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

Key consolidated figures of Ferrari reported in the first nine months of 2016 and the third quarter of 2016 (drawn up in accordance with IFRS) 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 totaled 1,978 units in the third quarter of 2016 with an increase of 29 units compared to the third quarter of 2015. This achievement was driven by a 15% increase in sales of the 12-cylinder models (V12) led by the success of the F12tdf, first deliveries of the GTC4Lusso and the newly launched LaFerrari Aperta.

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Net revenues

Net revenues in the third quarter of 2016 were €783 million, an increase of €60 million (+8.3%; +7.9% at constant currencies) compared to the third quarter of 2015.

Revenues in Cars and spare parts were in line with the corresponding period of the prior year led by higher volumes of the 488 GTB, the 488 Spider and the F12tdf, the first deliveries of the newly launched models GTC4Lusso and LaFerrari Aperta as well as the higher contribution from personalization. This was partially offset by LaFerrari, which finished its limited series run, and logistic delays caused by one of our shipment carriers in the Rest of APAC region.

Engines showed significant growth (+92%) mainly due to strong sales to Maserati and higher rental revenues from other Formula 1 Teams.

Sponsorship, commercial and brand grew (+14%) mostly due to a better ranking in the 2015 Championship as compared to 2014, higher sponsorship revenues and a positive contribution from brand related activities.

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Adjusted EBIT

Adjusted EBIT in the third quarter of 2016 was €172 million, up €32 million (+23%) compared to the third quarter of 2015 as a result of higher volumes and a positive margin contribution from the personalization programs, partially offset by the 458 family and FF phase-out.

Mix was negatively impacted (-€12 million) by LaFerrari, which finished its limited series run, partially offset by the newly launched LaFerrari Aperta and higher sales of V12 vs. V8 models thanks mainly to the F12tdf.

Net industrial debt

Net industrial debt at September 30, 2016 improved to €585 million from €763 million at June 30, 2016 due to cash flow generation from operating activities, partially offset by capital expenditures of €75 million in the third quarter of 2016.

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

Subsequent events

On October 20, 2016 Ferrari Financial Services Inc., a wholly owned indirect subsidiary of Ferrari N.V., set up a revolving securitization program for funding of up to $200 million by pledging leasing financial receivables in the United States of America as collateral. The notes bear interest at a rate per annum equal to the aggregate of LIBOR plus a margin of 70 basis points.

Proceeds from the first sale of financial receivables were $175 million and were used to repay in October unsecured funding of $150 million.

On November 7, 2016 Ferrari and FCA Bank finalized the agreement, announced in the previous months, to provide financial services in Europe. FCA Bank acquired a majority stake in Ferrari Financial Services GmbH for a total purchase price of €18.6 million, upon consummation of the share purchase agreement entered into by the parties earlier this year. As a result of the funding being directly provided by FCA Bank, which will be the consolidating entity, Ferrari N.V. will receive €432 million.

Commercial Register No.64236277 Legal notes | Credits