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FY 2024 RESULTS AND 2025 GUIDANCE 10 MARCH 2025
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139.3 136 143 125.9 FY 2024 FY 2024G FY 2023 29.1 110 120 140.5 112.8FY 2024 FY 2024G FY 2023 49.3 48 50 44.5 FY 2024 FY 2024G FY 2023 2A 176.4 172 181 157.5 FY 2024 FY 2024G FY 2023 930.4 915 950 840.2 FY 2024 FY 2024G FY 2023 Net Revenues New Yachts1 / (€m) +10.7% EBITDA / (€m and % on Net Revenues New Yachts) +12.0% EBITDA Margin / (€m and % on Net Revenues New Yachts) 19.0% 18.8% 19.1% 18.7% FY 2024 FY 2024G FY 2023 15.0% 15.0% +0.2% +10.6% Organic Investments2 / (€m and % on Net Revenues New Yachts) Net financial position3 / (€m) Constant incidence -27.7 m All FY 2024 key figures confirmed +6.2% ex Swan +9.1% ex Swan +0.5% ex Swan 2 EBIT / (€m and % on Net Revenues New Yachts) Before M&A and H2 Buyback +9.4% ex Swan After €34.8m Dividend distribution 5.3% 5.3% FY 2024 RESULTS – HIGHLIGHTS Note: FY 2024 Guidance figures based on mid-point of the range 1. Calculated as the sum of revenues from contracts with customers relating to new yachts (recognised over time with the cost-to-cost method) net of commissions. In accordance with IFRS standards, revenue calculation includes the difference between the value contractually attributed to the pre-owned boats traded in and their relative fair value 2. Increases in property, plant and equipment and intangible assets with a finite useful life, net of the carrying amount of related disposals, without considering changes in consolidation perimeter. Total investments in FY 2024 equal to €188m (€65m in FY 2023), including €124m from Nautor Swan and €15m from Simpson Marine consolidation 3. Calculated in accordance with ESMA document 32-382-1138, 4 March 2021. A positive figure indicates a net cash position. IFRS 16 liabilities accounting for €25.5m as of 31 December 2024 and €9.0m as of 31 December 2023
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1. Sanlorenzo Yacht and Superyacht Divisions (respectively 56 and 8 in 2023) 41 37 55 61 64 64 69 308 440 429 542 665 749 800 0 200 400 600 800 1000 1200 0 10 20 30 40 50 60 70 80 2018 2019 2020 2021 2022 2023 2024 # of Sanlorenzo yachts delivered (columns)1 and Sanlorenzo (Yacht + Superyacht) net revenues new yachts (line) Business growth without inflating volume1 Growth preserving scarcity and upselling over time 3 €11.6m Average Net Revenues per yacht delivered
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Net profit exceeding €100m, above Guidance 2A Net Profit at €103.1M (+11.1% YoY) exceeding even the upper range of 2024 Guidance EPS €2.92 on a fully diluted basis net of treasury shares • Net Profit up +11.1% YoY. Ex Swan, Net Profit at €102.4m, surpassing the upper end of 2024 Guidance (99-101) • Overall, modest impact from Swan in terms of margins dilution (~30 bps at EBITDA, ~50 bps at EBIT and 40 bps at Net Profit level) on a 5-months basis • Net Financial Income approx. €2.0m reflecting savvy treasury management and modest cost of debt • Effective tax rate at 27.1%, reflecting fiscal benefits • Proposed dividend distribution of €1.00 per share (~34 pay-out on Group Consolidated Net Profit) EBIT / (€m and margin % on Net Revenues New Yachts) 102.7 125.9 139.3 13.9% 15.0% 15.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 0 20 40 60 80 100 120 140 160 180 FY 2022 FY 2023 FY 2024 +10.6%+22.5% 129.6 157.5 176.417.5% 18.7% 19.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 0 50 100 150 200 FY 2022 FY 2023 FY 2024 EBITDA / (€m and margin % on Net Revenues New Yachts) +12.0%+21.5%YoY Change % +19.2% ex Swan +15.4% ex Swan 4 FY 2024 RESULTS – MARGINALITY Group net profit / (€m and margin % on Net Revenues New Yachts) +11.1%+25.2% 74.2 92.8 103.1 10.0% 11.1% 11.1% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 0 20 40 60 80 100 120 140 160 FY 2022 FY 2023 FY 2024 99-101 Guidance 2024 +11.5% ex Swan
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Note: Net Financial Position calculated in accordance with ESMA document 32-382-1138, 4 March 2021 Non-recurrent Cash-out from M&A, Buyback and NWC 2A Net Cash position / (€m) 140.5 73.7 102.2 27.2 29.1 31-Dec 2023 31-Mar 2024 30-Jun 2024 30-Sep 2024 31-Dec 2024 • Net Working Capital at 3.9% of Net Revenues New Yacht (NRNY) to support direct distribution • €112.8m adjusted Net Cash Financial Position within organic guidance range (110-120m). After €76.2m M&A (Nautor Swan and Simpson Marine equity cash considerations and net debt consolidation) and €7.5m H2 2024 Net Buyback, consolidated Net Cash Position stands at €29.1m • includes IFRS16 net liabilities for €25.5m as of 31 December 2024 (vs €9.0m as of 31 December 2023) • €42.3m value returned to shareholders through o €34.8m Dividend distribution o €7.5m of extraordinary Net Buyback in H2 2024 FY 2024 RESULTS – NET WORKING CAPITAL & NET CASH POSITION 112.8 Nautor Swan: +52.3 Simpson Marine: +23.9 H2 Net Buyback: +7.5 After €34.8 Dividend distribution 5 Net working capital / (€m) -34.9 38.3 2.1 -4.2 36.0 31-Dec 2023 31-Mar 2024 30-Jun 2024 30-Sep 2024 31-Dec 2024 Before M&A
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1. Calculated as the sum of revenues from the sale of new yachts recognised over time with the cost-to-cost method) and pre-owned boats, net of commissions and trade-in costs of pre-owned boats. 2. The figures from 2019 to 2022 refer to Adjusted EBITDA; the figures from 2023 to 2025 refer to Reported EBITDA, which differs from Adjusted EBITDA for less than 0.5% 3. Capex exclude M&A transactions 4. Growth Calculated on the average of the 2025 Guidance Interval FY 2024 RESULTS & FY 2025 GUIDANCE 2025 guidance – taking a breath & setting sails €m Margin as % of Net Revenues New Yachts 2019 Actual 2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Actual 2025 Guidance4 Net Revenues New Yachts1 YOY GROWTH % 455.9 457.7 +0.4% 585.9 +28.0% 740.7 +26.4% 840.2 +13.4% 930.4 +10.7% 960-1.020 +6% EBITDA2 YOY GROWTH % 66.0 70.6 +7.0% 95.5 +35.3% 130.2 +36.3% 157.5 +21.5% 176.4 +12.0% 178-194 +5% EBITDA Margin2 YOY GROWTH % 14.5% 15.4% +0.9% 16.3% +0.9% 17.6% +1.3% 18.7% +1.1% 19.0% +0.2% 18,5% - 19,0% -0.2% EBIT YOY GROWTH % 43.1 49.0 +13.7% 72.2 +47.3% 102.7 +42.2% 125.9 +22.5% 139.3 +10.6% 139-149 +3% EBIT Margin YOY GROWTH % 9.5% 10.7% +1.2% 12.4% +1.7% 13.9% +1.5% 15.0% +1.1% 15.0% FLAT 14,5% - 14,6% -0.4% Group Net Profit YOY GROWTH % 27.0 34.5 +27.7% 51.0 +47.8% 74.2 +45.5% 92.8 +25.2% 103.1 +11.1% 103 – 110 +3% Capex3 INCIDENCE ON NRNY % 51.4 11.3% 30.8 6.7% 49.2 8.4% 50.0 6.8% 44.5 5.3% 49.3 5.3% 48 – 50 4.9% 6 • Adopting a measured approach for 2025 Guidance as macroeconomic and geopolitical uncertainty may hold part of the commercial pipeline • Nautor Swan as main driver for the further uplift in the top-line expected for 2025 • Guidance on marginality reflects 12-months consolidation of Nautor Swan, underlying group profitability ex Swan seen expanding
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1,020 397 397 623 Net Backlog 31-Dec 2024 Of which 2025 Of which 2026 and beyond Solid backlog coverage of 2025 top-line guidance 2A Backlog is calculated as the sum of the value of all orders and sales contracts signed with customers or brand representatives relating to yachts for delivery or delivered in the current year or for delivery in subsequent years. For each year, the value of the orders and contracts included in the backlog refers to the relative share of the residual value from 1 January of the current year until the delivery date. Backlog relating to yachts delivered during the year is conventionally cleared on 31 December. FY 2024 Order intake and backlog / (€m) Net backlog composition / (€m) 1,042 1,855 1,950 1,020 813 96 930 Backlog 1-Jan 2024 Total Order intake FY 2024 Backlog 31-Dec-24 Swan Backlog Acquired 1-Aug-24 Backlog 31-Dec 2024 Net Revenues New Yachts 2024 Net Backlog 31-Dec 2024 FY 2024 RESULTS – BACKLOG EVOLUTION 7 High-quality Backlog 88% SOLD TO FINAL CLIENTS 63% FY25 Guidance coverage as of Jan 1st , 2025
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Monobrands – consistent philosophy – no overlaps1 CROSSOVER SANLORENZO SX LINE since 2017 STEEL NAVETTA SANLORENZO X-SPACE LINE launched in 2023 FLYBRIDGE SANLORENZO SL LINE since 1958NAVETTA SANLORENZO SD LINE since 2007 SPORT COUPE’ SANLORENZO SP LINE since 2022 EXPLORER SANLORENZO EXP LINE since 2015 SUPERYACHT SANLORENZO ALLOY LINE since 2007 SANLORENZO STEEL LINE since 2009 24mt 75mt Most comprehensive top-end Motor-yachts coverage 13mt 40mt T op-end Luxury Sailing PERFORMANCE CRUISER SWAN LINE since 1966 RACER CLUBSWAN LINE since 2006 MAXI MAXISWAN LINE since 2006 13mt 23mt Luxury Motor-boats 8 MULTI-HULL MOTOR YACHT BLUEGAME BGM LINE since 2023 MULTI-PURPOSE OPEN BOAT BLUEGAME BG LINE since 2018 CROSSOVER BLUEGAME BGX LINE since 2019 CRUISER FOIL BLUEGAME BGF LINE from 2026 MOTOR SHADOW LINE since 2021 ARROW LINE since 2024 ALUMINIUM SAILING YACHT SUPER MAXI ALLOY in Viareggio from 2027
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9 Nautor Swan – New lines development with tech transfer Alloy know-how and greentech platforms from Sanlorenzo would well adapt to a Swan “Super Maxi” line
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12A Source: Global Wealth Report 2023, Credit Suisse (a UBS Group company) 10 UHNWIs by region: 2000, 2022, 2027E (# of individuals) >50% of global UHNWIs resides in North America 372,000 # of global UHNWIs forecasted bv 2027, From 243,000 in 2022 +25,800 Average growth per annum of # of UHNWIs until 2027 STRUCTURAL INDUSTRY DRIVERS Number of UHNWIs keeps rising USD 50-100M USD 100-500M USD >500M
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Sanlorenzo of the Americas strategic direct presence1 SAG HARBOR – HAMPTONS By the Waterfront Marina of this village of historical architectural significance, known for its unique yachting culture. Foothold into the “temple” of American most sophisticated families of yachtsmen. FORT LAUDERDALE – NEW OFFICE AT PIER 66SINCE 2008 NEW OFFICE 2025 Set against the prestigious and breathtaking waterfront views of the Fort Lauderdale marina. The office is designed to offer an elevated experience for clients. 2025 OPENING 11 GEOGRAPHIC OPPORTUNITIES
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11A Nautor Swan and American Magic unite to push performance boundaries and broaden market reach 12 Nautor Swan American opportunity • Combining advanced engineering & renowned craftsmanship o Accelerating R&D cycles and unlocking new product opportunities • Creating and sustaining an all-around platform for the US-Caribbean market o Launches the ClubSwan 28 regatta series o Expanding after-sales support o Potential for US-Based production GEOGRAPHIC OPPORTUNITIES
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13 Methanol production initiatives to serve Italian harbours R&D AND SUSTAINABILITY … • Up to 110k tons per annum of green methanol to be produced, with waste-to- fuel technology transforming 200k tons of non-recyclable waste into synthetic gas • Green methanol production to serve Italian harbours, easing the main bottleneck to technology adoption … Total Alternative-Fuelled Ship Orders1 +33% Orderbook growth 119 Units orders Methanol-Fuelled Ship Orders1 +50% Orderbook growth 600 Units orders Dual-fuel propulsion maritime adoption Evolution in 20241 Source: 1. Lloyd’s Register, January 2025 - https://www.lr.org/en/knowledge/insights-articles/alternative-fuelled-ship-orders-grow-50-in-2024/
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APPENDIX
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12A Swan acquisition – Product lines Refit and other services ~2,300 customers’ club 83% Based on Nautor Swan FY23 Revenues1 1. Calculated on an aggregated, local-GAAP basis for each Nautor Swan Group company, excluding revenues from organisation of racing events, intra-group royalties and “Other revenues” 14% Based on Nautor Swan FY23 Revenues1 Sailing yachts 88-128 ft Range: 88, 98, 108, 128 Racing sailing yachts 28-80 ft Range: 28, 36, 43, 50, 80 Classic sailing DNA 48-80 ft Range: 48MKII, 51, 55, 58, 65, 80 15 Motorboats niche 42-75 ft Lines: Shadow, Overshadow, Arrow 3% Based on Nautor Swan FY23 Revenues1
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Net Revenues New Yachts are calculated as the sum of revenues from contracts with customers relating to new yachts (recognised over time with the cost-to-cost method) net of commissions. In accordance with IFRS standards, revenue calculation includes the difference between the value contractually attributed to the pre-owned boats traded in and their relative fair value. Breakdown by division Breakdown by geography 55.9% Yacht Division €519.6m 30.1% Superyacht Division €280.2m 9.9% Bluegame Division €92.3m 4.1% Nautor Swan Division €38.3m 61.5% Europe €572.1m 15.8% Americas €146.6m 13.1% MEA €121.7m 9.7% APAC €89.9m • Sound FY 2024 performance of the Superyacht +17.6% (+23.2% in Q4), while Yacht posted +1.8% with an acceleration towards the year-end (+9.9% in Q4) and Bluegame +1.0% (-4.5% in Q4) stable notwithstanding the weakness in the market below 24 meters. Nautor Swan contributed €38.3m from August to December (5 months) • Strong YoY revenues increase in Americas (+58.4%) and MEA (+55.4%), with Europe (-0.9%) substantially consolidating 2023 strong growth (+38.3%) while in APAC region (-2.3%) demand still subdued along with the wider luxury sector 1 FY24 top-line performance as projected 2A FY 2024 Net Revenues New Yachts at €930m, +10.7% YoY; +6.2% YoY excluding Nautor Swan contribution for €38.3m in 5 months 930.4 194.8 220.3 253.9 261.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Quarterly evolution / (€m) +10.7% 740.7 840.2 930.4 FY 2022 FY 2023 FY 2024 YoY comparison / (€m) +13.4% FY 2024 RESULTS – NET REVENUES NEW YACHTS 16
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61.3% 15.8% 6.9% 16.0% 1 USA and MEA driving revenue growth 2A FY 2024 RESULTS – NET REVENUES NEW YACHTS BY GEOGRAPHY 68.7% 11.0% 9.3% 11.0% 2023 55.2% 23.4% 6.2% 15.2% 2021 EUROPE AMERICAS MEA APAC 2019 60.7% 15.6% 13.6% 10.0% 2024 Organic Americas rebounds from 2023 lows, MEA becoming increasingly relevant Strong opportunity for Nautor Swan outside Europe 80.2% 19.2% 0.0% 0.6% 2024 17
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Extended visibility from waiting lists 2A 88% sold to final clients, sold deliveries up to 2028 Backlog by division / (€m) Timing of scheduled deliveries up to 2027 up to 2028 FY 2024 RESULTS – BACKLOG BREAKDOWN up to 2027 up to 2026 385 44% 489 56% Yacht > 30 mt < 30mt 824 79% final clients 446 53% 394 47% Superyacht > 1,000 GT < 500 GT 841 100% final clients 100% final clients Nautor Swan 156 Bluegame 49% final clients 128 18
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373 370 431 444 403 381 348 409 435 547 763 916 1,014 1,058 1,107 1,070 1,056 1,033 1,048 1,042 1,015 950 1,051 1,020 0.8x 0.8x 0.9x 1.0x 0.9x 0.8x 0.8x 0.9x 0.7x 0.9x 1.3x 1.6x 1.4x 1.4x 1.5x 1.4x 1.3x 1.2x 1.2x 1.2x 1.1x 1.0x 1.1x 1.1x -0.2x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22 Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Net Backlog of €1.02bn, about 1.1x FY24 Revenues 2A Net Backlog is the sum of the residual values of all orders and sales contracts signed with customers or brand representatives until the delivery date, at a given date. Net Backlog coverage level is the ratio between Net Backlog at a given date, and the full-year revenues of the same year. For 2024, it is considered the NRNY of €930.4m. FY 2024 RESULTS – NET BACKLOG EVOLUTION Typical pre-Covid coverage levels 0.8x-0.9x Above normal historical levels NET BACKLOG QUARTERLY EVOLUTION (€M) NET BACKLOG COVERAGE LEVEL 19
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27.8 21.6 49.3 138.8 188.1 9M 2024 at constant perimeter Q4 2024 at constant perimeter FY 2024 at constant perimeter Changes in perimeter FY 2024 total investments Expansionary Capex supporting business development 2A Organic Net Capex at ~€49m, incidence on Net Revenues New Yachts stable at 5.3% • Overall net investments at €188.1m, of which €49.3m Organic Capex and €138.8m impact from acquisitions (~ €124m Nautor Swan consolidation, ~ €15m Simpson Marine) • 88.5% of Organic Capex are expansionary: o ~€24m for new industrial capacity o ~€20m for new product development • Recurring Capex at ~€3m (~0.3% of Net Revenues New Yachts) FY 2024 Capex evolution / (€m) Organic Capex YoY comparison / (bar: €m and % of the total; line: % on Net Revenues New Yachts) 21.8 (50.6%) 23.6 (48.9%) 2.6 (5.1%) 3.2 (5.9%) 17.9 (39.1%) 20.0 (40.1%) 2.3 (5.2%) 2.5 (5.1%)44.5 49.3 5.3% 5.3% -10% -8% -6% -4% -2% 0% 2% 4% 6% 0.00 10.00 20.00 30.00 40.00 50.00 60.00 FY 2023 FY 2024 Other investments R&D and product development Recurring industrial New industrial capacity Capex as % of Net Revenues New Yachts FY 2024 RESULTS – INVESTMENTS 20
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The next breakthrough technology 2021 – STRATEGIC COLLABORATIONS TO ACHIEVE GROUNDBREAKING SUSTAINABILITY GOALS 2024 – DELIVERY OF THE FIRST 50 STEEL EQUIPPED WITH METHANOL REFORMER FUEL CELLS 2024 – BGH TENDERS DELIVERED TO THE AMERICA’S CUP – HYDROGEN FOIL WE MADE IT WE WILL MAKE 2027 – LAUNCH OF THE FIRST BI-FUEL YACHT – 50 X-SPACE THAT WILL REDUCE EMISSIONS BY UP TO 70% DURING CRUISING IN COLLABORATION WITH MAN 70% 30% METHANOL DIESEL 21 R&D AND SUSTAINABILITY
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22 (€’000) Full year ended 31 December Change 2024 % Net Revenues New Yachts 2023 % Net Revenues New Yachts 2024 vs. 2023 2024 vs. 2023% Net Revenues New Yachts 930,354 100% 840,164 100.0% 90,190 +10.7% Revenues from maintenance and other services 33,063 3.6% 14,137 1.7% 18,926 +133.9% Other income 19,419 2.1% 11,367 1.4% 8,052 +70.8% Operating costs (804,997) (86.5%) (707,830) (84.2)% (97,167) +13.7% Adjusted EBITDA 177,839 19.1% 157,838 18.8% 20,001 +12.7% Non-recurring costs (1,479) (0.2%) (352) - (1,127) n.m. EBITDA 176,360 19.0% 157,486 18.7% 18,874 +12.0% Depreciation and amortisation (37,083) (4.0%) (31,604) (3.8)% (5,479) +17.3% EBIT 139,277 15.0% 125,882 15.0% 13,395 +10.6% Net financial income / (expense) 1,972 0.2% 3,613 0.4% (1,641) -45.4% Adjustments to financial assets 219 - 177 - 42 +23.7% Pre-tax profit 141,468 15.2% 129,672 15.4% 11,796 +9.1% Income taxes (38,346) (4.1)% (36,385) (4.3)% (1,961) +5.4% Net profit 103,122 11.1% 93,287 11.1% 9,835 +10.5% Net (profit)/loss attributable to non-controlling interests (1) - (448) (0.1)% 447 -99.8% Group net profit 103,121 11.1% 92,839 11.1% 10,282 +11.1% FINANCIAL STATEMENTS Reclassified consolidated income statement
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23 (€’000) 31 December 31 December Change 2024 2023 2024 vs. 2023 2024 vs. 2023% USES Goodwill 69,078 17,486 51,592 n.m. Other intangible assets 110,708 55,162 55,546 n.m. Property, plant and equipment 221,021 179,820 41,201 +22.9% Equity investments and other non-current assets 13,151 6,564 6,587 +100.4% Net deferred tax assets 8,965 12,255 (3,290) -26.8% Other non-current liabilities (32,355) - (32,355) n.a. Non-current employee benefits (3,681) (2,491) (1,190) +47.8% Non-current provision for risks and charges (11,203) (14,404) 3,201 -22.2% Net fixed capital 375,684 254,392 121,292 +47.7% Inventories 126,349 85,421 40,928 +47.9% Trade receivables 26,278 22,522 3,756 +16.7% Contract assets 264,646 185,572 79,074 +42.6% Trade payables (285,501) (203,812) (81,689) +40.1% Contract liabilities (113,924) (125,441) 11,517 -9.2% Other current assets 93,469 59,725 33,744 +56.5% Current provisions for risks and charges (16,059) (8,571) (7,488) +87.4% Other current liabilities (59,261) (50,333) (8,928) +17.7% Net working capital 35,997 (34,917) 70,914 n.m. Net invested capital 411,681 219,475 192,206 +87.6% SOURCES Equity 440,760 359,961 80,799 +22.4% (Net financial position) (29,079) (140,486) 111,407 -79.3% Total sources 411,681 219,475 192,206 +87.6% FINANCIAL STATEMENTS Reclassified balance sheet
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24 (€’000) 31 December 31 December Change 2024 2023 Cash 135,647 192,506 (56,859) Cash equivalents - - - Other current financial assets 38,801 24,045 14,756 Liquidity 174,448 216,551 (42,103) Current financial debt (42,940) (28,285) (14,655) Current portion of non-current financial debt (29,492) (18,985) (10,507) Current financial indebtedness (72,432) (47,270) (25,162) Net current financial indebtedness 102,016 169,281 (67,265) Non-current financial debt (72,937) (28,795) (44,142) Debt instruments - - - Non-current trade and other payables - - - Non-current financial indebtedness (72,937) (28,795) (44,142) Net financial position 29,079 140,486 (111,407) (€’000) 31 December 2024 2023 Change EBITDA 176,360 157,486 18,874 Taxes paid (51,376) (39,398) (11,978) Changes in inventories (28,729) (31,977) 3,248 Change in net contract assets and liabilities (116,081) (23,865) (92,216) Change in trade receivables and advances to suppliers (9,736) (5,589) (4,147) Change in trade payables 67,533 47,833 19,700 Change in provisions and other assets and liabilities (9,420) 13,645 (23,065) Operating cash flow 28,551 118,135 (89,584) Change in non-current assets (investments) (49,326) (44,501) (4,825) Interest received 5,346 6,131 (785) Other changes 399 7,502 (7,103) Free cash flow (15,030) 87,267 (102,297) Interest and financial charges (3,191) (2,518) (673) Capital increase and other changes in equity (3,695) (428) (3,267) Change in non-current assets (new perimeter) (48,035) (20,207) (27,828) Change in net financial debt (new perimeter) (28,186) - (28,186) Dividends paid (34,805) (22,978) (11,827) Change in LT provisions and other financial flows 21,535 (987) 22,522 Change in net financial position (111,407) 40,149 (151,556) Net financial position at the beginning of the period 140,486 100,337 40,149 Net financial position at the end of the period 29,079 140,486 (111,407) FINANCIAL STATEMENTS Net financial position and reclassified cash flow statement
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Notice to recipient This presentation is being provided to you solely for your information and it may not be reproduced or redistributed to any other person. The information contained in this presentation, which has been prepared by Sanlorenzo S.p.A. (the “Company”) and its consolidated subsidiaries (together, the “Group”) and it is under the responsibility of the Company, does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitatio n of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. The information and opinions contained in this document are provided as at the date of the presentation and are subject to change. Neither the Company nor the Group are under any obligation to update or keep current the information contained in this presentation. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. The director in charge of preparing the corporate accounting documents, Attilio Bruzzese, declares that pursuant to and for the purposes of article 154-bis, paragraph 2 of Italian Legislative Decree no. 58 of 1998, the accounting information contained in this document corresponds to company documents, ledgers and accounting records. Forward-Looking Statements: this document may include projections and other “forward-looking” statements within the meaning of applicable securities laws. In particular, all statements that address expectations or projections about the future, including statements about operating performance, market position, industry trends, general economic conditions, expected expenditures, cost-savings, synergies and financial results, are forward-looking statements. Consequently, any statements contained herein that are not statements of historical fact are forward -looking statements. Forward-looking statements are based on assumptions and current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Accordingly, actual events or results or actual performance of the Company or the Group may differ significantly, positively or negatively, from those reflected or contemplated in such forward -looking statements made herein. The Group expressly disclaims any duty, undertaking or obligation to update publicly or release any revisions to any of the information, opinions or forward looking statements contained in this document to reflect any events or circumstances occurring after the date of the presentation of this document. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. Any reference to past performance or trends or activities of the Company shall not be taken as a representation or indication that such performance, trend or activity will continue in the future. This presentation contains alternative performance indicators that are not recognized by IFRS. Different companies and analysts may calculate these non-IFRS measures differently, so making comparisons among companies on this basis should be done very carefully. These non-IFRS measures have limitations as analytical tools, are not measures of performance or financial condition under IFRS and should not be considered in isolation or construed as substitutes for operating profit or net profit as an indicator of our operations in accordance with IFRS. Contacts www.sanlorenzoyacht.com investor.relations@sanlorenzoyacht.com