Ferretti SpA approves the consolidated periodic financial information as of September 30, 2023.
martes, 7 de noviembre de 2023
NON-IFRS MEASURE
To supplement the Group’s consolidated results which are presented in accordance with IFRS, EBITDA, adjusted EBITDA, adjusted EBITDA/net revenue without pre-owned, being non-IFRS measures, were also presented. The Group is of the view that this measure facilitates comparison of operating performance from period to period by eliminating potential impacts of certain items and believes that this measure provides useful information to understand and evaluate the Group’s consolidated income statements in the same manner as they help the Group’s management. However, the Group’s presentation of EBITDA may not be comparable to similar terms used by other companies. The use of this measure has limitations as an analytical tool, as such, it should not be considered in isolation from, or as substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRS.
The Company defines (i) EBITDA as profit after tax plus financial expenses (including the result of operating foreign exchange conversion but excluding exchange rate gains/(losses) related to financial transactions), depreciation and amortization, and income tax expense, and less financial income and income tax benefit; (ii) adjusted EBITDA as EBITDA adjusted by adding back certain special items (including listing expenses, Management Incentive Plan, litigations and other minor non-recurring events); and (iii) net revenue without pre-owned as net revenue excluding revenue generated from the trading of pre-owned yachts.
With an adjusted EBITDA margin of 15.0% and an adjusted EBITDA of €124.8 million, Ferretti Group, in the first nine months of 2023, confirms its growth path.
The order backlog was at approximately €1.5 billion, a 6.6% increase when compared to the first nine months of 2022.
- Revenue of €856.4 million, an increase of 9.8% when compared to 9M 2022.
- Adjusted EBITDA of €124.8 million, representing an increase of 17.7% when compared to 9M 2022 and with a margin. of 15.0%, representing an increase of 100bps when compared to 9M 2022.
- Net profit of €61.9 million, an increase of 30.6% when compared to 9M 2022.
- Order intake reached €875.0 million in 9M 2023.
- Net financial position of €288.0 million of net cash in 9M 2023.
- The Group confirms its mid-term guidance.
Forlì, November 7, 2023 - The Board of Directors (the “Board”) of Ferretti SpA today reviewed and approved the Consolidated Periodic Financial Information as of September 30, 2023.
Mr. Alberto Galassi, the Group’s Chief Executive Officer, stated: “The positive trend in fiscal 2023 is confirmed by the financial results reported for the first three quarters of the year, and particularly by even better margins and the sustained growth of the order backlog. The huge success achieved by Ferretti Group at this season’s boat shows in the Mediterranean and Fort Lauderdale again demonstrates that our ongoing efforts are being rewarded by excellent sales results. This is one of the reasons for our focus on the Group’s shipyards, and on Ravenna in particular, in order to expand Ferretti Yachts’ new sustainable “INFYNITO” range and to increase production capacity, reacting promptly to market expectations.”
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