Here’s how the Ferrari budget puts the turbo
How are the accounts of Ferrari, despite the pandemic. Emanuela Rossi's article
On the day that (finally) consecrates the Brescia-born Vanessa Ferrari at the top of world gymnastics, with an Olympic silver in the free body, there is another Ferrari that shows off a nice smile even if it does it with the roar of the engines. We are talking about the Maranello company which does not feel at all – and not even its customers – the economic difficulties caused by the pandemic and closes the first half of 2021 with a net profit up 135% and revenues of over 2 billion.
ACCOUNTS FOR THE SECOND QUARTER AND THE FIRST HALF OF 2021
As for the April-June period, Ferrari delivered 2,685 cars, + 93.3% compared to the same period in 2020 – which had been strongly affected by the problems related to the lockdown for Covid-19 – and + 0.5% compared to the same period. period of 2019. Thanks to the sales made, net revenues of 1,035 million were recorded, almost doubled on a trend level and up by 5.2% compared to 2019. Net profit also increased, to 206 million, compared to 197 million at 30 June 2019. A "phase of strong momentum" is therefore confirmed, as stated in a note from the automotive group, which brings Ebitda to 386 million, tripled compared to 2020 and + 23% compared to 2019. Exploit Ebit at 274 million compared to 23 million in 2020 and + 14.8% compared to 2019, with a margin of 26.5%.
Thanks to the results of the second quarter, Ferrari revises its forecasts for 2021 upwards to around 450 million euros from the previous 350 million "provided that operations are not impacted by further restrictions due to the Covid 19 pandemic". The improvement in the guidance on industrial free cash flow, the group note reports, is also linked to the core business supported by volumes and mix, to revenues from activities linked to Formula 1 and those from activities connected with the brand conditioned by the evolution of the pandemic .
Equally good numbers for the first half of the current year with a net profit of 412 million euros, an increase of 135% compared to the same period of 2020. The cars delivered were 5,456 compared to 4,127 (+ 32%) of the first six months of 2020 which generated revenues of 2.046 billion euros (+ 36%). the generation of industrial free cash flow of 113 million.
ELKANN: THE STRENGTH OF THE GROUP AND AN UNRIVALED BUSINESS MODEL IS CONFIRMED
John Elkann, president of Ferrari, who will lead the celebrations for the 75th anniversary of the Maranello house, is satisfied and has good reason for it. “This excellent second quarter confirms the strength of Ferrari and its unrivaled business model – commented the grandson of the lawyer Agnelli -. Each Ferrari we present sets new standards of innovation, beauty and uniqueness, the foundations of true luxury ”. And just as "our 75th anniversary approaches next year, our opportunities have never been wider and wider".
Capital Markets Day, which will be held in Maranello on June 16, 2022, was also announced by management during the presentation of the accounts.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/ecco-come-il-bilancio-ferrari-mette-il-turbo/ on Mon, 02 Aug 2021 13:03:36 +0000.