company profile

Company Highlights
September 2015
-
Sanlorenzo is one of the top three world megayachts builder specialized in:
-
planing and semidisplacement fiberglass yachts from 72’ to 126’
-
alloy and steel planing, semidisplacement and displacement yachts between 40m and 60m.
-
Sanlorenzo conceives, manufactures and distributes unique yachts that are widely recognizable because of their outstanding design and custom-made built, bringing the concept of “made to measure” to a higher level
-
Sanlorenzo has manufactured and sold more than 600 yachts in its almost 60-year history.
H I S T O RY
K e y Mi l e sto n e s i n th e C o m pa ny’s Histor y
Set up of Viareggio Division:
facilities in Viareggio
are renovated to house
production of new lines.
Launch of SD92.
Launch of 40Alloy (winner
of Show Boat Awards 2008
and of two Boat International
Awards in 2009)
Massimo Perotti acquires
the majority of the shares of
Cantieri Navali Sanlorenzo
S.p.A. from Mr. Giovanni
Jannetti (the Company soon
renamed Sanlorenzo S.p.A.)
The Company moves to Ameglia
(La Spezia) within a natural park.
(Sanlorenzo is certified
“UNI EN ISO 14001” which
guarantees the utmost respect for
environment)
By introducing SL100,
Sanlorenzo becomes a
player in the megayacht
industry
SL57, Sanlorenzo’s
first fiberglass yacht,
is born
1958
1985
1995
1999
Giovanni Jannetti set up in Viareggio
“Cantieri Navali San Lorenzo SpA”.
In the first 30 years, Jannetti positions
Sanlorenzo yachts at top level in
terms of quality and reliability
married
with elegance and sobriety
2005
2007
2008
2009
Launch of SD122
(winner of Boat
International
Awards 2010)
2010
Launch of SL106,
first yacht of new
style in the historical
range of Ameglia
Launch
of 46Steel
2011
Sanlorenzo becomes the third shipyard
in the world in the production of
yachts over 24m and it is the only
shipyard that has maintained the same
number of units and the same length in
feet built and ordered in comparison to
the pre-crises period
Launch of SL96
2013
Launch
of SL118,
flagship
of the
Ameglia
facility
2014
Sanlorenzo becomes
the second shipyard
in the world in the
production of yachts
over 24m.
Launch of SD112
Launch of SD126
2015
Launch
of EXP460
Launch of SL86
Chris Bangle
cooperation
H I S T O RY
Massimo Perotti - Chairman’s Background
1982
Manager in Azimut
1986
Acquisition and relaunch of Benetti Shipyard
1992-2004
CEO Azimut Division - development of the Azimut new product range
2005-today
Chairman/CEO Sanlorenzo
2014
President of UCINA (Italian Boat Builders Association)
Azimut-Benetti: turnover 1999 - 2004 (€/ml)
2004 Azimut-Benetti: strong revenue growth combined with best-in-class profitabilty
Sales Growth 01-04 (%)
700
609
600
442
500
200
481
150
339
400
Brunswick
Rodriguez
Ferretti Group
289
300
100
213
200
Sunseeker
50
100
Princess
Beneteau
Fairline
Rodman
0
1999
2000
2001
2002
2003
2004
0
5
10
Grand Banks
15
Azimut-Benetti
20
25
The most active players in the acquisition process and the multi-brand companies achieve
faster growth and higher profitability
Source:Bain & Co.:
“Scenari, mercati e profilazione clienti dal lusso alla nautica upper-class”
Convention Sanlorenzo, San Terenzo (SP), 21 December 2006
EBITDA 04 (%)
FINANCIAL HIGHLIGHTS
S a n l o r e n zo G r ow th
Sanlorenzo: 2004-2015 Value of Production (€/ml)
230
218
200
198
208
195
181
169
159
150
130
105
100
57
50
40
0
(*) forecast
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
40
57
105
130
198
181
195
218
169
159
208
230(*)
FINANCIAL HIGHLIGHTS
S a n l o r e n zo G r ow th
Sanlorenzo: 2005-2015 EBITDA (€/ml)
30
28,5
25
24
22
20,7
20
17
17
16,5
15,1
15
11
10
9
5
3,7
0
2005
3,7
(*) forecast
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
9
11
24
17
17
28,5
15,1
16,5
20,7
22
(*)
FINANCIAL HIGHLIGHTS
C o m p a ny Re l e va n t D a ta
Trends in Value of Production and EBITDA Margin (%)
,4
: 27
R
C AG
s
e
nu
e ve
R
11A
0
2
4A
0
0
2
VOP
EBITDA %
Revenues Breakdown by Countries
2%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
40
57
105
130
198
181
195
218
169
159
208
RoW
1
6,5
8,6
8,5
11,5
9,1
8,8
13,1
8,8
11,5
10,0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
11,8
0,3 12,6
22,1
11,5
19,8
17,9
16,8
28,3
30,3
42,3
EU
23,9
6,8
8,0
33,6
41,3
26,3
43,5
33,5
55,3
59,6
51,9
Italy
64,3
92,9 79,4
44,4
47,2
53,9
38,6
49,7
14,4
10,1
5,8
FINANCIAL HIGHLIGHTS
F i n a n c i a l H i gh l i gh ts
Investments (€/K)
Total Personnel (including sub-contractors)
NO Cassa Integrazione
NO Wages Guarantee Fund
NO Chômage Technique
18.000
900
16.000
800
14.000
700
12.000
600
10.000
500
8.000
400
6.000
300
4.000
200
100
2.000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Real Estates
390
410
2.900
10.000
0
11.000
1.000
2.100
2.500
400
900
125
260
471
635
742
654
647
660
620
590
730
Moulds
210
2.500
4.110
6.000
4.000
2.800
5.800
4.500
3.500
3.600
3.900
75
90
129
165
218
206
213
200
180
170
187
Production
140
480
455
1.200
3.100
2.500
1.200
1.100
1.000
1.000
600
200
350
600
800
960
860
860
800
800
760
917
Total
740
3.390
7.465
17.200
7.100
16.300
8.000
7.700
7.000
5.000
5.400
Sanlorenzo direct employees
Subcontractors’ employees
VA L U E S
B r a n d Po si ti o n i n g
Top Brands
Custom made
Timeless design
“Makes me feel at home”
A yacht for the connoisseur
Production Yacht Brands
Show-off yachts
Extreme design (trendy)
Cookie-cutter (all the same)
Good quality/price ratio
A yacht that suites everyone
Source: “Qualitative Research on Brand Image” - Delfo, 2008
VA L U E S
S a n l o r e n zo ’s Va l u e s
Hand craftsmanship
High quality
Understatement
Classic style
Personal relationship with clients
Economic value
Uniqueness
Source: “Qualitative Research in Brand Image” - Delfo, 2008
P R O D U C T I O N FA C I L I T I E S
P r o d u c ti o n S i te s
Ameglia
Viareggio GRP
Viareggio Superyachts
Total area: 50.000 sqm
of which:
Building: 12.000 sqm
Headquartes: 2.000 sqm
Total area: 12.000 sqm
of which:
Building: 7.000 sqm
Total area: 10.000 sqm
of which:
Building: 8.000 sqm
SL76 - SL86 - SD92
SL96 - SL106
SL118 - SD112 - SD126
40m Alloy - 46m Steel - 52m Steel - 62 Steel 460EXP
Approximately:
30 units/year
Approximately:
10/12 units/year
Approximately:
3/4 steel units/year
MARINAS
Ma r i n a Tr ave l
RANGE
G R P p l a n i n g H u l l Ya c h t s
SL 86
LOA: m 23,10
Max beam: m 5,75
LOA: m 26,45
Max beam: m 6,35
2010 World Yachts Tr ophies
“Best Interior Design”
2012 Genoa Boat Show
“Boat of the Year”
2012 ShowBoats
“Envir onment Pr otection Award”
2012 UIM
“Envir onment Award”
SL 96
LOA: m 28,60
Max beam: m 6,75
RANGE
G R P p l a n i n g H u l l Ya c h t s
SL 106
LOA: m 31,70
Max beam: m 7,10
“ADI Italian Innovation Award 2011”
SL 118
LOA: m 36,71
Max beam: m 7,60
RANGE
G R P S e m i - d i s p l a c e m e n t H u l l Ya c h t s
SD 92
LOA: m 27,60
Max beam: m 7,15
SD 112
LOA: m 33,65
Max beam: m 7,66
SD 126
LOA: m 37,44
Max beam: m 8,00
Boat Inter national
“World Super yacht Award” 2010
RANGE
S u p e r ya c h t B u si n e ss U n i t
40 ALLOY
RANGE
S u p e r ya c h t B u si n e ss U n i t
46 STEEL
RANGE
S u p e r ya c h t B u si n e ss U n i t - S teel Ful l Displ a cement Pr oj ects under wa y
RANGE
S u p e r ya c h t B u si n e ss U n i t - S teel Ful l Displ a cement Pr oj ects under wa y
62 STEEL
RANGE
S u p e r ya c h t B u si n e ss U n i t
460 EXP
VA L U E S
S a n l o r e n z o ’ s Va l u e s
Identification - Timeless Design
VA L U E S
S a n l o r e n z o ’ s Va l u e s
Identification - Timeless Design
1958
1995
2007
In 50 years of history
2010
1950
1970
2010
VA L U E S
S a n l o r e n zo ’s Va l u e s
More light...
More light...with elegance
VA L U E S
S a n l o r e n zo ’s Va l u e s
More light...with elegance
VA L U E S
S a n l o r e n zo ’s Va l u e s
Cockpit finishings
The cockpit becomes an extension of your living room
Painted GRP - Hidden stairs
VA L U E S
S a n l o r e n zo ’s Va l u e s
Teak details
VA L U E S
S a n l o r e n zo ’s Va l u e s
Teak details
VA L U E S
S a n l o r e n zo ’s Va l u e s
High Design of the Components
VA L U E S
S a n l o r e n zo ’s Va l u e s
Stainless Steel details
Each stainless steel detail
is made out of one solid cast piece
VA L U E S
S a n l o r e n zo ’s Va l u e s
Terraces
Perfectly hidden opening mechaninsm
Less quality in the competitor’s opening mechaninsms
(pistons in sight)
VA L U E S
S a n l o r e n zo ’s Va l u e s
Full customization
SL106
SD92
SALES PHILOSOPHY
B r a n d Re p r e se n ta tive s
AMERICAS
APAC
EMEA
RUSSIA
ITALY
- Moskow
Viareggio (LU)
- Headquarters
- Ameglia (SP) - Production plant
- Rapallo (GE)
- Lignano Sabbiadoro (UD)
Hong Kong
(Simpson Marine)
Fort Lauderdale
USA
- Florida
- California
- New York
(SL Americas)
CHINA
Shenzhen
- Sanya
- Yalong Bay
MEXICO
SPAIN
CENTRAL AMERICA
- Venezuela
- Columbia
- Panama
- Costa Rica
- Nicaragua
- El Salvdor
- Guatemala
- Marbella
- Mallorca
FRANCE
SLOVENIA - Portoroz
ALBANIA - Durres
MONTENEGRO - Tivat
CROATIA - Sukosan
- Montecarlo
- Antibes
SINGAPORE
THAILAND
- Phuket
- Pattaya
MALAYSIA
ANGOLA
- Luanda
TAIWAN
- Taipei
- Kaohsiung
- Penghu
UAE - Dubai
TURKEY - Istanbul
EGITTO - El Gouna
- Port Dickson
INDONESIA
- Jakarta
- Bali
SALES PHILOSOPHY
B r a n d Re p r e se n ta tive s
A nti bes (France)
Fo r t L a u d er d a l e ( U S A )
SALES PHILOSOPHY
B r a n d Re p r e se n ta tive s
Sanya
S ha n g ha i
FUTURE DEVELOPMENTS
E x p a n si o n o f th e A m e gl i a Pr oduction S ite
Total area: 100.000 sqm
of which:
Building: 25.000 sqm
2 marinas:
8 berths for large yachts
16 berths for medium-size yachts
S a n l o r e n zo : 2 0 1 5 n o . 2 p l a yer wor l d wide
Sanlorenzo has managed to protect pricing and revenues through the crises whilst maintaining top of the industry profitability
2014
2015 | GLOBAL ORDER BOOK
2015 | GLOBAL
ORDER BOOKBOOK
2015
| GLOBAL
T O P 3 0 ORDER
BU I L DE R S
GLOBAL ORDER BOOK
T o p
2 0
B u i l d e r s
Company
Total (m)
Total (ft)
Projects
Avg. (ft)
1
Azimut / Benetti
2,926
9,600
79
122
Sanlorenzo
1,345
4,413
39
Total
(m)
Total
(ft)
New Build
Projects
Avg. (ft)
New Build
Projects 2014
2014 Rank
1
Azimut - Benetti 1
2,555
8,383
66
127
79
1
2
Sanlorenzo
1,690
T OP
5,545
48
116
39
2
2015
Rank
Ferretti Group 2
Ferretti Group
1,059
3,474
32
109
4
Princess yachts
849
2,785
30
93
5
Sunseeker
803
2,635
26
101
6
lürssen
763
2,503
7
356
7
Amels / damen
647
2,123
10
212
8
Feadship
555
1,821
8
228
9
Overmarine
553
1,814
14
130
10
Gulf Craft
515
1,690
15
113
11
horizon
514
1,686
16
105
12
Oceanco
498
1,634
5
327
13
heesen yachts
477
1,565
10
157
14
Admiral tecnomar
415
1,362
10
136
15
Christensen
360
1,181
8
148
16
Fipa Group
354
1,161
9
129
17
Cerri / Baglietto
349
1,145
9
127
18
Westport
347
1,138
9
126
19
yachts
Fonte: ShowBoatstrinity
International
322
1,056
6
176
20
315
1,033
8
129
Company
42015Sunseeker
Company
1
Azimut - Benetti
5RankLürssen
1,082
3,550
878
2,881
2,555
9
Amels
- Damen
Sanlorenzo
793
2,602
1,69012
Feadship
724
2,375
12
82
Sanlorenzo
Princess
Yachts
708
2,323
25
4
Azimut - Benetti 1
Ferretti Group
2
Sunseeker
1,551
1,082
9
Heesen Yachts
565
1,854
10
5
Horizon
Lürssen
514
1,686
878 16
11
4
Gulf Craft
Sunseeker
468
1,535
13
12
Fipa Group
3
442
1,450
12
57
Overmarine
430
1,411
3
6
13
Ferretti Group 2
Amels - Damen
Feadship
Lürssen
793
724
11
12
14
8
Alexander
Marine
Princess
Yachts 428
1,404
708 15
15
Oceanco
392
1,286
4
7
16
Feadship
Christensen
360
1,181
8
6
9
10
Amels - Damen
Heesen Yachts
Horizon
565
514
17
Cerri - Baglietto
303
994
11
18
GulfJohnson
Craft
Palmer
294
468 5
965
8
Princess Yachts
7
19
9
SunriseHeesen
Yachts
285
3Yachts
935
5
20
Privilege
277
909
2
21
Abeking & Rasmussen
277
908
14
22
11
Marine272
The Alexander
Italian Sea Group
428 6
892
23
Mengi Yay
263
863
7
12
24
Fipa
Oruçoglu
Group 3 260
853
7
12
13
10
15
16
Overmarine
Horizon
Gulf Craft
Oceanco
Christensen
392
360
Heysea
829
303 5
27
14
DreamAlexander
Ship Victory
781
3
28
Perini Navi
228
748
4
29
Hatteras
213
699
30
20
16
Oyster
Marine
209
Privilege
Christensen
15
19
238
Marine
Palmer Johnson
Oceanco
Sunrise
Yachts
840
4
Mondo
Marine
Cerri
- Baglietto 253
Overmarine
256
430
25
18
5,545217 48
2,555
5,089
3,550
1,551
8
5,545
30
36
10
5,089
16
118
15
1,082
2,602 123,550
121
116
66
104
48
99
49
10
1,854
724
1,686
708
25
11
16
9
169
12
105
2,323
25
187
5
1,854
11
454
2
1,535 193 13
565
5
2,375
8
148
142
11
2,602
4
294
285
8
8
686
277 8
1,411
514
Includes AB Yachts, CBI Navi, Maiora
The Italian
37Sea Group
227
121,686
3
1,404 149 151,535
10
468
1,286
442
1,181
430
994
428
965
392
935
909
360
123
4
122
105
166
260
187
87
86
8
7
5
4
1,450
8
9
1,411
6
3
1,404
5
118
118
16
94
13
322
12
148
12
142
15
193
5 1,286
3
4187
8
2 1,181
8454
277
908
4
272
95892
6
994
32
142
9
Avg. (ft)
127
116
26
7
104
10
99
8
320
30
217
16
93
12
322
13
36
217
9
39
4
11
2,323
793
94
7
8
320
9198
Includes
Line, Ferretti Yachts, Pershing,
Riva
17 CRN, Ferretti
CerriCustom
- Baglietto
303
Abeking & Rasmussen
148
Projects 2014
New 5Build
127
79
Projects
6
2,375 122,881
878
118
14
2
22
169
49
2,881105 9
Includes Azimut Grande, Azimut Yachts, Benetti
21
10
8,383
198
1,690 93
1
3
Projects
26
Total 99 Total
8,383 66(ft)
(m)
320
7
442
1,450By
12 type121
new oRdeRs
Fipa Group
26
17
13
BU I L DE R S
(ft)
36
7
3
538
5,089
1
30
and seems to have gotten its house in order. In 2013,
Ferretti Group announced 50 projects, which dropped
to 32 last year, and bounced back to 49 this year
with some new models and custom projects. Its total
and seems
to have got
length under construction jumped
an astounding
46
percent
2014
Rank in this year’s GOB.Ferretti Group announ
Sailing yacht orders are relatively stable, accountto 32 last year, and b
New
Build
2014
ing for
12.1 percent of
theRank
market. Open yachts
1
Projects
with
some
new model
(express 2014
cruisers) are falling
while
expedition
numbers
are
growing,
which
confirms
a
new
trend
length under
constru
2
79
1
among buyers. The number
of opens in build (42) is
46
percent
in
this
yea
less
than half of what it was at the all-time high
3
39
2
yacht
recorded in 2009, although
the Sailing
size of opens
hasorders
5
increased
over the years. And for
thefor
first12.1
time since
ing
percent
32
3 the number of expedition
we began keeping records,
6
(express cruisers) a
yachts on order has surpassed that of opens. The
numbers
are
growing
yacht
buyer philosophy5is definitely
changing,
maybe
26
7
helped by fuel prices and an increased
interest inThe nu
among buyers.
time during 6
circumnavigations or long
8
7family
less than half of wha
voyages to exotic lands.
4 Noted in this 2015 Global Order
recorded
2009, alt
Book arein
several
10
7
hulls attributed to a shipyard increased
designated “custom.”
over the yea
13
under construction in a
8Most of them are currently
8
we
began
keeping
reco
listed
shipyard, but for contractual or security
11
on order
reasons their builders choseyachts
not to confirm
our has s
30
4
sources
officially even if we know
these
projects
to
10
yacht buyer philosophy
exist. More details about them are forthcoming.
10
13
helped by fuel prices
16 A note about projects
listed as “on hold:” While
family
time during
they are not progressing, they
are not abandoned
9
16
11
either. In most cases, there isvoyages
little news
tocoming
exotic land
from
these stalled projects but we need to keep them
22
Noted
in this 2015 G
15
10 come back
in mind because they can
on the market
attributed
at
example
this year is to a s
12 a moment’s notice. A good hulls
9the 131-foot My Darlings.
16 The first hull, produced
Most of them are curr
15 FNM in Spain, was on hold for many years until
by
listedIt shipyard,
but
14
9 in Greece.
it was finally completed
is the same
17
reasons
their
builde
story with the 250-foot project M25, which began
11
22Italy and
its life at San Marco in
now is at
a Dutch even
sources
officially
28
shipyard and due to be delivered in 2017. Another
More details ab
5example
12 at exist.
is a build started
Sevmash now being
26
A note about proje
completed at ISA Yachts.
growing
overprogress
the
825Again, refits and rebuilds
15 arethey
areallnot
T49O Total
P 104 3
U(ft)3 I New
L D
New0
Build BAvg.
BuildE R S
32
Total
(m)
1,551
62
1
113
3
Oruçoğlu Shipyard
Company
3
2014 Rank
2
2015
Rank
227
7
149
14
9
22
12
10
15
17
198
16
93
28
15
26
9
169
14
105
11
118
25
30
14
not ranked
5
20
27
21
29
121
8
9
4
23
5
not ranked
not ranked
2
3
10
118
94
322
30
51
STOCK
AVAILABLE
23
Mengi OF
Yay BROKERAGE
263
863 YACHTS
7
123
4
18
19
Palmer Johnson
294
Sunrise Yachts
285
2012
260
853
sailing
expedition
MotoR
Privilege
277
25
Heysea
256yachts
840
yachts 20
yachts
New 471
listings
26
Mondo
Marine
253
829
21
Abeking
& Rasmussen
277
24
27
22
2011
Oruçoglu
Dream Ship Victory
376
238
The Italian Sea Group
781
272
965
5
193
14
4
935
5
187
5Company
2014
122
8
20
through
September
2014
open
spoRtfish
2105
454
227Perini Navi
8 909 yachts
9
yachts
382
3 355
892
28
OP SAILING
notTranked
72013
5 908
17
Total (m)
26
228
Oyster Marine
209
4166
6
227
321Nautor’s Swan
165
260
3
295
149
10
Vitters
29
164
6
25
30
14
either. In most cases
from these stalled pro
in mind because they
YACHT BUILDERS
at a moment’s notice
Total (ft)
New Build
2015 Avg. (ft)
the Projects
131-foot My Darli
748 by FNM
4
187
in Spain,
was
685 it was
8
86
finally comple
542 story
5 with the
108
250-fo
538
3
179
its life at San Marco i
S a n l o r e n zo a n d th e m a i n c ompetitor s
2008
2009
2010
2011
2012
2013
2014
(*) forecast
Azimut
960
622
462
649
600
593
611
Ferretti
900
706
465
430
400
465
334
Sunseeker
320
297
303
316
300
320
(*) 290
Sanlorenzo
198
181
196
218
169
159
208
Princess
200
220
250
260
300
320
(*) 280
(K Euro)
Sanlorenzo Spa
Ameglia
Headquarters and SL Yacht Production Facilities
Via Armezzone, 3
19031 Ameglia (SP) - Italy
Tel. +39 0187 6181
welcome@sanlorenzoyacht.com
Viareggio
SL Superyachts Production Facilities
Via Salvadori, 58
55049 Viareggio (LU) - Italy
Tel. +39 0584 38071
welcome@sanlorenzoyacht.com
www.sanlorenzoyacht.com