Sanlorenzo appoints Ferruccio Rossi and confirms Q1 financials

Ferruccio Rossi, following his resignation last month as the Sanlorenzo’s General Manager and President of Superyachts, has been appointed CEO of the newly established Sanlorenzo Monaco Group, which represents the European foreign commercial entities of the Sanlorenzo Group. The agreement also includes Ferruccio Rossi acquiring a minority stake in the share capital of the same, subject to approval at the Sanlorenzo Assembly scheduled for June 2024.

Ferruccio Rossi comments, “I am proud and grateful that Mr. Perotti has chosen to entrust me and the Sanlorenzo Monaco Group team, made up of excellent professionals, with the commercial development of some of the most iconic territories in the nautical world, with a completely innovative approach of direct brand presence, analogous to what has been happening for some time in the high-end segment.”

On the financial front, Sanlorenzo today approved the periodic financial information as of 31 March 2024, confirming a first-quarter performance that aligns with projections and demonstrates its commitment to sustainable, profitable growth in the long run.

As of 31 March, the backlog remains robust at around €1.2 billion, with 2024 Guidance coverage exceeding 70% after just one quarter. Additionally, around €560 million of net backlog extends into future years, with 88% already secured by end customers, maintaining a balanced sell-in-sell-out dynamic and showcasing Sanlorenzo's distinctive business model in the global yachting arena.

Following the closure of the Simpson Marine Group acquisition on 5 March, the company swiftly initiated integration efforts, particularly focusing on commercial optimisation and bolstering the product portfolio. Efforts are also underway to enhance global service offerings, such as chartering, in synergy with Sanlorenzo Group's international hubs.

Continual investment in product innovation remains a priority for the company, spanning from conceptual design to cutting-edge green technologies. As evidence of its ambitious “Road to 2030” initiative, in March, Sanlorenzo unveiled the BGH-HSV – an America's Cup chase boat featuring dual foil-fuel cell technology – currently undergoing sea trials for delivery to the New York Yacht Club's American Magic syndicate.

Simultaneously, the company's 50-metre fuel cell Superyacht is set to launch on May 18th at the La Spezia shipyard. It stands as the world's first vessel equipped with Siemens reformer-fuel cell methanol technology, generating 100 kW for hotel operations and boasting reduced autonomy in its hybrid version. Notably, its only by-product is residual water vapour, ensuring 100% sustainability as it returns to the sea.

“In parallel, we invest in strengthening direct distribution and production infrastructures, reinvigorating every day the competitive advantages which underpin our leadership position," Massimo Perotti, Chairman and CEO of Sanlorenzo, commented. "The Group maintains, even after acquisitions, enviable equity soundness and liquidity, which will allow us to promptly assess and seize any further opportunities, also in terms of growth by external lines.”

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