Thank you to everybody for being at the meeting. This time we like beginning of 2025. We have produced a video, Best of 2024, and considering the enormous amount of activity, events, business, M&A we did in 2024, we thought it was nice for you to have a couple of minutes of the summary of the activity of the Sanlorenzo in 2024. Thank you t o all of you.
Fantastic.
Okay. Thank you for your attention. I will pass the floor to Attilio, our CFO, to present the preliminary results of 2024.
Perfect. Thank you, Massimo, and welcome to everyone. So continue the expansion of the Sanlorenzo group into the full year 2024 result after the last acquisition of Simpson Marine last March and now to Nautor Swan last August. And, in line with the guidance 2024 for both organic and consolidated perimeter, the solid performance of the full year 2024 are once again consequence of the unique Sanlorenzo business model.
And in particular, analyzing the indicators, Net Revenues New Yachts grow 10.7% at EUR 930.4 million, driven by the excellent performance by Superyacht Division and good result after, and, in the specific, the Americas and MEA region. Organic growth is 6.2%, excluding EUR 38.3 million from Nautor Swan. EBITDA increased year-on-year, + 12% at EUR 176.4 million, and margin on Net Revenues New Yachts reached the important percentage of 19%. EBITDA organic growth 9.1%, excluding EUR 4.6 million from Nautor Swan.
EBITDA at EUR 139.3 million increased 10.6% year-on-year at 15% on Net Revenues New Yachts. Organic EBIT is 15.4% on revenues, excluding EUR 1.6 million from Nautor Swan. Organic investment for EUR 49.3 million mainly related to the increase in production capacity and new products development, with a constant incidence year-on-year on Net Revenues New Yachts of 5.3%. Then the Net Financial Position, you can see at EUR 112.8 million net cash end of December 2024 before M&A and buyback plan, with a cash absorption of EUR 27.7 million in 12 months, net of the organic investments and paid dividends for EUR 34.8 million. Now we can analyze figures more in detail, starting from the top line. In this case, we had an excellent performance of the Superyacht Division, + 17.6% year-on-year, with in evidence the Steel Line.
And then the solid result of the Yacht Division supported by SL and SX lines. Quite stable is the business of Bluegame, with the support of BG and BGX lines, despite the weakness of the market below 24 m. The breakdown by geography confirms once again Europe as a major market, substantially stable year-on-year with the strong expansion in 2023. The group had a very strong growth in Americas region, +58.4%, and MEA region more than 55%. We have more than offset the slowdown in the APAC region, -2.3%, also in consideration of the local demand and the beginning in the direct distribution in the region after the Simpson Marine acquisition. Now, Massimo, we can analyze more in detail Americas MEA market.
Yes, thank you, Attilio. We like to show you how the market developed from the IPO and the floating of the company to the stock exchange, which was December 19th. I think that the annual numbers, 2021, 2023, and organic 2024 plus Nautor, is showing you how the market change and is now coming back to the original figure in relation to the COVID period. You see that Europe was 61%, went up to 55%, sorry, went down to 55% and up to 68%, and now is consolidating 60.7%, which is perfectly in line with 2019. Same as America, 15.8%, up 23.4% after COVID, America was booming, then down 11% in 2023 as a result of a normal consolidation after a big upside. But now America in 2024 is consolidating 15.6%, which is exactly in line with 2019.
There is a difference between Asia Pacific, which was at 16%, and the Arab market, the Middle East. You see that they swap the value we used to have in APAC now in 2024 becomes the Middle East, and Asia Pacific is going down little by little, which is, I would say in line with what we have been reading in the newspaper for the whole 2024, that the China market and, of course, the countries around China is suffering little by little year after year, a reduction of the percentage. We think that this is a temporary situation.
We, as you remember, we bought the oldest and biggest distribution company, Simpson Marine, in Asia Pacific, because we think that in the middle long term, that market will really grow much more, thanks to the increase of billionaires, which is expected in the Asia Pacific region. You see, aside from our organic situation, the Nautor Swan, we have zero sales in the Middle East, zero, almost zero sales in Asia Pacific, 0.6%. And the total business is concentrated mainly in Europe, 80%, and Americas 19%. This is something we have to work for the next three years to develop Nautor Swan in the Middle East and in Asia Pacific, because they, in reality, they don't know the brand pretty much.
America will be boosted thanks to the agreement with American Magic to build the ClubSwan in Pensacola, an important industrial investment done by American Magic, the famous syndicate who did the America's Cup. American Magic is considered now a flag in the sail business in America, and the partnership with Nautor Swan will help to get back Nautor Swan in America through the front door. I would just remember that in the 1980s and the 1990s, Nautor Swan was number one brand in the sail business in America, and we want to go back there. So we do expect for the next two years to reduce the European market to probably 60% and increase America from 19% to 30%, around approximately 30%, and the remaining 10% to be in Asia Pacific and in the Middle East.
So we have a good chance to do it because we will follow the expansion of the sales of Nautor Swan using the organization, the sales direct organization of Sanlorenzo Americas in the Americas and Simpson Marine in Asia Pacific. I give back the floor to Attilio for the remaining numbers.
Perfect. We can continue with profitability expansion. That remained the focus for Sanlorenzo, and the increase of margins is reflected in all P&L levels arriving to the bottom line. In fact, the EBITDA margin grew by 12% and reached the record of 19% on Net Revenues New Yachts, about + 20 basis points year-on-year, considering the rigorous focus on gross margin increase, the benefit of price and mix effect. The organic EBITDA ex Nautor Swan reached 19.2%. The EBIT is flat year-on-year, considering the consolidated level. Also considering the latest significant investments and the Nautor Swan higher D&A incidence on revenues. The organic EBITDA without Nautor Swan expanded by 45 basis points at 15.4%. Therefore, the profitability is on track with the midterm expansion targets and overall is confirmed the modest impact of the margin dilution from Nautor Swan.
Now, about the backlog, you can see the Gross Backlog reached the level of almost EUR 2 billion and benefit of a robust full year order intake of EUR 813 million, of which EUR 60 million from Nautor Swan after the acquisition. Therefore, we had a dynamic market in Q4 2024, considering the order intake of EUR 230 million at group level, which 203 million euro organic and EUR 27 million from Nautor Swan, with an important contribution of the Maxi Line. Net Backlog end of 2024 is more than EUR 1 billion and gives to the group a long visibility on the future result, considering the composition of EUR 623 million for 2025 and approx EUR 400 million for 2026 and beyond.
Let me, Attilio, let me specify better because I think this is a key point. The EUR 623 million for 2025 is approximately 60% of the coverage of the revenue. I say approximately because we are putting together the guidance for the next month. 60% of sold, of boats sold, 88% to final customer is, I would say, a relaxing year for Sanlorenzo, 2025. We have in front of us 10 and a half months. We have all the boat shows. There is for sure enough time and work to do to finalize the revenue of 2025, which we feel already in our pocket. Not only, but the EUR 397 million for 2026 and beyond, they are in reality approximately 30% of coverage of 2026 and 10% for 2027 and a small portion of 2028.
We do not only have a quite strong position in 2025, which makes us reasonably relaxed for the present year, but we have also quite a strong position. One third of the boats for 2026 are sold already. Remember, our business model includes a very quality backlog, which is summarized here. We have 88% of the portfolio of the backlog sold to final client. And in particular, Superyacht Division and now Nautor Swan are sold 100% to final client. Yacht Division, which is the boats between 24 and 40 m, it is 79%, which is a very high percentage. Even Bluegame, which is boats below 22 m, we have almost half of the sale to final client. So this, I think, is one of the main reasons of the success of our business model.
Perfect. So considering the normalization of the order intake after the post-pandemic recessional period, the backlog visibility you can see remains high. And it is not particularly affected by the current cyclicality of the market below 24 m. In fact, after the recessional post-pandemic phase, the historical Net Backlog quarterly evolution shows for Q4 2024 a coverage more than 1.1 x of the full year revenues 2024.
I think, Attilio, it's important to underline that from December 2021 through December 2022, 2023, and at the end, December 2024, we have quite a stable net backlog, which is confirming to you that what happened during COVID is not just, you know, a case or something special, but is consistent and consolidated through three years of business. Remember the EUR 1.21 billion and EUR 20 million of backlog is sold to final clients. So it is not sold to dealer, and then, you know, you still have to sell it to the market. These are 88% sold to the market. So the market is there, is strong, and is supporting our business.
Perfect. About CapEx, continue the organic investment program, that reached the amount of EUR 49.3 million end of December 2024. At constant perimeter, about 89% related to expansion of the new product capacity, EUR 24 million, and new product development, EUR 20 million dedicated to all divisions. In addition, the change of perimeter was EUR 138.8 million, considering the 2024 acquisition of which approx EUR 15 million for Simpson Marine and EUR 124 million for Nautor Swan, detailed in about EUR 74 million for the PPA and EUR 50 million impact for other assets. Then the incidence of organic CapEx on Net Revenues New Yachts is stable year-on-year at 5.3%.
About cash generation, you can see the evolution of the Net Financial Position in the full year 2024 highlights a net cash of EUR 29.1 million after dividend payment of EUR 34.8 million and organic CapEx of EUR 49.3 million. It is consistent with the nine months net cash of EUR 27.2 million. The net cash reached the level of EUR 112.8 million before M&A and absorption of EUR 83.7 million in consideration of the main effect. First, the Simpson Marine group acquisition with an impact of EUR 23.9 million. The completion of the acquisition of Nautor Swan with an impact of EUR 52.3 million, composed by EUR 32.4 million as cash portion of 60%, Nautor Swan purchase price, then EUR 19.9 million Nautor Swan net debt end of December, and finally, EUR 7.5 million share buyback program in H2 2024.
The total impact of the IFRS 16 debt is EUR 24.7 million versus EUR 9 million last 2023, of which EUR 13.1 million linked to the Nautor Swan acquisition. Therefore, the Net Financial Position 2024 is confirmed in the range of the guidance, and in this case, Massimo, we can also summarize the result of the full year.
Yes, as you can see, the organic preliminary results are perfectly in line with the guidance, but not only. We like to underline that after the consolidation of the five months result of Nautor Swan, we still have 19% of EBITDA margin and 15% of EBIT margin, which is quite nice result for the company. And remember, during 2024, we had a lot of meetings with you, and you did recognize the logic and the good strategic movement of Sanlorenzo buying Nautor Swan. But some of you were quite worried, sorry, quite worried, regarding the marginality of Sanlorenzo after the acquisition. You can see that we moved from 19.3% to 19% for the EBITDA margin and from 15.4% to 15% for the EBITDA margin. So which is perfectly in line with our strategy. But we can promise you we are working very hard now on Nautor Swan.
The next three-year plan will be quite interesting and will complement very well the line of product and the business of the Sanlorenzo Bluegame. Few words regarding the technology. You remember on the left what we promised: 2021 strategic collaboration, 2024 two projects. Done is the 50 m equipped with methanol reformer fuel cell, 100 kW production of electricity for the hotellerie. This is the first boat in the world with that solution, which is the first important step towards sustainability. On the smaller boat, we did the tender for America's Cup hydrogen and foil. The boat is 11 meters, is running 50 knots, 180 mi. Totally hydrogen, engine with foil has been a success. We sold it to two out of five syndicates: American Magic for America and Orient Express from France. It's not finished. On the right, you see what we will make.
We just declared at the Düsseldorf Boat Show in a press conference our partnership with MAN, the important engine manufacturer. We are starting to build the 50 m with the bi-fuel engine. The bi-fuel engine will guarantee a reduction of 70% of the emission. Therefore, on top of the solution of the hotellerie we did on the 2024, now we are working on a very important project with 30% diesel, 70% methanol bi-fuel engine. You see at the end on the left, the diesel tank and the methanol tank, of the boat. The project is not only a project. The hull is already built. The engine is already on the bench for testing. So we have the final result. We received the final result in December 2024. So we could announce it in the middle of January 2025.
And again, that project is ahead of every other boat builder in the world. So we are pioneering this subject, this matter, 2021, and we will continue to be number one in the business for 2027. We just like to summarize to you some important green transition. In the shipping, it is accelerating despite political uncertainty. Why? Because normally when you build a ship, you take four to five years. So what has been decided two or three years ago cannot be stopped because of the new green situation worldwide. And you can see some example of existing order book: 600 new units ordered, + 50%. The methanol fueled ship orders is 119 units, which is one third of the order book.
That is very important for our strategy because having in the next three years 120 big ships going around the world with methanol engines, that means that the market, the business, the logistics will guarantee the distribution of methanol in all big harbors and marinas. The same is some articles of what is happening in the production of green methanol, in production of hydrogen, et cetera, et cetera. So it is correct that politically, there is a political uncertainty, but it is also right that the green transition is on the table and we cannot stop it anymore. This is the first important new line of product we are developing with Nautor Swan. We call it Maxi Maxi or let's say Super Maxi. You remember now Nautor Swan is building both in carbon fiber, very sophisticated in Finland, up to 40 m.
We will start a new line of product in aluminum to be built in Viareggio from 40-60 m. This is the first 42 m designed by Malcolm McKeon, which is one of the top designers. The boat is under serious negotiation. We can say we have already a deposit and we are negotiating the final contract with an Italian customer. We have other three or four negotiations going on. We think that niche market for the big Maxi Maxi will grow in the future.
There is a small video now.
There is a small video for you related to the agreement between Nautor Swan and American Magic. The last slide. Now to Nautor Swan and American Magic partnership to push performance boundaries and broaden market. Look, in America, Nautor Swan was number one brand in the 1980s and 1990s. Then little by little went out of the market, not only because of probably bad management, but mainly because the sailing business in America dropped pretty much. The agreement we have with American Magic and in particular with Doug DeVos, which is the mentor and the chairman of American Magic, is to start in Pensacola academy to teach the young American to go sailing.
And we will move the production of the ClubSwan, which is our racing boat, 28, 36, 50 ft, in order to boost and support the attempt of American Magic to launch again a strong sail boat business in America. Of course, aside of the agreement to push the sail business in America together, there is also from American Magic to distribute Swan boats in all important yacht clubs thanks to the image and the technology and the investment and the passion that American Magic can put in the United States. So we are very happy of this agreement because it is the first important boost of the sales of the Swan boat in the most important market of the world, which is the United States. We finished. We give you the floor for any question you may have.
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A couple of questions. The first one is on order intake in Q4. We have seen some improvements sequentially. And I was wondering where those orders came from. And in particular, if you saw an acceleration after the elections in the U.S. And more in general, what's the mood on the market also in this very first part of 2025? We have had the Düsseldorf Boat Show. Probably Miami is now ongoing. If you can share some thoughts on that. Second question.
Yes, yes, the first question is market for the Q1. Okay.
The second one is on Nautor Swan. If you can update us with all the progresses that you've been making in particular on the integration, the industrial side of the integration. And very last question, if you can comment about press rumors about you being interested in buying Codecasa. Thank you.
Niccolò, you are becoming too smart. Be careful. Look, I start from Codecasa. Codecasa is a very interesting brand which is doing a product that we do not build, which is a full custom superyacht and megayacht. Codecasa is building one boat per year, one and a half boats per year. So it is not a huge business, but it is totally integrated in Polo Nautico, which is inside of our property. And for us, will be a quite important integration of the shipyard, mainly in Viareggio. As you know, Viareggio is the capital of yacht building in Europe. And that could be an interesting acquisition for Sanlorenzo, which will not move up much the revenue, will give us a nice niche of market, and will give us a completion of the production site we have in Viareggio.
As I said to you, we like to build the new Maxi Maxi, from 40 to 60 m in aluminum from Nautor Swan. And Codecasa could help us to give a space, a plant, a building where we can build the Nautor Swan boat. So there is, there are a few reasons, good reasons that we can improve the organization of Sanlorenzo Group with the Codecasa acquisition. The acquisition is not done yet. We are in a preliminary start of the, of the acquisition, and we cannot predict anything about it. I mean, it is something that is going on without a sensible, movement to conclusion. I just told you what is the, the logic behind it. Then regarding Nautor Swan, we finished the cutting of cost, which we call it, not recurring, which was approximately EUR 1.5 million.
We completed the reduction of the Italian managers that used to be in Florence at the headquarters in Florence. We did it within the end of the year, cutting another approximately EUR 1 million or a little more, EUR 1.2 million of costs. And this was the easiest part of the job, but it was quite important because out of approximately EUR 100 million of revenue, we managed to reduce EUR 3 million of costs, which is 3% more EBITDA margin, which was quite important for the starting of this business. In parallel, we are working pretty hard for the integration of the Finnish production. We can expect around EUR 3 million -EUR 4 million of savings for 2025 related only to the acquisition of the material, to the supply chain.
Not all, but most of the parts that has been purchased in Finland are related to supplier, which we know very well, for which we have much better price. So we think we have a program and we think we can succeed to reduce between three and four million the cost of construction for 2025 in order to increase even more the EBITDA margin. Aside from that, we are designing two lines of new product. One is the Blue Water. Blue Water is a different kind of sailboat. Up to today, Nautor Swan in the last 20 years was developing mainly, I would say, fast sailboat, performance boat, forgetting totally what is the comfort at sea. The Blue Water line is a kind of boat that normally is built in the north of Europe and takes care much more on the comfort.
You have a little superstructure in order to protect the owner from the water, from the spray of the water, from the wind. And this is something that has been asked by the Nautor Swan customer, which are not young anymore, maybe going to 60 to 70 years old with the passion of sailing. They like maybe to go one knot less, but to be more protected. So this is a totally new range, which is expected 65-80 ft and more than 100 ft, which will boost the sales and the revenue of the company for the next three years. The second line of product we already showed you before, which is the Maxi Maxi, which will be produced in Viareggio and will give to the company within 2027, 2028, approximately EUR 40 million -EUR 50 million of extra revenue.
So the three-year plan, which we will introduce in the next month to you, is expected to move the company from EUR 110 million of today to EUR 160 million -EUR 170 million revenue with an increase of EBITDA margin, which we hope to move up to approximately 15%. The EBITDA margin of Nautor Swan will not be as well as the EBITDA margin of Sanlorenzo because the sailboat business is less profitable. But we are very happy to work with a brand that is very much in line with our philosophy, scarcity, only 30, 25, 30 boats, top high brand, premium price, special club of customer. And so we think that Nautor Swan will really merge with the Sanlorenzo philosophy for the future. So we are quite happy of what we did in the last six months, including the American Magic agreement.
And I would say by March 10, which will be our next board meeting, we will probably announce another very important agreement and partnership in America in Newport, but we are not signing yet and we cannot anticipate for sure. I go back to the first question. Q1. Q1 has been quite good in January. We sold a reasonable number of boats. Düsseldorf was exciting, better than expected, but I have to say that in the last week, 10 days, there is a standby in the market. You please remember that our product is very much related to emotion. You decide to buy a boat from the heart, not from your head. And the announcement every day from Mr. Trump is not helping our customer to take the pen and sign the contract and proceed.
So in one way, I'm telling you the Q1 started better than expected and for sure better than the average of 24. In the last 10 days, there is a little standby due to the embarrassment, due to the uncertainty, caused by the President of the United States. We are now doing the Miami show. It started two days ago. I think Monday we will have a better situation because we are in contact with the American market, the American customer, and then we can test if America is also affected by the uncertainty coming from the President of the United States. I have to say that on the bad side, but also I have to inform you that we spoke with our dealer in Russia.
Our dealer in Russia told us that he is in contact with the important, most important Russian customer who contacted him and told him that most probably the war in Ukraine will finish soon and they are anxious to come to the shipyard, so if Trump from one side is giving some uncertainty to the market, on the other side, if he will be good and he will help to find an agreement after war for Ukraine and Russia, I think that we have the opportunity to receive quite an important boost from the Russian market, which has been stopped in the last four years. So, you know, I cannot say bad or good. I think there is something that is worrying us, but there's also some side of it which could be very good. We remain positive.
The guidance is perfectly in line with the three-year plan that we have been introducing three years ago. It was 2025, I think.
Yeah, in November.
Yeah, in November 2023. Okay.
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[Foreign language]. There are any more questions? Well, thank you very much. I think that, not many questions is a good, a good sign. That means that our presentation was completed and of your satisfaction. Thank you very much for the time you dedicated to Sanlorenzo. And be sure that we're working very hard for the beginning of this new year. Regards and ciao, ciao. We see you again on the 10th of March for the next.