Wednesday, May 29, 2024

Ferrari reports record profits of 1.2 billion, awards employees a bonus of 13,500 euros, and becomes top in market capitalization

Ferrari closed 2023 with a net profit of 1.257 billion, for the first time exceeding the 1 billion threshold, up 34% from 2022. Net revenues also shine, amounting to 5.97 billion, 17.2% higher than the previous year. Ferrari also celebrated on the stock exchange. In Italy, the bonus will benefit 5,000 people.

For the next year, the Competitiveness bonus for employees in Italy will be calculated based on an even higher base scale: around 17,000 euros. The most loyal audience to the Maranello cars remains in the Americas, where the most significant sales are recorded (+11%) while China is contracting (-4%). Three new models will come out of the Modena factory this year. The record results of 2023, the ambitions we have for 2024, and the exceptional visibility on our order portfolio allow us to look with strengthened confidence at the high end of the 2026 targets.

Financially, Ferrari aims to achieve net revenues of up to 6.7 billion euros in 2026, with a compound annual growth rate of 9%, mainly driven by car-related activities. Ferrari’s net industrial debt at December 31, 2023, dropped to 99 million from 207 million the previous year, reflecting the repurchase of own shares for 461 million and the distribution of dividends for 334 million. Turning back to the revenue, those from cars and spare parts rose by 18.5% to 5.1 billion; revenue from sponsorships, commercial proceeds, and brand-related revenue rose even more, by 14.6%, to 572 million, mostly due to new sponsorships, increased commercial revenues, and a better positioning in the Formula 1 championship, but also due to lifestyle activities. The Maranello clutch bag made out of the same materials as the Daytona Sp3 was born between Milan and Maranello.

The combination of lifestyle and racing works.

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