Financial Performance - Net revenue for the first half of 2023 reached €580.8 million, an increase of 8.6% compared to €534.9 million in the same period of 2022[5]. - Adjusted EBITDA for the same period was approximately €83.4 million, up 20.9% from €69.0 million year-over-year, with an EBITDA margin of 14.7%, an increase of 120 basis points[6]. - Net profit for the first half of 2023 was approximately €40.9 million, reflecting a 36.8% increase from the previous year[6]. - Total revenue for the six months ended June 30, 2023, was €580.84 million, a 8.6% increase from €534.95 million for the same period in 2022[22]. - Basic and diluted earnings per share increased to €0.12 from €0.10 year-over-year[86]. - The total comprehensive income for the period was €38,922 thousand, compared to €33,601 thousand in the same period last year[87]. - The company reported a pre-tax profit of €55,512 thousand for the first half of 2023, up 90% from €29,151 thousand in the same period of 2022[90]. - The total financial income for the first half of 2023 was €4,277,000, significantly up from €5,000 in the same period of 2022[156]. - The total financial expenses decreased to €1,957,000 in the first half of 2023 from €2,356,000 in the same period of 2022, representing a reduction of 16.9%[157]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to €1.48 billion, a 5.5% increase from €1.41 billion at the end of 2022[5]. - Total liabilities increased by 9.3% to €687.5 million from €629.2 million at the end of 2022[5]. - Inventory increased by €64.6 million or 32.6% to €262.8 million, primarily due to increased yacht production to meet growing demand[45]. - The company's net cash position as of June 30, 2023, was €320 million, down from €365 million at the end of 2022[51]. - The debt-to-equity ratio improved to approximately 4.5% from 5.1% as of December 31, 2022, reflecting a strong financial position[52]. - The total amount of trade receivables was €21,041, with overdue amounts categorized as follows: €1,907 overdue by 30 days, €2,584 overdue by 30 to 60 days, and €1,080 overdue by 60 to 90 days[129]. Revenue Breakdown - Sales of composite material yachts generated net revenue of approximately €260 million, an increase of 11.2% from €234 million in the same period last year[7]. - Sales of custom yachts increased by 3.3% to approximately €208 million from €201 million year-over-year[8]. - Sales of superyachts saw a significant increase of 32.5%, reaching approximately €65 million compared to €49 million in the previous year[8]. - Revenue from composite material yachts increased by approximately 11.2% to €259.79 million for the six months ended June 30, 2023, compared to €233.71 million for the same period in 2022[23]. - Revenue from custom yachts rose by approximately 3.3% to €207.98 million for the six months ended June 30, 2023, compared to €201.29 million for the same period in 2022[24]. - Revenue from superyachts surged by approximately 32.5% to €64.85 million for the six months ended June 30, 2023, compared to €48.93 million for the same period in 2022, driven by the launch of alloy-hulled superyacht models[25]. Market Outlook - The company anticipates continued growth in the second half of 2023, supported by a backlog of orders totaling approximately €1.4 billion[6]. - The global yacht market was valued at approximately €24 billion in 2022 and is projected to reach about €29.3 billion by 2025, with a compound annual growth rate (CAGR) of 6.8% from 2022 to 2025[12]. - The number of ultra-high and high-net-worth individuals is expected to grow at CAGRs of 7.7% and 7.8% respectively between 2022 and 2025, indicating strong demand for luxury yachts[12]. - The company anticipates a net revenue growth of 10% CAGR and an EBITDA margin exceeding 18.5%, with a cash conversion rate estimated to be above 85%[13]. Corporate Governance and Compliance - The company adopted new corporate governance policies to comply with Italian laws and regulations, effective from June 27, 2023[62]. - The audit committee has reviewed the unaudited interim condensed consolidated financial statements and confirmed compliance with applicable accounting standards and regulations[61]. - The board is committed to creating value for shareholders while adhering to local and international governance standards[58]. - The company has implemented measures to enhance its internal control systems and maintain high standards of corporate governance[58]. Strategic Initiatives - The company has invested significantly in R&D since 2014, focusing on environmentally friendly innovations and expanding its product portfolio to meet rapidly changing customer expectations[10]. - The company aims to become a leader in environmental, social, and governance (ESG) practices within the yacht industry, having published its first sustainability report in 2019 and established an ESG committee in 2021[11]. - The group operates seven shipyards and has begun internalizing the production of certain fiberglass and carbon fiber hulls to enhance supply chain control[17]. - The group has established a sales network covering over 70 countries, enhancing its reach to high-net-worth individuals[16]. - The company plans to focus on enhancing its product offerings and expanding its custom yacht range to meet the needs of a broader customer base while maintaining uniqueness[13]. Shareholder Information - The company’s major shareholder, Shandong State-owned Assets Supervision and Administration Commission, holds a 37.61% stake in the company[75]. - Piero Ferrari holds 15,441,768 shares, representing 4.56% of the company[70]. - Shandong Heavy Industry Group owns 127,314,411 shares, accounting for 37.61% of the total shares[72]. - Weichai Group also holds 127,314,411 shares, equivalent to 37.61% of the total shares[72]. - Valea Foundation has a stake of 33,872,900 shares, which is 10.01% of the total shares[72]. - Danilo Lervolino owns 17,862,066 shares, representing 5.27% of the total shares[72]. Investment and Capital Expenditure - The company invested €83,609 thousand in property, plant, and equipment, and intangible assets during the first half of 2023, compared to €36,710 thousand in the same period of 2022[90]. - The company invested approximately €40 million in acquiring a production facility in Italy, which is expected to increase production capacity by about 20% once fully operational[182]. - The company has allocated HKD 428.5 million to strengthen its leadership position in the luxury yacht industry, with HKD 398.2 million already utilized[79]. Risk Management - The group regularly assesses risks associated with its operations, including competition, regulatory changes, and market developments[55]. - The company continuously monitors cash flow and financial resources monthly to manage liquidity risk, considering seasonal business issues[115]. - The company faces a currency risk related to the USD due to sales conducted by its subsidiary, Ferretti Group of America Llc, with no cash flow hedging performed as of June 30, 2023[120].
法拉帝(09638) - 2023 - 中期财报