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Ferrari exceeds €1 billion in profits for the first time in its history

Ferrari exceeds €1 billion in profits for the first time in its history
February 5, 2024 – 12:19

Sponsorship, commercial and brand revenues reached €572 million, up 14.6%, mainly attributable to new sponsorships, higher commercial revenues from Formula 1 due to an improvement in classification in 2022 compared to 2021,

Reuters

Ferrari For the first time in his 77 years of life, he surpassed the €1,000 million profit, more precisely €1,257 million, 34% more than in 2022, when its profits were €939 million.

The gross operating profit (ebitda) of Ferrari In 2023 it grew by 29% year-on-year, reaching €2,279 million. The EBITDA margin, for its part, increased by 3.4 percentage points to stand at 38.2%.

In terms of income, Ferrari had a turnover of €5,970 million, 17.2% more compared to 2022. Revenue from the Automobiles and spare parts division amounted to €5,119 million, 18.5% more at constant exchange rate, thanks to a combination richest of products and countries, the greatest contribution of customizations, higher volumes and prices.

Sponsorship, commercial and brand revenues reached €572 million, 14.6% more, mainly attributable to new sponsorships, higher commercial income from Formula 1 due to an improvement in classification in 2022 compared to 2021, as well as the contribution of lifestyle activities.

In the case of the Engines division, it reduced its income by 18.4%, to €127 million due to lower shipments to Maserati, whose contract expired at the end of 2023.

This way, The Italian company’s deliveries increased by 3.3%, to 13,663 units.

The increase in deliveries during the year was driven by the Purosangue, which was in an increasing phase during the second part of the year, as well as higher sales of the 296 and SF90 families. Likewise, deliveries of the F8 family ended last year and the Portofino M was approaching the end of its life cycle. Deliveries of Special Series increased during the year, led by the 812 Competizione family. Daytona SP3 assignments continued as planned throughout the year.

The product portfolio for the year included 11 models with internal combustion engines and four models with hybrid engines, which represented 56% and 44% of shipments, respectively.

Net industrial debt at the end of 2023 was €99 million, compared to €207 million at the end of last year, represented by share buybacks of €461 million and €334 million from dividend distributions.

As of December 31, 2023, total available liquidity was €1,722 million, including unused committed credit lines of €600 million

Looking ahead to 2024, Ferrari expects turnover to exceed €6.4 billion. In the case of adjusted gross operating profit, the Maranello-based house estimates that it will exceed €2.45 ​​billion, while the margin is expected to be greater than 38%.

Ferrari acknowledges that motorsport activities will be affected by a lower classification in Formula 1 in 2023 despite the increased number of races on the 2024 calendar.

Source: Ambito

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