2020 was the year that demonstrated the true strength of our Group. It was a year in which, with great determination and togetherness, we were able to overcome the uncertainty caused by the pandemic, reporting results that were excellent both at human level and in financial terms.
In terms of production, construction of our yachts continued uninterrupted throughout the year, while our processes remained at all times compliant with the limitations established by the Italian government at the height of the pandemic in March and April. The dedication and commitment of everyone in the Group allowed us to continue work on customer orders, swiftly reorganising shifts and redefining working spaces to guarantee delivery times, all while scrupulously adhering to all the applicable health measures.
None of this would have been possible without the dedication, the professionalism and the passion of our staff. This is testament to the uniqueness of the Ferretti Group, which is able to bring industry and craftsmanship together and always places people at the centre of its business. We came through 2020 together, overcoming uncertainty and achieving truly extraordinary results.
Financially, the Group’s end-of-year results reflect the solidity and flexibility that define it. The latter part of 2020 saw an increase in new customer orders as measures restricting movement between countries were eased and travel once again became a possibility. This reflects the importance to the sector of truly experiencing a yacht before buying it: seeing it up close, stepping inside it and, finally, testing it in the water. The products that we create are nothing less than a dream come to life.
Made with fastidious attention to detail, built with the finest materials chosen by the world’s greatest nautical engineers and designers, and equipped with innovative, cutting-edge optional extras. To truly appreciate these features they must be touched, experienced first-hand, as it is only by doing so that the dream is made real.
In order to continue to offer our customers the experience that they have come to expect, during 2020 we organised a series of private showings at our shipyards, conducted with the utmost attention to safety, allowing each and every visitor the chance to choose their perfect yacht.
Against this backdrop, the Report presented here - the Group’s second step towards a more strategic vision of issues relating to the environment, to governance and to society - takes on even greater importance. Now more than ever we are aware that our ideas and our actions must correspond to the need to protect the world around us and the Group’s heritage for future generations.
As regards social commitment, we believe that our staff are the true engine of the Group, and we are committed to developing and maintaining a solid, stable environment for all those around us. Our world is built around our 1,537 direct employees, who in turn are supported by all the other people who come into our shipyards every day and work alongside us - nearly 4,000 in total, including all those workers involved by our suppliers, over 90% of whom are based in Italy.
On the environmental front, we are continuing to tackle the challenges of using materials that are increasingly durable and sustainable, of lessening the environmental impact of our production and transportation, and of reducing energy consumption and GHG emissions at both product and process levels.
In this area, we are researching and proposing solutions to mitigate both the environmental impact of our products - in particular with research into hybrid engines and new technologies to reduce the weight of hulls - and those related to processes, implementing measures to increase efficiency and optimise work at our shipyards. This is the motivation for extending ISO 14001 certification to the environmental management systems at every one of the Group’s shipyards.
These elements combine in enabling us to design and build dream yachts as we help develop both individuals at the company and the local economy, all while respecting the environment which provides us with the resources to operate. They combine, too, in meeting our ultimate objective: to fully satisfy our customers, who always remain at the centre of our daily work.
Alberto Galassi, CEO