Marina di Carrara, 24 January 2023 – The Italian Sea Group S.p.A. (“TISG” or the “Company”), global operator in luxury yachting with the brands Admiral, Tecnomar, Perini Navi, Picchiotti and NCA Refit, announces that the Board of Directors was held today and approved the preliminary consolidated results to December 31st 2022, and also examined and approved the Strategic Outlook 2023-2024.

The completion of the acquisition of Perini Navi and the integration of its assets has significantly changed the perimeter of The Italian Sea Group, and this has required an update of the prospects for revenues, profitability, guidance on dividend policy and financial leverage. Within this context derives the Strategic Outlook 2023-2024, which will be presented today at Marina di Carrara by the Top Management of the company to investors and to the financial community within the context of the Capital Markets Day, which will illustrate the key financial and economic dynamics of TISG, the strategy that will be pursued in the medium to long term, the expectations for growth, and the capital structure and dividend policy.

 

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STRATEGIC OUTLOOK 2023 – 2024

The Strategic Outlook 2023-2024 envisages significant organic growth and is based on the current structure of the group and of the important contribution deriving from the integration of Perini Navi and related assets, from the prestigious partnerships with leading brokers and brands in the nautical and luxury sectors, and the capillary commercial structure with a global reach.

The growth targets for the group envisage Revenues of EUR 350-365 million with an EBITDA Margin of 16-16.5% in 2023, and Revenues of EUR 400-420 million with an EBITDA Margin of 17-17.5% in 2024.

With respect to the capital structure and the dividend policy the objectives for 2023 and 2024 are to maintain a neutral financial position, with maximum leverage of 1.5x EBITDA, and to distribute a yearly dividend which equates to a payout ratio between 40-60% of the Net Earnings of the group. These objectives are subject to temporary impacts related to the CapEx and M&A strategy.

SUSTAINABILITY ROADMAP

To date, the group has achieved important milestones in terms of environmental sustainability, such as the installation of a photovoltaic panel system on the warehouses of the Marina di Carrara site and the purchase of 100% of energy from renewable sources.

The commitment is also reflected in TISG’s cutting-edge solutions in terms of product offering: in particular, motor-yacht Admiral Kensho (2022) represents a benchmark for sustainable yachting thanks to its ECO notation by Lloyd’s Register and a ‘Serial Hybrid’ propulsion system that optimizes energy consumption and reduces emissions, vibrations and noise pollution.

Social responsibility activities include initiatives for employees at all levels and a major factoring system to support the supply chain. Through the TISG Academy, the company also encourages the growth of its people and the development of solid knowhow through training courses held in cooperation with the Universities of Genoa, La Spezia and Trieste.

In terms of Governance, TISG has all the requirements of best practice regarding gender parity, the composition of the Board of Directors, and committees within the Board, with a Risk Control Committee that has also been assigned responsibility for sustainability
issues. In April 2023, the Company will publish its first Non-Financial Statement (Sustainability Report), with a view to total transparency towards the market and all stakeholders.