法拉帝(09638) - 2025 - 中期业绩

Performance Summary Financial Summary Net revenue slightly decreased to €638.3 million, while Adjusted EBITDA grew 2.5% to €99.1 million Key Financial Indicators for H1 2025 | Indicator | Six Months Ended June 30, 2025 | Change vs. H1 2024 | | :--- | :--- | :--- | | Net Revenue | €638.3 million | -1.3% | | Profit for the Period | €43.6 million | -1.1% | | Profit Attributable to Shareholders | - | -0.9% | | Adjusted EBITDA | €99.1 million | +2.5% | Business Summary The Group expanded business through a Flexjet collaboration, a dividend distribution, and global boat show participation - On June 27, 2025, the company partnered with Flexjet Limited to launch the exclusive "Riva Volare" interior design project, integrating Riva yacht style into Flexjet aircraft cabins[5] - On June 18, 2025, the company completed a dividend distribution totaling €33,848,265.40, with a dividend of €0.10 per share[6] - In H1 2025, the Group actively participated in major international boat shows in Düsseldorf, Miami, Dubai, Palm Beach, Singapore, and Venice[7] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss Net revenue slightly decreased to €638.3 million, while profit for the period remained stable at €43.6 million Summary of Interim Condensed Consolidated Statement of Profit or Loss (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 676,999 | 678,471 | | Net Revenue | 638,269 | 646,416 | | Profit before tax | 63,350 | 63,835 | | Profit for the period | 43,569 | 44,047 | | Profit attributable to shareholders of the Company | 43,454 | 43,859 | | Basic and diluted earnings per share (EUR) | 0.13 | 0.13 | Interim Condensed Consolidated Statement of Comprehensive Income Total comprehensive income decreased to €38.6 million, mainly due to losses from foreign operation translation Summary of Interim Condensed Consolidated Statement of Comprehensive Income (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Profit for the period | 43,569 | 44,047 | | Other comprehensive income/(loss) for the period | (4,978) | 700 | | Total comprehensive income for the period | 38,591 | 44,747 | Interim Condensed Consolidated Statement of Financial Position Total assets stood at €1.64 billion and total equity increased to €904 million, reflecting a stable financial structure Summary of Interim Condensed Consolidated Statement of Financial Position (in thousands of EUR) | Item | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Assets | 1,643,284 | 1,661,444 | | Total Liabilities | 739,400 | 763,208 | | Total Equity | 903,884 | 898,236 | Interim Condensed Consolidated Statement of Cash Flows Cash flow from operations improved to €76.7 million, with period-end cash decreasing to €134.0 million Summary of Interim Condensed Consolidated Statement of Cash Flows (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Cash flows from operating activities | 76,667 | 58,615 | | Cash flows used in investing activities | (52,645) | (58,651) | | Cash flows (used in)/from financing activities | (41,258) | (40,499) | | Net increase/(decrease) in cash and cash equivalents | 17,236 | (40,535) | | Cash and cash equivalents at end of period | 133,982 | 273,657 | Notes to the Interim Condensed Consolidated Financial Statements Corporate Information and Basis of Preparation Financials are prepared under IAS 34, with management assessing no material ESG impact and initiating ESRS alignment - The company is primarily engaged in the design, construction, and marketing of yachts and pleasure boats, headquartered in Italy[15][16] - The financial statements are prepared in accordance with International Accounting Standard 34 (IAS 34), with accounting policies consistent with the 2024 annual report, and no early adoption of new effective standards[18][19] - Management assesses that Environmental, Social, and Governance (ESG) related risks do not have a material impact on the Group's financial position and has initiated alignment with the European Sustainability Reporting Standards (ESRS)[23][25] Notes to Selected Financial Statement Items This section details key items like income, costs, receivables, and payables, with EPS stable at €0.13 Other Income (Note 3) Other income rose 13% YoY to €11.3 million, driven by increased income from supplier relationships Details of Other Income (in thousands of EUR) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Income from relationships with suppliers | 5,212 | 3,039 | | Reversal of excess provisions for costs | 2,932 | 2,848 | | Total Other Income | 11,257 | 9,968 | Costs and Expenses (Notes 4-8) Raw material costs decreased, while subcontractor and staff costs rose due to business growth - Cost of raw materials and consumables used decreased from €333 million to €289 million[27] - Costs for subcontractors increased from €132 million to €142 million[28] - Staff costs increased from €74.4 million to €77.5 million[31] Trade and Other Receivables (Note 11) Total trade and other receivables decreased to €59.3 million, with no significant credit risk concentration Trade and Other Receivables (in thousands of EUR) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 35,333 | 36,437 | | Other receivables | 23,948 | 38,137 | | Total | 59,281 | 74,574 | Trade and Other Payables (Note 12) Total trade and other payables decreased to €438 million, mainly comprising amounts due to suppliers Trade and Other Payables (in thousands of EUR) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 384,531 | 427,026 | | Other payables | 53,648 | 52,121 | | Total | 438,179 | 479,147 | Earnings Per Share (Note 13) Basic and diluted earnings per share remained unchanged YoY at €0.13 Calculation of Earnings Per Share | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to shareholders of the Company (in thousands of EUR) | 43,454 | 43,859 | | Weighted average number of shares | 338,482,654 | 338,482,654 | | Basic and diluted earnings per share (EUR) | 0.13 | 0.13 | Management Discussion and Analysis Principal Activities and Business Review The Group leveraged its seven iconic brands to drive performance through pricing power and custom yacht sales - The Group is a global leader in the luxury yacht industry, owning seven iconic brands including Riva, Wally, and Ferretti Yachts, and is regarded as an ambassador of Italian nautical excellence[52] - Strong performance confirmed the advantages of the company's industrial strategy, including strong pricing power, integration of the high-margin made-to-measure yacht segment, and effective cost absorption[53] Outlook Future strategy focuses on market leadership, sustainable innovation, and expansion into superyachts and services - Future strategic pillars include: - Consolidating market leadership in composite and made-to-measure yachts - Investing in sustainable materials and process innovation - Developing new alloy-hull superyachts under brands like Riva and Pershing - Expanding brokerage, charter, after-sales, and brand extension activities - Investing in the internalization of high-value-added activities[58] Financial Review The order backlog stood at €1.45 billion, with Adjusted EBITDA margin improving to 16.0% and net cash at €102 million Order Backlog The order backlog was €1.45 billion, with a significant mix shift as superyacht orders grew 32.0% Order Backlog by Product Type (in millions of EUR) | Product Type | H1 2025 | Share | H1 2024 | Share | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Composite yachts | 225.2 | 15.6% | 328.7 | 22.0% | -31.5% | | Made-to-measure yachts | 490.8 | 33.9% | 589.4 | 39.4% | -16.7% | | Super yachts | 689.0 | 47.7% | 521.9 | 34.9% | +32.0% | | Other businesses | 41.0 | 2.8% | 55.8 | 3.7% | -26.5% | | Total | 1,446.0 | 100.0% | 1,495.8 | 100.0% | -3.3% | Net Revenue New yacht net revenue grew 1.5% to €620 million, driven by strong performance in the MEA region Net Revenue from New Yachts by Product Type (in thousands of EUR) | Product Type | H1 2025 | Share | H1 2024 | Share | | :--- | :--- | :--- | :--- | :--- | | Composite yachts | 234,403 | 37.8% | 265,048 | 43.4% | | Made-to-measure yachts | 253,134 | 40.8% | 233,144 | 38.2% | | Super yachts | 104,444 | 16.8% | 82,496 | 13.5% | | Total Net Revenue from New Yachts | 620,439 | 100.0% | 611,041 | 100.0% | - By geography, the MEA region's share of net revenue from new yachts grew significantly to 35.4% from 18.5% YoY, while Europe's share decreased from 51.2% to 40.4%[74] Non-IFRS Measures Adjusted EBITDA increased 2.5% to €99.1 million, with the margin improving to 16.0% Adjusted EBITDA Reconciliation (in thousands of EUR) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period | 43,569 | 44,047 | | Add: Income tax | 19,780 | 19,788 | | Add: Net financial expenses, depreciation & amortization, etc. | 36,118 | 32,862 | | EBITDA | 99,458 | 96,997 | | Adjusted EBITDA | 99,073 | 96,716 | | Adjusted EBITDA Margin | 16.0% | 15.8% | Liquidity and Financial Resources The Group maintained a robust net cash position of €101.6 million and a low gearing ratio of 4.0% - As of June 30, 2025, the Group's net financial position was net cash of €101.6 million[94] - Capital expenditure for H1 was €42.3 million, with approximately €25.4 million allocated to business expansion[93] - The gearing ratio (total debt/total equity) was approximately 4.0%, a slight increase from 3.7% at the end of 2024, indicating a very low debt level[97] Risk Factors and Human Resources The Group manages currency risk via hedging and increased its headcount to 2,127 to support growth - The Group's main foreign exchange risk arises from EUR/USD exchange rate fluctuations, which it hedges using foreign currency forward contracts[103] Human Resources Overview | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 2,127 | 2,118 | | H1 Staff Costs | €77.5 million | €74.4 million (H1 2024) | Other Disclosures Dividend and Share Repurchase The Board does not recommend an interim dividend, and no share repurchases occurred during the period - The Board of Directors does not recommend the payment of an interim dividend[105] - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[107] Corporate Governance and Compliance The company maintained full corporate governance compliance, with its interim results reviewed by the Audit Committee - The net proceeds from the Hong Kong listing, approximately HK$1.863 billion, were fully utilized as of June 30, 2025, in accordance with the purposes stated in the prospectus[108] - The company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Hong Kong Listing Rules during the reporting period[110] - The Audit Committee has reviewed the unaudited interim financial statements and concurs that they were prepared in compliance with applicable accounting standards and regulatory requirements[112] Events After the Reporting Period Post-period, the Group acquired full ownership of the 'Wally' brand and divested Ferretti Tech S.r.l - In July 2025, the Group increased its shareholding in Sea Lion S.r.l. (owner of the "Wally" brand) to 100%[113] - In July 2025, the Group disposed of its entire equity interest in Ferretti Tech S.r.l.[114]