Strong results
Italian yachtbuilder Sanlorenzo posts strong gains in sales and profitability following its IPO in December.
23 February 2020
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In its first results since listing on the Italian Borsa last December, superyacht builder Sanlorenzo has reported a 39.3% rise in revenues for 2019.
Massimo Perotti, Executive Chairman of the Company, declared: “We are extremely pleased with the preliminary results that have been examined today, confirming the achievement of the targets indicated in the IPO phase, with results at the high end of the forecasts.
“All the Group divisions recorded a positive trend, with a significant increase in export sales as set out in the strategies. In the first few weeks of the current year, good performance in terms of sales has been confirmed, with an order book reaching €483 million at 31 January, ensuring we have important visibility for 2020 and 2021.”
Net Revenues New Yachts in 2019 amounted to €455.9 million, an increase of 39.3% compared to €327.3 million in 2018.
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Adjusted EBITDA in 2019 reached €66.0 million, up 73.4% compared to €38.1 million in 2018, with a margin of 14.5% on Net Revenues New Yachts (11.6% in 2018). EBITDA for 2019, including non-recurring items worth €6.1 million entirely related to the costs of the IPO, amounted to €60.0 million, up 74.2% compared to €34.4 million in 2018.
The Board of Directors also approved the proposal to adopt the stock option plan for 2020 addressed to the executive directors and key employees of Sanlorenzo and its subsidiaries.
Over three years, the 2020 Plan envisages the free assignment of options which, subject to the achievement of predetermined results, give the beneficiaries the right to subscribe for Sanlorenzo shares with a ratio of one share for each option exercised at an exercise price equal to the placement price of the Company’s shares on the Mercato Telematico Azionario, with a three-year vesting period.
The 2020 Plan will be supported by a specific capital increase, issuing new shares equal to approximately 2.5% of the share capital resulting from the capital increase itself.
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