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

Key consolidated data of Ferrari reported in the year 2017 are as follows:

 Year 
€ million 2017 2016 Change
Shipments (in units) 8,398 8,014 384
Net revenues 3,417 3,105 312
EBIT 775 595 180
Adjusted EBIT (1) 775 632 143
Net profit 537 400 137
Net Industrial debt (2) 473 653 (180)
(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) Refer to specific note on Non-GAAP financial measures

Shipments

Shipments totaled 8,398 units in the year 2017 with an increase of 384 units (or 4.8%) compared to the prior year. This achievement was driven by a 25.1% increase in sales of the 12-cylinder models (V12), while the 8 cylinder models (V8) were in line with the prior year. The V12 strong performance was led by the GTC4Lusso and 812 Superfast, that is approaching global reach, as well as LaFerrari Aperta yet to finish its limited series run, fully contributing.

  Year Change 
Units 2017 2016 number %
EMEA 3,737 3,610 127 4
Americas 2,811 2,687 124 5
China, Hong Kong and Taiwan, on a combined basis 617 619 (2) 0
Rest of APAC 1,233 1,098 135 12
Shipments 8,398 8,014 384 5

Net revenues

Net revenues for 2017 were €3,417 million, an increase of €312 million or +10%; (+11.2% at constant currencies), compared to the year 2016.

Revenues in cars and spare parts were up 12.7% versus prior year, supported by higher volumes and positive mix led by the V12 range models as well as LaFerrari Aperta, along with a greater contribution from personalization programs and pricing increases. This was partially offset by the end of LaFerrari lifecycle in 2016 as well as the non-registered racing car FXX K and the strictly limited edition F60 America completing its limited series run in 2016.

Engines revenues posted an increase thanks to strong sales to Maserati, more than offsetting the termination of the rental agreement with a Formula 1 racing team.

Sponsorship, commercial and brand revenues (€494 million, 1.1%) were up €6 million thanks to higher sponsorship and brand revenues, partially offset by lower 2016 championship ranking compared to 2015.

  Year Change
€ million 2017 2016 amount
Car and spare parts 2,456 2,180 276
Engines 373 338 35
Sponsorship, commercial and brand 494 488 6
Other 94 99 (5)
Net revenues 3,417 3,105 312

EBIT

EBIT for 2017 was €775 million, an increase of €180 million, (+30.3%), from €595 million for 2016; the increase was primarily attributable to a positive volume impact (€67 million), a favorable mix impact of €80 million, a positive net foreign currency exchange impact of €53 million and a decrease of €57 million in other supporting costs, including the effect of charges in 2016 for Takata airbag inflator recalls of €37 million, partially offset by an increase in research and development costs of €43 million and an increase in selling, general and administrative costs of €34 million. The positive volume impact was attributable to an increase in shipments of approximately 360 cars (excluding the La Ferrari and La Ferrari Aperta), driven by the GTC4Lusso and the 488 families, as well as the first shipments of the newly launched 812 Superfast, together with positive contribution from its personalization programs. These positive effects on volume were partially offset by the phase-outs of the California T and the F12berlinetta, as well as the F12tdf, which finished its limited series run in 2017. The favorable mix impact of €80 million was primarily attributable to an increase in shipments of the LaFerrari Aperta, as well as an increase in shipments of its V12 range and special series models and pricing increases. These positive effects on mix were partially offset by the end of the LaFerrari lifecycle in 2016, as well as the non-registered racing car FXX K and the strictly limited edition F60 America completing their limited series runs in 2016.

Net industrial debt

Net industrial debt at 31 December 2017 decreased to €473 million from €653 million at 31 December 2016 due to the strong industrial free cash flow generation.

€ million 12/31/2017 06/30/2017 12/31/2016
Net industrial debt (1) (473) (627) (653)
Funded portion of the self-liquidating financial receivables portfolio 685 705 737
Net debt (1) (1,158) (1,332) (1,390)
Cash and cash equivalents 648 423 458
Gross debt (1,806) (1,755) (1,848)
(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio.

Significant events in the second-half of 2017 and subsequent events

On 24 July 24 2017 Ferrari and UPS renewed the sponsorship agreement, based on which the UPS brand will continue to appear on the Scuderia Ferrari’s single-seaters and the official drivers’ racing suits. The multi-year agreement continues the collaboration started in 2013.

On 28 July 2017 Scuderia Ferrari reached a multi-year agreement with Sauber F1 Team, by virtue of which the Swiss team will be fitted with the power units built at the Maranello factory.

On 9 and 10 September, 2017, Ferrari hosted at the Fiorano track the pinnacle of the 70th anniversary celebrations. Among the several activities, which involved over 4,000 clients and almost 1,000 cars, an auction organized with RM Sotheby’s saw the sale of one–of–a- kind LaFerrari Aperta to benefit the charity Save the Children for €8.3 million, a new record for a 21st century car.

On 7 and 8 September, 2017 Ferrari hosted the exclusive World Premiere in Portofino to unveil the new V8 GT Ferrari Portofino. Subsequently, on September 12, 2017 the Ferrari Portofino was presented at the Frankfurt Motor Show. Capable of unleashing 600cv, the Ferrari Portofino is the most powerful convertible to combine the advantages of a retractable hard top, a roomy boot and generous cockpit space. Shipments of the new Ferrari Portofino will commence in 2018.

On 29 October 2017, Ferrari unveiled the FXX K Evo during the Finali Mondiali event at the Mugello Racetrack. Available as an extremely limited-run model and as an upgrade package for the existing XX cars, the FXX K Evo features an evolved aero package developed by Ferrari’s engineers in synergy with the Ferrari Style Centre’s designers, to push to the very limit the performance of a model that already represents the state-of-the-art in terms of Ferrari track-only supercars.

On 20 February 2018, Ferrari announced that Scuderia Ferrari has extended its partnership agreement with Philip Morris International, continuing a collaboration of nearly five decades. The agreement renewed on 4 September 2017.

On 21 February 2018, Ferrari announced that it has selected the 88th edition of the Geneva International Motor Show for the world premiere of the Ferrari 488 Pista, the Group’s successor to Ferrari’s V8-engined special series. The Ferrari 488 Pista marks a significant step forward from the previous special series in terms of both sporty dynamics and for the level of technological carryover from racing.

On 22 February 2018, Ferrari presented the new car for the 2018 Formula 1 World Championship.

2018 Outlook

Ferrari Group is expecting the following performance in 2018:

  • Shipments: more than 9,000 including supercars;
  • Net revenues: more than €3.4 billion;
  • Adjusted EBITDA: more than/equal € 1.1 billion;
  • Net industrial debt: less than €400 million, including a dividend distribution to the holders of common shares and excluding potential share repurchases;
  • Capital Expenditures: approximately €550million.

 

 

 

 

 

Commercial Register No.64236277 Legal notes | Credits