MILAN (Reuters). Ferrari reported Wednesday that core earnings rose 12% for the first quarter of fiscal 2015. This was due to strong demand, despite all the political chaos.

In the period January to March, adjusted earnings before interest taxes, depreciation or amortization (EBITDA), came in at 423mn euros (445 million). The collection of advances for the Daytona SP3, the latest model from Ferrari (NYSE) helped with this.

A Reuters poll found that the results met analyst expectations of 425,000,000 euros.

In a statement, Chief Executive Benedetto vigna stated that these results were sustained through a strong net intake. The order book covers today well into 2023. Many of our models are also sold out.

Vigna stated that the year 2022 has been marked “uncertainties” in geopolitical scenarios, while he maintained that he was optimistic about the company’s prospects for the future.

Ferrari reiterated its predictions for this year three months ago. This included a forecast for an adjusted EBITDA range of 1.65 to 1.70 billion euro.

Vigna is a veteran of the tech sector and took over Ferrari in September. His task was to transform a brand that has been associated with powerful combustion engines into a new age of quieter, cleaner electric vehicles.

Next month, he will be presenting his comprehensive business plan.

Ferrari shares were down 1.4% around 1200 GMT. ($1 = 0.9496 euros)