Ferretti Group reports strong double-digit growth
Published: Wednesday, 11 April 2018
Ferretti Group presented at Garage Italia in Milan the financial results of 2017, which demonstrates a 10.8 per cent growth of consolidated production value in 2017 compared to €562 million in 2016.
(Photo: Ferretti Group - Alberto Galassi at Ferretti press conference in Milan)
The 2017 consolidated production value is equal to €623 million, while its Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) grows by 11.3 per cent compared to 2016 reaching €59 million.
If 2016 marked the first year of net profit since 2008, passing from -€29 million to €14.1 million, 2017 reconfirms the solidity of the Group, with the PAT (Profit After Taxes) equal to €24 million and a growth of 71 per cent.
Alberto Galassi, CEO of Ferretti Group, commented: "The results of 2017 satisfy us but do not surprise us, because they are the mathematical and natural product of the commitment that the whole Group has expressed over the last years.
“We know very well the formula for double-digit growth, in a single-digit growing market, and we have been testing it for a long time. The numbers prove it: thanks to the decisive support of the Weichai Group and Mr. Piero Ferrari, the company has achieved a record profit this year, rose to €24 million.”
Moreover, the company also recorded €971 million for total assets, of which €46 million are composed of liquidity assets.
After completing the three-year plan with optimal performance and having fully regained the leadership of the sector, Ferretti confirms the strategic direction already outlined and pursued during 2015-2018. More than €90 million has been invested and allocated to new investments in Research and Development (R&D) and new products development.
“By decision of the shareholders, the cycle profit will be entirely reinvested in R&D on new models, which will be added to the 30 developed in recent years (eight in 2018). The production capacity of the Group's six shipyards and the workforce also grew, demonstrating that yachting, if managed at best, creates important job opportunities in Italy as well,” said Galassi.
He attributed part of the success to the new serial models, which accounted for about 68 per cent of the total sales value last year.
“Thanks to the investments allocated, to those planned for the year and an ever-expanding and varied fleet, we are aiming to grow even more, with increasingly surprising percentages, thus creating a solid basis for the development of the next industrial plan, which will be presented at the Cannes Yachting Festival, next September,” the proud CEO continued.
With a production value of €704 million foreseen, the 2018 project also includes a recruitment plan of 80 people in all the Ferretti shipyards, with a particular focus in Ancona, which dedicated to large steel and aluminium boats-construction, including CRN, Riva, Pershing, and the Custom Line fibreglass boats.