2020 RESULTS EXCEEDED FULL YEAR GUIDANCE ON ALL METRICS DRIVEN BY RECORD FOURTH QUARTER RESULTS.
2021 GUIDANCE TARGETING A STRONG REBOUND.
Ferrari N.V. (NYSE/MTA: RACE) today announces its consolidated preliminary results for the fourth quarter and twelve months ended December 31, 2020, summarized below:
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- Total shipments of 9,119 units, down 10.0% versus prior year, in line with H2 production planning after the seven-week production suspension due to the Covid-19 pandemic
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- Net revenues of Euro 3,460 million, decreased by 8.1%
- EBITDA of Euro 1,143 million, down 10.0% versus prior year, with an EBITDA margin of 33.0%
- EBIT of Euro 716 million, down 21.9% versus prior year, with an EBIT margin of 20.7%
- Adjusted net profit of Euro 534 million and Adjusted diluted EPS at Euro 2.88
- Positive Industrial free cash flow generation of Euro 172 million
2021 Guidance subject to trading conditions unaffected by further Covid-19 pandemic restrictions:
| (€B, unless otherwise stated) | 2019A | 2020A | 2021 GUIDANCE |
| NET REVENUES | 3.8 | 3.5 | ~4.3 |
| ADJ. EBITDA (margin %) | 1.3 33.7% | 1.1 33.0% | 1.45-1.50 33.7%-34.9% |
| ADJ. EBIT (margin %) | 0.9 24.4% | 0.7 20.7% | 0.97-1.02 22.6%-23.7% |
| ADJ. DILUTED EPS (€) | 3.71 | 2.88 | 4.00-4.20 |
| INDUSTRIAL FCF | 0.7 | 0.2 | ~0.35 |
On February 2, 2021, at 3.00 p.m. CET, management will hold a conference call to present the FY 2020 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group’s website http://corporate.ferrari.com/en/investors.
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Maranello, ITALY