Financial Performance - The company reported a net revenue increase of approximately €611.0 million for new yachts, representing a 7.7% growth compared to the same period in 2023[16]. - Adjusted EBITDA reached approximately €96.7 million, up 15.9% from €83.4 million in the same period last year, with an EBITDA margin of 15.8%, an increase of 110 basis points[16]. - Net profit for the first half of 2024 was approximately €44.0 million, reflecting a 7.6% increase from €40.9 million in the previous year[16]. - The group recorded a net revenue of €646.4 million, an increase of 11.3% compared to €580.8 million for the six months ended June 30, 2023[24]. - The net revenue for the six months ended June 30, 2024, increased by approximately 11.3% to €646.4 million from €580.8 million for the same period in 2023[33]. - The company’s total comprehensive income for the period was €44,747 thousand, compared to €38,922 thousand in 2023, an increase of 14.3%[86]. - Basic and diluted earnings per share increased to €0.13 from €0.12 year-over-year[84]. Revenue Breakdown - Revenue from composite material yachts increased by 9.9% to approximately €265.5 million, while custom yachts revenue rose by 2.9% to €232.7 million[17]. - Revenue from superyachts surged by 27.3% to approximately €82.5 million[17]. - Other business segments generated net revenue of approximately €30.4 million, down 12.6% year-over-year[18]. - Revenue from the sale of composite yachts rose by approximately 9.9% to €265.5 million from €241.6 million in the same period last year[35]. - Revenue from the sale of custom yachts increased by approximately 2.9% to €232.7 million from €226.2 million in the previous year[35]. - Revenue from the sale of superyachts surged by approximately 27.3% to €82.5 million from €64.8 million in the same period last year[36]. Assets and Liabilities - Total assets as of June 30, 2024, were €1,644.2 million, a 2.6% increase from €1,602.2 million at the end of 2023[13]. - Total liabilities increased by 3.9% to €792.6 million from €762.6 million[13]. - Inventory increased by €57.2 million or 16.9% to €394.9 million, primarily due to increased yacht production to meet ongoing demand[47]. - Trade and other receivables decreased by €7.3 million or 10.4% to €63.0 million, mainly due to an increase in trade receivables and a decrease in other receivables[48]. - Cash and cash equivalents totaled €273,657,000 as of June 30, 2024, down from €314,109,000 as of December 31, 2023, a decrease of 12.9%[160]. Orders and Backlog - The company anticipates continued growth in the second half of 2024, supported by a backlog of orders totaling approximately €1.5 billion[16]. - As of June 30, 2024, the accumulated orders reached €1,495.8 million, an increase of approximately 6.0% compared to €1,410.5 million as of June 30, 2023[27]. - The accumulated orders for composite yachts amounted to €350.1 million, representing 23.4% of total accumulated orders, down from €365.1 million (25.9%) in the previous year[29]. - The accumulated orders for custom yachts reached €568.0 million, accounting for 38.0% of total accumulated orders, up from €546.2 million (38.7%) in the previous year[30]. - The accumulated orders for superyachts increased by 18.0% to €521.9 million, which is 34.9% of total accumulated orders, compared to €442.3 million (31.4%) in the previous year[31]. Operational Developments - The group aims to expand its product offerings in composite and custom yachts, focusing on segments with the highest growth and profit potential[21]. - The group plans to enhance its yacht brokerage, leasing, and management services, as well as after-sales and refit services, to further extend brand reach and licensing activities[21]. - The group has launched the first fully electric Riva yacht, El-Iseo, and aims to expand its range of "green" products across all major brands[19]. - The group is committed to achieving ISO 14001:2015 environmental certification for all shipyards to reduce energy consumption and emissions[20]. - The company announced the acquisition of an additional 30,000 square meters of land for €14 million, increasing the production area in Ravenna to approximately 100,000 square meters, enhancing production capacity by 10%[26]. Employee and Cost Management - Personnel costs increased by €9.3 million or approximately 14.3% to €74.4 million for the six months ended June 30, 2024, primarily due to an increase in average employee numbers to support business growth[40]. - Other operating expenses rose from approximately €3.0 million to about €5.9 million, mainly due to increased settlement agreements and re-invoicing costs[40]. - Provisions and impairments decreased by approximately €12.1 million to €12.8 million, attributed to sufficient provisions related to warranty vessels and business risks[41]. - Income tax expenses increased to €19.8 million from €14.7 million, mainly due to a significant increase in pre-tax profits and the absence of deferred tax assets from prior tax losses[41]. Sustainability and Innovation - The group emphasizes R&D investments to maintain its market leadership in luxury yacht manufacturing and to meet evolving customer preferences[25]. - The group recognizes hydrogen as a promising energy source for the maritime industry and is collaborating with Weichai Group to develop hydrogen engines for yachts[19]. - Continued investment in innovation, technology, and sustainable materials is planned to reduce environmental impact and provide responsible sailing experiences[63]. - The company is committed to communicating environmental, social, and governance factors to stakeholders, highlighting its focus on sustainable development[99]. Corporate Governance - The board is committed to high corporate governance standards and has adopted measures to strengthen internal control systems and ongoing professional training for directors[66]. - A strategy committee was established to support long-term value creation for shareholders while considering the interests of other stakeholders[70]. - The company has complied with the Hong Kong Listing Rules and has established an audit committee to review financial statements and ensure compliance with applicable accounting standards[68]. Financial Risk Management - The company’s credit risk is considered low due to its sales policy requiring payment of contract balances upon delivery of vessels[122]. - The company has a liquidity risk due to potential difficulties in meeting financial and trade obligations, monitored through weekly cash flow planning[113]. - The company continues to manage its financial risks through detailed analysis and monitoring of trade payables and borrowings[198].
法拉帝(09638) - 2024 - 中期财报