The Ferretti Group thus announces, for its 3rd quarter of the 2024 financial year:
- Order intake reaching 736.9 million euros during the first nine months of 2024 and “which today amount to more than one billion euros, thanks to strong order intake achieved after the end of the quarter, also in light of the positive response from the latest boat shows in which the Group participated.
- An order book as of today, therefore including orders taken after the end of the 3rd quarter, of nearly 1.6 billion euros.
- Net turnover from new yachts amounted to 865.3 million euros, an increase of 3.8% compared to the first nine months of 2023 (856 million in 2023).
- Adjusted EBITDA of €138.2 million, an increase of 10.7% and a margin of 16.0%, an increase of 100 basis points compared to the first nine months of 2023.
- A net profit equal to 62.2 million euros, in line with the 61.9 million euros for the first nine months of 2023 (61.9 million in 2023).
- A net financial position of €149.6 million in net cash as of September 30, 2024.
THE GENERAL MEETING OF SHAREHOLDERS CALLED
The Board of Directors of Ferretti SpA has reviewed and approved the consolidated financial results as of September 30, 2024 and has convened the next ordinary general meeting of shareholders.
Mr. Alberto Galassi, managing director of the group, declared on ActuNautique Yachting Art: “With the close of this quarter, we reached a new profitability record, reaching 16%, confirming the strength and effectiveness of our strategy. In the third quarter of 2024, we observed a significant increase in order intake in the segment Super Yachts, confirming the success of our positioning in this market through the promotion of our brands. We are also seeing excellent signs in the Composite Yachts segment, which should give new impetus to order intake. good results from our participation in the main Mediterranean boat shows and the opening of the American season contribute to our prospects, given that these are activities likely to bring concrete benefits in the short term. September 30 amounts to 1.3 billion euros, and adding orders received after the close of the quarter, the value is in line with that recorded during the first nine months of 2023. Regarding the industry , we are continuing at a rapid pace the construction of the Ravenna shipyard, which will soon allow us to expand and further improve our offer, optimizing the product mix and consolidating our position in segments with high growth potential and profitability.”
Decryption – It is surprising that the Ferretti Group communicates its figures at the end of the 3rd quarter, constantly comparing them to the current, unaudited accounting position. From there to thinking that we must make the bride more beautiful, in these times. Moreover, when we look at the group's 2023 accounts, the net position over 9 months increased from 288 million in 2023 to 149 million in 2024: the group is therefore burning cash, almost 139 million net over 12 month. Order intake over 9 months, for their part, went from 875 million to 736 million, a drop of 139 million, the margin having increased, over this period, from 15 to 16%.
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