Ferretti SpA approves Group results as of 31 March 2023.
mercredi 10 mai 2023
In Q1 2023, the Group saw a significant improvement in margins, which rose to 14.3%.
The order backlog reached €1.5 billion, an increase of 15.4% when compared to 31 December 2022.
Forlì, 10 May 2023 - The Board of Directors (the “Board”) of Ferretti SpA today reviewed and approved the Group’s consolidated financial results for the first quarter of 2023.
- Order intake of €307.5 million in the first three months of 2023.
- Revenue of €280.3 million, an increase of 9.3% when compared to Q1 2022.
- Adjusted EBITDA of €40.0 million in Q1 2023, representing an increase of 26.6% when compared to Q1 2022 and with a margin equivalent to 14.3%, representing an increase of 130 basis points when compared to Q1 2022.
- Net profit of €18.6 million.
- Net Financial Position equivalent to €301 million of net cash.
“The luxury yacht market continues to see strong expansion and, once again, Ferretti Group shows vision and foresight, as witnessed by the important acquisition of Cantiere San Vitale, in Ravenna, the cornerstone of a future-looking growth strategy. The huge interest shown by the financial community after the Group’s first Capital Markets Day, and the very positive financial results reported in Q1 2023, are another demonstration of our solidity and confirm once again that our shareholders and our customers were right to place their confidence in us,” said Ferretti Group CEO Alberto Galassi.
Order intake: €307.5 million in Q1 2023.
Order backlog: €1,496.3 million as of 31 March 2023, representing an increase of approximately 15.4% when compared to 31 December 2022 (€1,295.6 million) as a result of strong demand on international markets.
Order Backlog by Segment:
- Composite yachts reached €489.9 million as of 31 March 2023, which is equivalent to approximately 32.7% of total backlog as of 31 March 2023.
- Made-to-measure yachts reached €549.1 million as of 31 March 2023, which is equivalent to approximately 36.7% of total backlog as of 31 March 2023.
- Super yachts reached €384.6 million as of 31 March 2023, which is equivalent to approximately 25.7% of total backlog as of 31 March 2023.
- Other businesses[1] reached €72.7 million, which is equivalent to approximately 4.9% of total backlog as of 31 March 2023.
- €280.3 million in Q1 2023, representing an increase of 9.3% when compared to Q1 2022 (€256.4 million) attributable to the strong order backlog built in 2022.
Revenue by Segment:
- Composite yachts reached €147.3 million, which is equivalent to approximately 52.6% of the total revenue in Q1 2023 (from €109.8 million, which is equivalent to approximately 42.8% of the total revenue in Q1 2022).
- Made-to-measure yachts reached €99.9 million, which is equivalent to approximately 35.6% of the total revenue in Q1 2023 (from €96.1 million, which is equivalent to approximately 37.5% of the total revenue in Q1 2022).
- Super yachts reached €18.1 million, which is equivalent to approximately 6.4% of the total revenue in Q1 2023 (from €24.7 million, which is equivalent to approximately 9.6% of the total revenue in Q1 2022)
- Other businesses[2] reached €15.0 million, which is equivalent to approximately 5.4% of the total revenue in Q1 2023 (from €25.8 million, which is equivalent to approximately 10.1% of the total revenue in Q1 2022).
Revenue by Geographical Region[3]:
- North America, Central America and South America region (“AMAS”) reached €80.0 million, which is equivalent to approximately 28.6% of the total revenue in Q1 2023 (from €70.1 million which is equivalent to approximately 27.3% of the total revenue in Q1 2022).
- Europe, Middle East and Africa region (“EMEA”) reached €135.2 million, which is equivalent to approximately 48.2% of the total revenue in Q1 2023 (from €120.3 million, which is equivalent to approximately 46.9% of the total revenue in Q1 2022).
- Asia-Pacific region (“APAC”) reached €32.0 million, which is equivalent to approximately 11.4% of the total revenue in Q1 2023 (from €15.6 million, which is equivalent to approximately 6.1% of the total revenue in Q1 2022).
- Other and Super yachts[4] reached €33.1 million, which is equivalent to approximately 11.8% of the total revenue in Q1 2023 (from €50.5 million, which is equivalent to approximately 19.7% of the total revenue in Q1 2022).
Adjusted EBITDA[5]: €40.0 million in Q1 2023, representing an increase of 26.6% when compared to Q1 2022 (€31.6 million) and with a margin[6] equivalent to 14.3% in Q1 2023, representing an increase of 130 basis points when compared to Q1 2022 (13.0%).
This remarkable improvement is linked to three main reasons:
- Commercial: a longer waiting list thanks to the high order backlog, reflecting a higher pricing power.
- Strategic positioning: a larger presence in the most profitable segment, such as made-to-measure.
- Industrial: economy of scale in purchasing and a more efficient fixed costs absorption.
Net Profit: €18.6 million in Q1 2023, representing an increase of 42.0% from Q1 2022 (€13.1 million) and with a margin[7] equivalent to 6.6% in Q1 2023, representing an increase of 120 basis points when compared to Q1 2022 (5.4%).
Capex: €59.0 million, of which approximately €40.0 million for the acquisition of Cantiere San Vitale in Ravenna, leading to an additional capacity of approximately 20% at fully operating status.
Net Financial Position: €301 million of net cash from €365 million of net cash as of 31 December 2022.
POTENTIAL DUAL-LISTING
The Company has been working proactively on the Potential Dual Listing.
The Board has resolved to convene a Shareholders’ meeting to be held on May 18, 2023, to resolve upon, among other things, the approval of the application for the Potential Dual Listing and amendments to the Existing By-laws.
The Potential Dual Listing is subject to, among other things, the obtaining of approval(s) from the Shareholders and the relevant authorities.
Shareholders and potential investors of the Company should be aware that there is no assurance that the Potential Dual Listing will take place or as to when it may take place.
Shareholders and potential investors of the Company should therefore exercise caution when dealing in or investing in the securities of the Company.
[1] Other businesses including Wally Sail and FSD.
[2] Including ancillary activities, FSD, Wally sail and pre-owned business.
[3] Revenue by Geography may vary from previous communications related to Q1 2022 due to the change of the final invoice region indicated by a client.
[4] Including ancillary activities, FSD, Wally sail and pre-owned business.
[5] Adjusted EBITDA equals EBITDA adding back non-recurring costs.
[6] Calculated as adjusted EBITDA/Net Revenue without pre-owned business.
[7] Calculated as Net Profit/Net Revenue without pre-owned business