MILAN, Apr 17 (Class Editori) - Yesterday, during an event in Milan, ceo Alberto Galassi pointed out that the board of directors and the shareholders' meeting of the nautical group have not yet formally evaluated the IPO project on Piazza Affari. However, as already reported on March 21 by MF-Milano Finanza, the reference shareholder of the company Weichai (owning 86.8%), intends to proceed in this direction. The operation could materialize by the end of the year.
Although the company and its partners have not given an official mandate yet, the dossier includes Barclays, Bnp Paribas and UBS the latter should act as global coordinator. Moreover, as reported in recent days by MF, Dentons and King & Wood Mallesons law firms have already been warned.
In view of the settlement that should lead Ferretti to the stock market, ceo Galassi presented the figures of 2018 which closed with revenues of 669 million (69% in the EMEA area, 20% in America and 11% in Asia Pacific). The figures are up compared to the 623 million of the previous year, with a gross operating margin of 53.4 million (down compared to 59 million reached in 2017) and a profit of 30.7 million (compared to attained in 2017). The total assets rose to 1.128 billion, while the order book at the end of 2018 amounted to 708 million. Investments hit 154 million, of which 90 million are destined to new products.
The 2021 business plan includes 27 models in the pipeline for all the brands of the group, which rose to eight through the purchase of the Wally brand already owned by Luca Bassani. The operation was closed through an insolvency procedure before the Luxembourg court. The perimeter of the brands (Ferretti, Riva, Pershing, Itama, Mochi Craft, Crn, Custom Line and, of course, Wally) is one of the central issues to be addressed in view of the potential IPO in Milan. It is possible that some of these brands will be subsequently excluded from the project, despite remaining a property of the group. The investment destined to Wally, the newco controlled by Ferretti and owned by Bassani, is of 84 million on a three-year basis.
Furthermore, the company has decided to create a Riva model to be sold at a charity auction. The proceeds will be donated to those who will take care of the restoration of Notre Dame de Paris. Among the new collaborations is a new agreement with the Jaguar-Land Rover group.
The leisure boat sector is considerably growing, as shown by a study carried out by Ernst & Young showing that the business has shifted from a global turnover of 15 billion to 21 billion in 2017 and will reach 23 billion in 2023. (reserved reproduction)
(Source:Class Editori)
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