Press release
572KB
april 15, 2021 - Ferrari
Extracts of the speech of Ferrari chairman and ceo John Elkann at the annual general meeting of shareholders of Ferrari n.v., 15 april 2021
- Ferrari today has the most beautiful, innovative and widest product range ever.
In spite of all the difficulties, 2020 saw the successful digital unveiling of 3 new models; the #ferrari Portofino M, the SF90 Spider and 488 GT Modificata. This means that today we have the most beautiful, most innovative and widest product range in our entire history.
- In 2020 #ferrari shipped 9,119 cars. Very strong 4Q20 performance.
The 2020 results were delivered following a very strong fourth quarter performance. This was thanks to the strength of our core business, improved Formula 1 revenues, the cost containment actions deployed during the year and a tailwind from foreign exchange compared to our projections.
- We shipped 9,119 units, approximately 10% less than in the prior year but in line with our second semester production planning.
- Group net revenues were Euro 3.460 billion, down 8.1% compared to prior year, driven by lower deliveries as well as lower Formula 1 and brand revenues.
- EBITDA came in at Euro 1.143 billion, down 10% with a margin of 33%.
- EBIT was Euro 716 million, down 21.9%, embedding higher D&A.
3) Dividend distribution and share repurchase program.
Thanks to the robust performance in 2020, the Board of Directors has recommended to shareholders a dividend distribution of approximately Euro 160 million, and has also approved the restart of our multi-year share repurchase program.
4) Important achievements in the ESG domain.
Some of the important achievements in the ESG domain we are particularly proud of:
- In July, we were the first Italian company to receive the Swiss-based Equal Salary Foundation’s certification in recognition of the fact that the women and the men of #ferrari receive equal compensation for equivalent roles and work.
- We also increased our support to our local community through our contributions to a range of initiatives primarily focusing on education
- Consistent with our strong belief in environmental sustainability, as a company we have committed to achieving full carbon neutrality by direct and indirect actions within the decade.
- Three new models in the coming months.
We will unveil a further 3 new models in the coming months.
6) Electrification strategy. First all-electric #ferrari in 2025.
We are continuing to execute our electrification strategy in a highly disciplined way. And our interpretation and application of these technologies both in motor sport and in road cars is a huge opportunity to bring the uniqueness and passion of #ferrari to new generations.
We are also very excited about our first all-electric #ferrari that we plan to unveil in 2025 and you can be sure this will be everything you dream the engineers and designers at Maranello can imagine for such a landmark in our history.
7) Stepping up our ambitions in motor sport. Return to Le Mans in 2023.
In this spirit in 2021 we are also stepping up our ambitions in motor sport, and not only in Formula One, where our young and exceptionally talented driver line-up has already brought a great and positive new energy to the team.
In February we announced our return to Le Mans in 2023, a race where so many great chapters in our motor racing history have been played out. This presents another opportunity for us to compete at the highest levels, testing the boundaries of technology on the track and then transferring our knowledge to the matchless pedigree and driving experience of a new generation of #ferrari road cars.
Further information in the press release to download
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