Press release
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march 24, 2022 - The Italian Sea Group
The Italian Sea Group: the board of directors approves the FY 2021 consolidated financial statements and draft annual report as of december 31, 2021
2022 Guidance confirmed
Significant growth in Net Sales (+60.3%), EBITDA (+93%) and Net Income (+163%)
Order book at 827 million Euros (+37%)
Dividend proposed: 0.185 Euro per share
Main results of the FY 2021 as of December 31, 2021 versus December 31, 2020:
- Net Sales: 186 million Euros, +60.3% compared to 116 million Euros in 2020;
- EBITDA: 28 million Euros, +93% compared to 14.5 million Euros as of December 31st 2020, with an EBITDA margin of 15% versus 12.5% in 2020;
- EBIT: 21.7 million Euros, +131% compared to 9.4 million Euros in 2020 with a margin of 11.7% on sales;
- Net Income: 16.3 million Euros, +163% compared to 6.2 million Euros in 2020;
- Investments: 26 million Euros as of December 31, 2021, +92% versus 2020;
- Net Financial Position equal to 41 million Euros, compared to a Net Financial Debt of 8.3 million Euros as of December 31, 2020;
- The Order book of shipbuilding and refit is equal to 827 million Euros as of December 31, 2021, +37% compared to December 31, 2020;
- The Net Backlog of shipbuilding and refit as of December 31, 2021 is equal to 536 million Euros;
- As of December 31, 2021 there are 27 yachts under construction.
Other deliberations from the Board of Directors:
- Dividend proposed: 0.185 Euro per share;
- Guidance 2022 confirmed: Expected Net Sales between 280 and 295 million Euros, with an increase of c. 55% compared to 2021 Net Sales; EBITDA Margin expected to reach 15.5% thanks to the significant Sales increase;
- Request for authorisation to purchase and dispose of treasury shares;
- Renewal of Supervisory Board Members;
- Ordinary Shareholders’ Meeting convened on April 29, 2022.
Marina di Carrara, March 24th 2022. The Board of Directors of #theitalianseagroup S.p.A. (“TISG” or the “Company”), global operator in the luxury yachting industry, announces the approval of the FY 2021 Consolidated Financial Statements as of December 31, 2021, prepared in accordance with IFRS International Accounting Standard.
“The year 2021 has been particularly important for #theitalianseagroup, with the further strenghtening of our business in the mega #yacht segment and in strategic markets like the US” – Giovanni Costantino, Founder & CEO of #theitalianseagroup commented. “Soon afterwards the Perini Navi acquisition, finalised at the end of January, the production sites of Viareggio and La Spezia are already operational, the majority of employees have been reinstated and we have lunched important projects with great commitment and energy, with the goal of further strenghtening such a prestigious brand in the global yachting world. The results announced today confirm the success of our business strategy, that focuses on the continuous research of #excellence, innovation and quality.
Based on these results, that allow us to look at the many future opportunities with great optimism and commitment, we confirm the 2022 Guidance.”
KEY RESULTS
In 2021 #theitalianseagroup recorded remarkable growth compared to 2020.
In details, the Company significantly improved sales and margins, leveraging on a more intense demand for yachts in the higher dimensional range.
The year 2021 was an outstanding one for #theitalianseagroup, both from a production standpoint as well as in terms of partnerships signed with top luxury brands such as Automobili Lamborghini and Giorgio Armani, which contributed to enhace the high positioning of the Company.
Since June 8, 2021 the Company is listed on Euronext Milan from Borsa Italiana.
The resources collected during the IPO – equal to 44.5 million Euros – proved to be key in finalising the acquisition of Perini Navi, one of the most prestigious brands in the sailing superyacht industry. The acquisition took place on December 22, 2021 through New Sail S.r.l. a subsidiary fully owned by TISG, for a total value of 80 million Euros.
The operation was financed by cash availability and long-term bank credit lines.
NET SALES
During 2021 #theitalianseagroup achieved Net Sales for 186 million Euros, an increase of 60.3% versus 116 million Euros recorded in 2020.
- During the year the Shipbuilding Division recorded sales for 164 million Euros, singificantly increased from 98 million Euros in 2020. This achievement is mainly due to the increase in contracts for high dimension yachts, the production progress of sailing and motor yachts under construction and the positive trend of Tecnomar for Lamborghini 63 sales. At the end of 2021, the Company has 14 superyachts e megayachts under construction, as well as 13 Tecnomar for Lamborghini 63 yachts, for a total of 27 projects.
- The Refit Division recorded sales for 22 million Euros, up from 14 million Euros in 2020. The Refit performance did not slow down and progressed smoothly, notwithstanding the works planned in “TISG 4.0” and “TISG 4.1” investment plans.
The total value of the Order Book of Shipbuilding e Refit as of December 31, 2021 is equal to 827 million Euros, with wide visibility until 2026 of the projects under construction, about 80% of which is presented by yachts in the +50m range.
At the end of 2021, the Net Backlog of Shipbuilding and Refit is equal to 536 million Euros.
The revenue breakdown by geographical area shows a higher relevance of the American market.
In particular, this increase is driven by the stronger brand awareness in the Region, stimulated by the collaboration with renowed US brokers, that allowed to Company to enter the American market for big dimension yachts as confirmed by the sale of an Admiral 82m mega #yacht at the end of 2021.
Further information in the press release to download
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