ferrari_1.jpg  (22.91% stake and 32.75% of voting rights on issued capital)

Key consolidated figures of Ferrari reported in the year 2016 (drawn up in accordance with IFRS) are as follows:

 Year 
€ million 2016 2015 Change
Shipments (in units) 8,014 7,664 350
Net revenues 3,105 2,854 251
EBIT 595 444 151
Adjusted EBIT (1) 632 473 159
EBITDA 843 719 124
Adjusted EBITDA (2) 880 748 132
Net profit for the period (3) 400 290 110
Equity(3) 330 (19) 349
Net Industrial debt 653 797 (144)
(1) Adjusted EBIT is a non-GAAP financial measure used to measure performance. Adjusted EBIT is defined as EBIT less income and costs which are significant in nature but expected to occur infrequently. (2) Adjusted EBITDA is a non-GAAP financial measure used to measure performance. Adjusted EBITDA is defined as EBITDA (net profit before income tax expenses, net financial expenses/(income) and depreciation and amortization) less income and costs which are significant in nature but expected to occur infrequently. (3) Attributable to owners of the parent + non-controlling interests.

Shipments

Shipments totaled 8,014 units in the year 2016 with an increase of 350 units compared to the prior year. This achievement was driven by a 5% increase in sales of the 8 cylinder models (V8) led by the success of both the 488 GTD and 488 Spider. Shipments of the 12 cylinder models (V12) were up 4% thanks to the newly launched GTC4Lusso and LaFerrari Aperta, as well as the strong performance of the F12tdf.

 YearChange
units 2016 2015 number %
EMEA 3,610 3,351 259 8
Americas 2,687 2,640 47 2
Greater China 619 610 9 1
Rest of APAC 1,098 1,063 35 3
Shipments 8,014 7,664 350 5

Net revenues

Net revenues for the year 2016 were €3,105 million, an increase of €251 million (+8.8%; +9.4% at constant currencies) compared to the year 2015.

Revenues in Cars and spare parts were up 5% versus prior year led by higher volumes of the 488 GTB, the 488 Spider and the F12tdf, the newly launched models GTC4Lusso and LaFerrari Aperta, the non-registered car FXX K, the strictly limited edition F60 America along with higher contribution from personalization program. This was partially offset by LaFerrari, which finished its limited series run.

Engines showed a significant increase (+55%) mainly due to strong sales to Maserati and higher rental revenues from other Formula 1 teams.

Sponsorship, commercial and brand were up (+11%) mostly due to better 2015 championship ranking compared to 2014, higher sponsorship revenues and a positive contribution from brand related activities.

 Year 
€ million 2016 2015 Change
Cars and spare parts 2,180 2,080 100
Engines 338 219 119
Sponsorship, commercial and brand 488 441 47
Other 99 114 (15)
Net revenues 3,105 2,854 251

Adjusted EBIT

Adjusted EBIT in 2016 was €632 million, up €159 million (+34%) compared to the year 2015 as a result of higher volume, thanks to the 488 family, the F12tdf and the newly launched GTC4Lusso together with a positive contribution from the personalization programs.

Mix was negatively impacted (-€28 million) by lower sales of LaFerrari, which finished its limited series run, partially offset by the newly launched LaFerrari Aperta, the strictly limited edition F60 America, a positive range model mix as well as pricing increase.

Net industrial debt

Net industrial debt at December 31, 2016 reduced to €653 million from €797 million at December 31, 2015 primarily due to the cash flow generation from operating activities, partially offset by cash distribution to the holders of common shares and dividend paid to the non-controlling interest.

€ million 12/31/2016 12/31/2015 Change
Net Industrial debt (1) (653) (797) 144
Funded portion of the self-liquidating financial receivables porfolio 737 1,141 (404)
Net debt (1,390) (1,938) 548
Financial liabilities with FCA Group 0 (3) 3
Deposits in FCA Group cash management pools 0 139 (139)
Cash and cash equivalents 458 183 275
Gross debt (1,848) (2,257) 409
(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio

Significant events in the fourth quarter 2016 and subsequent event

On December 13, 2016 during a special celebration held at the National Art Center in Tokyo, Ferrari released the first images of the J50, a strictly limited edition car to commemorate the fiftieth anniversary in Japan. Already presold, the 10 masterpieces will be mainly delivered in 2018. The J50, based on the 488 Spider, is powered by a specific 690 cv version of the 3.9-litre V8 that won the overall 2016 International Engine of the Year Award.

Hublot and Ferrari signed a multiyear renewal of their sponsorship and licensing agreements, extending the partnership started in 2011.

2017 Outlook

The Group is expecting the following performance in 2017, assuming FX consistent with current market conditions:

  • shipments: approximately 8,400 including supercars;
  • net revenues: more than €3.3 billion;
  • adjusted EBITDA: more than €950 million;
  • net industrial debt: approximately €500, including a cash distribution to the holders of common shares and excluding potential share repurchases.
Commercial Register No.64236277 Legal notes | Credits