2021 was a year to remember for Ferrari, with profits and deliveries reaching record levels, confirming once again the revival of luxury after the crash recorded due to the pandemic.
Ferrari: a record-breaking 2021
Last year the profits of the Prancing Horse rose by 37%, reaching 833 million euros. The same increase also for diluted EPS, which went from 3,28 euros a year ago to 4,50 euros on December 31, 2021. For the first time in the company's history, revenues exceeded 4 billion euros: at the end of the year, the figure stood at 4,271 billion, up by 23% on 2020 and by 13,4% on 2019.
It is also on the rise (+34% on 2029 and +20,6% on 2019) the ebitda, which rose to 1,531 billion with a margin of 35,9% from 33% in 2020. Finally, the EBIT increased by 50% to 1,075 billion euros.
“The record financial results of 2021 once again demonstrate the strength of our business model. We have carefully managed an impressive order intake, in line with our strategy to pursue controlled growth and preserve brand exclusivity,” he commented. the CEO of Ferrari, Benedetto Vigna, underlining that “we recorded double-digit growth above our guidance on all main financial indicators and an even more outstanding Ebitda margin which reached a record level of 35,9%. In this phase of strong momentum we look forward to upcoming opportunities and to our Capital Markets Day on June 16 in Maranello, where we will outline our plans for the future,” she added.
These floors are also part of two new models which will be presented during 2022, "completing the 15 launches promised on the occasion of the 2018 Capital Markets Day", highlights Ferrari.
Sales up 22%
To push the accounts have been deliveries, which reached 11.155 units, up 22% on 2021 and 10% on 2019. Sales - Ferrari says - were concentrated above all on 8-cylinder models (V8) (+34,6%), while the Deliveries of 12-cylinder (V12) models were down 16,1% mainly due to lower volumes of the 812 Superfast, which went out of production during the year.
In terms of individual models, sales for the year were driven by the F8 family, with the Ferrari Roma and SF90 Stradale reaching global distribution. Deliveries of the Ferrari Portofino M and SF90 Spider instead accelerated during the year, while those of the Ferrari Monza SP1 and SP2 increased compared to the previous year, in line with plans, close to the end of production.
Fourth quarter numbers
Taking into consideration the fourth quarter only, deliveries are up 10% to 2.949 units, as well as revenues, which reached 1,172 billion euros. 7% increase in EBITDA, with a margin of 33,9% (from 34,7%). In the last three months of last year the ebit reached 265 million (+6%), while net income fell by 18% to 214 million. Analysts had expected fourth-quarter ebitda of $385 million and net income of $198 million.
Ferrari's guidance for 2022
For the current year, Ferrari predicts revenues of 4,8 billion euros, an adjusted ebitda between 1,65 and 1,7 billion euro with a margin between 34,5% and 35,5%. Adjusted EBIT is expected between 1,10 and 1,15 billion, with a margin of between 23% and 24%. Adjusted diluted EPS is expected to be between €4,55 and €4,75 and industrial free cash flow of €600 million or less. The guidance is slightly lower than analysts' expectations who expected an ebitda of 1,713 billion euros, with margin at 36,5%, a net profit of 898 million, with eps of 4,88 million and a free cash flow of 725 million .
Stock market reaction
In Piazza Affari, after a morning down, the Ferrari title gains 1,21% to 209,6 euros, driven by the record numbers recorded in 2021.
