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The key consolidated figures of Ferrari for the first quarter of 2016 are presented 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 expenses, 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 expense, net financial expenses/(income) and depreciation and amortization) less income and expenses, which are significant in nature, but expected to occur infrequently.

Shipments

In the first quarter of 2016 shipments total 1,882 units, 247 units (+15%) more than in the first quarter of 2015. All regions experienced sound year-on-year growth driven by the sale of 8-cylinder models (V8), led by the success of the two newly launched models: 488 GTB and 488 Spider.

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Net revenues

Net revenues in the first quarter of 2016 are €675 million, an increase of €54 million (+8.8%; +8.4% at constant currencies) compared to the first quarter of 2015.

Higher net revenues in Cars and spare parts (+12%) are due to increased volumes led by the new models 488 GTB, 488 Spider and F12tdf, along with a higher contribution from personalization. The increase in Sponsorship, commercial and brand (€9 million, +8%) is mostly due to a better championship ranking. 

The decrease in Engines (€7 million, -11%) is mainly attributable to lower shipments to Maserati despite higher rental revenues from other Formula 1 Teams.

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Adjusted EBIT

Adjusted EBIT in the first quarter of 2016 is €121 million, up €21 million (+21%) from the first quarter of 2015 as a result of the growth in sales and the reduction in selling, general and administrative expenses mainly due to the timing of the 2016 F1 racing season.

The mix was negatively impacted (€8 million) by higher V8 versus V12 range models, lower sales of LaFerrari partially offset by the increase of FXX K, the first deliveries of the F60 America, a strictly limited edition car (only ten units), which was produced to commemorate the 60th Anniversary of Ferrari in America.

In the first quarter of 2016 no unusual items were recorded such as to require a significant adjustment to EBIT which therefore remains in line with Adjusted EBIT.

Net industrial debt

Net industrial debt at March 31, 2016 shows an improvement of €15 million compared to December 31, 2015 due to the strong increase in cash from operating activities, partially offset by capital expenditures and the negative change in working capital. Investing activities in the first quarter of 2016 total €67 million.

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

Significant events in the third quarter of 2016 and subsequent events

On January 3, 2016 Ferrari completed the announced separation of the Ferrari business from FCA which was previously its largest shareholder. Following Ferrari’s debut on the New York Stock Exchange (NYSE) on October 21, 2015, on January 4, 2016 the company also completed the listing of its common shares on the Milan Stock Exchange (MTA) under the ticker symbol RACE.

On May 2, 2016 Ferrari Financial Services S.p.A. (FFS S.p.A.), an Italian indirect subsidiary of Ferrari N.V. and FCA Bank S.p.A. (FCAB), announced that they have signed a memorandum of understanding for FCAB to acquire a majority stake in Ferrari Financial Services AG, a wholly owned subsidiary of FFS S.p.A. which offers financial services in certain European countries. The consummation of the transaction is subject to the approvals of the competition and banking regulatory authorities.

Commercial Register No.64236277 Legal notes | Credits