(Teleborsa) – Sanlorenzo – operator of luxury boating listed on the STAR segment of the Italian Stock Exchange – has revised upwards the estimates for the whole of 2021, after the positive accounts of the first six months of the year. In the period to June 30, 2021, it recorded revenues net from the sale of new yachts to 263.6 million euros (+ 43.2% compared to the first half of 2020), a EBITDA adjusted to 40.4 million euros (+ 56.8%) and a Net income of the group to 21.2 million euros (more than doubled compared to 10.5 million euros in the first half of 2020).
“We approve the best semi-annual in the history of Sanlorenzo, a result of which we are particularly proud and which was achieved after a period among the most challenging in the world – commented Massimo Perotti, president and CEO of the company – Our ability to develop a product with unique characteristics and to offer our owners a completely personalized service is the main lever of our growth. We have just presented four new models at the Cannes show and expect the launch in 2022 of three new lines, one for each division in high-potential segments, currently unexplored by Sanlorenzo ”.
The investments in the first six months of 2021 amounted to 12 million euros (12.4 million euros in the first half of 2020). There net financial position amounted to 26.4 million euros in cash (3.8 million euros in net cash at 31 December 2020 and 23.5 million euros in net financial debt at 30 June 2020), with an improvement of 49.9 million euro compared to the previous year due to the strong cash generation at operating level. The backlog at 30 June 2021 it amounted to 810.7 million euros, up by 245.1 million euros compared to the figure as at 30 June 2020 (565.6 million euros) and by 401.9 million euros compared to the figure as at 31 December 2020 (408.8 million euros).
In light of the results at 30 June 2021 and taking into account the subsequent evolution of the order book (1,011.8 million euros at 31 August), the company has guidance revised upwards for the current year, confirming the expectations of double-digit growth in the main metrics. Net revenues should be between 565 and 575 million euros, adjusted EBITDA between 92 and 94 million euros, group net income between 47 and 48 million euros.
In support of the expected growth, Sanlorenzo has forecast in the second half of the year investments for a total value of € 17.9 million intended for the acquisition of industrial infrastructures adjacent to the production plants in Viareggio, Massa and La Spezia, “which will result in a significant increase in production capacity to respond to the acceleration in sales”.
The title of Sanlorenzo continues to travel high, settling at 32.1, with a 3.55 increase%. Operationally, expectations are for a continuation of the day in a positive sense with resistance seen in the 33.85 area and subsequently at 37. Support at 30.7.