Ferretti Group optimistic, profit at 60 million and orders at 1.3 billion

“These exciting numbers describe the splendid present of the Ferretti Group, and tell of its future. The luxury boating market is constantly expanding and we have excellent reasons to believe that the results over the next few years will be increasingly positive”. Une injection of optimism for the Ferretti group and for the nautical sector from the words with which the lawyer Alberto Galassithe CEO of the Forlì giant, comments on the 2022 results.

The Ferretti group closed 2022 with a net profit of 60.5 million euros, against 37.4 a year ago. Revenues for the year increased by 14.6% to 1.03 billion while the order intake reached 1.16 billion euros, +19.6% more than in 2021. The order backlog amounted to 1,296 million euros as at 31 December 2022, with a growth of 27.6% compared to 2021. 31 December 2021 (€1,015.8 million). Adjusted Ebitda amounted to 140 million euros, +36.5% compared to 2021, with an Ebitda margin of 14.1%, up by approximately 200 basis points. The net financial position as at 31 December was equivalent to 365 million euros of cash. “Magic formulas do not exist, but with these numbers and the winning factors I have just mentioned, I can guarantee our shareholders and our customers that theirs is and will remain a winning choice“, Galassi again. In the light of the data, the Board of Directors has proposed a dividend of 19.90 million (equal to 5.88 cents per share).

The market

Going to see the single items of the order book, the Composite yachts segment reached 386.6 million euros as at 31 December 2022 equal to 29.8% of the total order backlog (from 366.0 million euros equal to 36% of the total order backlog as at 31 December 2021). Made-to-measure yachts reached 469.6 million euros as at 31 December 2022, equal to 36.2% of the total order backlog (from 299.0 million euros, equal to 29.4% of the total order backlog as at 31 December 2021).

The Superyachts division reached €384.6 million as at 31 December 2022, equal to 29.7% of the total order backlog (from €293.1 million, equal to 28.8% of the total order backlog as at 31 December 2021) .

The impact on revenues? Composite yachts reached 439.3 million euros equal to approximately 42.6% of total revenues in 2022 (from 464.3 million euros equal to approximately 51.7% of total revenues in 2021). Made-to-measure yachts reached 405.8 million euros equal to approximately 39.4% of total revenues in 2022 (from 249.7 million euros equal to approximately 27.8% of total revenues in 2021) . The Superyachts division reached 95.4 million euros equal to approximately 9.3% of total revenues in 2022 (from 84.6 million euros equal to approximately 9.4% of total revenues in 2021).

It is also interesting to understand where in the world the revenues come from. The Amas region reached 372.5 million euros, equal to approximately 36.2% of total revenues in 2022 (from 288.7 million euros, equal to approximately 32.1% of total revenues in 2021). The Emea region 376.7 million euros, equal to approximately 36.6% of total revenues in 2022 (from 376.0 million euros, equal to approximately 41.8% of total revenues in 2021). The Apac area 95.9 million euros, equal to approximately 9.3% of total revenues in 2022 (from 49.3 million euros, equal to approximately 5.5% of total revenues in 2021).

Outlook

The global nautical market, with a size of around 24 billion euros in 2022, is a sector “that is growing significantly and which is expected to reach a value of more than 29 billion euros by 2025. Consequently, in a constantly evolving context such as the one described, between 2022 and 2025 the number of potential end customers will also grow considerably”, in particular, this forecast attests “a compound annual growth rate of 7.7% and by 7.8%. Finally, the penetration of luxury yachting among potential end customers is still less than 1%, a figure that reveals enormous growth potential”.