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Ferrari, employees a competitiveness bonus of 13,500 euros

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Ferrari, employees a competitiveness bonus of 13,500 euros

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”. And that we are particularly satisfied in Maranello is demonstrated by the fact that its 5,000 employees will be awarded a competitiveness bonus of up to 13,500 euros, up 12.5% ​​on last year, when it was 12,000 euros.

Ferrari, chaired by John Elkann and controlled by Exor of the Agnelli family, closed the 2022 financial year with a net profit of 939 million euros, up 13% on 2021. Total deliveries amounted to 13,221 cars (+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. Our order book is very robust, it covers 2023 well and part of 2024».

(ansa)

Four are Ferrari’s next priorities listed by Vigna. «First thing: we want to be competitive again in the Formula 1 championship. Our goal is to reach the final prize and the whole team, together with Fred, who recently joined us, is working tirelessly in that direction. The second is to continue developing innovative products that allow people to enjoy our cars more and more. I confirm the launch of 4 models in 2023, in line with the plan of 15 new launches by 2026. The third priority is to continue expanding the customer base. The fourth is to increase the number of patents. In 2022, the number of patents we filed is 4 times higher than in 2021».

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).

Vigna explained that on electrification “everything is proceeding according to plan” and that the production of the Purosangue, which began in 2022, is going up: “The acquisition of orders has been extraordinarily high, well beyond our expectations”. Vigna explained that Ferrari has no intention of changing the supply chain because there are no major impacts. And no impact, he assures, not even from the closures of many companies in China due to the prolonged lockdown.

The product portfolio delivered in FY 2022 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%.

The Ferrari stock is doing well on the Stock Exchange: +5.6%, with investors who evidently appreciate the quarterly report from the Reds.

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