Sanlorenzo's 2021 revenues reached €585,9 million (+28%).
The company led by Massimo Perotti has officially communicated its modest exposure to the Russian market, declaring that there are three superyacht contracts in existence, equal to 7,7% of total sales.
Dividend of €0,60 per share proposed, double-digit growth expected for 2022 as well
The Sanlorenzo shipyard has announced its final results for 2021 following the approval of the consolidated financial statements and the draft financial statements for the year ended December 31 by the board of directors.
To reassure investors, the company led by Massimo Perotti recently officially announced its modest exposure to the Russian market, declaring that it has three superyacht contracts with clients from that country, equal to 7,7% of total sales, spread across three financial years.
"These are entities not affected by international sanctions, whose payments are regular; to date, no orders have been cancelled," the statement says. Any problems would be largely manageable, the message to the financial community is conveyed, also because other clients are ready to take over before delivery.
The most positive aspect, even given the excellent 2021 data, is given by the expectations for 2022, which are still expected to be extremely favorable, especially since the trend in the first two months has led to an upward revision of the forecasts.
The 2021 numbers, as mentioned, are all extraordinary, starting with the turnover: net new revenues as of December 31st amounted to 585,9 million euros, equal to +28,0% compared to 457,7 million in 2020.
These results are linked "both to an increase in volumes due to the high intake of new orders, and to an increase in average selling prices starting in late spring of the year", states the shipyard.
The Yacht division generated new net revenues of €362,8 million, up 23,9% compared to 2020, across all product lines.
The Superyacht Division performed excellently, with new net revenues up 31,8% compared to 2020 to €179,0 million, driven by the Steel Line, the largest range, and the new X-Space Line.
The Bluegame brand continues to thrive, with new net revenues of €44,1 million, up 51,5% compared to 2020, thanks in particular to the great success of the BGX Line.
Geographically, there was significant growth in the Americas, up 65,3% compared to 2020, particularly in the United States, a strategic market.
Adjusted EBITDA amounted to €95,5 million, up 35,3% compared to €70,6 million in 2020. EBITDA amounted to €94,6 million, up 36,7% compared to €69,2 million in 2020.
Pre-tax profit amounted to €71,0 million, up 51,4% compared to €46,9 million in 2020. Group net profit reached €51,0 million, up 47,8% compared to €34,5 million in 2020.
Investments amounted to €49,2 million, up 59,7% from €30,8 million in 2020. €26,7 million of this amount was allocated to increasing production capacity, with the acquisition of three industrial facilities in the third quarter, and €17,5 million to develop new products and introduce innovations and technologies aimed at reducing the environmental impact of yachts.
The net financial position as of December 31, 2021, was positive at €39,0 million, compared to €3,8 million at December 31, 2020. The strong cash generation, despite significant investments and dividend payments, is primarily due to increased volumes and advances related to robust order intake.
Regarding order performance, the net backlog as of December 31, 2021, after deducting new net revenues generated during the year, amounted to €915,6 million, more than double the €408,8 million as of December 31, 2020.
The positive trend in the order book continued in 2022, with orders totaling €181,5 million in the first two months, bringing the backlog as of February 28, 2022, to €1.097,1 million, 91% of which was covered by end customers.
Regarding the forecasts for 2022, Sanlorenzo announces that it intends to “progressively align the selling prices of superyachts with the best Northern European shipyards, particularly in the segment above 500 GT”.
The shipyard therefore confirms its guidance for 2022, which foresees "again double-digit growth in the main financial indicators, including the estimated Group net result for the current financial year."
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