Sanlorenzo in positive position despite Covid-19 

Yves Le Marquand
By Yves Le Marquand July 13, 2020 12:37

Sanlorenzo in positive position despite Covid-19 

The Italian superyacht builder, Sanlorenzo, has published its latest preliminary financial results as of June 30th, indicating a net financial position between 24m and 26m, which it says represents a significant improvement compared with  61m reported on 31st March. 

Furthermore, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is expected at around 25m, in line with the figure as of 30 June 2019. 

At June end, backlog is approximately 566m, representing a 65m increase compared with 501m as of 31st March (568m  as at 30th June 2019). Sanlorenzo’s Board of Directors said the backlog covers nearly 90% of net revenues for new yachts expected in 2020, in line with 2019, and approximately 35% of net revenues for new yachts expected in 2021. 

The Board of Directors has called on its members to approve the half-year financial report before they meet on 31st August. 

Elsewhere, Sanlorenzo has announced the expiration of the exclusivity period granted by the shareholders Fenix S.r.l., a company owned by the Tabacchi family, and Lamberto Tacoli, for the evaluation of the potential transaction which, where carried out, would envisage Perini Navi S.p.A. (Perini Navi”) to be majority-owned by Sanlorenzo. 

Negotiations are still ongoing.  Since Perini Navi applied for composition with creditors under the Italian bankruptcy law and a judicial commissioner has been appointed, Sanlorenzo “reserves the right to evaluate potential future initiatives under the procedure”. 

Meanwhile, in February Sanlorenzo has reported a 39.3% increase in net revenue to €455.9m from new-yacht sales in its preliminary results for 2019. 

 

Yves Le Marquand
By Yves Le Marquand July 13, 2020 12:37

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