Financial Performance - The group's net revenue for the six months ended June 30, 2023, was approximately €580.8 million, an increase of about 8.6% compared to €534.9 million in the same period of 2022[2]. - The group's profit for the period was approximately €40.9 million, representing an increase of about 36.8% from €29.9 million in the same period last year[2]. - Adjusted EBITDA for the six months ended June 30, 2023, was approximately €83.4 million, up about 20.9% from approximately €69.0 million in 2022[2]. - Basic and diluted earnings per share for shareholders were €0.12, compared to €0.10 in the previous year[3]. - Total comprehensive income for the period was €38.9 million, compared to €33.6 million in the same period of 2022[5]. - The company reported a pre-tax profit of €55,512 thousand for the first half of 2023, compared to €29,151 thousand in the same period of 2022, indicating an increase of 90.5%[8]. - The company's net profit attributable to shareholders increased to €40,448 thousand for the six months ended June 30, 2023, compared to €29,608 thousand for the same period in 2022, representing a growth of 36.7%[44]. - Earnings per share (EPS) for the company attributable to shareholders was €0.12 for the six months ended June 30, 2023, compared to €0.10 in the same period of 2022, reflecting a 20% increase[44]. - Net profit increased by approximately 36.8% to about €40.9 million, driven by scale and improved profit margins[68]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to €1,484.9 million, an increase from €1,407.6 million as of December 31, 2022[7]. - The total liabilities as of June 30, 2023, were €687.5 million, compared to €629.2 million at the end of 2022[7]. - Shareholders' equity attributable to the company was €796.6 million as of June 30, 2023, an increase from €778.0 million at the end of 2022[7]. - The company's cash and cash equivalents were €309.7 million as of June 30, 2023, down from €317.8 million at the end of 2022[6]. - The ending cash and cash equivalents as of June 30, 2023, were €309,660 thousand, down from €441,434 thousand at the end of June 2022, a decrease of 29.8%[9]. - The net cash position as of June 30, 2023, was €320 million, compared to €365 million as of December 31, 2022[73]. - The debt-to-equity ratio decreased to approximately 4.5% from 5.1% as of December 31, 2022, indicating a strong financial position[74]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2023, was €62,076 thousand, a decrease from €144,215 thousand in the same period of 2022, representing a decline of 56.9%[8]. - Cash flow used in investing activities was €(36,629) thousand for the first half of 2023, an improvement from €(78,983) thousand in the same period of 2022[9]. - The company did not issue new shares in the first half of 2023, contrasting with €223,320 thousand raised from share issuance in the same period of 2022[9]. Operational Highlights - The group successfully completed its dual listing on the Milan Stock Exchange and the Hong Kong Stock Exchange on June 27, 2023[2]. - The company operates a single reporting segment focused on the design, construction, and marketing of yachts and leisure boats[19]. - The company operates seven shipyards and two indoor accessory and custom furniture production facilities, ensuring high-quality production and technical performance[46]. - The company has established a sales network covering over 70 countries/regions, targeting high-net-worth individuals and enhancing brand positioning through exclusive promotional activities[46]. Cost and Expenses - Total personnel costs for the six months ended June 30, 2023, were €65,088 million, a decrease of 6% from €69,301 million in the same period last year[25]. - The company incurred €58,856 million in total other service costs, down from €61,053 million in the previous year, indicating a reduction of approximately 4%[23]. - The cost of raw materials and consumables increased by approximately 21.2% from about €260.8 million to approximately €316.1 million due to increased production activities[60]. - Contractor costs rose by approximately 33.0% from about €77.3 million to approximately €102.8 million, driven by increased production activities to meet order growth[61]. - The total operating expenses decreased significantly to €2,953 million from €5,626 million, representing a reduction of 47.5% year-over-year[28]. Market Position and Orders - The company holds a 15% market share in the global luxury yacht market as of June 30, 2022, positioning it as a leading player in the sector[45]. - Cumulative orders increased by 15.8% compared to the six months ended June 30, 2022, driven by an expanded product portfolio and redesigned models[48]. - Revenue from composite yachts rose by approximately 11.2% from about €234 million to approximately €260 million due to increased cumulative orders[51]. - Revenue from custom yachts increased by approximately 3.3% from about €201 million to approximately €208 million, also attributed to higher cumulative orders[52]. - Revenue from superyachts surged by approximately 32.5% from about €49 million to approximately €65 million, primarily due to the launch of new alloy-hulled superyacht models[53]. Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong listing rules and the Italian corporate governance code since its listing[85]. - The audit committee has reviewed the unaudited interim consolidated financial statements and confirmed that the accounting treatment is in accordance with applicable accounting standards[87]. - The company appointed EY S.p.A. as its independent auditor for a term of nine financial years, starting from the fiscal year ending December 31, 2023[89]. - The board of directors includes both executive and non-executive members, ensuring diverse governance[99]. Future Outlook - The company anticipates no significant impact from the newly issued accounting standards on its financial statements[18]. - The company plans to adopt new accounting standards upon their effective date, expecting no major impact on its financial statements[18].
法拉帝(09638) - 2023 - 中期业绩