Financial Performance - Revenue for the year ended December 31, 2021, was €841.5 million, a 58% increase from €532.1 million in 2020[12]. - Net income for 2021 was €23.5 million, compared to €25.8 million in 2020, reflecting a decrease of 8.9%[13]. - Total assets increased to €1,194.7 million in 2021 from €1,103.4 million in 2020, representing an 8.3% growth[14]. - Cash and cash equivalents rose significantly to €114.2 million in 2021 from €18.2 million in 2020, marking a 528% increase[14]. - Trade and other receivables increased to €226.3 million in 2021, up from €204.1 million in 2020, a growth of 10.8%[14]. - The company reported a gross profit margin improvement, with net revenue of €817.7 million after costs, compared to €510.8 million in the previous year[12]. - The total liabilities increased to €631.9 million in 2021 from €530.0 million in 2020, indicating a 19.2% rise[15]. - The company maintained its equity at €562.8 million, slightly down from €573.4 million in 2020, a decrease of 1.1%[15]. - Operating cash flow for 2021 reached €212,393 thousand, a significant increase from €46,225 thousand in 2020, representing a growth of 359%[16]. - The company reported a pre-tax profit of €24,718 thousand for 2021, compared to €8,825 thousand in 2020, marking an increase of 180%[16]. Audit and Compliance - The audit opinion confirmed that the financial statements fairly reflect the company's financial position and performance as of December 31, 2021, in accordance with EU-adopted IFRS[3]. - Key audit matters included the complexity of revenue recognition for shipbuilding and impairment testing of intangible assets[5]. - The company’s management is responsible for ensuring the financial statements are free from material misstatement due to fraud or error[8]. - The audit procedures included evaluating management's estimates and assumptions related to revenue recognition and impairment testing[7]. - The audit was conducted in accordance with International Auditing Standards, providing a high level of assurance regarding the financial statements[4]. - The financial statements include disclosures regarding the significant accounting policies and estimates used in preparing the reports[6]. - The company has identified key audit matters and communicated them with governance, ensuring transparency in financial reporting[10]. Assets and Liabilities - The company recorded intangible assets amounting to €233.8 million, primarily consisting of trademarks valued at €221.4 million[7]. - The company reported a significant increase in contract assets and liabilities, which rose to €100,738 thousand in 2021 from €17,306 thousand in 2020, a growth of 482%[16]. - The company’s total equity as of December 31, 2021, was €562,787 thousand, down from €573,378 thousand at the end of 2020, reflecting a decrease of 2%[18]. - The company’s depreciation and amortization expenses increased to €44,323 thousand in 2021 from €33,478 thousand in 2020, an increase of 32%[16]. - The company’s total financial assets amounted to €372,136 million in 2021, up from €341,549 million in 2020, indicating a growth of approximately 8.5%[49]. - Total financial liabilities were €379,022 million in 2021, slightly down from €382,888 million in 2020, reflecting a decrease of about 1.5%[50]. Revenue Recognition and Accounting Policies - Revenue from construction contracts is recognized based on the percentage of completion method, reflecting the ratio of costs incurred to estimated total contract costs[22]. - Government grants are recognized as income when it is reasonably assured that they will be received, and are systematically allocated to match the costs they are intended to compensate[23]. - Current tax liabilities are calculated using the effective tax rate applicable at the reporting date, while deferred tax assets and liabilities are recognized based on temporary differences[24]. - Trade receivables are recognized at face value less estimated allowances for doubtful accounts, with expected credit losses calculated based on the International Financial Reporting Standards[25]. - Inventory is valued using the weighted average cost method, considering the lower of cost or net realizable value, including direct and indirect production costs[26]. - Financial assets are initially recognized at fair value, with classification depending on the characteristics of cash flows and the company's business model[27]. - Financial assets are classified into four categories for subsequent measurement, with amortized cost measurement being the most significant for the company[28]. - Expected credit losses are recognized based on the difference between contractual cash flows due and expected cash flows, with a two-stage approach for credit risk assessment[28]. - Trade receivables and contract assets use a simplified method for calculating expected losses, fully recognizing expected losses at the reporting date[29]. Employee and Operational Expenses - The company’s operating expenses included personnel costs of €100.9 million, up from €68.8 million in 2020, reflecting a 46.6% increase[12]. - The total amount for rent and leases rose to €6,469,000 in 2021, up from €4,812,000 in 2020, marking a 34.4% increase[82]. - The total remuneration paid to the top five employees increased to €8,924,000 in 2021 from €4,964,000 in 2020, representing an increase of 79%[178]. - The total remuneration for the board of directors was €4,349,000 in 2021, compared to €2,396,000 in 2020, reflecting an increase of 81%[179]. - The provision for employee benefits reached €6,141,000 in 2021, up from €4,983,000 in 2020, indicating a rise of 23.2%[154]. Risks and Future Outlook - The company faces currency risk primarily related to fluctuations in the Euro and USD exchange rates, impacting invoicing and cash balances[54]. - The company has implemented cash flow hedging strategies using simple derivatives to mitigate currency risks, although no forward currency contracts were held as of December 31, 2021[54]. - The company believes that the geopolitical tensions will have a minor impact on sales, procurement, and future outlook[192]. - The company anticipates that any increase in energy prices and raw material costs will have a minor impact due to its non-energy-intensive business model[192]. Investments and Acquisitions - The company reported a contract asset loss of €8.5 million due to a fire incident at its shipyard, which is fully insured[192]. - The global offering of shares on the Hong Kong Stock Exchange raised approximately €209 million, net of underwriting fees and related expenses[192]. - The company has provided guarantees totaling €46.2 million for the construction of several vessels, along with various other bank guarantees[191]. - A total of €91 million in guarantees has been issued by banks to secure advance payments for vessel construction[191]. Taxation and Provisions - The total income tax expense was €1,185,000, a significant decrease from €17,001,000 in 2020[94]. - The company utilized tax losses amounting to €6,250,000 in 2021, which were not utilized in 2020[96]. - The company has recognized previously unconfirmed deferred tax assets based on expected future taxable profits[132]. - The total product warranty provision increased to €18,767,000 from €13,826,000 in 2020, reflecting a growth of approximately 35.4%[140].
法拉帝(09638) - 2021 - 年度财报