Record numbers for the Ferrari in 2016: i revenues net costs grew by 8,8% (+9,4% at constant exchange rates), settling at 3,105 billion, while theNet income increased by 38% to $400 million and adjusted net profit by 37,1% to $425 million. In the wake of these numbers, the Cavallino share on the Borsa gains over 4%, achieving one of the best performances of the Ftme Mib.
THEadjusted ebitda 2016 amounted to 880 million, with a margin that currently stands at 28,3% (30% net of currency hedges) and theadjusted ebit to 632 million, with a margin increase of 380 bps to 20,4% (22,2% net of currency hedges). Net industrial debt fell to 653 million. Total deliveries reached 8.014 units, up by 350 (+4,6%).
On the front i dividends, the company intends to distribute to holders of ordinary shares 0,635 per ordinary share, corresponding to the total distribution to shareholders of approximately 120 million.
As for the target 2017, Ferrari estimates deliveries of approximately 8.400 units, including supercars, and net revenues to rise above 3,3 billion. Adjusted EBITDA should exceed $950 million and net industrial debt at around $500 million, including a distribution to common stockholders and excluding potential share buybacks.
Returning to the 2016 accounts, revenues from Engines (338 million, +55%) showed a considerable increase mainly attributable to strong sales to Maserati and the increase in revenues generated by the supply to other Formula 1 teams. Revenues were also up from sponsorships, commercial and brand-related income (€488 million, +11%) mainly thanks to the better positioning in the 2015 championship standings compared to 2014, the increase in revenues from sponsorships and the positive contribution of brand-related activities.
In 2016, the cars delivered reached 8.014 units, with an increase of 350 units equal to +4,6% compared to the previous year. The result was driven by a 5% growth in sales of 8-cylinder (V8) models, led by the success of both the 488 GTB and 488 Spider. Deliveries of 4-cylinder (V12) models are up 12%, thanks to the recent market launch of the GTC4Lusso and LaFerrari Aperta models, which are now fully operational, and the solid performance of the F12tdf. LaFerrari has reached the completion of its life cycle.
All regions made a positive contribution. Within the EMEA region which recorded an 8% expansion, Italy, Germany and France grew by double digits. The Rest of the Asia Pacific region grew by 3%, the Americas showed an increase of 2%, while deliveries to the Greater China area increased by only +1% due to Ferrari's decision to end the collaboration with the current Hong Kong distributor in Q2016 XNUMX.
