法拉帝(09638) - 2025 - 中期财报

Company Information The report details core company information including executive and non-executive directors, committee members, legal advisors, auditors, and principal places of business, noting changes in the board of directors during the period - The report provides detailed core company information, including executive and non-executive directors, committee members, legal advisors, auditors, and principal places of business, with changes in board members during the reporting period, as Mr. Xu Xinyu and Mr. Zhang Quan resigned, and Mr. Tan Ning and Mr. Hao Qinggui were appointed[6][7][9] Financial Summary This section provides an overview of the company's financial performance and key ratios, highlighting net revenue, profit, assets, liabilities, and equity changes Performance Overview For the six months ended June 30, 2025, the company reported a slight decrease in net revenue and profit, with minor declines in total assets and liabilities Financial Performance (Thousand Euro) | Metric | Six Months Ended June 30, 2025 (Thousand Euro) | Six Months Ended June 30, 2024 (Thousand Euro) | Change | | :--- | :--- | :--- | :--- | | Net Revenue | 638,269 | 646,416 | (1.3)% | | Profit Before Tax | 63,350 | 63,835 | (0.8)% | | Profit for the Period | 43,569 | 44,047 | (1.1)% | Financial Position (Thousand Euro) | Metric | As of June 30, 2025 (Thousand Euro) | As of December 31, 2024 (Thousand Euro) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,643,284 | 1,661,444 | (1.1)% | | Total Liabilities | (739,400) | (763,208) | (3.1)% | | Equity Attributable to Company Shareholders | 902,717 | 897,155 | 0.6% | Key Financial Ratios The company's profitability ratios, including return on equity and total asset return, slightly decreased, while the quick ratio declined and the debt-to-capital ratio marginally increased Key Financial Ratios | Ratio Category | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | :--- | | Profitability Ratios | Return on Equity | 9.7% | 10.2% | | | Return on Total Assets | 5.3% | 5.4% | | Liquidity Ratios | Current Ratio | 1.3 | 1.3 | | | Quick Ratio | 0.6 | 0.7 | | Capital Adequacy Ratios | Debt-to-Capital Ratio | 4.0% | 3.7% | Chairman's Report The Chairman's report reviews the group's operational performance, strategic initiatives, and future outlook, emphasizing growth drivers and ESG commitments Operational Review In H1 2025, the group achieved growth in new yacht net revenue and adjusted EBITDA, driven by custom-made and superyachts, alongside strong ESG commitments - New yacht net revenue increased by 1.5% year-on-year to approximately €620.4 million; adjusted EBITDA grew by 2.5% year-on-year to €99.1 million, with the margin improving from 15.8% to 16.0%[15] H1 2025 New Yacht Net Revenue by Type (Million Euro) | Yacht Type | H1 2025 New Yacht Net Revenue (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Composite Yachts | 234.4 | -11.6% | | Custom-Made Yachts | 253.1 | +8.6% | | Superyachts | 104.4 | +26.6% | - The group emphasizes its ESG commitments, including collaboration with Rolls-Royce on hybrid solutions, launching the first full-electric Riva El-Iseo speedboat, and exploring hydrogen energy applications in yachts with Weichai Group[20][21] Outlook and Prospects The group remains optimistic about the luxury yacht industry's resilience and plans to strengthen its market position through five strategic pillars, focusing on product expansion, sustainable innovation, and service growth - The group's future plans are based on five strategic pillars: - Product Expansion: Consolidating leadership in composite and custom-made yachts - Sustainable Innovation: Investing in eco-friendly materials and processes - Superyacht Development: Developing new alloy-bodied superyachts under brands like Riva and Pershing - Service Expansion: Expanding yacht brokerage, charter, management, and after-sales services - Vertical Integration: Investing in the internalization of high-value-added activities to support growth[22] Management Discussion and Analysis This section provides a detailed review of the group's business operations, significant events, and financial performance, including order trends, revenue drivers, cost management, and financial position Principal Activities and Business Review Ferretti Group, a global leader in luxury yachts with seven iconic brands, achieved strong H1 2025 results with increased net revenue and adjusted EBITDA, driven by successful commercial strategies and pricing power - The group is a recognized global leader in the luxury yacht industry, owning seven major brands including Riva, Wally, Ferretti Yachts, Pershing, Itama, CRN, and Custom Line, designing, producing, and selling luxury yachts from 8 to 95 meters[23] - In H1 2025, new yacht net revenue increased by 1.5% year-on-year to €620.4 million, adjusted EBITDA grew by 2.5% year-on-year to €99.1 million, and the adjusted EBITDA margin improved by 20 basis points to 16.0%[24] Significant Events in H1 2025 In H1 2025, the group actively participated in major international boat shows, launched a new interior design project, and distributed a dividend of €0.10 per share - From January to May 2025, the group actively participated in several major international boat shows held in Düsseldorf, Miami, Dubai, Palm Beach, Singapore, and Venice[27][28] - On June 18, 2025, the company distributed a dividend of €0.10 per share, totaling €33,848,265.40[26] Financial Review Despite macroeconomic uncertainties, the group maintained robust financial performance with stable order backlog, increased new yacht net revenue, improved adjusted EBITDA margin, and a strong net cash position New Orders New orders for the six months ended June 30, 2025, decreased by 9.2% to €467.3 million, primarily due to fewer custom-made and superyacht orders, despite strong growth in the Asia Pacific region New Orders by Product Type (Million Euro) | Product Type | H1 2025 New Orders (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Composite Yachts | 160.9 | -0.4% | | Custom-Made Yachts | 237.8 | -7.2% | | Superyachts | 64.9 | -32.7% | | Total | 467.3 | -9.2% | New Orders by Region (Million Euro) | Region | H1 2025 New Orders (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Europe | 181.1 | -0.5% | | Middle East & Africa | 130.6 | -21.9% | | Asia Pacific | 12.8 | +82.9% | | Americas | 142.8 | -9.7% | | Total | 467.3 | -9.2% | Order Backlog As of June 30, 2025, the group's order backlog slightly decreased by 3.3% to €1,446 million, with superyachts becoming the most significant segment due to a 32.0% increase Order Backlog by Product Type (Million Euro) | Product Type | Order Backlog (Million Euro) | Share | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Composite Yachts | 225.2 | 15.6% | -31.5% | | Custom-Made Yachts | 490.8 | 33.9% | -16.7% | | Superyachts | 689.0 | 47.7% | +32.0% | | Other Businesses | 41.0 | 2.8% | -26.5% | | Total | 1,446.0 | 100.0% | -3.3% | Net Revenue Total net revenue for H1 2025 slightly decreased by 1.3% to €638.3 million, mainly due to lower pre-owned yacht sales, while new yacht net revenue grew, driven by custom-made and superyachts H1 2025 New Yacht Net Revenue by Product Type (Thousand Euro) | Product Type | H1 2025 New Yacht Net Revenue (Thousand Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Composite Yachts | 234,403 | -11.6% | | Custom-Made Yachts | 253,134 | +8.6% | | Superyachts | 104,444 | +26.6% | | Total New Yacht Net Revenue | 620,439 | +1.5% | H1 2025 New Yacht Net Revenue by Region (Million Euro) | Region | H1 2025 New Yacht Net Revenue (Million Euro) | Y-o-Y Change | | :--- | :--- | :--- | | Europe | 250.7 | -19.9% | | Middle East & Africa | 219.9 | +94.9% | | Asia Pacific | 9.7 | -59.4% | | Americas | 140.1 | -13.1% | Cost and Expense Analysis During the reporting period, the group effectively managed costs, with decreases in raw material consumption and significant reductions in provisions and impairments, while contractor and personnel costs saw moderate increases - Raw materials and consumables used decreased by 13.3% year-on-year to €288.8 million, primarily due to adjustments in procurement volumes for production needs[58] - Contractor costs increased by 8.1% year-on-year to €142.4 million, mainly due to a different mix of raw material purchases[59] - Personnel costs increased by 4.1% year-on-year to €77.5 million, primarily due to an increase in average employee headcount to support business growth[63] Non-IFRS Measures The group's adjusted EBITDA increased by 2.5% to €99.1 million, with the adjusted EBITDA margin improving by 20 basis points to 16.0%, indicating enhanced profitability Non-IFRS Measures (Thousand Euro) | Metric (Thousand Euro) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit After Tax | 43,569 | 44,047 | | EBITDA | 99,458 | 96,997 | | Adjusted EBITDA | 99,073 | 96,716 | | Adjusted EBITDA Margin | 16.0% | 15.8% | Selected Balance Sheet Items As of June 30, 2025, the group's balance sheet remained robust, with a slight increase in inventories to support deliveries and reductions in trade and other receivables and payables - Inventories slightly increased from €443.6 million to €453.9 million to build sufficient stock for deliveries[74] - Trade and other receivables decreased by 20.5% from €74.6 million to €59.3 million[75] - Trade and other payables decreased by 8.6% from €479.1 million to €438.2 million[78] Other Financial Information The group maintains a healthy financial position with €76.7 million in cash flow from operations and a net cash position of €101.6 million as of June 30, 2025, despite dividend payouts and capital investments - Cash flow generated from operating activities was €76.7 million, an increase year-on-year (compared to €58.6 million in H1 2024)[80] - Capital expenditure amounted to €42.3 million, with €25.4 million allocated to business expansion[81] - The net financial position was a net cash of €101.6 million, remaining robust despite €33.8 million in dividends paid and €51.4 million in investments[82] Capital Structure The group's capital structure is robust with extremely low debt levels, evidenced by total bank and other borrowings of approximately €36 million and a debt-to-capital ratio of only 4.0% as of June 30, 2025 - Total bank and other borrowings amounted to approximately €36 million[84] - The debt-to-capital ratio was 4.0% (3.7% at year-end 2024), indicating extremely low debt levels and a robust financial position[85] Risk Factors The group continuously monitors various risks, including competition, regulatory changes, and market developments, while managing Euro-USD exchange rate exposure through hedging strategies - The group identifies and assesses risks arising from competition, regulatory changes, personnel changes, and market developments[89][90] - The group primarily faces Euro-USD exchange rate fluctuation risk and uses foreign currency forward contracts for hedging, though no such contracts were held at the end of the reporting period[92] Human Resources As of June 30, 2025, the group had 2,127 employees, a slight increase from year-end 2024, with total staff costs rising by 4.1% due to increased average headcount supporting business growth Employee Statistics and Costs (Million Euro) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Employees | 2,127 | 2,118 | | H1 Staff Costs (Million Euro) | 77.5 | 74.4 (H1 2024) | Events After Reporting Period Subsequent to the reporting period, the group increased its stake in Sea Lion S.r.l. to 100% in July 2025, achieving full control of the "Wally" brand, and also divested its entire equity in Ferretti Tech S.r.l. - In July 2025, the group increased its equity interest in Sea Lion S.r.l. (the "Wally" brand) to 100%[95] - In July 2025, the group disposed of its entire equity interest in Ferretti Tech S.r.l[96] Outlook The group believes the global yachting industry remains resilient despite uncertainties and will continue executing its strategic pillars to enhance its market leadership, value proposition, and overall resilience - The group reiterates its five strategic pillars for future development, aiming to consolidate market leadership, enhance value proposition, and strengthen overall resilience[98] Corporate Governance and Other Information This section outlines the company's adherence to corporate governance codes in Hong Kong and Italy, including compliance with listing rules and the audit committee's review of interim financial statements Corporate Governance The company is committed to complying with corporate governance codes in Hong Kong and Italy, having adhered to relevant HKEX Listing Rules provisions during the reporting period, with the audit committee reviewing interim financial statements - The company has been listed on the Hong Kong Stock Exchange since March 31, 2022, and dual-listed on Euronext Milan since June 27, 2023[99] - During the reporting period, the company complied with the Corporate Governance Code provisions set out in Appendix C1 to the Hong Kong Listing Rules[101] Disclosure of Interests As of June 30, 2025, Director Piero Ferrari held approximately 4.63% of the company's shares, while Shandong Heavy Industry Group held 37.54% and Azúr a.s. and its associates held 14.07% Shareholder Interests | Shareholder Name | Capacity | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Piero Ferrari | Controlled Corporations and Beneficial Owner | 15,680,983 | 4.63% | | Shandong Heavy Industry Group | Interest in Controlled Corporations | 127,070,120 | 37.54% | | Azúr a.s. | Beneficial Owner | 47,625,748 | 14.07% | Use of Net Proceeds from HK Listing As of June 30, 2025, the group fully utilized the HK$1.863 billion net proceeds from its Hong Kong global offering, primarily for product portfolio expansion, operational efficiency, enhanced ancillary services, and brand promotion Use of Net Proceeds (Million HKD) | Purpose | Net Proceeds Available (Million HKD) | Net Proceeds Utilized (Million HKD) | Net Proceeds Unutilized (Million HKD) | | :--- | :--- | :--- | :--- | | Expanding Product Portfolio and Enhancing Operational Excellence | 1,266.7 | 1,853.0 | (586.2) | | Strengthening Ancillary Services Portfolio | 447.1 | 0 | 447.1 | | Brand Promotion and General Corporate Purposes | 149.0 | 9.9 | 139.1 | | Total | 1,862.9 | 1,862.9 | 0 | - The group has fully utilized the net proceeds from the Hong Kong global offering for the purposes stated in the prospectus[113] Independent Auditor's Review Report This section presents the independent auditor's review report on the interim condensed consolidated financial statements, confirming no material issues were found in their preparation Review Conclusion Independent auditor EY S.p.A. reviewed the group's interim condensed consolidated financial statements for the six months ended June 30, 2025, concluding that no matters indicated non-compliance with IAS 34 - Auditor EY S.p.A. issued a review conclusion on the interim condensed consolidated financial statements, finding no material issues[114][116] Interim Condensed Consolidated Financial Statements This section presents the group's interim condensed consolidated financial statements, including the statement of profit or loss, financial position, and cash flows Interim Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the group reported net revenue of €638 million, profit before tax of €63.35 million, and profit for the period of €43.57 million, with basic and diluted earnings per share at €0.13 Interim Condensed Consolidated Statement of Profit or Loss (Thousand Euro) | Metric (Thousand Euro) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Revenue | 638,269 | 646,416 | | Profit Before Tax | 63,350 | 63,835 | | Profit for the Year | 43,569 | 44,047 | | Profit Attributable to Company Shareholders | 43,454 | 43,859 | | Earnings Per Share (Euro) | 0.13 | 0.13 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the group's total assets were €1.643 billion, total liabilities €739 million, and total equity €904 million, indicating a sound financial position with good liquidity Interim Condensed Consolidated Statement of Financial Position (Thousand Euro) | Metric (Thousand Euro) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 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 In H1 2025, net cash inflow from operating activities significantly improved to €76.67 million, with net cash outflows from investing and financing activities, resulting in €134 million cash and cash equivalents at period-end Interim Condensed Consolidated Statement of Cash Flows (Thousand Euro) | Cash Flow Activities (Thousand Euro) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cash Flow from Operating Activities | 76,667 | 58,615 | | Cash Flow Used in Investing Activities | (52,645) | (58,651) | | Cash Flow (Used in)/from Financing Activities | (41,258) | (40,499) | | Net 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 This section provides detailed notes to the interim condensed consolidated financial statements, covering financial risk management, net revenue breakdown, intangible assets, and related party transactions Note 4. Financial Risk Management The group manages liquidity, market (currency and interest rate), and credit risks through cash flow planning, fair sales policies, and monitoring, with credit risk deemed immaterial due to customer types and commercial policies - The group primarily faces exchange rate risk related to the US Dollar and conducted a sensitivity analysis on Euro/USD exchange rate changes, where a -5% change would increase profit before tax by €0.812 million and equity by €14.07 million[167][168] - Credit risk is considered immaterial as commercial policy requires payment of the balance before or upon vessel delivery; as of June 30, 2025, approximately €10.72 million of the €35.33 million in trade receivables were overdue by more than 90 days[172][173] - The group manages liquidity risk by weekly planning of expected cash flows, with most transactions requiring full payment upon delivery and advance payments collected based on production progress[161] Note 5. Net Revenue This note details the composition of net revenue, with H1 2025 total net revenue at €638 million, primarily from new yacht sales, with custom-made yachts contributing the most by product and Europe by region Net Revenue by Product Type (Thousand Euro) | Product Type (Thousand Euro) | H1 2025 Net Revenue | H1 2024 Net Revenue | | :--- | :--- | :--- | | Composite Yachts | 234,403 | 265,048 | | Custom-Made Yachts | 253,134 | 233,144 | | Superyachts | 104,444 | 82,496 | | Other Businesses | 28,458 | 30,352 | | Pre-owned Yachts | 17,829 | 35,376 | | Total Net Revenue | 638,269 | 646,416 | - As of June 30, 2025, the transaction price allocated to unsatisfied performance obligations (i.e., net order backlog) was €761 million, of which €469 million is expected to be recognized as revenue within one year[196] Note 29. Intangible Assets As of June 30, 2025, the group's intangible assets had a net book value of €282 million, with trademarks, including core brands like Ferretti Yachts and Riva, being the largest component at €245 million Key Intangible Assets (Thousand Euro) | Key Intangible Assets (Thousand Euro) | Net Book Value as of June 30, 2025 | | :--- | :--- | | Trademarks | 245,045 | | Concessions | 14,350 | | Intellectual Property Rights | 15,257 | | Goodwill | 7,097 | | Total Intangible Assets | 282,406 | Note 45. Related Party Transactions The group engages in related party transactions on fair terms with entities like Weichai Power (sponsoring Ferrari F1 team helmets) and Shandong Weichai Import & Export (yacht sales), as well as other affiliates for design services and brand sponsorship - The balance of payables to fellow subsidiary Weichai Power Co., Ltd. was €0.645 million, related to sponsoring the "Riva" brand helmet for the Ferrari F1 team[307][308] - Receivables from Shandong Weichai Import & Export Co., Ltd. amounted to €1.4 million, related to the sale of a yacht[309] Declaration on Interim Condensed Consolidated Financial Statements as per Article 154-BIS, Paragraph 5 of Legislative Decree 58/98 (as amended and supplemented) concerning the Interim Condensed Consolidated Financial Statements as of June 30, 2025 This section contains the management's declaration affirming that the interim condensed consolidated financial statements were prepared in accordance with IFRS and accurately reflect the company's financial position and operating results Management Declaration CEO Alberto Galassi and Financial Reporting Officer Marco Zammarchi jointly declared that the interim condensed consolidated financial statements were prepared following appropriate administrative and accounting procedures, comply with IFRS, and fairly represent the company's financial position and operating results - The Chief Executive Officer and the Financial Reporting Officer certified that the interim condensed consolidated financial statements comply with International Financial Reporting Standards, correspond to the accounting records, and truly and fairly represent the company's financial position[320] Definitions This section provides clear definitions for key terms and abbreviations used throughout the report, ensuring consistent understanding for readers Key Term Definitions This section provides detailed definitions for key terms and abbreviations used in the report, such as "the Company," "the Group," "Controlling Shareholder" (Shandong Heavy Industry Group), "Dual Listing" (HKEX and Euronext Milan), and various geographical regions, ensuring consistent reader understanding - Clear definitions are provided for professional terms, company entities, regulatory rules, and currency units used in the report[322][324][326][327]