Ferretti reports 573 million orders and a net profit of 40 million in the first six months of 2023

The Board of Directors of Ferretti S.p.A. (Ferretti Group) approved the consolidated financial results for the six-month period ended June 30, 2023, with revenues of €580,8 million (up 8,6% compared to the first half of 2022), a margin of 14,7% (up 1,2%), a net financial position of €320 million in cash, and six-month order intake of €573 million. The order backlog thus rose to €1,410 billion as of June 30, 2023, an increase of approximately 15,8% compared to June 30, 2022 (when it was €1,2 billion).

This is the orderbook breakdown by market segment:

• The Composite Yachts segment reached €408,1 million as of June 30, 2023, equal to approximately 28,9% of the total order book (from €389,0 million equal to 31,9% of the total order book as of June 30, 2022).
• The Made-to-measure yachts segment reached €503,2 million as of June 30, 2023, equal to approximately 35,7% of the total portfolio (from €400,7 million equal to approximately 32,9% of the total portfolio as of June 30, 2022).
• The Superyachts segment reached €442,3 million as of June 30, 2023, equal to approximately 31,4% of the total portfolio (from €370,5 million, equal to approximately 30,4% of the total portfolio as of June 30, 2022).
• The remaining assets reached €56,9 million, equal to approximately 4,0% of the total portfolio (from €57,8 million, equal to approximately 4,7% of the total portfolio as of June 30, 2022).

These are the words of Alberto Galassi, CEO of Ferretti Group: “We continue

"We are committed to growing year-over-year and semester-over-semester, supported by a constantly growing order book, a sign of our unfailing commercial success. We are demonstrating great efficiency by continuing to improve our margins, while also moving forward rapidly with the development of new models and projects. During the upcoming season of major Mediterranean boat shows, we will present our new models, which further expand our product range, the drivers of our growth strategy, aimed at the ever-increasing satisfaction of our owners and shareholders."

Here is a breakdown of the Ferretti group's revenues:

• The EMEA region reached €250,2 million, or approximately 43,1% of total revenues, in the first half of 2023 (from €225,6 million, or approximately 42,2% of total revenues in the first half of 2022).
• The APAC region reached €73,9 million, or approximately 12,7% of total revenue in H1 2023 (from €38,1 million, or approximately 7,1% of total revenue in H1 2022).
• The remaining activities and the Superyachts segment reached €113,1 million, equal to approximately 19,5% of total revenues in the first half of 2023 (from €100 million, equal to approximately 18,7% of total revenues in the first half of 2022).

According to Ferretti Group, these financial performances are due to three main reasons:

• Commercial: A longer waiting list due to the high order backlog, which means greater pricing power.
• Strategic positioning: a greater presence in the most profitable segment, such as Made-to-measure.
• Industrial: economies of scale in purchasing and more efficient absorption of fixed costs.

Net profit amounted to €40,9 million in the first half of 2023, up 36,8% compared to the first half of 2022 (€29,9 million), with a margin of 7,2% in the first half of 2023, up 130 basis points compared to the first half of 2022 (5,9%).

Capex expenditure amounted to €84,5 million, of which approximately €40 million was invested in the acquisition of the San Vitale shipyard in Ravenna, covering over 70.000 square meters, from Rosetti Marino, which will result in an additional 20% production capacity once fully operational.

Ferretti also reported that "in April, the Group made significant progress on the project for the port area of ​​the former Belleli shipyard in Taranto, covering over 220.000 square meters. This project will include an industrial facility for the construction of models and molds, as well as a research center for advanced materials. All the public administrations involved have approved the reclamation and industrial development project."

The Ferretti Group includes the brands Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally.