A 2022 of record results for Ferrari, with demand expanding further this year, so much so that the company says that “the order book supports an even stronger 2023”.
The Maranello company, chaired by John Elkann and controlled by Exor of the Agnelli family, closed last year’s financial statements with a net profit of 939 million euros, up 13% on 2021. Total deliveries were 13,221 units (+18.5%), while net revenues amounted to 5 billion (+19.3%).
«Last year – comments the CEO, Benedetto Vigna – ended with exceptional financial results that reached and exceeded our guidance by setting new records in all metrics, such as a net profit of 939 million euros and a generation of industrial free cash flow of 758 million euros. These data set the stage for an even stronger 2023, fueled by continued high demand for our products around the world.”
Returning to the financial data, the ebitda was 1.77 billion (+15.8% compared to 2021) and the ebit was 1.2 billion (+14.1%). The EBITDA margin is 34.8% and the EBIT margin is 24.1%. Industrial free cash flow generation is 758 million, while net industrial debt decreased to 207 million from 297 million in 2021 and also reflects the repurchase of treasury shares for 397 million and the distribution of dividends for 252 million.
The forecasts of the guidance for this year are all growing. In particular, net revenues should rise to 5.7 billion euros, with diluted earnings per share between 6 and 6.2 euros (compared to 5.09 euros in 2022). EBITDA should be between 2.13 and 2.18 billion (1.77 in 2022), with an EBITDA margin of 38% (24.1% in 2022).
The product portfolio for the year included nine internal combustion engine models and three hybrid engine models, which accounted for 78% and 22% of total deliveries respectively. The increase in deliveries during the year was driven by the Ferrari Portofino M and the SF90 family, but also by the acceleration phase of the 296 Gtb and the 812 Competizione. Deliveries of the Ferrari Monza SP1 and SP2 decreased year-over-year and ended in the first quarter of 2022. Deliveries of the first Daytona SP3s began in the fourth quarter of 2022.
All geographical areas contributed positively to the Cavallino results. The EMEA region increased by 8.5%, the Americas grew by 21.8%, Mainland China, Hong Kong and Taiwan increased by 72.6%, while the Rest of the APAC region grew by 17.1%.
