on 8 Mar 2023
Ferretti Group posts first year of financial results since listing in Hong Kong
Ferretti Group revenue from Asia-Pacific rose from €49.3 million in 2021 to €95.9 million, a 94% rise and nearly double the amount. As a share of Ferretti Group’s overall revenue, Asia-Pacific accounted for 9.3% of total revenue in 2022, up from 5.5% in 2021. Ferretti Group released its 2022 results, showing large increases in order intake, net revenue and EBITDA from 2021.
Overall order intake rose 19.6% to €1.16 billion while net revenue climbed 14.6% to €1.03 billion. Adjusted EBITDA was up 36.5% to €140 million and net profit was €60.5 million. The Americas market accounted for 36.2% of revenue and Europe/Middle East was 36.6%.
“The luxury yachting market continues to expand, and we have good reason to believe that our results in the coming years will be increasingly positive. Ferretti Group has a portfolio of brands that are unique in the world for their breadth, prestige and beauty, and an industrial vision focused on investments in innovation and sustainability: two closely related factors that will increasingly make the difference,” said Ferretti Group CEO Alberto Galassi.
In 2022, the company has launched several new models and kept a busy pace in 2023. The Pershing GTX116, which features a redesign of Pershing’s classic looks, hit the water in February 2023. Ferretti Group also released details in early 2023 of its new InFYnito range, which promises more space and economical cruising.
Ferretti Group said it had an order backlog worth nearly €1.3 billion at December 31, 2022, up 27.6% compared to December 31, 2021. Composite yacht construction accounted for 29.8% of the orderbook, custom made (made-to-measure) yachts accounted for 29.4%, and superyachts were 29.7%. Other businesses accounted for the remainder of 4.2%.
In March last year, Ferretti Group listed on the Hong Kong Stock Exchange, with shares priced at HK$22.88, raising HK$1.9 billion. Reuters reported that it had five initial Chinese cornerstone investors: Sunshine Insurance, Sanya Development, Hainan Free Trade Port Fund, Hainan Financial and Haifa Holding, taking 53% of the offering. Ferretti Group is owned by Weichai Power of China.
Ferretti’s share price fell to HK$18.5 from March to September 2022, but has since climbed steadily to HK$23.
The company said the global boating market, currently valued at approximately €24 billion in 2022, would reach a value of €29 billion by 2025. The company said it plans to focus future growth on its made-to-measure, alloy built yachts, such as the larger Riva, Pershing, Custom Line and Wally models.