For Ferrari, a net profit of +24% in the first quarter of this year. Deliveries grew by nearly 10 percent

A start to the year with double-digit growth for Ferrari. The Maranello company closed the first quarter with an adjusted net profit of 297 million euros, up 24% on the same period of 2022. Total deliveries are 3,567, up 9.7%, net revenues amount to 1.4 billion (+20.5%). Adjusted ebitda was 537 million, up 27% with a margin of 37.6%.

«Another exceptional quarter for Ferrari, with double-digit growth of the main parameters, a new record of the EBITDA margin at 37.6% and a net profit of 297 million euros – reiterates the CEO, Benedetto Vigna – Our order book extends to 2025 thanks to a range of products that has won important awards. We have decided to reopen orders for the Purosangue, suspended following unprecedented initial demand, and have launched the Roma Spider to further enrich our offer. We are in line with our electrification path, both in the development of sports cars and in the infrastructure of Maranello”.

Ferrari confirms its 2023 guidance, with net revenues expected at 5.7 billion, adjusted ebitda margin at 38%, adjusted ebit margin at 6%. The confirmation of the guidance – explains the Maranello company – is linked to some hypotheses, including an upward adjustment of the price lists to counterbalance cost inflation: a very positive mix supported by a rich product portfolio, the Ferrari Daytona SP3 and customizations , increase in depreciation linked to the start of production of new models, limited improvement in revenues from racing and lifestyle activities, industrial free cash flow generation supported by strong profitability, partially offset by disciplined capital expenditures to support long-term development term and a negative working capital.

The product range for the quarter included nine internal combustion engine models and four hybrid engine models, which accounted for 65% and 35% of total deliveries respectively. The increase in deliveries in the quarter was driven by the Portofino M, the 296 Gtb and the 812 Competizione. During the quarter, the first deliveries of the 296 Gts and 812 Competizione A began, while the F8 Tributo reached the end of its life cycle.

Deliveries of the Daytona SP3 increased in the three months. Deliveries in the quarter reflected the pace of new model introductions across regions. As a result, EMEA was down 12%, the Americas was up 46.2%, Mainland China, Hong Kong and Taiwan were up 38.9%, and Rest of APAC was up 19.5%. %.

Industrial free cash flow generation, €269 million, was driven by the increase in adjusted EBITDA, partly offset by the negative change in working capital, provisions and other items (€99 million) and capital expenditures of €150 million . Net industrial debt as of March 31, 2023, is 53 million compared to 207 million in the last quarter of 2022, and also reflects the buyback of treasury shares (97 million). As at 31 March 2023, total available liquidity was €2.059 billion (€2.058 billion in the previous three months), including unused committed credit lines of €618 million.