After enjoying a successful 2017, the Ferretti Group announced today (10 April) new investments, plans and expansion of their shipyards' workforce
The Ferretti Group presented today (Tuesday 10 April) in Milan their financial results for 2017 and the investment and recruitment plans for 2018.
The Ferretti Group’s 2017 financial year registered a consolidated production value equal to 623 million euros, up 10.8% from 562 million euros in 2016.
The EBITDA (earnings before interests, taxes, depreciation and amortization) was 59 million euros, up by 11,3% compared to 2016.
2016 was the first year of net profit since 2008, going from -29 million euros to +14.1 million euros, and 2017 followed suit, with the PAT (Profit After Taxes) at 24 million euros and a growth of 71%.
The Ferretti Group’s total assets reached 971 million euros, of which 46 million composed by liquidity assets.
Alberto Galassi, CEO of Ferretti Group, commented: “The fantastic results of 2017 satisfy us but do not surprise us, because they are the mathematical and natural product of the extraordinary 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: making boats more and more beautiful, unique and inimitable, investing in Research and Development to combine the excellence of the Made in Italy style with technological avant-garde, that only a Group with our history can boast.
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He continued: “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 euros. By decision of the shareholders, the cycle profit will be entirely reinvested in Research and Development on new models, which will be added to the 30 developed in recent years. The production capacity of the Group’s 6 shipyards and the workforce also grew, demonstrating that yachting, if managed at best, creates important job opportunities in Italy as well. The brilliant results we have presented today are largely generated by the success of the new serial models, presented in the four-year period 2015-2018, products of great success on the international markets which accounted for about 68% 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.”
90.8 million euros have been invested since 2015 and allocated to new investments in Research and Development and in new products development, for a total of 30 new models, of which 8 being launched in 2018.
The Ferretti Group stated that the outlook for 2018 foresees a production value of 704 million euros, including the recruitment of 80 people in all the shipyards, located in Lombardy, Liguria, Emilia Romagna and Marche. The recruitment will focus in particular on the Ancona shipyard, dedicated to the construction of the large steel and aluminum boats CRN, Riva, Pershing, and the Custom Line fibreglass boats.