Ferrari F1 revenue takes massive hit amid COVID-19 crisis

Ferrari unsurprisingly announced on Monday a decline in its financials for the second quarter of 2020, with its revenue derived from F1 taking a significant hit because of the COVID-19 pandemic.

The Italian sports car manufacturer saw its net Q2 profit fall from €184m last year to a mere €9m for the April-June period, as a drop in sales impacted its top and bottom lines.

But the disrupted F1 season, marked by the late start of the 2020 campaign, the cancellation of many races and a final calendar that will likely include no more than 16 events out of the 22 that were initially scheduled, has taken its toll on the Scuderia's numbers.

• Binotto to focus only on team boss role amid Ferrari changes

"It’s clearly in the high tens of millions, in terms of the hit," Ferrari CEO Louis Camilleri told investors in a call on Monday.

"In terms of next year it should be better, because hopefully, by next year, we’ll be back to a full race schedule, and we will get the necessary revenues in terms of sponsorship and from the commercial rights.

"So, it’s a bit difficult to compare 2020 to 2021. But definitely in 2020, it is a very sizable hit as we had anticipated in early May."

In its Q2 report, Ferrari noted that the shortfall from F1 contributed to a €48m decrease in sponsorship, commercial and brand revenue.

Ferrari also cited the cancellation of the MotoGP round at Mugello - a circuit owned by Ferrari - as having impacted "other" revenue linked to the company's racing activities.

"There’s no denying that we’re facing a very difficult season, with a car that lacks performance on several levels," added Camilleri.

"Our competitors, Mercedes in particular, are incredibly strong and hats off to them.

"I can assure you that the team is working day and night to improve the car, and that somehow addresses the cost impact.

"Although, we have to recognise that many elements have been frozen by the regulators, and the regulations that were put in place, given the economic uncertainty resulting from the COVID pandemic.

"I believe we have a very strong talent pool, which we will continue to strengthen, and I have every confidence in Mattia and his team going forward."

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter