Azimut-Benetti, the Italian luxury yacht building group has reported an increase in end-user sales of 25 per cent for the 2009-2010 nautical year. EBITDA also increased from €35million to €45million and the company’s net financial position improved, with net debt reduced from €70m to €40m, which is the equivalent of just over 10% of the Azimut-Benetti Group’s equity. The overall turnover decreased from €600m to €500m.
Azimut-Benetti says that the company has successfully completed the programme of reorganisation introduced 18 months ago in response to changes in the marine market. A ‘destocking’ operation has also been completed.
The Azimut-Benetti Group has equity of €300m, which covers over 60 per cent of the total net assets or twice the fixed assets.
With five superyachts over 47m (154ft) delivered in the last four months and three new Delfinos purchased on paper by clients in China, Australia and the US, the company describes superyacht brand Benetti’s performance as ‘outstanding’.
Benetti Super Yacht Delfino 93 Profile
In a statement chairman Paolo Vitelli remarked.”We have high hopes for the new season which, according to our forecasts and above all on the basis of the first feedback from the Cannes boat show, should result in a production value increase in the order of 20 per cent, in line with the sell-out of the last season,”
The Azimut-Benetti Group comprises the yachting brands Azimut Yachts, Benetti and Atlantis. The group operates in 67 countries via a sales network of 138 offices.
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