Financial Performance - Total revenue for the year ended December 31, 2023, was €1,123,483 thousand, an increase of 16.1% compared to €967,753 thousand in 2022[11]. - Net income for 2023 was €86,355 thousand, representing a 64.8% increase from €52,395 thousand in 2022[12]. - The company's total assets increased to €1,791,099 thousand in 2023, up from €1,565,404 thousand in 2022, reflecting a growth of 14.4%[14]. - The company's financial income increased to €21,120 thousand in 2023, up from €11,268 thousand in 2022, a growth of 87.5%[11]. - Operating cash flow for 2023 was €66,621 thousand, a decrease of 62.3% compared to €176,533 thousand in 2022[15]. - The company reported a pre-tax profit of €105,262 thousand for 2023, up 84.3% from €57,146 thousand in 2022[15]. - The company’s net income for 2023 was €86,355 thousand, compared to €52,395 thousand in 2022, reflecting a 64.8% increase[17]. - The company’s total equity increased to €898,774 thousand by the end of 2023, up from €832,347 thousand at the end of 2022[17]. Revenue Recognition - The company recognizes revenue from contracts only when specific criteria are met, including customer approval and identifiable payment terms[22]. - Revenue from construction contracts is recognized based on the percentage of completion method, reflecting the proportion of costs incurred to total estimated costs[23]. - The company confirms revenue from the sale of goods and services at the point of transfer of control to the customer, aligning with the timing of ownership transfer[23]. - Government grants are recognized at fair value when it is reasonably assured that the grant will be received and all conditions will be met[24]. - Interest income is recognized using the effective interest method, based on the estimated future cash flows discounted to the net carrying amount of financial assets[25]. Assets and Liabilities - The company's total liabilities increased to €892,325 thousand in 2023, compared to €733,057 thousand in 2022, reflecting a growth of 21.7%[14]. - The company reported a significant increase in contract assets, which rose to €189,493 thousand in 2023 from €136,660 thousand in 2022, an increase of 38.5%[13]. - Total financial liabilities reached €442,802 million in 2023, up from €387,683 million in 2022, indicating an increase of approximately 14.2%[63]. - Lease liabilities rose to €17,667 million in 2023 compared to €17,102 million in 2022, marking an increase of about 3.3%[63]. - The company’s total current assets with related parties amounted to €46,571 million as of December 31, 2023[194]. Audit and Compliance - The financial statements were audited in accordance with International Auditing Standards, ensuring a true and fair view of the company's financial position as of December 31, 2023[3]. - The audit identified key audit matters, including the complexity of estimating costs related to shipbuilding projects, which involves significant judgment[6]. - The management's assessment of the recoverable amount of cash-generating units related to intangible assets was deemed a critical audit matter due to the complexity of assumptions involved[7]. - The company is responsible for ensuring that the financial statements are free from material misstatement due to fraud or error, and for evaluating the appropriateness of the going concern assumption[8]. Inventory and Costs - Inventory levels rose significantly to €301,927 thousand in 2023, compared to €176,590 thousand in 2022, marking an increase of 70.9%[13]. - The total personnel costs for the year ended December 31, 2023, amounted to €109,559,000, a decrease from €112,902,000 in 2022, reflecting a reduction of approximately 3.1%[99]. - The company reported a total of €95,484,000 in other service costs for 2023, slightly increasing from €93,225,000 in 2022, indicating a growth of about 2.4%[95]. - The total rental and leasing expenses for 2023 were €11,754,000, up from €9,662,000 in 2022, representing an increase of approximately 21.6%[98]. Investments and Capital Expenditures - The company made capital expenditures of €115,714,000 during the year, contributing to the increase in asset values[136]. - The company has a commitment of €385,000 for undrawn revolving credit facilities as of December 31, 2023[132]. - The company is focusing on expanding its market presence and enhancing product offerings through strategic investments and partnerships[135]. Taxation and Deferred Tax - Income tax expense for the year ended December 31, 2023, was €18,907,000, significantly higher than €4,752,000 in 2022, indicating a rise of 297.5%[110]. - The company anticipates future taxable profits to recover previously unrecognized deferred tax assets based on improved earnings forecasts[155]. - The deferred tax assets decreased to €7,396,000 in 2023 from €17,299,000 in 2022, indicating a reduction of approximately 57.3%[154]. Employee Benefits and Provisions - The company has provisions for employee benefits and severance payments, with employee benefit provisions at €5,620 as of December 31, 2023[173]. - The company’s product warranty provisions rose to €33,831,000 as of December 31, 2023, up from €26,201,000 in 2022, representing an increase of approximately 29.2%[163]. - The actuarial loss recognized in 2023 was €39,000, which is a significant change from the actuarial gain of €218,000 in 2022[177]. Financial Risks and Management - The company faces various financial risks related to financial instruments, which are managed according to established policies[59]. - The company continues to monitor cash flow on a monthly basis, considering seasonal factors in its business operations[69]. - The company is actively managing its legal and tax liabilities, with a focus on potential settlements to mitigate financial impact[165].
法拉帝(09638) - 2023 - 年度财报