Ferrari once again exploded on the shelves with a record net profit

A year of all records for Ferrari. In 2023, the jumping horse brand’s net profit jumped 34% to 1.25 billion euros. This surpassed the record profit of 939 million euros reported for the full year 2022. Turnover rose by 17.2% to 5.9 billion euros, in line with forecasts. The results were well received on the Milan Stock Exchange, where shares climbed 10%. $381, around 4:20 p.m

In the fourth quarter, the manufacturer’s net profit increased by 33% to 294 million euros, a result that exceeded the consensus of Factset analysts. In detail, the Italian manufacturer delivered 13,663 cars worldwide last year, an increase of 3.3%.

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Geographically, Europe, the Middle East and Africa remained Ferrari’s main market last year with 6,063 cars delivered, an increase of 1.8%. Shipments rose 10.6% in the Americas, but fell 4% in the China-Hong Kong-Taiwan region.

Ferrari confidently

The manufacturer’s revenue from the sale of cars and spare parts increased by 18.5% to 5.11 billion euros. Sponsorship and branding revenue increased by 14.6% to 572 million euros, mainly thanks to a better position in Formula 1 in 2022 compared to 2021.

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Conversely, revenue from the sale of Ferrari engines fell by 18.4% to 127 million euros, due to a drop in Maserati deliveries after the contract between the two groups expires in 2023.

The record results for 2023, the ambitions we have for 2024 and the exceptional visibility of our order book allow us to more confidently target the upper end of our 2026 targets. “, commented the group’s CEO Benedetto Vigna.

Free shares for employees

Ferrari forecasts a turnover of up to 6.7 billion euros by 2026, according to its strategic plan presented in June 2022 at its historic headquarters in Maranello (North). The manufacturer intends to achieve this ambitious goal by launching fifteen new models between 2023 and 2026, including its first all-electric car planned for 2025.

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In addition, Ferrari signed an agreement with the unions last November to provide free shares to its 5,000 employees for a total amount estimated at ten million euros.

Each employee will have the opportunity to become a Ferrari shareholder and receive one-off free shares with a maximum value of approximately €2,065. ” said the group in a press release.

This stock plan will be launched in the coming months. ” If the employee retains the shares for at least 36 months, the company will grant him another tranche of shares worth up to 15% of the first contribution ”, adds Ferrari.

The manufacturer also signed a contract renewal with the union for its ” bonus for competitiveness » for the years 2024 to 2027. During this period the annual bonus « can exceed 17,000 euros » and employees will be able to transfer part of its value to Ferrari shares, up to 3,000 euros per year. Ferrari employees received a bonus of 13,500 euros for the results of 2022.

(With AFP)