Sanlorenzo presented the business plan yesterday in Milan and business development for the next three years.
A strategy based on three cornerstones in which the company strongly believes: technology, sustainability, innovation. Plus one, which has always been crucial: the people to whom it addresses and with whom it works.
“In addition to the numbers”, says Massimo Perotti, President and Chief Executive Officer of the Company, “Sanlorenzo focuses his attention every day on a promise made at the beginning of the three-year period: to satisfy a demand made by investors, namely procyclicality. A result which, of course, is confirmed by the figures, which are proof of how the promise has been fulfilled: 70 yachts built for a total of 700 million euros a year".
These numbers are the guarantee of a non-stop growth that finds its way into the resilience factor, also considering the recent years affected by the global pandemic and the conflict in Ukraine.
“Today Sanlorenzo presents the 2023-2025 Business Plan” concludes Perotti “in the light of the extraordinary results of the previous three-year period which saw a compound annual growth rate of 17.6% , the doubling of EBITDA, an increase of 310 basis points of the EBITDA margin, over 100 million Euros of cash generation, despite having distributed dividends of around 31 million Euros.
At the time of listing we promised 'measured growth'.
We intend to keep the same promise for the next three years, despite having always delivered better than expected results to our shareholders".
Technology, innovation, sustainability. A promising triptych
Referring to the objectives drawn up for the next three years, Sanlorenzo concentrates the triad of cornerstones in a single message: the will to act as the leader in the sector, for the affirmation of a transition towards a paradigm more virtuous, who knows how to shape the future of the yacht industry.
From sustainability to responsibility: towards a new yachting culture
Attention to sustainability is no longer an option, not even for yachting. And the world expects industry, whatever the sector, to respond promptly. During the presentation, the Sanlorenzo management team illustrated how 1.7% of total emissions in the world are assigned to the most diverse navigation activities on the water: yachts have a share equal to 0.22%.
A fact that makes you think, if you think that, compared to the rest of the marine activities (such as chemical tanks, cargo ships, etc.) the experience on board is a sector solely linked to pleasure and not to strict necessity.
It is from here that Sanlorenzo wishes to start to revolutionize the positioning of yachts in the world of emissions. Also anticipating as much as possible the 'green line' established by the Committee for the Protection of the Maritime Environment (MEPC), which will meet in July 2023 to resolve to bring forward 100% of the decarbonisation of shipping to 2050.
A two-way plan, with two new yachts ready to reverse course
Sanlorenzo's response looks in a single direction, on two levels: a first, feasible by 2024 and a second for 2026.
In the first instance, Sanlorenzo announces the presentation of the first 50 meters in the world capable of bringing together two hearts in a single body: a fuel-powered engine and a fuel cell battery system. The project, which the Company has been working on for some time, can be achieved thanks to an agreement with a big name in technology, Siemens energy.
The first zero-emission super yacht
Expected in June-July next year, she will be the first zero-emission super yacht.
Siemens' fuel cell system derives clean energy from a mix of methanol and water capable of generating hydrogen to produce up to 100kw of carbon neutral energy.
This is a novelty in the yachting sector, but the German giant has been working on the development of the fuel cell system for about twenty years together with the Italian and German navies: it is therefore a well experienced and studied.
Sanlorenzo bears the great responsibility of designing the vessel, which adds to the desire to rewrite the rules of yachting, with a new language.
A 20-metre Bluegame with zero emissions
The second step, which Sanlorenzo announces as even more important, takes the form of the first 20-metre Bluegame with totally zero emissions, thanks to a hydrogen engine and fuel cell. The model will make its debut in tender format, chosen by the New York Yacht Club as a chase boat to accompany American Magic, during the thirty-seventh edition of the America's Cup to be held in Barcelona in < strong>2024.
A 10-metre boat that will be able to reach a speed of 50 knots and a range of 180 miles with zero emissions, being powered exclusively by hydrogen fuel cells, combined with foils.
Currently under construction, the boat will be launched in July 2023 followed by 14 months of tests in preparation for the America's Cup in October '24.
This first experience will be the beacon for the yacht that Bluegame will definitively present in 2026: the first 20-meter boat in the world capable of generating zero emissions, with a navigation capacity of 10 hours at 8 knots (80 miles, to be clear a navigation slightly longer than the Viareggio-Corsica section, which are 65 miles apart from each other).
It is a concrete solution for a green holiday.
If the need becomes a longer lasting or, even faster, journey, there will be alternative options: for the traditional cruising speed, the BGM65HH multihull will be equipped with the new generation of Volvo hybrid engines. strong> Penta, in an advanced design stage, for which Sanlorenzo was chosen as the pilot site.
Identikit of the new owners
Achieving this new paradigm in the yacht sector is imperative, also because the age of owners of boats of this type has dropped significantly: if before the pandemic the yacht owner had an average age of 56, today , post-covid, is 48 years old.
Today we are faced with a young owner, who looks with an attentive eye at the sustainable aspect, and who does not accept compromises.
With the strategy based on the triptych of pillars listed above, Sanlorenzo is therefore preparing to embrace a new clientele. Accomplice, the calibrated balance between tradition and innovation, which takes place in the extreme coherence that Sanlorenzo brings with it in every new action and in every new range of products presented.
All the boats of the so-called maison Sanlorenzo, for example, are still built by hand, by real people driven by a passion for what they do.
Sanlorenzo and the world of design
In terms of style, with Piero Lissoni as artistic director since 2018, Sanlorenzo not only pursues customer requests but also and above all its desires : reduced consumption, harmonious and elegant lines inside and out, sophisticated interiors and large rooms.
The possibility of organizing the spaces on board just like you would (indeed, perhaps even more) with the domestic environments.
With a video, Sanlorenzo shows how it is possible to create a botanical garden directly on the yacht, a place where the whole family can relax, share moments and build memories.
Addressing an attentive and expert clientele, Sanlorenzo considers the increasingly refined quality of design and styling to be crucial, also of the spaces. And he does it also through experimentations deriving from contacts outside the sector, with the aim of extending his own expressive code more and more.
Collaboration with Interni
In this sense, the contamination with art is explanatory, a natural rapprochement, which has seen Sanlorenzo enter into exclusive collaborations with the sector since 2018, such as for example with Art Basel in Miami, Hong Kong and Paris. But, also and above all, with Fuorisalone di Interni at Milan Design Week from 2019.
Where this year he will be present with the installation "Impossible Machine", a large structure made up of different gears that move thanks to the Siemens Fuel Cell system. It is a realization that demonstrates how we are able to implement what we are planning for the coming years.
High value services, one step further
The offer of high value-added services intended for customers represents a strong competitive advantage for Sanlorenzo's value proposition, increasing customer loyalty and strengthening the brand's positioning at the top of the luxury segment .
The Plan provides for the strengthening of a premium package including: the Sanlorenzo Charter Fleet, the first single-brand charter fleet in the world; another aspect that the brand wishes to increase is the Sanlorenzo Academy, launched in 2018 and designed to provide crew training; targeted forms of leasing/financing and insurance; maintenance and refitting and restyling services.
Last but not least, Sanlorenzo identifies the refitting service for yachts as fundamental: the primordial maintenance activity will soon become real refitting - also considering the increasingly important demand for the product secondhand. One fact is enough: the world fleet of yachts >30m is constantly increasing (in 2021 it amounted to 5,396 units) and the refitting market is expected to grow to a greater extent, as happened from 2017 to 2021 with a CAGR of +16.4% for yachts >40m.
Direct distribution and increase in production capacity
One of the founding elements of the Sanlorenzo business model is represented by the distribution strategy, which envisages increasing the direct presence on the main strategic markets with the opening of single-brand offices, as well as those already existing in the Americas and the Balearic Islands, also in EMEA (Munich, where a em> Sanlorenzo lounge, and Costa d'Azur – both key markets for the company) and APAC.
For the latter market in particular, the acquisition of Simpson Marine is expected within the first half of 2023, a network born in 1994 and made up of 12 showrooms and 10 service centres covering the entire Far East. For Sanlorenzo, this area represents great development potential on the entire geographical map. The goal here is to manage the showrooms directly, first and foremost that of Singapore – One15marina
Furthermore, for the next 3 years, in terms of production capacity, Sanlorenzo expects further growth, which confirms the keyword that the company's management team identifies as central in the face of a period that has consequently alternated between a pandemic and a global conflict: resilience.
Sanlorenzo's current production capacity can count on building site surfaces of 100,000 m2, used at 79%. The Plan envisages expanding capacity by 25% by 2025, bringing its utilization to approximately 85%.