Ferrari N : Q1 2021 Results Presentation

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SAFE HARBOR

STATEMENT

This document, and in particular the section entitled “2021 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “remain”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.

Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the Ferrari brand; the success of the Group’s Formula 1 racing team and the expenses the Group incurs for its Formula 1 activities, the impact of the application of the new Formula 1 regulations progressively coming into effect in 2021 and 2022, the uncertainty of the sponsorship and commercial revenues the Group generates from its participation in the Formula 1 World Championship, including as a result of the impact of the Covid-19 pandemic, as well as the popularity of Formula 1 more broadly; the effects of the evolution of and response to the Covid-19 pandemic; the Group’s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; Group’s ability to preserve its relationship with the automobile collector and enthusiast community; changes in client preferences and automotive trends; changes in the general economic environment, including changes in some of the markets in which the Group operates, and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; competition in the luxury performance automobile industry; the Group’s ability to successfully carry out its growth strategy and, particularly, the Group’s ability to grow its presence in China and other growth markets; the Group’s low volume strategy; global economic conditions, pandemics and macro events; reliance upon a number of key members of executive management and employees, and the ability of its current management team to operate and manage effectively; the impact of increasingly stringent fuel economy, emission and safety standards, including the cost of compliance, and any required changes to its products; the challenges and costs of integrating hybrid and electric technology more broadly into Group’s car portfolio over time; the performance of the Group’s dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and raw materials; disruptions at the Group’s manufacturing facilities in Maranello and Modena;; the effects of Brexit on the UK market; the performance of the Group’s licensees for Ferrari-branded products; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the ability of Maserati, the Group’s engine customer, to sell its planned volume of cars; the Group’s continued compliance with customs regulations of various jurisdictions; product recalls, liability claims and product warranties; the adequacy of its insurance coverage to protect the Group against potential losses; the Group’s ability to ensure that its employees, agents and representatives comply with applicable law and regulations; the Group’s ability to maintain the functional and efficient operation of its information technology systems and to defend from the risk of cyberattacks, including on its in-vehicle technology; the Group’s ability to service and refinance its debt; the Group’s ability to provide or arrange for adequate access to financing for its dealers and clients, and associated risks; labor relations and collective bargaining agreements; exchange rate fluctuations, interest rate changes, credit risk and other market risks; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates, including possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; and other factors discussed elsewhere in this document.

The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.

STRONG FIRST QUARTER RESULTS AND RECORD ORDER BOOK; DECISIVE MANAGEMENT OF COVID-19 PANDEMIC IMPACTS

Q1 sustained by product mix with EBITDA(1) at €376M, +18.6% vs. Q1 ’20 and +20.9% vs. Q1 ’19, with a margin of 37.2%.

Sound industrial FCF(1) at €147M.

Robust net order intake and record order book. Most profitable models with strongest demand

Confident to reach top end of the 2021 guidance range

2022 financial targets postponed by one year due to actions taken in response to Covid-19

Unveiling of new Ferrari limited-edition V12 tomorrow

Unveiling of Purosangue in 2022

Unveiling of first all-electric in 2025

Note: (1) Refer to notes to the presentation in the Appendix

Q1 2021 HIGHLIGHTS

SHIPMENTS(2)

(UNITS)

Q1 ’21

2,771

+1.2% vs ’20

Q1 ’20

2,738

+6.2% vs ’19

Q1 ’19

2,610

EBITDA(1)

(€M and margin %)

Q1 ’21

376

37.2%

+18.6% vs ’20

Q1 ’20

317

34.0%

+20.9% vs ’19

Q1 ’19

311

33.1%

DILUTED EARNINGS PER SHARE(1)

(€)

Q1 ’21

1.11

+23.3% vs ’20

+16.8% vs ’19

Q1 ’20

0.90

Q1 ’19

0.95

NET REVENUES

(€M)

Q1 ’21

1,011

+8.5% vs ’20

Q1 ’20

932

+7.6% vs ’19

Q1 ’19

940

EBIT

(€M and margin %)

Q1 ’21

266

26.3%

+20.9% vs ’20

Q1 ’20

220

23.6%

+14.6% vs ’19

Q1 ’19

232

24.7%

INDUSTRIAL FREE CASH FLOW(1)

(€M)

Q1 ’21

147

+101.9% vs ’20

Q1 ’20

73

-47.9% vs ’19

Q1 ’19

282(3)

Note: (1) (2) (3) Refer to notes to the presentation in the Appendix

May 4, 2021

4

Q1 2021 – SHIPMENTS(2)

SHIPMENTS BY REGION(4)

(Q1 2021 VS. Q1 2020)

EMEA -3.8%

(53% vs. 55% PY)

AMERICAS +0.7%

(27% vs. 28% PY)

REST OF APAC

MAINLAND

-16.6%

CHINA,

(13% vs. 16% PY)

HONG KONG

AND TAIWAN

+424.3%

(7% vs. 1% PY)

Total shipments slightly up vs. Q1 2020, which was strong as a result of the still limited impact of Covid-19 pandemic on core business:

  • F8 family and 812 GTS driving deliveries
  • SF90 Stradale and Ferrari Roma remain in ramp up phase
  • Monza SP1 and SP2 continue to be delivered in line with production planning
  • 488 Pista family and Ferrari Portofino phased out
  • Deliberate geographic allocation driven by phase-in pace of individual models
  • Mainland China, Hong Kong and Taiwan, up 157 units, boosted by the arrival of new models and accentuated by easy comparison vs. prior year(5)

SHIPMENTS BREAKDOWN

(Q1 2021)

V8

80%

V12

20%

SPORT &

SPECIAL

GT

SERIES

76%

22%

ICONA

2%

NEW FERRARI LIMITED-EDITION V12 TO BE UNVEILED TOMORROW

Note: (2) (4) (5) Refer to notes to the presentation in the Appendix

May 4, 2021

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ferrari NV published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 12:38:03 UTC.

Publicnow 2021

All news about FERRARI N.V.

Sales 2021 4 288 M
5 150 M
5 150 M
Net income 2021 774 M
930 M
930 M
Net Debt 2021 1 426 M
1 713 M
1 713 M
P/E ratio 2021 43,0x
Yield 2021 0,66%
Capitalization 33 379 M
40 251 M
40 087 M
EV / Sales 2021 8,12x
EV / Sales 2022 7,38x
Nbr of Employees 4 556
Free-Float 48,4%


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Ferrari N.V. Technical Analysis Chart | MarketScreener

Technical analysis trends FERRARI N.V.

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Trends Bullish Neutral Neutral



Income Statement Evolution

Consensus



Sell

Buy

Mean consensus OUTPERFORM
Number of Analysts 10
Average target price
190,90 €
Last Close Price
180,76 €
Spread / Highest target 31,9%
Spread / Average Target 5,61%
Spread / Lowest Target -40,6%


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