FY 2018 Results January 31 , 2019 - Ferrari · 2019. 1. 31. · FY 2018 Results January 31st, 2019 3 ANOTHER YEAR OF SUSTAINED GROWTH, ALL 2018 TARGETS MET OR EXCEEDED Note:(1) Reconciliations

1 FY 2018 Results January 31st, 2019

FY 2018 Results January 31st, 2019


SAFE HARBOUR STATEMENT

This document, and in particular the section entitled “2019 Guidance” contains 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” or similar terms. 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 success of Ferrari’s Formula 1 racing team and the expenses the Group incurs for Formula 1 activities; the Group’s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the challenges and costs of integrating hybrid technology more broadly into Group’s car portfolio over time; the Group’s ability to preserve its relationship with the automobile collector and enthusiast community; the Group’s low volume strategy; the ability of Maserati, the Group’s engine customer, to sell its planned volume of cars; changes in client preferences and automotive trends; changes in the general economic environment, including changes in some of the markets in which we operate, and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards, including the cost of compliance, and any required changes to its products; the Group’s ability to successfully carry out its growth strategy and, particularly, the Group’s ability to grow its presence in emerging market countries; the Group’s ability to achieve its key financial targets and financial policy; the Group’s ability to service and refinance its debt; competition in the luxury performance automobile industry; reliance upon a number of key members of executive management, 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 depend for sales and services; increases in costs, disruptions of supply or shortages of components and raw materials; disruptions at the Group’s manufacturing facilities in Maranello and Modena; the Group’s ability to provide or arrange for adequate access to financing for its dealers and clients, and associated risks; the performance of the Group’s licensees for Ferrari-branded products; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product warranties; continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; exchange rate fluctuations, interest rate changes, credit risk and other market risks; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates, including possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; ability to ensure that its employees, agents and representatives comply with applicable law and regulations; 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; ability to maintain the functional and efficient operation of its information technology systems, including our ability to defend from the risk of cyberattacks on our in-vehicle technology, 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.


ANOTHER YEAR OF SUSTAINED GROWTH, ALL 2018 TARGETS MET OR EXCEEDED

Note:(1) Reconciliations to non-GAAP financial measures are provided in the Appendix

(2) Adj. diluted EPS excludes the Patent Box benefit for the three-year period 2015-2017 and the release of charges related to Takata airbag inflator recalls

Record adj. diluted EPS(1)(2) of €3.40 (+21%) and strong

industrial free cash flow generation(1) of €405 million

(+23%)

Rewarding shareholders: announced a dividend payout

ratio increase to 30% and Euro 1.5 billion share

repurchases over the 2019-2022 period in relation to the

growth of our industrial free cash flow(1)

Successful launches of 488 Pista and 488 Pista Spider as

well as the unveiling of the new Icona pillar with the Ferrari

Monza SP1 and SP2

Awarded as “Best of the Best” engine over the past 20

years and “Red Dot: Best of the Best” design for the fourth

year running

BUILDING OUR FUTURE PRODUCT RANGE


PRODUCT LAUNCHES AND PRESENTATIONS

WHAT WE DID IN 2018 TO BE PRESENTED IN 2019…

…5 NEW MODELS


2.82

3.40 0.75 4.14

FY '17

FY '18

328

405

FY '17

FY '18

(473)

(240)(100)(340)

Dec. 31, 2017

Dec. 31, 2018

1,036

1,114

FY '17

FY '18

3,417

3,420

FY '17

FY '18

8,398

9,251

FY '17

FY '18

FY 2018 HIGHLIGHTS

Note: (1) Reconciliations to non-GAAP financial measures are provided in the Appendix

(2) Adj. diluted EPS excludes the Patent Box benefit for the three-year period 2015-2017 and the release of charges related to Takata airbag inflator recalls

Certain totals in the tables included in this document may not add due to rounding

32.6%

30.3%

SHIPMENTS

(UNITS)

Adjustments

Adjusted diluted EPS(1)(2)

Share repurchases

Net Industrial Debt(1) excluding share repurchases

+10.2%

NET REVENUES

(€M)

+0.1%

ADJUSTED EBITDA(1)

(€M and margin %)

+7.5%

INDUSTRIAL FREE CASH FLOW(1)

(€M)

+23.5%

+46.8%

-28.0%

DILUTED EARNINGS PER SHARE(1)

(€)

NET INDUSTRIAL DEBT(1)

(€M)


FY 2018 – SHIPMENTS

Note: (3) Refer to notes to the presentation in the Appendix

(4) Special Series figure includes also LaFerrari Aperta hypercar

ALL REGIONS POSITIVELY CONTRIBUTING

AMERICAS +6.7% (32% vs. 33% PY)

EMEA +13.1% (46% vs. 45% PY)

REST OF APAC +7.8% (14% vs. 15% PY)

CHINA, HONG KONG

AND TAIWAN +12.6% (8% vs. 7% PY)

Total shipments increased by 853 units (+10.2%

vs. PY) supported by a 19.6% increase in V12

models and a 7.3% increase in V8 models:

Strong deliveries for the 812 Superfast

Ferrari Portofino reached global distribution

First deliveries of the 488 Pista, 488 Pista

Spider yet to arrive on the market

LaFerrari Aperta finished its limited series run

SHIPMENTS BY REGION(3)

GT 32%

SPECIAL SERIES(4)

4%

ICONA 0%

SPORT 64%

PILLAR BREAKDOWN

SHIPMENTS BY PILLAR


NET REVENUES BRIDGE FY 2017-2018

Cars and spare parts: higher volumes

led by the 812 Superfast as well as the

ramp up of the Ferrari Portofino and

the 488 Pista. Pricing and

personalization programs positively

contributed along with deliveries of the

Ferrari J50 and first deliveries of the FXX

K EVO. Partially offset by lower sales of

LaFerrari Aperta.

Engines: the erosion reflected lower

shipments to Maserati

Sponsorship, commercial and brand:

stronger revenues from sponsorship as

well as higher 2017 championship

ranking compared to 2016, partially

offset by other brand related activities

Currency(9), including translation and

transaction impacts as well as foreign

currency hedges, had a negative impact

(mainly USD, GBP and JPY)

+0.1%, +€3 million at current currency

+3.2%, +€108 million at constant currency(9)

Note: (5) (6) (7) (8) Refer to notes to the presentation in the Appendix

(9) The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges

2,456 2,433 2,601 2,535

373 373 284 284

494 490 516 50694 94 97 95

(27) (89) (78)

168 26 3

FY 2017 FX hedges FY

2017

FY 2017 w/o FX

hedges

Cars and spare

parts

Engines Sponsorship,

commercial

and brand

Other FY 2018 at

constant

currency 2017

Change in FX

2017 vs. 2018

& FX hedges

FY 2018

FY 2018 at

current

currency

Cars and spare parts Engines Sponsorship, commercial and brand Other

3,417 3,420

(€M)

(5)

(6)

(7)

(8)

+6.9% -23.8% +5.3% +3.2%

3,498

(9)

3,390


ADJ. EBIT BRIDGE FY 2017 – 2018(1)

Volume increase thanks to the 812 Superfast, the ramp up of the Ferrari Portofino as well as the 488 Pista along with positive contribution from personalization programs

Mix / price negative due to the combined impact of lower sales of LaFerrari Aperta and the strong increase of the Ferrari Portofino. This was partially offset by the solid performance of the 812 Superfast as well as pricing and deliveries of Ferrari J50 and FXX K EVO.

Industrial costs / R&D slightly decreased mainly due to lower spending in F1 activities

SG&A mostly in line with prior year

Other increased thanks to stronger revenues from sponsorship, higher 2017 championship ranking compared to 2016 as well as a final favorable ruling on a prior year’s legal dispute as announced in Q1 2018. This was partially offset by a lower contribution from other brand related activities and engines supplied to Maserati.

Note: (1) Reconciliations to non-GAAP financial measures are provided in the Appendix.

(9) The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges

(€M)

Adj. EBITDA Adj. EBITDA at Adj. EBITDA at

Adj. EBITDA w/o FX hedges constant curr. 2017(9) current curr.

1,036 1,009 1,179 1,114

30.3% 29.8% 33.7% 32.6%

748 890

(27)(17) (3) (65)

775 118 8 36 825

Adj. EBIT FY

2017

FX hedges

FY 2017

Adj. EBIT FY

2017 w/o FX

hedges

Vol. Mix / Price Ind. Costs /

R&D

SG&A Other Adj. EBIT FY

2018 at

constant

currency 2017

Change in FX

2017 vs. 2018

& FX hedges

FY 2018

Adj. EBIT FY

2018 at current

currency

Margin

22.7%

Margin

24.1%

Margin

25.4%

Margin

22.1%

(9)


INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT BRIDGES(1) DEC 31, 2017 – DEC 31, 2018

Note: (1) Reconciliations to non-GAAP financial measures are provided in the Appendix

Industrial Free Cash Flow

(€M)

1,114

405

Adj. EBITDA FY

2018

Net ∆ working

capital and

Other

Tax paid Capex Industrial FCF

FY 2018

16

(637)

(88)

Change in Net Industrial Debt

(€M)

(473)

(240)

(340)

December 31,

2017

Net Industrial

Debt excl.

Buyback

Industrial FCF Dividends paid Currency and

other

December 31,

2018

Net Industrial

Debt excl.

buyback

Shares

repurchases

December 31,

2018

Net Industrial

Debt

405

(136)

(100)(36)


2019 GUIDANCE

DELIVERING SOLID GROWTH

Note: (10) Calculated using the weighted average diluted number of shares for 2018

(€B, unless otherwise stated) 2018A 2019E ∆ %

NET REVENUES 3.4 >3.5 >+3%

1.1 1.2-1.25 ~+10%32.6% ~34%

0.825 0.85-0.9 ~+6%24.1% ~24.5%

ADJ. DILUTED EPS(10)

(€) 3.40 3.50-3.70 ~+6%

IND. FCF 0.4 ~0.45 >+10%

ADJ. EBIT (margin %)

ADJ. EBITDA (margin %)

APPENDIX


NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the

Appendix

2. Adj. diluted EPS excludes the Patent Box benefit for the three-year

period 2015-2017 and the release of charges related to Takata airbag

inflator recalls

3. Shipments geographical breakdown

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

4. Special Series figure includes also LaFerrari Aperta hypercar

5. Includes the net revenues generated from shipments of our cars,

including any personalization revenue generated on these cars and

sales of spare parts

6. 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

7. 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

8. Primarily includes interest income generated by our financial services

activities and net revenues from the management of the Mugello

racetrack

9. The constant currency presentation eliminates the effects of changes in

foreign currency (transaction and translation) and of foreign currency

hedges

10. Calculated using the weighted average diluted number of shares for

2018


Model / Year of delivery 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

SPORT RANGE

F430

F430 Spider

599 GTB Fiorano

458 Italia

458 Spider

F12berlinetta

488 GTB

488 Spider

812 Superfast

GRAN TURISMO RANGE

612 Scaglietti

California

FF

California 30

California T

GTC4Lusso

GTC4Lusso T

Portofino

STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Range models introduced or announced



SPECIAL SERIES

Superamerica

F430 Scuderia

Scuderia Spider 16M

599 GTO

SA APERTA

458 Speciale

458 Speciale A

F12tdf

488 Pista

488 Pista Spider

ICONA

Ferrari Monza SP1

Ferrari Monza SP2


HYPERCAR

LaFerrari

LaFerrari Aperta

TRACK CARS

FXX K(11)

FXX K EVO(11)

FUORISERIE

F60 America(11)

J50(11)

STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Special and Limited edition models introduced or announced

Note: (11) Models not included in the total shipments’ figure provided


GROUP SHIPMENTS(3)

Note: (3) Refer to notes to the presentation in the Appendix

Graphs not to scale. Shipments including hypercars LaFerrari and LaFerrari Aperta

3,737 4,227

2,811 3,000

617

695 1,233

1,329 8,398

9,251

FY 2017 FY 2018

799 1,046

733

811 164

173 321

368 2,017

2,398

Q4 2017 Q4 2018

+18.9%

Americas EMEA China, Hong Kong and Taiwan Rest of APAC

+10.2%


Q4 '18 Q4 '17 €M, unless otherwise stated FY '18 FY '17

2,398 2,017 Worldwide shipments (units) 9,251 8,398

845 840 Net revenues 3,420 3,417

274 258 EBITDA(1) 1,115 1,036

- - Adjustments (1) -

274 258 Adjusted EBITDA(1) 1,114 1,036

79 64 Amortization and depreciation 289 261

195 194 EBIT 826 775

195 194 Adjusted EBIT(1) 825 775

8 4 Net financial expenses 23 29

187 190 Profit before taxes 803 746

(4) 54 Income tax expense / (benefit) 16 209

n.m. 27.9% Effective tax rate 2.0% 28.0%

191 136 Net profit 787 537

191 136 Adjusted net profit(1) 645 537

1.01 0.72 Basic EPS (€) 4.16 2.83

1.00 0.71 Diluted EPS(1)

(€) 4.14 2.82

1.01 0.72 Adjusted Basic EPS(1)

(€) 3.41 2.83

1.00 0.71 Adjusted Diluted EPS(1)

(€) 3.40 2.82

Certain totals in the tables included in this document may not add due to rounding.

KEY PERFORMANCE METRICS

Note: (1) Reconciliations to non-GAAP financial measures are provided in the Appendix.


Adj.

(€M) FY 2018 FY 2017 FY 2016 FY 2015 (12)FY 2015

Euro 616 435 318 137 22

Chinese Yuan 73 62 58 106 106

US Dollar 50 88 16 21 1

Japanese Yen 24 26 37 41 41

Other Currencies 31 37 29 17 13

Total (€ equivalent) 794 648 458 322 183

(1,133)

(340)

793

December 31, 2018

Net Industrial Debt

Funded Self-liquidating

Financial

Receivables Portfolio

December 31, 2018

Net Debt

o/w 86%

securitized(13)

700 500

299 156

143

73

11

45

2

344

158

843

73

511

2019 2020 2021 2022 2023

Bond US Securitizations Other Financial Liabilities

DEBT AND LIQUIDITY POSITION

Gross Debt Maturity Profile (€M) Cash and Marketable Securities (€M)

Net Industrial Debt (€M) Net Industrial Debt (€M)

Note: (12) After settlement of deposits on FCA Group cash management pools and financial liabilities with FCA

(13) Portion of the Self-liquidating Financial Receivables Portfolio funded through securitizations


(€M) 2018 2017 2016 2015

Total Debt (1,927) (1,806) (1,848) (2,260)

Cash & Cash Equivalents (A) 794 648 458 183

Deposits in FCA Cash Management Pools (B) - - - 139

(Net Debt)/Net Cash (1,133) (1,158) (1,390) (1,938)

Funded Self-Liquidating Financial 793 685 737 1,141

Receivables Portfolio

(Net Industrial Debt)/Net Industrial Cash (340) (473) (653) (797)

Undrawn Committed Credit Lines (C) 500 500 500 500

Total Available Liquidity (A+B+C) 1,294 1,148 958 822

At Dec. 31


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 our 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

Reconciliations are only provided to the most directly comparable

IFRS financial statement line item for Adjusted EBITDA, Adjusted EBIT

and Adjusted EPS diluted for historical periods, as the income or

expense excluded from these non-GAAP financial measures in

accordance with our policy are, by definition, not predictable and

uncertain

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.

EBITDA is defined as net profit before income tax expense, net financial expenses and

depreciation and amortization. Adjusted EBITDA is defined as EBITDA as adjusted for

income and costs, which are significant in nature, but expected to occur infrequently.

Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as adjusted

for income and costs, which are significant in nature, but expected to occur infrequently

Adjusted net profit represents net profit as adjusted for income and costs net of tax, which

are significant in nature, but expected to occur infrequently

Adjusted earnings per share diluted represents earnings per share as adjusted for income

and costs net of tax, which are significant in nature, but expected to occur infrequently

Net Industrial Debt defined as Net Debt excluding the funded portion of the self-

liquidating financial receivables portfolio, is the primary measure to analyze our financial

leverage and capital structure, and is one of the key indicators used to measure our

financial position

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 net cash generated from operations less cash flows used in investing

activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted for

the change in the self-liquidating financial receivables portfolio.

non-GAAP financial measures


Q4 '18 at current

currency

Q4 '18 at constant

currency€M

FY '18 at current

currency

FY '18 at constant

currency

637 633 Cars and spare parts 2,535 2,601

57 57 Engines 284 284

126 125 Sponsorship, commercial and brand 506 516

25 24 Other 95 97

845 839 Total Net Revenues 3,420 3,498


RECONCILIATIONS OF non-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT

AND CURRENT CURRENCY(9)

Note: (9) The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges


Q4 '18 €M FY '18

195 EBIT 826

195 Adjusted EBIT 825

(10) Currency (incl. hedges) 65

185 EBIT at constant currency 891

185 Adjusted EBIT at constant currency 890


RECONCILIATIONS OF non-GAAP MEASURES: EBIT AND ADJ. EBIT AT CONSTANT




Q4 '18 €M FY '18

274 EBITDA 1,115

274 Adjusted EBITDA 1,114

(10) Currency (incl. hedges) 65

264 EBITDA at constant currency 1,180

264 Adjusted EBITDA at constant currency 1,179


RECONCILIATIONS OF non-GAAP MEASURES: EBITDA AND ADJ. EBITDA AT CONSTANT




Q4 '18 Q4 '17 €M FY '18 FY '17

195 194 EBIT 826 775

- -Release of charges related to Takata

airbag inflator recalls(1) -

195 194 Adjusted EBIT 825 775


RECONCILIATIONS OF non-GAAP MEASURES: ADJUSTED EBIT


Q4 '18 Q4 '17 €M FY '18 FY '17

191 136 Net profit 787 537

(4) 54 Income tax expense / (benefit) 16 209

8 4 Net financial expenses 23 29

79 64 Amortization and depreciation 289 261

274 258 EBITDA 1,115 1,036


RECONCILIATIONS OF non-GAAP MEASURES: EBITDA


Q4 '18 Q4 '17 €M FY '18 FY '17

274 258 EBITDA 1,115 1,036


airbag inflator recalls(1) -

274 258 Adjusted EBITDA 1,114 1,036


RECONCILIATIONS OF non-GAAP MEASURES: ADJUSTED EBITDA


RECONCILIATIONS OF non-GAAP MEASURES: ADJUSTED NET PROFIT

Q4 '18 Q4 '17 €M FY '18 FY '17

191 136 Net profit 787 537


airbag inflator recalls (net of tax effect)(1) -

- -Patent Box benefit

for the period 2015-2017(141) -

191 136 Adjusted net profit 645 537



Q4 '18 Q4 '17 €M (unless otherwise stated) FY '18 FY '17

190 135 Net profit attributable to owners

of the Company785 535

188,294 188,954 Weighted average number of common

shares (thousand)188,606 188,951

1.01 0.72 Basic EPS (€) 4.16 2.83

189,081 189,759

Weighted average number of common

shares for diluted earnings per common

share (thousand)

189,394 189,759

1.00 0.71 Diluted EPS (€) 4.14 2.82


BASIC AND DILUTED EPS


Q4 '18 Q4 '17 € per common share FY '18 FY '17

1.01 0.72 Basic EPS 4.16 2.83


airbag inflator recalls (net of tax effect)(0.01) -


for the period 2015-2017(0.74) -

1.01 0.72 Adjusted EPS 3.41 2.83

1.00 0.71 Diluted EPS 4.14 2.82


airbag inflator recalls (net of tax effect)(0.01) -


for the period 2015-2017(0.74) -

1.00 0.71 Adjusted diluted EPS 3.40 2.82


RECONCILIATIONS OF non-GAAP MEASURES: ADJUSTED EPS


Q4 '18 Q4 '17 €M FY '18 FY '17

315 156 Cash flow from operating activities 935 671

(234) (140) Cash flows used in investing activitie s(14) (637) (387)

81 16 Free Cash Flow 298 284

36 (3)Change in the self-liquidating financial

receivables portfolio107 44

117 13 Free Cash Flow from Industrial

Activities(15 )405 328


RECONCILIATIONS OF non-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW

FROM INDUSTRIAL ACTIVITIES

Note: (14) Cash flow used in investing activities for the twelve months ended December 31, 2017 excludes proceeds from exercising the Delta Topco option of Euro 8 million

(15) Free cash flow from industrial activities for the three and twelve months ended December 31, 2018 includes Euro 1 million of quick refund to shareholders due to eligibility for withholding exemption.


€M December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017

Net Industrial Debt (340) (372) (472) (413) (473)

Funded portion of the self-liquidating

financial receivables portfolio793 762 731 666 685

Net Debt (1,133) (1,134) (1,203) (1,079) (1,158)

Cash and cash equivalents 794 753 650 743 648

Total Debt (1,927) (1,887) (1,853) (1,822) (1,806)


RECONCILIATIONS OF non-GAAP MEASURES: NET INDUSTRIAL DEBT

Documents

FY 2018 Results January 31 , 2019 - Ferrari · 2019. 1. 31. · FY 2018 Results January 31st, 2019 3 ANOTHER YEAR OF SUSTAINED GROWTH, ALL 2018 TARGETS MET OR EXCEEDED Note:(1) Reconciliations