Saint Lawrence, a luxury yacht operator, closed 2022 with a group net result of 74,2 million euros, up 45,4% compared to 2021, with a margin on net revenues deriving from the sale of new yachts of at 10,0%.
In total, i Net revenues new rose to 740,7 million euros (+26,4%), with a EBITDA adjusted equal to 130,2 million Euros, up by 36,3% compared to 2021. Ebit stood at 102,7 million (+42,3%) with investments of 59,0 million (50,0 million on a like-for-like basis of consolidation), +19,8%.
La net financial position cash flow is equal to 100,3 million at the end of 2022 compared to 39,0 million at the end of the previous year. The backlog net, after deducting new net revenues achieved during the year, amounted to 1.069,6 million (from 915,6 million in 2021), 93% of which sold to end customers.
A Business Square the share this morning was 41,90 euros, down 0,24%. The Ftse Mib instead loses 2,65%
Dividend at €0,66 per share (+10%), pay-out of around 31%
The board resolved to propose to the shareholders' meeting the payment of a dividend, relating to the 2022 financial year, equal to €0,66 per share, which corresponds to a pay out of around 31% of the group net result and around 10% more compared to the 2021 dividend (equal to 0,60 euro per share).
Business plan: in 2025 EBITDA margin equal to or greater than 19,5%
“Sanlorenzo today presents the 2023-2025 Business Plan in the light of the extraordinary results of the previous three-year period which saw a compound annual growth rate of 17,6%, the doubling of EBITDA, an increase of 310 basis points in the EBITDA margin, over 100 million Euros of cash flow generation, despite having distributed dividends of approximately 31 million Euros” said Massimo Perotti, President and Chief Executive Officer of the company.
For three-year period 2023-2025, Sanlorenzo expects an average annual growth of revenues “High Single-Digit”, starting from a forecast for 2023 between 810-830 million Euros, up 11% compared to 2022.
An important and progressive increase is expected in the margins of the Group, which in 2025 expects a EBITDA margins equal to or greater than 19,5%, compared to 17,6% in 2022. The forecast of the net financial position is between 185 and 205 million Euros, with cash generation of over 100 million Euros.
The Plan will be supported by investments mainly concentrated on the research and development of new high-tech models and on increasing production capacity, with a forecast for the three-year period of around 150 million Euros.
“At the time of listing, we promised 'measured growth'. We intend to keep the same promise for the next three years,” he continues Perotti, “although we have always delivered better than expected results to our shareholders. In support of the Plan, we have identified the pillars, summarized in our "Road to 2030" vision, which will see us as pioneers on the path towards carbon neutrality, also thanks to agreements with global energy and E-fuel players capable of revolutionizing the yachting paradigm” Regarding margins and cash flows, Perotti confirms its focus on constant improvement which will allow “to seize the opportunities that the market will present, in strict coherence with our positioning”.
The 5 pillars of the three-year period 2023-2025
The pillars on which the industrial plan mentioned by Perotti is based are 5, says the note from the group. The first is about the development of innovative technologies for carbon neutral power generation. In 2024, the first 50Steel equipped with methanol fuel cells to power all onboard services will be launched, followed by the launch of the first 2028 Steel superyacht powered solely by methanol in 50, the final milestone for Sanlorenzo. In the segment over 24 metres, two Bluegame projects based on the use of hydrogen are making progress: the BGH tender, chosen by the New York Yacht Club as a 'chase boat' to accompany American Magic during the thirty-seventh edition of the America's Cup to be Barcelona in 2024, and the subsequent BGM65HH (hydrogen-hybrid). BGH, whose launch is scheduled for June 2023, is a 10-metre vessel that will reach a speed of 50 knots and a range of 180 miles with zero emissions, being propelled exclusively by hydrogen fuel cells, combined with foils. The same ones that will be installed in the BGM65HH multihull combined with the new generation of Volvo Penta hybrid engines, at an advanced stage of design, for which Sanlorenzo was chosen as the pilot shipyard.
The plan then provides for the introduction of new ranges with the entry into different segments, such as the multihull, and at the same time an enrichment of those in the portfolio, bringing the models from the current 26 to 36, of which 17 of the Yacht Business Unit, 8 of the Superyacht Business Unit and 11 Bluegame. Third pillar of the plan, the strengthening of a premium package which includes the Sanlorenzo Charter Fleet, the first single-brand charter fleet in the world; the Sanlorenzo Academy for crew training; targeted forms of leasing/financing and insurance; maintenance and refitting and restyling services.
THErefitting activity represents an upside of the High Potential Plan. One of the founding elements of the Sanlorenzo business model is represented by the distribution strategy which provides for a direct presence on the main strategic markets. The Plan envisages the implementation of this strategy, with the opening of mono-brand offices, in addition to those already existing in the Americas and the Balearic Islands, also in Emea (Monaco and French Riviera) and Apac. For the latter market in particular, the acquisition of Simpson Marine, a network of 12 showrooms and 10 service centers covering the entire Far East. last piece, the increase of production capacity: the plan envisages expanding capacity by 2025% by 25, bringing its utilization to approximately 85%.
Gussalli Beretta, a non-executive director, resigned today
Sanlorenzo also communicates that today it received the resignation of Pietro Gussalli Beretta from the office of non-executive director, as well as chairman of the Appointments Committee and Lead Independent Director, for personal and professional reasons, in particular related to its commitments in other international companies. The resignations were tendered with effect from 27 April 2023, the date on which the shareholders' meeting will be held which will also be called for his replacement or for the reduction of the number of members of the Board of Directors.
