There Scuderia Ferrari he experienced moments of chaos and resignation in Formula 1, due to some questionable strategic choices, in the races before the summer break. However, something positive Benedetto Vigna, the managing director of the Cavallino, can archive it. Thanks to a great second quarter 2022, revenues and deliveries are improving compared to last yearwith really impressive performances.
Does Ferrari manage the production business better than the sports one, at least in the field of F1 single-seaters? Today surely we can say so. While Leclerc and Sainz suffer a heavy deficit compared to Red Bull, the Ferraris of the dealerships pass over crises like a steamroller. In the first half of 2022 revenues increased by 21% (2,477 million euros) and deliveries of 23% (6,706 vehicles, in 2021 they were 5,456 after six months). Also net profit improved by 19%, according to the balance sheet data published by Cavallino. Industrial free cash flow generation amounted to € 79 million between April and June, leading Ferrari to have the best second quarter ever in terms of pre-tax operating performance.
“Ferrari continues a phase of strong growth, with record quarterly results in terms of revenues. The quality of the first six months and the robustness of our business allow us to revise upwards the guidance for 2022 on all metrics. Net order taking also reached a new record level in the quarter”Declared Vigna.
The product portfolio for the quarter ended at the end of June included seven internal combustion engine models and three hybrid engine models, which accounted for 83% and 17% of deliveries respectively. The increase in deliveries during the quarter was driven by Portofino M and the F8 family. During the quarter, deliveries of the 296 GTB began and deliveries of the 812 Competizione were increased. The limited series Ferrari Monza SP1 and SP2 reached end of production in the first quarter of 2022. All geographies made a positive contribution during the quarter; the Europe and Middle East region recorded an increase of 4.5%, the Americas by 62.2%, Mainland China, Hong Kong and Taiwan more than doubled (+ 115.7%)in line with the strong demand.
Among the data, only the contraction in revenues of Engines, 41 million euros, down 8.5%: the situation reflects the decrease in deliveries to Maserati, as the contract expires in 2023. Revenues from sponsorships and commercial income also increased (117 million euros, + 29.5%); a data “mainly attributable to the better positioning in the Formula 1 championship of the previous year and to the contribution of lifestyle activities, partly offset by lower sponsorships“, Reads a note published by Ferrari.
For the remainder of 2022, Ferrari will try to manage the strong demand, paying attention to the bottlenecks in the field of components; and above all it will enrich the mix of models, with the start of production of the Ferrari Daytona SP3 and the Purosangue SUV (deliveries start in 2023).
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