Great performance of the first quarter confirms 2017 objectives.
• Consolidated production value reached 562.5 million euros, +36% compared to 2015, The EBITDA of 52.7 million euros compared to 7 million euros in 2015 confirms the strong growth trend;
• Net profit of 2016 reached 14 million euros.
Ferretti Group presented today in Milan the financial results of 2016 and those of the first quarter of 2017. The Group announced the first elements of a two-year investment plan. 2016 results registered a consolidated production value equal to 562.5 million euros, demonstrating 36% growth compared to 414.8 million euros in 2015. This value is also higher than the one established at the beginning of 2016 at 556 million euros.
The EBITDA, already in positive territory in the first quarter of 2016, managed to surpass the important threshold of 50 million euros at the end of the year, reaching 52.7 million euros compared to 7 million of the previous year. Thus, also this indicator was over the expectations. 2016 is the first year of net profit since 2008. Profit After Taxes (PAT) passed from -29 million euros in 2015 to +14.1 million euros in 2016.
“In a three-year period Ferretti Group proved to be a company able to accomplish a real turn around, obtaining great commercial success, which led to well above expected financial results” commented Alberto Galassi, CEO of Ferretti Group. “The new models have become the most important drivers of growth thanks to their design, quality and high standards of innovation, which made them objects of desire since their debut.
I’m particularly proud to have led the Group to double-digit net results: profit which the shareholders, Weichai Group and Mr. Piero Ferrari, who never stop supporting the Group, have decided to wholly re-invest in the company.
Moreover, today we are more than proud that the extraordinary success achieved by the Group gave serenity to Carlo Riva’s last years. The objectives of 2017 are challenging but possible to achieve as we can rely on further investments, on an efficient and well performing organization and on 9 new products that Ferretti Group is ready to present to the market.”
In 2017 the Group’s goal is to consolidate its leadership position in the sector after the last two year’s exponential growth, with a serial brand order intake which reached 401 million euros at the end of 2016, increasing by more than 170 million euros in only two years.
The possibility to reach this challenging objective is supported by 2017’s first quarter results. At 31st of March the production value was 145.8 million euros, while in the same period the EBITDA reached 11.3 million euros, with a profit already over 4 million euros.
Ferretti Group also announced further investments for 46.4 million euros, of which 25 million in Research & Development while 21.4 million in the growth of the production capacity. The investments planned for the shipyards, between the end of 2017 and 2018, could bring to a personnel hiring plan for 80 young talents in all production sites, all over Lombardy, Liguria, Emilia Romagna and Marche.
This growth plan will be implemented only in case of a reduction in the company’s labour costs, which could be possible due to the application of the new Welfare regulations, which at the same time guarantee the increase of the employee’s purchasing power. In order to reach this result, the collaboration of the trade unions is essential, thus Ferretti Group intends to reach an agreement as soon as possible with the latter organizations. The hiring will regard in particular the Ancona shipyard, dedicated to the construction of maxi yachts in steel and aluminium of CRN, Riva and Pershing brands and to those of Custom Line in fiberglass.
The construction of all Custom Line models will be moved to the Group’s “Superyacht Yard” in Marche, where at the moment all semi-displacement vessels are built, enabling to concentrate in Ancona the building of the maxi fibreglass planing yachts too.