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Ferrari still a record: in the accounts and on the stock market

The Prancing Horse closed 2017 with net profit rising by 34% to over half a billion and adjusted EBITDA which anticipated the target of one billion euro by two years compared to the business plan – Updated forecasts for 2018 , with revenues of 3,4 billion – Title above 100 euros in Piazza Affari.

Ferrari still a record: in the accounts and on the stock market

Record numbers for Ferrari and the stock flies to the Stock Exchange, where after the publication of the results of the last financial year it stands out on the FtseMib with an increase of 5,5% in the middle of the session, well over the threshold of 100 euros per share, at 102 euros at 13.38pm. In one year, the share price has doubled (€57,6 the price on 1 February 2017). The Prancing Horse has released growing numbers and talked about "another record year": in 2017 net profit growth was 34% to 537 million euros (+26% adjusted) and adjusted ebitda (operating margin net of extraordinary items) of over 1 billion, even two years ahead of schedule in the business plan.

The margins of the Cavallino are at 30,3%, now close to a third of revenues: even the latter have risen a lot, by 10%, to 3,417 billion euros, with deliveries (including super cars) equal to 8.398 units ( +5%). The board of directors has decided to propose a dividend of €0,71 per share. Meanwhile, net industrial debt fell to 473 million euros from 653 million at the end of 2016. This result - explains the Maranello house - was driven by a 25,1% increase in sales of 12-cylinder models (V12) , in particular the GTC4Lusso and the 812 Superfast, while those of the 8-cylinder (V8) models were in line with the previous year.

The group led by Sergio Marchionne it also updated its estimates for 2018, now forecasting over 9 deliveries (including super cars) and net revenues exceeding 3,4 billion. EBITDA (net of non-recurring items) is seen above 1,1 billion. The note also updates the medium-term forecasts: “Following a detailed review of the current portfolio and new product development initiatives, the group expects an adjusted Ebitda of 2 billion and an industrial free cash flow of 1,2 billion no later than 2022 and zero net industrial debt (including dividend payouts and excluding share buybacks) no later than 2021”.

To read the official press release click here: “2017 is another record year”

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