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Italy Ferretti Group Held Global Shareholders' Meeting

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BEIJING, April 23, 2024 /PRNewswire/ — At 10:00 am on April 22, 2024, Milan time, Tan Xuguang, Chairman of the Board of Directors of Italy’s Ferretti Group, chaired the Ferretti Global Shareholders’ Meeting in Beijing and addressed shareholders’ inquiries. The primary location for the meeting was in Milan, with Tan Xuguang, the board of directors, board members, and shareholders worldwide participating virtually.

During the meeting, the 2023 Financial Report and Consolidated Financial Report as well as the Report on Remuneration Policy and Remuneration Payment were reviewed and approved. Additionally, two new members were appointed to the board of directors. According to its subsequent announcement, Ferretti’s operating income in 2023 reached 1.134 billion euros, marking a year-on-year increase of 10%. Net profit amounted to 83.5 million euros, reflecting a substantial year-on-year growth of 38%. The company’s orders in hand totaled 1.491 billion euros, showing a notable year-on-year increase of 15%. Notably, the growth rate of net profit outpaced that of revenue, reaching the highest level in the company’s history. Ferretti also achieved a significant milestone by successfully returning to the Milan Exchange for listing, thereby becoming the world’s first company to be dual-listed in Hong Kong and Italy.

The Ferretti Group is among the oldest and most esteemed Italian luxury yacht manufacturers, renowned as a leader in the global luxury yacht and leisure ship industry. The group boasts ownership of the world’s most prestigious yacht brands, each offering unique and complementary advantages within the industry. In 2008, amidst the global financial crisis, Ferretti faced significant challenges and fell into a development dilemma primarily due to poor management. In 2012, Weichai Group, a globally recognized equipment manufacturing group, strategically reorganized Ferretti, initiating a journey of strategic cooperation between the two parties. Weichai Group leveraged its strong synergistic resources to assist Ferretti in swiftly reversing its development decline and setting out on a path of rapid and healthy growth. Tan Xuguang, Chairman of the Board of Directors of Weichai Group and also Chairman of the Board of Directors of Ferretti, was honored with the "Leonardo International Award" by the Italian government. This prestigious accolade recognized his outstanding contributions to the strategic reorganization of Ferretti and the fostering of economic exchanges between China and Italy.

At the meeting, the participating shareholders expressed full affirmation of Ferretti’s rapid development and conveyed high expectations for the company to maintain its leading position in the global yacht industry and further expand its edge in the industry in the future. Tan Xuguang emphasized that Weichai Group will continue to steadfastly support the development of Ferretti, working together to elevate Ferretti into an unequivocal standout in the global yacht industry. The aim is to continuously generate greater value for investors and stakeholders alike.

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