Sanlorenzo’s six months of growth confirms the good momentum of the group led by Massimo Perotti and, more generally, of the sector. In the case of the shipyard with its headquarters in Ameglia, the first six months of 2023 recorded revenues from the sale of new yachts of 388.4 million euros, up by 12.6% compared to the first half of 2022. The group net result was to 39 million (+20.3%). In the light of the results, the company has revised upwards its 2023 guidance with the forecast of net revenues in the range of 830-850 million euros and net profit between 86 and 89 million.
The growth in revenues – reads a note – “is driven by the performance of the superyacht and Bluegame divisions and with a performance of the yacht division in line with the objectives envisaged for the entire current year”; geographically, robust growth in the group’s traditional markets, especially in Europe, as well as “an interesting development in the Mea area”.
The gross operating margin (Ebitda) stood at 67.7 million (+20.3%), the Ebit at 53.1 million, with an increase of 20% on the same period of 2022. The other data show organic net investments for 13.1 million, of which over 80% related to the expansion of industrial capacity and the development of new models and product ranges. The net financial position amounted to 140.5 million, a further improvement compared to 91.1 million as at 30 June 2022 and 100.3 million as at 31 December 2022.
The bills
“I am particularly proud to present excellent results, achieved thanks to the commitment and passion of all the teams that make up Sanlorenzo, to whom I would like to express a special thanks”, says CEO and president Perotti. “We revise upwards the guidance – he adds – on the results forecast for the current year, strengthened by a very satisfying first half-year and a massive order backlog, as at 30 June exceeding 1.4 billion, but above all of high quality, because it is guaranteed by contracts signed with end customers for 90%”.
Perotti explained that “this performance is the result of our business model which has demonstrated absolute reliability over the years and which reassures us for those to come, on the path that will see us as pioneers in the sector towards carbon neutrality, a central priority in our route to 2030. With this long-term vision, we combine the development of new, highly innovative product lines, which will create new market segments, with the maximum expression of Made in Italy craftsmanship and design, highly distinctive elements of the our brand”. The president and CEO also recalled the direct distribution strategy in key markets, in accordance with which the new offices in Monaco and the Côte d’Azur have been activated.
The horizon of luxury yachting
Perotti’s vision on the evolution of luxury yachting is interesting, “albeit in a context of evolution that is not easily predictable at a global geopolitical and macroeconomic level”, which he explains “continues to benefit from the growth recorded by Ultra High Net Worth Individuals (UHNWI), defined as individuals with a personal net worth greater than US$50 million. The penetration rate of yachting in the target addressable market – the UHNWI population – has fallen below
by 3%, representing an important driver of expected growth. According to Credit Suisse’s Global Wealth Report 2022, in fact, the compound annual growth rate of UHNWI estimated between 2021 and 2026 is equal to 7.8%”.
Costumes also change. “The expansion of the potential clientele is also accompanied by a significant increase in the propensity to purchase – Perotti continues to explain – with the emergence of new lifestyles for clients, which yachting can satisfy. It will therefore be important to intercept these new types of demand in order to increase the penetration rate among UHNWIs over time. Furthermore, the technological evolution that allows satellite connectivity even in the open ocean, allowing work to be carried out on board, is creating a work-from-yacht phenomenon, similar to the better known work-from-home. The average time that the shipowner can spend on board is therefore extended, effectively making it possible to increase the attractiveness towards younger customer groups in full working activity”.
In this regard, the president of Sanlorenzo points out that the customer analysis shows “a lowering of the average age of Sanlorenzo Superyacht buyers, from 56 years (in the period 2016-2020) to 49 years (2021-2022), a trend which, if confirmed, will create the premise for the acquisition of a new generation of yachtsmen within the highly loyal client base”.