Q2 2024 Sanlorenzo SpA Earnings Call Transcript
Key Points
- Sanlorenzo SpA (FRA:6SZA) reported a 6.9% increase in net revenue, reaching EUR415.1 million, driven by strong performance in the superyacht division.
- EBITDA grew by 9.7% year-on-year to EUR74.2 million, with an EBITDA margin increase of 50 basis points to 17.9%.
- The company has a solid backlog of almost EUR1.4 billion, providing strong visibility for future results.
- Sanlorenzo SpA (FRA:6SZA) successfully acquired Simpson Marine, enhancing its presence in the APAC region.
- The acquisition of Swan is expected to contribute positively, with an estimated EUR35-40 million in revenue and EUR4-5 million in EBITDA for the five months of consolidation in 2024.
- The shift to direct distribution has caused a temporary lag in order intake, particularly affecting the APAC region.
- The European market has shown a 10% reduction in sales, influenced by the war in Ukraine and a sluggish German economy.
- The company faces challenges in the below 24-meter yacht segment, which has shown weaker order intake compared to larger yachts.
- The acquisition of Swan, while promising, introduces complexities in integration and requires significant investment in new production facilities.
- Sanlorenzo SpA (FRA:6SZA) has experienced a cash absorption of approximately EUR38 million year-on-year, linked to acquisitions and increased dividend payments.
Hello. Good morning to everybody. Thank you for coming. Let's move to the presentation. Look, we normally go to the numbers. This time we like to take five minutes of your time, that to confer with fact what we have been promising for the last three years, we have two video which is presenting -- which are presenting the 50 meter some of you saw at the Elite day in launching.
Now, the boat in the water that's being used for the month of August will be introduced in the Monaco Show and we will have a press conference the first day of it can show next Monday. So we like to show you the effect of having we've used the first Yacht with the methanol transfer reforming to hydrogen to produce electricity for the [Tenerife].
The second video is the fantastic tender for the America's Cup that, as you know, we produce for American Magic, the New York Yacht Club and for Orient Express the French syndicate. We are very proud because the tender is running at the 50 knots on foil with hydrogen engine so no
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