Ferretti Group has presented the results of its 2015 financial year, concluding 31 December, the figures highlight an improving financial performance, regardless of languid market recovery. However, the group is yet to return to profitability. It was also announced that F Investments, a holding company controlled by the Ferrari family, has acquired 13.2 per cent of Ferretti Group’s share capital.
“The year of 2015 has rewarded us with economic and financial results over the expectations and the Group has relaunched itself, regaining leadership in several markets,” commented Alberto Galassi, CEO of Ferretti Group. “This achievement would not have been possible without the introduction of innovative and cutting edge products that are the result of significant investment in research and development and of the design and construction capabilities of the Ferretti Group.”
Ferretti Group recorded a consolidated production value of €410 million, a growth of 23 per cent when compared to 2014’s €334 million. It also outperformed 2015’s financial forecast, which predicted a consolidated production value of €403 million. For the first time in four years Ferretti Group’s earnings before interest, taxes, depreciation and amortization (EBITDA), was positive at €7 million.
This upturn in financial performance, bolstered by a profitable start to 2016, has led to a positive forecast in which, by the end of 2016, production value will exceed €550 million with an EBITDA of €50 million, returning Ferretti Group to profitability.
F Investment has chosen to become a Ferretti International Holding investor, acquiring 13.2 per cent of the company, the value of the transaction has not been revealed. Piero Ferrari has been invited by the Weichai Group to join Ferretti Group’s board of directors and preside over the product development committee.
“Today Ferretti Group celebrates another important event. The entry, through F Investment, of a great Italian businessman in the share capital, a nautical expert that already has an active part in the group’s growth,” continued Galassi. “He chose to invest in Ferretti Group and to share a challenging business plan with our main shareholder and the management.”
If you've found this story to be 'a report worth reading' and you would like to enjoy access to even more articles, insight and information from The Superyacht Group, then you may well be interested in our print subscription packages, which include the most comprehensive and up-to-date information on the state of the superyacht market. Subscribe here, to these 'Reports Worth Paying For'