Holland is the seat of theFerrari assembly, a foreign holding company under Dutch law, with shares listed in New York and Milan. The meeting opened from President John Elkannwho introduced the record results for 2023, in terms of the budget, and admitted that the sporting season was “difficult”, but “encouraging signs” were also emerging.
Record 2023 budget
“Ferrari closed 2023 with record results and goals,” Elkann told shareholders, adding “despite the difficulties posed by a complex macroeconomic context, the strength of the Ferrari brand and the vitality of the company were reconfirmed.”
The assembly then approved a budget 2023closed with a net profit of more than 1.2 billion euros, up 34% compared to the 2022 result, and a Diluted EPS of 6.9 euros up 36% compared to the previous year. Shareholders also approved the proposal to distribute a cash dividend of 2.443 euros per ordinary share in circulation, equal to a total dividend of approximately 440 million euros, which will be paid on 3 May 2024 both on the NYSE and on the Euronext Milan market.
A success that is based on people
“THE successes of Ferrari of 2023 are to be attributed to women and men of the Prancing Horse”, underlined the President, highlighting “we must continue to reward their dedication and promote their unparalleled sense of belonging”.
“With this in mind, we launched ours earlier this year widespread share ownership plan – explained Elkann – within which all our employees were offered the opportunity to become Ferrari shareholders by receiving one-off shares, free of charge. I am happy to inform you that the 98.7% of our workers in Italy have joined to this successful initiative, which we will extend to all our colleagues globally.”
Very comforting prospects
Ferrari's outlook remains positive. “Ferrari's uniqueness in the luxury sector is evident not only in our solid financial results, which set new records, but also in the predictability and consistency of results, as well as keeping our promises – all factors that contribute to infuserand investor confidence“, underlined the President in the assembly.
2023 difficult sports with glimmers of hope
“2023 was a difficult season and often stingy with satisfaction for Scuderia Ferrari,” admitted Elkann, adding “although the victory a Singapore launched a encouraging sign, like the two podiums achieved, we know that we must continue to work tirelessly. The passion of millions of fans around the world is what drives us to constantly improve.”
“With the victory at Le Mans of last June 11 – underlined the President – we witnessed the achievement of an incredible milestone in Ferrari history. It was an unforgettable day, which reminded us of the importance of finding the courage and humility to always continue to improve.”
The other decisions of the assembly
The Assembly has re-elected all directors of Ferraris who ran for election. John Elkann and Benedetto Vigna have been re-elected as executive directors of Ferrari. Piero Ferrari, Delphine Arnault, Francesca Bellettini, Eduardo H. Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco, Adam Keswick and Michelangelo Volpi have been re-elected as non-executive directors of Ferrari.
The Assembly renewed to the Board of Directors, for a period of eighteen months from the date of today's Assembly, the existing authorization to purchase ordinary shares of the Company up to a maximum of 10% of the ordinary shares issued on the date of the Meeting.
The shareholders have finally Deloitte reconfirmed as audit firm independent of the Company for the financial year 2024.
