Ferrari does not mince words to define its performance in the second quarter of the year: «Exceptional results». The Maranello company, chaired by John Elkann and led by the CEO, Benedetto Vigna, closed the second three months of 2023 with 1.47 billion euros in net revenues, up 14.1% on the previous year , with total shipments of 3,392 units, essentially unchanged from Q2 2022 and in line with plans for the year. The adjusted ebitda is equal to 589 million (+31.9%) compared to the previous year, while the adjusted net profit is 334 million (+33%).
Also for this reason, the Red Army is revising its financial forecasts for 2023 upwards, with net revenues at 5.8 billion compared to the previous estimate of 5.6 (5.1 billion in 2022). The estimate, they say in Maranello, «is based on the following assumptions: very positive product mix and customizations better than initial expectations, improvement in revenues from racing activities, persistent cost inflation, increase in depreciation linked to the start of production of new models , industrial free cash flow generation supported by strong profitability, partially offset by disciplined capital expenditures and working capital absorption.
Visibly satisfied Vigna. «The second quarter – he comments – closed with exceptional financial results, marked by high margins. Deliveries over the period reflect a rich product mix, as we continue to manage a very strong order book across all geographies. The decision to revise the guidance upwards was supported in particular by a surprising contribution from customizations. Innovation is at the heart of Ferrari and continues to drive our growth and important results such as the unforgettable victory at Le Mans».
As at 30 June, total available liquidity amounted to €1.7 billion (€2 billion as at 31 March 2023), including unused committed credit lines of €600 million. The level of deliveries – explains Ferrari – reflects the volume, geographical area and mix allocation programs by quarter, against a very solid order book. As a result, EMEA was up 17.3%, the Americas was down 17.5%, Mainland China, Hong Kong and Taiwan were roughly flat on a year earlier, and the Rest of of Apac decreased by 15.6%. Deliveries were driven by the 296 Gtb, the Roma and the Portofino M, while the 296 Gts and 812 Competizione A were in the phase of a progressive start-up. The first deliveries of the Purosangue began during the quarter.