April 28 2016
Ferretti Group: 2015 results over the expectations the group turns profitable in the first quarter of 2016
Milan, 28th of April, 2016 - Ferretti Group presented its higher than expected results as of the 31st of December, 2015 today in Milan. Moreover, the Group also announced the entry of F Investments S.A., a holding controlled by the Ferrari family, into the share capital of Ferretti International Holding S.p.A. by the acquisition of 13.2% of the share capital.
During the press conference Alberto Galassi, CEO of Ferretti Group presented the results of the financial year 2015. Nonetheless the persisting difficult market conditions, the consolidated production value has been 410 million euros (+23% compared to 334 million euros of 2014 and also higher than the Forecast at the beginning of 2015 that was established at 403 million euros).
The EBITDA turned positive for the first time in the past four years and equals 7 million euros.
This result is significantly better than the expectations as the forecasted EBITDA was -1 million euro. This achievement means that the loss has been halved compared to that of 2014. The EBIT and loss are respectively -13 and -29 million euros.
The CEO has also announced that the first quarter of 2016 will report profits of around 5 million euros.
The FY 2015 performance led to a positive review of the 2016 outlook, thus production value by the end of 2016 is expected to transcend 550 million euros, while the EBITDA is foreseen to reach 50 million euros and the Group to be profitable.
It was possible to exceed the objectives set by the development plan for 2015 thanks to the implementation of the relaunch, development and growth strategies presented a year ago by the Group, following the capital increase of 80 million euros of the main shareholder, Weichai Group. From this amount, 50 million euros were allocated to the design and launch of 27 new models and to the expansion of sales activity towards both mature and emerging markets.
Mr. Galassi confirmed the success of the 6 Ferretti Yachts, Riva, Pershing and Custom Line models presented in 2015 that have been the absolute growth drivers of the year. Furthermore, he announced the arrival of 9 new yachts of the length between 12 and 37 meters that will be ready to debut this year.
Ferretti Group also communicated the entry of a new shareholder:
F Investments Sa., holding controlled by the Ferrari family, chose to become an investor of Ferretti International Holding S.p.A. together with Weichai Group by acquiring the 13.2% of the Company. The transaction value has not been endorsed.
Mr. Piero Ferrari has been invited by Weichai Group to join the Board of Directors of Ferretti Group and will also continue to preside over the Product Development Committee that is responsible to direct the research, development and implementation of new products through all the Group’s brands. The fundamentals that helped to reach the brilliant results of 2015 were also the achievement of this Committee’s activity led by Mr. Ferrari.
“The year of 2015 has rewarded us with economic and financial results over the expectations and the Group has relaunched itself regaining leadership on several markets” - underlined Mr. Galassi.
“This achievement would not have been possible without the introduction of innovative and cutting edge products that are the results of significant investments in research & development and of the design and construction capabilities of Ferretti Group. For this reason, I would like to thank Weichai Group that was keen to invest and wise to await the necessary time this sector, free from a speculative approach, requires.”
“Today Ferretti Group celebrates another important event” - continued Mr. Galassi. “The entry through F Investments S.A. of a great Italian businessman in the share capital, a nautical expert that already has an active part in the Group’s growth: Mr. Piero Ferrari. He chose to invest in Ferretti Group and to share a challenging business plan with our main shareholder and the management.
Mr. Ferrari brings his great entrepreneurial skills by offering his capabilities of style and attention to detail and his international experience not only in the automotive industry, but also to one of the excellences in the nautical sector in Italy.”