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Key consolidated figures of Ferrari reported in the first half of 2016 and in the second quarter of 2016 are as follows:

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(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.

Shipments

Shipments in the second quarter of 2016 totaled 2,214 units, an increase of 155 units (+8%) from the corresponding period of 2015. Such performance was driven by a 16% increase in sales of 8 cylinder models (V8), led by the success of the newly launched models: 488 GTB and 488 Spider.

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Net revenues

Net revenues in the second quarter of 2016 were €811 million, an increase of €45 million (+5.9%; +6.2% at constant currencies) compared to the second quarter of 2015.

Higher net revenues in Cars and spare parts were due to increased volumes led by the new models 488 GTB, 488 Spider, F12tdf, the non-registered FXX K and the final deliveries of the F60 America, a strictly limited edition car, along with a higher contribution from personalization, which was partially offset by lower sales of LaFerrari.

The rebound in Engines (+24%) was mainly attributable to higher rental revenues from other Formula I Teams.

Sponsorship, commercial and brand revenues (+14%) were mostly up due to better championship ranking, higher sponsorship revenues and a positive contribution from brand related activities.

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Adjusted EBIT

Adjusted EBIT in the second quarter of 2016 was €156 million, up €32 million (+26%) from the second quarter of 2015 as a result of higher volumes and a positive margin contribution from personalization programs.

Mix was negatively impacted (€25 million) by higher V8 versus V12 range models with LaFerrari that finished its limited series run, partially offset by sales of the FXX K and the final deliveries of the F60 America, a strictly limited edition car (only ten units) manufactured to commemorate the 60th Anniversary of Ferrari in North America.

Adjusted EBIT in the second quarter of 2016 excludes charges of €10 million due to the worldwide Takata airbag inflator recalls.

Net industrial debt

Net industrial debt at June 30, 2016 was €763 million, an improvement over €782 million at March 31, 2016 as a result of cash flows generated by operating activities, partially offset by charges against capital and by the first tax advance payment of 2016. Capital expenditures in the second quarter of 2016 were €90 million.

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(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio.

Significant events subsequent to the second quarter of 2016 

On July 7, 2016 Ferrari and the Luxottica Group announced the signing of a sponsorship agreement on the basis of which Ray-Ban will appear on the SF 16-H Formula One cars.

Commercial Register No.64236277 Legal notes | Credits