INTERVISTA MASSIMO PEROTTI SANLORENZO YACHT

I would say very exciting. From the age of 22 to 44, I developed all my nautical knowledge in what is now the largest group in Europe, Benetti. I clearly contributed to growing its size and importance in the world. And then, nothing. Approaching 45, I had the pleasure—I took the pleasure of becoming an entrepreneur, and so my exit from the company and the purchase of Sanlorenzo. I am very happy with the purchase of Sanlorenzo because it is a company with a very strong brand in some markets, not worldwide, but let's say more in Southern Europe, in Mediterranean countries. A company that is 50 years old, so one of the oldest companies on the market today. A somewhat sophisticated product, made for connoisseurs of yachting. Clients mainly Italian, French, English, and from Central Europe, the old families who have been yachting for decades. I have done nothing but pay maximum attention to maintaining the stylistic features of Sanlorenzo in the design of new boats, thus without denying the past, which was a glorious past on one hand, and on the other hand maintaining the numbers that were Sanlorenzo's numbers. Now instead of 10-12 boats in Ameglia, we have risen to 20-22 boats, and to open a new division in Viareggio with two new product lines: the semi-displacement yachts from 27 to 38 meters and the steel and aluminum boats. The creation of this division, the idea of creating this division, allowed me on one hand to increase revenue, bringing revenue from 42-45 million euros in 2005 to 180 million in 2008, thus achieving the goal of growing the company. On the other hand, it allowed me to maintain the peculiar characteristics of Sanlorenzo boats: custom-made boats, direct relationship with the client, and thus reach 30 boats per year, of which 10-12 in Viareggio and 18-20 in Ameglia. So not to distort the Sanlorenzo product and make it too commercial, hundreds of units. I am very proud of this because I think, especially in this difficult year, the return of the market has been such that I think I have achieved the goal set for me from the first moment.

What has done so much good for yachting in the early 2000s was perhaps a bit excessive in form, and perhaps we all got drunk on this possibility. Certainly in the last 18 years, I would say really the last ones because it happened in 2006 and 2007, because before it was quite balanced. In recent years, leasing has somewhat followed the trend of the financial world, that is, certain things that happened in the financial world, particularly the Anglo-Saxon one, which then dragged the world into the crisis, also happened in leasing because there was a widening of the net in the ease of giving credit. And so it's not really anyone's fault, I mean, it's not that the nautical companies or the entrepreneurs of yachting forced this situation; they certainly enjoyed it. This created production capacities and company developments that were perhaps a bit unrealistic, which we are paying for today because we have to, in my opinion, reduce this production capacity a bit because all this market was probably a bit fictitious, a bit inflated. And so this certainly happened. Returning to incentives, I don't believe that in yachting, at least in the yachting I do with Sanlorenzo—it may be that smaller yachting could have incentives that can help—I don't think that incentives are the way to go. Also because our numbers are not such numbers. So the social aspect, the closure of factories, imposes on the political world to intervene, and I must say that from a moral point of view it is not even logical that I think a nautical entrepreneur asks Italian taxpayers or taxpayers in various states, for each of the producers in various states, for a contribution to be able to build boats. But some things can be done, some things. In particular, the issue of leasing: leasing has really enormously damaged this already difficult year. First of all, in Italy it has almost disappeared, so many companies no longer do it and tend to complicate the relationship with the client to avoid doing leasing, even to force the client, the shipyard, because then the loss intervenes, etc., to close the leasing contract and thus pay it all. Because, I don't know, it's a liquidity problem, a problem that they no longer want to enter. The attitude of the Ministry of Finance two years ago started two years ago and then continued because it was given with the Prodi government clearly, and then seen and then continued by the Ministry of Finance to issue circulars to make things much more stringent. It is true that there were exaggerations, but then let's hit the exaggerations, let's not hit all leasing. Moreover, consider that today our main competitors are the English ones, as the pound sterling is devaluing a lot, and so the various Princess, Sunseeker are building ever larger boats and are dangerous because they have today the advantage of 30-40% on the currency. They are causing some terror in Europe, telling our German, French, English clients, etc., that Italian design, be careful because then the 20% VAT kicks in, etc. And there is this, let's say, attack from the Ministry of Finance two years ago that has created a bit of negative psychosis among our clients, such that perhaps the world doesn't know it, but more than 50% of boats over 24 meters are produced in Italy in the world. So I think that few other products, few other Italian merchandise sectors have a world predominance like that of yachting above 24 meters.

Certainly, I would say that it is not a request from clients to have the signature. The clients did not perceive this choice that was made in the last two or three years; they are now appreciating and experiencing it. First of all, I must tell you that Sanlorenzo specifically chose the path of designers from the world of home design rather than only from the boat world. So already two or three years ago, with Boiardi from Abitare and other magazines in the home furnishings sector, we had started working to go in this direction. But one important thing I must say: the new Cento, the 100 New, which replaces the old Cento of the 'Lord of the Rings' that was designed in 1994, so it had been on the market for 16 years. This is one of the details, characteristics of Sanlorenzo. It was designed after, that is, the lines and concept of the boat by Takosky Pazkowski, who in my opinion is one of the best young designers in the world. We started working with the new division in Viareggio with the yachts, with the 40 Loi 49, which won three world awards upon its launch. I find him a man of great ability, great creativity. So Pazkowski is our designer for the boats. For the interiors of the boats, in this case we chose Dordoni, a brilliant architect from Milan. And he was among the few among those I contacted—I contacted more than one—who had a humble approach. In what sense? He clearly brought all his knowledge and professionalism, but from the very first moment he sat down with us at the table and said, 'Let's work elbow to elbow. Tell me what the problems of the boat are,' and he adapted to the boat. Designers who don't do this, who come from outside the nautical world and don't make this effort, the product in the end is a losing product. Because in any case, everyone must do their own job. That is, a boat has characteristics, home-like features, but also specificities typical of the sea. The boat must navigate; there are problems of vibrations, noise, there are problems of socialization. So if the design does not take these problems into account, it's a drama. Dordoni was particularly good at adapting his great creativity and great professionalism to the boat object.

We slowed them down, we slowed them down, not by 6%, because all in all it's normal. We slowed them down because effectively the precipice, the wall of mid-September 2008 was such that I think any company tried to reduce costs a bit and slow down investments. We slowed it down for a few months waiting to see what the situation was. It will resume at full speed in the coming months. And so, having hypothesized and designed together with Boeri the new facilities in Ameglia—Ameglia is located in a natural park, the Montemarcello Park, which is very beautiful on the Magra River—having hypothesized to build the new shipyards, which are 25,000 square meters of shipyard totally covered with greenery, with the use of photovoltaic cells for electricity and water recycling. Today it is perhaps easier to say that is the right path after this crisis. Having done it a year before the crisis gives a sense of the ability, probably, of the men of Sanlorenzo to grasp these nuances that then make the product a bit special for our clients.