SUPERYACHT #7
Winter 2006

Article selected from our quarterly magazine dedicated to the largest and most luxurious boats with information, interviews, technical articles, images and yachting news

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Article by
Fabio Petrone

ONE YEAR OF CAMUZZI NAUTICA
Orders portfolio increased by 500%

Exactly one year from the press conference that announced the official arrival of the Camuzzi Group in the pleasure boat sector, once more in Genoa and once more during the Boat Show, Camuzzi Nautica called a press conference to present the results achieved to date and its future programmes. A year of successes and purchases involving two traditional and famous yards, Baglietto and Cantieri di Pisa. Twelve months in which the Tunisian joint venture for the yard Generale Bateaux has been transformed into a 100% ownership and business offices have been opened in Monte Carlo and Dubai. Months passed in the name of general growth, for a concern like Cantieri di Pisa which after only six months from purchase could show net assets of 3.5 million euros, a trend which will culminate in 2006 with a breakeven balance. It is significant that for the achievement of this the yard was entrusted to a manager of the calibre of Scaramuccia (an engineer formerly with Riva, Swan etc.), a man of substance who has already amply demonstrated his abilities. As regards Baglietto, in the same period it has already delivered three new vessels - a 34 metre Fast Yacht Line, a 115 Hard Top and a 43 metre planing yacht - as well as redesigning all of its after sales, charter and dock services. This has contributed to the significant economic results of the last twelve months of management, above all Camuzzi Nautica's order portfolio which has gone from 40 million euros to about 200 million, with a declared increase of 500%. In the words of Camuzzi International chairman Fabrizio Garilli: This is a result we are very proud of, a success for which I thank the Camuzzi Nautica Business and Marketing Manager Vincenzo Moccia, Gaspare Borghini, who has re-launched Baglietto in the last few years, and Scaramuccia who had the task of bringing the Cantieri di Pisa back to full efficiency. Not to mention Gerardo Diamanti, the Group's administrative and financial director, and Giorgio Magrini and Franco Giorgetti who are at the head of General Bateaux.

Other important financial results regarding forecasts for 2005 speak of +341% in terms of operational result and a further 254% of gross profit. There are thirteen new vessels to be delivered, 9 Baglietto (between 30 and 59 metres) and 4 Cantieri di Pisa (between 24 and 44 metres) and the yards have commissions up to the end of 2008. Aggregate turnover for 2005 is estimated at 80 million euros.

Important efforts have also been made to internationalise the brand, understood as reinforcement of the dealer network worldwide. One of the most important markets is Greece where the Group will be delivering 5 new vessels in the next two years. Another notable factor is the acquisition of 80% of Mercurio (the rest remaining in the hands of the old owners), a dealer with strong roots throughout the C“te d'Azur, including Monte Carlo. Then the opening of new business "fronts" in Europe, more precisely Spain, Germany, the UK and Russia, which will be followed by extensive consolidation action in the main international yachting centres.

All this has also led to an increase in the Group's workforce which has grown by 30 in the past year, while the indirect workforce with partner companies has practically doubled.

Ruggiero Massimo Iannuzzelli, who concluded the press conference, was asked about Camuzzi Nautica's commitment to the port activities sector, a commitment announced last year but about which there are still many hypotheses. Iannuzzelli confirmed a general interest, "as long as conditions are created which at the moment don't exist," leading one to believe that they are still waiting for the right deal. It was then denied that Camuzzi Nautica intended to go public.