Ferrari's financial accounts improve in the first quarter of 2021, but not enough to convince the market. In fact, following the publication of the quarterly, the Cavallino stock fell behind the Ftse Mib, losing more than 5% around 15 pm, to 173 euros per share, but also reaching the 171 euro area. Ferrari closed the reporting period with net revenues of 1,01 billion euros, an increase of 8% compared to the 932 million obtained in the first three months of last year; at constant exchange rates the decrease would have been 10,8%. In the period under review, the Prancing Horse delivered 2.771 cars (+1% compared to the first three months of 2020). Adjusted EBITDA increased by 19%, from 317 million to 376 million euros; as a result, margins improved from 34% to 37,2%.
Adjusted operating income increased by 21% to €266 million, with the margin on sales increasing to 26,3%. Adjusted net profit rose from 166 million to 206 million euro (+24%). Good news also on the net debt front, which is reduced from 543 to 420 million euros, even if on the other hand the total liquidity available, equal to 1,73 billion euros, down from 2,06 billion at the beginning of the year, following the repayment of 500 million of a bond loan maturing in 2021 and including committed and unused credit lines for 750 million. During the quarter, Ferrari's industrial free cash flow was 147 million, driven by the growth in EBITDA and partly offset by capital expenditures of 151 million and the negative change in working capital.
The sore points, however, come from the targets, especially those for 2022: if in fact the targets for this year are essentially confirmed (revenues of 4,3 billion and adjusted net profit per share in a range between 4 and 4,2 euro), the Cavallino found himself forced to postpone the 2023 guidance by a year, therefore to 2022, due to the Covid pandemic. “However, the 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,” Ferrari's top management specified in a statement.
