(Finance) – Ferrari delivered 3,251 cars in the first quarter of 2022, an increase of 480 units or 17.3% compared to the previous year. The quarter’s product range included eight internal combustion engine (ICE) models and two hybrid engine models, which accounted for 83% and 17% of total deliveries respectively. THE revenues net amounted to 1,186 million euros, up by 17.3% compared to the previous year, theEBITDA amounted to 423 million euros, an increase of 12.5% compared to the previous year (margin of 35.6%). L’Net income it settled at 239 million euros (+ 16%) and diluted earnings per share at 1.29 euros.
“The year opened with excellent results and double-digit growth in the main financial indicators – commented the CEO Benedetto Vigna – The first quarter was characterized by a record level of revenues, EBITDA and industrial free cash flow, the latter almost doubled to around 300 million euros, thanks in particular to thecollection of advances on the Daytona SP3. Margins in the quarter were in line with our guidance. “
“They were supported by the strong order takingwhich continued vigorously in the first three months of the year: today the order book covers a large part of 2023 and the volumes forecast for most of our models are already completely sold – he added – Despite the many uncertainties of the geopolitical scenario that are marking 2022, I stay optimistic about future prospects of the company that we will soon present at Capital Markets Day. “Ferrari confirmed the 2022 guidance, provided that operations are not impacted by restrictions due to the Covid-19 pandemic.
The ggeneration of industrial free cash flow was exceptionally strong, amounting to 299 million euros, and was driven by EBITDA and the collection of advances for the Daytona SP3 and 812 Competizione A, partly offset by capital expenditures (10) for 132 million euros and the increase in inventory correlated to the growth in volumes expected for the entire year.
L’net industrial debt at March 31, 2022 it was equal to 136 million euros, compared to 297 million at December 31, 2021. At March 31, 2022, the total liquidity available was equal to € 2,162 million (2,020 million at December 31 2021), including credit lines committed unused for 668 million euros. During the first quarter, the repurchase of own shares amounted to a total of 135 million euro.