FERRETI GROUP: RETURN TO PROFITS AND PARTNERSHIP WITH FERRARI

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Ferretti Group had an important press conference in Milan yesterday. The CEO of the group, Alberto Galassi, announced the financial results of 2015, highly better than what expected, and the entrance in the capital share of F investments S.a, the financial society controlled by Ferrari. The financial holding has become a partner of the Chinese Weichai Group, which has been controlling Ferrari since 2012, with 13.2% of shares. The value of the shares takeover has not been released.

Last February, with the shift of power at the top management of the group, Piero Ferrari was invited by Weichai to join Ferretti’s management board as the President of the Product Development Committee to guide the research, development and implementation of new models produced by all the brandsof the group.

Research and development of new models are the main factors which have contributed to the financial result of 2015, presented during the press conference. The increase of capital launched in 2015 (80 millions Euros) has allowed to Ferretti to achieve development and growing strategies: planning and launch of new models, expansion in emerging markets and strengthening of Ferretti’s presence in its reference markets.

All these startegies have translated into: an increase of production value (410 million Euros, +23% than 2014 and higher than the expected 403 million Euros), a gross operating margin (that is profilts before interests, taxes, fall in price and amortisation, often called EBITDA) which returns positive after 4 years, and a return of profits of 5 million Euros for the first three months of 2016.

According to Galassi, increase took advantage from the six new successful models by Ferretti Yachts, Riva (in the picture, a Aquariva one), Pershing and Custom Line presented in 2015. The strategy will go on in 2016 with the launch of 9 new yachts, from 12 to 37 metres.

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