Driven by a positive sector trend, the Italian luxury brand has increased its sales and anticipates a further surge next year, driven by the arrival of its first SUV.
Ferrari ends 2022 with a bang. the Italian manufacturer published excellent results for its 2022 financial year on Thursday: over the year, it honored 13,221 deliveries against 11,155 last year (+19%). A record for the brand. Its turnover exceeded 5 billion euros (5.095 billion to be precise), an increase of 19% again.
Robust growth which is also reflected in an increase in margins, despite rising costs: its net profit also jumped by 13% and flirts with the billion mark (939 million euros), symbol of pricing power of the luxury brand. And here also reaching a new record.
All activities were boosted in 2022, from sales of cars and spare parts (+21.5% to 4.34 billion euros) to sponsorship income (+11.1% to 479 million euros). The only segment in decline, engines, affected by declining sales with Maserati, due to the near end of the contract linking the two brands (in 2023).
On the model side, the Portofino M and the SF90 family are driving growth, pending the rise of the promising 296 GTB hybrid. The Maranello firm is also maintaining its objective, described in its strategic plan, to produce 60% of hybrid vehicles by 2026 and 80% by 2030. By betting in particular on its SUV, the Purosangue.
2023, another acceleration
Europe, Africa and the Middle East remain the most lucrative area of its portfolio in 2022, with 45% of sales and growth of 8.5%. But a catch-up is in progress: that of the zone grouping China, Hong-Kong and Taiwan. It now represents 12% of deliveries against 8% last year, and shows growth of 72.6%. The “Americas” market held steady at 26% of deliveries, with growth of 21.8%.
Ferrari expects confirmation of this very positive trend next year: the group wants to believe in a turnover of 5.7 billion euros in 2023, and a stable adjusted Ebitda, around 26% against 24% currently .
“Our order book is solid, covering all of this year and a good part of next year,” chief executive Benedetto Vigna told reporters, Reuters reported. Benedetto Vigna is counting in particular on the sales of the brand’s first SUV, the Purosangue, whose orders have, according to him, exceeded all expectations.
He intends to increase his prices to counterbalance the costs induced by inflation, and to meet his objectives. The goal: to reach 6.7 billion euros in 2026, as indicated in its strategic plan unveiled last June in Italy.
