Maranello May 4 2023: Ferrari N.V. (NYSE/EXM: RACE) today announces its strong consolidated preliminary results for the first quarter ended March 31, 2023 with net profit of Euro 297 million which is 27 percent higher than Q1 2022.
“Another exceptional quarter for Ferrari. Double-digit growth across the main parameters, with EBITDA margin at 37.6% reaching a new high and net profit up to Euro 297 million,”
said Benedetto Vigna, Ferrari CEO
He added, “Our order book already extends into 2025 with an award-winning product portfolio. We have decided to reopen orders for the Purosangue, suspended due to an initial unprecedented demand, and launched the Roma Spider to further enrich our offer. We are on track with our electrification journey on the development of both sports cars and infrastructures in Maranello”.
Shipments totaled 3,567 units in Q1 2023, up 316 units or 9.7% versus the prior year.
The product portfolio in the quarter included nine internal combustion engine (ICE) models and four hybrid engine models, which represented 65% and 35% of total shipments, respectively.
The increase in shipments during the quarter was driven by the Portofino M, the 296 GTB and the 812 Competizione. In the quarter the first deliveries of the 296 GTS and the 812 Competizione A commenced, while the F8 Tributo reached the end of the lifecycle. The Daytona SP3 was in the ramp up phase in the quarter.
Quarterly deliveries reflected the pace of introduction of new models in the various regions. EMEA was down 12.0%, Americas increased 46.2%, Mainland China, Hong Kong and Taiwan was up 38.9% and Rest of APAC grew by 19.5%.
Total Net Revenue
Net revenues for Q1 2023 were Euro 1,429 million, up 20.5% or 17.9% at constant currency.
Revenues from Cars and spare parts were Euro 1,241 million (up 23.2% or 20.6% at constant currency), thanks to higher volumes, richer product and country mix as well as the contribution from personalizations and pricing.
Sponsorship, commercial and brand revenues reached Euro 130 million, up 15.2% or 11.1% at constant currency mainly attributable to the better prior year Formula 1 ranking and the contribution from lifestyle activities.
The decrease in Engines revenues (Euro 33 million, down 11.5%, also at constant currency) was attributable to lower shipments to Maserati, as the 2023 contract expiration gets closer.
Currency – including translation and transaction impacts as well as foreign currency hedges – had a positive impact of Euro 28 million, mostly related to US Dollar.
Operating Profit
Net financial charges in the quarter were Euro 4 million, versus Euro 8 million of the prior year, mainly reflecting higher interest income on liquidity held by the Group.
The tax rate in the quarter was approximately 22%, mainly reflecting the estimate of the benefit attributable to the Patent Box, the Allowance for Corporate Equity (ACE) and deductions for eligible hyper and super-depreciation of machinery and equipment.
As a result, the Adjusted Net profit for the quarter was Euro 297 million, up 24.0% versus the prior year, and the Adjusted diluted earnings per share for the quarter reached Euro 1.62, compared to Euro 1.29 in Q1 2022.
Industrial free cash flow for the quarter was strong at Euro 269 million, driven by the increased Adjusted EBITDA, partially offset by the negative change in working capital, provisions and other of Euro 99 million and capital expenditures of Euro 150 million.
Net Industrial Debt as of March 31, 2023 was Euro 53 million, compared to Euro 207 million as of December 31, 2022, also reflecting share repurchases of Euro 97 million. As of March 31, 2023, total available liquidity was Euro 2,059 million (Euro 2,058 million as of December 31, 2022), including undrawn committed credit lines of Euro 618 million.
