Financial Performance - The company achieved a net revenue of €1,134.5 million in 2023, representing a growth of approximately 10.1% compared to 2022[22]. - Adjusted EBITDA reached €169.2 million, an increase of about 20.9% from €140.0 million in 2022, with an EBITDA margin of 15.2%, up 110 basis points[22]. - The net profit for the year was €83.5 million, a rise of approximately 38% from €60.5 million in the previous year[22]. - The total new order volume for the period reached €1,120.4 million, consistent with the new order volume for the year ended December 31, 2022[31]. - The company's net revenue increased by approximately 10.1% to €1,134.5 million in 2023, up from €1,030.1 million in 2022[46]. - The company's other income rose to €22,200 thousand, an increase of €6,200 thousand or 38.8% from €16,000 thousand in the previous year[54]. - The company's net profit for the year increased by €23,000 thousand or approximately 38% to €83,500 thousand, with a net profit margin rising from 5.9% to 7.4%[64]. Order and Backlog - The total order backlog as of December 31, 2023, was approximately €1.5 billion, an increase of about 15.1% from the previous year[22]. - Cumulative orders as of December 31, 2023, reached €1,491.1 million, a 15.1% increase from €1,295.6 million as of December 31, 2022[38]. - The composite yacht segment saw new order volume of €527.2 million, accounting for 47.1% of total new orders in 2023, up from 39.8% in 2022[34]. - The custom yacht segment's new order volume decreased by 14.6% to €423.0 million, representing 37.8% of total new orders in 2023[34]. - The superyacht segment experienced a decline of 26.9% in new order volume to €149.5 million, making up 13.3% of total new orders[34]. Product Segments - The net revenue from composite material yachts reached €491.8 million, a year-on-year increase of 19.3%, accounting for approximately 44.3% of the total net revenue from new yachts during the reporting period[24]. - The net revenue from custom-built yachts increased by 1.7% to €440.3 million, with new orders amounting to €423.0 million during the reporting period[24]. - The net revenue from superyachts rose by 23.3% to €117.6 million, with new orders totaling €149.5 million, driven by strong performance in flagship semi-series models[24]. - The other business segment generated net revenue of approximately €61.3 million, reflecting a year-on-year growth of about 10.3%, primarily from the Wally sailing division[25]. Research and Development - The company emphasized its commitment to R&D to maintain its market leadership in the luxury yacht industry[23]. - The company aims to invest in innovation and sustainable materials to reduce environmental impact and enhance the sailing experience[42]. - The company is committed to investing in high-value activities to support future growth and product portfolio expansion[29]. Sustainability and Environmental Initiatives - The company has initiated steps to achieve ISO 14001:2015 environmental certification for all shipyards, aiming to reduce energy consumption and emissions[28]. - The company is committed to aligning its sustainability policies with international best practices and market positioning[171]. - The Sustainability Committee is tasked with monitoring the implementation of sustainability policies and reporting to the board[171]. Corporate Governance - The company has established a sustainability committee to assist the board in drafting environmental, social, and governance strategies and policies[93]. - The board consists of 7 to 11 members, including a chairman and one or more vice-chairmen, ensuring compliance with independence requirements[114]. - The company has adopted a shareholder communication policy as per the corporate governance code[93]. - The board is responsible for approving significant transactions that may impact the company's strategy or financial condition[111]. Financial Position and Assets - Current assets increased to €930.2 million in 2023 from €818.7 million in 2022[20]. - Total assets rose to €1,602.2 million in 2023, compared to €1,407.6 million in 2022[20]. - The company's net working capital as of December 31, 2023, was negative €29.7 million, indicating an increase compared to the previous year, which supports upcoming deliveries in Europe and the Middle East[73]. Employment and Workforce - As of December 31, 2023, the company employed 1,971 staff, an increase from 1,835 staff as of December 31, 2022[87]. - The gender ratio among the company's 1,971 employees is 85% male and 15% female, reflecting the company's commitment to gender diversity[125]. Committees and Board Structure - The board has established various committees, including a monitoring, risk, and related party committee, a remuneration committee, and a nomination committee, to oversee specific governance issues[162]. - The board consists of nine directors, including three independent directors, who meet the independence requirements as per the Corporate Governance Code and Listing Rules[154]. - The board has established a strategy committee as of February 19, 2024, to support long-term value creation for shareholders and stakeholders[175]. Risk Management and Internal Controls - The company has implemented an internal control and risk management system (IARMS) to identify, measure, manage, and monitor key risks, aligning with strategic objectives[194]. - The internal control system aims to ensure the reliability, accuracy, and timeliness of financial data during preparation and publication[196]. - The company actively evaluates the appropriateness and effectiveness of its internal control and risk management systems[195].
法拉帝(09638) - 2023 - 年度财报