Sanlorenzo invests in supplier companies and enjoys a successful first quarter of 2022.

The Sanlorenzo shipyard in Ameglia (La Spezia) has just published its first quarter 2022 figures, which show the following results: net revenues from the sale of new yachts amounted to €164,4 million (up 39,3% compared to the same period in 2021), driven by growth in the Americas; adjusted EBITDA was €25,9 million (up 49,6%) with a margin on revenues of 15,8%; EBIT was €19,8 million (up 64,7%); and the group's net profit from January 1 to March 31 reached €14 million (up 69,3%). In the first three months of the current year, net investments totaled €6,3 million (up 12,4%), 50% of which was dedicated to product development and research to continue supporting innovation in the field of environmental impact. Furthermore, the shipyard recorded an acceleration in new order intake in the first quarter, amounting to €262,4 million, bringing the backlog as of March 31, 2022, to €1,178 billion, more than double the first quarter of 2021. Finally, the 2022 guidance was confirmed, which again calls for double-digit growth in all financial indicators, with net revenues covered by 87% of the current order book.

Massimo Perotti, Chairman and CEO of the Company, commented: "The Board of Directors has approved the results for the first quarter of 2022, which, while once again impressive, do not surprise us, as they are the product of a solid business model across all its components. This solidity is reflected in superior performance not only in the nautical sector, but also in the luxury sector." The CEO of the La Spezia-based shipyard emphasized that "one of the most reassuring elements for our forecasts is certainly the €1,2 billion order book, which, in addition to providing us with high visibility for the coming years, gives us great confidence as it is almost entirely made up of contracts signed by end customers. The broad diversification of sales globally, with marginal exposure to Russia and China, provides further grounds for confidence given the current context of both political and economic uncertainty."

In terms of revenues, the Yacht Division saw a 48,3% increase (total revenues of €117,2 million) compared to the first quarter of 2021, while the Superyacht Division recorded net revenues of €32,8 million (+10,3%), driven by the Steel line, the longest range. Bluegame also continued its strong growth, with revenues of €14,3 million, up 56,5% compared to the first quarter of 2021, thanks in particular to the success of the BGX Line.

The breakdown by geographical area confirms the extraordinary growth of the Americas, equal to 121,3% compared to the first quarter of 2021, particularly in the United States, a strategic market for the group.

Regarding the conflict between Russia and Ukraine, the shipyard confirmed that "exposure to Russian clients is marginal and spread across three financial years, specifying that these are individuals not individually affected by international sanctions (so-called "Specially Designated Nationals") and that to date no orders have been cancelled by clients." Sanlorenzo assesses "the related risk as very limited, considering the advances received from clients on yachts under construction and the shipyard's continued ownership of the yachts, as well as the high level of market demand, particularly from potential European and American clients."

The Group's strategy, in order to continue to create value responsibly, is based on the following development guidelines.

Regarding the evolution of superyacht selling prices, "the market's appreciation of product quality and the resulting brand positioning in superyachts has enabled the progressive reduction of the price gap with the best Northern European shipyards, particularly in the segment above 500 gross tonnage, with an acceleration starting in the second half of 2021," the quarterly report states.

Of particular interest is the section of the quarterly report dedicated to strengthening key supply chains. "Craftsmanship is at the heart of Sanlorenzo's business model," it states. "Partnerships and minority investments in key suppliers and contractors will ensure the supply of strategic materials and processes, indirectly increase production capacity, enhance the agility and flexibility of production processes, maintain rigorous quality control, and extend Sanlorenzo's standards of responsibility and sustainability to the supply chain." More specifically, it discusses "minority investments in key suppliers in the metal carpentry and furniture sectors, made in early 2022, as part of this program to strengthen strategic supply chains." Specifically, the suppliers in whose shareholding Sanlorenzo has acquired are Mec Carpensalda of Livorno (a company specializing in metal carpentry for boats) and the carpentry company Duerre of Vicopisano (Pisa).

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