- Net revenues of Euro 1,544 million, up 23.5% versus prior year,
with total shipments of 3,459 units up 8.5% versus Q3 2022
- Adjusted EBIT(1) of Euro 423 million, up 41.6% versus prior
year, with adjusted EBIT(1) margin of 27.4%
- Adjusted net profit(1) of Euro 332 million and adjusted diluted
EPS(1) at Euro 1.82
- Adjusted EBITDA(1) of Euro 595 million, up 37.0% versus prior
year, with adjusted EBITDA(1) margin of 38.6%
- Industrial free cash flow(1) generation of Euro 301
million
“Another record quarter with profit growth
driven by an even richer mix and by the continuing appeal of
personalizations leading us to increase year-end guidance. The
order book remains at highest levels reflecting strong demand
across all geographies, covering the entire 2025,” said Benedetto
Vigna, Ferrari Chief Executive Officer. “Our brand’s uniqueness has
once again contributed to this success, informing everything we do
- from car launches, including the latest 296 Challenge and 499P
Modificata, to the exclusive experiences we offer our clients, such
as the Ferrari Gala recently held in New York and the Finali
Mondiali at Mugello circuit”.
For the three months ended |
(In Euro million, |
For the nine months ended |
September 30, |
unless otherwise stated) |
September 30, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
3,459 |
3,188 |
271 |
9% |
Shipments (in units) |
10,418 |
9,894 |
524 |
5% |
1,544 |
1,250 |
294 |
24% |
Net revenues |
4,447 |
3,727 |
720 |
19% |
423 |
299 |
124 |
42% |
EBIT / Adj. EBIT(1) |
1,245 |
929 |
316 |
34% |
27.4% |
23.9% |
350 bps |
EBIT / Adj. EBIT(1) margin |
28.0% |
24.9% |
310 bps |
332 |
228 |
104 |
46% |
Net profit / Adj. net profit(1) |
963 |
718 |
245 |
34% |
1.82 |
1.24 |
0.58 |
47% |
Basic EPS (in Euro) / Adj. basic EPS(1) (in Euro) |
5.28 |
3.90 |
1.38 |
35% |
1.82 |
1.23 |
0.59 |
48% |
Diluted EPS (in Euro) / Adj. diluted EPS(1) (in Euro) |
5.28 |
3.88 |
1.40 |
36% |
595 |
435 |
160 |
37% |
EBITDA(1) / Adj. EBITDA(1) |
1,721 |
1,304 |
417 |
32% |
38.6% |
34.8% |
380 bps |
EBITDA(1) / Adj. EBITDA(1) margin |
38.7% |
35.0% |
370 bps |
Maranello (Italy), November 2,
2023 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the
“Company”) today announces its consolidated preliminary results(2)
for the third quarter and nine months ended September 30, 2023.
Shipments(3)(4)
For the three months ended |
Shipments |
For the nine months ended |
September 30, |
(units) |
September 30, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
1,398 |
1,291 |
107 |
8% |
EMEA |
4,570 |
4,431 |
139 |
3% |
1,096 |
905 |
191 |
21% |
Americas(5) |
2,927 |
2,616 |
311 |
12% |
395 |
431 |
(36) |
(8%) |
Mainland China, Hong Kong and Taiwan(6) |
1,130 |
1,074 |
56 |
5% |
570 |
561 |
9 |
2% |
Rest of APAC |
1,791 |
1,773 |
18 |
1% |
3,459 |
3,188 |
271 |
9% |
Total Shipments |
10,418 |
9,894 |
524 |
5% |
Shipments totaled 3,459 units in Q3 2023, up 271
units versus the prior year, serving a very solid order book and
reflecting volumes, geographic and product allocation plans by
quarter. As a result, EMEA(4) increased by 8.3%, Americas(4) was up
21.1%, Mainland China, Hong Kong and Taiwan decreased by 36 units
and Rest of APAC(4) was almost flat versus the prior year
quarter.
Deliveries in the quarter were driven by the 296
and the SF90 families, while the F8 Spider was approaching the end
of lifecycle. In the quarter the 812 Competizione A and the
Purosangue were in ramp up phase, and the allocations of the
Daytona SP3 continued as planned.
The product portfolio in the quarter included
nine internal combustion engine (ICE)(7) models and four hybrid
engine models. Hybrid deliveries reached 51.0% of total shipments
in the quarter.
Total net revenues
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
|
|
Change |
|
|
|
Change |
2023 |
2022 |
at constant |
|
2023 |
2022 |
at constant |
|
|
currency |
|
|
|
currency |
1,330 |
1,053 |
26% |
29% |
Cars and spare parts(8) |
3,830 |
3,156 |
21% |
21% |
145 |
127 |
14% |
13% |
Sponsorship, commercial and brand(9) |
422 |
362 |
16% |
14% |
28 |
41 |
(33%) |
(33%) |
Engines(10) |
88 |
119 |
(26%) |
(26%) |
41 |
29 |
40% |
46% |
Other(11) |
107 |
90 |
18% |
20% |
1,544 |
1,250 |
24% |
26% |
Total net revenues |
4,447 |
3,727 |
19% |
19% |
Net revenues for Q3 2023 were Euro 1,544
million, up 23.5% or 25.8% at constant currency(1).
Revenues from Cars and spare parts(8) were Euro
1,330 million (up 26.5% or 29.1% at constant currency(1)), thanks
to higher volumes, richer product mix and country mix, as well as
the increased contribution from personalizations and pricing.
Sponsorship, commercial and brand(9) revenues
reached Euro 145 million, up 13.8% or 13.4% at constant currency(1)
mainly attributable to new sponsorships and the better prior year
Formula 1 ranking.
The decrease in Engines(10) revenues (Euro 28
million, down 33.0%, also at constant currency(1)) was attributable
to lower shipments to Maserati, as the 2023 contract expiration
gets closer.
Currency – including translation and transaction
impacts as well as foreign currency hedges – had a negative net
impact of Euro 36 million, mostly related to Chinese Yuan, Japanese
Yen and US Dollar.
Adjusted
EBITDA(1) and
Adjusted EBIT(1)
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
|
|
Change |
|
|
|
Change |
2023 |
2022 |
at constant |
|
2023 |
2022 |
|
at constant |
|
|
currency |
|
|
|
|
currency |
595 |
435 |
37% |
40% |
EBITDA(1) / Adj. EBITDA(1) |
1,721 |
1,304 |
32% |
29% |
423 |
299 |
42% |
45% |
EBIT / Adj. EBIT(1) |
1,245 |
929 |
34% |
29% |
Q3 2023 Adjusted EBITDA(1) reached Euro 595
million, up 37.0% versus the prior year and with an Adjusted
EBITDA(1) margin of 38.6%.
Q3 2023 Adjusted EBIT(1) was Euro 423 million,
increased 41.6% versus the prior year and with an Adjusted EBIT(1)
margin of 27.4%.
Volume was positive (Euro 33 million),
reflecting the shipments increase versus the prior year.
The Mix / price variance performance was very
strong and positive (Euro 170 million), mainly reflecting the
enrichment of the product mix, sustained by the Daytona SP3, the
812 Competizione and the SF90 families, the positive country mix
driven by Americas, as well as the increased contribution from
personalizations and pricing.
Industrial costs / research and development
expenses increased (Euro 63 million), mainly due to higher
depreciation and amortization as well as raw materials cost
inflation.
SG&A also grew (Euro 10 million) mainly
reflecting the development of the Company’s organization and its
digital infrastructure.
Other changes were positive (Euro 17 million),
mainly reflecting higher commercial revenues from a better prior
year Formula 1 ranking and new sponsorships.
Financial income, net contributed positively for
approximately Euro 3 million thanks to higher yields on liquidity,
realized gains on bond cash tender executed in the quarter and
overall net foreign exchange impact.
The tax rate in the
quarter was approximately 22%, mainly reflecting the estimate of
the benefit attributable to the Patent Box, the Allowance for
Corporate Equity (ACE)(12) and tax incentives for eligible research
and development costs and investments.
As a result, the Adjusted Net profit(1) for the
quarter was Euro 332 million, up 45.7% versus the prior year, and
the Adjusted diluted earnings per share(1) for the quarter reached
Euro 1.82, compared to Euro 1.23 in Q3 2022.
Industrial free cash flow(1) for the quarter was
strong at Euro 301 million, driven by the increased Adjusted
EBITDA(1), partially offset by capital expenditures(13) of Euro 205
million and the increase in working capital, provisions and other
of Euro 80 million.
Net Industrial Debt(1) as of September 30, 2023
was Euro 233 million, compared to Euro 331 million as of June 30,
2023, also reflecting share repurchases of Euro 194 million. As of
September 30, 2023, total available liquidity was Euro 1,612
million (Euro 1,710 million as of June 30, 2023), including undrawn
committed credit lines of Euro 600 million.
Upward revised 2023 guidance, based on
the following assumptions for the year:
- Strong product mix and
personalizations higher than initially expected
- Better revenues from racing
activities
- Continuing cost inflation
- Increasing depreciation and
amortization in line with the start of production of new
models
- Industrial free cash flow
generation sustained by strong profitability, partially offset by
disciplined capital expenditures and negative change in working
capital
(€B, unless otherwise stated) |
2022A |
PREVIOUS2023GUIDANCE |
UPWARD
REVISED2023GUIDANCE |
NET REVENUES |
5.1 |
~5.8 |
~5.9 |
ADJ. EBIT (margin %) |
1.2324.1% |
1.51-1.54>26% |
≥1.57≥26.5% |
ADJ. DILUTED EPS (€) |
5.09(14) |
6.25-6.40(14) |
≥6.55(14) |
ADJ. EBITDA (margin %) |
1.7734.8% |
2.19-2.22 ~38% |
≥2.25 ≥38% |
INDUSTRIAL FCF |
0.76 |
~0.90 |
>0.90 |
Q3 2023 highlights:
- Scuderia Ferrari renewed its
multi-year partnership with sports company PUMA, which will become
its Premium Partner starting from next year. In the next years PUMA
will also continue to be the licensing partner for Ferrari-branded
products and the supplier of the Formula 1 team and race wear for
Ferrari.
Subsequent Events:
- A three-day exhibition hosting ca.
130,000 visitors at New York City’s Hudson Yards complex culminated
in an exclusive charity auction during the Ferrari Gala, which took
place on October 17, 2023 and gathered the Ferrari community
together for a charity auction that raised over USD 7 million. The
funds will be devoted to projects supporting education in the
community.
- At the Finali Mondiali, which took
place at the Mugello Circuit between October 24 and 30, Ferrari
presented the 296 Challenge and the 499P Modificata. Derived from
the 296 GTB, the 296 Challenge introduces substantial modifications
on the power unit, aero and vehicle dynamics fronts, all aimed at
guaranteeing maximum performance on the track. The 499P Modificata
is a strictly limited-series car for non-competitive track use,
derived from the 499P that triumphed in the Centenary edition of
the 24 Hours of Le Mans last June 2023.
- Under the third tranche of the new
multi-year common share repurchase program announced on June 30,
2022, from October 2, 2023 to October 20, 2023 the Company
purchased 17,957 common shares for a total consideration of Euro
5.2 million and completed the third tranche of the program. At
October 20, 2023 the Company held in treasury an aggregate of
13,258,742 common shares equal to 5.16% of the total issued share
capital including the common shares and the special voting shares,
net of shares assigned under the Company’s equity incentive
plan.
About Ferrari Ferrari is among
the world’s leading luxury brands focused on the design,
engineering, production and sale of the world’s most recognizable
luxury performance sports cars. Ferrari brand symbolizes
exclusivity, innovation, state-of-the-art sporting performance and
Italian design. Its history and the image enjoyed by its cars are
closely associated with its Formula 1 racing team, Scuderia
Ferrari, the most successful team in Formula 1 history. From the
inaugural year of Formula 1 World Championship in 1950 through the
present, Scuderia Ferrari has won 243 Grand Prix races, 16
Constructors’ World titles and 15 Drivers’ World titles. Ferrari
designs, engineers and produces its cars in Maranello, Italy, and
sells them in over 60 markets worldwide.
Forward Looking StatementsThis
document, and in particular the section entitled “Upward revised
2023 guidance”, contain forward-looking statements. These
statements may include terms such as “may”, “will”, “expect”,
“could”, “should”, “intend”, “estimate”, “anticipate”, “believe”,
“remain”, “continue”, “on track”, “successful”, “grow”, “design”,
“target”, “objective”, “goal”, “forecast”, “projection”, “outlook”,
“prospects”, “plan”, “guidance” and similar expressions.
Forward-looking statements are not guarantees of future
performance. Rather, they are based on the Group’s current
expectations and projections about future events and, by their
nature, are subject to inherent risks and uncertainties. They
relate to events and depend on circumstances that may or may not
occur or exist in the future and, as such, undue reliance should
not be placed on them. Actual results may differ materially from
those expressed in such statements as a result of a variety of
factors, including: the Group’s ability to preserve and enhance the
value of the Ferrari brand; the performance of the Group’s racing
teams, the expenses the Group incurs for and commercial revenues
the Group generates from racing, as well as the popularity of motor
sports more broadly; the Group’s ability to keep up with advances
in high performance car technology, to meet the challenges and
costs of integrating advanced technologies, including hybrid and
electric, more broadly into its car portfolio over time and to make
appealing designs for its new models; the impact of increasingly
stringent fuel economy, emissions and safety standards, including
the cost of compliance, and any required changes to its products,
as well as possible future bans of combustion engine cars in cities
and the potential advent of self-driving technology; increases in
costs, disruptions of supply or shortages of components and raw
materials; global economic conditions, macro events, pandemics and
conflicts, including the ongoing conflict between Russia and
Ukraine and the more recent hostilities between Israel and Hamas;
changes in the general economic environment (including changes in
some of the markets in which the Group operates) and changes in
demand for luxury goods, including high performance luxury cars,
demand for which is highly volatile; the Group’s ability to
successfully carry out its low volume / controlled growth strategy
in the markets the Group is present; the Group’s ability to
preserve its relationship with the automobile collector and
enthusiast community; competition in the luxury performance
automobile industry; changes in client preferences and automotive
trends; disruptions at the Group’s manufacturing facilities in
Maranello and Modena; climate change and other environmental
impacts, as well as an increased focus of regulators and
stakeholders on environmental matters; the Group’s ability to
maintain the functional and efficient operation of its information
technology systems and to defend from the risk of cyberattacks,
including on its in-vehicle technology; reliance upon a number of
key members of executive management and employees, and the ability
of its current management team to operate and manage effectively;
the performance of the Group’s dealer network on which the Group
depends for sales and services; the Group’s ability to protect its
intellectual property rights and to avoid infringing on the
intellectual property rights of others; product warranties, product
recalls, and liability claims; the performance of the Group’s
lifestyle activities; the Group’s continued compliance with customs
regulations of various jurisdictions; changes in tax, tariff or
fiscal policies and regulatory, political and labor conditions in
the jurisdictions in which the Group operates; labor relations and
collective bargaining agreements; the Group’s ability to ensure
that its employees, agents and representatives comply with
applicable law and regulations; the Group’s ability to service and
refinance its debt; exchange rate fluctuations, interest rate
changes, credit risk and other market risks; the Group’s ability to
provide or arrange for adequate access to financing for its dealers
and clients, and associated risks; the adequacy of its insurance
coverage to protect the Group against potential losses; potential
conflicts of interest due to director and officer overlaps with the
Group’s largest shareholders; and other factors discussed elsewhere
in this document.
The Group expressly disclaims and does not
assume any liability in connection with any inaccuracies in any of
the forward-looking statements in this document or in connection
with any use by any third party of such forward-looking statements.
Any forward-looking statements contained in this document speak
only as of the date of this document and the Company does not
undertake any obligation to update or revise publicly
forward-looking statements. Further information concerning the
Group and its businesses, including factors that could materially
affect the Company’s financial results, is included in the
Company’s reports and filings with the U.S. Securities and Exchange
Commission, the AFM and CONSOB.
For further information:Media Relationstel.: +39 0536
949337Email: media@ferrari.com
Investor Relationstel.: +39 0536 949695Email: ir@ferrari.com
www.ferrari.com
Capex and R&D
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2023 |
2022 |
|
2023 |
2022 |
205 |
198 |
Capital expenditures(13) |
553 |
496 |
103 |
94 |
of which capitalized development costs(15) (A) |
323 |
288 |
129 |
117 |
Research and development costs expensed (B) |
381 |
387 |
232 |
211 |
Total research and development (A+B) |
704 |
675 |
92 |
65 |
Amortization of capitalized development costs (C) |
248 |
176 |
221 |
182 |
Research and development costs as recognized
in the consolidated income statement (B+C) |
629 |
563 |
Non-GAAP financial measures
Operations are monitored through the use of
various non-GAAP financial measures that may not be comparable to
other similarly titled measures of other companies.
Accordingly, investors and analysts should
exercise appropriate caution in comparing these supplemental
financial measures to similarly titled financial measures reported
by other companies.
We believe that these supplemental financial
measures provide comparable measures of financial performance which
then facilitate management’s ability to identify operational
trends, as well as make decisions regarding future spending,
resource allocations and other operational decisions.
Certain totals in the tables included in this
document may not add due to rounding.
Key performance metrics and
reconciliations of NON-GAAP financial measures
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2023 |
2022 |
|
2023 |
2022 |
1,544 |
1,250 |
Net revenues |
4,447 |
3,727 |
779 |
655 |
Cost of sales |
2,216 |
1,922 |
119 |
107 |
Selling, general and administrative costs |
346 |
300 |
221 |
182 |
Research and development costs |
629 |
563 |
4 |
8 |
Other expenses/(income), net |
15 |
18 |
2 |
1 |
Results from investments |
4 |
5 |
423 |
299 |
EBIT/Adjusted EBIT |
1,245 |
929 |
(3) |
14 |
Financial expenses/(income), net |
10 |
32 |
426 |
285 |
Profit before taxes |
1,235 |
897 |
94 |
57 |
Income tax expenses |
272 |
179 |
22% |
20% |
Effective tax rate |
22% |
20% |
332 |
228 |
Net profit / Adjusted net profit |
963 |
718 |
1.82 |
1.24 |
Basic / Adjusted basic EPS (€) |
5.28 |
3.90 |
1.82 |
1.23 |
Diluted / Adjusted diluted EPS (€) |
5.28 |
3.88 |
595 |
435 |
EBITDA / Adjusted EBITDA |
1,721 |
1,304 |
586 |
424 |
of which EBITDA (Industrial activities only) |
1,695 |
1,272 |
Total net revenues, EBITDA, Adj. EBITDA,
EBIT and Adj. EBIT at constant currency eliminate the
effects of changes in foreign currency (transaction and
translation) and of foreign currency hedges.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
|
2023 |
|
|
2023 |
2023 |
at constant |
|
2023 |
at constant |
|
currency |
|
|
currency |
1,330 |
1,386 |
Cars and spare parts |
3,830 |
3,881 |
145 |
150 |
Sponsorship, commercial and brand |
422 |
426 |
28 |
28 |
Engines |
88 |
88 |
41 |
43 |
Other |
107 |
108 |
1,544 |
1,607 |
Total net revenues |
4,447 |
4,503 |
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
|
2023 |
|
|
2023 |
2023 |
at constant |
|
2023 |
at constant |
|
currency |
|
|
currency |
595 |
645 |
Adjusted EBITDA |
1,721 |
1,760 |
423 |
473 |
Adjusted EBIT |
1,245 |
1,284 |
EBITDA is defined as net profit
before income tax expense, financial expenses/(income), net and
amortization and depreciation. Adjusted EBITDA is
defined as EBITDA as adjusted for certain income and costs, which
are significant in nature, expected to occur infrequently, and that
management considers not reflective of ongoing operational
activities.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
332 |
228 |
104 |
Net profit |
963 |
718 |
245 |
94 |
57 |
37 |
Income tax expense |
272 |
179 |
93 |
(3) |
14 |
(17) |
Financial expenses/(income), net |
10 |
32 |
(22) |
172 |
136 |
36 |
Amortization and depreciation |
476 |
375 |
101 |
595 |
435 |
160 |
EBITDA |
1,721 |
1,304 |
417 |
- |
- |
- |
Adjustments |
- |
- |
- |
595 |
435 |
160 |
Adjusted EBITDA |
1,721 |
1,304 |
417 |
Adjusted Earnings Before Interest and Taxes or
“Adjusted EBIT” represents EBIT as adjusted for
certain income and costs which are significant in nature, expected
to occur infrequently, and that management considers not reflective
of ongoing operational activities.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
423 |
299 |
124 |
EBIT |
1,245 |
929 |
316 |
- |
- |
- |
Adjustments |
- |
- |
- |
423 |
299 |
124 |
Adjusted EBIT |
1,245 |
929 |
316 |
Adjusted Net profit represents
net profit as adjusted for certain income and costs (net of tax
effect) which are significant in nature, expected to occur
infrequently, and that management considers not reflective of
ongoing operational activities.
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
332 |
228 |
104 |
Net profit |
963 |
718 |
245 |
- |
- |
- |
Adjustments |
- |
- |
- |
332 |
228 |
104 |
Adjusted net profit |
963 |
718 |
245 |
Basic and diluted
EPS(16)
are determined as per the table here below. Adjusted
EPS represents EPS as adjusted for certain income and
costs (net of tax effect) which are significant in nature, expected
to occur infrequently, and that management considers not reflective
of ongoing operational activities.
For the three months ended |
(Euro million, unless otherwise stated) |
For the nine months ended |
September 30, |
|
September 30, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
330 |
226 |
104 |
Net profit attributable to the owners of the Company |
959 |
713 |
246 |
181,046 |
182,688 |
|
Weighted average number of common shares (thousand) |
181,432 |
183,068 |
|
1.82 |
1.24 |
0.58 |
Basic EPS (in Euro) |
5.28 |
3.90 |
1.38 |
- |
- |
- |
Adjustments |
- |
- |
- |
1.82 |
1.24 |
0.58 |
Adjusted basic EPS (in Euro) |
5.28 |
3.90 |
1.38 |
181,315 |
182,992 |
|
Weighted average number of common shares for diluted earnings per
common share (thousand) |
181,701 |
183,372 |
|
1.82 |
1.23 |
0.59 |
Diluted EPS (in Euro) |
5.28 |
3.88 |
1.40 |
- |
- |
- |
Adjustments |
- |
- |
- |
1.82 |
1.23 |
0.59 |
Adjusted diluted EPS (in
Euro) |
5.28 |
3.88 |
1.40 |
Net Industrial Debt, defined as
total Debt less Cash and Cash Equivalents (Net Debt), further
adjusted to exclude the debt and cash and cash equivalents related
to our financial services activities (Net Debt of Financial
Services Activities).
(Euro million) |
Sept. 30, 2023 |
Jun. 30,2023 |
Mar. 31, 2023 |
Dec. 31,2022 |
Debt |
(2,542) |
(2,681) |
(2,708) |
(2,812) |
of
which leased liabilities as per IFRS 16 (simplified approach) |
(81) |
(68) |
(67) |
(57) |
Cash
and Cash Equivalents |
1,012 |
1,110 |
1,441 |
1,389 |
Net Debt |
(1,530) |
(1,571) |
(1,267) |
(1,423) |
Net
Debt of Financial Services Activities |
(1,297) |
(1,240) |
(1,214) |
(1,216) |
Net Industrial Debt |
(233) |
(331) |
(53) |
(207) |
Free Cash Flow and Free
Cash Flow from Industrial Activities are two of
management’s primary key performance indicators to measure the
Group’s performance. Free Cash Flow is defined as cash flows from
operating activities less investments in property, plant and
equipment (excluding right-of-use assets recognized during the
period in accordance with IFRS 16 — Leases), intangible assets and
joint ventures. Free Cash Flow from Industrial Activities is
defined as Free Cash Flow adjusted to exclude the operating cash
flow from our financial services activities (Free Cash Flow from
Financial Services Activities).
For the three months ended |
(Euro million) |
For the nine months ended |
September 30, |
|
September 30, |
2023 |
2022 |
|
2023 |
2022 |
481 |
386 |
Cash flow from operating activities |
1,190 |
973 |
(205) |
(198) |
Investments in property, plant and equipment and intangible
assets(13) |
(553) |
(496) |
276 |
188 |
Free Cash Flow |
637 |
477 |
(25) |
(31) |
Free Cash Flow from Financial Services Activities |
(71) |
(120) |
301 |
219 |
Free Cash Flow from Industrial
Activities(17) |
708 |
597 |
On November 2, 2023, at 3:00 p.m. CET,
management will hold a conference call to present the Q3 2023
results to financial analysts and institutional investors. Please
note that registering in advance is required to access the
conference call details. The call can be followed live and a
recording will subsequently be available on the Group’s website
https://www.ferrari.com/en-EN/corporate/investors. The supporting
document will be made available on the website prior to the
call.
1 Refer to specific paragraph on
non-GAAP financial measures. The term EBIT is used as a synonym for
operating profit. There were no adjustments impacting EBITDA,
EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted
EPS in the periods presented.2 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
Union3 Excluding the XX Programme, racing cars, one-off
and pre-owned cars 4 EMEA includes: Italy, UK, Germany,
Switzerland, France, Middle East (includes the United Arab
Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait),
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, India and Malaysia5 Of which 935
units in Q3 2023 (+25.7% vs Q3 2022) and 2,497 units in 9M 2023
(+11.8% vs 9M 2022) in the United States of
America6 Of which 342 units in Q3 2023
(-11.4% vs Q3 2022) and 929 units in 9M 2023 (+4.3% vs 9M 2022) in
Mainland China7 It includes one ICE track car model
8
Includes net
revenues generated from shipments of our cars, any personalization
generated on cars, as well as sales of spare parts9
Includes net
revenues earned by our racing teams (mainly in the Formula 1 World
Championship and the World Endurance Championship) through
sponsorship agreements, our share of the Formula 1 World
Championship commercial revenues, and net revenues generated
through the Ferrari brand, including fashion collection,
merchandising, licensing and royalty income10
Includes net
revenues generated from the sale of engines to Maserati for use in
their cars and from the rental of engines to other Formula 1 racing
teams11 Primarily
relates to financial services activities, management of the Mugello
racetrack and other sports-related activities 12 Also
known as Notional Interest Deduction - NID
13 Capital expenditures excluding
right-of-use assets recognized during the period in accordance with
IFRS 16 -
Leases14 Calculated
using the weighted average diluted number of common shares as of
December 31, 2022 (183,072 thousand)15 Capitalized as intangible
assets
16 For the three and nine months
ended September 30, 2023 and 2022 the weighted average number of
common shares for diluted earnings per share was increased to take
into consideration the theoretical effect of the potential common
shares that would be issued for outstanding share-based awards
granted by the Group (assuming 100 percent of the target awards
vested)17 Free cash
flow from industrial activities for the nine months ended September
30, 2023 includes Euro 1 million related to dividends to
withholding taxes and dividends to NCI, which are expected to be
paid in the following quarters. Free cash flow from industrial
activities for the nine months ended September 30, 2022 included
Euro 1 million related to withholding taxes and dividends to NCI,
which were paid in the following quarters.
- 1. 2023_11_02 - Ferrari Q3 2023 Results Press Release
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