Ruzzolone on the stock exchange for the Ferrari stock after the quarterly accounts. To weigh on the prices are not so much the results obtained between January and March as the postponement of one year of the financial targets for 2022 due to the pandemic. All the details
Ferrari collapses on the stock market after quarterly accounts. The Cavallino stock is the worst in Piazza Affari and is down by 5.5% to 173 euros.
To weigh on the prices are not so much the results obtained between January and March as the one-year postponement of the financial targets for 2022 due to the pandemic: in the first quarter Ferrari increased its net profit by 24% to 206 million euros.
“Ferrari's capital expenditures' have been postponed and this implies a postponement of some deliveries from 2022 to 2023 and this is why we have also postponed the guidance for next year to 2023. And this has implications in terms of Ebitda and cash flow, ”said Antonio Picca Piccon, financial director of Ferrari.
Here are all the details.
THE NUMBERS OF FERRARI
The cars delivered, explains a note , reached 2,771 units, an increase of 33 units, or 1.2% compared to the first quarter of 2020, partly affected by the pandemic.
REVENUES FROM FERRARI
Net revenues amounted to just over a billion, up 10.8% at constant exchange rates. Ebitda, which increased by 18.6% or 24% at constant exchange rates compared to the previous year, stood at 376 million with an EBITDA margin of 37.2%. Ebit was 266 million, an increase of 20.9% or 28.5% at constant exchange rates compared to the previous year.
THE CASH FLOW OF THE FIRST MONTHS OF FERRARI 2021
In January-March, the generation of industrial free cash flow, equal to 147 million, "was driven by Ebitda and partly offset by capital expenditure for 151 million and the negative impact on working capital due in particular to the increase of stock levels and the reversal of the advances of the Ferrari Monza SP1 and SP2 collected in 2019 ”, the company note specifies.
THE WORDS OF ELKANN
"This strong start to the year is promising for the rest of 2021, testifying to the resilience of our business model and the extraordinary work of Ferrari men and women," said John Elkann , interim president and CEO of Maranello. "Looking to the future, we expect that the prudential approach adopted in 2020, and which continues in 2021, in modifying our investments in response to the Covid-19 emergency will postpone the achievement of our 2022 guidance by one year. robustness of our order book and the exceptional new models that we will launch in the years to come provide a solid foundation on which to build our future ambitions ”.
THAT'S WHY THE GUIDANCE HAS BEEN REVISED
“Ferrari's capital expenditures' have been postponed and this implies a postponement of some deliveries from 2022 to 2023 and this is why we have also postponed the guidance for next year to 2023. And this has implications in terms of Ebitda and cash flow ". Antonio Picca Piccon, financial director of Ferrari, said this during the conference call to comment on the results of the first quarter, explaining that in any case 'the launches of new models will continue as planned, while deliveries may be postponed'. Having said that, added Picca Piccon, the company is happy with the margins of the first quarter, significantly supported by the contribution on the deliveries of the SF90 Stradale and the Ferrari Monza '. Moving forward 'we expect the product mix to remain solid and we are planning a gradual restart of business over the course of the year,' the CFO said. 'We made the judicious choice to postpone the expenses and the reason why we did it is linked to the uncertainties we are still facing due to Covid-19. The mix and deliveries of models are different from what we expected, so we have postponed the results we would have liked to have achieved in 2022 until 2023 ′, added interim president and CEO John Elkann, underlining that 'there are uncertainties about diversification. of the brand and on F1, which we are evaluating judiciously '
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/perche-ferrari-cappotta-in-borsa/ on Tue, 04 May 2021 14:14:21 +0000.