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





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


  I Half  Change
€ million 2021 2020    
Shipments (in units) 5,456 4,127 1,32932 %
Net revenues 2,046
543 36 %
EBIT 540
122 %
Net profit 412 175 237 135 %
Net Industrial debt(1) 552 543 9
(1) Defined as net debt less net debt of financial services activities. Comparative data refers to 31 December 2020.


The global spread of the COVID-19 virus (“COVID-19”), which was declared a global pandemic by the World Health Organization in March 2020, has led to governments around the world mandating various 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. To date, several of these measures are still in place or were previously reintroduced at various points in time following further waves of the pandemic, although the scope and timing of restrictive measures have varied greatly across jurisdictions.

The impacts of the COVID-19 pandemic on Ferrari’s operations and the main actions taken by Ferrari in response to the pandemic since its inception are summarized below:

  • With the safety and well-being of Ferrari employees in mind and considering government restrictions implemented to combat the spread of the virus, production and deliveries to the distribution network were temporarily suspended from the end of March until the beginning of May 2020. Although certain restrictions remained in place in some of the countries where Ferrari operates during the first half of 2021, substantially all Ferrari dealerships remained operational and order collections continued. Ferrari remains focused on maintaining a robust order book going forward and on the careful management of the waiting list to reach the optimal combination of exclusivity and client service.
  • To protect the health and well-being of its workforce and customers as Ferrari returned to business operations, Ferrari successfully implemented its “Back on Track” program, which facilitated the return to full production by 8 May 2020 through the implementation of various safety measures to combat and contain the spread of the COVID-19 virus in the workplace, with additional measures to strengthen and customize the protocol with the support of specialists who have expert knowledge of Ferrari’s work environment.
  • Following various initiatives implemented by Ferrari since the start of the pandemic to support local communities, Ferrari continues to provide logistical support as well as facilities at its Fiorano race track for the vaccination campaign. Following the commencement of the national vaccination campaign in Italy, in mid-June 2021 Ferrari launched its own vaccination plan, dedicated to its employees, their families and all the resident consultants; planned alongside local Health Authorities. The campaign has resulted in a large number of vaccinations and is now nearing completion.
  • Although production and certain other activities (i.e. Formula 1, stores, museums) were temporarily suspended near the end of the first quarter of 2020, Ferrari continued many other key business activities and functions through remote working arrangements, and up to the date of this document it continues to take measures to combat the spread of COVID-19 at its facilities while guaranteeing the possibility of remote work for those employees whose job activity is compatible with such work arrangements.
  • In order to prudently manage potential liquidity or refinancing risks in the foreseeable future, Ferrari focused on increasing and preserving its available liquidity and took actions to contain costs and capital expenditures in 2020, while ensuring that all projects that are considered important for the continuing success of Ferrari and its future development are maintained.
  • The start of the 2020 Formula 1 World Championship season was postponed from March to July 2020 and it ultimately consisted of 17 Grand Prix events, five fewer than those originally scheduled. Additionally, most of the races were held without public attendance, including Paddock Club and paddock guests. These circumstances adversely impacted the financial results in the first half of 2020 (as well as the rest of 2020) 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). At the date of Ferrari's Semi-annual Report, 11 Grand Prix races have been held for the 2021 season, with no or limited physical spectators, and an additional 12 races are expected for the season; however the actual number of Formula 1 races and the number of spectators permitted to attend the events, if any, could change based on the evolution of the pandemic. Out of the total 23 races currently foreseen for 2021 season, 3 tracks have been already replaced as a reaction to the spread of the pandemic.
  • Brand activities were also adversely impacted as a result of the temporary closure of Ferrari stores and museums in the first quarter of 2020, which gradually reopened starting in May 2020 with appropriate safety measures in place to protect staff and customers. To date, in-store traffic remains significantly lower than the pre-pandemic level and museums have subsequently experienced limited openings and additional closings as a result of local regulations and restrictions. These effects have been only partially offset by an increase in online sales of merchandise.
  • Ferrari decided to temporarily suspend its share repurchase program from the end of March 2020 to the beginning of March 2021, when such program was restarted.
  • There have been no significant effects on the valuation of assets or liabilities and no increases in allowances for credit losses as a result of COVID-19. Moreover, no material impairment indicators have been identified and there have been no changes in accounting judgments or other significant accounting impacts relating to COVID-19.
  • No significant changes occurred in controls that materially affect internal control over financial reporting.

Ferrari’s leadership is continuously monitoring the evolution of the COVID-19 pandemic as new information becomes available as well as the related effects on the results of operations and financial position of Ferrari. It has been gradually recovering from the effects of the COVID-19-related suspension of production and other business activities that occurred primarily in 2020. The effects of the pandemic on Ferrari in the first half of 2021 were limited and on the back of results, robust net order intake as well as record order book, management is confident that Ferrari will reach the top end of the 2021 guidance, with an improved industrial free cash flow, as communicated in the 2021 outlook section below. Looking ahead, management expects that the prudent steps taken in 2020 to adjust capital expenditure in response to the COVID-19 emergency, will postpone by one year the achievement of the year-end 2022 guidance previously announced at Ferrari’s Capital Markets Day in September 2018.

The future impacts of COVID-19 on Ferrari’s results of operations and financial condition will depend on ongoing developments in relation to the pandemic, including the success of the gradual release of containment measures and vaccination programs worldwide, as well as the overall condition and outlook of the global economy.


Shipments totaled 5,456 units in the first half of 2021, up 1,329 units or 32% versus the first half of 2020, which was heavily impacted by the disruptions of the COVID-19 pandemic, including production and delivery suspension in the first half of 2020.

Sales of 8 cylinder models (V8) and 12 cylinder models (V12) were up in the first half of 2021. The deliveries were driven by the F8 family and the 812 GTS together with the SF90 Stradale and the Ferrari Roma which reached global distribution. The Ferrari Monza SP1 and SP2 continued to be delivered in line with planning. The first deliveries of the new Ferrari Portofino M commenced in the first half.

  I Half Change
Units(1) 2021 2020 amount %
EMEA 2,796
2,222 574 26 %
Americas 1,404 1,131 273 24 %
Mainland China, Hong Kong and Taiwan 360 62 298 481 %
Rest of APAC 896 712 184 26 %
Shipments 5,456 4,127 1,329 32 %
(1) Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars.

Net revenues

Net revenues for the first half of 2021 were €2,046 million, an increase of €543 million or 36.1% (an increase of 39.4% on a constant currency basis), from €1,503 million for the first half of 2020. The increase was attributable to the combination of €498 million increase in cars and spare parts, €37 million increase in engines, a €10 million increase in sponsorship, commercial and brand, and €2 million decrease in other net revenues.

Net revenues generated from cars and spare parts were €1,736 million for the first half of 2021, an increase of €498 million or 40.1% from €1,238 million for the first half of 2020. The increase was primarily attributable to higher car volumes, positive mix and personalizations, partially offset by negative foreign currency exchange impact (mainly USD). Shipments in the first half of 2020 were impacted by the seven-week production and delivery suspension caused by the COVID-19 pandemic

Net revenues generated from engines were €90 million for the first half of 2021, an increase of €37 million or 68.8%, from €53 million for the first half of 2020. The increase was mainly attributable to an increase in engines sold to Maserati and, to a lesser extent, higher revenues from the rental of engines to other Formula 1 racing teams.

Net revenues generated from sponsorship, commercial agreements and brand management activities were €182 million for the first half of 2021, an increase of €10 million or 5.8%, from €172 million for the first half of 2020. In particular, higher revenues from Formula 1 racing activities driven by the more favorable Formula 1 calendar compared to last year were partially offset by a lower prior year ranking, as well as reduced brand-related activities due to the COVID-19 pandemic.

  I Half Change
€ million 2021 2020 amount at current currency at constant currency
Car and spare parts 1,736
498 40 % 44 %
Engines 90
53 37 70 % 69 %
Sponsorship, commercial and brand 182
10 6 % 7 %
Other 38
(2) (20)% 4 %
Net revenues 2,046
36 % 39 %


EBIT for the first half 2021 was €540 million, an increase of €297 million or 121.9%, from €243 million for the first half of 2020.  

The increase in EBIT was primarily attributable to the combined effects of positive volume impact of €149 million, a positive product mix impact of €161 million, driven by the SF90 Stradale and the Ferrari Monza SP1 and SP2, along with personalizations, an increase in research and development costs of €22 million, a decrease in selling, general and administrative costs of €4 million, a positive contribution of €48 million mainly due to Formula 1 racing activities reflecting the more favorable Formula 1 calendar compared to last year and higher contribution from other supporting activities and Maserati engines, partially offset by a lower prior year ranking as well as reduced brand-related activities due to the COVID-19 pandemic, and negative foreign currency exchange impact of €43 million (including foreign currency hedging instruments) primarily driven by the strengthening of the Euro compared to the U.S. Dollar. 

Net industrial debt

Net industrial debt at 30 June 2021 was €552 million, compared to €543 million at 31 December 2020 with an increase of €9 million.

€ million 06/30/2021 12/31/2020 Change
of which: Lease liabilities as per IFRS 16 (simplified approach)
Cash and cash equivalents 922
Net debt (1,438) (1,363)
Net debt of Financial Services Activities (886)
Net Industrial Debt(1) (552) (543) (9)
(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio.

2021 Outlook

Upward revised 2021 Ferrari guidance on industrial free cash flow from approximately €350 million to approximately €450 million, subject to trading conditions unaffected by further COVID-19 pandemic restrictions and the following assumptions: 

  • Core business sustained by volume and mix;
  • Revenues from Formula 1 racing activities based on the announced calendar and reflecting lower 2020 ranking versus prior year;
  • Brand-related activities dealing with COVID-19 challenges;
  • Operational and marketing costs gradually resuming;
  • Improved working capital and other sustaining industrial free cash flow thanks to the advances on the new special series and lower payments in connection with the cadence planned for capital expenditures.
(€Billion, unless otherwise stated) 2019A 2020A 2021 GUIDANCE
NET REVENUES 3.8 3.5 ~4.3
ADJ. EBITDA (margin %) 1.3
1.45 - 1.50
33.7% - 34.9%
ADJ. EBIT (margin %) 0.9
0.97 - 1.02
22.6% - 23.7%
ADJ. DILUTED EPS (€) 3.71 2.88 4.00-4.20
INDUSTRIAL FCF 0.7 0.2 ~0.45
Commercial Register No.64236277 Note legali | Credits