The Sanlorenzo Shipyard’s preliminary results for 2020 state year-end net revenues of €458 million, a small increase compared to 2019’s of €456 million. The figures while preliminary, confirm the shipyard’s expectation that 2020 revenues would be on par with 2019 despite the impact of the Covid pandemic.
While sales remained stable, profitability exceeded expectations with earnings before interest, tax and amortization (EBIDTA) rising 6.5% to €70.6 million and yielding a margin improvement to 15.4%.
The improved results were credited to solid selling prices, based on the high-end positioning of the brand, and due to a positive shift in product mix towards larger yachts from its Yacht and Bluegame Divisions.
€ millions
2020
2019
Change
% Total
Yacht Division
292.8
289.95
1.0%
64.0%
Superyacht Division
135.8
150.0
-9.5%
29.7%
Bluegame
29.1
16.0
82.3%
6.4%
Total
457.7
455.9
0.4%
100.0%
While the Superyacht Division’s net revenues were down 9.5% compared to 2019, this was mainly attributed to travel restrictions which slowed down validation of production milestones by surveyors and owner’s representatives.
Although the smallest division, Bluegame recorded an 82% growth in net revenues to €29.1 million, due to ‘excellent sales of the new BGX line, with the addition of the second model BGX60, launched at Genoa 2020.’
Sanlorenzo Executive Chairman Massimo Perotti said it was ‘worth highlighting the substantial stability of the order portfolio, standing at €408.8 million, given the travel restrictions and the cancellation of all boat shows in the world, except Genoa and Fort Lauderdale.’ He noted that final client sales, accounted for more than 94% of the order portfolio.
‘A further reassuring element for the future is the strong acceleration in the order intake recorded in the last quarter’ Perotti added. ‘This, together with the positive market trend and the commercial success of the four new models launched during the year as planned, makes us look forward to 2021 with confidence.’
