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A GLOBAL MARKET LEADING SUPERYACHT PAINTING AND MAINTENANCE COMPANY
What we do
Market overview
Our strategy
• Market leader in the painting, supply and maintenance of 40m+ superyachts
• International footprint with operations in the Mediterranean, Northern Europe and the United States
• Group brands include Pinmar, Pinmar Yacht Supply, and Technocraft
• Listed on AIM in July 2017
• GYG’s operations can be divided into three key markets:
• Market leading brand proposition offering premium quality & unrivalled experience over 70m
• Provide a unique global turnkey service from our core operating bases
• Build long term preferred supplier relationships with premium New Build yards in Northern Europe
• Exploit the three principal routes to the Refit market; Yacht Captains, Refit Yards, Fleet Management
• Utilise marketing synergies and CRM technology to grow the retail and yacht supply services
New BuildThe filling, fairing and painting of new superyachts as part of the initial construction process
RefitThe repainting of superyachts normally as part of a refitting programme including scaffold & yacht hardware
Pinmar Yacht SupplyThe sale of marine products to trade professionals, retail customers and direct to superyachts worldwide
40-50m 50-70m 70-90m 90m+
C O AT I N G S S U P P LY
July 2020www.gygplc.com
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024
37 3440
33 33
1717
1620 17
67
7 12
6
76
56
6
6764
6871
62
87
72 73 71 73
Deliveries Actual Forecast
4 0 m + G L O B A L S U P E R YA C H T D E L I V E R I E S& F O R WA R D O R D E R B O O K
4 0 m + R E F I T M A R K E T S I Z E & VA L U E
¤233.1¤245.3
¤255.1¤264.6
¤276.7¤285.2
Forecast Market Value
0
400
350
300
250
200
150
100
50
TotalProjects
Key highlights (2019 FULL YEAR RESULTS)
Revenue & Adjusted EBITDA (€m) Order Book
• Group revenue increased 41.8% to €63.8m (FY18: €45.0m)
• Adjusted EBITDA increased to €4.5m (FY18: loss of €0.9m)
• Six major contract wins in the New Build sector during the year and €11.2m of New Build revenue generated in 2019 (FY18: €3.7m)
• Expanded customer base and service offering in the Supply division with renewed focus on CRM systems and collaboration with Coatings division
• Encouraging first half of 2020 following 2019 operational improvements and increased levels of activity in both New Build and Refit, resulting in a record order book and strong outlook
Investment case• Addressable market forecast to grow 5.1% CAGR to 2024
• Market leading brand
• Only true global operator in fragmented market sector
• High barriers to entry, asset-light model
• Recurring business driven by industry regulation and an average 5-year repeat cycle
• Strong forward Order Book and pipeline
• Technology leader, resulting in improved speed, quality and reduced environmental impact
• Experienced management team with strong industry relationships
Coatings Supply Adj. EBITDA
PENDENNISFALMOUTH, UK
HAMBURG, GERMANY
HEESEN YACHTSOSS, HOLLAND
ROYAL HUISMAN, HOLLAND
DAMEN/AMELSHOLLAND
FEADSHIPHOLLAND
NOBISKRUG GERMANY
BENETTIVIAREGGIO, ITALY
PALUMBO ANCONA, ITALY
RYBOVICHWEST PALM BEACH, USA
SAVANNAHYACHT CENTERGEORGIA, USA
DERECKTORSFORT LAUDERDALE, USA
NAVANTIACARTAGENA, SPAIN
MB92 LA CIOTAT, FRANCE
MONACO MARINELA CIOTAT, FRANCE
ATLANTIC REFIT CENTERLA ROCHELLE, FRANCE
FREIRE VIGO, SPAIN
FERRETTI AND WALLY ITALY
IMS 300, IMS 700FRANCE
PALUMBO MALTA
STPPALMA, SPAIN
ASTILLEROS DEMALLORCAPALMA, SPAIN
PORT ADRIANOPALMA, SPAIN
MB92BARCELONA, SPAIN
KUSCH YACHTSWEWELSFLETH, GERMANY
DÖRRIES YACHTSBREMERHAVEN, GERMANY
LLOYD WERFTBREMERHAVEN, GERMANY
SPAIN
FRANCE
GERMANY
USA
ITALY
HOLLAND
UKLÜRSSEN BREMEN, GERMANY
OCEANCOHOLLAND
AMSTERDAM HOLLAND
201920182017201620152014
€40.9m
€6.9m
€5.2m €5.0m
€6.7m €7.2m
€4.5m
(€0.9m)
€39.2m€46.0m
€53.7m
€35.7m
€7.9m
€8.6m
€8.9m
€9.5m
€10.1m
€53.7m
Order Book at
30 June 2018 €29.9m €11.2m €13.1m
30 June 2019 €38.6m €15.3m €18.2m
30 June 2020 €42.7m €16.4m €20.7m
€5.6m
€5.1m
€5.6m
TotalCurrent
YearCurrentYear +1
ForwardOrder Book
GYG global operations = Major bases
www.gygplc.com
The Order Book at 30 June 2020 provides more forward visibility than ever before: