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].
法拉帝(09638) - 2024 - 年度财报