Talk:Ferretti Group

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Proposal to revise and update the "Corporate Affairs" section

Hi everyone, I am returning to this space to ask your opinion on the possible update of the 'Corporate Affairs' section. While reading it, I noticed that its paragraphs - 'Financial Data' and 'Ownership' - contain extremely outdated information. As far as the former is concerned, I would therefore suggest opting for a table in which data referring to the last three financial years would be more concise and easier to update.

On the other hand, regarding the "Ownership" paragraph, I would suggest correcting some verb tenses and inserting a short paragraph with the latest available information.

You can find the entire proposal in the box below: again, I have crossed out the information I would suggest removing and highlighted in yellow those that could be added. What do you think about it? Thank you so much in advance for your help :)--CateSof1453! (talk) 13:36, 4 July 2024 (UTC)

Hi everyone, now that some time has passed since the submission of the proposal without having received any opinions on the matter, I have started to make the changes suggested for updating the "Ownership" section, which are minor and do not contain any controversial information.

If you do not think there are any particular issues, I would also shortly proceed to update the section on "Financial data", which is deficient and contains very outdated information. Thank you so much for your help --CateSof1453! (talk) 13:13, 11 July 2024 (UTC)

Proposal to revise and update the "Corporate Affairs" section

Corporate affairs

Financial data

In 2010, Ferretti Group had a turnover of approximately 500 million euro  and EBITDA of around 30 million euro. The improvement of this result, in a market still characterized by price pressure, was primarily due to the key initiatives taken by the Ferretti Group during the course of the 2009–2010 nautical year, which resulted in a cost reduction of around 50 million euro. As of August, 31st, 2010, the Group's Net Financial Debt improved compared with the previous year and was reduced to around 590 million euro, basically in line with the Plan.

	Revenues (thousands €)	Net income (thousands €)	EBITDA (thousands €)
2023	1,134,484	83,503	169,246
2022	1,030,099	60,546	139,989
2021	898,421	37,383	102,569

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 PAI 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.

In May 2008, when the full extend of the crisis had not yet hit, rumours circulated indicating Candover was eyeing a second IPO for the business which was seeing profits of EUR 158m on a EUR 933m turnover (2007). In September, the Consob granted the authorization for the IPO on both the London and Milan bourses.

However, in January 2009, the company appointed Rothschild to advise on talks with its banking syndicate, led by Royal Bank of Scotland (RBS) and Mediobanca to restructure a EUR 1.1bn debt. Initially Candover was expected to participate in a EUR 100m capital injection but by February, it had walked away from the table, writing off its investment; Permira had already done so.

Since then the company has succeeded in renegotiating its debt, reducing its to EUR 550m against a conversion of credits into exit participation rights, a EUR 85m capital injection underwritten by the founder and CEO, Norberto Ferretti and some of the management team (EUR 70m) and Mediobanca (EUR 15m). RBS has also agreed to grant medium-term facilities to fund working capital requirements (EUR 65m) and three major financial institutions (already partnering with Ferretti), have extended the short-term facilities (EUR 24m) to medium-term ones.

From that time on, the Group's equity is now was held by Norberto Ferretti and the Group's management (38.2%), Mediobanca (8.8%) and senior and mezzanine lenders (for a total of 53% in exit participation rights). In particular, as a result of the agreement, Norberto Ferretti, the Group's management and Mediobanca hold held the 100% of the Group's voting rights.

As of 2024, the Group's shareholding structure is divided between Ferretti International Holding (37.5%), Flipnation Limited (10%), Danilo Iervolino (5.2%), Kheope Sa (4.5%) and the market (42.6%).

References