Ferrari announced that it has revised its 2022 guidance upwards “on all metrics thanks to a stronger contribution from customizations as well as a positive exchange rate effect”. The Maranello-based company specified that the guidance will be achievable on “condition that operations are not impacted by restrictions due to the Covid-19 pandemic”. In detail, this guidance is based on some assumptions, including careful management of strong demand; the enrichment of the model mix, more than offset by the negative impact due to the end of the life cycle of the Ferrari Monza SP1 and SP2; start of production of the Ferrari Daytona SP3 and Ferrari Purosangue in 2022 with start of deliveries starting in 2023; revenues from activities linked to Formula 1 which reflect more diversified but overall lower sponsorships, partly offset by the better positioning in the previous year’s championship; increase in depreciation linked to the start of production of new models; generation of industrial free cash flow supported by the collection of advances on the Daytona SP3; and finally disciplined capital expenditures, to support long-term development.
Ferrari management now expects net revenues for 2022 of approximately € 4.9 billion from the 4.8 billion of the previous forecast, the adjusted EBITDA is expected to be between 1.7 and 1.73 billion (from 1.65- 1.7 billion), adjusted Ebit is expected between 1.15-1.18 billion euros (from 1.10-1.15 billion) and adjusted diluted EPS should be between 4.80-4.90 euro against 4.55-4.75 euro indicated above. Based on the new guidance, industrial free cash flow should be greater than 650 million (equal to or greater than 600 million).