TORINO – The luxury sector, even in the car sector, knows no crisis. And Ferrari numbers are runningso much so that the top management of the Maranello company revised upwards for the second time in the year the targets achievable for 2022. In the third quarter of the year, Net revenues of the company amounted to 1 billion and 250 million, an increase of 18.7% compared to 2021. Le total deliveries of cars they were close to 3,200 units, an increase of 15.9% compared to twelve months ago. All positive figures: ebitda (gross operating margin) equal to 435 million, an increase of 17.1%, ebit (net operating margin) of € 299 million, up 10.5%, EBITDA margin of 34.8% and EBIT margin of 23.9% in the quarter. Data that in the nine months of 2022 rose by 35.0% and 24.9% respectively. L’Net income is equal to 228 million and diluted earnings per share equal to 1.23 euro. Industrial free cash flow generation amounted to € 219 million in the quarter.
“The excellent financial results we present today are further proof of the solidity of our business – he underlines Benedetto VignaCEO of Ferrari, a company owned by Exor which he also controls Republic through Gedi – our long-term strategy continues to drive profitability, increasing our resilience in a macroeconomic scenario that presents new challenges on a global scale. In the third quarter of 2022, revenues, EBITDA and EBIT grew double-digit compared to the same period of 2021, with a solid generation of industrial free cash flow. All this led to an upward revision of the 2022 guidance on all metrics. Today we continue to run a extraordinary order book: our entire range is sold out with the exception of a few models. “And then he adds:” We continue our journey towards carbon neutrality al 2030 adding new photovoltaic panels, reducing aluminum consumption and recovering heat loss. Sustainability is fundamental for us and we address it through a scientific and holistic approach along the entire value chain. ”
A positive situation, thanks to the improvement in performance with respect to customizations and the positive exchange rate situation, which impacted with +59 million, even if the growth of the product mix, as there was no “Icon” segment in the quarter, was was of a minor tone. The stock went down in Piazza Affari, after the publication of the data, against a flat price list (follow the title live).
The quarter’s portfolio included seven internal combustion engine models and three hybrid engine models, which accounted for 81% and 19% of total deliveries, respectively. The increase in deliveries during the quarter was driven by the acceleration of 296 GTB and of 812 Competition. The Portofino M and the family F8 they continued to grow, partially offset by the decline in the family SF90. And there have been no deliveries of Icon models.
The market Europa remained virtually unchanged, while the Americas recorded an increase of 28.2%, the Mainland China, Hong Kong and Taiwan grew by 73.1%, in line with strong demand, and the rest of theAsia Pacific reported an increase of 15.2%.
In redefinition of targets there are several small steps forward. Net revenues revised upwards to 5 billion, starting from 4.3 billion in 2021. The first hypothesis was 4.9 billion. Adjusted Ebitda greater than 1.73 billion, with a margin of 35%. Adjusted Ebit higher than 1.18 billion, with a margin of around 24%. Adjusted diluted earnings per share are around 5 euros, while free cash flow has been set at 700 million from the previous 650. Numbers that will be realized in a context that, among the various points, provides for a enrichment of the mix of modelsmore than offset by the negative impact due to the end of the life cycle of the Ferrari Monza SP1 and SP2, and the start of production of the Ferrari Daytona SP3 and the Ferrari Purosangue in 2022 with deliveries starting in 2023. related to Formula 1 which reflect more diversified but overall fewer sponsorships, partly offset by the better positioning in the previous year’s championship. A situation that has already occurred in the quarter July-September 2022. As well as the greater contribution of customizations and the positive effect of exchange rates, net of cost inflation.