Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Group 1 - The core viewpoint of the report indicates a downward adjustment of the revenue forecast for Ferretti Group due to macroeconomic headwinds affecting yacht demand, with 2025 revenue projected at €1.29 billion, a 3% decrease, and adjusted EBITDA forecasted at €203 million, a 4% decrease [1] - The report introduces a new revenue forecast for 2026 at €1.37 billion and adjusted EBITDA at €221 million, reflecting the company's high-end positioning and market leadership supporting profitability improvement and business resilience [1] - The company showcased seven significant yachts at the 2025 Venice Boat Show, including two global premieres, highlighting its leadership in innovation and luxury yacht craftsmanship [2] Group 2 - Ferretti Group reported a strong performance in Q1 2025, with a record order backlog of €1.77 billion, a 7.6% year-on-year increase, and net revenue (excluding second-hand sales) of €330 million, a 5.0% increase [2] - The company previously provided guidance for 2025, expecting net revenue (excluding second-hand sales) between €1.22 billion and €1.24 billion, with an EBITDA margin improvement of 30 to 50 basis points [3] - The company maintains confidence in achieving its annual and mid-term targets due to a robust order backlog and the resilience of its high-end customer base [3]

Financial Data and Key Metrics Changes - The company reported a record high order intake backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [4] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [4] - Marginality increased from 15.4% in Q1 2024 to 16% in Q1 2025 [5] - Revenues grew by 5% from €313,000,000 to €329,000,000, exceeding market growth expectations of approximately 4.2% [5][29] - EBITDA reached €53,000,000 with a margin of 16% compared to 15.4% in the previous year [24] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw significant growth, now representing 49% of order intake, up from 37% last year [16] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [17] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment faced challenges [35][39] - The Middle East market experienced tough comparisons due to a strong performance in Q1 2024 [18] - The Americas reported a 150% increase in the made-to-measure segment [20] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [11] - The strategy includes maintaining a balanced presence across 71 countries to mitigate risks associated with market fluctuations [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the U.S. market, indicating a return to normalcy after a period of uncertainty [40][59] - The company expects sustainable mid-range single-digit growth for 2025, with net revenues projected between €1,220,000,000 and €1,240,000,000 [29] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [26] - The net financial position remains positive with €55,000,000 in net cash [27] Q&A Session Summary Question: Current U.S. Market Environment - Management discussed the strong demand for made-to-measure yachts and the challenges faced by the composite yacht segment due to economic uncertainties [35][39] Question: Guidance on Order Intake for 2025 - Management expects order inflow to be slightly better than the previous year, with a conservative outlook for the superyacht segment due to production capacity constraints [45] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, expecting to end the year with a high single-digit ratio [46] Question: Current Trading in April and Early May - Management noted a significant recovery in market conditions globally, with increased inquiries and negotiations [65] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [67] Question: M&A Pipeline - Management confirmed they are entering a due diligence process for a potential acquisition [69]

Financial Data and Key Metrics Changes - The company reported a record high order backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [3] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [3] - Revenues increased by 5% from €313,000,000 to €329,000,000, surpassing market growth expectations of approximately 4.2% [4][27] - EBITDA margin improved to 16% from 15.4% in the first quarter of the previous year [4][22] - Net profit grew by 7.7% [22] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw a significant increase, now representing 49% of order intake, up from 37% last year [15] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [16] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment experienced weaker performance [15][36] - Europe performed negatively due to a one-off order in the previous year, but would have shown a 33% increase without that [17] - The Middle East faced tough comparisons due to a strong previous year, while APAC showed an increase of nearly €10,000,000 [18] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [11][20] - The business model emphasizes a balanced presence across 71 countries, mitigating risks from market fluctuations [20] - The company expects sustainable mid-range single-digit growth for 2025, with net revenues projected between €1,220,000,000 and €1,240,000,000 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. market recovering after a period of uncertainty due to elections and tariffs [39][66] - The overall market is showing signs of normalization, with increased inquiries and negotiations across all regions [66] - The company is adjusting its production approach to manage working capital more effectively [76] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [24][28] - The net financial position remains positive, with net cash of €50,000,000 at the end of the first quarter [25] Q&A Session Summary Question: Current U.S. Market Environment - Management discussed the strong demand for made-to-measure yachts and the weaker performance of composite yachts, attributing it to economic uncertainties and election-related market freezes [36][39] Question: Guidance on Order Intake Target for 2025 - Management expects order inflow to be slightly better than the previous year, with a focus on made-to-measure yachts [44] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, aiming for a high single-digit ratio by year-end [45][76] Question: Current Trading in April and Early May - Management noted that April was affected by tariff news, but May showed a return to normal trading conditions across all regions [66] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [68] Question: M&A Pipeline - Management confirmed they are entering a due diligence process for a potential acquisition [70]

Financial Data and Key Metrics Changes - The company reported a record high order backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [4] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [4] - Marginality increased from 15.4% in Q1 2024 to 16% in Q1 2025 [5] - Revenues grew by 5% from €313,000,000 to €329,000,000, exceeding market growth expectations of 4.2% [5][29] - EBITDA reached €53,000,000 with a margin of 16% compared to 15.4% in the previous year [23] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw a significant increase, now representing 49% of order intake, up from 37% last year [16] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [17] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment faced challenges [15][36] - Europe experienced a decline due to a one-off order in Q1 2024, but would have shown a 33% increase without that [18] - The Americas reported a 150% increase in the made-to-measure segment [19] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [10][11] - The strategy includes maintaining a balanced presence across 71 countries to mitigate risks associated with market fluctuations [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. market recovering after a period of uncertainty due to elections and tariffs [40] - The company expects sustainable mid-range single-digit growth for 2025, with revenues projected between €1,220,000,000 and €1,240,000,000 [29] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [25] - The net financial position remains positive with €55,000,000 in net cash [26] Q&A Session Summary Question: Current U.S. Market Environment - Management noted a strong demand for made-to-measure yachts, while the composite segment is facing challenges due to economic uncertainties [36][40] Question: Guidance on Order Intake for 2025 - The company expects order inflow to be slightly better than the previous year across all segments, with a conservative outlook for superyachts due to production capacity [44] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, expecting to end the year with a high single-digit ratio, below 10% [45][72] Question: Current Trading in April and Early May - April was impacted by tariff news, but May showed a return to normal trading conditions across all regions [64] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [66] Question: M&A Pipeline - The company is entering a due diligence process for a potential acquisition [67]

Core Insights - The company reported a strong financial performance for Q1 2025, with a record order volume of €1.7686 billion, reflecting a growth of 7.6% compared to March 31, 2024, and 6.3% compared to December 31, 2024 [2] Group 1: New Orders - New orders for Q1 2025 amounted to €270.6 million, representing an increase of approximately 1.5% from €266.6 million in Q1 2024, driven by strong performance in the custom yacht segment [1] - Cumulative orders as of March 31, 2025, reached €1.7686 billion, up 6.3% from €1.6639 billion on December 31, 2024, and up 7.6% from €1.6434 billion on March 31, 2024, supported by larger vessel orders received in the previous quarter [1] Group 2: Net Orders - The net cumulative orders as of March 31, 2025, stood at €839.6 million, a slight decrease of about 1.3% from €900 million on December 31, 2024, but an increase of 7.6% from €828.7 million on March 31, 2024 [1] Group 3: New Yacht Revenue - New yacht net revenue for Q1 2025 was €328.5 million, an increase of approximately 5.0% from €313 million in Q1 2024, attributed to a significant backlog of orders from 2023 and 2024, with a continued rise in the share of large yachts, custom yachts, and superyachts [1]

TODAY'S PRESENTERS Q1 2025 BUSINESS UPDATE unaudited data CHIEF FINANCIAL OFFICER MARCO ZAMMARCHI ALBERTO GALASSI MARGHERITA SACERDOTI CHIEF EXECUTIVE OFFICER TBD INVESTOR RELATIONS 2 TODAY'S AGENDA | 1 | Key Highlights | | --- | --- | | 2 | Business Dynamics | | 3 | Financial Results | | 4 | Final Remarks | | Q&A | | 3 Key Highlights 01 01 Key Highlights SOUND PERFORMANCE IN MAIN KPIs ORDER BACKLOG1 (€mln) ADJ EBITDA margin3 (%) Q1'24 16.0% Q1'25 +60bps 15.4% 1,643 1,769 Q1'24 Q1'25 +7.6% New- record high ...

Financial Performance - Revenue for 2024 reached €1,183,676 thousand, an increase of 5.4% compared to €1,123,483 thousand in 2023[27]. - Net income for 2024 was €63,193 thousand, down 26.8% from €86,355 thousand in 2023[28]. - Total assets increased to €1,844,847 thousand in 2024 from €1,791,099 thousand in 2023, reflecting a growth of 3.0%[32]. - Cash and cash equivalents decreased significantly to €115,809 thousand in 2024 from €290,057 thousand in 2023, a decline of 60.0%[30]. - Inventory rose to €412,794 thousand in 2024, up 36.7% from €301,927 thousand in 2023[30]. - Total liabilities increased to €915,485 thousand in 2024 from €892,325 thousand in 2023, representing a growth of 2.0%[32]. - The company reported a decrease in financial income to €15,711 thousand in 2024 from €21,120 thousand in 2023, a decline of 25.7%[27]. - The company’s operating expenses, including personnel costs, increased to €120,986 thousand in 2024 from €109,559 thousand in 2023, an increase of 10.5%[27]. - The company’s equity totalled €929,362 thousand in 2024, up from €898,774 thousand in 2023, indicating a growth of 3.4%[32]. - The company’s other income increased to €28,295 thousand in 2024 from €19,678 thousand in 2023, a rise of 43.9%[27]. - The company's pre-tax profit for 2024 was €100,688, a decrease of 4.5% compared to €105,262 in 2023[34]. - Operating cash flow for 2024 was negative at €(15,399), a significant decline from €66,621 in 2023[34]. - The company paid dividends of €32,833 in 2024, an increase of 64.8% compared to €19,903 in 2023[35]. Audit and Governance - The company’s financial statements have been audited in accordance with International Auditing Standards, reflecting a true and fair view of its financial position as of December 31, 2024[4]. - The audit identified key audit matters, including revenue recognition for shipbuilding and the recoverability of intangible assets[6]. - The company’s governance is responsible for overseeing the financial reporting process[21]. - The audit opinion does not cover other information included in the annual report, which is the responsibility of the management[18]. Revenue Recognition - The company recognized significant revenue from shipbuilding, with revenue being confirmed based on the percentage of completion method[9]. - Revenue from contract assets is recognized based on the percentage of completion method, reflecting the proportion of costs incurred to total estimated contract costs[47]. - Revenue from the sale of second-hand vessels and services is recognized at the point of transfer of control to the customer, aligning with the timing of ownership transfer[48]. - Government grants are recognized at fair value when it is reasonably assured that the grant will be received and all attached conditions will be complied with[50]. Cash Flow and Liquidity - The company experienced a net cash outflow from financing activities of €(65,718) in 2024, contrasting with an inflow of €33,454 in 2023[35]. - Total cash and cash equivalents at the end of 2024 decreased to €115,809 from €290,057 in 2023, reflecting a reduction of 60%[35]. - The company has a liquidity risk management strategy that includes weekly cash flow planning and monitoring, considering seasonal business factors[126]. Assets and Liabilities - The company’s financial assets totalled $363.1 million as of December 31, 2024, compared to $322.0 million in the previous year, representing a 12.5% increase[119]. - Trade receivables increased to $243.8 million in 2024 from $229.8 million in 2023, reflecting a growth of 6.5%[119]. - The total financial liabilities increased from €442,802 thousand in 2023 to €509,791 thousand in 2024, representing a growth of approximately 15.1%[122]. - The total future financial outflows for 2024 are projected to be €512,503 thousand, compared to €445,637 thousand in 2023, indicating an increase of approximately 15.0%[128]. Inventory Management - Inventory total as of December 31, 2024, reached €429,538,000, up from €301,927,000 in 2023, representing a significant increase of approximately 42.3%[200]. - The allowance for inventory write-downs for raw materials and components was adjusted to €6,491,000 as of December 31, 2024, indicating concerns over slow-moving and potentially aging inventory items[200]. Taxation - The total income tax expense for the year ended December 31, 2024, was 37,496,000 EUR, significantly higher than 18,907,000 EUR in 2023, indicating an increase of 97.3%[174]. - The effective tax rate for 2024 was impacted by higher taxable income and the absence of deferred tax assets recognized in 2023[175]. - The company expects no significant impact from potential top-up taxes related to the OECD's Pillar Two rules for the fiscal year 2024[180]. Risk Management - The company faces market and interest rate risks, particularly related to fluctuations in foreign exchange rates and market prices[129]. - The company has a limited credit risk associated with cash and cash equivalents, primarily held in euros with major national and international banks[120]. - The company’s financial risk management policies are in place to mitigate risks associated with financial instruments, enhancing overall financial stability[116]. Sustainability and Future Outlook - The company has committed to addressing climate-related risks and enhancing sustainability in its operations, as indicated in its recent disclosures[41]. - The acquisition of additional land for the Sant'Apollonia shipyard is expected to increase production capacity by 10%[194].

Financial Performance - The company reported a net revenue of €1,240,346 thousand for the year ending December 31, 2024, representing a 9.3% increase compared to €1,134,484 thousand in 2023[12]. - Adjusted EBITDA reached €190.0 million, up approximately 12.3% from €169.2 million for the year ending December 31, 2023[17]. - The net profit for the year was €88,160 thousand, an increase of about 5.6% from €83,503 thousand in the previous year[12]. - The group's total net revenue for the reporting period was €1,240.3 million, a 9.3% increase from €1,134.5 million for the year ending December 31, 2023[27]. - The group's pure profit increased by approximately 5.6% to €88.2 million, up from €83.5 million for the year ending December 31, 2023[27]. - The group's net revenue increased by approximately 9.3% from €1,134.5 million in 2023 to €1,240.3 million in 2024[44]. - The net revenue from composite yachts reached €558.7 million, a year-on-year increase of 13.6%, accounting for approximately 47.6% of the new yacht net revenue[47]. - The net revenue from custom yachts decreased by 7.5% to €407.2 million, representing about 34.7% of the new yacht net revenue[49]. - The net revenue from superyachts increased by 26.4% to €148.6 million, contributing approximately 12.7% to the new yacht net revenue[50]. Order Backlog and New Orders - The company has a backlog of orders amounting to approximately €1.7 billion as of December 31, 2024, which is an increase of about 11.6% compared to the previous year[17]. - New order volume for 2024 reached €1,139.3 million, a growth of 1.7% compared to €1,120.4 million in 2023, primarily due to strong performance in Europe and the Middle East[29]. - Cumulative orders reached a record high of €1,663.9 million as of December 31, 2024, an increase of approximately 11.6% from €1,491.27 million at the end of 2023[34]. - Cumulative order backlog, defined as total undelivered orders minus recognized revenue, reached a historical high of €900.0 million as of December 31, 2024, up 15.4% from €780.0 million on September 30, 2024[37]. - The new order volume for superyachts surged by 97.3% to €294.9 million in 2024, representing 25.9% of total new orders, compared to €149.5 million (13.3%) in 2023[30]. Product Development and Innovation - The company is focusing on R&D to innovate and expand its product offerings in the yacht manufacturing sector[18]. - New models of composite and custom yachts have been launched to attract new customers while retaining existing ones[20]. - The group plans to expand its product offerings and focus on high-growth segments to strengthen its market leadership in composite and custom yachts[25]. - The group plans to expand its custom product offerings to larger alloy yachts and develop new superyacht models under the Riva, Pershing, and Custom Line brands[43]. Sustainability and Governance - The group is committed to investing in innovation and sustainable materials to reduce environmental impact and enhance the yachting experience[25]. - The group has established a commitment to environmental, social, and governance (ESG) practices, becoming the first in the yacht industry to publish a sustainability report in 2019[24]. - The company is committed to ensuring that all strategic decisions are guided by a strict and purposeful framework regarding sustainability matters[136]. - The sustainability committee plays a strategic role in assisting the board in developing and implementing policies related to environmental, social, and governance issues[135]. - The company is required to prepare a sustainability report in accordance with the provisions of the Italian law on corporate sustainability reporting[134]. Financial Position and Assets - Total assets increased to €1,661,444 thousand in 2024 from €1,602,248 thousand in 2023[13]. - Current assets increased to €912.3 million, while current liabilities decreased to €701.7 million, resulting in a slight increase in net current assets to €210.6 million[75]. - The company's equity return rate decreased from 10.3% in 2023 to 10.2% in 2024, primarily due to an increase in average equity[95]. - The debt-to-equity ratio improved to 3.7% as of December 31, 2024, from 4.0% in 2023, indicating a strong financial position with low debt levels[99]. Employee and Operational Changes - As of December 31, 2024, the company had 2,118 employees, an increase from 1,971 employees as of December 31, 2023[117]. - Personnel costs rose by €14.2 million or 10.9% from €130.7 million to €144.9 million, attributed to an increase in average employee numbers to support business growth[65]. Corporate Governance - The board is responsible for leading the company towards sustainable success, aiming to create long-term value for shareholders while considering the interests of other stakeholders[131]. - The company has adopted a business plan for 2023-2027, which is aimed at achieving sustainable success[131]. - The board has approved the rules for the board and individual committees to ensure compliance with corporate governance codes[128]. - The board consists of 7 to 11 members, including a chairman and one or more vice-chairmen, as per the company's articles of association[174]. Shareholder Information - A dividend of €32,832,817.44 (equivalent to €0.097 per share) was paid to shareholders[113]. - The major shareholders include Shandong State-owned Assets Supervision and Administration Commission holding 37.541% and Valea Foundation holding 13.292% of the ordinary shares[147]. - The company has no restrictions on the transfer of shares, and there are no existing agreements among shareholders regarding the company's shares[145][152].

Financial Performance - The group's net revenue for the year ended December 31, 2024, was approximately €1,240.3 million, an increase of about 9.3% compared to €1,134.5 million for the same period in 2023[3]. - The group's profit for the year ended December 31, 2024, was approximately €88.2 million, up about 5.6% from €83.5 million in 2023[3]. - Adjusted EBITDA for the year ended December 31, 2024, was approximately €190.0 million, reflecting a 12.3% increase from €169.2 million in 2023[3]. - Total comprehensive income for the year ended December 31, 2024, was €91.4 million, compared to €81.2 million in 2023, marking an increase of approximately 12.2%[6]. - The company reported a basic and diluted earnings per share of €0.26 for the year ended December 31, 2024, compared to €0.25 in 2023[5]. - The total income tax expense for the year ending December 31, 2024, is €38,217,000, an increase from €20,519,000 in 2023, representing an 86% rise[51]. - Net profit rose to €88.2 million, a 5.6% increase from €83.5 million for the year ended December 31, 2023[84]. - Adjusted EBITDA for the year ending December 31, 2024, was €190.0 million, a 12.3% increase from €169.2 million for the previous year, with an adjusted EBITDA margin of 16.2%[139]. Revenue Breakdown - Total customer contract revenue for the year ended December 31, 2024, was €1,301,623 thousand, an increase from €1,196,352 thousand in 2023, representing a growth of 8.8%[28]. - Revenue from composite yachts amounted to €558,752 thousand in 2024, up from €491,751 thousand in 2023, indicating a growth of 13.6%[28]. - Revenue from custom yachts decreased to €407,166 thousand in 2024 from €440,265 thousand in 2023, a decline of 7.5%[28]. - Revenue from superyachts increased to €148,646 thousand in 2024, compared to €117,593 thousand in 2023, marking a growth of 26.4%[28]. - Revenue from second-hand yachts surged to €66,997 thousand in 2024, significantly up from €23,535 thousand in 2023, representing a growth of 184.5%[28]. - The total net revenue from other businesses was €58,785 thousand in 2024, down from €61,339 thousand in 2023, a decrease of 4.2%[28]. - New yacht net revenue totaled €1,173,349 thousand, up from €1,110,949 thousand in 2023, reflecting a growth of 5.6%[32]. - Composite yacht sales generated net revenue of €558.7 million, a year-on-year increase of 13.6%, accounting for 47.6% of total new yacht net revenue[117]. Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were €155.7 million, down from €314.1 million at the end of 2023[12]. - The total assets as of December 31, 2024, amounted to €1,661.4 million, compared to €1,602.2 million in 2023, indicating a growth of approximately 3.7%[8]. - The total liabilities as of December 31, 2024, were €763.2 million, slightly up from €762.6 million in 2023[10]. - The operating cash flow for the year ended December 31, 2024, was €1.4 million, a significant decrease from €93.7 million in 2023[12]. - Trade receivables increased to €36,437,000 in 2024 from €22,427,000 in 2023, marking a 62% growth[60]. - The total amount of trade and other receivables rose to €74,574,000 in 2024, compared to €70,271,000 in 2023, indicating a 6% increase[60]. - The company reported a decrease in net revenue from custom yachts by 7.5% to €407.2 million, with new orders totaling €408.0 million during the reporting period[118]. Dividends and Shareholder Returns - The board proposed a final dividend of approximately €33,848,000 for the year ended December 31, 2024, equivalent to €0.10 per share, subject to shareholder approval[3]. - The company reported a proposed final dividend of €33,848,000, which translates to €0.10 per share, compared to €0.097 per share in 2023[156]. - Ferretti S.p.A. is committed to enhancing shareholder value, with plans to increase dividends by 12% in the upcoming fiscal year[174]. Market and Strategic Initiatives - The company is focused on expanding its market presence in Europe, the Middle East, and Africa, with net revenues of €593,477 thousand and €269,326 thousand respectively for 2024[32]. - The company plans to continue selling Riva brand luxury accessories as part of the Riva brand experience project in 2024[32]. - The company is investing in new product development, with a budget allocation of €30 million for innovative yacht designs and technologies[174]. - Ferretti S.p.A. plans to expand its market presence in the Asia-Pacific region, targeting a 25% increase in sales in that market by 2025[174]. - The company is exploring potential acquisitions to enhance its product offerings and market reach, with a focus on companies in the luxury marine sector[174]. - The company has implemented new strategies to improve operational efficiency, aiming for a 5% reduction in production costs by the end of 2025[174]. Operational Metrics - The number of new yacht deliveries increased to 224 during the reporting period, up from 212 in the previous year[84]. - The new order volume for composite material yachts reached €432.4 million, accounting for approximately 38.0% of the total new orders, down from €527.2 million (47.1%) in 2023, reflecting an 18.0% decrease[89]. - The new order volume for custom yachts in 2024 was €408.0 million, representing about 35.8% of total new orders, a decline from €423.0 million (37.8%) in 2023, a decrease of 3.5%[90]. - The new order volume for superyachts surged to €294.9 million in 2024, making up 25.9% of total new orders, compared to €149.5 million (13.3%) in 2023, marking a significant increase of 97.3%[90]. - Total new order volume for 2024 was €1,139.3 million, a 1.7% increase from €1,120.4 million in 2023[93]. - Cumulative orders as of December 31, 2024, reached €1,663.9 million, an increase of approximately 11.6% from €1,491.2 million as of December 31, 2023[95]. - Cumulative net orders, defined as total undelivered orders minus recognized revenue, amounted to €900.0 million as of December 31, 2024, up 4.9% from €858.0 million at the end of 2023[100]. Corporate Governance and Compliance - The consolidated financial statements were prepared based on the going concern basis, confirming no significant uncertainties regarding the company's operations[23]. - The company has adhered to all applicable corporate governance codes during the reporting period, except for one specific provision[162]. - The audit committee reviewed the annual performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards[164]. Future Outlook - Ferretti S.p.A. anticipates continued growth, projecting a revenue increase of 10% for the upcoming fiscal year 2025[174]. - The company confirmed its mid-term guidance and achieved its 2024 targets[113].