In the worst ever year for the world economy 2009, and even worse for the yachting industry, Sanlorenzo was the black swan. While the main European and American Groups were showing 30-40%turnover reduction, Sanlorenzo was able to limit its turnover reduction in a small -9%, corresponding to €181 million turnover with €17 million Ebitda, compared to 2008 €198 million turnover with €24 million Ebitda.
The lower profit was due to the depreciation of the trade-in boats that in 2009 was internationally estimated between 20 and 25%. It’s important to underline that Sanlorenzo didn’t recur to an aggressive discount policy but chose to keep stable the prices, to guarantee and preserve the owners’ investment. Sanlorenzo could apply this coherent commercial policy thanks to the strength points of its brand:
*Tailor made yachts on owner’s requirements
*Classic and sober design, marking a timeless value
*Steadily rooted European market, but open to new realities
*Direct distribution through the Brand Representative sale network, made of companies in majority participated by Sanlorenzo
Steadily on course in 2010
Thanks to its competitive advantage and the strength of its brand, Sanlorenzo, in countertrend with all the yachting industry, has been able to increase its 2010 budget by 5%, foreseeing a 2010 turnover of €190 mln with € 17 mln Ebitda, being able to steadily maintain the course of its provisional budget, elaborated in 2009, avoiding the many dangerous “shoals” where “agrounded” most of the major Italian, European and American Groups, which experienced a further diminution of sales and production in 2010.
This financial result was achieved by delivering to their owner’s 19 planning motor yachts built by the Ameglia Division and 9 among planning, semi-displacement, composite and metal motoryachts built by the Viareggio Division for a total of 28 new yachts which happily cruised during the 2010 summer.
Consolidating and expanding the Human Resources
Sanlorenzo is proud to have confirmed its entire workforce with no help by the Redundancy Fund also in 2010, as it was in 2009. Even more, in countertrend with all the yachting industry and most of the industrial sectors in Italy, Sanlorenzo expanded its human resources during 2010, hiring 5 persons among managers and executives. This policy, even if limited, is a significant investment Sanlorenzo considered a priority to reinforce the actual position and start a medium-term growth that will take shape through the completion of the Ameglia yard refurbishing and expansion which started in the late months, and the launch of 4 new models in the next 3 years, a calibrated and wise growth, according to Sanlorenzo style and philosophy of concrete and safe growth.
Expansion of the Brand Representative sale network
Beside the actual Brand Representative sale network composed by companies in majority participated by Sanlorenzo, located in strategic key points of the international yachting activities, Montecarlo, Antibes, Palma de Mallorca, Rapallo, Porto Cervo, Rome, Venice, Hamburg, Sukošan (Croatia), in 2010 were started new companies with new offices in Moscow, Dubai, Mexico City, Caracas, Santo Domingo, with operations on all the Caribbean area. It’s under negotiation the opening of a further company in Argentina, called SL Mercosur, from the name of the South America Common Market, with offices in Buenos Ayres. This next company could also start a local production of Grp planning motoryachts to fulfil the request of the Mercosur area.
Beyond a better quality and a better service – necessary evolution of the industry – Sanlorenzo thinks that more sober and less appearing yachts with smaller consumption and easier managing costs will increase in the owner interest. The SD range of semi-displacement yachts by Sanlorenzo, all styled by Francesco Paszkowski, caught a remarkable sale success. 18 hulls of SD 92, 27 metres, two decks, were delivered in 3 years and 5 are under construction, while 4 hulls of SD 122, 37 metres, three decks, were delivered in 2 years and 2 are under construction. The SD122 was prized with the Superyacht Design Award 2010 by an international jury of superyacht owners. To complete the SD range, Sanlorenzo designed and engineered the middle model, SD 106, 32 metres, two decks, which will be officially introduced to public and press during the autumn shows 2012. The yacht will find her place between the two other existing models, combining the easy management of the SD 92 with the roomier spaces of the SD 122.
46 Steel superyacht the largest yacht ever built by Sanlorenzo, the first in steel and aluminium, was launched in February 2010. She was born as 44 Steel, then changed in 46 Steel, 46 metres, to better balance the exterior outline. She is a semi-widebody, three deck bulbous bow superyacht of 499 GT, to remain under the 500 GT Solas limit, very elegant and with different peculiar characteristics: from the wide Beach Club with folding beach door to water level and gym behind, to the Under Lower Deck really a fifth deck fully walkable from engine room to bow, that permits an easy access to all the systems and equipment of the yacht; from the garage by beam with starboard side door that can host a 7 metres tender to the vast Flying Bridge, a true multi functional Sun Deck shaded by the typical Sanlorenzo hard top with opening roof. 3 46 Steel hulls will be delivered in 2011 to their owners, each customized to her owner’s desires. 3 more hulls are under negotiation for the 2012 season, to confirm the favour the displacement yachts are capturing.
In crisis and market confusion periods customers are referring to more traditional, solid and historical brands, as a form of refuge. These brands can offer a security feeling a relaxing use and a protection of the investment. Sanlorenzo self-extime to be one of these.
Superyacht News Related to "Sanlorenzo Financial Highlights 2010-2011"
- Sanlorenzo strengthens its financial position
- Sanlorenzo sells four yachts at the first two 2011 Boat Shows
- Sanlorenzo 3rd in the World Builders Superyacht Classification for the Global Order book 2011
- Wally Yachts and Financial Times launch Maxi Yacht Grand Prix Series 2011
- SanLorenzo and Rodriguez Group Sign Commercial Agreement for Sanlorenzo Superyachts