Cannes, September 8th, 2010 – The Ferretti Group, a world leader in designing, building and marketing luxury motoryachts with a unique portfolio of the most prestigious and exclusive brands in the nautical world, inaugurates the new nautical year in Cannes, at the XXXIII Festival International De La Plaisance, with an impressive fleet of 26 yachts on display. Of these, 6 will be world previews including the: Ferretti 800, Pershing 50.1, Itama Sixty, Mochi Craft Dolphin 74’ Cruiser, Ferretti Custom Line Navetta 26 Crescendo and the Aquariva Gucci.
During the traditional Ferretti Group Meeting, held on the opening day of the Cannes Boat Show, the first event of the 2010-2011 season, Chairman and Founder, Norberto Ferretti, and CEO, Salvatore Basile, illustrated thepreliminary results for the 2009-2010 nautical year. The results clearly demonstrate that the Group has successfully achieved all the budget targets.
Preliminary results of the Ferretti Group as of August 31st, 2010
On August, 31st, 2010, the Ferretti Group registered a turnover of over 500 million euro. On August 31st, 2010, the EBITDA was around 30 million euro, in line with the budget, and an increase compared with the approximately 26 million euro registered during the previous nautical year. The improvement of this result, in a market still characterized by price pressure, was primarily due to the key initiatives taken by the Ferretti Group during the course of the 2009-2010 nautical year, which resulted in a cost reduction of around 50 million euro, and clearly demonstrates the effectiveness of the Group reorganization. As of August, 31st, 2010, the Group’s NetFinancial Debt improved compared with the previous year and was reduced to around 590 million euro, basically in line with the Plan.
Another important result was the volume of yachts delivered during the 2009-2010 year. The Group achieved an impressive 215 units, allowing it to close the nautical year without any unsold stock.
The results achieved by the Ferretti Group are in line with the forecasts and demonstrate a robust market share, with clear increases in certain segments. In fact, the nautical year closes with an order portfolio of around 270 million euro for the Group, which is a notable increase compared with the 175 million registered during the previous year. The volume of new orders received in 2009-2010 was around 460 million euro, which is also a considerable improvement compared with the approximately 330 million of the 2008-2009 nautical year.
The results show the Ferretti Group’s tremendous ability to respond and adapt to the demands of a continuously evolving nautical market, and optimize the synergies between some of the most important nautical brands in the world. This is further reinforced through the in-depth expertise in design, engineering, manufacturing and marketing honed through over 42 years of continuous operation..
Indeed, with the aim of enhancing the flexibility of the Group, optimizing efficiencies through the organization and strengthening internal synergies, the Group undertook a major reorganization process during the 2009-2010 nautical year. This resulted in the centralization of all key functions and the integration of each of the Group’s companies into a single entity under Ferretti S.p.A.. An important part of this process involved the creation of two new operating directions: namely theIndustrial Direction, led by Mauro Frattesi, whose aim is to improve synergies and best practices across the company; and the Sales and Marketing Direction, led by Lamberto Tacoli, whose aim is to maximize the value of each of the Group’s unique brands whilst maintaining their individual identities, distinctive heritage and unparalleled brand attributes. These new operating divisions are complemented by three Staff Directions: the Organization and HR Direction, led by Giovanni Pallucca; the Financial Direction, led by Giancarlo Marangon, and the Strategic Planning Direction, led by Ferruccio Rossi. Together with Chairman and Founder Norberto Ferretti and CEO Salvatore Basile, this team has been dedicated to the design, implementation and launch of the new organization throughout the last few months, which is now producing visible and successful results.
Moreover, during the course of the 2009-2010 nautical year, the Group sold a number of assets which were considered non-strategic. In particular, in November 2009, the Group sold its entire share of Pinmar S.L., which comprised 60% of the capital. In addition, with the aim of concentrating on medium and large yachts and to better respond to clients demands, the Group also sold 100% of Apreamare S.p.A. and the Torre Annunziata manufacturing facility in March of 2009.
In line with the commitment to continuous improvement, the Group maintained and upgraded the production of moulds and plugs, further strengthened the Advanced Yacht Technology operation, the internal naval research and design centre, and led to the creation of the new Centro Stile, one of the most advanced naval design and décor centers in the world. As part of the Industrial Direction, together with Advanced Yacht Technology, these centers will further strengthen the new product development capabilities of the group, thus guaranteeing the constant technical-aesthetic innovation and excellent quality for which Ferretti Group yachts have always stood out.
From the commercial perspective, the Ferretti Group will introduce an impressive 33 new models by 2013, of which 14 will be launched between next spring and the 2011 Genoa Boat Show. This will bring the group’s portfolio to around 60 models.
Once again with the aim of bringing new innovative ideas and opportunities to its customers, the Group has established a strategic collaboration, through the Riva brand, with internationally-famous designer, Marc Newson. The goal was to introduce a ground breaking initiative combining the world of art and boating, which has resulted in the Aquariva by Marc Newson. This limited edition of only 22 yachts will be launched at a world preview on September 14th at the Marc Newson Transport Exhibition in New York. Sold worldwide through the Gagosian Gallery in New York, she will also be displayed in Montecarlo during the Monaco Yacht Show. Again for Riva, the Ferretti Group has finalized an agreement with Gucci for the creation of the Aquariva Gucci, a limited edition of the legendary Aquariva, of which the décor has been customized by Frida Giannini, Creative Director of Gucci. Both partnerships were developed in association with Riva designer Officina Italiana Design, which designed Aquariva in the year 2000.
Demonstrating the commitment, dynamism and passion for which the Ferretti Group has always stood out, in 2009-2010 the Group further extended the range of excellent services offered to Clients, by launching:
• Easea>show, an exclusive permanent display of some the most important yachts for each of the Group’s brands, set up at the Marina Nuova in Cattolica. This is a completely new and unprecedented project for the world nautical sector.
• Ferretti Group Days, this extremely important event underscored the importance of the seamless integration between the Group, its Dealers and Owners.
• Easea>tour, an exciting journey which involved Clients, Prospective Clients and Dealers on board three of the Ferretti Group fleet’s jewels, which proved to be an excellent communications and promotional tool for both brands and products.
To further enhance the After Sales and Customer Service programs, as of September, the Ferretti Group has launched a single technical assistance number for all its brands which is accessible to Clients all year round.
Beyond the consistent focus of the core markets in Europe and North America, the Group is expanding its concentration on Eastern Europe, the Far East, the Middle East and Latin America. An example of this expansion took place in April 2010, where the Ferretti Group established Ferretti Group Brasil, a partnership withSpirit, a Brazilian company based in Sao Paolo, which produces and sells new and pre-owned yachts.
“With the aim of continuing to affirm its leadership within the nautical world, the Ferretti Group has undertaken a precise strategic plan to anticipate market trends and develop innovative, top performing new models, which able to satisfy a selective and exact demand of our customers” declaredNorberto Ferretti, Ferretti Group Chairman and Founder. “Today, our Clients are looking for products which correspond more and more to their real needs and, within this sphere, I am proud of the establishment of the new Centro Stile, one of the most advanced naval design and décor centers in the world. The center is formed of a team of around 30 professionals which, together with Advanced Yacht Technology, will avail itself as the best-known, most prestigious architects and naval design studios in the world. Centro Stile is on a continuous quest to develop aesthetic and design solutions for projects aiming to achieve top quality”.
“Around a year after my arrival at Ferretti Group, I am satisfied and proud of the results achieved thanks to the enormous commitment and determination of all those working with us. Together with myself and Founder and Chairman Norberto Ferretti, we are all working hard to develop the reorganization and re-launch project undertaken over the past few months” commentedSalvatore Basile, Ferretti Group CEO. “This has enabled us to achieve the results forecasted by our industrial plan, despite the difficulties of the nautical year which has just come to a close. Said results, together with the first signs of recovery in the world’s nautical market that we have seen over the past few months, indicates that we can now indulge in a little cautious optimism and look confidently towards the challenges of the next few months”.
6 NEW MODELS PRESENTED AT CANNES:
• FERRETTI 800
Ferretti Yachts presents the new Ferretti 800 as a world preview at the Festival International de la Plaisance in Cannes, her official début at a boat show.
With this new model, the shipyard incorporates a new interpretation of interior space and comfort and presents a yacht which combines tradition and innovation. Designed by architect Gianni Zuccon from Studio Zuccon International Project together with the AYT – Advanced Yacht Technology, the Group’s naval research and design center, and the team of architects and designers at the Group’s Centro Stile, the Ferretti 800 features generous, well-lit interiors that are enhanced by the high gloss surfaces throughout the interior. The result is a product designed from a synthesis of 3 main points: innovation, design and functionality. Ferretti 800 features generous interior spaces and a layout which is characteristic of larger yachts, combined with a winning external line, enriched by the use of colour, in which large glazed surfaces are a characterising element of the external design, guaranteeing exceptional lighting inside, too. The interior spaces of Ferretti 800 are innovative and give enhance to liveability of the yacht, conceived for an owner who spend time on boar together with family and friends. The area destined for the crew has been moved to the extreme bow, making it possible to optimise the space available to owner and guests, and increase privacy. Ferretti 800 mounts two MTU M93 1823 mhp or, upon request, two MTU M94 1948 mhp. Whit this last motorization and the hard top version, Ferretti 800 can reach a cruising speed of 27,5 and maximum speed of 32 knots.
• PERSHING 50.1
Contemporary reinterpretation of Pershing 50’ by yacht designer Fulvio De Simoni in collaboration with AYT – Advanced Yacht Technology and the team of architects and designers at Centro Stile, the new Pershing 50.1 is an expression of the Next Generation which, even with her decidedly sporty features, has interiors which live up to the expectations of those who already know the style and the elegance of the brand. It is no coincidence that this yacht has been the best selling model of the Pershing fleet for years and continues to receive acclaim from experts in the sector.. The new version combines great character with a high performance and excellent on-board living conditions. The below deck area is very comfortable and is exemplified by the specific attention to detail and choice of materials, such as the primary use of oak and the carpet for the flooring of the cabin and the dinette. In particular, the area occupied by the dinette features new varnished finishes which give the interiors a contemporary mark. Similarly, matt finishes have been chosen to replace the previous glossy tones in the heads.
With innovative aerodynamics and extraordinary elegance, Pershing 50.1 is the smallest model in the range with Arneson surface transmissions which, when combined with twin 900hp MAN diesel engines, can reach a top speed of 46 knots. Moreover, the axis line version - available in white and pearl - is certainly a competitive variation of content for this segment, and allows owners to cruise at a speed of up to 37 knots. Thus, Pershing 50.1 stands out for her above average speed as well as the optimization of consumption and range.
• ITAMA SIXTY
Itama Sixty is the new yacht successfully launched by the Itama brand. Yacht designer Marco Casali, designer of the shipyard’s entire range, together with AYT – Advanced Yacht Technology, and the team of architects and designers at Centro Stile, has created a yacht which is the natural evolution of the Itama FiftyFive. The result is an open yacht with a decidedly sporty feel, whose strength lies in her powerful performance.
This 18.82 metre fibreglass yacht features a powerful drive system, consisting in twin 1550hp MAN engines and surface propellers, providing effortless cruising even at a speed of 48 knots. This outstanding level of performance is reinforced by the yacht’s famous 20° deep “V” hull. This feature, one of the shipyard’s most distinctive marks, offers unparalleled seaworthiness thanks to the higher bow and sleek stern. The decision to use surface propellers also makes the drive system more efficient compared to shaft drive systems and therefore ensures an improved performance with the same degree of power. The hull lamination process used for the Itama Sixty has been enhanced by the use of Aramid fibers which make the yacht even sturdier and more stable when cruising, even at high speeds.
The new Sixty is a continuation of the hugely successful direction taken by Itama in recent years, as the company has concentrated on ideas that focus on making the most of available space. On-board liveability, the optimization of interior and exterior space, and a feeling of freedom during cruising are the distinctive traits of this yacht.
• AQUARIVA GUCCI
Gucci, and Riva, in collaboration with Officina Italiana Design, the design company which created the original Aquariva in 2000, are proud to unveil the exclusive “Aquariva Gucci,” a model customized by Frida Giannini, Creative Director at Gucci.
This unique association between two of Italy's most renowned design brands celebrates the era of La Dolce Vita, when joie de vivre, glamour and elegance defined an attitude and a lifestyle. In their respective sectors, Gucci and Riva have similar stories, each with a tradition of excellence in design and craftsmanship which has made them internationally famous.
The distinctive features of this new model include the fibreglass hull painted in Gucci’s own shade of glossy white; the mahogany used for the dashboard, the deck, the cockpit walking area, the awning cover hatch and the rubrail; and the waterproof fabric covering the seats and sundeck with the symbolic Guccissima print.
Aquariva Gucci is being unveiled at the International Boat Show in Cannes on the 7th of September 2010, followed by an exclusive presentation to take place on the 22nd of September 2010, the opening day of Milan Fashion Week.
• MOCHI CRAFT DOLPHIN 74’ CRUISER
The results of the working relationship between Norberto Ferretti, architect Brunello Acampora from Studio Victory Design, the AYT - Advanced Yacht Technology and the team of architects and designers of Ferretti Group’s Centro Stile, the Dolphin 74’ Cruiser, is the new flagship of the Dolphin line and the answer to a demanding clientele searching for excellence in terms of seaworthiness, comfort and style elegance.
The new Dolphin 74’ Cruiser, ideal for lengthy, open sea cruises, stands out with unique, innovative features unknown to the Lobster segment to date. New, functional solutions and a cutting-edge concept enhance the idea of on-board liveability, fully expressing the heritage of the shipyard’s experience and the Ferretti Group’s leadership. The exterior lines, typical of the Dolphin range, feature a few aesthetic-functional changes, such as the extension of the upper deck. The area can be enclosed providing generous interior volumes and large living spaces. The space was also organized with the aim of completely separating the service areas from those of the Owner, thus ensuring total comfort and privacy at all times of the day. Dolphin 74’ Cruiser offers excellent performance , comfort and stability are guaranteed by the Deep V hull, with variable geometry and an average deadrise of 19° with spray rails. Dolphin 74’ Cruiser features twin MTU 10V 2000 M92 - power 1381 mhp, or upon request twin MTU 10V 2000 M94 - power 1623 mhp. The most powerful motorization can push Dolphin 74’ Cruiser with a cruising speed of 29 knots and 32 knots of maximum speed.
• FERRETTI CUSTOM LINE NAVETTA 26 CRESCENDO
Navetta 26 Crescendo is the very first model to be produced in the new Ferretti Custom Line semi-displacement line in a region where top Italian-made style is part of the culture. Quality, artisan work, sophisticated harmony, elegance and balance are fundamental values of this line of yachts.
Navetta 26 Crescendo, a natural development of the previous maxi-yacht in the semi-displacement line, is the result of the close working relationship between Studio Zuccon International Project, the Ferretti Group’s AYT - Advanced Yacht Technology and the team of architects and designers at the Group’s Centro Stile.
Specially designed for those owners who prefer “slow motion” as it were, a leisurely cruise in complete silence and total comfort, this new yacht continues with the evolution of the “compact” semi-displacement concept. Navetta 26 Crescendo, 26 meters in length and almost 7 in width, features classical lines in which innovative solutions of both a formal and functional nature have been developed in order to increase on-board space, put it to even better use, and make it more comfortable. Furthermore, the new yacht once again confirms the high level of attention the Ferretti Group pays to the environment, guaranteeing excellent consumption efficiency and a considerable sailing range.