Italian builder returns to profit and strengthens finances
A clear message that the active pace of the Ferretti Group’s recent investment will continue until at least 2021 was confirmed by CEO Alberto Galassi at the group’s annual press conference at the Cannes Yachting Festival recently. The programme of 27 launches over three years at a cost of €50m appears to have been extended as far ahead as 2021.
Galassi pointed to the fact that the Ferretti Group is the biggest exhibitor at the Cannes show with some 22 models between 8m-37m (26ft-121.5ft), including six global launches, on display.
He indicated that another six will be introduced in both 2017 and 2018, as the group’s investment programme continues to be supported by its majority shareholder, the Weichai Group, and the more recent investor, Ferrari.
In terms of financial performance, Galassi presented figures showing that preliminary consolidated revenues in August 2016 compared to August 2015 increased from €250m to €314m. The EBIT for the corresponding period was €21.2m in August 2016 compared with -€9.9m in August 2015. The respective EBITDA for those months were €34.7m and €2.2m.
A look at profits after tax shows that consolidated profit for the group stood at €10.5m in August 2016 as opposed to a loss of €16.9m in August 2015. Throughout the conference, Galassi emphasised that he would accurately and consistently make known how the group is progressing with audited accounts being presented.
In terms of order performance, up to May it was running ahead of the budgeted number but during June and July, with Brexit and the Turkish coup attempt, the pace of orders slowed. By the end of August around 200 orders had been taken, which is about half of the budgeted total of nearly 400.
As regards market shares, the EMEA slipped to 48% in 2016 compared to 59% in 2015. In the Americas these markets grew to a 34% share in 2016 as against 24% in 2015. As to Asia Pacific, this showed a small rise to 18% in 2016 compared with 17% in 2015.
The order results for 2016 new launches shows the following:
Rivamare – 9
Pershing 5X – 7
100’ Corsaro – 5
Navetta 37 – 4
Ferretti Yachts 850 – 4
Pershing 82 VHP – 4
Ferretti Yachts 450 – 3
76 Bahamas – 1
Ferretti’s new model launch programme is now an integral part of its future expansion. This programme between 2015 and 2018 is as follows:
Brand 2015 2016 2017 2018
Ferretti 2 2 3 1
Pershing n/a 3 2 2
Riva 3 3 3 3
Custom Line 1 1 1 2
Total 6 9 9 8
In terms of new projects, a Ferretti Yachts 780 is being developed that will debut in Europe and Asia next summer and in the US at FLIBS 2017. The first hull is in build and will be ready next summer.
In respect of the Pershing 5X, seven units of this first model in the ‘X’ series have been sold. It was designed by Fulvio de Simoni in collaboration with Ferretti’s Engineering team. One of the two engine options includes twin Cat 12.9s working with Top System 75X surface drives.
A new cooperation has also been agreed between Ferretti and Lamborghini as a way of promoting the brands and giving respective Lamborghini and Pershing owners the chance to try each brand.
As regards the Riva 100’ Corsaro, five units have been sold and it will have its global debut in Hong Kong towards the end of this year. The first two sales of this model were to Asia. A new project for Riva will be the Riva 110, which will mark a return to a flybridge model for the brand.
Custom Line is celebrating its 20th anniversary and two new Navetta models are being added. The Navetta 33 will join the existing Navetta 37 in 2017 followed by the Navetta 42 in 2018. Four models of the Navetta 37 were bought off plan. The Navetta 33 is a new maxi semi-displacement yacht design. Custom Line is also developing the 120 model, which is the first of the next generation of planing yachts designed by Francesco Paszkowski.
Lee Marine International Maine Brokerage is pleased to be the Thailand distributor for Ferretti Group yachts.