Sanlorenzo confirms order book of €1.4 billion for first half of 2023
Italy-based yacht builder Sanlorenzo has confirmed an order book of €1.4 billion during its half-year financial report for 2023. This is up by €18.3 million compared to the results from the same period last year.
Sanlorenzo superyacht fleet
Sanlorenzo reported a net revenue of €388.4 million for the sale of new yachts in 2023, an increase of 12.6 percent from the €344.9 million that the company reported for the same period last year, supporting Sanlorenzo’s business outlook and market strategy for the year.
In May 2023, Sanlorenzo reported an increase in profitability across all levels of its financial report, and the 2023 guidance has been revised upwards to reflect the solid backlog of sold deliveries up to 2027.
“I am particularly proud to present excellent results in a quite challenging market scenario, achieved thanks to the commitment and passion of all Sanlorenzo teams, to which I would like to address a special thanks,” commented Massimo Perotti, Chairman and Chief Executive Officer of Sanlorenzo.
Massimo Perotti, CEO of SanlorenzoPhoto: Sanorenzo
“We revised upward the guidance on expected results for the current year, relying on a first half of absolute satisfaction and a very solid order portfolio, exceeding €1.4 billion as of 30 June 2023, but above all of high quality, as it is for 90 percent backed by contracts with final clients.”
Sanlorenzo reported that EBITDA was at €67.7 million, up by 20.3 percent compared to the €56.3 million recorded in the first half of 2022. As well as this, EBIT was up by 20 percent from the same period in 2022 at €53.1 million.
Net working capital was negative at €75.6 million as of 30 June 2023, compared to a negative figure of €37 million as of 31 December 2022 and a negative figure of €70 million as of 30 June 2022.
SanLorenzo fleet modelsPhoto: Sanlorenzo
The organic net investments for the first half of 2023 amounted to €13.1 million, of which over 80 percent came from the increase of production capacity and the development of new models and ranges.
Sanlorenzo’s net cash position as of June 2023 was equal to €140.5 million, notwithstanding the payment of dividends of €22.6 million, compared to €100.3 million as of 31 December 2022 and €91.1 million as of 30 June 2022. This figure is linked to a free cash flow of €65.8 million in the first half of 2023, and was mainly driven by the steady increase in the EBITDA margin and the delivery of planned contractual advances.
As of June 2023, Sanlorenzo reported an order intake of €351.5 million, of which €170.1 million came from the first quarter and €181.4 million in the second quarter. The gross backlog for the current year is equal to €746 million, an excellent coverage of the expected revenues in 2023.
Sanlorenzo SX100 yacht exterior design
The future of Sanlorenzo’s revenue remains high, with orders totalling €675 million and harbouring the overall extension of delivery dates, with sold deliveries up to 2026 for the Yacht Division and up to 2027 for the Superyacht Division.
“With this long-term vision being clear in our minds, we keep conjugating the development of new, highly innovative product ranges, which create new market segments, with the highest expression of Made in Italy design and craftsmanship, fundamental distinctive elements of our brand identity,” concluded Massimo Perotti.