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Annual Report 2019 Ferrari N.V

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Annual Report 2019 Ferrari N.V FERRARI N.V. Annual Report 2019 Ferrari N.V. Official Seat: Amsterdam, The Netherlands Dutch Trade Registration Number: 64060977 Administrative Offices: Via Abetone Inferiore 4 I-41053, Maranello (MO) Italy FERRARI N.V. Annual Report 2019 FERRARI N.V. Table of contents Board Report 5 Financial Statements 201 Board of Directors and Auditors 6 Consolidated Financial Statements and Notes at December 31, 2019 202 Letter from Chairman and Chief Executive Officer 8 Consolidated Income Statement 203 Certain Defined Terms and Note Consolidated Statement on Presentation 10 of Comprehensive Income 204 Forward-Looking Statements 12 Consolidated Statement of Financial Position 205 Selected Financial and Other Data 14 Consolidated Statement of Cash Flows 206 Creating Value for Our Shareholders 17 Consolidated Statement of Changes Risk Factors 18 in Equity 207 Overview 46 Notes to the Consolidated Financial Industry Overview 48 Statements 208 Overview of Our Business 52 Company Financial Statements and Notes at December 31, 2019 282 Operating Results 88 Income Statement / Statement Subsequent Events and 2020 Outlook 109 of Comprehensive Income 283 Major Shareholders 110 Statement of Financial Position 284 Corporate Governance 114 Statement of Cash Flows 285 Non Financial Statement 141 Statement of Changes in Equity 286 Risk, Risk Management and Control Systems 174 Notes to the Company Remuneration of Directors 182 Financial Statements 287 Other Information 317 Other Information 318 Independent Auditor’s Report 320 Annual Report 2019 3 Board Report FERRARI N.V. Board of Directors and Auditors Board of Directors Executive Chairman John Elkann Chief Executive Officer Louis C. Camilleri Vice Chairman Piero Ferrari Directors Delphine Arnault Giuseppina Capaldo Eddy Cue Sergio Duca Maria Patrizia Grieco Adam Keswick Elena Zambon Independent Auditors Ernst & Young Accountants LLP 6 Annual Report 2019 FERRARI N.V. Letter from the Chairman and the Chief Executive Officer Dear Shareholders, 2019 was a highly significant year from a financial very modern styling, allowing us to tap into the perspective and our overall strategic positioning. needs of a new client segment. We also unveiled The strong results delivered reflect the work of a the F8 Tributo, a two-seater V8 mid-rear-engined Company pursuing its long term vision focussed berlinetta, in addition to its drop-top version, on supporting the continued vitality of its brand the F8 Spider, and 812 GTS, which hails a return through innovation, whilst maintaining an enviable exactly 50 years since the last series spider sported competitive edge. a front-mounted V12. The Ferrari Group either met or exceeded all of its The presentation of the two spiders was the financial targets for the year. As a result, we are highlight of Universo Ferrari, the first event confident that the 2022 industrial plan will be dedicated exclusively to Ferrari in its hometown. successfully completed. We delivered 10,131 cars, a Held in September 2019 this exhibition opened its 9.5% increase on the previous year. The increase of doors to over 14,000 customers, prospects and our industrial free cash flow from Euro 375 million Ferrari enthusiasts, who had a unique chance to in 2018 to Euro 675 million was also a source of experience the multifaceted nature of our marque. particular satisfaction. We now have the most complete range in our history We presented five new models this year, a record and are continuing to garner international plaudits. for Maranello, that ensures we are able to satisfy Our V8 turbo engine has been named “International the varied requirements of our existing and new Engine of the Year” for the fourth consecutive clients. Our first production hybrid model, the occasion, whilst the styling of the Ferrari Monza SP1 SF90 Stradale, opened a new chapter in our secured us our fifth consecutive “Red Dot: Best of history, whilst the Ferrari Roma is a coupé that the Best” award. Ferrari has also been awarded the effortlessly translates the elegance of the Ferrari title of the world’s strongest brand for the second Grand Touring cars of the 1950s and 60s into consecutive year by Brand Finance. 8 Annual Report 2019 Board Report | Financial Statements | Other Information | Consolidated Financial Statements and Notes Company Financial Statements and Notes The same exclusive range approach is also We are also increasing our commitment to applied to our brand diversification strategy, sustainability in every area of the Company. Aside which has led to the termination of numerous from hybrid and first steps in electric technology, our licensing agreements and the exit from merchandise work has been focusing on energy consumption in categories that do not reflect the Company’s our facilities. In fact, we are pleased to say that this inherent values. We are extremely pleased to have year there was a decrease in energy consumption entered into a long term manufacturing agreement per car manufactured. We are determining our with the Giorgio Armani Group, in order to elevate comprehensive carbon footprint to enable us to the standards and quality of a selected array of set ambitious targets to become ultimately carbon apparel products. neutral over the longer term. In the course of the year, we also further invested in one of our most We ended the Formula 1 World Championship in important assets, our people, by making 12% more a position that fell short of what our remarkable training hours available. history deserves. We are conscious that we need to do more and better and will be intensifying our The extraordinary results we achieved this year are efforts and the investments necessary to achieve our a tribute to all those who make up the Ferrari Group. sole objective: to win the Championship. We would like to thank all of them for their outstanding personal and professional contribution, and for the very The GT Racing Season ended on a very positive clear passion and sense of responsibility displayed in note once again with a tally of 25 international their work each and every day. titles crowned by our 36th victory in the 24 Hours of Le Mans. Ferrari’s track car range is now more We also take this opportunity to thank you, our competitive than ever, thanks to the new 488 GT3 shareholders, for remaining our trusted partners EVO 2020 and 488 Challenge EVO, unveiled during and supporters in this crucial period of growth and the Finali Mondiali at Mugello. innovation for Ferrari. April 16, 2020 John Elkann Louis Carey Camilleri Chairman Chief Executive Officer Annual Report 2019 9 FERRARI N.V. Certain Defined Terms and Note on Presentation Certain Defined Terms In this report, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Ferrari” refer to Ferrari N.V., individually or together with its subsidiaries, as the context may require. References to “Ferrari N.V.” refer to the registrant. Note on Presentation This Annual Report includes the consolidated financial statements of Ferrari N.V. as of December 31, 2019 and 2018, and for the years ended December 31, 2019, 2018 and 2017 prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, as well as IFRS as adopted by the European Union, and with Part 9 of Book 2 of the Dutch Civil Code. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The designation IFRS also includes International Accounting Standards (“IAS”) as well as all the interpretations of the International Financial Reporting Interpretations Committee (“IFRIC” and “SIC”). We refer to these consolidated financial statements collectively as the “Consolidated Financial Statements”. Basis of Preparation of the Consolidated Financial Statements The Group’s financial information is presented in Euro. In some instances, information is presented in U.S. Dollars. All references in this Annual Report to “Euro” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all references to “U.S. Dollars” and “$” refer to the currency of the United States of America (the “United States”). The language of this Annual Report is English. Certain legislative references and technical terms have been cited in their original language in order that the correct technical meaning may be ascribed to them under applicable law. Certain totals in the tables included in this Annual Report may not add due to rounding. 10 Annual Report 2019 FERRARI N.V. Forward-Looking Statements Statements contained in this Annual Report, particularly those regarding our possible or assumed future performance, competitive strengths, costs, dividends, reserves and growth, industry growth and other trends and projections and estimated company earnings are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “plan” and similar expressions are used to identify forward-looking statements. These forward-looking statements reflect the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could cause actual results to
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