Sunreef Yachts releases yearly financial results 2009

Sunreef was established in 1998 as a charter company and then began producing yachts in 2000 in a Gdansk shipyard.

The company delivered its first catamaran, the Sunreef 74 CHE, two years later in 2002 and since has seen sales and operating profit grow consistently along with its range of products and services.

Sunreef's in-house charter agency, Sunreef Yachts Charter now has more than 1000 yachts in its fleet as its own 2008 net sales rose through €1.8m with a 30% increase expected in 2009.

"Our success to date comes from our focus on innovation and by extending the range of yachts we produce. In 2008 we have launched two new yacht models, 70 Sunreef Power and Sunreef 70 Sailing. This year, we will launch our first superyacht Sunreef 102 Double Deck. At the same time, we are now designing new mega catamarans projects over 100 feet"

says Nicolas Lapp, Sunreef's vice president.

Sunreef Yachts is actually comprised of three business units: building - Sunreef Yachts, chartering - Sunreef Yachts Charter and Yacht Management employing 450 worksmen and employees, the workforce keep constantly growing at this time.

In addition to its production and headquarters activities in Poland, the company has worldwide brokers network in Spain, Italy, France, Greece, Turkey, Qatar, USA and China to name but a few.

From 2007 to 2008 Sunreef's net income from production and services increased 40% from €19,6m to €27,6m with expectations for 2009 that this will continue to €33,6m as annual deliveries pass 12 with 18 scheduled for 2009.

Despite a challenging labour market in Poland, this accelerating production rate was achieved by optimising production techniques which for example reduced production time for Sunreef's most popular model, the Sunreef 62, from 9 to 4 months.

Sunreef is also increasing overall production capacity with the acquision of 16 hectares land in nearby Gdańsk Wiślinka for the construction of a new 24,000 square metre purpose-built manufacturing facilities with possible enlargement due for completion and occupancy in 2010. This facility will enable Sunreef to build yachts up to 50 meters in length.

Management's forecast for the coming years is likewise very promising, if slightly more modest taking into account the uncertain world financial situation. Sunreef's financial plan for 2009 budgets for a 25% growth in sales on 2008.

To provide its clients with a full range of support services, Sunreef has also established its after-sales service, refit and Brokerage Division which now has more than 800 yachts in its data base.

''Our goal for the future is quite simply to maintain our position as the world's largest manufacturer of large and luxury catamarans from 60 to 150 feet," concluded Lapp.