Sanlorenzo 2023 consolidated results demonstrate strength of the brand

Sanlorenzo’s 2023 consolidated results, which have now been approved by the board, show increased turnover and profitability, demonstrate the strength of the brand with revenue growth set to continue at a sustainable rate in 2024, in line with the company’s strategic targets.

The consolidated results for the year ended 31 December 2023 included:

• Net revenues from the sale of new yachts (Net Revenues New Yachts) confirmed at €840.2 million, +13.4% compared to 2022
• EBITDA confirmed at €157.5 million, +21.5% compared to 2022, margin on Net Revenues New Yachts equal to 18.7%, +120 basis points – this marginal expansion reflects the unique market positioning of the brand, the ongoing desirability of the yachts, paired with supply scarcity, a specific part of the Sanlorenzo business model
• EBIT at €125.9 million, +22.5% compared to 2022, margin on Net Revenues New Yachts equal to 15.0%, +110 basis points, exceeding 16% in both Q3 and Q4 and reflecting an optimised fixed asset base in relation to the generated operating profit, notwithstanding the continuous expansionary capex carried out to sustain future growth
• Group net profit at €92.8 million, +25.2% compared to 2022, also exceeding the top of the range of 2023 Guidance (€86-89 million), owing to an increasingly optimised treasury management. Margin on Net Revenues New Yachts equal to 11.1%, +110 basis points
• Organic net investments confirmed for €44.5 million, a 5.3% incidence on Net Revenues New Yachts, of which 90% are expansionary, dedicated to production capacity increase and to develop new models and lines
• Net cash position confirmed at €140.5 million as of 31 December 2023. Strong cash generation equal to €40.2 million, net of €22.9 million dividends distribution, €3.3 million share buy-back, €44.5 million organic net investments, as well as €11.3 million impact on NFP from the consolidation of Duerre and Sea Energy. Therefore, NFP, on a like-for-like basis, would amount to €151.8 million
• Net backlog equal to €1,041.7 million as of 31 December 2023, 90% sold to final clients, of which €587.1 million referring to 2024 and €454.6 million to following years, providing a high level of visibility over a broad timeframe.

The Board of Directors has also proposed a dividend of €1.0 per share, equal to about 38% of Group net profit, +52% of 2022 dividend per share.

“The year 2023 confirms the substance of our reality, an icon of Made in Italy that embodies the highest range of ‘made-to-measure beauty’, combining it with the most advanced engineering and technological expertise,” commented Massimo Perotti, Sanlorenzo’s Chairman and Chief Executive Officer.

“A rare gem, which reflects its uniqueness in the quality of the numbers that I am proud to present once again.Today we release the Guidance for 2024, in continuity with the path of harmonious and profitable organic growth we foresee for the long-term.

“The strength of our balance sheet, paired with a cashflow generation on a consistent basis, allow us to take advantage of acquisition opportunities that arise in the market, while remunerating our Shareholders with a solid dividend growth and keeping a robust and balanced financial profile.”