Ferrari N.V. (NYSE:RACE) Q4 2023 Results Conference Call February 1, 2024 9:00 AM ET

Company Participants

Nicoletta Russo - Head of Investor Relations

Benedetto Vigna - CEO

Antonio Picca Piccon - CFO

Conference Call Participants

John Babcock - Bank of America Securities

Michael Binetti - Evercore ISI

Susy Tibaldi - UBS

Stephen Reitman - Societe Generale

Tom Narayan - RBC Capital Markets

Henning Cosman - Barclays

Monica Bosio - Intesa Sanpaolo

George Galliers - Goldman Sachs

Operator

Good day, and thank you for standing by. Welcome to the Ferrari 2023 Full Year Results Conference Call and Webcast [Operator Instructions]. Please note 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.

Nicoletta Russo

Thank you, and welcome to everyone who is joining us. Today, we plan to cover the Group's full of 2023 operating results and 2024 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 Web site. 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 risks and uncertainties mentioned in the Safe Harbor statements included on Page 2 of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Benedetto.

Benedetto Vigna

Gracias, Nicoletta. And thanks everyone for joining us today. 2023 will be remembered as the year in which we accomplished the many achievements and we strengthened our brand across each of its three [stores], racing, sport cars and lifestyles. For this, I would like to thank all the women and men of Ferrari for their outstanding work, all our clients for their continuous trust in our brand, and all our partners, suppliers, dealers and sponsors with whom we have continued to strengthen our relations. Among the many achievements realizing 2023, I like to mention three. The first historic victory at Le Mans. The second is the fund new model launches, further enriching our beautiful product offering together with a variety of new clients, engagement experiences. And last but not least, the new iconic bag and Maranello clutch that stems out to the cooperation between colleagues in Maranello belongs to sports car team and those in Milan of our lifestyle department. These achievements are reflected in our record full year financial results across all metrics. So let's start reviewing together a few key numbers of year 2023. Revenues were at approximately EUR6 billion. EBITDA at EUR2.28 billion with record yearly EBITDA margin of 38.2%. Net profit first in our history well over EUR1 billion threshold with a remarkable net profit margin of 21%. And industrial free cash flow generation of approximately EUR930 million on which about EUR800 million distributed to shareholders between dividends and share buyback.