Ferrari credits F1 as key source for €431m sponsorship revenue in 2021

Italian carmaker reported a 23.4% net revenue growth compared to 2020.

Ferrari credits F1 as key source for €431m sponsorship revenue in 2021

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  • Ferrari finished F1 season in third, compared to sixth in 2020
  • Italian carmaker posts net revenue of €4.2bn

Ferrari has cited its Formula One team as a key source of the €431 million (US$486 million) in sponsorship, commercial and brand revenue for 2021, with that figure marking a year-over-year (YoY) increase of 12.9 per cent.

Overall, the Italian luxury automaker reported a 23.4 per cent net revenue growth compared to 2020, totalling €4.2 billion (US$4.7 billion), in its 2021 annual account. That figure is also up 13.4 per cent compared to 2019.

Ferrari also reported an increase in industrial production costs by €65 million (US$73.3 million) in comparison to 2020, partly due to Formula One expenses from technology-related government incentives, as well as startup costs.

In addition, Ferrari reported an increase in other income of €83 million (US$93 million) due to an extended Formula One calendar from 17 races to 22 and other brand-related activities.

Looking ahead to 2022, Ferrari is expecting that its Formula One related revenues will reflect a more diverse, though lower, sponsorship portfolio, but hopes these will be offset by a higher finish in the constructors’ championship.

Ferrari will return to the track at the start of the 2022 Formula One season, which begins on 20th March at Bahrain International Circuit.