Home » Ferrari doubles deliveries in the second quarter, Elkann: “An unparalleled business model”

Ferrari doubles deliveries in the second quarter, Elkann: “An unparalleled business model”

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«This excellent second quarter confirms the strength of Ferrari and its unrivaled business model. Each Ferrari we present sets new standards of innovation, beauty and uniqueness, the foundation of true luxury. With our 75th anniversary approaching next year, our opportunities have never been wider and wider. ‘ President John Elkann does not hide his satisfaction, commenting on the results of the Maranello company.

Ferrari doubles deliveries compared to the second quarter of last year: 2,685 cars, up 0.5%. Net revenues also almost doubled: 1,035 million, an increase of 5.2%. Net profit is 206 million (197 million at 30 June 2019).

The Cavallino company closed the period with an EBITDA of 386 million, tripled compared to the previous year and up by 23% compared to the second quarter of 2019, with an EBITDA margin of 37.4% in the second quarter of 2021. ebit is equal to 274 million euros compared to 23 million of the previous year and up by 14.8% compared to 2019. The generation of industrial free cash flow of 113 million is solid.

This is how Ferrari revises the 2021 guidance on industrial free cash flow upwards from 350 to 450 million euros. Obviously, they say in Maranello, “provided that operations are not impacted by further restrictions due to the Covid 19 pandemic”. But the improvement in the guidance on industrial free cash flow is also linked to other assumptions: core business supported by volumes and mix, revenues from activities related to Formula 1 in line with the announced racing calendar and which reflect the lower positioning in the 2020 championship. compared to the previous year, brand-related activities affected by the evolution of Covid-19, gradually increasing operating and marketing expenses, industrial free cash flow supported by the improvement in net working capital, thanks to deposits on new special series and to minor payments connected with the planned temporal distribution of capital expenditure.

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Finally, the announcement: Ferrari’s Capital Markets Day will be held in Maranello on June 16, 2022.

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