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].
法拉帝(09638) - 2024 - 年度业绩