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Ferrari NV Annual Report 12.31.2016

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Ferrari NV Annual Report 12.31.2016 Ferrari N.V. 2016 ANNUAL REPORT TABLE OF CONTENTS Page Board Report Board of Directors and Auditors 3 Letter form the Chairman and Chief Executive Officer 4 Certain Defined Terms and Note on Presentation 6 Selected Financial and Other Data 8 Creating Value for Our Shareholders 10 Risk Factors 12 Overview 30 Industry Overview 32 Overview of Our Business 36 Operating Results 68 Subsequent Events and 2017 Outlook 92 Major Shareholders 93 Corporate Governance 95 Sustainability Disclosure 113 Risks, Risk Management and Control Systems 117 Remuneration of Directors 123 Financial Statements Consolidated Financial Statements and Notes at December 31, 2016 127 Consolidated Income Statement 128 Consolidated Statement of Comprehensive Income 129 Consolidated Statement of Financial Position 130 Consolidated Statement of Cash Flows 131 Consolidated Statement of Changes in Equity 132 Notes to the Consolidated Financial Statements 133 Company Financial Statements and Notes at December 31, 2016 194 Income Statement / Statement of Comprehensive Income 195 Statement of Financial Position 196 Statement of Cash Flows 197 Statement of Changes in Equity 198 Notes to the Company Financial Statements 199 Other Information Other Information 217 Independent Auditor's Report 219 Board of Directors and Auditors Board of Directors Chairman and Chief Executive Officer Sergio Marchionne Directors Amedeo Felisa John Elkann Piero Ferrari Delphine Arnault Louis C. Camilleri Eddy Cue Giuseppina Capaldo Sergio Duca Lapo Elkann Adam Keswick Maria Patrizia Grieco Elena Zambon Independent Auditors Ernst & Young Accountants LLP 3 Letter from the Chairman and Chief Executive Officer Shareholders, 2016 was an unforgettable year for Ferrari, one that began auspiciously on January 4th with Ferrari’s listing on the MTA managed by Borsa Italiana and the completion of the company’s spin-off from FCA. The listing ceremony, attended by the former Italian Prime Minister, who spoke to a packed house of media, captains of industry, Ferrari clients, board members and colleagues, went beyond a financial event, it was a celebration of a great Italian brand admired by people everywhere. In 2016 we set the scene for what is destined to be an exciting 2017, one in which Ferrari marks its 70th anniversary. The celebrations already began at the Paris Motor Show in October with the unveiling of our 70th anniversary celebratory model, the LaFerrari Aperta, the spider version of the limited-edition special series supercar LaFerrari. We also announced an ambitious Tailor Made project, one which will see 70 liveries of iconic Ferraris of the past interpreted in a contemporary way on each of the five range models for a total of 350 special edition liveries. Needless to say, both the LaFerrari Aperta and the liveries were sold out before they were even made public. In terms of results, we posted new financial records and earned the approval of the markets. While the stock price saw a decrease in the first half of the year, it made a well-deserved comeback in the last few months, demonstrating that in the longer term the market rewards the sound business fundamentals Ferrari has to offer. For those who were skeptical about the Ferrari IPO, fearing that we might sacrifice the DNA of the brand for short term gains, I think we have shown that it is possible to stand by the principles of the business while creating shareholder value. To highlight just a few key figures, we delivered 8,014 cars to the dealership network, a 4.6% increase over the previous year while net revenues grew 8.8%. Interestingly, our biggest growth came in the EMEA region where shipments increased by 8%, underlining that even in our most established markets, Ferrari still has underexploited potential. We grew in all other regions as well, with deliveries in Greater China increasing by 1%, rest of APAC increasing by 3% and the Americas showing a 2% increase. Another metric worth pointing out is our adjusted EBITDA, which has already reached €880 million with a margin of 28.3% (and 30.0% without FX hedges) in line with other luxury peers, proof we are well on our way to reaching the €1 billion adjusted EBITDA objective set out in the Business Plan during the IPO roadshow. As far as the product range, 2016 saw the introduction of the GTC4Lusso, the new 12-cylinder four seater Ferrari with four wheel drive and four wheel steering featuring an elegant shooting break design. In an unprecedented move, we also launched the GTC4Lusso T, an 8-cylinder version of the same car, but aimed at a different clientele who prefers a sportier driving experience. This is just one of the ways in which we plan to expand our product portfolio to meet the needs of our increasingly diverse customers and capture new market share. Furthermore, in addition to the 70th anniversary celebratory models already mentioned, we introduced a Fuoriserie of bespoke cars, the J50 to mark Ferrari’s 50th year in the Japanese market. This year, Ferrari’s technical prowess was rewarded with the most important accolade in the automotive industry, the overall “Engine of the Year” Award for the 488 turbo series, a great recognition for the engineers who worked tirelessly to fine-tune this V8 engine. The success of the 488 series is also reflected in the figures, with shipments of 8 cylinder models up 5%. Shipments of the 12 cylinder models were up 4% thanks to the newly launched GTC4Lusso and LaFerrari Aperta, and the strong performance of the F12tdf. Innovation in product development is in our blood and we will continue to push boundaries. This is why we are now working hard on bringing hybrid technology to our product range in the coming years. But rest assured, we will introduce new technology in the “Ferrari way”, so that it serves to enhance the driving emotion we are known for. 2016 was also the year we held the Ferrari Finali Mondiali in the U.S.A. for the first time, on the legendary banks of Daytona’s International Speedway. It was a real delight for drivers, clients and spectators to see the Ferrari Challenge season culminate on this illustrious track where, notably in 1967 Ferrari took the triple victory at the 24 Hours of Daytona. While in Daytona we also introduced the 488 Challenge, which will replace the 458 Challenge in our one-make championship series. Speaking of Daytona, let me say a few words about our GT racing activities. This year was the first year we competed with the 488 GTE and 488 GT3 and the racing car already showed its huge potential clinching the FIA World Cup for GT Manufacturers and the GTD Class in the IMSA SportsCar Championship. 4 As you know, this has been a challenging year for our home country, with central Italy being shaken to the core and left in ruins after a series of very strong earthquakes. Ferrari is doing its part to help. We donated a LaFerrari that was auctioned at the Finali Mondiali in Daytona for the National Italian American Foundation's Earthquake Relief Fund. Thanks to a very generous client and the professional expertise of RM Auctions we raised a staggering $7 million, a record for the highest price ever fetched at auction of a 21st century automobile. All proceeds will go to the reconstruction of a school complex in Amatrice. 2017 will see the opening of Ferrari Land in the Spanish amusement park of PortaAventura, along with the expansion of our Ferrari Museum in Maranello. The Ferrari museums had over 470,000 visitors in 2016, a record for a privately held museum of this kind, and testimony to the huge appeal of the brand. In closing, let me make a brief comment on the topic of Formula One. Needless to say the 2016 season is best forgotten. However, with the new technical team in place, led by Mattia Binotto and the continued leadership of Maurizio Arrivabene, as well as our talented drivers Kimi Raikkonen and Sebastian Vettel, I know we have the right people in place to do the job. The 2017 season is full of unknowns, due to the many changes in both the regulations and the management of the sport, so I am reluctant to make any predictions. What I can promise is that we are fighters, and that we have the drive, commitment and passion to get back on top of this sport. Let me take this opportunity, dear Shareholders, to thank you for your support. I am convinced, more than ever, that this is only the beginning of our journey, and that there is much value left to create while maintaining the principles of innovation, passion and exclusivity that have made Ferrari the legend that it is today. March 3, 2017 Sergio Marchionne Chairman & Chief Executive Officer 5 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.
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