- Total shipments of 2,750 units, up 18.9% versus Q3 2020 and
11.2% versus Q3 2019
- Net revenues of Euro 1,053 million, up 18.6% versus prior year
and up 15.1% versus Q3 2019
- EBITDA(1) of Euro 371 million, up 12.4% versus prior year and
up 19.6% versus Q3 2019. EBITDA(1) margin of 35.2% in Q3 2021.
- EBIT of Euro 270 million, up 21.8% versus prior year and up
19.2% versus Q3 2019. EBIT margin of 25.7% in Q3 2021.
- Net profit of Euro 207 million and diluted EPS(1) at Euro
1.11
- Extraordinarily strong industrial free cash flow(1) generation
of Euro 242 million sustained by the collection of advances on the
812 Competizione
- Upgraded 2021 Guidance
Benedetto Vigna, CEO of Ferrari, commented: “The
strong third quarter results are an important step forward towards
the upward revised 2021 guidance. The exceptional client
relationships, fundamental in achieving the double digit growth in
this quarter and year to date, are reflected in the record order
intake worldwide, particularly in China and USA. These results
together with the soundness of our vision and the team I am
honoured to lead, make me look to the future with great confidence
and optimism.”
For the three months ended |
(In Euro million, |
For the nine months ended |
September 30, |
unless otherwise stated) |
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
2,750 |
2,313 |
437 |
19% |
Shipments (in units) |
8,206 |
6,440 |
1,766 |
27% |
1,053 |
888 |
165 |
19% |
Net revenues |
3,099 |
2,391 |
708 |
30% |
371 |
330 |
41 |
12% |
EBITDA(1) / Adj. EBITDA(1) |
1,133 |
771 |
362 |
47% |
35.2% |
37.2% |
(200 bps) |
EBITDA(1) / Adj. EBITDA(1) margin |
36.6% |
32.3% |
430 bps |
270 |
222 |
48 |
22% |
EBIT / Adj. EBIT(1) |
810 |
465 |
345 |
74% |
25.7% |
25.0% |
70 bps |
EBIT / Adj. EBIT(1) margin |
26.2% |
19.5% |
670 bps |
207 |
171 |
36 |
21% |
Net profit / Adj. net profit(1) |
619 |
346 |
273 |
79% |
1.12 |
0.92 |
0.20 |
22% |
Basic EPS / Adj. basic EPS(1) (in Euro) |
3.34 |
1.87 |
1.47 |
79% |
1.11 |
0.92 |
0.19 |
21% |
Diluted EPS / Adj. diluted EPS(1) (in Euro) |
3.33 |
1.86 |
1.47 |
79% |
Maranello (Italy), November 2,
2021 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the
“Company”) today announces its consolidated preliminary results(2)
for the third quarter and nine months ended September 30, 2021.
Shipments(3)(4)
For the three months ended |
Shipments |
For the nine months ended |
September 30, |
(units) |
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
1,308 |
1,288 |
20 |
2% |
EMEA |
4,104 |
3,510 |
594 |
17% |
706 |
504 |
202 |
40% |
Americas |
2,110 |
1,635 |
475 |
29% |
249 |
119 |
130 |
109% |
Mainland China, Hong Kong and Taiwan |
609 |
181 |
428 |
236% |
487 |
402 |
85 |
21% |
Rest of APAC |
1,383 |
1,114 |
269 |
24% |
2,750 |
2,313 |
437 |
19% |
Total Shipments |
8,206 |
6,440 |
1,766 |
27% |
Shipments totaled 2,750 units in the third
quarter of 2021, up 437 units or 18.9% versus the prior year
quarter.
Sales of 8 cylinder models (V8) were up 39.4%,
while 12 cylinder models (V12) were down 35.1% mainly due to
reduced volume of the 812 Superfast. The shipments of the quarter
were driven by the range models, with the first deliveries of the
SF90 Spider that began in the quarter, while the Portofino M
entered the ramp up phase. The Ferrari Monza SP1 and SP2 continued
to be delivered in line with planning.
All geographic regions positively contributed in
the quarter. EMEA(4) increased by 1.6%, Americas(4) by 40.1%,
Mainland China, Hong Kong and Taiwan by 109.2%, boosted by the
arrival of new models in particular the Ferrari Roma and the SF90
Stradale, and Rest of APAC(4) by 21.1%.
Total net revenues
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
|
|
Change |
|
|
|
Change |
2021 |
2020 |
at constant |
|
2021 |
2020 |
at constant |
|
|
|
currency |
|
|
|
|
currency |
883 |
727 |
22% |
24% |
Cars and spare parts(5) |
2,619 |
1,965 |
33% |
36% |
55 |
44 |
25% |
25% |
Engines(6) |
145 |
97 |
49% |
49% |
95 |
93 |
1% |
6% |
Sponsorship, commercial and brand(7) |
277 |
265 |
4% |
7% |
20 |
24 |
(16%) |
(17%) |
Other(8) |
58 |
64 |
(8%) |
(4%) |
1,053 |
888 |
19% |
21% |
Total net revenues |
3,099 |
2,391 |
30% |
33% |
Net revenues for the third quarter 2021 were
Euro 1,053 million, up 20.7% at constant currency(1).
Revenues from Cars and spare parts(5) were Euro
883 million (up 21.6% or 23.5% at constant currency(1)), thanks to
higher volume and positive product mix, together with strong
contribution from personalizations.
The increase in Engines(6) revenues (Euro 55
million, up 24.8%, also at constant currency(1)) was attributable
to higher shipments to Maserati and, to a lesser extent, the rental
of engines to other Formula 1 racing teams.
Sponsorship, commercial and brand(7) revenues
reached Euro 95 million (up 1.3% or 5.8% at constant currency(1))
mainly due to brand-related activities.
Currency – including translation and transaction
impacts as well as foreign currency hedges – had a negative impact
of Euro 15 million, mostly related to FX hedges.
EBITDA(1) and EBIT
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
|
|
Change |
|
|
|
Change |
2021 |
2020 |
|
at constant |
|
2021 |
2020 |
|
at constant |
|
|
|
currency |
|
|
|
|
currency |
371 |
330 |
12% |
18% |
EBITDA(1) |
1,133 |
771 |
47% |
55% |
270 |
222 |
22% |
30% |
EBIT |
810 |
465 |
74% |
88% |
Q3 2021 EBITDA(1) stood at Euro 371 million, up
12.4% versus prior year and with an EBITDA(1) margin of 35.2%.
Q3 2021 EBIT was Euro 270 million, increased
21.8% versus prior year and with an EBIT margin of 25.7%.
Volume was positive (Euro 39 million),
reflecting shipments’ increase versus prior year.
The positive Mix / price variance performance
(Euro 41 million) was driven by the contribution coming from the
richer product mix thanks to the SF90 family and the Ferrari Monza
SP1 and SP2, along with personalizations, partially offset by the
Ferrari Roma ramp up and reduced contribution of the 812
Superfast.
Industrial costs / research and development
expenses increased (Euro 12 million) mainly due to product
innovation and start-up costs as well as Formula 1 expenses.
SG&A increased Euro 4 million mainly
reflecting communication and marketing activities.
Other decreased Euro 2 million mainly due to the
cost increase related to improved assumptions on in-season Formula
1 ranking and other supporting activities.
Net financial charges in the quarter stood at
Euro 10 million, down versus Euro 14 million of the prior year,
reflecting lower net foreign exchange losses, including hedging
costs.
The tax rate in the quarter was 20.4%,
reflecting the current estimate of the benefit attributable to the
Patent Box, the Allowance for Corporate Equity (ACE)(9), deductions
for eligible research and development costs, hyper and
super-depreciation of machinery and equipment.
As a result, the Net profit for the period was
Euro 207 million, up 20.8% versus prior year, and the Diluted
earnings per share for the quarter reached Euro 1.11, compared to
Euro 0.92 in Q3 2020.
Industrial free cash flow(1) for the quarter was
exceptionally strong at Euro 242 million, driven by EBITDA(1) and
the collection of advances on the 812 Competizione, partially
offset by capital expenditures(10) of Euro 189 million.
Net Industrial Debt(1) as of September 30, 2021
was Euro 368 million, compared to Euro 552 million as of June 30,
2021. During the third quarter a total of Euro 55 million of shares
were repurchased. Lease liabilities per IFRS 16 as of September 30,
2021 were Euro 59 million.
As of September 30, 2021, total available
liquidity was Euro 2,040 million (Euro 1,689 million as of June 30,
2021), including undrawn committed credit lines of Euro 767
million.
Upgraded 2021 guidance, subject to
trading conditions unaffected by Covid-19 pandemic restrictions and
the following assumptions:
- Core business sustained by volume and mix
- Revenues from Formula 1 racing activities based on targeted
calendar and reflecting lower 2020 ranking versus prior year
- Brand-related activities dealing with Covid-19 challenges
- Operational and marketing costs gradually resuming
- Improved net working capital sustaining industrial free cash
flow thanks to the advances on the new special series and lower
payments in connection with the cadence planned for our
spending
(€B, unless otherwise stated) |
2019A |
2020A |
2021GUIDANCE |
NET REVENUES |
3.8 |
3.5 |
£4.3 |
ADJ. EBITDA (margin %) |
1.333.7% |
1.133.0% |
~1.52 ~35.6% |
ADJ. EBIT (margin %) |
0.924.4% |
0.720.7% |
~1.05 ~24.6% |
ADJ. DILUTED EPS (€) |
3.71 |
2.88(11) |
~4.30(12) |
INDUSTRIAL FCF |
0.7 |
0.2 |
>0.55 |
Q3 2021 highlights
Ferrari N.V. places Euro 150 million in
bonds with U.S. private investors, due 2032On July 29,
2021, Ferrari N.V. announced that it completed a private placement
to certain US institutional investors of Euro 150 million aggregate
principal amount of 0.91% senior notes due 2032.
Exor, Ferrari and LoveFrom announce
creative partnershipOn September 27, 2021, Exor N.V. and
Ferrari N.V. announced a long term, multi-year collaboration with
the creative collective LoveFrom. The first expression of this new
partnership will bring together Ferrari’s legendary performance and
excellence with LoveFrom’s unrivalled experience and creativity
that has defined extraordinary world changing products.
Subsequent events
Multi-year share repurchase program:
completion of the fourth tranche and announcement of the fifth
trancheOn October 4, 2021, Ferrari N.V. informed that it
had completed on September 30, 2021 the Fourth Tranche of the
multi-year share repurchase program. On the same date, the Company
announced the continuation of its already disclosed program with a
Fifth Tranche of up to Euro 150 million from October 5, 2021 to no
later than March 31, 2022.
Share repurchase programUnder
the common share repurchase program, from October 5, 2021 to
October 28, 2021, the Company purchased a further 111,495 common
shares for a total consideration of Euro 20.9 million. At October
28, 2021 the Company held in treasury an aggregate of 9,884,398
common shares. As of the same date, the Company held 3.84% of the
total issued share capital including the common shares and the
special voting shares, net of shares assigned under the Company’s
equity incentive plan.
About Ferrari Ferrari is among
the world’s leading luxury brands focused on the design,
engineering, production and sale of the world’s most recognizable
luxury performance sports cars. Ferrari brand symbolizes
exclusivity, innovation, state-of-the-art sporting performance and
Italian design. Its history and the image enjoyed by its cars are
closely associated with its Formula 1 racing team, Scuderia
Ferrari, the most successful team in Formula 1 history. From the
inaugural year of Formula 1 World Championship in 1950 through the
present, Scuderia Ferrari has won 238 Grand Prix races, 16
Constructors’ World titles and 15 Drivers’ World titles. Ferrari
designs, engineers and produces its cars in Maranello, Italy, and
sells them in over 60 markets worldwide.
Forward Looking StatementsThis
document, and in particular the section entitled “Upgraded 2021
guidance”, contains forward-looking statements. These statements
may include terms such as “may”, “will”, “expect”, “could”,
“should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”,
“continue”, “on track”, “successful”, “grow”, “design”, “target”,
“objective”, “goal”, “forecast”, “projection”, “outlook”,
“prospects”, “plan”, “guidance” or similar terms. Forward-looking
statements are not guarantees of future performance. Rather, they
are based on the Group’s current expectations and projections about
future events and, by their nature, are subject to inherent risks
and uncertainties. They relate to events and depend on
circumstances that may or may not occur or exist in the future and,
as such, undue reliance should not be placed on them. Actual
results may differ materially from those expressed in such
statements as a result of a variety of factors, including: the
Group’s ability to preserve and enhance the value of the Ferrari
brand; the success of the Group’s Formula 1 racing team and the
expenses the Group incurs for its Formula 1 activities, the impact
of the application of the new Formula 1 regulations progressively
coming into effect in 2021 and 2022, the uncertainty of the
sponsorship and commercial revenues the Group generates from its
participation in the Formula 1 World Championship, including as a
result of the impact of the Covid-19 pandemic, as well as the
popularity of Formula 1 more broadly; the effects of the evolution
of and response to the Covid-19 pandemic; the Group’s ability to
keep up with advances in high performance car technology and to
make appealing designs for its new models; Group’s ability to
preserve its relationship with the automobile collector and
enthusiast community; changes in client preferences and automotive
trends; changes in the general economic environment, including
changes in some of the markets in which the Group operates, and
changes in demand for luxury goods, including high performance
luxury cars, which is highly volatile; competition in the luxury
performance automobile industry; the Group’s ability to
successfully carry out its growth strategy and, particularly, the
Group’s ability to grow its presence in China and other growth
markets; the Group’s low volume strategy; global economic
conditions, pandemics and macro events; reliance upon a number of
key members of executive management and employees, and the ability
of its current management team to operate and manage effectively;
the impact of increasingly stringent fuel economy, emission and
safety standards, including the cost of compliance, and any
required changes to its products; the challenges and costs of
integrating hybrid and electric technology more broadly into
Group’s car portfolio over time; the performance of the Group’s
dealer network on which the Group depend for sales and services;
increases in costs, disruptions of supply or shortages of
components and raw materials; disruptions at the Group’s
manufacturing facilities in Maranello and Modena; the effects of
Brexit on the UK market; the performance of the Group’s licensees
for Ferrari-branded products; the Group’s ability to protect its
intellectual property rights and to avoid infringing on the
intellectual property rights of others; the ability of Maserati,
the Group’s engine customer, to sell its planned volume of cars;
the Group’s continued compliance with customs regulations of
various jurisdictions; product recalls, liability claims and
product warranties; the adequacy of its insurance coverage to
protect the Group against potential losses; the Group’s ability to
ensure that its employees, agents and representatives comply with
applicable law and regulations; the Group’s ability to maintain the
functional and efficient operation of its information technology
systems and to defend from the risk of cyberattacks, including on
its in-vehicle technology; the Group’s ability to service and
refinance its debt; the Group’s ability to provide or arrange for
adequate access to financing for its dealers and clients, and
associated risks; labor relations and collective bargaining
agreements; exchange rate fluctuations, interest rate changes,
credit risk and other market risks; changes in tax, tariff or
fiscal policies and regulatory, political and labor conditions in
the jurisdictions in which the Group operates, including possible
future bans of combustion engine cars in cities and the potential
advent of self-driving technology; potential conflicts of interest
due to director and officer overlaps with the Group’s largest
shareholders; and other factors discussed elsewhere in this
document. The Group expressly disclaims and does not assume any
liability in connection with any inaccuracies in any of the
forward-looking statements in this document or in connection with
any use by any third party of such forward-looking statements.Any
forward-looking statements contained in this document speak only as
of the date of this document and the Company does not undertake any
obligation to update or revise publicly forward-looking statements.
Further information concerning the Group and its businesses,
including factors that could materially affect the Company’s
financial results, is included in the Company’s reports and filings
with the U.S. Securities and Exchange Commission, the AFM and
CONSOB.
For further information:Media Relationstel.: +39 0536
949337Email: media@ferrari.com
Investor Relationstel.: +39 0536 949695Email: ir@ferrari.com
www.ferrari.com
Capex and R&D
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
|
2021 |
2020 |
189 |
158 |
Capital expenditures(10) |
506 |
465 |
84 |
79 |
of which capitalized development costs(13) (A) |
264 |
222 |
130 |
111 |
Research and development costs expensed (B) |
402 |
373 |
214 |
190 |
Total research and development (A+B) |
666 |
595 |
40 |
47 |
Amortization of capitalized development costs (C) |
137 |
132 |
170 |
158 |
Research and development costs as recognized
in the consolidated income statement (B+C) |
539 |
505 |
Non-GAAP financial measures
Operations are monitored through the use of
various non-GAAP financial measures that may not be comparable to
other similarly titled measures of other companies.
Accordingly, investors and analysts should
exercise appropriate caution in comparing these supplemental
financial measures to similarly titled financial measures reported
by other companies.
We believe that these supplemental financial
measures provide comparable measures of financial performance which
then facilitate management’s ability to identify operational
trends, as well as make decisions regarding future spending,
resource allocations and other operational decisions.
Certain totals in the tables included in this
document may not add due to rounding.
Total net revenues, EBITDA,
Adj. EBITDA, EBIT and Adj. EBIT at constant
currency eliminate the effects of changes in foreign
currency (transaction and translation) and of foreign currency
hedges.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
|
2021 |
|
|
2021 |
2021 |
at constant |
|
2021 |
at constant |
|
currency |
|
|
currency |
883 |
883 |
Cars and spare parts |
2,619 |
2,670 |
55 |
55 |
Engines |
145 |
145 |
95 |
96 |
Sponsorship, commercial and brand |
277 |
282 |
20 |
20 |
Other |
58 |
61 |
1,053 |
1,054 |
Total Net Revenues |
3,099 |
3,158 |
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
|
2021 |
270 |
EBIT |
810 |
270 |
Adjusted EBIT |
810 |
0 |
Currency (including hedges) |
(49) |
270 |
EBIT at constant currency |
859 |
270 |
Adjusted EBIT at constant currency |
859 |
|
|
|
|
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
|
2021 |
371 |
EBITDA |
1,133 |
371 |
Adjusted EBITDA |
1,133 |
0 |
Currency (including hedges) |
(49) |
371 |
EBITDA at constant currency |
1,182 |
371 |
Adjusted EBITDA at constant currency |
1,182 |
|
|
|
|
EBITDA is defined as net profit
before income tax expense, net financial expenses and depreciation
and amortization.
Adjusted EBITDA is defined as
EBITDA as adjusted for certain income and costs which are
significant in nature, expected to occur infrequently, and that
management considers not reflective of ongoing operational
activities.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
207 |
171 |
36 |
Net profit |
619 |
346 |
273 |
53 |
37 |
16 |
Income tax expense |
162 |
81 |
81 |
10 |
14 |
(4) |
Net financial expenses |
29 |
38 |
(9) |
101 |
108 |
(7) |
Amortization and depreciation |
323 |
306 |
17 |
371 |
330 |
41 |
EBITDA |
1,133 |
771 |
362 |
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
371 |
330 |
41 |
EBITDA |
1,133 |
771 |
362 |
- |
- |
- |
Adjustments |
- |
- |
- |
371 |
330 |
41 |
Adjusted EBITDA |
1,133 |
771 |
362 |
Adjusted Earnings Before Interest and Taxes
(“Adjusted EBIT”) represents EBIT as adjusted for
certain income and costs which are significant in nature, expected
to occur infrequently, and that management considers not reflective
of ongoing operational activities.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
270 |
222 |
48 |
EBIT |
810 |
465 |
345 |
- |
- |
- |
Adjustments |
- |
- |
- |
270 |
222 |
48 |
Adjusted EBIT |
810 |
465 |
345 |
Adjusted net profit represents
net profit as adjusted for certain income and costs (net of tax
effect) which are significant in nature, expected to occur
infrequently, and that management considers not reflective of
ongoing operational activities.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
207 |
171 |
36 |
Net profit |
619 |
346 |
273 |
- |
- |
- |
Adjustments |
- |
- |
- |
207 |
171 |
36 |
Adjusted net profit |
619 |
346 |
273 |
Adjusted EPS represents EPS as adjusted for
certain income and costs (net of tax effect) which are significant
in nature, expected to occur infrequently, and that management
considers not reflective of ongoing operational activities.
For the three months ended |
(Euro per common share) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
1.12 |
0.92 |
0.20 |
Basic EPS |
3.34 |
1.87 |
1.47 |
- |
- |
- |
Adjustments |
- |
- |
- |
1.12 |
0.92 |
0.20 |
Adjusted basic EPS |
3.34 |
1.87 |
1.47 |
1.11 |
0.92 |
0.19 |
Diluted EPS |
3.33 |
1.86 |
1.47 |
- |
- |
- |
Adjustments |
- |
- |
- |
1.11 |
0.92 |
0.19 |
Adjusted diluted EPS |
3.33 |
1.86 |
1.47 |
Basic and diluted EPS(14)
For the three months ended |
(Euro million, unless otherwise stated) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
206 |
171 |
35 |
Net profit attributable to the owners of the Company |
617 |
346 |
271 |
184,317 |
184,748 |
|
Weighted average number of common shares (thousand) |
184,601 |
184,825 |
|
1.12 |
0.92 |
0.20 |
Basic EPS (in Euro) |
3.34 |
1.87 |
1.47 |
184,617 |
185,344 |
|
Weighted average number of common shares for diluted earnings
per common share (thousand) |
184,901 |
185,422 |
|
1.11 |
0.92 |
0.19 |
Diluted EPS (in Euro) |
3.33 |
1.86 |
1.47 |
Net Industrial Debt, defined as
total Debt less Cash and Cash Equivalents (Net Debt), further
adjusted to exclude the debt and cash and cash equivalents related
to our financial services activities (Net Debt of Financial
Services Activities).
(Euro million) |
Sept. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Debt |
(2,591) |
(2,360) |
(2,283) |
(2,725) |
of which
leased liabilities as per IFRS 16 (simplified approach) |
(59) |
(61) |
(62) |
(62) |
Cash and
Cash Equivalents |
1,273 |
922 |
980 |
1,362 |
Net Debt |
(1,318) |
(1,438) |
(1,303) |
(1,363) |
Net Debt
of Financial Services Activities |
(950) |
(886) |
(883) |
(820) |
Net Industrial Debt |
(368) |
(552) |
(420) |
(543) |
Free Cash Flow and Free
Cash Flow from Industrial Activities are two of
management’s primary key performance indicators to measure the
Group’s performance. Free Cash Flow is defined as cash flows from
operating activities less investments in property, plant and
equipment (excluding right-of-use assets recognized during the
period in accordance with IFRS 16 - Leases) and intangible assets.
Free Cash Flow from Industrial Activities is defined as Free Cash
Flow adjusted to exclude the operating cash flow from our financial
services activities (Free Cash Flow from Financial Services
Activities).
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2021 |
2020 |
|
2021 |
2020 |
392 |
218 |
Cash flow from operating activities |
927 |
428 |
(189) |
(158) |
Investments in property, plant and equipment and intangible
assets(10) |
(506) |
(465) |
203 |
60 |
Free Cash Flow |
421 |
(37) |
(39) |
(17) |
Free Cash Flow from Financial Services Activities |
(81) |
(29) |
242 |
77 |
Free Cash Flow from Industrial Activities(15) |
502 |
(8) |
On November 2, 2021, at 3:00 p.m. CET,
management will hold a conference call to present the Q3 2021
results to financial analysts and institutional investors. Please
note that registering in advance is required to access the
conference call details. The call can be followed live and a
recording will subsequently be available on the Group’s website
http://corporate.ferrari.com/en/investors. The supporting document
will be made available on the website prior to the call.
1 Refer to specific paragraph on non-GAAP
financial measures
2 These results have
been prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting
Standards Board and IFRS as endorsed by the European Union
3 Excluding the XX
Programme, racing cars, one-off and pre-owned cars
4 EMEA includes: Italy, UK,
Germany, Switzerland, France, Middle East (includes the United Arab
Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait),
Africa and the other European markets not separately identified;
Americas includes: United States of America, Canada, Mexico, the
Caribbean and Central and South America; Rest of APAC mainly
includes: Japan, Australia, Singapore, Indonesia, South Korea,
Thailand, India and Malaysia
5 Includes net revenues
generated from shipments of our cars, any personalization net
revenues generated on cars, as well as sales of spare parts
6 Includes net revenues
generated from the sale of engines to Maserati for use in their
cars, and the revenues generated from the rental of engines to
other Formula 1 racing teams
7 Includes net revenues
earned by our Formula 1 racing team through sponsorship agreements
and our share of the Formula 1 World Championship commercial
revenues, as well as revenues generated through the Ferrari brand,
including merchandising, licensing and royalty income
8 Primarily relates to
financial services activities, management of the Mugello racetrack
and other sports-related activities
9 Also known as Notional Interest Deduction - NID
10 Capital expenditures excluding right-of-use
assets recognized during the period in accordance with IFRS 16 -
Leases
11 Net of a tax benefit, with no cash impact on 2020, from the
one-off partial step-up of the trademark’s book value in accordance
with the Italian tax regulations
12 Calculated using the weighted average diluted number of
common shares as of December 31, 2020 (185,379 thousand)
13 Capitalized as intangible assets
14 For the three and nine months ended
September 30, 2021 and 2020 the weighted average number of common
shares for diluted earnings per share was increased to take into
consideration the theoretical effect of the potential common shares
that would be issued under the equity incentive plans
15 Free cash flow from industrial activities for the three and
nine months ended September 30, 2020 includes approx.
Euro 1 million related to withholding taxes
- 2021_11_02 - Ferrari Q3 2021 Results Press Release
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