Financial Performance - The company's net revenue for 2022 reached €1,030.1 million, representing a 14.7% increase compared to 2021[5] - Adjusted EBITDA for 2022 was €140.0 million, up 36.5% from €102.6 million in 2021, with an EBITDA margin of 14.1%[8] - Net profit increased by 62.0% year-over-year to approximately €60.5 million[8] - The yacht manufacturing business accounted for approximately 91.3% of net revenue[8] - The yacht manufacturing business achieved a record performance with the delivery of 207 new vessels, an increase of 13 vessels compared to 2021[9] - The company reported a net revenue of €1,030.1 million for the period, an increase of 14.7% from €898.4 million for the year ended December 31, 2021[20] - The net profit increased by 62.0% to €60.5 million, up from €37.4 million for the year ended December 31, 2021[19] - The company received new orders amounting to €1,162 million during the reporting period, compared to €971.5 million in new orders for the year ended December 31, 2021[20] - The cumulative order book as of December 31, 2022, reached €1,296 million, up from €1,015.8 million as of December 31, 2021[16] Market and Product Development - The global yacht market size was approximately €24 billion in 2022, projected to reach about €29.3 billion by 2025, reflecting a compound annual growth rate (CAGR) of 6.8% from 2022 to 2025[12] - The number of potential end customers (ultra-high and extremely high net worth individuals) is expected to grow at a CAGR of 7.7% and 7.8% from 2022 to 2025, indicating significant growth potential[13] - The company aims to enhance its product offerings and maintain market leadership in composite and custom segments, focusing on areas with the highest growth potential and profit margins[13] - The company launched 24 new yacht models from 2020 to 2022, which now represent about 50% of the current product lineup[8] - Six superyachts were delivered from 2020 to 2022, reflecting an increase in demand and attracting new customers[8] Revenue Breakdown - Composite yachts generated net revenue of €439.3 million, a year-on-year decrease of 5.4%, accounting for approximately 42.6% of the group's net revenue, with total new orders reaching €484.9 million[9] - Custom yachts recorded net revenue of €405.8 million, a year-on-year increase of 62.5%, representing about 39.4% of the group's net revenue, with total new orders amounting to €473.0 million[9] - Super yachts achieved net revenue of €95.4 million, a year-on-year increase of 12.9%, accounting for approximately 9.3% of the group's net revenue, with total new orders reaching €204.6 million[9] - The auxiliary business generated net revenue of €89.5 million, a year-on-year decline of 10.3%, primarily due to a decrease in revenue from second-hand yachts[10] Assets and Liabilities - Current assets for 2022 were €818.7 million, up from €505.2 million in 2021[6] - The company's total assets reached €1,407.6 million in 2022, compared to €1,046.1 million in 2021[6] - As of December 31, 2022, the company's current assets amounted to €818.7 million, while current liabilities were €583.4 million, resulting in a net current asset value of €235.3 million, an increase of €203.5 million from €31.8 million in 2021[35] Cost and Expenses - The cost of raw materials and consumables rose by €90.2 million or 21.3% to €514.5 million, driven by increased production activities due to new orders[29] - Personnel costs increased by €16.4 million or 14.6% to €128.8 million, primarily due to management incentive payments and an increase in average employee numbers[30] Corporate Governance - The board of directors consists of eight members, including one executive director and three independent non-executive directors, ensuring a diverse range of expertise and experience[60] - The company has complied with all applicable corporate governance code provisions since its listing, except for one specific provision regarding meetings with independent non-executive directors[58] - The board is responsible for leading and monitoring the group, focusing on overall strategy, approving development plans, and overseeing financial performance[62] - The company has established a performance-based discretionary bonus system for eligible employees, linked to operational performance[57] Sustainability and ESG Initiatives - The company is committed to sustainability, investing in innovative solutions and partnerships, including the development of hydrogen engines for yachts in collaboration with Weichai Group[11] - The company has committed to sustainable development, focusing on environmental management, innovation, and the health and safety of employees and customers[133] - The company aims to enhance energy efficiency and reduce greenhouse gas emissions, which are critical to mitigating financial and reputational risks[143] - The company has established dedicated HSE departments in each factory to improve pollution, waste, and water management[142] Employee and Community Engagement - As of December 31, 2022, the company had 1,835 full-time employees, an increase from 1,617 employees as of December 31, 2021, reflecting a growth of approximately 13.5%[57] - The company provided a total of 19,635 hours of training in 2022, a 19% increase compared to the previous year[170] - The company has committed to supporting local children's protection initiatives in El Salvador through a special project launched in September 2022, in collaboration with the 7 Fund[176] Risk Management - The company has implemented a 231 model update to enhance the effectiveness of its risk management and internal control systems, covering all significant controls including financial, operational, and compliance controls[82] - The company prioritizes risk management by evaluating the likelihood and potential impact of adverse events, categorizing risks based on their significance[84] - The company faces risks related to anti-corruption and anti-money laundering laws in various jurisdictions, which could impact its reputation and lead to significant penalties[87] Shareholder Information - The company paid a final dividend of €6.7 million for the fiscal year ending December 31, 2021, and proposed a final dividend of €19,902,780.06 for the reporting period, equating to €0.0588 per share, compared to €0.0198 per share in 2021[98] - The company has adopted a regular annual dividend policy to distribute no less than 30% of the annual profit attributable to shareholders, after deducting a mandatory legal reserve of 5%[99] Environmental Impact - The company reported a total water intake of 107,284 cubic meters in 2022, with 48% sourced from third parties[155] - The total amount of non-hazardous waste generated by the company rose significantly from 1,048.9 tons in 2021 to 1,636.7 tons in 2022, an increase of about 56%[200] - The company successfully reduced greenhouse gas emissions by 15% year-over-year, aligning with its sustainability goals[190]
法拉帝(09638) - 2022 - 年度财报