Ferrari CEO Louis Camilleri has confirmed that without Formula 1 the company is taking "a big hit" to its finances.
Addressing Ferrari's Q1 financial results for 2020 in a conference call with investors, Camilleri reported a 30% drop (€39million) in commercial, sponsor and brand revenue compared to the same period a year ago.
Racing is currently under lockdown, with the first 10 grands prix either cancelled or postponed, and although hopes are rising for a July start in Austria, the reduced income from F1 will have a major impact.
Revenues will be reduced, both from a prize-money perspective if there are 15 to 18 races as planned, and from sponsorship.
“Formula 1 is undoubtedly the activity that will adversely affect our results in 2020 in the harshest manner and also the one that is by far the hardest to predict,” said Camilleri.
“This clearly implies a drastic reduction in the revenues that are generated by the commercial rights holder, as well as sponsorship fees, our two primary sources of revenue."
With the losses so far offsetting a rise in sales from cars and spare parts, Camilleri added: “The hit to revenue essentially goes down to the bottom line, with some minor offsets. It’s a big hit.
“The good news is it’s confined to this year, hopefully.”
Camilleri, meanwhile, has suggested F1's new planned cost cap of $145 million will be beneficial.
Ferrari had argued long and hard about reducing the proposed $150million budget further, but with F1, the FIA and the teams drawing close to an agreement, Camilleri is in favour.
"It remains our hope such a ceiling will render Formula 1 more economically sustainable for all participants while ensuring that it remains the premier racing championship globally and the source of significant advances in automotive innovation and technology,” Camilleri said.
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