Portofino and F8 push the accounts, record sales in the US and Far East- Corriere.it

The luxury car knows no crisis (see also Lamborghini accounts). Particularly if he has a prancing horse as his emblem. Ferrari, in fact, is full of double-digit growth results in the second half of 2022 and puts the turbo towards new ambitious results by the end of the year. The red from Maranello has revised upwards guidance 2022 on all metrics “thanks to a stronger contribution from customizations as well as a positive exchange rate effect”, comments CEO Benedetto Vigna. Revenues are expected at € 4.9 billion (the previous estimate was € 4.8 billion) while adjusted EBITDA should be between € 1.7-1.73 billion with a margin of more than 35% (it was 1, 65-1.70 billion and margin between 34.5% and 35.5%), an adjusted EBIT between 1.15 and 1.18 billion (it was 1.10-1.15 billion) and an adjusted diluted earnings per share of € 4.8-4.9 (previously € 4.55-4.75). During the presentation of the industrial plan in June, however, Vigna had specified how Ferrari will increasingly become a luxury company, also increasing dividends.

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The new goals

The new guidance they are indicated on the basis of some assumptions: careful management of strong demand, 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 in March; start of production of the Ferrari Daytona SP3 and the Ferrari Purosangue SUV in September with the start of deliveries starting in 2023; revenues from activities linked to Formula 1 which reflect more diversified sponsorships, but overall less, 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, regulated capital expenditure, to support long-term development. The Maranello company explains that the condition is that “operations are not impacted by restrictions due to the Covid-19 pandemic”.

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Far East loyal customer

Coming to the second quarter, La Rossa recorded a net profit of 251 million, up 22% compared to the same period of 2021 and net revenues of 1.3 billion, up 24.9% compared to the previous year. . 3,455 cars were delivered, up by 28.7% compared to the second quarter of 2021 and by 23% compared to the same half of 2021 (6,706). The Ferrari Portofino M and models of the F8 family were driving the Cavallino’s accounts, while deliveries of the super sports car 296 GTB began and those of the 812 Competizione increased.. The limited series Ferrari Monza SP1 and SP2 instead reached the end of production in March. Ferrari is a brand that is coveted everywhere: the EMEA region (Europe Middle East) has risen by 4.5%, the Americas by 62.2%, Mainland China, Hong Kong and Taiwan have more than doubled (+ 115.7%), in line with the strong demand. But it is looking to 2021 that the Far East confirms itself as the most loyal and fascinated audience of Maranello, with + 79% sales. The quarter’s product portfolio included seven internal combustion engine models and three hybrid engine models, which accounted for 83% and 17% of deliveries respectively.

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Cars and spare parts

More specifically, revenues from cars and spare parts amounted to 1.1 billion (up by 25.0% or 21.4% at constant exchange rates), thanks to the increase in volumes and the contribution of customizations. The contraction in revenues from Motors (by 41 million, down by 8.5% even at constant exchange rates) reflects the decrease in deliveries to Maserati, as the contract expires in 2023. “Ferrari continues a phase of strong growth, with record quarterly results in terms of revenues, ebitda and ebit. The quality of the first six months and the robustness of our business allow us to revise upwards the guidance for 2022 on all metrics. Net order taking also reached a new record level in the quarter », remarked Benedetto Vigna. «Last quarter will also remain memorable for the unique moments experienced during our 75th anniversary celebrations and during the Cavalcades, which raised the experiences offered to our customers to new levels to share the passion and spirit of Ferrari as we continue. to push ourselves beyond our limits ».

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