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Ferrari NV 20-F 12.31.2016

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Ferrari NV 20-F 12.31.2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F REGISTRATION STATEMENT PURSUANT TO SECTIONS 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2016 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-36085 Ferrari N.V. (Exact Name of Registrant as Specified in Its Charter) The Netherlands (Jurisdiction of Incorporation or Organization) Via Abetone Inferiore n. 4 I-41053 Maranello (MO) Italy Tel. No.: +39 0536 949111 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices) Ferrari North America, Inc. 250 Sylvan Avenue Englewood Cliffs, NJ 07632 Tel. No.: (201) 816-2600 (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on Title of each class which registered Ordinary Shares (par value of €0.01 each) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 188,923,499 common shares, par value €0.01 per share, and 56,494,688 special voting shares, par value €0.01 per share. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Act of 1934. Yes No Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). N/A Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board Other If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow: Item 17 or Item 18 . If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No TABLE OF CONTENTS Page Certain Defined Terms I Note on Presentation I Forward-Looking Statements III PART I Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 A. Selected Financial Data 1 B. Capitalization and Indebtedness 3 C. Reason for the Offer and Use of Proceeds 3 D. Risk Factors 3 Item 4. Information on the Company 21 A. History and Development of the Company 21 B. Business Overview 23 C. Organizational Structure 57 D. Property, Plant and Equipment 57 Item 4A. Unresolved Staff Comments 58 Item 5. Operating and Financial Review and Prospects 59 Overview 59 Trends, Uncertainties and Opportunities 60 Critical Accounting Estimates 65 Non-GAAP Financial Measures 68 A. Operating Results 73 B. Liquidity and Capital Resources 82 C. Research and Development, Patents and Licenses 94 D. Trend Information 95 E. Off-Balance Sheet Arrangements 95 F. Tabular Disclosure of Contractual Obligations 96 G. Safe Harbor 96 Item 6. Directors, Senior Management and Employees 97 A. Directors and Senior Management 97 B. Compensation 101 C. Board Practices 105 D. Employees 107 E. Share Ownership 109 Item 7. Major Shareholders and Related Party Transactions 109 A. Major Shareholders 109 B. Related Party Transactions 111 C. Interests of Experts and Counsel 112 Item 8. Financial Information 112 A. Consolidated Statements and Other Financial Information 112 B. Significant Changes 113 Item 9. The Offer and Listing 113 A. Offer and Listing Details 113 B. Plan of Distribution 114 C. Markets 114 D. Selling Shareholders 114 E. Dilution 114 F. Expenses of the Issue 114 Item 10. Additional Information 114 A. Share Capital 114 B. Memorandum and Articles of Association 115 C. Material Contracts 130 D. Exchange Controls 130 E. Taxation 130 F. Dividends and Paying Agents 148 G. Statements by Experts 148 H. Documents on Display 148 I. Subsidiary Information 148 Item 11. Quantitative and Qualitative Disclosures About Market Risk 148 Item 12. Description of Securities Other than Equity Securities 151 A. Debt Securities 151 B. Warrants and Rights 151 C. Other Securities 151 D. American Depositary Shares 151 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 152 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 152 Item 15. Controls and Procedures 152 Item 16A. Audit Committee Financial Expert 154 Item 16B. Code of Ethics 154 Item 16C. Principal Accountant Fees and Services 155 Item 16D. Exemptions from the Listing Standards for Audit Committees 155 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 155 Item 16F. Change in the Registrant's Certifying Accountant 155 Item 16G. Corporate Governance 156 Item 16H. Mine Safety Disclosure 157 PART III Item 17. Financial Statements 158 Item 18. Financial Statements 158 Item 19. Exhibits 158 Signatures 159 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 (formerly named FE New N.V.) following completion of the Separation and to the registrant's predecessor (formerly named New Business Netherlands N.V.), prior to completion of the Separation. References to “FCA” or “FCA Group” refer to Fiat Chrysler Automobiles N.V., together with its subsidiaries and its predecessor prior to the completion of the merger of Fiat S.p.A. with and into FCA on October 12, 2014 (at which time Fiat Investments N.V. was named Fiat Chrysler Automobiles N.V., or FCA), or any one of them, as the context may require. References to “Fiat” refer solely to Fiat S.p.A., the predecessor of FCA. References to the “Separation” refer to the series of transactions through which the Ferrari business was separated from FCA as described under "Item 4.A. History and Development of the Company. See “Basis of Preparation of the Consolidated Financial Statements” below for additional information regarding the financial presentation. Note on Presentation This document includes the consolidated financial statements of Ferrari N.V. as of December 31, 2016 and 2015, and for the years ended December 31, 2016, 2015 and 2014 prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). We refer to these consolidated financial statements collectively as the “Consolidated Financial Statements.” Basis of Preparation of the Consolidated Financial Statements As explained in Note 1 to the Consolidated Financial Statements and in “Item 4 - Information on the Company - History and Development of the Company”, on October 29, 2014, Fiat Chrysler Automobiles N.V. (“FCA”) announced its intention to separate Ferrari S.p.A. from FCA. The separation was completed on January 3, 2016 and occurred through a series of transactions (together defined as the “Separation”) including (i) an intra-group restructuring which resulted in the Company’s acquisition of the assets and business of Ferrari North Europe Limited and the transfer by FCA of its 90 percent shareholding in Ferrari S.p.A. to the Company, (ii) the transfer of Piero Ferrari’s 10 percent shareholding in Ferrari S.p.A. to the Company, (iii) the initial public offering of common shares of the Company, and (iv) the distribution, following the initial public offering, of FCA’s remaining interest in the Company to its shareholders. After the Separation, which took place on January 3, 2016, Ferrari operates as an independent, publicly traded company. The transactions described above in (i) and (ii) (referred to collectively as the “Restructuring”) were completed in October 2015 through the following steps: • The Company acquired from Ferrari North Europe Limited its assets and business of providing sales, after-sales and support services for the Ferrari brand and in exchange, the Company issued to Ferrari North Europe Limited a note in the principal amount of £2.8 million (the “FNE Note”).
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