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法拉帝(09638) - 2022 - 中期财报
2022-08-04 09:44
Financial Performance - Net revenue for the first half of 2022 reached approximately €534.9 million, a 17.0% increase from €457.2 million in the same period of 2021[6]. - New orders surged to approximately €642 million, marking a 30% increase from about €494 million in the prior year[8]. - Adjusted EBITDA for the first half of 2022 was approximately €69 million, up 30% from €53 million in the same period of 2021, with an EBITDA margin of 13.5%[8]. - Net profit for the first half of 2022 increased by 26.4% to approximately €29.6 million, compared to €23.4 million in the same period of 2021[6]. - Total assets rose to €1.36 billion, reflecting a 30.4% increase from €1.05 billion at the end of 2021[6]. - The group's overall net revenue increased by approximately 17.0% from about €457.2 million for the six months ended June 30, 2021, to about €534.9 million for the corresponding period[19]. - Net profit for the period increased by approximately 27.6% to €29.9 million, up from €23.4 million for the six months ended June 30, 2021[28]. - The company reported a revenue of €555,641 thousand for the six months ended June 30, 2022, representing a 17.2% increase from €474,035 thousand in the same period of 2021[55]. - The company reported a total of €688,594 in contract liabilities as of June 30, 2022, compared to €433,093 in the previous year, indicating a significant increase in future revenue recognition[93]. Sales and Market Growth - The company reported a significant increase in customized yacht sales, with net revenue rising 58.7% to approximately €201 million in the first half of 2022[9]. - Revenue from the sale of superyachts increased by 25.2% to approximately €49 million in the first half of 2022[9]. - Revenue from specialized custom yachts increased by approximately 58.7% from about €127 million to about €201 million, driven by a rise in new orders from €167 million to €247 million[22]. - Revenue from superyachts rose by approximately 25.2% from about €39 million to about €49 million, primarily due to an increase in new orders amounting to €105 million[23]. - The company anticipates continued growth in the second half of 2022, supported by a backlog of approximately €1.2 billion in orders[8]. - Ferretti Group's market size in 2021 was €20.8 billion, projected to reach €26.8 billion by 2025, indicating a significant growth opportunity[13]. - The Asia-Pacific market is expected to grow at a compound annual growth rate (CAGR) of 10.8% for ultra-high-net-worth individuals and 11.6% for extremely high-net-worth individuals from 2020 to 2025[13]. Research and Development - The company maintains a strong focus on R&D to innovate and expand its product offerings, enhancing its market leadership in the luxury yacht sector[9]. - The company is investing in R&D for hybrid propulsion systems and all-electric propulsion systems for small yachts[12]. - Ferretti Group has launched a collaboration with Rolls-Royce Power Systems to develop hybrid solutions for yachts[12]. - The group plans to expand its composite materials and specialized custom product offerings, focusing on yachts over 80 feet in length[18]. Financial Position and Strategy - Cash and cash equivalents as of June 30, 2022, were approximately €441 million, up from €173 million as of December 31, 2021[33]. - Total bank borrowings as of June 30, 2022, were approximately €74.1 million, down from €88.5 million as of December 31, 2021[34]. - The capital-to-debt ratio decreased to approximately 9.9% as of June 30, 2022, from 17.8% as of December 31, 2021, indicating a strong financial position[35]. - The company has sufficient financial resources to continue operations in the foreseeable future, as indicated by its current financial status and available financing[40]. - The company has not taken on new bank loans in 2022, contrasting with €56,456 thousand in new loans taken in 2021, indicating a shift in financing strategy[62]. - The company’s financial strategy includes maintaining a net debt to EBITDA ratio of 1.5 or higher, with regular assessments every six months[148]. Corporate Governance - The board of directors is committed to high standards of corporate governance and has adhered to the corporate governance code since the listing date until June 30, 2022[41]. - The audit committee was established on December 21, 2021, and has reviewed the unaudited financial statements for the interim period, confirming compliance with applicable accounting standards[43]. - The company operates under the governance code as stipulated in the listing rules, ensuring compliance with corporate governance standards[188]. Shareholder Information - The company did not recommend any interim dividend for the reporting period[39]. - The company declared a dividend of €6,707,160 for the fiscal year ending December 31, 2021, translating to €0.0198 per ordinary share[172]. - The net profit attributable to shareholders for the six months ended June 30, 2022, was €29,608,000, up from €23,419,000 for the same period in 2021, representing a growth of 26.9%[174]. - Basic and diluted earnings per share stood at €0.09, consistent with the previous year[55]. Risks and Liabilities - The group’s costs for raw materials and consumables increased by approximately 23.1% from about €211.9 million to about €260.8 million, mainly due to increased production activities driven by new orders[25]. - The group’s contractor costs rose by approximately 23.9% from about €62.3 million to about €77.3 million, also due to increased production activities[25]. - The company faces currency risk primarily related to fluctuations in the Euro and USD exchange rates, particularly due to sales conducted by its subsidiary in the US[78]. - The total provision for product warranty increased to €24,655 million from €18,867 million as of December 31, 2021, reflecting a growth of 30.0%[150]. Employee and Director Compensation - The total remuneration for directors of Ferretti S.p.A. for the six months ended June 30, 2022, was €2,830,000, an increase of 129% compared to €1,235,000 for the same period in 2021[31][184]. - Alberto Galassi, the CEO, received a remuneration of €2,673,000 for the six months ended June 30, 2022, compared to €1,073,000 for the same period in 2021, reflecting a growth of 149%[31][184]. - The total social security contributions for directors in the first half of 2022 were €16,000, down from €36,000 in the same period of 2021, indicating a decrease of 56%[31][184].
法拉帝(09638) - 2021 - 年度财报
2022-04-29 13:39
Financial Performance - Revenue for the year ended December 31, 2021, was €841.5 million, a 58% increase from €532.1 million in 2020[12]. - Net income for 2021 was €23.5 million, compared to €25.8 million in 2020, reflecting a decrease of 8.9%[13]. - Total assets increased to €1,194.7 million in 2021 from €1,103.4 million in 2020, representing an 8.3% growth[14]. - Cash and cash equivalents rose significantly to €114.2 million in 2021 from €18.2 million in 2020, marking a 528% increase[14]. - Trade and other receivables increased to €226.3 million in 2021, up from €204.1 million in 2020, a growth of 10.8%[14]. - The company reported a gross profit margin improvement, with net revenue of €817.7 million after costs, compared to €510.8 million in the previous year[12]. - The total liabilities increased to €631.9 million in 2021 from €530.0 million in 2020, indicating a 19.2% rise[15]. - The company maintained its equity at €562.8 million, slightly down from €573.4 million in 2020, a decrease of 1.1%[15]. - Operating cash flow for 2021 reached €212,393 thousand, a significant increase from €46,225 thousand in 2020, representing a growth of 359%[16]. - The company reported a pre-tax profit of €24,718 thousand for 2021, compared to €8,825 thousand in 2020, marking an increase of 180%[16]. Audit and Compliance - The audit opinion confirmed that the financial statements fairly reflect the company's financial position and performance as of December 31, 2021, in accordance with EU-adopted IFRS[3]. - Key audit matters included the complexity of revenue recognition for shipbuilding and impairment testing of intangible assets[5]. - The company’s management is responsible for ensuring the financial statements are free from material misstatement due to fraud or error[8]. - The audit procedures included evaluating management's estimates and assumptions related to revenue recognition and impairment testing[7]. - The audit was conducted in accordance with International Auditing Standards, providing a high level of assurance regarding the financial statements[4]. - The financial statements include disclosures regarding the significant accounting policies and estimates used in preparing the reports[6]. - The company has identified key audit matters and communicated them with governance, ensuring transparency in financial reporting[10]. Assets and Liabilities - The company recorded intangible assets amounting to €233.8 million, primarily consisting of trademarks valued at €221.4 million[7]. - The company reported a significant increase in contract assets and liabilities, which rose to €100,738 thousand in 2021 from €17,306 thousand in 2020, a growth of 482%[16]. - The company’s total equity as of December 31, 2021, was €562,787 thousand, down from €573,378 thousand at the end of 2020, reflecting a decrease of 2%[18]. - The company’s depreciation and amortization expenses increased to €44,323 thousand in 2021 from €33,478 thousand in 2020, an increase of 32%[16]. - The company’s total financial assets amounted to €372,136 million in 2021, up from €341,549 million in 2020, indicating a growth of approximately 8.5%[49]. - Total financial liabilities were €379,022 million in 2021, slightly down from €382,888 million in 2020, reflecting a decrease of about 1.5%[50]. Revenue Recognition and Accounting Policies - Revenue from construction contracts is recognized based on the percentage of completion method, reflecting the ratio of costs incurred to estimated total contract costs[22]. - Government grants are recognized as income when it is reasonably assured that they will be received, and are systematically allocated to match the costs they are intended to compensate[23]. - Current tax liabilities are calculated using the effective tax rate applicable at the reporting date, while deferred tax assets and liabilities are recognized based on temporary differences[24]. - Trade receivables are recognized at face value less estimated allowances for doubtful accounts, with expected credit losses calculated based on the International Financial Reporting Standards[25]. - Inventory is valued using the weighted average cost method, considering the lower of cost or net realizable value, including direct and indirect production costs[26]. - Financial assets are initially recognized at fair value, with classification depending on the characteristics of cash flows and the company's business model[27]. - Financial assets are classified into four categories for subsequent measurement, with amortized cost measurement being the most significant for the company[28]. - Expected credit losses are recognized based on the difference between contractual cash flows due and expected cash flows, with a two-stage approach for credit risk assessment[28]. - Trade receivables and contract assets use a simplified method for calculating expected losses, fully recognizing expected losses at the reporting date[29]. Employee and Operational Expenses - The company’s operating expenses included personnel costs of €100.9 million, up from €68.8 million in 2020, reflecting a 46.6% increase[12]. - The total amount for rent and leases rose to €6,469,000 in 2021, up from €4,812,000 in 2020, marking a 34.4% increase[82]. - The total remuneration paid to the top five employees increased to €8,924,000 in 2021 from €4,964,000 in 2020, representing an increase of 79%[178]. - The total remuneration for the board of directors was €4,349,000 in 2021, compared to €2,396,000 in 2020, reflecting an increase of 81%[179]. - The provision for employee benefits reached €6,141,000 in 2021, up from €4,983,000 in 2020, indicating a rise of 23.2%[154]. Risks and Future Outlook - The company faces currency risk primarily related to fluctuations in the Euro and USD exchange rates, impacting invoicing and cash balances[54]. - The company has implemented cash flow hedging strategies using simple derivatives to mitigate currency risks, although no forward currency contracts were held as of December 31, 2021[54]. - The company believes that the geopolitical tensions will have a minor impact on sales, procurement, and future outlook[192]. - The company anticipates that any increase in energy prices and raw material costs will have a minor impact due to its non-energy-intensive business model[192]. Investments and Acquisitions - The company reported a contract asset loss of €8.5 million due to a fire incident at its shipyard, which is fully insured[192]. - The global offering of shares on the Hong Kong Stock Exchange raised approximately €209 million, net of underwriting fees and related expenses[192]. - The company has provided guarantees totaling €46.2 million for the construction of several vessels, along with various other bank guarantees[191]. - A total of €91 million in guarantees has been issued by banks to secure advance payments for vessel construction[191]. Taxation and Provisions - The total income tax expense was €1,185,000, a significant decrease from €17,001,000 in 2020[94]. - The company utilized tax losses amounting to €6,250,000 in 2021, which were not utilized in 2020[96]. - The company has recognized previously unconfirmed deferred tax assets based on expected future taxable profits[132]. - The total product warranty provision increased to €18,767,000 from €13,826,000 in 2020, reflecting a growth of approximately 35.4%[140].
法拉帝(09638) - 2021 - 年度财报
2022-04-29 11:30
Financial Performance - Ferretti Group's net revenue for 2021 reached €898.4 million, a 47% increase compared to €611.4 million in 2020[15]. - Adjusted EBITDA for 2021 was €102.6 million, up 74% from €59.1 million in 2020, with an EBITDA margin of 12.0%, an increase of 1.7 percentage points[17]. - The company reported a net profit of €37.4 million for the reporting period, a 70.1% increase from €22.0 million for the year ended December 31, 2020[29]. - The group's net profit for the year was €37.4 million, a 70.1% increase from €22.0 million in 2020, with a net profit margin of 4.1%[36]. - Total revenue for the year ended December 31, 2021, was €927,477 thousand, an increase of 45.3% compared to €638,194 thousand in 2020[160]. - Net income for the year was €37,383 thousand, up 69.8% from €21,982 thousand in the previous year[161]. - Basic and diluted earnings per share increased to €0.15 from €0.09, representing a 66.7% growth[160]. - The company reported a net profit of €37,545 thousand for the year 2021, up from €22,006 thousand in 2020, representing a growth of approximately 70.9%[166]. Revenue Breakdown - The company delivered 194 new yachts in 2021, an increase of 52 units compared to the previous year[19]. - Composite yachts generated net revenue of €464.3 million, a 56% increase, accounting for approximately 52% of total net revenue[19]. - Custom yachts achieved net revenue of €249.7 million, up 48%, representing about 28% of total net revenue[19]. - Superyachts recorded net revenue of €84.6 million, a 33% increase, contributing approximately 9% to total net revenue[19]. - Revenue from composite yachts increased by 55.6% to €464.3 million, driven by an increase in new orders from €315.7 million to €563.3 million[31]. - Revenue from custom yachts rose by 48.2% to €249.7 million, with new orders increasing from €155.6 million to €289.3 million[31]. - Revenue from superyachts increased by 32.7% to €84.6 million, with new orders rising from €68.4 million to €104.1 million[31]. Order Backlog and Future Outlook - As of March 31, 2022, the company had a backlog of orders worth €1.3 billion, a 30% increase from December 31, 2021[17]. - The cumulative order details as of December 31, 2021, show a total of €1,015.8 million, up from €691.6 million in the previous year[27]. - The company received new orders amounting to €971.5 million during the reporting period, with a cumulative order backlog of €1,015.8 million as of December 31, 2021, compared to €541.8 million and €691.6 million respectively for the previous year[26]. Market Trends and Growth Potential - The global yacht market size was €18.9 billion in 2020 and is projected to reach €26.8 billion by 2025, indicating significant growth potential[22]. - The Asia-Pacific market is expected to grow at a compound annual growth rate (CAGR) of 10.8% for ultra-high-net-worth individuals and 11.6% for extremely high-net-worth individuals from 2020 to 2025[23]. Investments and Innovations - Ferretti Group has invested heavily in R&D, focusing on environmentally friendly innovations and has partnered with Rolls-Royce Power Systems to develop hybrid solutions for yachts[21]. - The company is committed to using renewable energy across all shipyards to reduce its carbon footprint and is investing in lightweight and eco-friendly materials[23]. - The company aims to strengthen its market leadership in composite and custom yachts, particularly for models over 80 feet, to meet evolving market trends[23]. - Ferretti Group plans to enhance its auxiliary service offerings, including brokerage and refit services, to capitalize on growth opportunities[23]. Operational Efficiency and Cost Management - The company is focused on improving operational efficiency and productivity to increase profitability[24]. - The cost of raw materials and consumables rose by €132.5 million or 45.4% to €424.3 million, attributed to increased production activities and recovery from COVID-19 impacts[34]. - Contractor costs increased by €46.4 million or 50.7% to €138.0 million, reflecting a rise in production activities and new orders[34]. - Personnel costs rose by €20.0 million or 21.6% to €112.4 million, primarily due to an increase in average employee numbers to support business growth[35]. Corporate Governance and Management - The board consists of eight members, including one executive director and three independent non-executive directors, ensuring diverse expertise[70]. - The company has implemented a standard code for securities trading by directors, ensuring compliance since the listing date[69]. - The audit committee was established on December 21, 2021, consisting of four directors, with a focus on reviewing financial reporting and internal control systems[79]. - The company emphasizes board diversity, considering various factors such as gender, age, and professional experience in its nomination guidelines[82]. Environmental and Social Responsibility - The company is committed to sustainable development and will publish its environmental, social, and governance report within five months after the reporting period[108]. - The company has implemented various COVID-19 safety measures to protect employees and ensure operational continuity[65]. - The company has invested significantly in safety measures since 2014, including the installation of safety systems and upgrading fire protection systems[67]. Financial Position and Liquidity - Total assets as of December 31, 2021, amounted to €1,046.1 million, compared to €958.4 million in 2020[16]. - The company's current assets amounted to €505.2 million as of December 31, 2021, an increase from €443.1 million as of December 31, 2020[37]. - The company has sufficient financial resources to continue operations for the foreseeable future, as indicated by its financial condition and available financing arrangements[111]. Shareholder Information and Dividends - The company reported a proposed final dividend of €6,707,160.02, equating to €0.0198 per share, subject to shareholder approval at the annual general meeting[99]. - The company has adopted a regular annual dividend policy to distribute no less than 30% of the annual profit attributable to shareholders, after deducting the mandatory legal reserve of 5%[100]. - A total dividend of €3.5 million was paid to shareholders for the fiscal year ending December 31, 2020[98].