Ferrari in free fall in Piazza Affari after the publication of the accounts for the first half year. Although the adjusted net profit from January to June took off, realizing a rise of 43% to 260 million, the stock of the prancing horse is currently the worst in the Ftse Mib and marks a decline of -3,99% to 89,1, XNUMX euro.
Ferrari in the second quarter
In the second quarter of the current year, theMaranello's adjusted net profit increased by 30% compared to the previous year, settling at 136 million euro, while net profit rose by 40% to 136 million on revenues up by 13,5% to 920 million (+12,8% at constant exchange rates) thanks to higher deliveries and a leap in the engine division. In detail, revenues from automobiles and spare parts rose by 14% to 669 million “thanks to higher volumes and a positive mix, driven by the models of the 488 and GTC4Lusso families such as the LaFerrari Aperta, plus a greater contribution from the of customization, from the increase in pricing and from exchange rates”, the company said in a note. Engine revenue jumped 42% to 101 million thanks to the strong sales to Maserati, which more than compensated for the termination of the supply agreement signed with a Formula 1 team.
Adjusted Ebitda recorded a rise of 24% to 270 million euro, while adjusted Ebit recorded +29% to 202 million. Net industrial debt fell to $627 million from 653 million at the end of December, but rose in the quarter to 578 million at the end of March, Industrial free cash flow was 30 million «thanks to the strong 36% increase in sales of 12-cylinder models (V12), while those of the 8-cylinder models (V8) were substantially in line with the previous year. Over the period, Ferrari posted a 5,3% increase in total deliveries to 2.332 units.
"I am satisfied with Ferrari's results in the second quarter." Thus the president and CEO of Ferrari, Sergio Marchionne, opening the conference call on the quarterly accounts. “I have no bad news to give,” Marchionne indicated.
Ferrari: half-year results
As already mentioned, in the first six months of 2017, Ferrari's adjusted net profit increased by 43% to 260 million and the net profit of 48% to 260 million. Up also the adjusted Ebitda (+30% to 512 million) and the adjusted Ebit (+37% to 379 million). Speaking of revenues, the increase is 17% to 1,74 billion, while deliveries are up 6% to 4.335 units.
The Maranello company also confirmed the 2017 targets, estimating deliveries of approximately 8.400 units, including supercars, net revenues of over €3,3 billion, adjusted EBITDA in excess of €950 million and net industrial debt of approximately €500 million. However, the confirmation disappointed analysts who expected a possible upward revision.
“It is possible to double production levels in Maranello. The structures are already there”, Marchionne said, asking analysts to be patient until the presentation of the industrial plan which will probably be unveiled within the first quarter of 2018.
Ferrari on the Stock Exchange
Despite the excellent results achieved both on a half-yearly and quarterly basis, the Ferrari stock continues to fall on the stock market. On the Ftse Mib, Ferrari travels down by 3,99% to 89,1 euros. The trend was also affected by the achievements after the mini rally carried out in recent days in the wake of the victory in Hungary in Formula 1, and by the rumors according to which the company is allegedly evaluating the production of a four-seater "utility vehicle", as the main draft a broader plan to double profits by 2022.
