Sanlorenzo forecasts strong financial performance for 2017

Wed Sep 13 2017, 17:50 PM

The Italian builder has also formed a new division with Tilli Antonelli

In a pre-Cannes Yachting Festival 2017 debut, Italian builder Sanlorenzo launched its new SX88 crossover model and made a number of strategic announcements concerning its future financial strength and partnerships.

In terms of its financial strength, Sanlorenzo’s chairman and CEO Massimo Perotti said: “We are forecasting that revenues for 2017 will be over €300m based on the build of 38 yachts and seven superyachts. This compares with 2016 when the turnover was €314m, up 42% on 2015, based on the construction of 28 yachts and five superyachts."

The other key facets of Sanlorenzo’s finances are that its 2016 EBITDA was, at €25.4m, up 21% on 2015 while its EBT rose an impressive 140% to €12.4m compared with the previous year.

Perotti also announced that Sanlorenzo’s investment programme for product development and facilities will reach over €100m for the 2016-2020 period. Of this total, €52m will be spent on new facilities, €42m on product development and €7.7m on R&D.

The spend will be as follows:

New Facilities (2016-2020)         €2.6         €2.7         €10.7       €28.7       €7.0

New Products (2016-2020)         €4.8         €9.1         €10.9       €10.0       €7.3

R&D (2016-2020)                      €2.0         €1.0         €1.6         €1.2         €1.9

Total (2016-2020)                     €9.4         €12.8       €23.2       €39.9       €16.2

As for new product investment, Sanlorenzo will expand its model portfolio with the SX line so as to meet increasing international demand. The investment in facilities is all about increasing capacity and this will include the enlargement of its production facilities in Ameglia, La Spezia, Viareggio and the recently acquired sheds in Massa. This will include:

  • La Spezia – this site builds superyachts in steel and aluminium and it is currently completing a renovation phase, with 1,800sq m of new offices and 30,000sq m of production area, for a total of 50,000sq m
  • Ameglia – the first site dedicated to the production of yachts from medium-to-large size that will cover a 75,000sq m area thanks to the design by Studio Archea Projects
  • Viareggio – the site is dedicated to the production of yachts over 30m (100ft) in fibreglass, and it will double its size up to 15,000sq m in total
  • Massa – the new site dedicated to the research and development of new models and to the production of fibreglass hulls (which will be completed in Viareggio), for a total external area of 30,000sq m and 18,500sq m indoor area

The SX88 is the first in a new line of crossover models that are geared to new and younger superyacht owners. These new yachts are a design partnership between Zuccon International Design and Studio Lissoni Associati. Sanlorenzo is working very closely with both studios on a number of projects. The second model in this series, the SX72, was highlighted and this will be premiered at Cannes 2018.

Regarding the SL Superyacht Division, Perotti spoke of the 44 Alloy and the 58-62 Steel platform. The 44 Alloy will debut in December 2019 and it is being designed by Zuccon. The 1,200 gross tonne SY 60 Steel is scheduled to be launched in April 2020. Sanlorenzo is undertaking a number of strategic developments which include the projects with Lissono and Zuccon, a new 26.2m (86ft) hybrid superyacht and a greater involvement with the design and art world.

Also in a major new development Perotti announced a new co-operation between Sanlorenzo and Tilli Antonelli to form a new Superyacht Diesel-Electric Division which will develop a 44m superyacht. This will include Antonelli to provide the concept and product development, system engineering from ASEA Nautica, Akasol to provide modular lithium batteries and Caterpillar to provide gen sets, electric motors and other systems.

Perotti concluded the presentation by emphasising its growing financial strength, its wide range of product development and ongoing investment in facilities. “We are the largest monobrand over 24m (78ft) worldwide,” he said.