Ferretti Group, capital increase of about 250 million euros

[dropcap]A[/dropcap]gain this year, the Festival opened its 42nd edition with the annual press conference of Ferretti Group. Alberto Galassi, CEO of Ferretti Group, together with Sales Director Stefano de Vivo, illustrated the main economic results achieved during the first six months of 2019, confirming the positive trend that strengthens the international leadership and precising the intention of the top management in going public, only when and if they receive the interest and approval from their shareholders.

In the first six months of 2019, production value reached 358 million Euros, up 6.5% on the 336 million Euros recorded in the first six months of 2018; in June 2019, the order backlog reached a value of 653 million Euros, an increase of 19.0% compared with the June 2018 survey.

Riva Dolceriva

The press conference was also an opportunity to present the new asset structure of Ferretti S.p.A.. As a confirmation of the constant support, the main shareholder, Weichai Group, converted a shareholder loan of approximately 212 million Euros through an equivalent capital increase. At the same time, Piero Ferrari and Adtech Advanced Technologies signed investment agreements that provide an injection in Ferretti S.p.A. eqaul to 40 million Euros through share capital increases.

“At Cannes the nautical championship is beginning and we are presenting ourselves at our best, with the exciting beauty of a fleet of 26 boats and the quiet strength of an increasingly solid financial situation”, said Alberto Galassi, Managing Director of Ferretti Group. “At Cannes we are lining up our stars, 6 world premiere boats for which we have already received important orders. Ferretti Yachts 720, the 48 Wallytender and the Riva Dolceriva, as well as Riva 90′ Argo, Pershing 8X and Custom Line 106, are the spearheads of the Ferretti Group, a healthy and very determined team, to continue in the football metaphor, which this year wants to win them all, starting from the financial challenges. Indeed, as always, the Show is also an opportunity to draw up an initial balance of the brilliant results achieved this year, which confirm that we are on the right track, as has been the case since 2014. Today we are a financially ready to face any challenge”.