Sanlorenzo's results improved, but order intake slowed in Q1 2023.
The Ameglia shipyard reports a slowdown in the Americas area compared to the first quarter of 2022 attributable to a more uncertain macroeconomic situation than in the past and a high level of interest rates
Alongside the growth in turnover, profitability and net income, the Sanlorenzo shipyard's first quarterly results also highlight an (expected and natural) slowdown in new orders for superyachts.
From January 1 to March 31, 2023, Net Revenues from New Ships amounted to €183,7 million (up 11,8% compared to the same period in 2022), EBITDA reached €31,2 million (up 21,2%), and the order book amounted to €1,24 billion (up 5,2%), 92% of which was sold to end customers, with deliveries scheduled through 2025 for the Yacht division and 2026 for the Superyacht division. Sanlorenzo's net result was positive at €17,2 million (up 23,0% compared to €14 million in the first quarter of 2022, with a margin on Net Revenues from New Ships growing by 90 basis points to 9,4%).
New orders in the first three months of 2023 totaled €170,1 million, "a satisfactory result considering the typical seasonality of the sector during the winter months," explains Sanlorenzo, who also speaks of "a return to normal seasonal values after the exceptional result of €262,4 million in the same period of the previous year."
In its quarterly report, the shipyard, led by Massimo Perotti, confirmed its continued strengthening of partnerships with strategic suppliers, with the acquisition, in March, of a 49% stake in Sea Energy Srl, a company specializing in the design, production, and installation of marine electrical and electronic systems. Subsequent to the close of the quarter, in May, it acquired an additional 33% stake in Duerre Srl, a company specializing in the artisanal production of high-quality furnishings, for €2 million, reaching a majority stake of 66%.
Regarding the expected evolution of management, the Sanlorenzo shipyard, in addition to highlighting, as usual, the expected benefit of the growth seen in Ultra High Net Worth Individuals, also cites among the industry's development factors new technologies for satellite connectivity even in the open ocean, "such as Starlink," which "allow work activities to be carried out on board, thus creating a 'Work-from-Yachting' phenomenon, similar to the more well-known 'Work-from-Home'. The average time that the owner can spend on board is therefore extended, effectively increasing the attractiveness to younger customer segments."
Customer analysis highlights a reduction in the average age of Sanlorenzo superyacht buyers, from 56 (in the 2016-2020 period) to 48, a trend that, if confirmed, will pave the way for the acquisition of a new generation of yachtsmen within the highly loyal customer base.
Regarding market dynamics, Sanlorenzo notes a realignment with the seasonality historically typical of the sector, with January and February being relatively slower months in terms of volumes. "Geographically," the quarterly report states, "the Americas region is experiencing a slowdown compared to the first quarter of 2022, a trend the company will continue to monitor closely in the coming months, likely due to (i) a more uncertain macroeconomic environment than in the past, and (ii) high interest rates, to which US customers are typically more sensitive."
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