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Ferretti Group
Earnings Release • Feb 19, 2024
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Earnings Release
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| Informazione Regolamentata n. 0425-2-2024 |
Data/Ora Inizio Diffusione 19 Febbraio 2024 12:24:41 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | FERRETTI | |
| Identificativo Informazione Regolamentata |
: | 186383 | |
| Utenza - Referente | : | FERRETTIEST01 - MARGHERITA SACERDOTI |
|
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 19 Febbraio 2024 12:24:41 | |
| Data/Ora Inizio Diffusione | : | 19 Febbraio 2024 12:24:41 | |
| Oggetto | : | Ferretti S.p.A approves consolidated preliminary results as of December 31, 2023 |
|
| Testo del comunicato |
Vedi allegato
FERRETTI SPA APPROVES CONSOLIDATED PRELIMINARY RESULTS AS OF DECEMBER 31, 2023
Double digit growth of the main KPI's, announcement of the 2024 guidance and mid-term guidance confirmation
Net revenue new yachts at €1,110.9 million, up 11.5% from €996.1 million in 2022 Record adjusted EBITDA margin at 15.2% Order backlog reaches €1.5 billion, up 15.1% on 2022.
- Net revenue new yachts at €1,110.9 million, up 11.5% from €996.1 million in 2022
- Adjusted EBITDA of €169.2 million, up about 21% from 2022, with margin of 15.2%, up 110bps
- Net income of €83.5 million, up 38% from 2022
- Order intake of €1,120.4 million in line with 2022
- Net financial position of €281.1 million
- The Group announces guidance for 2024 and confirms medium-term guidance.
Also approved the co-option of directors Zhang Quan and Zhu Yi, the new composition of internal board committees, the guidelines of the Management Incentive Plan (MIP) and of the guidelines for the repurchase of the shares of Ferretti S.p.A.
Forlì, February 19, 2024 - The Board of Directors of Ferretti S.p.A. (the "Company") has approved the preliminary consolidated financial results as of December 31, 2023:
| Million euros |
Data as of December 31, 2023 | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | Change1 2023 vs. 2022 | |||
| Net revenue new yachts 2 | 1,110.9 | 996.1 | +11.5% | ||
| EBITDA adj3 | 169.2 | 140.0 | +20.9% | ||
| Net income | 83.5 | 60.5 | +38.0% | ||
| Net financial position | 281.1 | 365.0 | - |
Mr. Alberto Galassi, Chief Executive Officer of the Group, stated "2023 was an extraordinary year for Ferretti Group in terms of both the results and goals achieved. I would like to emphasise the great importance of the listing on Euronext Milan in June and its very positive reception from the financial community.
The results we are presenting today highlight remarkable growth in the main economic and financial indicators and two absolute records in our recent history: an order backlog of €1.5 billion and a margin of 15.2%, confirming the solidity of the commercial and industrial strategy announced in March 2022.
These extremely positive numbers will give substance and quality to a further strengthening of our brands, with investments in research, innovation and sustainability. At the Düsseldorf Boat Show we presented Riva El-Iseo, the brand's first full-electric powerboat that launches the new E-Luxury segment, testifying to Ferretti Group's commitment to increasingly sustainable yachting."
Order intake, order backlog and revenue overview
Order intake
In 2023, order intake was €1,120.4 million, roughly in line with FY 2022, and with a major increase from the previous year of Composite yachts, mainly above 80 feet, that enjoy a high profitability similar to that of Made-to-measure yachts.
1 Sums might not add up to total due to rounding
2 Revenue without pre-owned business
3 Excluding listing expenses and related costs, Management Incentive Plan and other minor non-recurring events
Order intake by segment4
The following table shows the breakdown of order intake by segment:
| Million euros |
Order intake by segment |
||||
|---|---|---|---|---|---|
| 2023 | % of total order intake |
2022 | % of total order intake |
Change5 2023 vs. 2022 |
|
| Composite yachts | 527.2 | 47.1% | 462.8 | 39.8% | +13.9% |
| Made-to-measure yachts |
423.0 | 37.8% | 495.1 | 42.6% | -14.6% |
| Super yachts | 149.5 | 13.3% | 204.6 | 17.6% | -26.9% |
| Other businesses6 | 20.7 | 1.8% | 0 | 0% | nm |
| Total | 1,120.4 | 100.0% | 1,162.5 | 100.0% | -3.6% |
The Composite yachts segment totaled €527.2 million in 2023, accounting for about 47.1% of total order intake (up from €462.8 million, accounting for about 39.8% of total order intake in 2022).
The Made-to-measure yachts segment totaled €423.0 million in 2023, accounting for about 37.8% of total order intake (from €495.1 million, accounting for about 42.6% of total order intake in 2022).
The Super yachts segment totaled €149.5 million in 2023, accounting for about 13.3% of total order intake (from €204.6 million, accounting for about 17.6% of total order intake in 2022).
The Other businesses totaled €20.7 million in 2023, accounting for about 1.8% of total order intake.
Order intake by geographic area7
The following table shows the breakdown of order intake by geographic area:
Million euros Order intake by geographic area
4 The Ferretti Yacht 1000 model has been reclassified in the Made-to-measure segment differently from the previous year's financial statements where it was classified as Composite Yacht
5 Sums might not add up to total due to rounding
6 Including FSD and Wally sail
7 The geographical breakdown, differently from the previous year's financial statements refers to the dealer's area of exclusivity or by the customer's nationality
| 2023 | % of total order intake |
2022 | % of total order intake |
Change8 2023 vs. 2022 |
|
|---|---|---|---|---|---|
| Europe | 483.6 | 43.2% | 446.5 | 38.4% | +8.3% |
| MEA | 273.8 | 24.4% | 241.8 | 20.8% | +13.2% |
| APAC | 65.8 | 5.9% | 74.7 | 6.4% | -11.9% |
| AMAS | 297.1 | 26.5% | 399.4 | 34.4% | -25.6% |
| Total | 1,120.4 | 100.0% | 1,162.5 | 100.0% | -3.6% |
Europe totaled €483.6 million, accounting for about 43.2% of total order intake 2023 (up from €446.5 million, accounting for about 38.4% of total order intake 2022).
MEA totaled €273.8 million, accounting for about 24.4% of total order intake 2023 (up from €241.8 million, accounting for about 20.8% of total order intake 2022).
APAC totaled €65.8 million, accounting for about 5.9% of total order intake 2023 (from €74.7 million, accounting for about 6.4% of total order intake 2022).
AMAS totaled €297.1 million, accounting for about 26.5% of total order intake 2023 (from €399.4 million, accounting for about 34.4% of total order intake 2022).
Order backlog
As of December 31, 2023, the order backlog amounted to €1,491.1 million, up 15.1% from December 31, 2022 (€1,295.6 million).
Order backlog by segment9
The following table shows the breakdown of the order backlog by segment:
Million euros Order backlog by segment
8 Sums might not add up to total due to rounding
9 The Ferretti Yacht 1000 model has been reclassified in the Made-to-measure segment differently from the previous year's financial statements where it was classified as Composite Yacht
| 2023 | % of total order backlog |
2022 | % of total order backlog |
Change10 2023 vs. 2022 |
|
|---|---|---|---|---|---|
| Composite yachts | 460.9 | 30.9% | 339.1 | 26.2% | +35.9% |
| Made-to-measure yachts |
554.6 | 37.2% | 517.1 | 39.9% | +7.3% |
| Super yachts | 418.0 | 28.0% | 384.6 | 29.7% | +8.7% |
| Other businesses11 | 57.7 | 3.9% | 54.8 | 4.2% | +5.3% |
| Total | 1,491.1 | 100.0% | 1,295.6 | 100.0% | +15.1% |
The Composite yachts segment reached €460.9 million as of December 31, 2023, accounting for about 30.9% of the total backlog (up from €339.1 million, accounting for about 26.2% of the total backlog as of December 31, 2022).
The Made-to-measure yachts segment reached €554.6 million as of December 31, 2023, accounting for about 37.2% of the total backlog (up from €517.1 million, accounting for about 39.9% of the total backlog as of December 31, 2022).
The Super yachts segment reached €418.0 million as of December 31, 2023, accounting for about 28.0% of the total backlog (up from €384.6 million, accounting for about 29.7% of the total backlog as of December 31, 2022).
Other businesses reached €57.7 million as of December 31, 2023, accounting for about 3.9% of the total backlog (up from €54.8 million, accounting for about 4.2% of the total backlog as of December 31, 2022).
Net Backlog
The Net Backlog that is calculated as the total orders in portfolio not yet delivered net of revenues already booked stood at €858.0 million, up 14.3% compared to €750.5 million as of December 31, 2022.
Net revenue new yachts
The Group's total net revenue new yachts increased by about 11.5%, from €996.1 million in 2022 to €1,110.9 million in 2023, due to the strong order intake of 2022 and 2023.
Net revenue new yachts by segment12
10Sums might not add up to total due to rounding
11 Including FSD and Wally sail
12 The Ferretti Yacht 1000 model has been reclassified in the Made-to-measure segment differently from the previous year's financial statements where it was classified as Composite Yacht
| Million euros |
Net revenue new yachts by segment | ||||
|---|---|---|---|---|---|
| 2023 | % of total net revenue new yachts |
2022 | % of total net revenue new yachts |
Change13 2023 vs. 2022 |
|
| Composite yachts | 491.8 | 44.3% | 412.1 | 41.3% | +19.3% |
| Made-to-measure yachts |
440.3 | 39.6% | 433.0 | 43.5% | +1.7% |
| Super yachts | 117.6 | 10.6% | 95.4 | 9.6% | +23.3% |
| Other businesses14 | 61.3 | 5.5% | 55.6 | 5.6% | +10.3% |
| Total | 1,110.9 | 100.0% | 996.1 | 100.0% | +11.5% |
The following table shows the breakdown of net revenues for new yachts by type of production:
The Composite yachts segment reached €491.8 million, accounting for about 44.3% of total revenue, in 2023 (up from €412.1 million, accounting for about 41.3% of total revenue, in 2022).
The Made-to-measure yachts segment reached €440.3 million, accounting for about 39.6% of total revenues, in 2023 (up from €433.0 million, accounting for about 43.5% of total revenue, in 2022).
The Super yachts segment reached €117.6 million, accounting for about 10.6% of total revenue, in 2023 (up from €95.4 million, accounting for about 9.6% of total revenue, in 2022).
Other businesses reached €61.3 million, accounting for about 5.5% of total revenue, in 2023 (up from €55.6 million, accounting for about 5.6% of total revenue, in 2022).
Net revenue new yachts by geographic area15
The breakdown of net revenue new yachts by geographical area is as follows:
Million euros Net revenue new yachts by geographic area
13 Sums might not add up to total due to rounding
14 Including ancillary activities, FSD, Wally sail
15 The geographical breakdown, differently from the previous year's financial statements, refers to the dealer's area of exclusivity or by the customer's nationality
| 2023 | % of total net revenue new yachts |
2022 | % of total net revenue new yachts |
Change16 2023 vs. 2022 |
||
|---|---|---|---|---|---|---|
| Europe | 480.1 | 43.2% | 468.2 | 47.0% | +2.5% | |
| MEA | 212.3 | 19.1% | 87.2 | 8.8% | +143.5% | |
| APAC | 98.2 | 8.8% | 72.1 | 7.2% | +36.2% | |
| AMAS | 320.4 | 28.9% | 368.6 | 37.0% | -13.1% | |
| Total | 1,110.9 | 100.0% | 996.1 | 100.0% | +11.5% |
The Europe region reached €480.1 million, accounting for about 43.2% of total 2023 revenue (up from €468.2 million, accounting for about 47.0% of total 2022 revenue).
The MEA region reached €212.3 million accounting for about 19.1% of total 2023 revenue (up from €87.2 million accounting for about 8.8% of total 2022 revenue).
The APAC region reached €98.2 million, accounting for about 8.8% of total 2023 revenue (up from €72.1 million, accounting for about 7.2% of total 2022 revenue).
The AMAS region reached €320.4 million, accounting for about 28.9% of total 2023 revenue (from €368.6 million, accounting for about 37.0% of total 2022 revenue).
Consolidated operating and net results
EBITDA adjusted
The Group's adjusted EBITDA for the year ended December 31, 2023 was €169.2 million, an increase of about 20.9% from 2022, which was €140.0 million. Adjusted EBITDA margin17 was equal to 15.2%, up 110 basis points when compared to 14.1% as of December 31, 2022.
This excellent performance confirms the strength of the commercial and industrial strategy that has seen the Group maintain strong negotiating power over prices, consolidate the most profitable Made-to-measure segment, and absorb fixed costs more efficiently, in addition to greater procurement economies of scale capacity.
Net income
16 Sums might not add up to total due to rounding
17 Calculated as EBITDA adj./revenue without pre-owned business
Group profit18 for 2023 was €83.5 million, up 38.0% from €60.5 million in 2022.
Overview of the consolidated balance sheet
Investments in tangible and intangible assets
Investments in tangible and intangible fixed assets in 2023 were €147.1 million, of which €22.9 million of maintenance for operations and product portfolio innovation and €124.2 million for business expansion, mostly for the acquisition and commissioning of the Ravenna shipyard.
Consolidated net financial position
The net financial position as of December 31, 2023 was €281.1 million of net cash, compared to €365.0 million of net cash as of December 31, 2022.
Net working capital
Net working capital as of December 31, 2023 was a negative €29.7 million, an increase compared to the previous year, to be able to meet the next season's deliveries in Europe and Middle East.
| 2022 | 2023 | 2024 | Mid-Term Target |
|
|---|---|---|---|---|
| Net Revenue New Yachts (€ millions) |
€996.1 | €1,110.9 +11.5% |
€1,220 – 1,240 +9.8% – +11.6% |
c. 10% CAGR organic with further upside from M&A |
| Adjusted EBITDA (€ millions) |
€140.0 | €169.2 +20.9% |
€195 – 200 +15.2% – +18.2% |
|
| Adjusted EBITDA margin (%) |
14.1% | 15.2% +110bps |
16.0% – 16.1% +80bps – +90bps |
Greater than 18.5% |
Guidance 2024 and confirmation of medium-term guidance
18 2023 preliminary net profit might slightly change after the final tax calculation
Significant events in 2023
On March 21, 2023, the first Capital Markets Day organized by the Group was held in Milan, where it provided medium-term guidance.
The Group has reached an agreement with Rosetti Marino S.p.A. to acquire the 70,000 squaremeters San Vitale Shipyard in Ravenna in order to increase the production capacity by 20%.
On June 27, 2023, the Company's shares were also listed on the Euronext Milan, managed by Borsa Italiana S.p.A., and thereby completing the first dual listing between the Euronext Milan and the Hong Kong Stock Exchange.
Significant events after 31 December 2023
In the second half of January 2024, the Company signed an agreement for the acquisition of an additional 30,000 square meters adjacent to the San Vitale Shipyard, bringing the entire new production area in Ravenna to approximately 100,000 square meters to produce the Made-tomeasure, Composite and Sail segments of the Ferretti Yachts and Wally brands.
This latest acquisition is equivalent to an investment of approximately €14 million already paid in 2023, and further increases the Group's production capacity by 10%.
In January 2024, at the Düsseldorf boat show, the Group presented Riva El-Iseo, a fusion of evergreen elegance with latest-generation technology and a focus on sustainability. After the presentation of the prototype in September 2022 at the Monaco Yacht Show, followed by successful completion of a cycle of complex technical and reliability tests, the official version of the first Riva model created for the E-Luxury segment is now ready for sale.
Outlook
The global luxury yacht industry continued to grow solidly throughout 2022 and 2023. Once again, the global luxury yacht industry proved resilient in the face of geopolitical uncertainty, underscoring its stability and strength. Against this backdrop, the Group continued to deliver an outstanding performance, steadily gaining market share and strengthening its strategic position not only in high-value segments, but also in new emerging and high-growth segments. To continue to take advantage of the expected growth trends in the global luxury yacht industry, enhancing its value proposition and strengthening its overall resilience, the Group's future plans are based on the following strategic pillars:
• Improve and expand its offering and product mix in anticipation of evolving market trends and customer expectations, with the aim of consolidating its market leadership that in 2023 grew further moving from 14.9% in 2022 to 15.8% in 2023 in both the Composite yachts and
Made-to-measure yachts segments, focusing on the segments with the highest growth and margin potential.
- Continue to invest in innovation, technologies, and products with the goal of providing a more environmentally responsible browsing experience through the skillful use of more sustainable materials and processes which reduce the environmental impact of products.
- Expand its Made-to-measure offering to larger alloy yachts, developing new alloy-hulled super yacht models under the iconic Riva, Wally, Pershing, and Custom Line brands.
- Expand yacht brokerage, chartering and management services and after-sales and refitting services, expand brand extension and licensing activities, and further expand into the security and patrol market.
- Continue to invest in the internalization of high value-added activities to support its future growth and product portfolio expansion.
The Group's results are not subject to seasonality, except for the concentration of deliveries in the northern summer season (May-August) and, to a lesser extent, in the southern summer season (November-January), especially for Composite yachts.
Resignation of Directors Li Xinghao and Hua Fengmao and co-option of Directors Zhang Quan and Zhu Yi
Following the resignation of the Directors Li Xinghao (Non-Executive Director) and Hua Fengmao (Independent Non-Executive Director) due to unforeseen work and personal commitments, effective today, the Board of Directors appointed by co-option Zhang Quan and Zhu Yi, both Non-Executive Directors, pursuant to Article 2386 of the Civil Code.
The Board of Directors, on the basis of the statements made and the information available to the Company, has ascertained that Zhang Quan and Zhu Yi meet the good standing requirements set out in Article 147-quinquies of the CFA and that none of the legally-established grounds for ineligibility apply to them, and has also ascertained that Zhu Yi meets the independence requirements set out in the combined provisions of Articles 147-ter, paragraph 4, and 148, paragraph 3, of the CFA, and Recommendations Nos. 6 and 7 set out in Article 2 of the Corporate Governance Code, in addition to the criteria set out in "Rule 3.13 of the Rules Governing the Listing of Securities on the Stock Exchange" under Hong Kong Law.
The newly-appointed Directors Zhang Quan and Zhu Yi - who will remain in office until the next Shareholders' Meeting - are granted the same emoluments as the other Directors, in addition of course to the reimbursement of expenses incurred for the execution of the role.
Zhang Quan and Zhu Yi have declared that they currently do not hold any interest in the Company and the Group, including under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), nor do the resigned Directors Li Xinghao and Hua Fengmao. As Director Li Xinghao who resigned was also serving as secretary of the Board of Directors, Ma Jun was appointed as his replacement.
New Composition of Internal Board Committees
Considering that Li Xinghao was also a member of the Audit Committee, and that Hua Fengmao was a member of the Audit Committee, the Remuneration Committee, the Nomination Committee and the Environment, Social and Governance Committee, the Board of Directors revised the composition of the committees as follows:
Audit Committee: Patrick Sun (Chairperson, Independent), Jiang Lan (Non-Executive), Zhu Yi (Independent) and Stefano Domenicali (Independent). In this regard, the Board of Directors has ascertained that Patrick Sun meets the knowledge and expertise in accounting and finance and risk management requirements.
Nomination Committee: Tan Xuguang (Chairperson, Non-Executive), Stefano Domenicali (Independent) Alberto Galassi (Executive), Zhu Yi (Independent), and Patrick Sun (Independent).
Remuneration Committee: Stefano Domenicali (Chairperson, Independent), Xu Xinyu (Executive), Piero Ferrari (Non-Executive), Zhu Yi (Independent), and Patrick Sun (Independent). In this regard, the Board of Directors has determined that Patrick Sun meets the knowledge and expertise in accounting and finance and remuneration policies requirements.
Environment, Social and Governance Committee: Tan Xuguang (Chairperson, Non-Executive), Xu Xinyu (Executive), Alberto Galassi (Executive), Piero Ferrari (Non-Executive), Zhang Quan (Non-Executive), Jiang Lan (Non-Executive), and Zhu Yi (Independent).
Guidelines for Management Incentive Plan ("MIP")
The Management Incentive Plan ("MIP") for the Milan IPO, is aimed to reward those key managers for the turnaround and the creation of value that has allowed the successful Milan IPO.
The Management Incentive Plan will be made of two pillars namely: a Cash Bonus and a Stock Option Plan.
The Board of Directors will grant the powers to implement the MIP, to identify the beneficiaries of each pilaster and to decide each amount of the stock option and cash bonus for each beneficiary and the timing, to the CEO Mr. Alberto Galassi and to President Xu Xinyu.
Repurchase of the shares of Ferretti S.p.A
The Board of Directors resolved upon the implementation of a buyback plan for, inter alia, the purposes of (a) supporting liquidity in the market for shares issued by the Company and/or (b) operating in the market from a medium- and long-term investment perspective and/or (c) deploying excess liquid resources and/or (d) optimizing the capital structure.
The Board of Directors gave mandate to the Chief Executive Officer, Mr. Alberto Galassi, and to the Executive Director, Mr. Xu Xinyu, to prepare the buyback plan to be submitted for the approval of the Board of Directors of March 14, 2024 and the Shareholders Meeting of April 22, 2024.
The Board of Directors also resolved upon the following key elements of the buyback plan:
- (i) the maximum amount of shares that can be purchased will be 10% of the Company's ordinary shares;
- (ii) the authorized financial commitment of the repurchase of the shares shall be equal to the market price, not exceeding 105% of the average closing market price of the five days preceding the relevant purchase;
- (iii) the purchase of the shares will take place on both markets, Hong Kong and the Euronext Milan;
- (iv) the buyback plan shall have a maximum duration of twelve months from the Shareholders Meeting's approval.
***
CONFERENCE CALL
Preliminary consolidated results as of December 31, 2023 will be presented to the financial community through a conference call to be held on February 19, 2024 at 3.30 p.m. CET, 10:30 p.m. HKT.
To participate in the webcast meeting, you can register at this link: https://streamstudio.worldtelevision.com/CCUIv3/registration.aspx?ticket=1440-2720-39093&target=en-default- &status=preview&browser=ns-0-1-0-0-0
The management presentation will be available a few minutes before the conference call starts, on the website https://www.ferrettigroup.com/en-us/Investor-relations-Milan/Informationdisclosure-Milan in the Financial Results section.
***
The Financial Reporting Officer, Marco Zammarchi, declares pursuant to Article 154 bis, paragraph 2, of the Consolidated Law on Finance that the accounting information contained in this press release corresponds to the underlying accounting documents, records and entries.
***
This document makes use of some alternative performance indicators. The indicators represented are not identified as accounting measures in the context of IFRS and, therefore, should not be considered as alternative measures to those included in the financial statements. The management team considers these indicators are a meaningful metric for assessing the Ferretti Group's operating and financial performance.
The preliminary financial disclosure as of December 31, 2023 has not been audited by the Company's independent auditors.
The Company defines (i) EBITDA as the profit after tax, plus financial expenses (including the result of operational foreign exchange translation, but excluding foreign exchange losses/gains in connection with financial transactions), depreciation and amortisation, and taxes, less financial income and income tax benefits; (ii) Adjusted EBITDA as EBITDA to which special items have been added (including listing expenses, the Management Incentive Plan, additional personnelrelated costs, disputes, and other minor non-recurring events); and (iii) unused net income as income excluding income generated from the sale and purchase of used yachts.
***
Ferretti Group
Building on the legacy of Italy's centuries-old nautical tradition, the Ferretti Group is a world leader in the design, construction and sale of luxury motor and pleasure yachts, with a unique portfolio of prestigious and exclusive brands: Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally. Led by CEO Mr. Alberto Galassi, the Ferretti Group owns and operates seven shipyards located throughout Italy that combine efficient industrial production with world-class Italian craftsmanship and is able to reach customers in more than 70 countries around the world thanks to its direct presence in Europe, the United States and Asia and its network of about 60 carefully selected third-party dealers. Ferretti Group's motor yachts, the ultimate expression of Made in Italy creative genius and elegance, have long stood out for their exceptional quality, state-of-the-art technological solutions, safety records and excellent performance at sea, as well as their exclusive design and timeless appeal. For more information: www.ferrettigroup.com
Investor Relations
Head of Investor Relations
Margherita Sacerdoti Email: [email protected] T.+39 02 83994 000
Email: [email protected]
Ferretti Group
Head of Media Relations Giovanni Bogetto Email: [email protected] T.+39 02 83994 000
Barabino & Partners
Federico Vercellino [email protected] Mob: +39 331.5745171 Virginia Bertè[email protected] Mob: +39 342.9787585
