Azimut-Benetti reports a year of growth and success
Published: Thursday, 13 September 2018
Azimut-Benetti Group, led by Paolo and Giovanna Vitelli, closed the accounting period with value of production estimated at €850 million – 18 per cent increase on the previous year – and an adjusted EBITDA of €50 million. Volumes are also up and stand at 261 new units.
(Photo: Azimut-Benetti - Paolo and Giovanna Vitelli)
Against this positive backdrop, sales in the megayacht sector reach 68 orders in the 24-40m segment alone, another sharp increase on last year’s figure.
In this segment, the Group ranked top of the Global Order Book announced last December. It’s attributable to the commercial success of the Azimut Grande range (the 35m and 27m models in particular), with 10 and 21 units sold respectively since their market debuts.
(Azimut Grande 32 Metri)
Benetti also sold 14 yachts in the last six months, and has three gigayachts under construction, all at the stage of fitting out and one of which will be the world’s largest hybrid yet built. Its main markets are the Americas, which accounts for 38 per cent of sales, followed by Europe, the Middle East and Asia Pacific. The Itajai shipyard in Brazil deserves a special mention, which increases its value of production by 24 per cent with 36 yachts built.
Fraser Yacht, wholly-owned by the Azimut-Benetti Group after its acquisition in 2017, reported a record year with more than 50 yachts over 24m sold, almost twice as many as most of its top ten competitors in the industry. The broker also represented the largest yacht sold, the 106m Ulysses.
Marina operations owned by the Group also reported good performance and will shortly be joined by a new arrival in La Valletta (Malta). A new company will also be established at the site under Maltese law to finance the purchase of Azimut and Benetti yachts through local leasing contracts.
The Group has won 17 international awards during the year, bringing the total number of awards obtained by the two Azimut and Benetti brands over the last five years to more than 50.
Azimut-Benetti has invested over €104 million over the last three years, of which €32m in production capacity and the remaining €72 million in renewing the product range. In the upcoming three years (2019-2021), another €122 million will be invested, of which €28 million in production capacity and the remaining €94 million on the development of 10 Azimut Yachts and seven Benetti models to renew the range.
“As our 50th anniversary in business approaches, I am very proud of our achievements,” said Paolo Vitelli, “I think that the complementary nature of Azimut Yachts and Benetti is a key asset. Benetti will continue to pursue its tradition of excellence, with a management team strengthened by professionals of proven management experience and skill and multiple unique projects in the pipeline.
“In parallel, Azimut will continue to grow and consolidate its positioning, ensuring that the Group’s overall range continues to be the broadest and most comprehensive in the world. I am also delighted with the excellent performance reported by the other companies in the Group (Fraser, Lusben, Yachtique and the Marinas), which contribute to making us a uniquely distinctive player on the market.”
“I think the stability we have achieved at Group level is the premise for on-going organic growth,” confirmed Giovanna Vitelli. “Our distinctiveness, the result of our courage and daring in introducing new technology and design solutions, represents the added value that the market continues to recognise in us.”