With revenues surpassing €600m and a profit after tax of over €20m, Italy’s Ferretti Group claims to be the most profitable of the world’s leading yacht-builders. That was the message from Alberto Galassi, Ferretti CEO, during a press briefing at boot Düsseldorf on the weekend.
Galassi emphasised that Ferretti is now the second-largest yacht-builder and the first for profitability. While he couldn't confirm the final revenue figure just yet, it is said to be over €600m. This will be confirmed in March. Consolidated revenue has risen from €410m in 2015 to €548m in 2016.
Galassi presented figures that show strengthening EBIT and EBITDA, with the 2017 figures awaiting final confirmation. The EBIT value has moved from -€13m in 2015 to €34m in 2016 and over €40m last year. EBITDA moved from €7m in 2015 to €53m in 2016 and an anticipated €60m for 2017.
In terms of profit after tax, the path over the past few years has seen Ferretti move from -€29m in 2015 to €14m in 2016 and more than €20m for 2017. “We are presenting these figures to be visible and show that we are trading profitably and continuing to invest. Our shareholders are not interested in taking dividends, so all our profit will be reinvested in the company’s future,” Galassi pointed out.
While CRN had been a 'problem area' for the group in recent years, Galassi told IBI: “CRN is now breaking even". During the press briefing, an order for a 62m (204ft) CRN 138 was announced with the suggestion that further orders will follow later this year.
Regarding sales, 57% are accounted for by Europe, particularly Germany, the Netherlands and Switzerland. The Italian market is said to be recovering. The Americas account for 27% and APAC for 16%.
As for Düsseldorf, Ferretti has relocated to the centre of the Superyacht Hall. The group has brought seven yachts to the show, including the world premiere of the Ferretti 920, which is appropriate as Ferretti Yachts is celebrating its 50th anniversary this year. A new Ferretti 670 was also announced, of which four units have already been sold.
Regarding other brands, a new Riva 90 was announced to complement the Corsair 100 and the 110 Dolcevita.