Difference between revisions of "Ferretti"
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Revision as of 16:07, 3 July 2007
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| Ferretti Group | |
|---|---|
| Company slogan | leadership |
| Vector logo | |
| Company type | Private |
| Genre | |
| Foundation | 1968 |
| Founder | Alessandro and Norberto Ferretti |
| Location | Forlì, Italy |
| Origins | Italy |
| Key people | Norberto Ferretti, chairman Ferruccio Rossi, CEO |
| Area served | Worldwide |
| Industry | Yachtbuilding |
| Products | Ferretti, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, Custom Line, CRN |
| Revenue |  €770.4 million EUR (2006)
|
| Operating income | €118.4 million EUR (2006)
|
| Net income | €26 million EUR (2006)
|
| Num employees | 2,800 (2006) |
| Parent | 60% Candover 10% Permira |
| Subsid | view all subsidiaries |
| Owner | |
| Homepage | www.ferrettigroup.com |
| Footnotes | |
Ferretti Group is an Italian yachtbuilding conglomerate founded in 1968. The company initially produced small boats and in 1971 it produced the first motorsailer. It now focuses on the powerboat sector, specializing in luxury motoryachts production. The group is based in Forlì and is one of the leading companies in the world of design and construction of luxury motoryachts and sporting boats measuring from 7 to 80 meters long. It employs 2,800 people directly, out of which over 100 specialised engineers who comprise the group's design team.
According to a research carried out by Business Week, Ferretti Group is the top Italian company and twenty-eighth of the 500 Hot Growth Companies in Europe. The research ranked companies based on their turnover growth compared with the sales volumes and number of employees and included top European companies from different sectors. The group is the only company in the nautical world on the list.
Group structure
The group consists of the following design and production companies:
- Ferretti Yachts division (flybridge motoryachts, 14 to 27 meters)
- Pershing S.p.A. (high performance open cruisers, 11 to 35 meters)
- Itama Cantieri Navali S.p.A (open motoryachts, 13 to 23 meters)
- the American Bertram Yacht, Inc. (sport fisherman motoryachts, 12 to 22 meters)
- Riva S.p.A. (open and flybridge motoryachts, 10 to 35 meters)
- Apreamare S.p.A. in Sorrento (“gozzo sorrentino”, 7 to 20 meters)
- Mochi Craft division (lobster boats, 13 to 23 meters)
- Custom Line division (maxiyachts in composite materials from 30 to 34 meters with two decks) and,
- CRN S.p.A., (maxiyachts in composite materials from 39 to 43 meters with 3 decks and steel megayachts from 46 to 8 meters.
The Group has also a marketing subsidiary for the US and Canada (Ferretti Group USA, Inc.), a company specialized in the production of fiberglass products (Resin Sistem S.r.l.), a company specialized in the production of boat interiors (Diesse Arredamenti), a distributor of diesel marine engines, marine propulsion and control systems, reversers, reducers and generators (Diesel Center), a company specialized in yacht painting and refitting (Pinmar S.L.), a company specialized in the production of wooden fixtures and furnishing for megayachts over 100 feet (Zago S.p.A.), and lastly Slys (La Spezia Luxury Yacht Service), CRN Ferretti Group Monaco S.A.M. of Montecarlo and Cantiere Navale M.Morini of Ancona.
Financial data
Ferretti Group has a 90.7% three-year expansion rate and a Production Value of 770.4 million Euros as of 31st August 2006 (an 18% increase compared with previous year's 652.9 million Euros). The group's EBITDA rose by +37.7% to 118.4 million euros (85.9million euros in 2005), and net profits rose by +118.8% to 26 million euros (11.22 million euros at August 31, 2005), while the net borrowings decreased by 90 million euros to 407 million euros (497 million euros in 2005). The number of boats delivered was 461 in 2006 from 419 in 2005 and the order backlog was at an all-time high of more than 635 million euros, up about 62.4%.
The increase in financial data is attributed to the growing demand in both Group’s traditional brands (Ferretti Yacht, Riva and Pershing) and newly introduced product lines (Mochi Craft and Maestro of Apreamare), as well as in the relaunching of the Itama brand and the positive performance of CRN in the steel megayacht segment. Other factors were further growth in the established Italian and European markets, as well as strong sales in the emerging markets of the Far East, and more assertive marketing strategies in such new markets as Russia, Brazil and South America in general. The increase in profits is attributed to the contribution of new production facilities, to the launch of increasingly large new models and to a steady effort to maximize intra-Group synergies.
The contribution of foreign business accounts for 78% of the Group’s production value, about half of which is directed to EU countries.
History
The company was founded in 1968 by Alessandro and Norberto Ferretti and produced its first motor sailer in 1971. During the 1980s, the two brothers decided to specialize in the production of luxury motoryachts. They established a new unit in Forlì, which today houses the company headquarters. In 1998 the group acquired the already affiliated company Custom line and the controlling interest of Pershing and Bertram. The acquisitions continued in 1999 and 2000, when the company purchased the CRN (Ancona) and Riva (Sarnico) shipyards.
In 2001, the group proceeded in two more acquisitions: Apreamare S.p.A boatyards (Sorrento, Naples) and Mochi Craft boatyards (Pesaro).
In 2003, the group proceeded further in acquiring Cantiere Nacale M. Morini S.p.A (Ancona) and several companies with activity in compementary sectors, such as the Spanish Pinmar S.L. (yacht painting and refitting), and Zago S.p.A. (wooden fixtures and furnishing). Finally, in 2004, the group's subsidiary Pershing, purchased Cantieri Navali S.p.A. (Rome).
An exclusive distribution network of over 75 selected dealers undertakes the group's products marketing and after sales service in 96 countries.
Customers of the group have included Richard Burton and Brigitte Bardot.
Racing
Motivated by the needs for high tech synergy, and greater international recognition, the company entered in 1989, into offshore racing. The sporting results achieved were excellent. Norberto Ferretti won the Class 1 Offshore World Championship title in 1994.
The Ferretti team won the European Offshore Championship in 1995. In 1997 it won both European and World champion titles. The company attributes these winnings to a hi-tech hull designed with a carbon-fiber autoclave.
Ownership
In 1995, after the sudden death of Alessandro Ferretti, 70% of the group was acquired by Permira. In 2000, it was temporarily listed in the Italian Stock Exchange, but decided to be taken private citing concerns for negative financial climate by the September 11, 2001 attacks. Permira had a 54 times return of its original investment from the listing.
In October 2006, the owners reconsidered flotation and filed an application to list its shares on the Milan stock exchange. Due to a high level of interest from private equity buyers, the IPO was postponed. Candover bought 60% of the company in an auction, outbidding the French PA Partners and leaving the rest 30% to the founder and 10% to Permira. Based on financial data, the group was valued at 1.7 billion euros. No change is expected in the group's management.
Technology
Together with Mitsubishi the Ferretti group has developed a system called ARG (Anti Rolling Gyro), which reduces the effects of the waves on their boats, using a counterweight and a gyroscope.
Shipyards
The total indoor and outdoor surface covered by the group's shipbuilding activities is 673,000 square meters, in 19 Italian, 2 Spanish and one American production units.
While works are still in progress, the company started partially operating in a new production center at La Spezia in March 2004, which will become the group's largest in terms of technical, logistical and sales support in the northern Tyrrhenian Sea. The overall investment is 26 million euros, and for the moment it produces Riva yachts over 21 meters long. It has an area of over 15,000 square meters, and once completed, it will include 2 industrial buildings, two office buildings, and 400 meters of piers and docks served by a mobile 400-ton travel-lift. It will feature a center for the testing, launching and delivery of all crafts and provide harbor and support services to customers.
A new boat production center at Torre Annunziata, Naples is also underway and will be completed by the end of 2006. It will be over 125,000 square meters, (65,000 square meters of it covered) and it includes an internal private dock of 10,000 square meters with 100 moorings, and a channel for sea access. A travel-lift will be used on very large boats, for quick, hassle-free inspections and sea-trials, as well as haulage. Total investments are currently estimated at 55 million euros.