Ferretti Group reports financial results at Cannes show - Trade Only Today

Ferretti Group reports financial results at Cannes show

The Ferretti Group attended the 39th Cannes Yachting Festival with a fleet of 22 yachts from 26 to 121 feet and six of them made world debuts.
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The Ferretti Group debuted the Ferretti 850 last month at the Cannes Yachting Festival.

The Ferretti Group debuted the Ferretti 850 last month at the Cannes Yachting Festival.

The Ferretti Group attended the 39th Cannes Yachting Festival with a fleet of 22 yachts from 26 to 121 feet and six of them made world debuts.

The Ferretti Yachts 450 and 850, the Pershing 5X, Rivamare, the Riva convertible 76 Bahamas and the Navetta 37 — the group’s flagship and largest semidisplacement yacht ever built by Custom Line — had world premieres at the show.

Ferretti Group CEO Alberto Galassi and chief commercial officer Stefano de Vivo presented the main results the group achieved during the first eight months of this year at a press conference and confirmed Ferretti’s global strategy for growth and investment.

"This year our group is a key player at the Yachting Show in France, with six world premieres among open, coupe, flybridge and maxi yachts, confirming that our three-year plan for development and the launch of new products is continuing as planned,” Galassi said in a statement.

"These new models, along with all the other ones on display, form an unrivaled fleet of 22 yachts between 8 and 37 meters,” Galassi said. “Moreover, we can announce a brilliant economic performance that in many ways exceeded expectation. These achievements make us very pleased with all the work that has been done. In particular, the first eight months of 2016 are characterized by an order intake in line with our objectives and stable positive economic results."

The group said it recorded a consolidated order intake of 217 million euros (about $239 million) for its brands as of Aug. 31, which was in line with budget forecasts for the year. The group said it expects to close the year with a total order intake of 394 million euros (about $434 million), recording an increase of 6.2 percent from 2015.

The group said it continued its market penetration internationally during the eight-month period. Europe, the Middle East and Africa accounted for 48 percent of new orders. The Americas made up 34 percent, and the Asian Pacific markets accounted for 18 percent.

“The success of our commercial strategy and the continuous improvement in terms of efficiency and productivity at each of the group's construction sites has led, after the first eight months of the year, to achieve consolidated revenues of 314 million euros [about $346 million], compared to the 250 million euros [about $275 million]” in the same time period for 2015, the group said.

EBITDA reached 34.7 million euros (about $38.3 million), compared with the break-even performance the group had 12 months earlier.

That led to a 10.5 million euro ($11.6 million) after-tax profit as of Aug. 31 this year, compared with a loss of 16.9 million euros ($18.6 million) during the same eight-month period last year.

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