The Ferretti Group will launch the 2010-2011 nautical year in the US and presents its portfolio of luxury vessels at the 51st Ft. Lauderdale International Boat Show to be held from October 28th to 1st November 2010.
Reflecting its commitment to passion, innovation and excellence, and as a leader in the nautical world, the Ferretti Group’s extraordinary display will consist of 5 new models including the Riva 92’ Duchessa, Pershing 80’, Bertram 800, Ferretti 570 and Bertram 540 among an impressive fleet of 16 yachts.
Riva 92 Duchessa Motor yacht
This momentous occasion marks a pivotal moment for the Ferretti Group’s growth and progress over the year. With the aim of enhancing the flexibility of the Group, optimizing efficiencies through the organization and strengthening internal synergies, the Group undertook a major reorganization process during the 2009-2010 nautical year. This resulted in the centralization of all key functions and the integration of each of the Group’s companies into a single entity under Ferretti S.p.A., which is now producing visible and successful results.
As part of this new reorganization, one of the Group’s key priorities is to address and further strengthen the North American market. The Ferretti Group is committed to the development of the North American market and is placing a stronger focus and renewed emphasis on the growth and progress of this region. In this regard, several strategic measures have been recently undertaken to bolster the Ferretti Group’s sales and marketing operations and drive visible results in North America. A key component of this has been the appointment of a new leadership team spearheaded by Ferruccio Rossi, who is both a member of the Group Executive Committee and has assumed the role of Country Manager for North America. Ferruccio Rossi will be supported by a North America Management Team comprising of Robert McDougal who assumes the role of Chief Sales Officer, James Henderson as Chief Marketing Officer, Tony Rodriguez as Chief Financial Officer and Alton Herndon the President of Bertram Yacht. Robert McDougal will also retain oversight and supervision of the Allied Marine business.
Ferretti Group Logo
The North American Management Team is currently reorganizing the Group’s operations in North America, as well as establishing its strategy to expand the distribution footprint and marketing initiatives. Efforts are currently aimed towards crafting a targeted distribution network throughout the U.S. to broaden the expansion of the Ferretti Group brands throughout.
“We see the Americas as a vast territory of opportunity with tremendous potential for further growth. We are looking forward to partnering with key distribution partners in these regions to drive targeted sales initiatives and continue to advance the Ferretti Group brands within the global marketplace. The Group has long established itself as a global leader in marine industry and will provide its North, Central and South American counterparts with the tools to carry out the necessary sales and marketing functions to meet our customers’ needs and deliver upon the quality that is synonymous with Ferretti Group brands.” states Salvatore Basile, Ferretti Group Chief Executive Officer.
In an effort to centralize sales efforts in North America, the Ferretti Group will house all of its exclusive inventory at the Ferretti Group’s flagship showroom located in Ft. Lauderdale, Florida. This state of the art facility will serve as the headquarters for Ferretti Group’s North America sales and marketing operations and will also be a hub to support all dealers for both Central and South America.
In the Group’s continued efforts to build the unique presence of the brands in the U.S. market, each brand will be represented by a dedicated Product Manager for North America who, in cooperation with the Brand Managers, will drive the business development as well as the sales and marketing initiatives throughout North America. Under the oversight of Tom Houliares, VP of Sales for North America, the Product Management Team will comprise Darren Datson for Pershing, Enrico della Casa for Riva and Justin Blue who is responsible for Ferretti Yachts, Mochi Craft and Ferretti Custom Line. All of whom bring a wealth of specialized expertise and knowledge for each of the Ferretti Group’s brands to its customers.
It has been almost two years since the Ferretti Group acquired Allied Marine’s assets and operations. Allied Marine is an important asset for the Ferretti Group organization, and will operate as the exclusive dealer for all Ferretti Group brands in Florida. Allied Marine is also one of the largest brokerage listing services in the country specializing in yachts of 60-120ft. With new offices in Newport, Rhode Island and Sag Harbour, New York as well as four other locations across Florida, Allied Marine is a vital strategic asset of the Group.
Over this past two year period and phase of implementation and launch of the new organization, the Ferretti Group has placed an increased emphasis on the Pan-American markets, and despite the challenging economic conditions, the Group managed to deliver some successful results in both the North and Latin American markets, which accounted for around 20% of the Group’s revenues in 2009-2010. These findings demonstrate a robust market share, with clear increases in certain segments, in which the Latin American sector has contributed significantly.The Ferretti Group continues to enhance the presence of its sales and marketing entity throughout the world and is fostering its concentration into the Latin American markets. The group will focus on broadening its dealer network throughout Latin America and is in the process of creating a distribution plan for key prospective dealers to strengthen the connection with Latin America. The Group has appointed Alessandro Diomedi, who will report directly to Daniele Diotallevi (Ferretti Group Marketing and Business Development Director), as the new Latin America Area Manger to execute the strategy for Latin America and increase the Group’s presence throughout.
The Ferretti Group remains committed to the growth and development of the Bertram brand and firmly recognizes the importance and heritage of Bertram as an established American icon. The Group recently appointed Alton Herndon, an industry veteran with over 40 years of experience in manufacturing salt water sport fishing boats, as the new President of Bertram Yacht. Herndon will use his experience to channel thebrand’s established reputation for its superior ride and handling into a platform for further development of new products. Herndon’s personal reputation for rigorous attention to detail and quality control has been paramount in the launch of two new models in the short time he has been in his role as Bertram’s President. As Bertram approaches its 50th Anniversary, the Group is dedicated to building upon Bertram’s heritage and particularly on the key attributes that were the cornerstones of Bertram’s enduring success: the production of top-tier sport-fishing battlewagons built to withstand the most adverse sea conditions.
With strategic and tactical sales support from Don Jones, VP of Sales for Bertram and Charlie Carricarte, Director of Bertram International Sales, Bertram will continue to strengthen the presence of the brand and expand the distribution footprint, both in the United States and internationally. Alton Herndon, comments, “I am excited about having the opportunity to steer the legendary Bertram brand into its next phase, particularly as we approach the 50th Anniversary of the company. We are working on some new ideas to evolve the brand whilst also maintaining a strong focus on our core markets, specifically in the production of competitive sport-fishing boats. Bertram was built on a reputation for manufacturing high quality products that withstand the test of time and I am personally dedicated to upholding these core values. Our team will continuously strive to innovate the industry and build quality sport-fishing battlewagons that deliver Bertram’s legendary reputation for ride and handling, dependable strength and resilient performance in the toughest sea conditions.”
Preliminary results for the 2009-2010 nautical year clearly demonstrate that the Group has successfully achieved all the budget targets.According to the company’s preliminary financial results as of August 31st, 2010, the Ferretti Group registered a turnoverof over 500 million euro[1]. On August 31st, 2010, the EBITDA was around 30 million euro, in line with the budget, and an increase compared with the approximately 26 million euro registered during the previous nautical year. 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, and clearly demonstrates the effectiveness of the Group reorganization. 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 company’s budget plan.
Another notable achievement in 2009-2010 was the volume of yachts that were delivered during the year. The Group achieved an impressive 215 units, allowing it to close the nautical year without any unsold stock. The results achieved by the Ferretti Group are in line with the forecasts and demonstrate a robust market share, with clear increases in certain segments. In fact, the nautical year closed with an order portfolio of around 270 million euro for the Group, which is a notable increase compared with the 175 million registered during the previous year. The volume of new orders received in 2009-2010 was around 460 million euro, which is also a considerable improvement compared with the approximately 330 million of the 2008-2009 nautical year.
Pershing 80 Motor yacht
With this enhanced focus on the American market, the Group is proud to present 5 new models at this year’s Ft. Lauderdale Boat Show. Of the exciting new yachts on display, the Ferretti Group is highlighting several models which are major milestones for U.S. market. Among these, are the introduction of the new Bertram 800, the largest Bertram ever built, the Bertram 540, the Ferretti 570, Pershing 80’ and Riva 92’ Duchessa, each of which are groundbreaking in their own right. “The Ferretti Group continues to thrive as a leader in the nautical industry. The Group shares my deep commitment and inherent passion towards the building and marketing of our luxury vessels. Technological innovation and excellence remain as driving factors behind the Ferretti Group’s success. The company is still on the cutting edge of the marine industry and we are eager to introduce 5 new models that offer the latest innovations and designs to the American audience that has yet to have an opportunity to experience” statedNorberto Ferretti, Ferretti Group Chairman and Founder.
