Informazione Regolamentata n. 2211-12-2020		Data/Ora Ricezione 13 Marzo 2020 15:37:30
Societa'	:	SANLORENZO S.P.A.
Identificativo Informazione Regolamentata	:	128758
Nome utilizzatore	:	SANLORENZON02 - -
Tipologia	:	REGEM; 1.1
Data/Ora Ricezione	:	13 Marzo 2020 15:37:30
Data/Ora Inizio Diffusione presunta	:	13 Marzo 2020 15:37:31
Oggetto	:	FY 2019 Results
Testo del comunicato

Vedi allegato.

SANLORENZO S.P.A.: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED FINANCIAL STATEMENTS AND THE DRAFT FINANCIAL STATEMENTS AT 31 DECEMBER 2019

THE POSITIVE PERFORMANCE OF ALL GROUP DIVISIONS IS CONFIRMED GROUP NET PROFIT OF €27.0 MILLION: +117.3%

Consolidated net revenues from the sale of new yachts(Net Revenues New Yachts) of €455.9 million: +39.3% compared to €327.3 million in 2018
Adjusted consolidated EBITDA of €66.0 million: +73.4% compared to €38.1 million in 2018, equal to 14.5% of Net Revenues New Yachts
Consolidated EBIT of €43.1 million: +84.0% compared to €23.4 million in 2018, equal to 9.5% of Net Revenues New Yachts
Group net profit of €27.0 million: +117.3% compared to €12.4 million in 2018, equal to 5.9% of Net Revenues New Yachts
Proposal for allocation of profit to reserves, in accordance with the dividend policy approved on 9 November 2019
Group net financial position at 31 December 2019 of €9.1 million compared to €75.4 million pro forma at 31 December 2018
Backlog at 29 February 2020 of €500.8 million compared to €444.3 million at 31 December 2019
Powers have been conferred to the Executive Chairman to convene the Ordinary and Extraordinary Shareholders' Meeting on 21 April 2020

Ameglia (SP), 13 March 2020 – The Board of Directors of Sanlorenzo S.p.A. ("Sanlorenzo" or the "Company"), which met today under the chairmanship of Mr Massimo Perotti, examined and approved the consolidated financial statements and the draft financial statements at 31 December 2019.

Massimo Perotti, Executive Chairman of the Company, stated:

«The results that have been approved today confirm the achievement of the targets indicated in the IPO phase with figures at the high end of the forecasts. We are extremely pleased with these figures and with all Group divisions having recorded a positive trend.

We will soon release the results of the first quarter 2020 which, to date, show a positive sales trend and a backlog exceeding 500 million Euros as at 29 February, ensuring we have important visibility for 2020 and 2021.

At the Board of Directors meeting scheduled on 11 May 2020 we will also indicate the guidance for 2020, also taking into account the extraordinary situation linked to the COVID-19.

The authorities (with the prime ministerial decree of 11 March) have strongly urged the entire population of Italy to comply with standards of caution in order to prevent the spread of the coronavirus. At present production activities are permitted to continue, though with specific measures which the Company is rigorously carrying out to safeguard the health of workers and to block any possible propagation of the virus. Though we are in a situation of clear national emergency, at present it does not compromise the operations of the Company.».

ANALYSIS OF CONSOLIDATED NET REVENUES NEW YACHTS

Net Revenues New Yachts1 for 2019 amounted to €455.9 million, +39.3% compared to €327.3 million in 2018.

Net Revenues New Yachts increased significantly for all divisions and for each geographical area, confirming the achievement of the Group's growth targets.

Net Revenues New Yachts by division

The Yacht Division generated Net Revenues New Yachts of €289.9 million, equal to 63.6% of the total, up by 41.0% compared to 2018.

The Superyacht Division recorded an increase in Net Revenues New Yachts of 47.3%, from €101.9 million in 2018 to €150.0 million in 2019 (32.9% of the total).

Positive results were also recorded for the Bluegame Business Unit with Net Revenues New Yachts of €16.0 million, up by 172.0% compared to 2018, the year this division started its operations, and equal to 3.5% of the total.

The breakdown of Net Revenues New Yachts at 31 December 2019 by Group's divisions is in line with that for the financial year at 31 December 2018.

Net Revenues New Yachts by geographical area2

In 2019, Europe, which represents the Group's historical market, generated Net Revenues New Yachts of €279.6 million (of which €60.0 million generated in Italy), equal to 61.3% of the total, up by 48.7% compared to 2018.

The APAC area generated Net Revenues New Yachts of €73.0 million, an increase of 26.8% compared to 2018 and equal to 16.0% of the total, in line with the strategy to increase penetration in this geographical market.

The Americas generated Net Revenues New Yachts of €71.7 million, up by 11.9% and equal to 15.8% of the total.

Significant growth was recorded in the Middle East and Africa, with Net Revenues New Yachts up by 80.3% reaching €31.6 million (6.9% of the total).

¹ Net Revenues New Yachts are calculated as the algebraic sum of revenues from contracts with customers relating to new yachts net of relative fees. In accordance with IFRS standards, the selling price of new yachts and therefore also the calculation of the related revenues reflects the difference between the contractually attributed value of the used boats and their relative fair value.

² On the basis of the nationality of the final customer.

ANALYSIS OF CONSOLIDATED OPERATING RESULTS AND NET PROFIT

In 2019 adjusted EBITDA3 amounted to €66.0 million, up by 73.4% compared to €38.1 million in 2018, with a margin of 14.5% on Net Revenues New Yachts (11.6% in 2018).

The significant increase in margins is mainly linked, on the one hand, to the impact on revenues of the progressive increase in the price of new job orders of the Superyacht Division, and on the other to the positive impact of the now operational investments for the increase of production capacity which have allowed, among other things, to reduce operating expenses.

EBITDA4 , inclusive of non-recurring of €6.1 million entirely linked to the costs for the listing of the Company's shares on the MTA (the screen-based market of the Italian Stock Exchange) organised and managed by Borsa Italiana S.p.A. amounted to €60.0 million, +74.2% compared to €34.4 million in 2018.

Depreciation and amortisation expenses, equal to €16.9 million, were up by 53.4% compared to 2018 in relation to the relevant investments linked to the increase of production capacity and the development of new products in the 2018 and 2019 financial years.

EBIT is equal to €43.1 million, +84.0% compared to €23.4 million in 2018, equal to 9.5% of Net Revenues New Yachts.

Net financial expenses amounted to €5.2 million compared to €3.5 million in 2018. The increase of 49.0% compared to 2018 is related to the push down of a medium/long term loan of €40.1 million following the reverse merger with the parent company WindCo S.p.A. and to the impact of the recognition of the transaction costs relative to this loan not yet amortised at the date of its repayment, which took place in December, at the same time as the IPO.

Income taxes in 2019 represented 29.2% of the pre-tax profit, compared to 33.3% in 2018, mainly thanks to the effect of the greater incidence of the patent box tax benefits.

Group net profit for the 2019 financial year amounted to €27.0 million - already net of significant costs relative to the IPO - equal to 5.9% of Net Revenues New Yachts, showing an increase of €14.6 million compared to the €12.4 million in 2018, equal to 117.3%.

ANALYSIS OF CONSOLIDATED BALANCE SHEET

Net financial position at 31 December 2019 was €9.1 million compared to a pro-forma net financial position of €75.4 million5 at 31 December 2018. The favorable trend in net financial debt in 2019 was supported both by the cash generation of operating activities, against the important investments in process, and by the proceeds from the share capital increase linked to the IPO, €49.1 million of which was used to repay mediumlong term loans. Cash and cash equivalents at 31 December 2019 in fact amounted to €60.2 million.

Net working capital at 31 December 2019 was positive for €11.5 million compared to €17.0 million at 31 December 2018, resulting in a decrease of €5.5 million.

Trade net working capital at 31 December 2019 was negative for €(1.2) million compared to €(0.8) million at 31 December 2018, thanks to a business model that allows to receive advance payments from customers upon the achievement of certain milestones in the construction of the yachts.

Capital expenditure during 2019 amounted to €51.4 million compared to €46.3 million at 31 December 2018, of which €29.6 million were linked to the production capacity increase programme started in 2017 and €15.2 million were earmarked for the development of products and the creation of models and moulds.

³ Adjusted EBITDA is calculated by adding amortisation to the operating result, adjusted by the non-recurring items which, for the 2019 financial year, refer only to IPO costs of €6.1 million. In 2018 non-recurring items amounted to €3.6 million and included: (i) impairment losses for a total of €1.1 million relating to the goodwill of Sanlorenzo of the Americas LLC and Bluegame S.r.l.; (ii) costs relating to the initiative of the sixtieth anniversary of Sanlorenzo for €2.3 million; (iii) start-up costs relating to the acquisition of Cantieri San Marco for €0.2 million.

⁴ L'EBITDA is calculated by adding amortisation/depreciation expenses to the operating profit.

⁵ Inclusive of the effects of the reverse merger with the parent company WindCo S.p.A., which had an accounting effect from 1 January 2019.

BACKLOG6

The Group's backlog at 31 December 2019 amounted to €444.3 million (€900.2 million gross of the production increases recorded as revenue during the financial year), of which €327.8 million related to 2020 and €116.5 million to subsequent financial years. The backlog at 31 December 2019 shows an increase of 10.4% compared to the end of 2018.

BUSINESS OUTLOOK

The Group's backlog at 29 february 2020 amounted to €500.8 million, of which €377.5 million related to 2020 and €123.3 million to subsequent financial years. These overall figures are €56.5 million higher than at the end of the 2019 financial year.

To date, the impact of the current situation linked to the spread of the Covid-19 virus has not materially affected business operations. With regards to the results expected for the current financial year, the Company is constantly monitoring the development of the situation and its effects on the market and has already undertaken significant actions to protect the Group and mitigate the possible negative effects.

The management team continues to pursue the strategic path undertaken for the development and growth of the Group, also with regard to the 2020 financial year, on the basis of guidelines already communicated on occasion of the IPO, which plan the expansion of its product range, its market diversification, the development of services and the increase in production efficiency and profitability.

FINANCIAL STATEMENTS OF THE PARENT COMPANY SANLORENZO S.P.A.

The Board of Directors has also approved the financial statements of the parent company Sanlorenzo S.p.A.

The parent company's Net Revenues New Yachts for 2019 amounted to €425.5 million, up by 35.8% compared to €313.2 million for 2018.

Adjusted EBITDA was €65.7 million, up by 74.9% compared to €37.6 million in 2018, equal to 15.4% of Net Revenues New Yachts.

Also taking into account non recurring costs of €6.1 million for the IPO operation, EBITDA for 2019 was of €59.6 million, equal to 14.0% of Net Revenues New Yachts, an increase of 75.9% compared to 2018.

Depreciation and amortisation expenses, equal to €14.5 million, were up by 57.0% compared to the previous financial year, due to the investments made in 2018 and 2019 becoming operational.

EBIT for 2019 was of €45.1 million, an increase of 83.0% compared to the previous year, equal to 10.6% of Net Revenues New Yachts.

Net financial expenses amounted to €4.9 million compared to €2.9 million in 2018.

Income taxes for the 2019 financial year amounted to €11.2 million compared to €5.9 million in 2018.

Sanlorenzo S.p.A net profit amounted to €29.1 million in 2019 - already net of significant costs relative to the IPO - compared to €12.1 million for the previous year, an increase of 140.3%.

Sanlorenzo S.p.A shareholders' equity at 31 December 2019 was €158.5 million compared to €112.0 million at the end of the previous year. Net financial position at 31 December 2019 showed a net cash position of €1.0 million.

⁶ 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 financial year or for delivery in subsequent financial 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 financial year in question until the delivery date. The backlog relating to yachts delivered during the financial year is conventionally cleared on 31 December.

PROPOSAL FOR THE ALLOCATION OF PROFIT

The Board of Directors resolved to propose to the Shareholders' Meeting to allocate the net profit for the year to reserves, in accordance with the provisions of the policy on the distribution of dividends approved on 9 November 2019.

OTHER RESOLUTIONS

The Company's Board of Directors also approved the Report on corporate governance and ownership structures pursuant to article 123-bis of Italian Legislative Decree no. 58 of 24 February 1998.

CONVENING THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING

The Board of Directors have today conferred powers to the Executive Chairman to convene, within the terms of the law, the Ordinary and Extraordinary Shareholders' Meetings on 21 April 2020, as indicated in the corporate events calendar for 2020.

The Board of Directors resolved to submit to the Shareholders the following at the ordinary session:

approval of the financial statements at 31 December 2019 and the proposal for allocation of the net profit;
the Report on remuneration and compensation paid pursuant to article 123-ter of Italian Legislative Decree no. 58 of 24 February 1998;
the adoption of the 2020 Stock Option Plan.

The Board of Directors also resolved to submit to the Shareholders the following at the extraordinary session:

the share capital increase, free of charge and in one or more tranches, with exclusion of the option right pursuant to article 2441, paragraph 8 of the Italian Civil Code, for an amount of a maximum of €884.615 to service the 2020 Stock Option Plan;
the proposal to amend articles 3.2, 13.3, 21.2 and 21.3 of the articles of association.

The notice convening the Ordinary and Extraordinary Shareholders' Meetings of 21 April 2020 and all the relative documents will be made available to the public, in accordance with current provisions, at the Company's offices in via Armezzone 3, Ameglia (SP), in the "Investor Relations" and "Corporate Governance" sections of the Company's website (www.sanlorenzoyacht.com) and on the eMarket STORAGE mechanism ().

The manager responsible for preparing the corporate accounts, Attilio Bruzzese, pursuant to article 154-bis, paragraph 2, of Italian Legislative Decree n. 58 of 1998 ("Consolidated Finance Law - TUF") states that the information in this communication correspond to the records, ledgers and accounting entries.

This document and, in particular, the paragraph "Business outlook", includes forward-looking statements relating to future events and operational, economic and financial results of Sanlorenzo Group. These forecasts, by their nature, contain an element of risk and uncertainty, as they depend on the occurrence of future events and developments.

This document makes use of some alternative performance indicators. The represented indicators are not identified as accounting measurements in the context of IFRS standards and, therefore, must not be viewed as alternative measurements to those included in the financial statements. The management team retains that these indictors are an additional significant parameter for the assessment of the Group's economic and financial performance.

The consolidated financial statements and the financial statements at 31 December 2019 are currently being audited, to date, in the course of being completed.

The reclassified statement of profit or loss and statement of financial position in this document have not been audited by the independent auditors.

* * *

Sanlorenzo S.p.A.

Sanlorenzo is a worldwide leader in terms of number of yachts over 30 metres long. It is the only player in luxury boats to compete in different sectors with a single brand, producing yachts and superyachts tailored to every boat owner, characterised by a distinctive and timeless design.

Sanlorenzo's production is broken down into three divisions:

Yacht Division composite yachts of a length between 24 and 38 metres;
Superyachts Division superyachts in aluminium and steel of between 40 and 68 metres long;
Bluegame Division sport utility yachts of length between 13 and 22 metres;

Sanlorenzo's production is articulated over four production sites located in La Spezia, Ameglia (SP), Viareggio (LU) and Massa. The sites are strategically located near to each other, so allowing significant operational efficiencies.

The Group employs around 480 people and cooperates with a network of 1,500 qualified craft enterprises. It can rely on an international distribution network and a widespread service network for customers all over the world.

www.sanlorenzoyacht.com

Investor Relations Attilio Bruzzese Silvia Guidi Tel. + 39 0187 6181 [email protected] * * *

Weber Shandwick | Advisory Giorgio Catalano M. 334 696 9275 Mail [email protected] Francesca Visioni M. 342 973 7950 Mail [email protected]

SANLORENZO GROUP

CONSOLIDATED RECLASSIFIED STATEMENT OF PROFIT AND LOSS AT 31 DECEMBER 2019

(€'000)		Year ended 31 December	Change
	2019	% Net Revenues New Yachts	2018	% Net Revenues New Yachts	2019 vs. 2018	2019 vs. 2018%
Net Revenues New Yachts	455,935	100.0%	327,288	100.0%	128,647	+39.3%
Net revenues from used boats, maintenance and other services	50,309	11.0%	47,928	14.6%	2,381	+5.0%
Other income	3,445	0.8%	4,504	1.4%	(1,059)	-23.5%
Operating costs	(443,671)	(97.3)%	(341,646)	(104.4)%	(102,025)	+29.9%
Adjusted EBITDA	66,018	14.5%	38,074	11.6%	27,944	+73.4%
Non recurrent costs	(6,054)	(1.3)%	(3,649)	(1.1)%	(2,405)	+65.9%
EBITDA	59,964	13.2%	34,425	10.5%	25,539	+74.2%
Depreciation and amortisation	(16,868)	(3.7)%	(10,999)	(3.4)%	(5,869)	+53.4%
EBIT	43,096	9.5%	23,426	7.2%	19,670	+84.0%
Net financial expense	(5,251)	(1.2)%	(3,525)	(1.1)%	(1,726)	+49.0%
Adjustments to financial assets	32	0.0%	(918)	(0.3)%	950	-103.5%
Pre-tax profit	37,877	8.3%	18,983	5.8%	18,894	+99.5%
Tax expense	(11,059)	(2.4)%	(6,320)	(1.9)%	(4,739)	+75.0%
Net profit	26,818	5.9%	12,663	3.9%	14,155	+111.8%
Profit (loss) attributable to non controlling interests	212	0.0%	(227)	(0.1)%	439	+193.4%
Group net profit	27,030	5.9%	12,436	3.8%	14,594	+117.3%

SANLORENZO GROUP

CONSOLIDATED RECLASSIFIED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019

(€'000)	At 31 December		Change
	2019	2018	2019 vs. 2018	2019 vs. 2018%

USES
Goodwill	8,667	8,667	-	-
Intangible assets with a finite useful life	35,404	25,103	10,301	+41.0%
Property, plant and equipment	102,598	78,470	24,128	+30.7%
Current provisions for risks and charges	379	343	36	+10.5%
Net deferred tax assets	3,008	1,958	1,050	+53.6%
Non-current employee benefits	(796)	(910)	114	-12.5%
Non-current provisions for risks and charges	(913)	(918)	5	-0.5%
Net fixed capital	148,347	112,713	35,634	+31.6%
Inventories	62,311	39,323	22,988	+58.5%
Trade receivables	20,269	31,382	(11,113)	-35.4%
Contract assets	87,889	94,817	(6,928)	-7.3%
Trade payables	(152,189)	(113,319)	(38,870)	+34.3%
Liabilities from contracts	(19,442)	(52,980)	33,538	-63.3%
Other current assets	46,007	35,321	10,686	+30.3%
Current provisions for risks and charges	(9,299)	(2,722)	(6,577)	+241.6%
Other current liabilities	(23,999)	(14,811)	(9,188)	+62.0%
Net working capital	11,547	17,011	(5,464)	-32.1%
Net invested capital	159,894	129,724	30,170	+23.3%
SOURCES
Net Financial Position	9,063	22,963	(13,900)	-60.5%
Equity	150,831	106,761	44,070	+41.3%
Total sources	159,894	129,724	30,170	+23.3%

SANLORENZO GROUP

CONSOLIDATED STATEMENT OF CASH FLOWS AT 31 DECEMBER 2019

(€'000)	31 December 2019	31 December 2018














































CASH AND CASH EQUIVALENTS AT 31 DECEMBER	60,186	48,732

SANLORENZO S.P.A.

RECLISSIFIED STATEMENT OF PROFIT AND LOSS AT 31 DECEMBER 2019

(€'000)		Year ended 31 December	Change
	2019	% Net Revenues New Yachts	2018	% Net Revenues New Yachts		2019 vs. 2018 2019 vs. 2018%
Net Revenues New Yachts	425,478	100.0%	313,237	100.0%	112,241	+35.8%
Net revenues from used boats, maintenance and other services	47,623	11.2%	52,299	16.7%	(4,676)	-8.9%
Other income	3,411	0.8%	4,101	1.3%	(690)	-16.8%
Operating costs	(410,817)	(96.6)%	(332,081)	(106.0)%	(78,736)	+23.7%
Adjusted EBITDA	65,695	15.4%	37,556	12.0%	28,139	+74.9%
Non recurrent costs	(6,054)	(1.4)%	(3,649)	(1.2)%	(2,405)	+65.9%
EBITDA	59,641	14.0%	33,907	10.8%	25,734	+75.9%
Amortisation, depreciation and impairment losses	(14,518)	(3.4)%	(9,249)	(3.0)%	(5,269)	+57.0%
EBIT	45,123	10.6%	24,658	7.9%	20,465	+83.0%
Net financial expense	(4,877)	(1.1)%	(2,870)	(0.9)%	(2,007)	+69.9%
Adjustments to financial assets	19	0.0%	(3,763)	(1.2)%	3,782	-100.5%
Pre-tax profit	40,265	9.5%	18,025	5.8%	22,240	+123.4%
Tax expense	(11,206)	(2.6)%	(5,932)	(1.9)%	(5,274)	+88.9%
Net profit	29,059	6.8%	12,093	3.9%	16,966	+140.3%

SANLORENZO S.P.A.

RECLASSIFIED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019

(€'000)	At 31 December		Change
	2019	2018	2019 vs. 2018	2019 vs. 2018%

USES
Net fixed capital	147,768	114,092	33,676	+29.5%
Net working capital	9,768	15,344	(5,576)	-36.3%
Net invested capital	157,536	129,436	28,100	+21.7%
SOURCES
Net Financial Position	(1,013)	17,470	(18,483)	-105.8%
Equity	158,549	111,966	46,583	+41.6%
Total sources	157,536	129,436	28,100	+21.7%

SANLORENZO S.P.A.

STATEMENT OF CASH FLOWS AT 31 DECEMBER 2019

(€'000)	31 December 2019	31 December 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year	29,059	12,093
Adjustments for:
Depreciation	3,906	6,891
Amortisation	10,612	2,359
Impairment losses on intangible assets and goodwill	-	-
Impairment losses on financial assets (other equity investments)	(19)	3,763
Net financial expense	4,878	2,870
Gain on sale of property, plant and equipment	(7)	23
Impairment losses on trade receivables	-	250
Tax expense	11,206	5,931
Changes in:
Inventories	(27,336)	25,454
Contract assets	(2,220)	7,146
Trade receivables	17,250	(20,977)
Other current assets	(6,331)	(4,563)
Trade payables	37,777	13,604
Liabilities from contracts	(25,732)	16,012
Other current liabilities	3,158	6,347
Provisions for risks and charges and employee benefits	6,219	21
Cash flows generated by operating activities	62,420	77,224
Taxes paid	(8,788)	(3,102)
NET CASH FLOWS FROM OPERATING ACTIVITIES	53,632	74,122
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	302	21
Proceeds from disposal of property, plant and equipment	31	37
Proceeds from disposal of intangible assets	-	-
Change in other equity investments and other non-current assets	70	-
Acquisition of subsidiaries or business units, net of cash acquired	(189)	(2,593)
Acquisition of property, plant and equipment	(32,506)	(27,148)
Acquisition of intangible assets with a finite useful life	(15,202)	(21,597)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(47,494)	(51,280)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid	(5,179)	(2,891)
Proceeds from the issue of share capital	69,660	-
New loans	-	61,500
Repayment of loans	(58,229)	(66,683)
Changes in other financial assets and financial liabilities including derivatives	3,824	(15,316)
New finance leases	2,373	-
Repayment of finance leases	-	-
New loans	47,960	-
Effect of the WindCo merger and other changes in equity	(48,336)	-
Dividend paid	(3,800)	(300)
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES	8,273	(23,690)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	14,411	(848)
Cash and cash equivalents at 1 January	40,927	41,775
CASH AND CASH EQUIVALENTS AT 31 DECEMBER	55,338	40,927

AI assistant

Sanlorenzo Earnings Release 2019

4051_10-k_2020-03-13_6c08c3e5-7075-4316-a91e-ab167347a003.pdf

SANLORENZO S.P.A.: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED FINANCIAL STATEMENTS AND THE DRAFT FINANCIAL STATEMENTS AT 31 DECEMBER 2019

THE POSITIVE PERFORMANCE OF ALL GROUP DIVISIONS IS CONFIRMED GROUP NET PROFIT OF €27.0 MILLION: +117.3%

Massimo Perotti, Executive Chairman of the Company, stated:

ANALYSIS OF CONSOLIDATED NET REVENUES NEW YACHTS

Net Revenues New Yachts by division

Net Revenues New Yachts by geographical area2

ANALYSIS OF CONSOLIDATED OPERATING RESULTS AND NET PROFIT

ANALYSIS OF CONSOLIDATED BALANCE SHEET

BACKLOG6

BUSINESS OUTLOOK

FINANCIAL STATEMENTS OF THE PARENT COMPANY SANLORENZO S.P.A.

PROPOSAL FOR THE ALLOCATION OF PROFIT

OTHER RESOLUTIONS

CONVENING THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING

Sanlorenzo S.p.A.

SANLORENZO GROUP

CONSOLIDATED RECLASSIFIED STATEMENT OF PROFIT AND LOSS AT 31 DECEMBER 2019

SANLORENZO GROUP

CONSOLIDATED RECLASSIFIED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019

SANLORENZO GROUP

CONSOLIDATED STATEMENT OF CASH FLOWS AT 31 DECEMBER 2019

SANLORENZO S.P.A.

RECLISSIFIED STATEMENT OF PROFIT AND LOSS AT 31 DECEMBER 2019

SANLORENZO S.P.A.

RECLASSIFIED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019

SANLORENZO S.P.A.

STATEMENT OF CASH FLOWS AT 31 DECEMBER 2019

AI assistant

Sanlorenzo — Earnings Release 2019

4051_10-k_2020-03-13_6c08c3e5-7075-4316-a91e-ab167347a003.pdf

SANLORENZO S.P.A.: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED FINANCIAL STATEMENTS AND THE DRAFT FINANCIAL STATEMENTS AT 31 DECEMBER 2019

THE POSITIVE PERFORMANCE OF ALL GROUP DIVISIONS IS CONFIRMED GROUP NET PROFIT OF €27.0 MILLION: +117.3%

Massimo Perotti, Executive Chairman of the Company, stated:

ANALYSIS OF CONSOLIDATED NET REVENUES NEW YACHTS

Net Revenues New Yachts by division

Net Revenues New Yachts by geographical area2

ANALYSIS OF CONSOLIDATED OPERATING RESULTS AND NET PROFIT

ANALYSIS OF CONSOLIDATED BALANCE SHEET

BACKLOG6

BUSINESS OUTLOOK

FINANCIAL STATEMENTS OF THE PARENT COMPANY SANLORENZO S.P.A.

PROPOSAL FOR THE ALLOCATION OF PROFIT

OTHER RESOLUTIONS

CONVENING THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING

Sanlorenzo S.p.A.

SANLORENZO GROUP

CONSOLIDATED RECLASSIFIED STATEMENT OF PROFIT AND LOSS AT 31 DECEMBER 2019

SANLORENZO GROUP

CONSOLIDATED RECLASSIFIED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019

SANLORENZO GROUP

CONSOLIDATED STATEMENT OF CASH FLOWS AT 31 DECEMBER 2019

SANLORENZO S.P.A.

RECLISSIFIED STATEMENT OF PROFIT AND LOSS AT 31 DECEMBER 2019

SANLORENZO S.P.A.

RECLASSIFIED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019

SANLORENZO S.P.A.

STATEMENT OF CASH FLOWS AT 31 DECEMBER 2019

More from Sanlorenzo

Sanlorenzo Earnings Release 2019