Financial Performance - Net revenue for the first half of 2022 reached approximately €534.9 million, a 17.0% increase from €457.2 million in the same period of 2021[6]. - New orders surged to approximately €642 million, marking a 30% increase from about €494 million in the prior year[8]. - Adjusted EBITDA for the first half of 2022 was approximately €69 million, up 30% from €53 million in the same period of 2021, with an EBITDA margin of 13.5%[8]. - Net profit for the first half of 2022 increased by 26.4% to approximately €29.6 million, compared to €23.4 million in the same period of 2021[6]. - Total assets rose to €1.36 billion, reflecting a 30.4% increase from €1.05 billion at the end of 2021[6]. - The group's overall net revenue increased by approximately 17.0% from about €457.2 million for the six months ended June 30, 2021, to about €534.9 million for the corresponding period[19]. - Net profit for the period increased by approximately 27.6% to €29.9 million, up from €23.4 million for the six months ended June 30, 2021[28]. - The company reported a revenue of €555,641 thousand for the six months ended June 30, 2022, representing a 17.2% increase from €474,035 thousand in the same period of 2021[55]. - The company reported a total of €688,594 in contract liabilities as of June 30, 2022, compared to €433,093 in the previous year, indicating a significant increase in future revenue recognition[93]. Sales and Market Growth - The company reported a significant increase in customized yacht sales, with net revenue rising 58.7% to approximately €201 million in the first half of 2022[9]. - Revenue from the sale of superyachts increased by 25.2% to approximately €49 million in the first half of 2022[9]. - Revenue from specialized custom yachts increased by approximately 58.7% from about €127 million to about €201 million, driven by a rise in new orders from €167 million to €247 million[22]. - Revenue from superyachts rose by approximately 25.2% from about €39 million to about €49 million, primarily due to an increase in new orders amounting to €105 million[23]. - The company anticipates continued growth in the second half of 2022, supported by a backlog of approximately €1.2 billion in orders[8]. - Ferretti Group's market size in 2021 was €20.8 billion, projected to reach €26.8 billion by 2025, indicating a significant growth opportunity[13]. - The Asia-Pacific market is expected to grow at a compound annual growth rate (CAGR) of 10.8% for ultra-high-net-worth individuals and 11.6% for extremely high-net-worth individuals from 2020 to 2025[13]. Research and Development - The company maintains a strong focus on R&D to innovate and expand its product offerings, enhancing its market leadership in the luxury yacht sector[9]. - The company is investing in R&D for hybrid propulsion systems and all-electric propulsion systems for small yachts[12]. - Ferretti Group has launched a collaboration with Rolls-Royce Power Systems to develop hybrid solutions for yachts[12]. - The group plans to expand its composite materials and specialized custom product offerings, focusing on yachts over 80 feet in length[18]. Financial Position and Strategy - Cash and cash equivalents as of June 30, 2022, were approximately €441 million, up from €173 million as of December 31, 2021[33]. - Total bank borrowings as of June 30, 2022, were approximately €74.1 million, down from €88.5 million as of December 31, 2021[34]. - The capital-to-debt ratio decreased to approximately 9.9% as of June 30, 2022, from 17.8% as of December 31, 2021, indicating a strong financial position[35]. - The company has sufficient financial resources to continue operations in the foreseeable future, as indicated by its current financial status and available financing[40]. - The company has not taken on new bank loans in 2022, contrasting with €56,456 thousand in new loans taken in 2021, indicating a shift in financing strategy[62]. - The company’s financial strategy includes maintaining a net debt to EBITDA ratio of 1.5 or higher, with regular assessments every six months[148]. Corporate Governance - The board of directors is committed to high standards of corporate governance and has adhered to the corporate governance code since the listing date until June 30, 2022[41]. - The audit committee was established on December 21, 2021, and has reviewed the unaudited financial statements for the interim period, confirming compliance with applicable accounting standards[43]. - The company operates under the governance code as stipulated in the listing rules, ensuring compliance with corporate governance standards[188]. Shareholder Information - The company did not recommend any interim dividend for the reporting period[39]. - The company declared a dividend of €6,707,160 for the fiscal year ending December 31, 2021, translating to €0.0198 per ordinary share[172]. - The net profit attributable to shareholders for the six months ended June 30, 2022, was €29,608,000, up from €23,419,000 for the same period in 2021, representing a growth of 26.9%[174]. - Basic and diluted earnings per share stood at €0.09, consistent with the previous year[55]. Risks and Liabilities - The group’s costs for raw materials and consumables increased by approximately 23.1% from about €211.9 million to about €260.8 million, mainly due to increased production activities driven by new orders[25]. - The group’s contractor costs rose by approximately 23.9% from about €62.3 million to about €77.3 million, also due to increased production activities[25]. - The company faces currency risk primarily related to fluctuations in the Euro and USD exchange rates, particularly due to sales conducted by its subsidiary in the US[78]. - The total provision for product warranty increased to €24,655 million from €18,867 million as of December 31, 2021, reflecting a growth of 30.0%[150]. Employee and Director Compensation - The total remuneration for directors of Ferretti S.p.A. for the six months ended June 30, 2022, was €2,830,000, an increase of 129% compared to €1,235,000 for the same period in 2021[31][184]. - Alberto Galassi, the CEO, received a remuneration of €2,673,000 for the six months ended June 30, 2022, compared to €1,073,000 for the same period in 2021, reflecting a growth of 149%[31][184]. - The total social security contributions for directors in the first half of 2022 were €16,000, down from €36,000 in the same period of 2021, indicating a decrease of 56%[31][184].
法拉帝(09638) - 2022 - 中期财报