Ferretti comments on impact of Russia-Ukraine conflict

Italian boatbuilder Ferretti Group has issued a statement confirming it sees “no significant consequences for business volume” as a result of the ongoing Russia-Ukraine crisis.

Ferretti Group is present in over 70 countries and is reportedly preparing for an IPO in Hong Kong later this month. The company says it currently has an order backlog of €1,272 million, as of 28 February 2022, and an order intake of €308 million in the first two months of 2022.

The Group, which is controlled by Chinese conglomerate Weichai Group, adds that it has a “geographically diversified commercial strategy” and an exposure of just 3 per cent in terms of revenues to the areas currently involved in the conflict.

“Ferretti Group has no exposure to the mega and gigayacht segment, the one of greatest interest to the Russian elites most affected by international sanctions. Furthermore, as of today, the Group is not aware of any sales to subjects targeted by these sanctions,” the statement says.

“The company is monitoring market developments on an ongoing basis and mitigating any risk through a distribution model involving progress payments during construction and the possibility of reallocating series and semi-custom yachts thanks to waiting lists for almost all the models in the range.”