Q4 2024 Ferrari NV Earnings Call Transcript
Key Points
- Ferrari NV (RACE) achieved record financial results in 2024, with revenues reaching approximately EUR6.7 billion, marking double-digit growth compared to the previous year.
- The company successfully launched three new models in 2024, including the supercar F80, which showcases significant technology transfer from racing to sports cars.
- Ferrari NV (RACE) reported a net profit of EUR1.5 billion and an industrial free cash flow generation surpassing EUR1 billion for the first time.
- The company's personalization options continue to strengthen, contributing approximately 20% of revenues from cars and spare parts.
- Ferrari NV (RACE) is on track with its electrification journey, with significant advancements in battery models and electric components developed in-house at Maranello.
- The company faces ongoing supply chain challenges, particularly with suppliers affected by lower demand from larger OEMs.
- Despite strong financial performance, Ferrari NV (RACE) anticipates a higher effective tax rate of around 22.5% in 2025, up from 19.2% in 2024.
- The depreciation and amortization (D&A) expenses are expected to be lower in 2025, which may impact the company's financial flexibility.
- Concerns were raised about the potential for over-personalization affecting residual values, although Ferrari NV (RACE) is addressing this by advising clients on customization choices.
- The company plans to launch six new models in 2025, raising questions about potential market saturation and customer confusion with too many new offerings in a single year.
Good day and thank you for standing by. Welcome to the Ferrari 2024 full-year results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker, Nicoletta Russo, Head of Investor Relations. Please go ahead.
Thank you, Sandra, and welcome to everyone who is joining us. Today, we plan to cover the group's full-year 2024 operating results and 2025 guidance, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio Picca Piccon.
All relevant materials are available in the Investors section of the Ferrari Corporate website. And at the end of the presentation, we will be available to answer your questions.
Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risk and uncertainties mentioned in the Safe Harbor statement included
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