Financial Performance - Ferretti Group's net revenue for 2021 reached €898.4 million, a 47% increase compared to €611.4 million in 2020[15]. - Adjusted EBITDA for 2021 was €102.6 million, up 74% from €59.1 million in 2020, with an EBITDA margin of 12.0%, an increase of 1.7 percentage points[17]. - The company reported a net profit of €37.4 million for the reporting period, a 70.1% increase from €22.0 million for the year ended December 31, 2020[29]. - The group's net profit for the year was €37.4 million, a 70.1% increase from €22.0 million in 2020, with a net profit margin of 4.1%[36]. - Total revenue for the year ended December 31, 2021, was €927,477 thousand, an increase of 45.3% compared to €638,194 thousand in 2020[160]. - Net income for the year was €37,383 thousand, up 69.8% from €21,982 thousand in the previous year[161]. - Basic and diluted earnings per share increased to €0.15 from €0.09, representing a 66.7% growth[160]. - The company reported a net profit of €37,545 thousand for the year 2021, up from €22,006 thousand in 2020, representing a growth of approximately 70.9%[166]. Revenue Breakdown - The company delivered 194 new yachts in 2021, an increase of 52 units compared to the previous year[19]. - Composite yachts generated net revenue of €464.3 million, a 56% increase, accounting for approximately 52% of total net revenue[19]. - Custom yachts achieved net revenue of €249.7 million, up 48%, representing about 28% of total net revenue[19]. - Superyachts recorded net revenue of €84.6 million, a 33% increase, contributing approximately 9% to total net revenue[19]. - Revenue from composite yachts increased by 55.6% to €464.3 million, driven by an increase in new orders from €315.7 million to €563.3 million[31]. - Revenue from custom yachts rose by 48.2% to €249.7 million, with new orders increasing from €155.6 million to €289.3 million[31]. - Revenue from superyachts increased by 32.7% to €84.6 million, with new orders rising from €68.4 million to €104.1 million[31]. Order Backlog and Future Outlook - As of March 31, 2022, the company had a backlog of orders worth €1.3 billion, a 30% increase from December 31, 2021[17]. - The cumulative order details as of December 31, 2021, show a total of €1,015.8 million, up from €691.6 million in the previous year[27]. - The company received new orders amounting to €971.5 million during the reporting period, with a cumulative order backlog of €1,015.8 million as of December 31, 2021, compared to €541.8 million and €691.6 million respectively for the previous year[26]. Market Trends and Growth Potential - The global yacht market size was €18.9 billion in 2020 and is projected to reach €26.8 billion by 2025, indicating significant growth potential[22]. - 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[23]. Investments and Innovations - Ferretti Group has invested heavily in R&D, focusing on environmentally friendly innovations and has partnered with Rolls-Royce Power Systems to develop hybrid solutions for yachts[21]. - The company is committed to using renewable energy across all shipyards to reduce its carbon footprint and is investing in lightweight and eco-friendly materials[23]. - The company aims to strengthen its market leadership in composite and custom yachts, particularly for models over 80 feet, to meet evolving market trends[23]. - Ferretti Group plans to enhance its auxiliary service offerings, including brokerage and refit services, to capitalize on growth opportunities[23]. Operational Efficiency and Cost Management - The company is focused on improving operational efficiency and productivity to increase profitability[24]. - The cost of raw materials and consumables rose by €132.5 million or 45.4% to €424.3 million, attributed to increased production activities and recovery from COVID-19 impacts[34]. - Contractor costs increased by €46.4 million or 50.7% to €138.0 million, reflecting a rise in production activities and new orders[34]. - Personnel costs rose by €20.0 million or 21.6% to €112.4 million, primarily due to an increase in average employee numbers to support business growth[35]. Corporate Governance and Management - The board consists of eight members, including one executive director and three independent non-executive directors, ensuring diverse expertise[70]. - The company has implemented a standard code for securities trading by directors, ensuring compliance since the listing date[69]. - The audit committee was established on December 21, 2021, consisting of four directors, with a focus on reviewing financial reporting and internal control systems[79]. - The company emphasizes board diversity, considering various factors such as gender, age, and professional experience in its nomination guidelines[82]. Environmental and Social Responsibility - The company is committed to sustainable development and will publish its environmental, social, and governance report within five months after the reporting period[108]. - The company has implemented various COVID-19 safety measures to protect employees and ensure operational continuity[65]. - The company has invested significantly in safety measures since 2014, including the installation of safety systems and upgrading fire protection systems[67]. Financial Position and Liquidity - Total assets as of December 31, 2021, amounted to €1,046.1 million, compared to €958.4 million in 2020[16]. - The company's current assets amounted to €505.2 million as of December 31, 2021, an increase from €443.1 million as of December 31, 2020[37]. - The company has sufficient financial resources to continue operations for the foreseeable future, as indicated by its financial condition and available financing arrangements[111]. Shareholder Information and Dividends - The company reported a proposed final dividend of €6,707,160.02, equating to €0.0198 per share, subject to shareholder approval at the annual general meeting[99]. - The company has adopted a regular annual dividend policy to distribute no less than 30% of the annual profit attributable to shareholders, after deducting the mandatory legal reserve of 5%[100]. - A total dividend of €3.5 million was paid to shareholders for the fiscal year ending December 31, 2020[98].
法拉帝(09638) - 2021 - 年度财报