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


Key consolidated data of Ferrari reported in the first half of 2018 are as follows:

  I Half 
€ million 2018 2017 Change
Shipments (in units) 4,591 4,335 256
Net revenues 1,737 1,741 (4)
EBIT 428 379 49
Adjusted EBIT (1) 427 379 48
Net profit  309 260 49
Net Industrial debt (1) (472) (473) 1
(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.


Shipments totaled 4,591 units in the first half of 2018 with an increase of 256 units (+6%) compared to the corresponding period of 2017. This achievement was driven by an increase in sales of the 12-cylinder models (V12). The V12 strong performance was mainly led by the 812 Superfast. This was partially offset by the phase-out of the F12berlinetta that completed its lifecycle in 2017, as well as lower sales of LaFerrari Aperta that is finishing its limited series run.

  I Half Change
units 2018 2017 number %
EMEA 2,176 2,035 141 7
Americas 1,419 1,342 77 6
China, Hong Kong and Taiwan, on a combined basis 360 301 59 20
Rest of APAC 636 657 (21) (3)
Shipments 4,591 4,335 256 6

Net revenues

Net revenues in the first half 2018 were €1,737 million, a decrease of €4 million (-0.3%; +3.7% on a constant currency basis), from €1,741 million for the six months ended 30 June 2017.

Revenues in Cars and spare parts were €1.282 million, an increase of €32 million (+2.5%) versus prior year, supported by higher volumes led by the 812 Superfast, the 488 and the GTC4Lusso families, as well as the first deliveries of the newly launched Ferrari Portofino, partially offset by the phase-out of the California T.

Mix was positive thanks to V12 models, pricing increases and the first deliveries of the strictly limited edition Ferrari J50.

Engines revenues posted a decrease of €47 million mainly due to lower engine volumes to Maserati.

Sponsorship, commercial and brand revenues (€252 million) were up €6 million (2.2%) thanks to an increase primarily attributable to sponsorship and a higher 2017 championship ranking compared to 2016, partially offset by lower brand revenues and negative foreign currency exchange impact.

  I Half Change
€ million 2018 2017 amount
Car and spare parts 1,282 1,25 32
Engines 157 204 (47)
Sponsorship, commercial and brand 252 246 6
Other 46 41 5
Net revenues 1,737 1,741 (4)


EBIT for the first half of 2018 was €428 million, an increase of €49 million, (+13%) from €379 million for the corresponding period of the 2017; the increase was primarily attributable to a positive volume impact (€36 million), a favorable product mix of €23 million, a decrease in selling, general and administrative costs of €11 million and a positive contribution from other supporting activities of €53 million, partially offset by negative foreign currency exchange impact of €70 million, and an increase in research and developments costs of €4 million.

The positive volume impact of €36 million was attributable to an increase in total shipments, driven by the 812 Superfast, the 488 and GTC4Lusso families and the first deliveries of the newly launched Ferrari Portofino, 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 positive product mix of €23 million was primarily attributable to the performance of V12 models and pricing increases as well as the first deliveries of the strictly limited edition Ferrari J50, partially offset by lower sales of the LaFerrari Aperta which is finishing its limited series run.

Net industrial debt

Net industrial debt at 30 June 2018, after €30 million of share buybacks and a €136 million dividend distribution, reached €472 million, substantially in line with €473 million at 31 December 2017.

€ million 06/30/2018 06/30/2017 Change
Net industrial debt (1) (472) (473) 1
Funded portion of the self-liquidating financial receivables portfolio 731 685 46
Net debt (1) (1,203) (1,158) (45)
Cash and cash equivalents 650 648 2
Gross debt (1,853) (1,806) (47)
(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio.

2018 Significant events in the first half of 2018 and subsequent events 

The Management of Ferrari will outline the plans and initiatives in place to achieve the 2022 Mid-Term targets previously announced by the Company at its Capital Markets Day in Maranello on 17  and 18 September 2018.

The latest iteration of Ferrari’s turbo-charged V8 that equips, in various forms, all Ferrari’s V8-engined cars, has been nominated the best engine in the world for the third year running in the 2018 International Engine of the Year Awards. Additionally Ferrari’s turbo-charged V8 was voted the best engine of the last 20 years.

For the fourth year running, Ferrari has taken the “Red Dot: Best of the Best” award for the ground-breaking design of the newly launched Ferrari Portofino. The jury of international designers also assigned two Red Dot awards for outstanding design quality to Ferrari for the 812 Superfast and the FXX K EVO.

On 25 July 2018 the Board of Directors of Ferrari N.V., following the death of the Chairman and Chief Executive Officer Sergio Marchionne, named John Elkann as non-executive Chairman and resolved to propose to the shareholders to appoint Louis C. Camilleri as Executive Director and Chief Executive Officer of the Company, at a shareholders’ meeting called for 7 September 2018. Pending approval of the resolution at the shareholders’ meeting the Board of Directors has provided Louis C. Camilleri with full powers to ensure continuity of Ferrari’s operations.

2018 Outlook confirmed

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 €550 million.







Commercial Register No.64236277 Note legali | Credits