Strong growth for the group Saint Lawrence, manufacturer of high-end yachts.
On the occasion of the presentation of the preliminary accounts for 2021, net revenues grew by 28% compared to 2020, with substantial requests from Europe and the Americas.
For 2023 and 2024 San Lorenzo, born in 1958 and considered the "boutique" of the nautical sector, with the production of boats built "to measure" for the individual owner, sees a growth similar to that of 2022 forecast of 23%, says a company statement.
M&A is not among the immediate priorities
Among the priorities of the group, which has its main site in Ameglia in the province of La Spezia, M&A operations are in third place: in first place there will be the organic growth of revenues and ebitda and to the second it development of after-sales services. This was stated by the president and CEO of San Lorenzo Massimo Perotti during today's presentation of the 2021 preliminary accounts.
Adjusted Ebitda +35,3%, margin on revenues +16,3%
Sanlorenzo overall reported in 2021 Net revenues from the sale of new yachts for 585,9 million (+28%), with a ebitda adjusted by 95,5 million (+35,3%), equal to a revenue margin down 16,3%, an improvement of 90 basis points, the company said in a statement.
“In a context of strong market acceleration, these results are linked both to an increase in volumes forhigh collection of new orders, both to a increase in average prices of sales starting from the late spring of the year, due to the company's commercial positioning” says the press release.
In detail, the Superyacht division saw net new revenues grow by 31,8% compared to 2020 to Euro 179,0 million, driven by the Steel line, the largest range, while continuing the affirmation of Bluegame with net revenues of 44,1 million Euros, up 51,5% compared to 2020, in particular thanks to the great success of the BGX line.
Finally, the yacht division generated net revenues of €362,8 million, up 23,9% on 2020, across all product lines.
Order backlog increased to one billion in January
As of December 31 has net financial position cash flow is positive for 39 million, from +3,8 million in December 2020, thanks to cash and cash equivalents of 141,6 million euros and financial debt of 102,6 million.
Il order book at the end of 2021 it more than doubled to 915,6 million, rising to over one billion at the end of January 2022.
Investments of 2022-45 billion are planned for 48
Based on the preliminary numbers the Board of Directors released the new 2022 guidance which forecasts net new revenues between 700 and 740 million, 80% covered by the current order backlog (579 million backlog attributable to 2022), and an adjusted EBITDA between 122 and 130 million. Investments of between 2022 and 45 million are expected in 48 and at the end of the year Sanlorenzo estimates that it will have a positive net financial position of 62-66 million.
'Our goal for the end of 2022, or early 2023, is to increase distribution in Asia Pacific and organize direct distribution in that market as was done for San Lorenzo America' Perotti said during the presentation. 'We are well positioned to capture the market growth that we expect to occur over the next 10 years in that area.' In 2021, revenues in the Apac area amounted to 89,19 million euros (15,2% of total revenues from new yachts), down 14% compared to 2020, but higher than the 73 million euros of 2019 and the 57,59 million in 2018.
