Ferrari

Ferrari

(22.91% stake 34.54% of voting rights on issued capital)

 

Key consolidated data of Ferrari reported in the year 2019 are as follows:

 Year 
€ million20192018Change
Shipments (in units)10,1319,251880
Net revenues3,7663,420346
EBIT91782691
Net profit 699787(88)
Net Industrial debt(1)(337)(370)33
(1) Defined as net debt less net debt of financial services activities.

Shipments

Shipments totaled 10,131 units in 2019 with an increase of 880 units (or 9.5%) compared to the prior year. This achievement was driven by an 11.2% increase in sales of the 8-cylinder models (V8) and a 4.6% increase of 12-cylinder models (V12). Robust deliveries of the Ferrari Portofino and the 812 Superfast, along with the first deliveries of the F8 Tributo, the Ferrari Monza SP1 and SP2, were partially offset by lower volumes from the 488 family, with the 488 GTB and the 488 Spider concluding their lifecycle, partially compensated by the 488 Pista and the 488 Pista Spider.

 YearChange
Units(1)20192018amount%
EMEA4,8954,22766816
Americas2,9003,000(100)(3)
Mainland China, Hong Kong and Taiwan83669514120
Rest of APAC1,5001,32917113
Shipments10,1319,25188010
(1) Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars.

Net revenues

Net revenues for 2019 were €3,766 million, with an increase of €346 million, or 10.1% (an increase of 8.2% on a constant currency basis). The increase was attributable to the combination of a €391 million increase in cars and spare parts, €32 million increase in sponsorship, commercial and brand, and €9 million increase in other net revenues, partially offset by a €86 million decrease in engines.

The increase of €391 million in cars and spare parts revenues was primarily attributable to positive volume impact, positive contribution from the personalization programs and positive foreign currency impact. In particular, total shipments increased by 880 cars, or 9.5%, compared to the prior year, primarily attributable to an 11.2% increase in V8 models and a 4.6% increase in V12 models. The increase in shipments was mainly driven by deliveries of the Ferrari Portofino, the 812 Superfast, the 488 Pista and 488 Pista Spider, and the initial deliveries of the F8 Tributo, as well as the initial deliveries of the Ferrari Monza SP1 and SP2 in the last four months of 2019. These effects were partially offset by lower shipments of the 488 GTB and 488 Spider, which concluded their lifecycle in 2019, as well as deliveries in 2018 of the LaFerrari Aperta and the strictly limited edition Ferrari J50.

Engines revenues were €198 million for 2019, a decrease of €86 million, or 30.3%, from €284 million for 2018 mainly attributable to a decrease in net revenues generated from the sale of engines to Maserati.

Net revenues generated from sponsorship, commercial agreements and brand management activities were €538 million for 2019, an increase of €32 million, or 6.4%, from €506 million for 2018. The increase was primarily attributable to higher revenues from Formula 1 racing activities and positive foreign currency exchange impact.

 Year change
    % - current% - constant
€ million20192018amountcurrencycurrency
Car and spare parts2,926 2,535 39115 13
Engines198 284 (86)(30)(30)
Sponsorship, commercial and brand538 506 326 4
Other104 95910 6
Net revenues3,766 3,420 34610 8

EBIT

EBIT for 2019 was €917 million, an increase of €91 million, or 11.0%, from €826 million for 2018. As a percentage of net revenues, EBIT increased from 24.2 percent in 2018 to 24.4 percent in 2019.

The increase in EBIT was primarily attributable to the combined effects of positive volume impact of €99 million, positive product mix and price impact of €78 million, an increase in research and development costs of €56 million, an increase in selling, general and administrative costs of €16 million, an increase of industrial costs of €31 million mainly due to the operational startup costs in connection with the introduction of new models, including higher depreciation of fixed assets and other variable costs, negative contribution of €33 million due to lower engine sales to Maserati and other supporting activities, and positive foreign currency exchange impact of €50 million (including foreign currency hedging instruments) primarily driven by the strengthening of the U.S. Dollar compared to the Euro.

The positive volume impact was attributable to an increase in total shipments, driven by the 488 Pista family, the Ferrari Portofino and the 812 Superfast, as well as the initial deliveries of the new F8 Tributo, partially offset by lower shipments of the 488 GTB and the 488 Spider, which concluded their lifecycle in 2019. The positive product mix and price impact was primarily attributable to the combined positive effects of the Ferrari Monza SP1 and SP2 in the fourth quarter of 2019, the personalization program and deliveries of the FXX K EVO, partially offset by negative product mix from range models as well as prior year shipments of the LaFerrari Aperta and the strictly limited edition Ferrari J50.

Net industrial debt

Net industrial debt at 31 December 2019 was €337 million, with a decrease of €33 million compared to €370 million at 31 December 2018. During 2019, a total worth of €387 million of share repurchases and a €195 million dividend distribution were accomplished. Lease liabilities per IFRS 16 as of 31 December 2019 were €60 million.

€ million12/31/201912/31/2018Change
Debt(2,090)(1,927)(163)
of which: Lease liabilities as per IFRS 16 (simplified approach)60-60
Cash and cash equivalents898794104
Net debt(1,192)(1,133)(59)
Net debt of Financial Services Activities(855)(763)(92)
Net Industrial Debt(1)(337)(370)33
(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio.

2020 Outlook

The Ferrari Group targets the following performance in 2020, increased across all metrics compared to the Plan announced at the Capital Markets Day on 18 September 2018:

  • Net revenues: more than €4.1 billion (from more than €3.8 billion);
  • Adjusted EBITDA: €1.38 billion - €1.43 billion (from more than €1.3 billion);
  • Adjusted EBIT: €0.95 billion - €1 billion (from more than €0.9 billion);
  • Adjusted diluted EPS: €3.90 - €3.95 per share (from more than €3.40 billion per share);
  • Industrial free cash flow: more than/equal to €0.4 billion (from more than €0.4 billion).
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