni Costantino, founder and CEO of The Italian Sea Group. "Our commitment to producing high-quality products on time has allowed us to significantly increase our order book, also by strengthening our presence in strategically important markets such as the American one in the large-scale segment. This year's major opportunity, represented by the acquisition of Perini Navi, has also consolidated our position in the large sailing yacht segment, where we already had a significant presence since the first half of 2021, thanks to the ongoing production of one of the world's largest sailing catamarans, measuring 46,5 meters in length and 18 meters in width. In December 2021, we signed contracts for two 56-meter ketches: we are therefore convinced that our path with Perini Navi will guarantee us greater visibility in this segment where demand is strong and dynamic."
GUIDANCE 2022
The 2022 guidance calls for revenue growth of between €280 million and €295 million, with further growth of approximately 55% compared to 2021, and an EBITDA margin of 15,5%. "This guidance reflects the contribution of the Perini Navi acquisition in terms of increased revenues; the further increase in margins also expresses the expectation of achieving positive returns, thanks to the rapid start-up of the new production sites with limited investments," reads a statement from The Italian Sea Group.
Investments are planned for 2022, including €9 million for completing the "TISG 4.0" investment plan and €10 million for "TISG 4.1." In addition, €1,8 million will be invested between 2022 and 2023 to develop the two production sites in Viareggio and La Spezia, acquired through the acquisition and already operational.
Foreseeable evolution of management
The Italian Sea Group operates primarily in the segment of yachts from 50 meters to over 100 meters, which represent approximately 80% of the vessels the company currently has under construction.
Regarding the growth in the size of its orders, in light of this growth in demand, TISG will continue to focus its efforts on the construction of mega and giga yachts, leveraging the consolidated reputation of its brands and the great expertise recognized by clients and major international yacht brokers.
Another significant element of the shipyard's development strategy is its consolidation in the sailing yacht segment, which is experiencing a strong increase in demand thanks in part to owners' growing interest in sustainability and the environment.
Confirming TISG's positioning in the US, including in the sailing segment, is the completion of a 60-metre sailing yacht for an American owner (a commission originally acquired from the previous owner, Perini Navi).
Perini Startup
Following the acquisition of Perini Navi, TISG announced that it has already integrated most of the resources acquired from the same acquisition and has activated the necessary procedures for the start-up of the two production sites in La Spezia and Viareggio.
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