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ANNUAL Report Ferrari NV 12.31.2017

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ANNUAL Report Ferrari NV 12.31.2017 Ferrari N.V. 2017 ANNUAL REPORT TABLE OF CONTENTS Page Board Report Board of Directors and Auditors 3 Letter from the Chairman and Chief Executive 4 Certain Defined Terms and Note on Presentation 5 Selected Financial and Other Data 7 Creating Value for Our Shareholders 9 Risk Factors 10 Overview 29 Industry Overview 31 Overview of Our Business 35 Operating Results 70 Subsequent Events and 2018 Outlook 94 Major Shareholders 95 Corporate Governance 97 Non-Financial Statement 119 Risk, Risk Management and Control Systems 141 Remuneration of Directors 147 Financial Statements Consolidated Financial Statements and Notes at December 31, 2017 153 Consolidated Income Statement 154 Consolidated Statement of Comprehensive Income 155 Consolidated Statement of Financial Position 156 Consolidated Statement of Cash Flows 157 Consolidated Statement of Changes in Equity 158 Notes to the Consolidated Financial Statements 159 Company Financial Statements and Notes at December 31, 2017 219 Income Statement / Statement of Comprehensive Income 220 Statement of Financial Position 221 Statement of Cash Flows 222 Statement of Changes in Equity 223 Notes to the Company Financial Statements 224 Other Information Other Information 244 Independent Auditor's Report 246 Board of Directors and Auditors Board of Directors Chairman and Chief Executive Officer Sergio Marchionne Directors John Elkann Piero Ferrari Delphine Arnault Louis C. Camilleri Giuseppina Capaldo Eddy Cue Sergio Duca Lapo Elkann Amedeo Felisa Maria Patrizia Grieco Adam Keswick Elena Zambon Independent Auditors Ernst & Young Accountants LLP 3 Letter from the Chairman and Chief Executive Officer Dear Shareholders, 2017 marked Ferrari’s 70th Anniversary. We were surprised and delighted by the enthusiasm and the extraordinary turnout, with tens of thousands of clients and fans participating in the yearlong tour of celebrations all over the world. Events were held in over 60 different countries, providing a truly vivid and unforgettable display of the brand’s power. We had one more reason to celebrate, as 2017 was another year of new fantastic models and a very good, solid financial performance. We continued our growth, offering the widest range of products ever, without compromising on our fundamental principles of exclusivity and leading technological innovation. We launched three new cars, designed to meet the requirements of very diverse clients: the 812 Superfast, our most powerful and fastest road model ever, the Ferrari Portofino, which tops our V8 GT range, and the FXX-K Evo, a track-only “laboratory car” unveiled at the Finali Mondiali in Mugello. We won the International Engine of the Year award, for the second consecutive year. This is an important acknowledgement of our leading-edge technology as it is one of the most sought-after plaudits in the car industry. The award was won by the 3.9- litre V8 power unit from the 488 family, for the new benchmarks it set in the turbo engine segment. We are, of course, just as determined to create equally impressive hybrid engines for the Ferraris of the future. In 2018 we will lay the groundwork of our future strategy, which will include hybrid technology as well as new models designed to meet the needs of a GT group of customers, which have not been fully addressed yet. In doing so, we will stay true to our strong DNA, ensuring that, whichever technology we use, we will always provide our customers with a unique driving experience, as Ferrari has always done. On the financial results side, Ferrari ended 2017 with a new record. Two years on from the listing on the U.S. and Italian stock markets, we can confirm that we have not only kept our promises but in certain instance exceeded our own plans. Our adjusted EBITDA grew to over a billion euro, with a margin of 30.3%, two years ahead of the IPO business plan. To mention just a couple of key figures, in 2017, we delivered 8,398 cars, an increase of 4.8% on the previous year, while revenues rose by 10% to 3.4 billion euro. We delivered equally important results on the sustainability front in 2017. Among our many social and environmental achievements and milestones, I am particularly proud of the work we did to help our staff develop their potential, as we truly believe our employees are a vital source of innovation. In 2017 we provided our workforce with over 35,500 hours of training. That investment was rewarded by the 7,600 suggestions our production staff submitted to help us improve our products and processes. Our commitment to sustainability includes naturally a constant reduction of CO2 emission for our models. Ferrari takes its role as an active member of society extremely seriously and decided to make a particular contribution to good causes in its 70th Anniversary year. In September, we donated an exclusive LaFerrari Aperta to Save the Children. Save the Children raised 8.3 million euro, which will be used to provide access to education for thousands of the most vulnerable children across all five continents. We sealed new licensing agreements in the course of the year, something we will continue to do with great caution, as we are conscious of the importance of protecting the brand’s value. We have just started our path and there is still a lot to do. Last but not least, our sports activities: we had a season with some satisfaction, but also a few regrets. On the GT side, it proved an exceptionally rewarding year crowned by both Constructors’ and Drivers’ titles in the FIA World Endurance Championship. The Formula 1 World Championship taught us a big lesson, we were proud to return to the circuits as protagonists and with a single-seater well up to what seemed like an impossible challenge even as the first grand prix approached. Unfortunately, it still was not quite enough, but we are now more determined than ever to compete in the upcoming Championship - and many more to come - without betraying the true essence of the sport. I would like to conclude by thanking you - our valued shareholders - who flanked us along the way and spurred us to grow. We reiterate to you and all our stakeholders our commitment to living up to the Ferrari legend worldwide each and every day. February 23, 2018 Sergio Marchionne Chairman & Chief Executive Officer 4 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 (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 in the section “Overview”. See “Basis of Preparation of the Consolidated Financial Statements” below for additional information regarding the financial presentation. Note on Presentation This Annual Report includes the consolidated financial statements of Ferrari N.V. as of December 31, 2017 and 2016, and for the years ended December 31, 2017, 2016 and 2015 prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“EU IFRS”) and with Part 9 of Book 2 of the Dutch Civil Code. 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 “Overview - History 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 on the New York Stock Exchange, and (iv) the distribution, following the initial public offering, of FCA’s remaining interest in the Company to FCA’s shareholders. Following the Separation 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. The Restructuring comprised: (i) a capital reorganization of the group under the Company, which has been accounted for in the Consolidated Financial Statements as though it had occurred effective January 1, 2015 using FCA’s basis of accounting, and (ii) the issuance of a note by the Company to FCA (the “FCA Note”), which has been reflected in the Consolidated Financial Statements only from the date in which it occurred. The remaining steps of the Separation, which were completed between January 1 and January 3, 2016 through two consecutive demergers followed by a merger under Dutch law, have been reflected in the Consolidated Financial Statements only from the date in which the related transactions occurred and had no impact on the Company’s results of operations or financial position.
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