Financial Performance - Total revenue for the year ended December 31, 2022, was €967.753 million, an increase of 15% from €841.503 million in 2021[15]. - Net income for 2022 was €52.395 million, compared to €23.533 million in 2021, representing a growth of 123%[16]. - Cash and cash equivalents increased significantly to €293.322 million in 2022 from €114.223 million in 2021, showing a growth of 157%[17]. - Total assets rose to €1,565.404 million in 2022, up from €1,194.706 million in 2021, reflecting a growth of 31%[18]. - The company reported a gross profit margin improvement, with net revenue of €931.698 million after costs, compared to €817.732 million in the previous year[15]. - The company’s total liabilities increased to €733.057 million in 2022 from €631.919 million in 2021, indicating a rise of 16%[18]. - The company reported a net profit of €52,395 thousand for the year 2022, up from €23,533 thousand in 2021, marking a growth of 122.5%[21]. - The company’s total reserves increased to €493,864 thousand in 2022 from €312,052 thousand in 2021, a rise of 58.2%[21]. Audit and Compliance - The financial statements were prepared in accordance with EU-adopted International Financial Reporting Standards, reflecting a true and fair view of the company's financial position as of December 31, 2022[3]. - The audit identified key audit matters, including revenue recognition for shipbuilding and impairment testing of intangible assets, which involved complex estimates and judgments[5][7]. - The audit was conducted in accordance with International Auditing Standards, providing reasonable assurance that the financial statements are free from material misstatement[4]. - The independent auditor's report confirms that the financial statements of Ferretti S.p.A. fairly reflect the company's financial position as of December 31, 2022, in accordance with EU-adopted International Financial Reporting Standards[12]. - The auditor assessed the risks of material misstatement due to fraud or error and designed audit procedures to address these risks, emphasizing that the risk of fraud is higher than that of error[13]. - The audit procedures included evaluating management's methods for estimating costs and assessing the reasonableness of long-term growth rates and discount rates used in impairment testing[7]. - The company is responsible for assessing its ability to continue as a going concern and ensuring that the financial statements are free from material misstatement due to fraud or error[8]. Assets and Liabilities - The company reported intangible assets amounting to €231.6 million, primarily consisting of trademarks with indefinite useful lives valued at €221.7 million[7]. - Total financial assets amounted to €347,976 million, an increase from €257,913 million in 2021, representing a growth of approximately 35%[59]. - Trade receivables were reported at €189,319 million for 2022, slightly down from €196,195 million in 2021, indicating a decrease of about 3.5%[59]. - The company has a total lease liability of €17,102,000, with future cash flows of €19,825,000 over various time frames[70]. - The total amount of trade and other payables reached €484,497 million as of December 31, 2022, compared to €389,492 million in 2021, indicating a rise of 24.4%[165]. Revenue Recognition and Contracts - Revenue from construction contracts is recognized based on the percentage of completion method, reflecting the ratio of costs incurred to estimated total contract costs[25]. - The total amount of existing contracts not yet fulfilled as of December 31, 2022, was €748,413,000, up from €509,338,000 in 2021, indicating strong future revenue potential[90]. - Revenue recognized from contract liabilities increased significantly to €116,623,000 in 2022 from €34,023,000 in 2021[89]. - The company anticipates recognizing revenue from remaining performance obligations within one year for a significant portion of its contracts[90]. Cash Flow and Financing Activities - Total cash flow from operating activities decreased to €176,533 thousand in 2022 from €212,393 thousand in 2021, a decline of 16.9%[19]. - Financing activities generated €139,913 thousand in cash flow in 2022, compared to a net outflow of €58,050 thousand in 2021[20]. - The company issued shares worth €234,753 thousand in 2022, while no shares were issued in 2021[20]. - The company’s cash flow from financing activities showed a reduction in bank and other borrowings from €130,198,000 at the end of 2021 to €58,730,000 by December 31, 2022[189]. Employee Benefits and Compensation - The total number of employees remained stable at 4 for both years, with the highest-paid non-director employees earning between 3,500,001 HKD and 15,500,000 HKD[103]. - Total wages and salaries for 2022 amounted to $8,916 million, up from $3,985 million in 2021, reflecting a 123% increase[200]. - The total employee benefits provision included a demographic assumption of a 3% annual probability of employment termination for employees aged 65 and below[178]. - The company’s interest cost for employee benefits was €37,000 for the year ended December 31, 2022[179]. Investments and Acquisitions - The company made a cash payment of €100,000 to acquire 60% of Fratelli Canalicchio S.p.A. on September 19, 2022[136]. - The company provided a loan of €6,375,000 to Zago S.p.A. for acquiring 85% of Il Massello Srl on September 28, 2022[148]. - Investments in subsidiaries amounted to €17,575,000 as of December 31, 2022, an increase from €13,619,000 in 2021, with notable investments in Sea Lion Srl and Ram S.p.A.[135]. Provisions and Impairments - Provisions and impairments totaled 35,524,000 HKD for the year ended December 31, 2022, significantly higher than 15,292,000 HKD in 2021, indicating a rise of approximately 132.5%[106]. - The total product warranty provision increased from €18,767 million on December 31, 2021, to €26,201 million on December 31, 2022, reflecting a growth of 39.5%[161]. - The provision for legal proceedings and tax and employment law litigation increased from €5,819 million in 2021 to €8,663 million in 2022, a growth of 48.5%[162]. Related Party Transactions - The total amount of related party transactions as of December 31, 2022, included 184,645,000 euros in other receivables and 100,983,000 euros in other payables[193]. - The total revenue from related parties for the year ended December 31, 2022, was €157.459 million, with other income of €2.319 million[197]. - The total payables to Ferretti Group of America LLC were €59.129 million, reflecting significant transactions within the group[196]. Taxation - The total tax expense for the year ended December 31, 2022, was 4,752,000 EUR, compared to 1,185,000 EUR in 2021, indicating a significant increase due to higher taxable income[112]. - The company recognized a tax credit of €1,365,000 related to the Italian incentive legislation "Industria 4.0" as of December 31, 2022[125].
法拉帝(09638) - 2022 - 年度财报