- Total shipments of 13,221 units, up 18.5% versus FY 2021
- Net revenues of Euro 5,095 million, up 19.3% versus prior
year
- EBITDA(1) of Euro 1,773 million, up 15.8% versus prior
year
- EBIT of Euro 1,227 million, up 14.1% versus prior year
- EBITDA(1) margin of 34.8% and EBIT margin of 24.1% in the
year
- Net profit of Euro 939 million and diluted EPS(1) at Euro
5.09
- Industrial free cash flow(1) generation of Euro 758
million
“Last year ended with outstanding financial
results that met and exceeded our guidance and set new records
across all metrics, such as a net profit of Euro 939 million and an
industrial free cash flow generation of Euro 758 million. These
figures provide the base for an even stronger 2023, fuelled by a
persistently high demand for our products worldwide,” said
Benedetto Vigna, Ferrari CEO. “Despite a complex global
macroscenario, we look ahead with great confidence, encouraged by
the many signs and achievements of an evolving Ferrari. We are
constantly innovating our products and processes, and getting
closer to our decarbonisation targets. All this is possible thanks
to the collaboration, will to progress, continuous learning, focus
and confidence that set our people apart”.
For the three months ended |
(In Euro million, |
For the twelve months ended |
December 31, |
unless otherwise stated) |
December 31, |
2022 |
2021 |
Change |
|
|
2022 |
2021 |
Change |
3,327 |
2,949 |
378 |
13% |
Shipments (in units) |
13,221 |
11,155 |
2,066 |
19% |
1,368 |
1,172 |
196 |
17% |
Net revenues |
5,095 |
4,271 |
824 |
19% |
469 |
398 |
71 |
18% |
EBITDA(1) / Adj. EBITDA(1) |
1,773 |
1,531 |
242 |
16% |
34.3% |
33.9% |
40 bps |
EBITDA(1) / Adj. EBITDA(1) margin |
34.8% |
35.9% |
(110 bps) |
298 |
265 |
33 |
13% |
EBIT / Adj. EBIT(1) |
1,227 |
1,075 |
152 |
14% |
21.8% |
22.6% |
(80 bps) |
EBIT / Adj. EBIT(1) margin |
24.1% |
25.2% |
(110 bps) |
221 |
214 |
7 |
3% |
Net profit / Adj. net profit(1) |
939 |
833 |
106 |
13% |
1.21 |
1.16 |
0.05 |
4% |
Basic EPS (in Euro) / Adj. basic EPS(1) (in Euro) |
5.11 |
4.50 |
0.61 |
14% |
1.21 |
1.16 |
0.05 |
4% |
Diluted EPS (in Euro) / Adj. diluted EPS(1) (in Euro) |
5.09 |
4.50 |
0.59 |
13% |
Maranello (Italy), February 2,
2023 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the
“Company”) today announces its consolidated preliminary results(2)
for the fourth quarter and twelve months ended December 31,
2022.
Shipments(3)(4)
For the three months ended |
Shipments |
For the twelve months ended |
December 31, |
(units) |
December 31, |
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
1,527 |
1,388 |
139 |
10% |
EMEA |
5,958 |
5,492 |
466 |
8% |
831 |
721 |
110 |
15% |
Americas |
3,447 |
2,831 |
616 |
22% |
478 |
290 |
188 |
65% |
Mainland China, Hong Kong and Taiwan |
1,552 |
899 |
653 |
73% |
491 |
550 |
(59) |
(11%) |
Rest of APAC |
2,264 |
1,933 |
331 |
17% |
3,327 |
2,949 |
378 |
13% |
Total Shipments |
13,221 |
11,155 |
2,066 |
19% |
Shipments totaled 13,221 units in 2022, up 2,066
units or 18.5% versus the prior year.
The product portfolio in the year included nine
internal combustion engine (ICE)(5) models and three hybrid engine
models, which represented 78% and 22% of total shipments,
respectively.
The increase in shipments during the year was
driven by the Ferrari Portofino M and the SF90 family, as well as
the 296 GTB and the 812 Competizione, which were in the ramp up
phase. Deliveries of the Ferrari Monza SP1 and SP2 were lower
compared to the prior year and ended in Q1 2022. First few units of
the Daytona SP3 commenced in Q4 2022.
All geographies positively contributed. EMEA(4)
was up 8.5%, Americas(4) increased 21.8%, Mainland China, Hong Kong
and Taiwan was up 72.6% and Rest of APAC(4) grew by 17.1%. The
geographical allocation followed the pace of introduction of new
models.
Total net revenues
For the three months ended |
(Euro million) |
For the twelve months ended |
December 31, |
|
December 31, |
|
|
Change |
|
|
|
Change |
2022 |
2021 |
at constant |
|
2022 |
2021 |
at constant |
|
|
currency |
|
|
|
currency |
1,172 |
954 |
23% |
18% |
Cars and spare parts(6) |
4,341 |
3,573 |
22% |
18% |
36 |
44 |
(19%) |
(19%) |
Engines(7) |
155 |
189 |
(18%) |
(18%) |
130 |
154 |
(16%) |
(19%) |
Sponsorship, commercial and brand(8) |
479 |
431 |
11% |
7% |
30 |
20 |
54% |
42% |
Other(9) |
120 |
78 |
54% |
44% |
1,368 |
1,172 |
17% |
12% |
Total net revenues |
5,095 |
4,271 |
19% |
16% |
Net revenues for 2022 were Euro 5,095 million,
up 19.3% or 15.5% at constant currency(1).
Revenues from Cars and spare parts(6) were Euro
4,341 million (up 21.5% or 17.8% at constant currency(1)), thanks
to higher volumes and the contribution from personalizations.
The decrease in Engines(7) revenues (Euro 155
million, down 18.0%, also at constant currency(1)) was attributable
to lower shipments to Maserati, as the 2023 contract expiration
gets closer.
Sponsorship, commercial and brand(8) revenues
reached Euro 479 million, up 11.1% or 6.5% at constant currency(1)
mainly attributable to the better prior year Formula 1 ranking and
the contribution from lifestyle activities, partially offset by
lower sponsorship.
Other(9) revenues increased to Euro 120 million
(up 54.2% or 44.4% at constant currency(1)) mainly due to other
supporting activities.
Currency – including translation and transaction
impacts as well as foreign currency hedges – had a positive impact
of Euro 161 million, mostly related to US Dollar and Chinese
Yuan.
EBITDA(1) and EBIT
For the three months ended |
(Euro million) |
For the twelve months ended |
December 31, |
|
December 31, |
|
|
Change |
|
|
|
Change |
2022 |
2021 |
at constant |
|
2022 |
2021 |
|
at constant |
|
|
currency |
|
|
|
|
currency |
469 |
398 |
18% |
6% |
EBITDA(1) |
1,773 |
1,531 |
16% |
8% |
298 |
265 |
13% |
(5%) |
EBIT |
1,227 |
1,075 |
14% |
3% |
|
|
|
|
|
|
|
|
|
|
2022 EBITDA(1) reached Euro 1,773 million, up
15.8% versus the prior year and with an EBITDA(1) margin of
34.8%.
2022 EBIT was Euro 1,227 million, increased
14.1% versus the prior year and with an EBIT margin of 24.1%.
Volume was strongly positive (Euro 261 million),
reflecting the shipments increase versus the prior year.
The Mix / price variance performance was
negative (Euro 16 million) mainly impacted by lower deliveries of
the Ferrari Monza SP1 and SP2 which phased out in Q1 2022,
partially offset by the increased contribution from
personalizations, country and range model mix.
Industrial costs / research and development
expenses increased (Euro 116 million), mainly due to higher
depreciation and amortization as well as energy and raw materials
cost inflation.
SG&A also grew (Euro 47 million) mainly
reflecting communication and marketing activities, lifestyle and
corporate events, as well as to support the Company’s
organizational development.
Other changes were negative (Euro 49 million),
mainly reflecting the variance in contribution from racing
activities and non-recurring items, as well as reduced engine
shipments to Maserati. This was partially offset by higher
contribution from lifestyle activities.
Net financial charges in the year were Euro 49
million, versus Euro 33 million of the prior year, reflecting
foreign exchange hedging costs and the remeasurement at fair value
of certain investments held by the Group.
The tax rate in the year was approximately 20%,
mainly reflecting the estimate of the benefit attributable to the
Patent Box, the Allowance for Corporate Equity (ACE)(10) and tax
incentives for eligible research and development costs and
investments.
As a result, the Net profit(1) for the year was
Euro 939 million, up 12.7% versus the prior year, and the Diluted
earnings per share(1) for the year reached Euro 5.09, compared to
Euro 4.50 in 2021.
Industrial free cash flow(1) for the year was
robust at Euro 758 million, driven by the strong EBITDA(1) and the
collection of advances on the Daytona SP3 and 812 Competizione A,
partially offset mainly by capital expenditures(11) of Euro 806
million and taxes.
Net Industrial Debt(1) as of December 31, 2022
was Euro 207 million, compared to Euro 297 million as of December
31, 2021, also reflecting share repurchases of Euro 397 million and
Euro 252 million of dividends distribution. As of December 31,
2022, total available liquidity was Euro 2,058 million (Euro 2,020
million as of December 31, 2021), including undrawn committed
credit lines of Euro 669 million.
2023 guidance, based on the following
assumptions:
- Strong mix sustained by rich product portfolio, Ferrari Daytona
SP3 and personalizations
- Price increase to counter balance current cost inflation
- Increasing depreciation and amortization in line with the start
of production of new models
- Revenues from racing and lifestyle activities reflecting a
limited improvement
- Industrial free cash flow generation sustained by strong
profitability partially offset by disciplined capital expenditures
to fuel long term development and negative working capital
(€B, unless otherwise stated) |
2022A |
2023 GUIDANCE |
NET REVENUES |
5.1 |
~5.7 |
ADJ. EBITDA (margin %) |
1.7734.8% |
2.13-2.18 ~38% |
ADJ. EBIT (margin %) |
1.2324.1% |
1.45-1.50 ~26% |
ADJ. DILUTED EPS (€) |
5.09(12) |
6.00-6.20(12) |
INDUSTRIAL FCF |
0.76 |
Up to 0.90 |
1 Refer to specific paragraph on non-GAAP
financial measures
2 These results have
been prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting
Standards Board and IFRS as endorsed by the European Union
3 Excluding the XX
Programme, racing cars, one-off and pre-owned cars
4 EMEA includes: Italy, UK,
Germany, Switzerland, France, Middle East (includes the United Arab
Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait),
Africa and the other European markets not separately identified;
Americas includes: United States of America, Canada, Mexico, the
Caribbean and Central and South America; Rest of APAC mainly
includes: Japan, Australia, Singapore, Indonesia, South Korea,
Thailand, India and Malaysia
5 It includes one ICE track car model
6 Includes net revenues
generated from shipments of our cars, any personalization net
revenues generated on cars, as well as sales of spare parts
7 Includes net revenues
generated from the sale of engines to Maserati for use in their
cars, and the revenues generated from the rental of engines to
other Formula 1 racing teams
8 Includes net revenues
earned by our Formula 1 racing team through sponsorship agreements
and our share of the Formula 1 World Championship commercial
revenues, as well as revenues generated through the Ferrari brand,
including fashion collection, licensing and royalty income
9 Primarily relates to
financial services activities, management of the Mugello racetrack
and other sports-related activities
10 Also known as Notional Interest Deduction - NID
11 Capital expenditures excluding right-of-use
assets recognized during the period in accordance with IFRS 16 -
Leases
12 Calculated using the weighted average diluted number of
common shares as of December 31, 2022 (183,072 thousand)
- 2023_02_02 - Ferrari FY 2022 Results Press Release
Grafico Azioni Ferrari NV (BIT:RACE)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Ferrari NV (BIT:RACE)
Storico
Da Mar 2023 a Mar 2024