AI assistant
Ferretti Group Earnings Release 2024
6296_rns_2025-03-14_055e5060-fc90-4a20-abdb-e57aa8504ca5.pdf
Earnings Release
Open in viewerOpens in your device viewer
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
FERRETTIGROUP
Ferretti S.p.A.
(Incorporated under the laws of Italy as a joint-stock company with limited liability)
(Stock Code: 09638)
OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made by Ferretti S.p.A. (the "Company") pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The following document of the Company was published on the website of eMarket SDIR in Italy in accordance with and in the manners set forth in the Consob Issuer's Regulation and in compliance with the provisions of the Instructions accompanying the Rules of the Markets organised and managed by Borsa Italiana S.p.A..
The posting of the document on the website of The Stock Exchange of Hong Kong Limited is only for the purpose of facilitating equal dissemination of information to investors in Hong Kong and compliance with Rule 13.10B of the Listing Rules, and not for any other purposes.
By order of the Board
Ferretti S.p.A.
Mr. Alberto Galassi
Executive Director and Chief Executive Officer
Hong Kong, March 14, 2025
As at the date of this announcement, the Board comprises Mr. Alberto Galassi and Mr. Tan Ning as executive Directors; Mr. Jiang Kui, Mr. Piero Ferrari, Ms. Jiang Lan (Lansi) and Mr. Hao Qinggui as non-executive Directors; and Mr. Stefano Domenicali, Mr. Patrick Sun and Ms. Zhu Yi as independent non-executive Directors.
FERRETTIGROUP
FERRETTI SPA APPROVES 2024 CONSOLIDATED FINANCIAL STATEMENTS, THE DRAFT SEPARATE FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND PROPOSES AN ORDINARY DIVIDEND OF €0.10 PER SHARE UP 3.1% COMPARED TO 2023
- Proposal of a dividend per share of €0.10 up 3.1% vs. 2023 and equal to 38.4% of the Group consolidated profit
- Net revenue new yachts equal to €1,173.3 million, an increase of 5.6% when compared to 2023
- Adjusted EBITDA of €190.0 million, representing an increase of 12.3% when compared to 2023 and with a margin of 16.2%, representing an increase of 100 bps when compared to 2023
- Net profit equal to €88.2 million, an increase of 5.6% when compared to 2023
- Order intake reached €1,139.3 million in 2024, up 1.7% compared with 2023
- Order Backlog and Net backlog at all-time high, reaching €1.7 billion and €900.0 million respectively
- Net financial position of €124.6 million of net cash as of 31 December 2024
Also approval of:
- the Consolidated Sustainability Report pursuant to Legislative Decree 125/2024;
- the “Report on Remuneration Policy and Compensation paid”;
- the “Corporate Governance and Ownership Structure Report”;
- the convening of the Ordinary and Extraordinary Shareholders' Meeting for May 13, 2025;
- the appointment of the new Head of Internal Audit function.
Forli, 14 March 2025 - The Board of Directors of Ferretti S.p.A. has approved the consolidated financial statements and the draft separate financial statements as of December 31, 2024:
WALLY
FERRETTI YACHTS
PERSHING
ITAMA
RIVA
CRN
CUSTOM LINE
FERRETTIGROUP
| EUR million | Data as of 31 December | ||
|---|---|---|---|
| 2024 | 2023 | Change^{1} 2024 vs. 2023 | |
| Net revenue new yachts^{2} | 1,173.3 | 1,111.0^{3} | +5.6% |
| EBITDA adj^{4} | 190.0 | 169.2 | +12.3% |
| Net Profit | 88.2 | 83.5 | +5.6% |
| EUR million | |||
| 2024 | 30 September 2024 (unaudited) | Change in €mln | |
| Net financial position | 124.6 | 149.6 | -25.0 |
Order intake, Order backlog and Revenue overview
Order intake
In 2024, order intake amounted to €1,139.3 million, an improvement of 1.7% compared to 2023, which was €1,120.4 million, mainly thanks to the strong performance of our core regions Europe and the Middle East.
Order intake by segment
The following table shows the breakdown of order intake by segment:
| Million euros | Order intake by segment | ||||
|---|---|---|---|---|---|
| 2024 | % of total order intake | 2023 | % of total order intake | Change^{5} 2024 vs. 2023 | |
| Composite yachts | 432.4 | 38.0% | 527.2 | 47.1% | -18.0% |
| Made-to-measure yachts | 408.0 | 35.8% | 423.0 | 37.8% | -3.5% |
| Super yachts | 294.9 | 25.9% | 149.5 | 13.3% | +97.3% |
| Other businesses^{6} | 4.0^{7} | 0.3% | 20.7 | 1.8% | -80.7% |
| Total | 1,139.3 | 100.0% | 1,120.4 | 100.0% | +1.7% |
- Sums might not add up to total due to rounding.
- Revenue without pre-owned business
- Net revenue New Yacht 2023 differs from same figure published on Preliminary FY23 results Press Release due to different rounding calculations
- Excluding non-recurring costs for supply chain support, contribution to employees for Emilia-Romagna flood and other minor non-recurring events
- Sums might not add up to total due to rounding
- Including FSD and Wally sail
- 2024 Order Intake includes only Wally Sail
WALLY
FERRETTIYACHTS
PERSHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
The Composite yachts segment totaled €432.4 million in 2024, accounting for about 38.0% of total order intake (from €527.2 million, accounting for about 47.1% of total order intake 2023). This segment has shown a progressive improvement throughout the year, moving from -39.1% in Q1'24 compared to Q1'23 to -37.3% in 2Q'24 compared to 2Q'23, and registering positive growth starting from the third quarter, with +0.6% in 3Q'24 compared to 3Q'23. The year ended with further improvement in the performance, marking +4.1% in 4Q'24 compared to 4Q'23.
The Made-to-measure yachts segment totaled €408.0 million in 2024, accounting for about 35.8% of total order intake (from €423.0 million, accounting for about 37.8% of total order intake in 2023), essentially in line with the previous year, with an acceleration in Q4'24.
The Super yachts segment totaled €294.9 million in 2024, accounting for about 25.9% of total order intake (from €149.5 million, accounting for about 13.3% of total order intake in 2023).
The Other businesses totaled €4.0 million in 2024, accounting for about 0.3% of total order intake (from €20.7 million, accounting for about 1.8% of total order intake in 2023).
Order intake by geographic area
The following table shows the breakdown of order intake by geographic area:
| Million euros | Order intake by geographic area | ||||
|---|---|---|---|---|---|
| 2024 | % of total order intake | 2023 | % of total order intake | Change^{9} 2024 vs. 2023 | |
| Europe | 559.0 | 49.1% | 483.6 | 43.2% | +15.6% |
| MEA | 339.5 | 29.8% | 273.8 | 24.4% | +24.0% |
| APAC | 18.6 | 1.6% | 65.8 | 5.9% | -71.7% |
| AMAS | 222.2 | 19.5% | 297.1 | 26.5% | -25.2% |
| Total | 1,139.3 | 100.0% | 1,120.4 | 100.0% | +1.7% |
Europe totaled €559.0 million, accounting for about 49.1% of total order intake in 2024 (from €483.6 million, accounting for about 43.2% of total order intake in 2023), mainly due to the growing demand in the Made-to-measure and Super Yacht segments.
WALLY
FERRETTIYACHTS
PERSHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
MEA totaled €339.5 million, accounting for about 29.8% of total order intake in 2024 (from €273.8 million, accounting for about 24.4% of total order intake in 2023), mainly due to the growing demand in the Made-to-measure and Super Yacht segments.
APAC totaled €18.6 million, accounting for about 1.6% of total order intake in 2024 (from €65.8 million, accounting for about 5.9% of total order intake in 2023).
AMAS totaled €222.2 million, accounting for about 19.5% of total order intake in 2024 (from €297.1 million, accounting for about 26.5% of total order intake in 2023). This result is due to the delay in the start of the American season, especially in the Composite segment, because of the elections in the United States in November 2024. However, we see a potential that is still partially untapped in the growth of the AMAS region in 2025, supported by the possible restoration of the Tax Cuts and Jobs Act (which allows for 100% deductibility of boats for three years).
Order backlog
As of 31 December 2024, the order backlog, at all-time high, amounted to €1,663.9 million, an increase of approximately 25.5% compared to 30 September 2024 (€1,326.3 million) and approximately 11.6% compared to 31 December 2023 (€1,491.2¹⁰ million), thanks to orders collected in the last part of the year.
Order backlog by segment
The table below shows the breakdown of order backlog by production type:
| EUR million | Order backlog by segment | ||||
|---|---|---|---|---|---|
| 2024 | % of total order backlog | 2023 | % of total order backlog | Change¹¹ 2024 vs. 2023 | |
| Composite yachts | 395.9 | 23.8% | 460.9 | 30.9% | -14.1% |
| Made-to-measure yachts | 524.2 | 31.5% | 554.6 | 37.2% | -5.5% |
| Super yachts | 704.1 | 42.3% | 418.0 | 28.0% | +68.4% |
| Other businesses¹² | 39.7 | 2.4% | 57.7 | 3.9% | -31.2% |
| Total | 1,663.9 | 100.0% | 1,491.2 | 100.0% | +11.6% |
Composite yachts reached €395.9 million as of December 2024, equal to approximately 23.8% of the total backlog (compared to €460.9 million, equal to approximately 30.9% of the total backlog as of December 31 2023).
¹⁰ Order Backlog 2023 differs from same figure published on Preliminary FY23 results Press Release due to different rounding calculations
¹¹ Sums might not add up to total due to rounding
¹² Including FSD and Wally sail
WALLY
3
FERRETTIYACHTS
PEPSHING
Itama
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
Made-to-measure yachts reached €524.2 million as of 31 December 2024, equal to approximately 31.5% of the total backlog (from €554.6 million, equal to approximately 37.2% of the total backlog as of 31 December 2023).
Super yachts reached €704.1 million as of 31 December 2024, equal to approximately 42.3% of the total backlog (from €418.0 million, equal to approximately 28.0% of the total backlog as of 31 December 2023).
Other businesses reached €39.7 million as of 31 December 2024, equal to approximately 2.4% of the total backlog (from €57.7 million, equal to approximately 3.9% of the total backlog as of 31 December 2023).
Net Backlog
The Net Backlog that is calculated as the total orders in portfolio not yet delivered net of revenues already booked stood at €900.0 million as of 31 December 2024, at all-time high, up 15.4% compared to €780.0 million as of 30 September 2024 and up 4.9% compared to 31 December 2023 equal to €858.0 million.
Net revenue new yachts
The Group's overall net revenue new yachts increased by approximately 5.6% from approximately €1,111.0 million in 2023 to approximately €1,173.3 million in 2024 thanks to the strong order backlog built in 2023 and 2024.
Net revenue new yachts by segment
The table below shows the breakdown of net revenue new yachts by production type:
| EUR million | Net revenue new yachts by segment | ||||
|---|---|---|---|---|---|
| 2024 | % of total net revenue new yachts | 2023 | % of total net revenue new yachts | Change 13 2024 vs. 2023 | |
| Composite yachts | 558.7 | 47.6% | 491.8 | 44.3% | +13.6% |
| Made-to-measure yachts | 407.2 | 34.7% | 440.3 | 39.6% | -7.5% |
| Super yachts | 148.6 | 12.7% | 117.6 | 10.6% | +26.4% |
| Other businesses14 | 58.8 | 5.0% | 61.3 | 5.5% | -4.1% |
| Total | 1,173.3 | 100.0% | 1,111.0 | 100.0% | +5.6% |
WALY FERRETTYACHTS
PEPSHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
Composite yachts reached €558.7 million, equal to approximately 47.6% of total net revenue new yachts, in 2024 (from €491.8 million, equal to approximately 44.3% of total net revenue new yachts, in 2023). The positive performance was driven by the orders received since the end of 2023, which contributed to the revenues throughout 2024.
Made-to-measure yachts reached €407.2 million, equal to approximately 34.7% of total net revenue new yachts, in 2024 (from €440.3 million, equal to approximately 39.6% of total net revenue new yachts, in 2023). This segment was impacted in 2024 by the temporary normalization of orders received in the fourth quarter of 2023 and the first quarter of 2024, despite an increase in the fourth quarter of 2024.
Super yachts reached €148.6 million, equal to approximately 12.7% of total net revenue new yachts, in 2024 (from €117.6 million, equal to approximately 10.6% of total net revenue new yachts, in 2023), continuing, its double-digit growth.
Other businesses reached €58.8 million, equal to approximately 5.0% of total net revenue new yachts, in 2024 (from €61.3 million, equal to approximately 5.5% of total net revenue new yachts, in 2023).
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 | ||||
|---|---|---|---|---|---|
| 2024 | % of total net revenue new yachts | 2023 | % of total net revenue new yachts | Change¹⁶ 2024 vs. 2023 | |
| Europe | 593.5 | 50.6% | 480.1 | 43.2% | +23.6% |
| MEA | 269.3 | 23.0% | 212.3 | 19.1% | +26.8% |
| APAC | 39.6 | 3.4% | 98.2 | 8.8% | -59.7% |
| AMAS | 270.9 | 23.0% | 320.4 | 28.9% | -15.4% |
| Total | 1,173.3 | 100.0% | 1,111.0 | 100.0% | +5.6% |
The Europe region reached €593.5 million, accounting for about 50.6% of 2024 total net revenue new yachts (from €480.1 million, accounting for about 43.2% of total 2023 net revenue new yachts), thanks to a steady quarterly increase in revenues driven by sound demand of product mix across all segments
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
¹⁶ Sums might not add up to total due to rounding
WALKY
3
FERRETTIYACHTS
PERSHING
Itama
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
The MEA region reached €269.3 million accounting for about 23.0% of total 2024 net revenue new yachts (from €212.3 million accounting for about 19.1% of total 2023 net revenue new yachts), continuing the double-digit growth that began in the second half of 2023, thanks to the increased demand for larger yachts.
The APAC region reached €39.6 million, accounting for about 3.4% of total 2024 net revenue new yachts (from €98.2 million, accounting for about 8.8% of total 2023 net revenue new yachts).
The AMAS region reached €270.9 million, accounting for about 23.0% of total 2024 net revenue new yachts (from €320.4 million, accounting for about 28.9% of total 2023 net revenue new yachts), and it was impacted during the course of the year by the elections in the United States, but it paves the way for a positive outlook in 2025.
Consolidated operating and net results
Adj. EBITDA
The Group's adjusted EBITDA in 2024 was €190.0 million, an increase of about 12.3% from 2023, which was €169.2 million. Adjusted EBITDA margin¹⁷ was equal to 16.2%, up 100 basis points when compared to 15.2% in 2023.
This excellent performance confirms the strength of the commercial and industrial strategy employed by the Group. This strategy has enabled the Group to maintain strong negotiating power over prices, consolidate the most profitable segments, and absorb fixed costs more efficiently, in addition to greater procurement economies of scale capacity.
Net profit
The Group's net profit increased by approximately 5.6%, rising from around €83.5 million in 2023 to around €88.2 million in 2024.
Overview of the consolidated balance sheet
Investments in tangible and intangible assets
Investments in tangible and intangible fixed assets as of 31 December 2024 were €140.8 million, of which approximately €31.6 million of maintenance for operations and product portfolio
¹⁷ Calculated as EBITDA adj./revenue without pre-owned business
WALKY FERRETTIYACHTS PEPSHING LIAMA Riva CRN CUSTOM LINE
FERRETTIGROUP
innovation and approximately €109.3 million for business expansion, mostly for the commissioning of the Ravenna shipyard.
Consolidated net financial position
The net financial position as of 31 December 2024 was €124.6 million of net cash, compared to €149.6 million of net cash as of 30 September 2024. This difference is mainly related to the absorption of working capital due to a greater availability of finished units for sale, primarily aimed at the AMAS market, which, in 2024, experienced a delay in orders compared to the usual seasonality in the composite segment. Based on the order intake in the first weeks of 2025, this availability is proving to be a great opportunity, enabling faster deliveries to customers and a consequent release of Net Working Capital.
Net working capital
The net working capital as of December 31, 2024, was positive at €124.5 million, an increase of €41.5 million compared to September 30, 2024, mainly due to delayed orders in the AMAS market, particularly in the composite segment, compared to the usual seasonality.
Confirmation of mid-term guidance¹⁸
| Actual 2024 | Mid-Term | |
|---|---|---|
| Net Revenue New Yachts | ||
| (€ millions) | 1,173.3 | |
| +5.6% | c. 10% CAGR organic with further upside from M&A | |
| Adjusted EBITDA | ||
| (€ millions) | 190.0 | |
| +12.3% | ||
| Adjusted EBITDA margin | 16.2% | Greater than 18.5% |
¹⁸ The Guidance should not be read as forecasts and should not be read as indicating that the Group will achieve such performances but are merely objectives that result from the Group’s pursuit of its strategy. The Group’s ability to meet these objectives is based upon the assumption that it will be successful in executing its strategy and is also dependable on the accuracy of a number of assumptions involving factors that are significantly or entirely beyond its control. The objectives are also subject to known and unknown risks, uncertainties and other factors that may result in the Group being unable to achieve them.
WALLY
FERRETTIYACHTS
PEPSHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
| (%) | +100bps | |
|---|---|---|
Significant events that occurred in 2024
In the first quarter of 2024, the Group announced the launch of the second model of Ferretti Yachts INFYNITO range, the INFYNITO 80.
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-to-measure, 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%.
The Group attended the main boat shows worldwide: boot Düsseldorf in January 2024, Miami International Boat Show in February 2024, Dubai International Boat Show in February and March 2024 and Palm Beach International Boat Show in March 2024.
On 22 April 2024 the Shareholder's meeting of Ferretti S.p.A was convened and approved:
- the individual financial statements of Ferretti S.p.A. for the year ended on 31 December 2023, and reviewed the consolidated financial statements of the Ferretti Group for the year ended on 31 December 2023;
- to distribute a dividend;
- the remuneration policy for the financial year 2024, with a binding vote, casting a favorable advisory vote for the report on compensation paid in the financial year 2023;
- the integration of the Board of Directors through the appointment, pursuant to Article 2386 of the Italian Civil Code, of Zhang Quan and Zhu Yi as directors.
On 4 June 2024 the new Ravenna shipyard's slipway made its official debut with its first ever launch of the fourth unit of the Ferretti Yachts INFYNITO 90.
At the Venice Boat Show 2024, Ferretti Group and Flexjet announced a contractual partnership which will provide ultra-high net worth customers shared by both partners with combined, exclusive solutions.
New partnership between Riva and Bang & Olufsen was announced.
Riva and design studio Officina Italiana Design announced the renewal of their exclusive collaboration contract for five more years.
On 26 June 2024 a dividend equal to €32,832,817.44 (€0.097 per share) was paid to shareholders.
WALLY
3
FERRETTYACHTS
PERSHING
ITALIA
RIVA
CRN
CUSTOM LINE
FERRETTIGROUP
With a Memorandum of Understanding signed by Ferretti Group, Emilia Romagna Regional Administration, Bologna University, Cassa dei Risparmi Foundation and Forli Municipality the new Master’s Degree Course in Marine Engineering, based in Forli, gets under way in academic year 2024-25. The aim of the course is to enrich university offering with new degree programmes that meet the need set out by industry in general and the yacht building sector in particular on the Adriatic coast where the Group has five production sites.
As at 30 June 2024, the Company has in place a medium-to-long-term loan agreement for a maximum total amount of €170 million signed in August 2019 with Banca Nazionale del Lavoro S.p.A., Banco BPM S.p.A., Barclays Bank Ireland PLC, BNP Paribas, Milan Branch, BPER Banca S.p.A., Crédit Agricole Italia S.p.A., MPS Capital Services Banca per le Imprese S.p.A. and UBI Banca S.p.A., as lenders, that was not in use.
This medium-to-long-term loan agreement expired on 2 August 2024 and the Management has worked to replace it by negotiating a new revolving facility and on 26 July 2024 the Company has signed a loan agreement with a pool of banks including Banco BPM S.p.A., BPER Banca S.p.A., Intesa Sanpaolo S.p.A. and UniCredit S.p.A. to support the Company in its growth path by financing, if necessary, the working capital.
The new revolving line is for a total amount of €160 million and a duration of 5 years from the date of signature of the Loan Agreement. No guarantee has been provided on the Group's real estate or other assets.
The Group attended the main boat shows worldwide: the Sydney International Boat Show in August 2024, the Cannes Yachting Festival in September 2024, the Salone Nautico di Genova in September 2024 and the Monaco Yacht Show in September 2024.
Significant events that occurred after 31 December 2024
On 21 January 2025 the Shareholder’s meeting of Ferretti S.p.A was convened and approved:
- the assignment of the mandate of certification of the compliance of the sustainability reporting, determination of the related fee and the criteria for adjusting this fee during the assignment;
- the appointment of one director to integrate the Board of Directors following co-optation pursuant to Article 2386 of the Italian Civil Code;
- the appointment of the Chairman of the Board of Directors;
On 28 February 2025 the Board of Directors has:
- reviewed and approved the consolidated preliminary financial results as of 31 December, 2024;
- appointed by co-optation the directors Tan Ning and Hao Qinggui;
WALLY
FERRETTI YACHTS
PEPSHING
ITAMA
RIVA
CRN
CUSTOM LINE
FERRETTIGROUP
- approved the new composition of the Remuneration Committee, Sustainability Committee and Strategy Committee; and
- appointed the new director in charge of the internal audit and risk management system.
Outlook
Once again, the global luxury yacht industry has proven to be resilient in the face of geopolitical uncertainty, underscoring its stability and strength. In this context, the Group has continued to deliver outstanding performance, consistently gaining market share and reinforcing its strategic position not only in high-value segments but also in new emerging and high-growth segments. To continue building on the expected growth trends of 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:
- the Group will enhance and expand its product offering and product mix ahead of evolving market trends and customer expectations, with the aim to consolidate its market leadership position in both Composite and Made-to-measure segments, focusing on the segments with the highest growth potential and marginality;
- the Group will continue to invest in innovation, technologies, and products with the aim of providing a more environmentally responsible yachting experience, thanks to the skillful use of more sustainable materials and processes aimed at reducing the environmental impact of the products;
- the Group will expand its Made-to-measure offering into larger alloy yachts, developing new alloy-hulled super yacht models under its iconic Riva, Pershing, and Custom Line brands;
- the Group will also broaden both its yacht brokerage, chartering and management services and its after-sales and refitting services; extend its brand extension and licensing activities;
- finally, the Group will keep investing in the internalization of high value-added activities to support its future growth and product portfolio expansion.
Allocation of profits for the year and proposal for the distribution of the dividend
The Board of Directors proposed to the Shareholders' Meeting that will be convened on May 13, 2025 to:
-
allocate the net profit of the year equal to € 63,192,563.71 as follows:
-
€ 3,159,628.19 to the legal reserve pursuant to Article 2430 of the Civil Code;
- the distribution, in favour of shareholders, of €0.10 for each of the 338,482,654 Ferretti ordinary shares issued and outstanding at the ex date indicated below (net of any treasury shares that may be in the portfolio on the record date indicated below and not yet cancelled) by way of dividend, for a maximum total amount of €33.848.265,40;
WALLY
FERRETTIYACHTS
PERSHING
Itana
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
-
retained earnings the residual part of the profit, for a total amount of minimum of €26.184.670,12, which may be increased in relation to the dividend not distributed against the treasury shares that will be held at the record date and not yet cancelled;
-
pay, gross of any withholding taxes, a dividend per share equal to 0,10 for each of the Ferretti ordinary shares issued and outstanding on the ex-date indicated below (net of any treasury shares that will result in portfolio on the record date indicated below and not yet cancelled), with ex-date, record date and payment date on 16/06/2025, 17/06/2025 and 18/06/2025 respectively;
Consolidated Sustainability Report 2024
Today, the Board of Directors also examined and approved the Consolidated Sustainability Report contained in the Board of Directors' Report on Operations accompanying the 2024 Consolidated Financial Statements, in accordance with the provisions of Legislative Decree 125/2024.
Convocation of the Shareholders' Meeting for 13 May 2025
The Board of Directors, today, resolved to convene the Company's Shareholders' Meeting, in ordinary session, in single call, exclusively by audio-video conference, for 13 May 2025, granting the Chief Executive Officer Alberto Galassi, and the Executive Director Tan Ning, separately and with the power to sub-delegate, the powers to carry out the related formalities according to law.
The Company's Shareholders' Meeting will be called upon to resolve (i) on the approval of the financial statements as at 31 December 2024 and on the distribution of profits for the year; (ii) on the first section of the remuneration policy report on the remuneration paid, prepared in accordance with Article 123-ter of Legislative Decree no. 58 of 4 February 1998 ("CLFI") (i.e., the remuneration policy for the 2025 financial year); (iii) with a consultative vote, on the second section of the report on remuneration policy and compensation paid prepared in accordance with art. 123-ter, CLFI (i.e., the report on remuneration paid in the 2024 financial year); (iv) on the appointment of two directors to integrate the Board of Directors following co-optation pursuant to Article 2386 of the Italian Civil Code.
The Report on remuneration policy and compensation paid
The Board of Directors has examined and approved, subject to the favourable opinion of the Remuneration Committee, the report on the remuneration policy for the 2025 financial year and on the remuneration paid during the 2024 financial year (the "Remuneration Report") prepared in accordance with Article 123-ter, CLFI, and Article 84-quater of the CONSOB Issuers' Regulations.
WALLY
3
FERRETTIYACHTS
PEFISHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
Section I of the Remuneration Report (i.e., the Company’s remuneration policy for the 2025 financial year) will be submitted to a binding vote of the Shareholders’ Meeting, which will be convened for 13 May 2025, pursuant to Article 123-ter, paragraphs 3-bis and 3-ter, CLFI.
Section II of the Remuneration Report (i.e., the report on remuneration paid in the 2024 financial year) will, instead, be submitted to the non-binding vote of the Shareholders' Meeting to be convened on 13 May 2025, pursuant to Article 123-ter, paragraph 6, CLFI.
The Corporate Governance and Ownership Structure Report
The Board of Directors also approved the report on corporate governance and ownership structure for the 2024 financial year, prepared in accordance with Article 123-bis, CLFI.
Appointment of the Head of Internal Audit Function
Following the resignation of Dr. Matteo Scarpa as Head of Internal Audit function and having consulted with the Board of Statutory Auditors and the Control, Risks and Related Parties Committee, the Board of Directors has resolved to appoint Dr. Fabio Innocenzi as the new Head of Internal Audit function.
Filing of documentation
The draft statutory financial statements as at December 31, 2024 and the consolidated financial statements as at December 31, 2024 as well as the additional documentation approved by the Board of Directors and related to the Shareholders' Meeting that will be convened for 13 May 2025, in single call, will be made available to the public, within the terms and in the manner provided for by the laws and regulations in force and applicable, at the registered office in Cattolica (RN), via Irma Bandiera 62, on the website at the address www.ferrettigroup.com and at the authorised storage mechanism "EMARKET STORAGE" at www.emarketstorage.com.
The Executive Officer for Financial Reporting, Marco Zammarchi, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries.
NON-IFRS MEASURE
To supplement the Group’s consolidated results which are presented in accordance with IFRS, EBITDA, adjusted EBITDA, adjusted EBITDA/net revenue without pre-owned, being non-IFRS measures, were also presented. The Group is of the view that this measure facilitates comparison
WALKY
FERRETTIYACHTS
PERSHING
ITANO
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
of operating performance from period to period by eliminating potential impacts of certain items and believes that this measure provides useful information to understand and evaluate the Group’s consolidated income statements in the same manner as they help the Group’s management. However, the Group’s presentation of EBITDA may not be comparable to similar terms used by other companies. The use of this measure has limitations as an analytical tool, as such, it should not be considered in isolation from, or as substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRS.
The Company defines (i) EBITDA as profit after tax plus financial expenses (including the result of operating foreign exchange conversion but excluding exchange rate gains/(losses) related to financial transactions), depreciation and amortization, and income tax expense, and less financial income and income tax benefit; (ii) adjusted EBITDA as EBITDA adjusted by adding back certain special items (including non-recurring costs for supply chain support, contribution to employees for Emilia-Romagna flood and other minor non-recurring events); and (iii) net revenue without pre-owned as net revenue excluding revenue generated from the trading of pre-owned yachts.
Ferretti Group
Thanks to Italy’s centuries-old yachting tradition, the Ferretti Group is a world leader in the design, construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of prestigious and exclusive brands: Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally. Led by Chief Executive Officer Alberto Galassi, the Ferretti Group owns and manages seven shipyards located across Italy, which combine the efficiency of industrial production with typical world-class Italian craftsmanship, reaching customers in more than 70 countries across the world thanks to a direct presence in Europe, the United States of America and Asia and its network of approximately 60 carefully selected dealers. The Ferretti Group motor yachts, utmost expression of Made in Italy elegance and creative genius, have always stood out for their exceptional quality, cutting-edge technology, record safety and optimum performance in the 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
Barabino & Partners
Federico Vercellino
WALLY
FERRETTI YACHTS
PERSHING
Itama
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
[email protected]
Mob: +39 331.5745171
Virginia Bertè
[email protected]
Mob: +39 342.9787585
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (in thousands Euro) | Notes | 31 December, 2024 | 31 December 2023 |
|---|---|---|---|
| CURRENT ASSETS | |||
| Cash and cash equivalents | 24 | 155,744 | 314,109 |
| Trade and other receivables | 25 | 74,574 | 70,271 |
| Contract assets | 26 | 196,719 | 166,846 |
| Inventories | 27 | 443,594 | 337,732 |
| Advances on inventories | 28 | 38,160 | 37,266 |
| Other current assets | 29 | 603 | 820 |
| Income tax recoverable | 30 | 2,929 | 3,203 |
| 912,322 | 930,247 | ||
| NON-CURRENT ASSETS | |||
| Property, plant and equipment | 31 | 460,860 | 382,346 |
| Intangible assets | 32 | 280,449 | 276,652 |
| Other non-current assets | 33 | 7,814 | 6,077 |
| Deferred tax assets | 34 | — | 6,926 |
| 749,122 | 672,002 | ||
| TOTAL ASSETS | 1,661,444 | 1,602,248 |
WALKY FERRETTIYACHTS PERSHING utama Riva CRN CUSTOM LINE
FERRETTIGROUP
| (in thousands Euro) | Notes | December 31, 2024 | December 31, 2023 |
|---|---|---|---|
| CURRENT LIABILITIES | |||
| Minority Shareholders’ loan | 35 | 500 | 1,000 |
| Bank and other borrowings | 35 | 10,534 | 11,253 |
| Provisions | 36 | 59,187 | 62,809 |
| Trade and other payables | 37 | 477,751 | 443,585 |
| Contract liabilities | 38 | 151,809 | 195,091 |
| Income tax payable | 39 | 1,932 | 6,299 |
| 701,713 | 720,037 | ||
| NON-CURRENT LIABILITIES | |||
| Bank and other borrowings | 35 | 21,934 | 21,616 |
| Provisions | 36 | 11,863 | 12,535 |
| Non-current employee benefits | 40 | 7,100 | 7,444 |
| Trade and other payables | 37 | 1,396 | 936 |
| Deferred tax liabilities | 34 | 19,202 | — |
| 61,495 | 42,532 | ||
| TOTAL LIABILITIES | 763,208 | 762,569 | |
| SHARE CAPITAL AND RESERVES | |||
| Share capital | 41 | 338,483 | 338,483 |
| Reserves | 42 | 558,672 | 500,357 |
| Equity attributable to shareholders of the Company | 897,155 | 838,840 | |
| Non-controlling interests | 43 | 1,081 | 840 |
| TOTAL EQUITY | 898,236 | 839,680 | |
| TOTAL LIABILITIES AND EQUITY | 1,661,444 | 1,602,248 |
WALKER FERRETTIYACHTS PERSHING LIAMA RIVA CRN CUSTOM LINE
FERRETTIGROUP
CONSOLIDATED INCOME STATEMENT
| (in thousands Euro) | Notes | December 31, 2024 | December 31, 2023 |
|---|---|---|---|
| Revenue | 1,301,623 | 1,196,352 | |
| Commissions and other costs related to revenue | (61,276) | (61,868) | |
| NET REVENUE | 7 | 1,240,346 | 1,134,484 |
| Change in inventories of work-in-process, semi-finished and finished goods | 8 | 108,286 | 118,753 |
| Cost capitalized | 9 | 34,604 | 32,781 |
| Other income | 10 | 30,923 | 22,223 |
| Raw materials and consumables used | 11 | (639,492) | (615,523) |
| Contractors costs | 12 | (254,153) | (209,426) |
| Costs for trade shows, events and advertising | 13 | (24,856) | (23,529) |
| Other service costs | 14 | (119,415) | (117,917) |
| Rentals and leases | 15 | (12,269) | (9,755) |
| Personnel costs | 16 | (144,944) | (130,727) |
| Other operating expenses | 17 | (12,763) | (7,961) |
| Provisions and impairment | 18 | (16,377) | (30,747) |
| Depreciation and amortization | 19 | (66,451) | (63,167) |
| Financial income | 20 | 6,013 | 8,652 |
| Financial expenses | 21 | (3,321) | (4,139) |
| Foreign exchange gains | 22 | 244 | 19 |
| PROFIT BEFORE TAX | 126,377 | 104,022 | |
| Income tax | 23 | (38,217) | (20,519) |
| PROFIT FOR THE YEAR | 88,160 | 83,503 | |
| Attributable to: | |||
| Shareholders of the Company | 87,918 | 83,048 | |
| Non-controlling interests | 242 | 456 | |
| EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY | |||
| Basic and diluted (€) | 44 | 0.26 | 0.25 |
WALKY
FERRETTIYACHTS
PEPSHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
| (in thousands Euro) | Notes | December 31, 2024 | December 31, 2023 |
|---|---|---|---|
| PROFIT FOR THE YEAR | 88,160 | 83,503 | |
| Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods: | |||
| Actuarial gain/(loss) on defined benefits plan | 40 | 658 | 165 |
| Income tax effect | 34 | (158) | (40) |
| 500 | 125 | ||
| Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
| Gains/(losses) from the translation of foreign operations | 2,730 | (2,437) | |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR | 3.230 | (2,312) | |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 91,390 | 81,191 | |
| Attributable to: | |||
| Shareholders of the Company | 91,148 | 80,737 | |
| Non-controlling interests | 242 | 456 |
CONSOLIDATED CASH FLOW STATEMENT
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Profit before tax | 126,377 | 104,022 |
| Depreciation and amortization | 66,451 | 63,167 |
| Loss/(gain) on disposal of property, plant and equipment | (6,355) | (78) |
| Provisions | (4,638) | 19,147 |
| Financial income | (6,013) | (8,651) |
| Financial expenses | 3,321 | 4,139 |
| Share of loss of joint venture | — | — |
| Impairment of trade receivables, net | — | — |
| Provision/(reversal of provision) against inventories, net | (2,694) | 9,183 |
| Decrease/(increase) in inventories | (104,063) | (146,905) |
| Change in contract assets and contract liabilities | (73,155) | (42,296) |
WALKY
FERRETTIYACHTS
PEPSHING
Itama
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
| Decrease/(increase) in trade and other receivables | (21,482) | (4,626) |
|---|---|---|
| Increase/(decrease) in trade and other payables | 30,575 | 96,932 |
| Change in other operating liabilities and assets | 9,495 | 5,674 |
| Income tax paid | (16,413) | (6,044) |
Cash flows from operating activities (A) 1,405 93,663
CASH FLOWS FROM INVESTING ACTIVITIES:
| Purchases of property, plant and equipment and intangible assets | (123,139) | (152,946) |
|---|---|---|
| Proceeds from disposal of property, plant and equipment and intangible assets | 5,162 | 1,434 |
| Other financial investments | 199 | 87,184 |
| Interest received | 6,013 | 8,651 |
Cash flows used in investing activities (B) (111,765) (55,678)
CASH FLOWS FROM FINANCING ACTIVITIES:
| Dividends paid | (32,833) | (19,903) |
|---|---|---|
| New bank and other borrowings | 1,325 | 1,000 |
| Repayment of bank and other borrowing | (16,294) | (16,278) |
| Interest paid | (2,933) | (4,017) |
Cash flows (used in)/from financing activities (C) (50,735) (39,198)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (D=A+B+C)
| (161,096) | (1,214) | |
|---|---|---|
| Cash and cash equivalents at beginning of year (E) | 314,109 | 317,759 |
| Effect of foreign exchange rate changes, net (F) | 2,730 | (2,437) |
CASH AND CASH EQUIVALENTS AT END OF YEAR (G=D+E+F) 155,744 314,109
Cash and cash equivalents as stated in the consolidated statements of financial position 155,744 314,109
wALY
3
FERRETTIYACHTS
PERSHING
Itama
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| (in thousands Euro) | Share capital
(Note 41) | Share premium
(Note 42) | Legal reserve
(Note 42) | Translation reserve
(Note 42) | Other reserves
(Note 42) | Equity attributable to the shareholders of the company | Non-controlling interests
(Note 43) | Total equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| At January 1, 2023 | 338,483 | 425,041 | 8,287 | 7,970 | (1,775) | 778,007 | 384 | 778,391 |
| Profit for the year | | | | | 83,048 | 83,048 | 456 | 83,503 |
| Other comprehensive income for the year: | | | | | | | | |
| Actuarial gain on defined benefits plan, net of tax | | | | | 125 | 125 | | 125 |
| Exchange differences on translation of foreign operations | | | | (2,437) | | (2,437) | | (2,437) |
| Total comprehensive income for the year | | | | (2,437) | 81,173 | 80,736 | 456 | 81,191 |
| Transfer to the legal reserve | | | 2,620 | | (2,620) | 0 | | 0 |
| Dividends | | | | | (19,903) | (19,903) | | (19,903) |
| At December 31, 2023 | 338,483 | 425,041 | 10,907 | 5,533 | 58,876 | 838,840 | 840 | 839,680 |
| Profit for the year | | | | | 87,918 | 87,918 | 242 | 88,160 |
| Other comprehensive income for the year: | | | | | | | | |
| Actuarial loss on defined benefits plan, net of tax | | | | | 500 | 500 | | 500 |
| Exchange differences on translation of foreign operations | | | | 2,730 | | 2,730 | | 2,730 |
| Total comprehensive income for the year | | | | 2,730 | 88,418 | 91,148 | 242 | 91,390 |
| Transfer to the legal reserve | | | 4,318 | | (4,318) | 0 | | 0 |
| Dividends | | | | | (32,833) | (32,833) | | (32,833) |
| At December 31, 2024 | 338,483 | 425,041 | 15,225 | 8,263 | 110,144 | 897,155 | 1,081 | 898,236 |
*These reserve accounts comprise the consolidated reserves of €558,672 thousand (2023: €500,357 thousand) in the consolidated statements of financial position.
WALKY
FERRETTIYACHTS
PEFISHING
itana
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
FERRETTI S.P.A.
STATEMENT OF FINANCIAL POSITION
| (in thousand Euro) | Note | December 31, 2024 | December 31, 2023 |
|---|---|---|---|
| CURRENT ASSETS | |||
| Cash and cash equivalents | 24 | 115,809 | 290,057 |
| Trade and other receivables | 25 | 274,450 | 266,794 |
| Contract assets | 26 | 201,893 | 189,493 |
| Inventories | 27 | 412,794 | 301,927 |
| Advances on inventories | 28 | 37,736 | 36,906 |
| Other current assets | 29 | 64,317 | 46,956 |
| Income tax recoverable | 25 | 1,508 | 1,419 |
| 1,108,508 | 1,133,553 | ||
| NON-CURRENT ASSETS | |||
| Investments in subsidiaries | 30 | 18,627 | 18,025 |
| Property, plant and equipment | 31 | 416,197 | 340,365 |
| Intangible assets | 32 | 247,650 | 244,043 |
| Other non-current assets | 33 | 53,864 | 47,718 |
| Deferred tax assets | 34 | 7,396 | |
| 736,339 | 657,546 | ||
| TOTAL ASSETS | 1,844,847 | 1,791,099 | |
| CURRENT LIABILITIES | |||
| Due to immediate holding company | - | - | |
| Bank and other borrowings | 35 | 5,727 | 4,290 |
| Provisions | 36 | 58,674 | 63,938 |
| Trade and other payables | 37 | 652,613 | 599,273 |
| Contract liabilities | 38 | 146,855 | 188,541 |
| Income tax payable | 39 | 1,900 | 3,652 |
| 865,769 | 859,694 | ||
| NON-CURRENT LIABILITIES | |||
| Due to immediate holding company | - | - | |
| Bank and other borrowings | 40 | 14,984 | 13,616 |
| Provisions | 36 | 9,688 | 12,535 |
| Non-current employee benefits | 41 | 5,322 | 5,637 |
| Trade and other payables | 37 | 1,263 | 844 |
| Deferred tax liabilities | 34 | 18,459 | |
| 49,717 | 32,632 | ||
| TOTAL LIABILITIES | 915,485 | 892,325 |
WALKY
FERRETTI YACHTS
PEPSHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
SHARE CAPITAL AND RESERVES
| Share capital | 42 | 338,483 | 338,483 |
|---|---|---|---|
| Reserves | 43 | 590,879 | 560,291 |
| TOTAL EQUITY | 929,362 | 898,774 | |
| TOTAL LIABILITIES AND EQUITY | 1,844,847 | 1,791,099 |
INCOME STATEMENT
| (in thousand Euro) | Note | December 31, 2024 | December 31, 2023 |
|---|---|---|---|
| Revenue | 1,183,676 | 1,123,483 | |
| Commissions and other costs related to revenue | (54,682) | (64,452) | |
| NET REVENUE | 6 | 1,128,994 | 1,059,030 |
| Change in inventories of work-in-process, semi-finished and finished goods | 7 | 107,263 | 106,797 |
| Cost capitalised | 8 | 33,431 | 30,559 |
| Other income | 9 | 28,295 | 19,678 |
| Raw materials and consumables used | 10 | (593,522) | (593,191) |
| Contractors costs | 11 | (253,723) | (208,199) |
| Costs for trade shows, events and advertising | 12 | (23,435) | (21,115) |
| Other service costs | 13 | (98,021) | (95,484) |
| Rentals and leases | 14 | (14,588) | (11,754) |
| Personnel costs | 15 | (120,986) | (109,559) |
| Other operating expenses | 16 | (8,080) | (7,600) |
| Provisions and impairment | 17 | (39,900) | (36,404) |
| Depreciation and amortisation | 18 | (56,500) | (54,927) |
| Share of loss of a joint venture and other equity investments | 19 | - | (121) |
| Financial income | 20 | 15,711 | 21,120 |
| Financial expenses | 21 | (2,784) | (3,209) |
| Foreign exchange gains and losses | 22 | (1,469) | 9,639 |
| PROFIT BEFORE TAX | 100,688 | 105,262 | |
| Income tax | 23 | (37,496) | (18,907) |
| PROFIT FOR THE YEAR | 63,193 | 86,355 |
WALKER
FERRETTIYACHTS
PEFISHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
COMPREHENSIVE INCOME STATEMENT
| (in thousand Euro) | Note | December 31, 2024 | December 31, 2023 |
|---|---|---|---|
| PROFIT FOR THE YEAR | 63,193 | 86,355 | |
| Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods: | |||
| Profit on defined benefits plan | 41 | 301 | (33) |
| Income tax effect | 34 | (72) | 8 |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR | 229 | (25) | |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 63,421 | 86,329 |
CASH FLOW STATEMENT
| (in thousand Euro) | December 31, 2024 | December 31, 2023 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit before tax | 100,688 | 105,262 |
| Depreciation and amortisation | 56,500 | 54,927 |
| Provisions | (8,425) | 23,223 |
| Financial income | (15,711) | (21,120) |
| Financial expenses | 2,784 | 3,329 |
| Impairment of trade receivables, net | 372 | (97) |
| Provision against inventories, net | 3,504 | 3,892 |
| Decrease/(increase) in inventories | (115,201) | (127,705) |
| Change in contract assets and contract liabilities | (54,085) | (33,489) |
| Decrease/(increase) in trade and other receivables | (22,368) | (41,087) |
| Increase/(decrease) in trade and other payables | 48,504 | 103,885 |
| Change in other operating liabilities and assets | 3,954 | 363 |
| Income tax paid | (15,914) | (4,763) |
| Cash flows from (used) operating activities (A) | (15,399) | 66,621 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of property, plant and equipment and intangible assets | (113,921) | (125,776) |
| Disposal of property, plant and equipment and intangible assets | 5,079 | 1,317 |
WALKY
FERRETTIYACHTS
PERSHING
itana
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
Change in investments in other assets - -
Interest received 15,711 21,120
Cash flows used in investing activities (B) (93,131) (103,340)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (32,833) (19,903)
New bank and other borrowings - -
Repayment of bank and other borrowings (30,102) 56,686
Interest paid (2,784) (3,329)
Cash flows from/(used in) financing activities (C) (65,718) 33,454
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(D=A+B+C) (174,248) (3,265)
Cash and cash equivalents at beginning of year (E) 290,057 293,322
CASH AND CASH EQUIVALENTS AT END OF YEAR (F=D+E) 115,809 290,057
Cash and cash equivalents as stated in the statements of financial position 115,809 290,057
wALY
3
FERRETTIYACHTS
PERSHING
itama
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
STATEMENT OF CHANGE IN EQUITY
| (in thousands Euro) | Share capital | Share premium* | Legal reserve* | Other reserves* | Total equity |
|---|---|---|---|---|---|
| At January 1, 2023 | 338,483 | 425,041 | 8,287 | 60,536 | 832,347 |
| Profit for the year | |||||
| Other comprehensive income | — | — | — | 86,355 | 86,355 |
| for the year: | |||||
| Actuarial gain on defined benefits plan, net of tax | — | — | — | (25) | (25) |
| Total comprehensive income for the year | — | — | — | 86,329 | 86,329 |
| Transfer to the legal reserve | — | — | 2,620 | (2,620) | 0 |
| Dividends | — | — | — | (19,903) | (19,903) |
| At December 31, 2023 | 338,483 | 425,041 | 10,907 | 124,343 | 898,774 |
| Profit for the year | — | — | — | 63,193 | 63,193 |
| Other comprehensive income | |||||
| for the year: | |||||
| Actuarial gain on defined benefits plan, net of tax | — | — | — | 229 | 229 |
| Total comprehensive income for the year | — | — | — | 63,421 | 63,421 |
| Transfer to the legal reserve | — | — | 4,318 | (4,318) | 0 |
| Dividends | — | — | — | (32,833) | (32,833) |
| At December 31, 2024 | 338,483 | 425,041 | 15,224 | 150,613 | 929,362 |
*These reserve accounts comprise the consolidated reserves of €590,879 thousand (2023: €560,291 thousand) in the statement of financial position.
WALKY
FERRETTIYACHTS
PEPSHING
ITAMA
Riva
CRN
CUSTOM LINE