Ferretti S.p.A. Forlì, 02 February 2009 – The Board of Directors of Ferretti S.p.A. announces that it has begun a process of renegotiating its debt with The Royal Bank of Scotland and has appointed Rothschild as its financial advisor, Chiomenti, Linklaters and CBA as legal advisors and KPMG as industrial advisor.
The purpose of the deal is to renegotiate the terms of the loan agreement entered into in January 2007, at a time when the market was especially dynamic and therefore substantially different from the current negative economic situation that has developed at the global level in recent months.The Board of Directors has also examined the guidelines for the business plan, which has been revised in the light of the current international scenario. The Chairman and Chief Executive Officer, Norberto Ferretti himself, together with the shareholders of Ferretti S.p.A., is strongly determined to undertake all the necessary actions to consolidate the Group’s leadership in the luxury motoryachts sector and to resolve short-term financial tension in order to continue with the process of growth that has characterized the Group's 40 years of history. From a business standpoint, although the nautical market is passing through a period of contraction, the Ferretti group continues to operate with its usual dynamism, confirming the programs of its 9 brands, that still continue to represent a prestigious example of Made in Italy for their quality and innovation. From a commercial standpoint, the Group continues to participate in all of the most important Italian and international trade fairs. Following the Düsseldorf show, in which the Group took part over the past few weeks by displaying nine yachts in a stand extending over more than 2,000 m², Ferretti will be at the 2009 Miami International Boat Show from 12 to 16 February with 25 models, including four never before seen in America, one of which is an Itama brand boat, marking the brand’s debut in the U.S. The Show will be followed by trade events in emerging markets, such as the shows in Mumbai, Dubai and Shanghai, which continue to represent one of Ferretti’s strategic priorities. Ferretti will also be attending various Italian shows throughout the spring. The Company remains strongly committed to launching new products to meet the needs of its customers throughout the world. The projects for an impressive 14 new boats are currently being completed, which will be presented at forthcoming autumn boat shows, bringing the number of new models scheduled for release in the next three years up to 50. As further evidence of its constant focus on its customers, Ferretti also recently launched “Platinum Selection”, an exclusive program that offers shipyards warranty services for used vessels, an absolute innovation in the luxury segment. From the standpoint of technological innovation, several weeks ago Ferretti held a worldwide sneak preview of its new steering and maneuvering system, ZF SteerCommand for Ferretti, developed by ZF Marine, a world leader in the production of marine propulsion systems, in collaboration with AYT (Advance Yacht Technology). The System permits vessels to be steered and maneuvered in full safety at any speed. Given the present macro-economic situation, also the Ferretti group is currently implementing a series of measures aimed at bringing its organizational structure in line with the current market scenario. In this context, the Group has decided that it will implement ordinary redundancy fund measures for some of its shipyards, as a precaution. These measures have been made necessary for a limited period of time due to the decline on the market of small yachts, while the production of mega and maxi yachts remains regular. Ferretti S.p.A. Ferretti S.p.A. is the head company of a group which is one of the world leaders in the design, construction and sale of luxury motoryachts, with a unique portfolio of nine of the most exclusive, prestigious brands in the nautical world: Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, CRN and Custom Line. Ferretti group, founded by Norberto Ferretti in 1968, is on the cutting-edge of the nautical world, thanks to constant product and process innovation, and continuous research within the sphere of technology. Luxury yachts are designed by a team of about 90 designers and specialised technicians (Advanced Yacht Technology), and built in the Group’s 25 production units. Over 3,000 employees of the Group, led by Chairman and Chief Executive Officer Norberto Ferretti, share a continuous quest for quality, technological excellence, top performance, an exclusive, innovative design, maximising comfort and taking painstaking care over detail. This common, daily commitment has taken Ferretti group to the very heights of the nautical world. The group is present in Asia, through a branch of representation and promotion in Shanghai, and on the American continent. An exclusive network of about 85 carefully selected dealers markets group yachts in over 80 countries, and guarantees clients the very best assistance in marinas all over the world.
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