Sanlorenzo — Investor Presentation 2020

May 11, 2020

Informazione Regolamentata n. 2211-29-2020		Data/Ora Ricezione 11 Maggio 2020 13:02:47	MTA - Star
Societa'	:	SANLORENZO S.P.A.
Identificativo Informazione Regolamentata	:	132128
Nome utilizzatore	:	SANLORENZON02 - -
Tipologia	:	REGEM
Data/Ora Ricezione	:	11 Maggio 2020 13:02:47
Data/Ora Inizio Diffusione presunta	:	11 Maggio 2020 13:02:48
Oggetto	:	Q1 2020 Financial Results and Outlook Presentation
Testo del comunicato

Vedi allegato.

Q1 2020 FINANCIAL RESULTS ANDOUTLOOK

PROMPT RE-START, CONFIRMED RESILIENCY

• PRODUCTION RE-STARTED AT FULL SPEED IN ~ 1 MONTH DESPITE ITALIAN RECORD LOCKDOWN

  • 23 MARCH: FIRST DAY OF RESTRICTIVE MEASURES ON PRODUCTION INITALY
  • 7 APRIL: SIGNING OF SAFETY AND PREVENTION PROTOCOL WITH UNIONS AND LOCAL AUTHORITIES

• 14 APRIL: PARTIAL RE-OPENING OF AMEGLIA ANDLASPEZIA FACILITIES

• 20 APRIL: PARTIAL RE-OPENING OF VIAREGGIO ANDMASSA FACILITIES

• 4 MAY: FULL RE-START OF PRODUCTION ACTIVITIES IN ALL FACILITIES WITH PROGRESSIVE RAMP-UP, TOTALING28 WORKING DAYS OF STOP

• SANLORENZO BUSINESS MODEL ONCE AGAIN PROVING RESILIENT THROUGHOUT THE CYCLE

  • TOTAL ORDER BACKLOG CONFIRMED, THANKS TO SOLID EXISTING "SL CUSTOMER CLUB" WITH NO CANCELLATIONS POST QUARTER-END
  • LOYAL CUSTOMER BASE BELONGING TO THE WEALTHIEST FAMILIES LESS IMPACTED BY ECONOMIC DOWNTURN
  • 92% OFORDERBACKLOG COVERED BY FINAL CLIENTS
  • ONGOING SHIFT TO LARGER YACHTS

• STRONGQ1 2020 RESULTS, BUT ONLY PARTIALLY AFFECTED BYCOVID-19

• DESPITE CURRENT MARKET CONTEXT, SANLORENZO EXPECTS TO DELIVER 2020E RESULTS IN LINE WITH2019

SIGNING OF3 NEW CONTRACTS POSTQ1 2020 END

Q1 2020 FINANCIAL HIGHLIGHTS

1Excluding GP Yachts contribution to Q1 2019 (€5m), sold in July 2019.

2Defined as EBIT + D&A. In Q1 2020 excludes €0,1 million costs related to 2020 Stock Option Plan.

MARGIN(AS% OFNET REVENUESNEWYACHTS)

2

3

4

5

6

7

8

9

10

11

12

0

10

ORDER BACKLOG

FOCUS ON NET REVENUES NEW YACHTS

FOCUS ON PROFITABILITY

Source: Company's information. 1 Defined as EBIT + D&A. In Q1 2020 excludes €0.1 million costs related to 2020 Stock Option Plan.

YACHTS)

MARGIN (AS % OF NET REVENUES NEW

NET FINANCIAL POSITION AND LIQUIDITY

OUTLOOK

• DESPITE SIGNIFICANT MARKET IMPACT ACROSS GEOGRAPHIES AND INDUSTRIES OF COVID-19, SANLORENZO CONTINUES TO BENEFIT FROM ITS SUPERIOR BUSINESS MODEL

  • SOLID LEADERSHIP IN LUXURY YACHTING, WITH POWERFUL BRAND EQUITY
  • LOYAL CUSTOMER BASE BELONGING TO THE WEALTHIEST FAMILIES

• RESILIENT ORDER BACKLOG(LARGELY COVERED BY FINAL CLIENTS) PROVIDING HIGH VISIBILITY

• UNIQUE APPROACH TO DISTRIBUTION THROUGH A HIGHLY SELECTIVE BRAND REPRESENTATIVE NETWORK
• FOCUS ON VALUE-ADDED PHASES ALLOWING FOR A FLEXIBLE COST STRUCTURE
• SANLORENZO'S MANAGEMENT ANTICIPATES 2020 NET REVENUES FROM NEW YACHTS AND EBITDA IN LINE WITH2019
  • SUCH OUTLOOK REFLECTS CURRENT BACKDROP AND DOES NOT ENVISAGE NEW MATERIAL LOCKDOWNS OR DISRUPTIONS COMPARABLE TO THOSE EXPERIENCED INMARCH/APRIL2020

STRONG HERITAGE YOUR VISION, OUR CRAFT

IN LINE WITH

ITS LOYAL CUSTOMERS

INCOME STATEMENT

( '0 ) € 0 0	hr hs de d h T 3 1 M t ee m on en ar c				ha C ng e
	2 0 2 0	% Ne Re t ve nu es ht Ne Ya c s w	2 0 1 9	% Ne Re t ve nu es ht Ne Ya c s w	2 0 2 0 v 2 0 1 9 s.	2 0 2 0 v 2 0 1 9 % s.
ht Ne Re Ne Ya t ve nu es w c s	9 7, 9 4 5	1 0 0. 0 %	8 8, 2 7 4	1 0 0. 0 %	9, 6 7 1	+1 1. 0 %
fro d bo Ne t r ats ev en ue s m p re- ow ne , d o he int ice t ma en an ce an r s erv s	2 0 8	0. 2 %	4, 9 1 3	5, 6 %	( ) 4, 7 0 5	-9 5. 8 %
he inc Ot r om e	1, 1 3 3	% 1. 2	1 7 4	% 0, 2	9 5 9	% +5 5 1. 1
ing Op t sts era co	( ) 8 5, 8 0 7	( ) % 8 7. 6	( ) 8 4, 1 9 2	( ) % 9 5, 4	( ) 1, 6 1 5	% +1 9
d j d A E B I T D A te us	1 3, 4 7 9	1 3. 8 %	9, 1 6 9	1 0. 4 %	4, 3 1 0	+4 7. 0 %
ing No sts n-r ec ur r co	( ) 1 3 5	( ) % 0. 1	-	-	( ) 1 3 5	-
E B I T D A	1 3, 3 4 4	% 1 3. 6	9, 1 6 9	% 1 0. 4	4, 1 7 5	% +4 5. 5
d a De iat ion isa ion rt t p rec an mo	( ) 4. 5 0 0	( ) 4. 6 %	( ) 3, 5 8 9	( ) 4. 1 %	( ) 9 1 1	+2 5. 4 %
E B I T	8, 8 4 4	9. 0 %	5, 5 8 0	6. 3 %	3, 2 6 4	+5 8. 5 %
f ina ia l e Ne t nc xp en se	( ) 5 7 0	( ) % 0. 6	( ) 7 6 2	( ) % 0. 9	1 9 2	% -2 5. 2
d f l a A j ina ia tm ts to ts us en nc sse	2 9	0. 0 %	-	-	2 9	-
f it Pr e-t ax p ro	8, 3 0 3	8. 5 %	4, 8 1 8	5. 5 %	3, 4 8 5	+7 2. 3 %
Inc e t om ax es	( ) 2, 5 2 6	( ) % 2. 6	( ) 1, 3 2 6	( ) % 1. 5	( ) 1, 2 0 0	% +9 0. 5
f it Ne t p ro	5, 7 7 7	5. 9 %	3, 4 9 2	4. 0 %	2, 2 8 5	+6 5. 4 %
( ) / f it i bu b le l l ing Pro Lo att ta to tro ss r no n-c on int sts ere	1 5 4	0. 2 %	( ) 2 6 9	( ) 0. 3 %	4 2 3	+1 5 7. 2 %
Gr f it t p ou p ne ro	9 3 5, 1	6. % 1	3, 2 2 3	3. % 7	2, 0 8 7	+8 0 % 4.

BALANCE SHEET

( '0 ) € 0 0	h 3 1 M ar c	be 3 1 De ce m r	ha C ng e
	2 0 2 0	2 0 1 9	2 0 2 0 v 2 0 1 9 s.	2 0 2 0 v 2 0 1 9 % s.
U S E S
dw l l Go i o	8, 6 6 7	8, 6 6 7	-	-
b le h a f fu l l fe Int i it in ite i ts an g as se w us e	3 5, 6 8 3	3 5, 4 0 4	2 7 9	+0 8 %
lan d e ip Pro ert t a nt p y, p n q u me	1 0 4, 2 1 4	1 0 2, 5 9 8	1, 6 1 6	% +1 6
he ity inv d o he Ot tm ts t nt ts r e q u es en an r n on -cu rre as se	4 0 8	3 7 9	2 9	% +7 7
fe de d t Ne t ts rre ax as se	3, 1 0 2	3, 0 0 8	9 4	+3 1 %
loy be f No its t e n-c ur ren mp ee ne	( ) 8 1 8	( ) 7 9 6	( ) 2 2	+2 8 %
fo ks d c ha No is ion is t p n-c ur ren rov s r r an rg es	( ) 8 9 8	( ) 9 1 3	1 5	-1 6 %
f d l Ne ixe ita t ca p	1 5 0, 3 5 8	1 4 8, 3 4 7	2, 0 1 1	+1 4 %
ies Inv to en r	7 9, 5 4 1	6 2, 3 1 1	1 7, 2 3 0	% +2 7. 7
de iva b les Tr a re ce	2 3, 6 4 5	2 0, 2 6 9	3, 9 6 1	8 % +1 5.
Co nt t a ts rac sse	9 8, 9 0 7	8 8 8 9 7,	1 0, 9 0 1	+1 2. 4 %
de b les Tr a p ay a	( ) 1 2 2, 0 7 0	( ) 1 5 2, 1 8 9	3 0, 1 1 9	-1 9. 8 %
l b l Co ia i it ies nt t rac	( ) 2 3, 1 1 5	( ) 1 9, 4 4 2	( ) 3, 6 7 3	+1 8. 9 %
he Ot t a ts r c ur ren sse	4 4, 1 8 2	4 6, 0 0 7	( ) 1, 8 2 5	-4 0 %
fo ks d c ha Cu is ion is nt rre p rov s r r an rg es	( ) 1 0, 2 7 1	( ) 9, 2 9 9	( ) 9 7 2	+1 0. 5 %
he l b l Ot ia i it ies t r c ur ren	( ) 2 3, 8 7 2	( ) 2 3, 9 9 9	1 2 7	-0 5 %
k ing ita l Ne t w or ca p	6 6, 6 5 0	1 1, 5 4 7	5 5, 1 0 3	% +4 7 7. 2
S C N E T I N V E T E D A P I T A L	2 0 0 8 1 7,	9, 8 9 1 5 4	5 7, 1 1 4	+3 % 5. 7

S O U R C E S
f ina ia l it ion Ne t nc p os	6 0, 7 1 2	9, 0 6 3	5 1, 6 4 9	+5 6 9. 9 %
ity Eq u	1 5 6, 2 9 6	1 5 0, 8 3 1	5, 4 6 5	% +3 6
T O T A L S O U R C E S	2 1 7, 0 0 8	1 5 9, 8 9 4	5 7, 1 1 4	+3 5. 7 %

Source: Company informationConsolidated Figures

CASH FLOW STATEMENT AND NET FINANCIAL POSITION

CASH FLOW STATEMENT

( '0 ) € 0 0	h 3 1 M 2 0 2 0 ar c	h 3 1 M 2 0 1 9 ar c
E B I T D A	1 3, 3 4 4	9, 1 6 9
d Ta i xe s p a	( ) 7 9	-
ha C in inv ies to ng es en r	( ) 1 7, 2 3 0	( ) 5, 4 1 5
C ha in d l ia b i l it ies t c tra ct ts ng es ne on as se an	( ) 2 2 8 7,	( ) 2 9, 4 7 5
ha de b les d a dv C in iva tra ng es re ce an an ce s l ier to su p p s	( ) 4, 4 7 6	1 0, 3 6 8
ha de b les C in tra ng es p ay a	( ) 3 0, 1 1 9	( ) 1 6, 8 0 3
ha fo k a d c ha C in is ion is ng es p rov s r r n rg es , l low d o he d l b l ia i it ies t ts a an ce s an r as se an	1, 4 3 2	( ) 9 6
h f low Op ing at er ca s	( ) 4 4, 3 5 6	( ) 3 2, 5 2 2
l e d Ca ita itu p xp en res	( ) 6, 4 3 0	( ) 1 2, 8 7 0
b ( lue ) Bu ine ina ion En ise Va t te s ss co m s rp r	-	-
h f low Fre e c as	( ) 5 0, 7 8 6	( ) 4 5, 3 9 2
f l c ha Ne ina ia t nc rg es	( ) 5 4 1	( ) 7 6 2
he ha Ot r c ng es	( ) 3 2 2	( ) 3, 9 9 9
ha f l C in ina ia it ion t ng e ne nc p os	( ) 5 1, 6 4 9	( ) 5 0, 1 5 3
inn ing f ina ia l it ion Be t g ne nc p os	9, 0 6 3	2 2, 9 6 3
1 d ing f ina ia l it ion En t ne nc p os	6 0, 7 1 2	7 3, 1 1 6

NET FINANCIAL POSITION

( ) € '0 0 0	3 h 2 0 2 0 1 M ar c	3 be 2 0 9 1 De 1 ce m r
Ca h a d c h e iva len ts s n as q u	( ) 6 3, 3 4 1	( ) 6 0, 8 6 1
Ot he l iq i d a ts r u sse	-	-
he l d fo d Se it ies ing r t cu r ra	-	-
h Ca s	( ) 6 3, 3 4 1	( ) 6 0, 1 8 6
f l re b les Cu ina ia iva nt rre nc ce	( ) 1 6 0	( ) 6, 6 5 4
ba k p b les Cu nt rre n ay a	5 5, 0 4 6	3 7 0
f de bt Cu ion nt t rre p or o	1 7, 4 2 8	1 7, 3 9 4
he f l p b les Ot ina ia t r c ur ren nc ay a	1, 7 7 7	1, 5 3 0
f ina ia l de bt Cu nt rre nc	7 4, 2 5 1	1 9, 2 9 4
f ina ia l de bt Ne t c nt ur re nc	1 0, 7 5 0	( ) 4 7, 5 4 6
ba k p b les No t n-c ur ren n ay a	4 8, 2 4 3	5 4, 7 0 6
ds iss d Bo n ue	-	-
he b les Ot nt r n on -cu rre p ay a	1, 7 1 9	1. 9 0 3
f ina ia l de bt No nt n-c ur re nc	4 9, 9 6 2	5 6, 6 0 9
f ina ia l p it ion Ne t nc os	6 0, 7 1 2	9, 0 6 3

Source: Company information

Consolidated Figures

1. Net financial position as at 31 March 2019 not including the effects of the reverse merger by incorporation with the holding company WindCo S.p.A. for approx. €49M. The transaction was resolved by the shareholders' meetings of the companies concerned on 15 April 2019 with effect for legal purposes on 28 June 2019

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 solicitation 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.

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. The financial results as at 31 March 2020 contained in this document have not been audited.

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 ofthe 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 operationsin accordance with IFRS.