Ferrari N.V. announce its consolidated preliminary results 2023.
Shipments totaled 13,663 units in 2023, up 442 units or 3.3% versus the prior year, serving a very solid order book. In the year EMEA(4) increased by 1.8%, Americas(4) was up 10.6%, Mainland China, Hong Kong and Taiwan decreased by 62 units and Rest of APAC(4) was substantially flat.
The increase in deliveries during the year was driven by the Purosangue, which was in ramp up phase in the second part of the year, as well as higher deliveries of the 296 and SF90 families. The first deliveries of the Roma Spider commenced in Q4. During the year, the F8 family’s deliveries concluded and the Portofino M was approaching the end of its lifecycle. In the year the deliveries of Special Series increased, led by the 812 Competizione family. The allocations of the Daytona SP3 continued as planned throughout the year.
The product portfolio in the year included eleven internal combustion engine (ICE)(7) models and four hybrid engine models, which represented 56% and 44% of total shipments, respectively.
Net revenues of Euro 5,970 million, up 17.2% versus prior year, with total shipments of 13,663 units up 3.3% versus FY 2022
- Adjusted EBIT(1) of Euro 1,617 million, up 31.8% versus prior year, with adjusted EBIT(1) margin of 27.1%
- Adjusted net profit(1) of Euro 1,257 million and adjusted diluted EPS(1) at Euro 6.90
- Adjusted EBITDA(1) of Euro 2,279 million, up 28.5% versus prior year, with adjusted EBITDA(1) margin of 38.2%
- Industrial free cash flow(1) generation of Euro 932 million
“2023 was a very successful year, during which we strengthened our brand through a number of achievements reflected in our unprecedented financial results. For the first time, our net profit, up 34%, exceeded 1 billion Euro and the annual EBITDA margin rose to 38.2%,” said Benedetto Vigna, Ferrari Chief Executive Officer. “We now have a very important year ahead of us in the execution of our business plan, which continues on schedule along its carefully planned path. The record 2023 results, the ambitions that we have on 2024, together with the exceptional visibility on our order book allow us to look at the high-end of 2026 targets with stronger confidence”.
Net revenues for 2023 were Euro 5,970 million, up 17.2% or 17.1% at constant currency
Revenues from Cars and spare parts(8) were Euro 5,119 million (up 18.5%, also at constant currency(1)), thanks to a richer product and country mix, the increased contribution from personalizations, higher volumes as well as pricing.
Sponsorship, commercial and brand(9) revenues reached Euro 572 million, up 14.6% or 12.6% at constant currency(1) mainly attributable to new sponsorships, higher Formula 1 commercial revenues and better ranking in 2022 vs. 2021, as well as the contribution from lifestyle activities.
The decrease in Engines(10) revenues (Euro 127 million, down 18.4%, also at constant currency(1)) was attributable to lower shipments to Maserati, whose contract expired at the end of 2023.
Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative net impact of Euro 8 million, mostly related to the Japanese Yen and Chinese Yuan, partially offset by the US Dollar.
Ferrari announced 250 new hires in the first six months of 2024, and will also launch a series of initiatives to provide even greater support for its people, among which a broad-based share ownership plan for the Ferrari Group’s 5,000+ employees, the renewal of the Competitiveness Award and the extension of health and parenting support initiatives.
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