03 Aug 2020
- Total shipments of 1,389 units, halved versus prior year, as a result of both production and delivery suspensions
- Net revenues of Euro 571 million, decreased by 42.0%
- Adj. EBITDA(1) of Euro 124 million, with an Adj. EBITDA margin of 21.9%
- Adj. EBIT(1) of Euro 23 million, with an Adj. EBIT margin of 4.0%
- Negative industrial free cash flow(1) of Euro 158 million, due to ongoing investments, inventory build up and actions to support the distribution network
- Narrowed 2020 Guidance versus previous May 2020 Guidance:
- Net revenues: > Euro 3.4 billion (from Euro 3.4-3.6 billion)
- Adj. EBITDA: Euro 1.075-1.125 billion (from Euro 1.05-1.20 billion)
- Adj. EBIT: Euro 0.65-0.70 billion (from Euro 0.6-0.8 billion)
- Adj. diluted EPS: Euro 2.6-2.8(1) per share (from Euro 2.4-3.1(2) per share)
- Industrial free cash flow: Euro 0.10-0.15 billion (from Euro 0.1-0.2 billion)
Maranello (Italy), August 3, 2020 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results([1]) for the second quarter and six months ended June 30, 2020. The Company also narrows its guidance for the full year 2020. This guidance reflects an updated assessment of the projected impact of the Covid-19 pandemic on the Company’s supply chain and the resulting delay in the full production ramp up of the SF90 Stradale. - Shipments totaled 1, 389 units in the second quarter of 2020, down 1,282 units or 48.0% versus prior year, impacted by the disruptions of the Covid-19 pandemic,including production suspension and dealers’ closure during the initial part of the quarter. Sales of 8 cylinder models (V8) were down 49.4% while the 12 cylinder models (V12) decreased by 42.9%. The first few deliveries of the F8 Spider and the 812 GTScommenced in the quarter, while the 488 Pista family approaches the end of its lifecycle. EMEA(6) down 40.9%, Americas(6) declined by 52.6%, Mainland China, Hong Kong and Taiwan posted much lower shipments mostly as a consequence of the deliberate anticipation of deliveries in 2019, in addition to the effects of the Covid-19 pandemic, while Rest of APAC(6) decreased by 27.9%.
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