(22.91% stake 34.54% of voting rights on issued capital)





Key consolidated data of Ferrari reported in the year 2020 are as follows:

€ million20202019Change
Shipments (in units)9,119 10,131(10)%
Net revenues3,460 3,766(8)%
EBIT716 917(22)%
Net profit 609 699(13)%
Net Industrial debt (1)(543) (337)(61%)%
(1) Defined as net debt less net debt of financial services activities.


The global spread of COVID-19, a virus causing potentially deadly respiratory tract infections, which was declared a global pandemic by the World Health Organization in March 2020, has led governments around the world to mandate certain restrictive measures to contain the pandemic, including social distancing, quarantine, “shelter in place” or similar orders, travel restrictions and suspension of non-essential business activities. The main impacts on Ferrari during 2020 include the following:

  • Deliveries to the distribution network were temporarily suspended near the end of March 2020 due to restrictions on dealer activities or the inability of customers to collect their cars, and deliveries gradually recommenced during the month of May 2020. The closure and reopening of Ferrari dealerships worldwide as a result of lockdowns and other restrictions, and the gradual easing of those measures, were implemented to varying degrees from country to country. From May to October 2020, substantially all Ferrari dealerships remained fully operational and order collections resumed. Although new closures have been made necessary towards the end of the fourth quarter of 2020 as a result of the resurgence of the pandemic in certain territories, order collections have continued and Ferrari remains focused on maintaining a robust order book going forward and on the careful management of its waiting list to reach the optimal combination of exclusivity and client service.
  • With the safety and well-being of Ferrari employees in mind, production was suspended from 14 March 2020 and gradually restarted from 4 May 2020, with full production resuming on 8 May 2020 thanks in large part to the successful implementation of the “Back on Track” program, as further described below. Ferrari continued to pay all employees throughout the suspension period and did not accede to any government aid programs. Ferrari experienced limited supply chain constraints in 2020, which were actively managed to mitigate any impacts on production, and it has consciously increased its inventories of raw materials and components in an effort to mitigate possible supply disruptions.
  • The start of the 2020 Formula 1 World Championship was postponed to 5 July 2020, when the Austrian Grand Prix was held without spectators on site. The calendar for the season has evolved throughout the year and ultimately consisted of a total of 17 Grand Prix Events, five less than those originally scheduled. Most of the races were held without public attendance, including Paddock Club and paddock guests. These circumstances adversely impacted Ferrari's financial results due to a reduction of sponsorships and consequent reduced commercial revenues from partners and the holder of Formula 1’s commercial rights (Formula One Management).
  • Brand activities were also adversely impacted as a result of the temporary closures of Ferrari stores and museums, which gradually started to reopen in May 2020, with appropriate safety measures in place to protect Ferrari staff and customers. To date, in-store traffic remains significantly lower than pre-pandemic levels, while museums only partially reopened in February 2021 following their closure on 25 October 2020 in accordance with local government measures. This has been only partially offset by an increase in online sales of Ferrari merchandise.
  • Although production and certain other activities (i.e. Formula 1, stores, museums) were temporarily suspended, Ferrari has been able to continue many other key business activities and functions through remote working arrangements.
  • Ferrari continues to take measures to combat the spread of COVID-19 at its facilities, and in line with the laws and regulations enacted in Italy and other countries where it operates. Ferrari is continuing to guarantee the possibility of remote work for those employees whose job activity is compatible with such work arrangements.
  • There were no significant effects on the valuation of assets or liabilities and no significant increases in allowances for credit losses in 2020. Moreover, no material impairment indicators were identified and there were no changes in accounting judgments or other significant accounting impacts relating to COVID-19.


Shipments totaled 9,119 units in 2020, down 1,012 units or 10.0% versus prior year, following the seven-week production suspension in the first half 2020 and dealers' temporary closure due to the COVID-19 pandemic, partially offset by a gradual production recovery in the second half 2020.

Sales of both 8 cylinder models (V8) and 12 cylinder models (V12) were down 10.3% and 9.0%, respectively. The Ferrari Monza SP1 and SP2 were delivered as originally scheduled. The F8 family ramp up offset the 488 Pista family, which was approaching the end of its lifecycle. The 812 GTS was in the ramp up phase and reached global distribution, while Ferrari Portofino phased out ahead of the introduction of the Ferrari Portofino M in 2021.

Mainland China, Hong Kong and Taiwan456836(380)(45)
Rest of APAC1,5201,500201
(1) Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars.

Net revenues

Net revenues for 2020 were €3,460 million, down 8.9% at constant currency, with a decrease of €306 million (-8.9% at constant currency) compared to €3,766 million in 2019, mainly attributable to the combination of a €148 million decrease in sponsorship, commercial and brand partially offset by €47 million decrease in engines and €20 million decrease in other revenues. Revenues were negatively impacted in 2020 by the temporary suspension of production and shipments, as well as the changes to the calendar and format of the 2020 Formula 1 World Championship caused by the COVID-19 pandemic.

Net revenues generated from cars and spare parts were €2,835 million, a decrease of €91 million, or 3.1 percent, from €2,926 million for 2019. The decrease was primarily attributable to lower volumes as well as personalizations, mainly due to the seven-week production suspension in the first half of 2020 and the temporary closure of certain dealerships caused by the COVID-19 pandemic, partially offset by positive mix driven by deliveries of the Ferrari Monza SP1 and SP2. 

The decrease in Engines revenues (€151 million, down 24.0%, also at constant currency) reflected lower shipments of engines to Maserati and lower revenues from the rental of engines to other Formula 1 racing teams driven by the reduced number of races in 2020 as a result of the COVID-19 pandemic.

Sponsorship, commercial and brand revenues (€390 million, down 27.5% or 27.8% at constant currency) were significantly impacted by the COVID-19 pandemic, which resulted in a reduced number of Formula 1 races in 2020 and a decrease in-store traffic and museum visitors.

 Year change
    at currentat constant
€ million20202019amountcurrencycurrency
Car and spare parts2,8352,926 (91)(3)%(4)%
Engines151198 (47)(24)%(24)%
Sponsorship, commercial and brand390538 (148)(28)%(28)%
Other84104 (20)(20%)(18)%
Net revenues3,4603,766 (306)(8)%(9)%


2020 EBIT was €716 million, down 21.9% or 25.3% at constant currency versus prior year. Volume had a negative impact (€126 million) reflecting the decrease in shipments.

EBIT for 2020 was €716 million, down 21.9% or 25.3% at constant currency versus prior year. The decrease in EBIT was attributable to the combined effects of negative volume impact of €126 million, positive product mix and price impact of €130 million, an increase in industrial costs of €58 million, including higher depreciation, an increase in research and development costs of €8 million (net of the benefit from technology-related government incentives), a decrease in selling, general and administrative costs of €7 million, negative contribution of €184 million due to the impacts of COVID-19 on the Formula 1 racing calendar, lower traffic for brand related activities and lower engine sales to Maserati, and positive foreign currency exchange impact of €38 million (including foreign currency hedging instruments) primarily driven by the strengthening of the U.S. Dollar and Japanese Yen against the Euro.

The negative volume impact was primarily attributable to the temporary suspension of shipments for seven weeks during the first half of 2020 as a result of the COVID-19 pandemic, the effects of which were partially recovered in the second half of the year. The positive product mix and price impact was primarily attributable to deliveries of the Ferrari Monza SP1 and SP2 as well as an otherwise richer product mix, partially offset by fewer shipments of the FXX-K EVO and lower contributions from personalization programs, which are correlated to the decrease in volumes.

Net industrial debt

Net industrial debt at 31 December 2020 was €543 million, compared to €337 million as of 31 December 2019. During 2020, Ferrari repurchased own shares for a total value of €130 million and €212 million were distributed in dividends.

Lease liabilities per IFRS 16 as of 31 December 2020 were €62 million.

As of 31 December 2020, total available liquidity was €2,062 million, including undrawn committed credit lines of €700 million.

€ million12/31/202012/31/2019Change
of which: Lease liabilities as per IFRS 16 (simplified approach)62602
Cash and cash equivalents1,362898464
Net debt(1,363)(1,192)(171)
Net debt of Financial Services Activities(820)(855)35
Net Industrial Debt (1)(543)(337)(206)
(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio.

2021 Outlook

The Ferrari Group Guidance is subject to trading conditions being unaffected by further COVID-19 pandemic restrictions and assuming:

  • Core business sustained by volume and mix;
  • Revenues from Formula 1 racing activities assuming announced calendar and reflecting lower 2020 ranking;
  • Brand-related activities dealing with COVID-19 challenges;
  • Resumption of operations and marketing;
  •  Net revenues: approximately €4.3 billion (from more than €3.5 billion);
  • Adjusted EBITDA: €1.45 billion - €1.50 billion (from more than €1.1 billion);
  • Adjusted EBIT: €0.97 billion - €1.02 billion (from more than €0.7 billion);
  • Adjusted diluted EPS: €4.00 - €4.20 per share (from more than €2.88 per share);
  • Industrial free cash flow: more than/equal to €0.35 billion (from more than €0.2 billion).


Commercial Register No.64236277 Legal notes | Credits