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This document, and in particular the section entitled 2016 Outlook, contains forward-looking statements. These statements may include terms
such as may, will, expect, could, should, intend, estimate, anticipate, believe, remain, on track, design, target, objective, goal,
forecast, projection, outlook, prospects, plan, or similar terms. Forward-looking statements are not guarantees of future performance.
Rather, they are based on the Groups current expectations and projections about future events and, by their nature, are subject to inherent risks
and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance
should not be placed on them.
Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Groups ability to
preserve and enhance the value of the Ferrari brand; the success of Ferraris Formula 1 racing team and the expenses the Group incurs for Formula
1 activities; the Groups ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the
Groups low volume strategy; the ability of Maserati, the Groups engine customer, to sell its planned volume of cars; changes in client preferences
and automotive trends; changes in the general economic environment and changes in demand for luxury goods, including high performance luxury
cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards; the Groups ability to successfully
carry out its growth strategy and, particularly, the Groups ability to grow its presence in emerging market countries; competition in the luxury
performance automobile industry; reliance upon a number of key members of executive management and employees; the performance of the
Groups dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and
raw materials; disruptions at the Groups manufacturing facilities in Maranello and Modena; the Groups ability to provide or arrange for adequate
access to financing for its dealers and clients; the performance of the Groups licensees for Ferrari-branded products; the Groups ability to protect
its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product
warranties; exchange rate fluctuations, interest rate changes, credit risk and other market risks; potential conflicts of interest due to director and
officer overlaps with the Groups largest shareholders and other factors discussed elsewhere in this document.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any
obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors
that could materially affect the Companys financial results, is included in the Companys reports and filings with the U.S. Securities and Exchange
Commission, the AFM and CONSOB.
Total shipments up 8% driven by a 16% increase in V8, which was partially offset by a 22% Net revenues up 5.9% (+6.2% at constant currencies), all revenue lines positively contributing, in
decrease in V12: particular Cars and spare parts driven by positive volumes partially offset by mix:
Continuous strong sales of the new 488 GTB LaFerrari finished its limited series run Americas: 209 million (-12.7%) due to lower Greater China: 80 million (+60.6%) due to
and 488 Spider FF phasing out in line with plans sales of LaFerrari 488 family volume increase
F12tdf reaching global distribution GTC4Lusso, distribution will commence EMEA: 217 million (+6.5%) due to higher Rest of APAC: 84 million (-2.1%) due to mix,
F12berlinetta at its 5th year of in Q3 2016 shipments of 488 family and F12tdf performance affected by timing, with 488
commercialization continues to perform Spider and F12tdf having just arrived on the
better than expected market
Adjusted EBITDA(1) grew by 12% primarily driven by higher volume and positive contribution Adjusted EBIT(1) margin increased by 310 bps driven by strong adjusted EBITDA(1) and lower D&A
from Sponsorship, commercial and brand as well as other supporting activities. mainly due to 458 family and LaFerrari phase-out
Adjusted EBITDA(1) excludes charges for Takata airbag inflator recalls.
Industrial free Q2'16 145 Net industrial Jun. 30, 2016 (763)
cash flow(1) debt(1)
(M) Q2'15 173 289 (M) Dec. 31, 2015 (797)
Industrial free cash flow(1) primarily driven by adjusted EBITDA(1), positive change of working Net industrial debt(1) reduced to 763 million primarily due to industrial free cash flow(1)
capital and timing effect of advances on the new open-top LaFerrari, partially offset by capex generation partially offset by 87 million cash distribution to holders of common shares and
and the first 2016 tax advance. 13 million dividends paid to NCI
Q2 2015 included one-time of 116 million.
Note: (1) reconciliations to non-gaap financial measures are provided in the appendix.
Q2 2016 Results August 2nd, 2016 4
Certain totals in the tables included in this document may not add due to rounding.
Q2 2016 SHIPMENTS BY REGION(4)
Americas EMEA
(35% vs. 38% PY of total shipments) (43% vs. 40% PY of total shipments)
Americas shipments increased by approx. 0.5% EMEAs shipments increased by approx. 14%
USA Ferraris largest single market: growth supported by V8 UK flat shipments affected by timing with 488 Spider having just
models (488 GTB, 488 Spider and California T) and F12tdf offsetting arrived on the market and robust deliveries of 488 GTB and F12tdf
F12berlinetta at its 5th year of commercialization and LaFerrari that more than offsetting 458 family and FF phase-out
finished its limited series run Strong performance recorded in Germany and Italy as a result of the
Final deliveries of the strictly limited edition F60 America 488 family, California T and F12tdf. Other European countries, Africa
and Middle East expanded with a double-digit growth rate.
Solid performance due to new models 488 GTB, 488 Spider and F12tdf
despite 458 family, FF and LaFerrari phase-out
Q2 2016 Results Note: (4) refer to notes to the presentation in the Appendix August 2nd, 2016 5
NET REVENUES BRIDGE Q2 2015-2016
(M)
811
14 7
766 10 14
34
+5.9%
(+6.2% at constant currencies)
27
117
103
57 71
579 589
(5) (8)
Q2 2015 Cars and spare parts Engines (6) Sponsorship, Other Q2 2016
commercial and
(7)
brand
Cars and spare parts Engines Sponsorship, commercial and brand Other
10 million increase in Cars and spare parts due to higher volumes led by new models 488 GTB, 488 Spider, F12tdf, the
non-registered car FXX K and the limited edition F60 America, along with a higher contribution from personalization partially
offset by LaFerrari that finished its limited series run
14 million increase in Engines mainly attributable to higher rental revenues from other Formula 1 Teams, Maserati engines in
line with previous year
14 million increase in Sponsorship, commercial and brand mainly due to better championship ranking, higher sponsorship
revenues and positive contribution from brand related activities
Q2 2016 Results Note: refer to notes to the presentation in the Appendix August 2nd, 2016 6
ADJUSTED EBIT(1) BRIDGE Q2 2015-2016
(M)
14 156
24 8
124 11 0
(25) Margin
Margin 19.3%
16.2%
Margin w/o
20.5% 21.5%
F X hedges
(41) (23)
Adj. EBIT Q2 Vol. Mix Ind. Costs / SG&A FX Other Adj. EBIT Q2
2015 R&D 2016
Adj. EBITDA Adj. EBITDA
194 217
25.4% 26.9%
Volume increase of approx. 230 cars (excluding LaFerrari) thanks to the newly launched 488 GTB, 488 Spider and F12tdf as
well as positive contribution from personalization
Negative mix impacted by LaFerrari that finished its limited series run and V8 slightly higher compared to the previous year
partially offset by the non-registered car FXX K and the limited edition F60 America
Industrial costs / R&D driven by lower D&A for 458 family and LaFerrari phase-out coupled with positive contribution from
industrial cost savings partially offset by F1 costs
SG&A costs flat with new store openings, new model launches and corporate costs offset by bad debt in Q2 2015
Positive impact on FX net of hedging mainly due to USD partially offset by GBP
Other, positive contribution from Sponsorship, commercial, brand as well as other supporting activities
Q2 2016 Results Note: (1) reconciliations to non-gaap financial measures are provided in the appendix August 2nd, 2016 7
NET INDUSTRIAL DEBT BRIDGE(1) MAR 31, 2016 JUN 30, 2016
217
62
(782) (763)
(26)
7
(90) (100)
(51)
March 31, 2016 Adj. EBITDA Net working Tax paid Capex Other Cash distribution FX and other June 30, 2016
Net industrial capital and dividends Net industrial
debt paid debt
Industrial free cash flow(1) of 145 million driven by strong adjusted EBITDA(1) of 217 million, positive change of working capital and timing effect of
advances on the new open-top LaFerrari, partially offset by capex of 90 million and the first 2016 tax advance of 51 million
Net industrial debt(1) of 763 million, better than Q1 primarily due to industrial free cash flow(1) partially offset by 87 million cash distribution to
holders of common shares and 13 million dividends paid to NCI
Q2 2016 Results Note: (1) reconciliations to non-gaap financial measures are provided in the appendix August 2nd, 2016 8
The new limited-edition Sporting a 800 hp V12 The name and technical characteristics of
special series coupled with a 120 kW the new limited-edition special series to
already pre-sold electric motor, unleashing be unveiled at the
963 hp in total Paris International Motor Show
Q2 2016 CLIENT RELATION ACTIVITIES
Ferrari Tribute to 1,000 Miglia, California T HS, USA test drive program
May 19th-22nd More than 2,500 test drives in 20 different locations
Ferrari tributes Mille Miglia to let prospects experience Ferrari and convert into
vintage cars race, giving 70 customers
customers the opportunity of
experiencing some of Italys most
beautiful cities and the warmth
and hospitality of smaller towns
Cavalcade Venice,
June 22nd-27th
100 Top customers from 35
countries worldwide driving through
the most enchanting locations
around Venice: the Dolomites, the
river Po and the wine routes
Licensing activities
60 Licensing partners in 21 product categories
Ferrari Land PortAventura: opening announced for
April 7th, 2017
Ferrari Store
At the end of June 2016 managing 13 directly
operated stores and 25 franchised locations
(including 6 Ferrari Store Junior) in 17 markets
Ferrari Store Rome opened in July
Museums
More than 148,000 visitors in Q2 2016 between
Maranello and Modena
Opening of the new exhibition at Ferrari Museum
in Maranello : Ferraristi per sempre
Guidance(2)
Shipments 8,000
1. reconciliations to non-gaap financial measures are 5. Includes the net revenues generated from shipments of
provided in the appendix our cars, including any personalization revenue
generated on these cars and sales of spare parts
2. Assuming FX consistent with current market conditions
6. Includes the net revenues generated from the sale of
3. Including an ordinary cash distribution to the holders of engines to Maserati for use in their cars, and the
common shares revenues generated from the rental of engines to other
Formula 1 racing teams
4. Shipments geographical breakdown
EMEA includes: Italy, UK, Germany, Switzerland, France, 7. Includes the net revenues earned by our Formula 1
Middle East (includes the United Arab Emirates, Saudi racing team through sponsorship agreements and our
Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) share of the Formula 1 World Championship
and Rest of EMEA (includes Africa and the other commercial revenues and net revenues generated
European markets not separately identified); through the Ferrari brand, including merchandising,
Americas includes: United States of America, Canada, licensing and royalty income
Mexico, the Caribbean and Central and South America;
Greater China includes: China, Hong Kong and Taiwan; 8. Primarily includes interest income generated by the
Rest of APAC includes: Japan, Australia, Singapore, Ferrari Financial Services group and net revenues from
Indonesia and South Korea the management of the Mugello racetrack
F430
F430 Spider
F430 Scuderia
California
Scuderia Spider 16M
458 Italia
458 Spider
V8
California 30
458 Speciale
California T
458 Speciale A
488 GTB
488 Spider
612 Scaglietti
Superamerica
599 GTB Fiorano
599 GTO
SA APERTA
FF
V12
F12berlinetta
F12tdf
GTC4Lusso
Supercars
LaFerrari
open-top LaFerrari
Q2 2016 Results August 2nd, 2016 17
Special series and one-offs not included
GROUP SHIPMENTS
Q2 2016 Results Note: Graphs not to scale. Shipments including supercar LaFerrari August 2nd, 2016 18
KEY PERFORMANCE METRICS
Note: (1) reconciliations to non-gaap financial measures are provided in the appendix.
Q2 2016 Results August 2nd, 2016 19
Certain totals in the tables included in this document may not add due to rounding.
DEBT AND LIQUIDITY POSITION
Gross Debt Maturity Profile (M) Cash and Marketable Securities (M)
Cash Maturities
574 Jun. 30, Mar. 31, Adj.
139
500 (M) 2016 2016 FY 2015 ( 9) FY 2015 FY 2014
414 384
4 4 335 Euro 343 356 137 22 10
102 76 47 2
285
US Dollar 96 41 21 1 14
118 500
333 333 333 333 Chinese Yuan 73 99 106 106 74
167 Japanese Yen 29 24 41 41 27
Other Currencies 44 43 17 13 9
2016 2017 2018 2019 2020 2023 Total ( equivalent) 585 563 322 183 134
Term Loan Bond US Securitization Other Financial Liabilities
Q2 2016 Results Note: (9) After settlement of deposits on FCA Group cash management pools and Financial liabilities with FCA August 2nd, 2016 20
NON-GAAP FINANCIAL MEASURES
Operations are monitored through the use of EBITDA is defined as net profit before income tax expense, net financial
various Non-GAAP financial measures that expenses/(income) and depreciation and amortization. Adjusted EBITDA is defined as
may not be comparable to other similarly EBITDA as adjusted for income and costs, which are significant in nature, but expected
titled measures of other companies to occur infrequently
Accordingly, investors and analysts should Adjusted Earnings Before Interest and Taxes (Adjusted EBIT) represents EBIT as
exercise appropriate caution in comparing adjusted for income and costs, which are significant in nature, but expected to occur
these supplemental financial measures to infrequently
similarly titled financial measures reported by
Adjusted net profit represents net profit as adjusted for income and costs, which are
other companies
significant in nature, but expected to occur infrequently
We believe that these supplemental financial
Adjusted earning per share represents earning per share as adjusted for income and
measures provide comparable measures of
costs, which are significant in nature, but expected to occur infrequently
its financial performance which then facilitate
managements ability to identify operational Net Industrial Debt defined as Net Debt excluding the funded portion of the self-
trends, as well as make decisions regarding liquidating financial receivables portfolio, is the primary measure to analyze our financial
future spending, resource allocations and leverage and capital structure, and is one of the key indicators used to measure our
other operational decisions financial position
Free Cash Flow and Free Cash Flow from Industrial Activities are two of managements
primary key performance indicators to measure the Groups performance. Free Cash
flow is defined as net cash generated from operations less cash flows used in investing
activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted
for the change in the self-liquidating financial receivables portfolio.
Q2 2016 Results Certain totals in the tables included in this document may not add due to rounding August 2nd, 2016 26
RECONCILIATION OF NON-GAAP MEASURES:
FREE CASH FLOW AND FREE CASH FLOW
FROM INDUSTRIAL ACTIVITIES
Note: (10) Industrial free cash flow included in Q2 2015 Euro 116 million and in H1 2015 Euro 160 million one-time cash in-flow
Q2 2016 Results August 2nd, 2016 27
related to the reimbursement by Maserati of its inventory in China
RECONCILIATION OF NON-GAAP MEASURES:
NET INDUSTRIAL DEBT
M, except as otherwise stated June 30, 2016 March 31, 2016 December 31, 2015