New records for the balance sheet of the Ferrari: the Maranello company closed 2021 with results at all-time highs and double-digit growth even compared to pre-Covid levels. The Via Emilia does not seem to know the crisis that is afflicting the entire automotive sector on a global level, between supply difficulties, rising raw materials prices, falling demand, logistical problems or shortages of semiconductors.
Deliveries to the maximum. Deliveries, for example, grew by 22.3% over 2020 and 10.1% over 2019, reaching over 11,000 units (11,155 to be precise), thanks in particular to results in Asia and 8-cylinder models. . Sales of V8s increased by 34.6%, more than offsetting the 16.1% decline in 12 cylinders, mainly due to the production discontinuation of the 812 Superfast. Ferrari explained that the deliveries were driven by family F8together with Rome and to SF90 Streetwhile the Portofino M and the SF90 Spider accelerated over the course of the year. Geographically, the area made up of Mainland China, Hong Kong and Taiwan stands out, with + 97.1% (also the result of the favorable comparison with 2020), and the rest of Asia-Pacific, with +27, 2%, while EMEA saw an increase of 14%, the Americas of 21.8%.
Volumes and mixes drive revenues. The increase in volumes therefore contributed to boost revenues, but the growth rate was higher due to the better product mix. Specifically, the turnover jumped by 23.4% (+ 13.4% on 2019) to 4.27 billion. Of these, 3.573 billion were generated by the sale of cars and spare parts (+ 26%), 189 million by engines (+ 25.7% thanks to the increase in deliveries to Maserati and the Formula 1 customer teams) and 432 million sponsorships and exploitation of the commercial network and the brand (+ 10.4%).
Boom in earnings and cash. Thanks to the trend in volumes and the best product mix, profitability has reached levels with very few similarities even in sectors traditionally characterized by high margins, such as fashion or luxury. Ebitda, which grew by 34% (+ 20.6% on 2019) to 1.53 billion, has an impact on turnover of 35.9%, almost three percentage points more than the 33% in 2020, while the operating profit improved by 50.2% (+ 17.2% on 2019), exceeding one billion euros and stopping at 1.075 billion. The margin is 25.2%, compared to 20.7% a year ago. Net profit therefore increased by 56% to 833 million. Strong indications also come from the cash flow statement: cash generation also benefited from the advances for the 812 Competizione and amounted to 642 million, despite investments having risen to 737 million. Net industrial debt fell from 543 to 297 million despite the distribution of dividends for 162 million and the purchase of treasury shares for 231 million.
Quarter and outlook. The quarterly data show a substantially positive picture, even if the percentage variations are more contained, if not decreasing, for the comparison with an already brilliant fourth quarter of 2020: + 10% for deliveries (2,949 units) and for revenues (1.17 billion), + 7% for Ebitda (398 million), + 6% for operating profit (265 million and a margin down from 23.5% to 22.6%) and -18 % for net profit (214 million). Ferrari, which beat the expectations of the stock market with an Eps of 1.16 euros against the 1.03 of the consensus (revenues, on the other hand, are just 20 million lower), has therefore provided prospects for further economic expansion for the 2022, provided, however, that the activities are not impacted by restrictions due to the pandemic and that some objectives are met: for example, the “careful management of strong demand”, a further enrichment of the product mix or capital expenditures ” disciplined “also to support the start of production of new models, starting from Daytona SP3 and from Thoroughbred. In summary, revenues are expected to be around 4.8 billion, Ebitda between 1.65 and 1.7 billion (for a margin between 34.5% and 35.5%), operating profit between 1 , 1 and 1.15 billion (23-24% incidence on turnover), earnings per share between 4.55 and 4.75 and cash flows of at least 600 million.