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Q 3 2 0 1 9 Fin an Cial R Esu SOLID Q3 2019 ON ALL METRICSMETRICS.... ROBUST PERFORMANCE LEADS TO UPGRADING 2019 GUIDANCEGUIDANCE.... • Total shipments ofofof 2,474 units, up +++9+999....4444%%%% (((1(111)))) • Net revenues ofofof Euro 915 millionmillion,,,, upupup +++9+999....2222%%%% or ++7777....1111%% at constant currency • Adj. EBITDA (((2(222)))) of Euro 311 millionmillion,,,, up +++11+111111....5555%%%% with an EBITDA margin of 333333.33 ...9999%%%% • AdjAdj.... diluted EPS (((2(222)))) of Euro 000.0...90909090 (+(+(+16(+ 161616....9999%)%)%)%) • IIIndustrialIndustrial free cash flow (((2(222)) generation of Euro 138 million For the three months ended (In Euro millionmillion,,,, For the nine months ended September 33303000,,,, unless otherwise stated) September 33303000,,,, 2019 2018 Change 2019 2018 Change 2,474 2,262 212 9% Shipments (in units) 7,755 6,853 902 13% 915 838 77 9% Net revenues 2,839 2,575 264 10% 311 278 33 11% EBITDA (2) 936 841 95 11% 311 278 33 11% Adjusted EBITDA (2) 936 840 96 11% 33.9% 33.2% +70 bps Adjusted EBITDA margin (2) 33.0% 32.6% +40 bps 227 203 24 12% EBIT 698 631 67 11% Q3 2019 Financial Results Financial Q3 2019 227 203 24 12% Adjusted EBIT (2) 698 630 68 11% 24.8% 24.2% +60 bps Adjusted EBIT margin (2) 24.6% 24.5% +10 bps 169 287 (118) (41%) Net profit 533 596 (63) (11%) 169 146 23 15% Adjusted net profit (2) 533 454 79 17% 0.90 1.52 (0.62) (41%) Basic earnings per share (in Euro) 2.82 3.15 (0.33) (10%) 0.90 1.51 (0.61) (40%) Diluted earnings per share (in Euro) 2.81 3.14 (0.33) (11%) Adjus ted basic earnings per shar e 0.90 0.78 0.12 15% (2) 2.82 2.40 0.42 18% (in Euro) Adjusted diluted earnings per share 0.90 0.77 0.13 17% (2) 2.81 2.39 0.42 18% (in Euro) Upgraded 2019 GuidanceGuidance:::: • Net revenues: ~Euro 3.7 billion (from > Euro 3.5 billion) • Adj. EBITDA: ~Euro 1.27 billion (from Euro 1.2-1.25 billion) • Adj. EBIT: ~Euro 0.92 billion (from Euro 0.85-0.9 billion) • Adj. diluted EPS: Euro 3.70-3.75(3) per share (from Euro 3.50-3.70 (4) per share) • Industrial free cash flow: > Euro 0.6 billion (from > Euro 0.55 billion) 1 The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges 2 Refer to specific note on non-GAAP financial measures 3 Calculated using the weighted average diluted number of common shares for 2019 as at October 25, 2019 of 187,864 thousand and excluding net profit attributable to non-controlling interests. 4 Calculated using the weighted average diluted number of common shares for 2018 and excluding net profit attributable to non-controlling interests Maranello (Italy), November 444,4, 2012019999 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results (5) for the third quarter and nine months ended September 30, 2019. (((6(666))))((((7777)))) Shipments For the three months ended Shipments For the nine months ended September 303030,30 ,,, (units) September 303030,30 ,,, 2019 2018 Change 2019 2018 Change 1,143 1,005 138 14% EMEA 3,547 3,181 366 12% 772 770 2 0% Americas 2,295 2,189 106 5% 159 162 (3) (2%) Mainland China, Hong Kong and Taiwan 776 522 254 49% 400 325 75 23% Rest of APAC 1,137 961 176 18% 2,474 2,262 212 9%9%9% Total Shipments 7,755 6,6,6,8536, 853 902 13% Shipments totaled 2,474 units in the third quarter 2019, up 212 units or +9.4% vs. Q3 2019 Financial Results Financial Q3 2019 prior year. This achievement was driven by a 9.5% increase in sales of our 8 cylinder models (V8) and an 8.9% increase of our 12 cylinder models (V12). The performance was mainly led by robust deliveries of the Ferrari Portofino as well as the 812 Superfast. This was partially offset by lower volume from the 488 family, with the 488 GTB and the 488 Spider now phased out, partially compensated by the 488 Pista and the ramp up of the 488 Pista Spider. Very first deliveries of the Ferrari Monza SP1 and SP2 also began towards the end of September. EMEA (7) grew 13.7%, Americas (7) was substantially flat, while Mainland China, Hong Kong and Taiwan were down by a few units as per the decision to concentrate client deliveries in the first part of the year to anticipate the early introduction of new emission regulations. Rest of APAC (7) was up 23.1%. 5 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 6 Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars 7 EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes 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 and Malaysia 2 Total net revenues For the three months ended For the nine months ended (Euro million) September 303030,30 ,,, September 303030,30 ,,, Change at Change at 2019 2018 cccurrentcurrent ccconstantconstant 2019 2018 cccurrentcurrent constant cccurrencycurrency cccurrencycurrency cccurrencycurrency currency 708 616 15% 12% Cars and spare parts (8) 2,209 1,898 16% 14% 46 70 (34%) (34%) Engines (9) 157 227 (31%) (31%) Sponsorship, commercial 135 128 6% 4% (10) 394 380 4% 2% and brand 26 24 10% 8% Other (11 ) 79 70 13% 9% 915 838 9%9%9% 7%7%7% Total Net Revenues 2,839 2,575 10% 8%8%8% Net revenues for the third quarter 2019 increased to Euro 915 million, up 9.2% at current currency and up 7.1% at constant currency (1). The increase of revenues in Cars and spare parts (8) to Euro 708 million (+14.8% at current currency or +12.5% at Q3 2019 Financial Results Financial Q3 2019 constant currency (1)) was supported by the Ferrari Portofino, the 812 Superfast, the 488 Pista and the ramp up of the 488 Pista Spider. This was partially offset by lower sales of the 488 GTB and the 488 Spider, now phased out, as well as deliveries of the strictly limited edition Ferrari J50 in 2018. Revenue growth was also supported by a positive contribution from personalization programs. Engines(9) revenues (Euro 46 million, - 34.3% at current and constant currency (1)) continued to decline reflecting lower shipments to Maserati. Sponsorship, commercial and brand (10) revenues (Euro 135 million, +5.8% at current currency or +3.9% at constant currency (1)) slightly increased due to higher revenues generated by Formula 1 racing activities. Currency, including translation and transaction impacts as well as foreign currency hedges, had a positive impact of Euro 17 million (mainly USD). 8 Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts 9 Includes the net revenues generated from the sale of engines to Maserati and the revenues generated from the rental of engines to other Formula 1 racing teams 10 Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income 11 Primarily includes interest income generated by our financial services activities and net revenues from the management of the Mugello racetrack 3 Adjusted EBITDA (((2(222)))) and Adjusted EBIT (((2(222)))) For the three months ended For the nine months ended (Euro million) September 303030,30 ,,, September 303030,30 ,,, Change at Change at 2012019999 2012018888 cccurrentcurrent constant 2012019999 2012018888 current constant cccurrencycurrency currency currency currency (2) 311 278 11% 6% Adjusted EBITDA 936 840 11% 6% (2) 227 203 12% 4% Adjusted EBIT 698 630 11% 4% Q3 2019 Adjusted EBIT (2) was Euro 227 million, +11.7% at current currency or +4.4% at constant currency (1) due to higher volumes (Euro 20 million) and a positive Mix / price variance (Euro 23 million). This performance was also attributable to the impact of the personalization programs and the very first deliveries of the Ferrari Monza SP1 and SP2. Industrial costs / research and development costs increased (Euro 40 million), mainly Q3 2019 Financial Results Financial Q3 2019 to support the innovation activities on our product range and components, Formula 1 racing activities and higher operational start up expenses in connection with the introduction of new models. SG&A (up Euro 8 million) reflected new product launches and the Company’s organizational development. Other (Euro 14 million) also included a release of provisions related to favorable developments in emissions regulations that occurred in Q3 2019. The tax rate in the quarter was 20% mainly as a result of the previously disclosed advance agreement on the Patent Box. As a result of the items described above, Adjusted diluted earnings (2) per share for the second quarter reached Euro 0.90, up 16.9% vs. prior year. Industrial free cash flow (2) for the three months ended September 30, 2019 was Euro 138 million, mainly driven by the Adjusted EBITDA (2), partially offset by capital expenditures of Euro 145 million.
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