q3 2017 results november 2 , 2017 - ferrari corporate · 2017-11-02 · q3 2017 results november...

1 1 Q3 2017 Results November 2nd, 2017

Q3 2017 Results

November 2nd, 2017

2 Q3 2017 Results November 2nd, 2017

SAFE HARBOUR STATEMENT

This document, and in particular the section entitled “2017 Outlook”, contains forward-looking statements. These statements may include terms such as “may”,

“will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”,

“forecast”, “projection”, “outlook”, “prospects”, “plan”, 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 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 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; 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 and other factors discussed elsewhere in this document.

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.

2


ON THE WAY TO 1 BILLION EURO ADJ. EBITDA

A RECORD THIRD QUARTER

• Solid revenues of €836 million (+7%) driving

adj. EBIT(1) to €202 million (+17%)

• Ferrari Portofino presented in September, already with a

robust waiting list

• Strong success of Ferrari’s client relations activities

• 2017 Outlook revised upward

Note:(1) Reconciliations to non-gaap financial measures are provided in the appendix


(653)

(485)

Dec. 31, 2016

Sept. 30, 2017

178

147

Q3 '16

Q3 '17

172

202

Q3 '16

Q3 '17

234

266

Q3 '16

Q3 '17

783

838

Q3 '16

Q3 '17

1,978

2,046

Q3 '16

Q3 '17

Q3 2017 HIGHLIGHTS

Shipments

(units)

Total shipments up 68 units mainly driven by 27% increase in V12 models. Few units decrease of

V8 mostly due to the California T phase-out:

Industrial free

cash flow(1)

(€M)

Net revenues

(€M)

Adjusted EBITDA(1)

(€M and

margin %)

Net industrial

debt(1)

(€M)

Adjusted EBIT(1)

(€M and

margin %)

The GTC4Lusso and the 488 families continue to perform strongly

LaFerrari Aperta fully contributing

The 812 Superfast just arrived in EMEA

The California T and the F12berlinetta phasing-out, as well as F12tdf finishing its limited series run

Deliveries of the Ferrari Portofino will commence in 2018

Net revenues up 6.7% (9.3% at constant currencies, mainly due to USD weakening vs. Euro)

• Cars and spare parts leading the way with volume, mix and pricing

• Partially offset by Engines due to the termination of the rental agreement with a Formula 1 racing

team and slightly lower sales to Maserati due to a different production schedule as well as the

deconsolidation of the European Financial Services business (November 2016)

Adjusted EBITDA(1) grew by 13.2%, primarily driven by higher volumes, mix thanks to LaFerrari

Aperta and pricing. Partially offset by higher R&D expenses for innovation, components and

hybrid technology.

Adjusted EBIT(1) margin increased by 220 bps driven by strong adjusted EBITDA(1)

Industrial free cash flow(1) driven by strong adjusted EBITDA(1), partially offset by net change in

working capital, capex and lack of contribution from advances of LaFerrari Aperta.

Second 2017 tax advance payment will impact next quarter.

Net industrial debt(1) reduced to €485 million thanks to positive industrial free cash flow(1)

generation

+3.4% +6.7%

24.2%

22.0%

31.8%

30.0%

+13.2% +17.3%

-17.4% -25.7%

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

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

783

836

Q3 '16

Q3 '17


Q3 2017 – SHIPMENTS BY REGION(2)

Note: (2) Refer to notes to the presentation in the Appendix

SOLID PERFORMANCE OF THE 488 AND THE GTC4LUSSO FAMILIES AS WELL AS LAFERRARI APERTA.

812 SUPERFAST JUST ARRIVED IN EMEA

Americas +5.0% • USA – increased by 1% with a strong performance of the 488 family, the GTC4Lusso and the limited edition LaFerrari

Aperta. Partially offset by California T and the F12berlinetta phasing-out. The F12tdf is finishing its limited series run. • The GTC4Lusso T and the 812 Superfast yet to arrive on the market

EMEA: +5.1% • UK – up almost 3% thanks to the 488 and the GTC4Lusso families while the 812 Superfast is yet to arrive on the market.

The California T and the F12berlinetta phasing-out, while the F12tdf is finishing its limited series run. • Double-digit growth in Italy (+24%) and France (+23%) thanks to the 488 and the GTC4Lusso families as well as the 812

Superfast just arrived on the market. Germany flat due to the California T and the F12berlinetta phasing-out. • Other European countries up double-digit, while Middle East recorded a decrease due to reallocation triggered by

tough market conditions

China, Hong Kong and Taiwan, on a combined basis: -15.6%

• China – mid single-digit growth supported by the GTC4Lusso family. 812 Superfast is yet to arrive on the market. • Hong Kong – slowdown as the new dealership became fully operational in Q3 2017 • Taiwan – few units decrease due to the California T and the F12berlinetta phasing-out

Rest of APAC: +7.1%

• Japan – shipments up 16% thanks to V8 models, the GTC4Lusso and LaFerrari Aperta. Partially offset by the F12berlinetta phasing-out and the F12tdf finishing its limited series run.

• Australia – substantially in line with prior year • Other APAC – shipments in line with prior year

Americas (36% vs. 35% PY)

EMEA (44% vs. 44% PY)

Rest of APAC (13% vs. 12% PY)

China, Hong

Kong and

Taiwan, on a

combined basis (7% vs. 9% PY)


537 605

9788

1251242419

(9) (1) (5)

68

Q3 2016 Cars and spare parts Engines Sponsorship,

commercial and

brand

Other Q3 2017

Cars and spare parts Engines Sponsorship, commercial and brand Other

783

836(€M)

(3) (4)

(5 )

(6 )

+12.7% -9.8% -1.3% -18.8%

NET REVENUES BRIDGE Q3 2016-2017

Note: Refer to notes to the presentation in the Appendix

+6.7%, +€53 million (+9.3% at constant currencies, mainly

due to USD weakening vs. Euro)

• Cars and spare parts: higher volumes and positive mix led by the 488 and the GTC4Lusso families, as well as LaFerrari Aperta along with a greater

contribution from personalization programs and pricing increases. Partially offset by the non-registered racing car FXX K completing its limited series

run in 2016.

• Engines: slight decrease due to the termination of the rental agreement with a Formula 1 racing team and slightly lower sales to Maserati due to a

different production schedule

• Sponsorship, commercial and brand: almost in line with prior year mostly due to lower 2016 championship ranking compared to 2015. Partially offset

by higher sponsorship revenues and brand related revenues.

• Other: decrease mostly due to the deconsolidation of the European Financial Services business since November 2016


(€M)

Top high end

luxury

peers(8)

Adj. EBITDA Adj. EBITDA

Adj. EBITDA w/o FX hedges (7) w/o FX hedges (7) Adj. EBITDA EBITDA

234 241 249 266 Margin(8)

30.0% 30.5% 30.4% 31.8% 33% - 37%

179 185 (8) (2)

(21)172

7 14 23

0 17 202

Adj. EBIT Q3

2016

FX hedges

Q3 2016

Adj. EBIT Q3

2016 w/o FX

hedges

Vol. Mix Ind. Costs /

R&D

SG&A FX Other Adj. EBIT Q3

2017 w/o FX

hedges

FX hedges

Q3 2017

Adj. EBIT Q3

2017

Margin

22.0%

Margin

24.2%

Margin

22.6%(7)Margin

22.7%(7)

ADJ. EBIT BRIDGE Q3 2016 – 2017(1)

• Volume increase of approx. 55 cars (excluding LaFerrari Aperta) thanks to the GTC4Lusso and the 488 families, together with positive contribution from personalization. Partially offset by the California T and

the F12berlinetta phasing-out.

• Positive mix impacted by LaFerrari Aperta as well as pricing increases. This was partially offset by the non-registered racing car FXX K that completed its limited series run in 2016.

• Industrial costs / R&D increased mainly due to higher R&D expenses to support product range and components innovation for hybrid technology. Partially offset by lower spending in F1 activities.

• SG&A slightly higher than prior year, impacted by costs related to the 70th anniversary and the approved Long-Term Incentive plan. Partially offset by the deconsolidation of the European Financial Services

business since November 2016.

• FX, excluding hedges, negatively impacted mostly due to USD, JPY and GBP depreciation

• Other in line with previous year due to positive contribution from supporting activities, offset by lower 2016 championship ranking compared to 2015, the termination of the rental agreement with a Formula

1 racing team and the deconsolidation of the European Financial Services business since November 2016

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix

(7) Margins without FX hedges have been calculated excluding FX hedges impact from net revenues, adjusted EBIT and adjusted EBITDA

(8) Ferrari’s elaboration on FY 2016 publicly available data on a panel of high end luxury peers


(€M)

(627)

(485)

June 30, 2017

Net Industrial

Debt

EBITDA Net ∆ working

capital

Tax paid Capex Other Cash distribution

and dividends

paid

FX and other September 30,

2017

Net Industrial

Debt

Industrial FCF €147m

266

(34)(93)

9

(1) (4)

(1)

NET INDUSTRIAL DEBT BRIDGE(1)

JUN 30, 2017 – SEPT 30, 2017


• Net change in working capital: decreases in trade payables and inventory due to seasonality in conjunction with the scheduled summer shutdown

• Tax paid: second 2017 tax advance payment will impact Q4 2017

• Other: positively impacted by accruals and reserves related to deferred compensations as well as provisions, partially offset by lack of contribution

from advances of LaFerrari Aperta

9 9 Q3 2017 Results November 2nd, 2017

A GT that represents a unique

combination of sportiness, elegance

and on board comfort

The renowned Ferrari V8 turbo, part of

the engine family that was nominated

International Engine of the Year in

both 2016 and 2017, now punches

out 40 cv more than the California T’s

power unit

Capable of unleashing a massive 600 cv,

the Ferrari Portofino is the most

powerful convertible to combine the

advantages of a retractable hard top, a

roomy boot and generous cockpit space

plus two rear seats suitable for short trips.


Q3 2017 – CLIENT RELATIONS ACTIVITIES

Maranello Weekend

September 8th – 10th

RM Auction

Concours d’Elegance

Celebration of 70th anniversary at home

WORLD TOUR

China, August 12th – 17th USA, August 18th – 20th Italy, September 8th – 10th Italy, September 2nd – 3rd

Portofino World Premiere

September 7th - 8th

Frankfurt Motorshow

September 12th - 24th Florence, Italy

September 25th – 30th


Q3 2017 – ATTIVITA’ SPORTIVE GT

XX PROGRAMS / F1 CLIENTI

Average entries per round

XX: 23

F1: 8

CONTINUOUSLY ENGAGING WITH OUR CUSTOMERS

FERRARI CHALLENGE

Average entries per round

EUROPE 41 (round 5)

NORTH AMERICA 45 (round 6)

ASIA PACIFIC 29 (round 6)

COMPETIZIONI GT FIA WEC

1st - 6 Hours of Circuit of the Americas

(GTE-Pro)

IMSA 2017 Team, Drivers and Manufacturer

Champions (GTD)


Q3 2017 – OTHER ACTIVITIES

Licensing

• Launch of “Bianchi for Scuderia Ferrari” project with “SF01” world

premiere at Eurobike show

• New license agreement with Cybex for Scuderia Ferrari infant car

seats and a collection of strollers

Retail

• At the end of September 2017, managing 18 directly operated

stores and 29 franchised locations (including 7 Ferrari Store Junior).

• New Store at “Scalo Milano” opened in September 2017

Museums

• More than 432,000 visitors since the beginning of the year between

Maranello and Modena, up 11% vs. prior year


2017 OUTLOOK REVISED UPWARD


(9) Including supercars

(10) Including a cash distribution to the holders of common shares and excluding potential share repurchases

Shipments

Net Revenues

Adj. EBITDA(1)

Net Industrial Debt(1)

Revised Outlook

~ 8,400(9)

~ €3.4 billion

~ €1 billion

< €500 million(10)

2017 Drivers

Top line growth driven by Cars and spare parts as

well as Engines, partially offset by different F1

ranking and deconsolidation of the European

Financial Services business

Positive contribution from both Volume and Mix,

partially offset by R&D and SG&A (F1, new stores

and 70th anniversary)

Strong adj. EBITDA, partially offset by capex to

support continuous product range renewal and

R&D for hybridization, taxes, lack of advances on

limited edition supercars and cash distributions to

holders of common shares

Strong contribution from range models (including

special liveries) and LaFerrari Aperta

Previous Outlook

Same

>€3.3 billion

> €950 million

~ €500 million(10)


Q&A

Appendix


NOTES TO THE PRESENTATION

1. Reconciliations to non-gaap financial measures are provided in

the appendix

2. 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; China, Hong

Kong and Taiwan includes, on a combined basis: China, Hong

Kong and Taiwan;

Rest of APAC includes: Japan, Australia, Singapore, Indonesia

and South Korea

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

including any personalization revenue generated on these cars

and sales of spare parts

4. Includes the net revenues generated from the sale of engines to

Maserati for use in their cars, and the revenues generated from

the rental of engines to other Formula 1 racing teams

5. 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

6. Primarily includes interest income generated by our financial

services activities and net revenues from the management of the

Mugello racetrack

7. Margins without FX hedges have been calculated excluding FX

hedges impact from net revenues, adjusted EBIT and adjusted

EBITDA

8. Ferrari’s elaboration on FY 2016 publicly available data on a

panel of high end luxury peers

9. Including supercars

10.Including a cash distribution to the holders of common shares

and excluding potential share repurchases

17 Q3 2017 Results November 2nd, 2017 Special series and one-offs not included

STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Product Line-Up (at least a new model launched every year)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

F430

F430 Spider

F430 Scuderia

California

Scuderia Spider 16M

458 Italia

458 Spider

California 30

458 Speciale

California T

Portofino

458 Speciale A

488 GTB

488 Spider

GTC4Lusso T

612 Scaglietti

Superamerica

599 GTB Fiorano

599 GTO

SA APERTA

FF

F12berlinetta

F12tdf

GTC4Lusso

812 Superfast

LaFerrari

LaFerrari Aperta

V8

V12

Supercars


2015 2016 2017 2018

F12tdf

LaFerrari

LaFerrari Aperta

FXX K(11)

F60 America(11)

J50(11)

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

LIMITED SERIES In and out from our portfolio


GROUP SHIPMENTS(2)

859 903

701 736

180 152

238 255

1,978 2,046

Q3 2016 Q3 2017

3,610 ~3,800

2,687 ~2,800

619 ~650

1,098 ~1,150

8,014 ~8,400

FY 2016 FY 2017E

Note: (2) Refer to notes to the presentation in the Appendix

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

+3.4%

Americas EMEA China, Hong Kong and Taiwan,

on a combined basis Rest of APAC

2,762 2,938

1,998 2,078

496 453

818 912

6,074 6,381

9M 2016 9M 2017

+5.1%


Q3 '17 Q3 '16 €M, unless otherwise stated 9M '17 9M '16

2,046 1,978 Worldwide shipments (units) 6,381 6,074

836 783 Net revenues 2,577 2,269

266 234 EBITDA(1) 778 619

- - Adjustments - 10

266 234 Adjusted EBITDA(1) 778 629

64 62 Amortization and depreciation 197 180

202 172 EBIT 581 439

202 172 Adjusted EBIT(1) 581 449

8 11 Net financial expenses 25 25

194 161 Profit before taxes 556 414

53 48 Income tax expense 155 126

27.6% 29.8% Effective tax rate 28.0% 30.4%

141 113 Net profit 401 288

141 113 Adjusted net profit(1) 401 295

0.74 0.59 Basic and diluted EPS (€) 2.11 1.52

0.74 0.59 Adjusted EPS(1)

(€) 2.11 1.56

KEY PERFORMANCE METRICS

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



99 199 199 199

500

29

240 181

101 41

4 4

2 169

442 383

302

500

2017 2018 2019 2020 2023

Term Loan Bond US Securitizations Other Financial Liabilities

DEBT AND LIQUIDITY POSITION

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

Net Cash/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


Cash Maturities

(1,179) 694

o/w 79%

securitized(13)

September 30, 2017

Net Industrial Debt

Funded Self-liquidating

Financial

Receivables Portfolio

September 30, 2017

Net Debt

(485)

Sep. 30 Jun. 30 Mar. 31 Adj.

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

Euro 443 280 394 318 137 22

US Dollar 60 24 59 16 21 1

Chinese Yuan 57 61 66 58 106 106

Japanese Yen 31 28 19 37 41 41

Other Currencies 28 30 31 29 17 13

Total (€ equivalent) 619 423 569 458 322 183

At Sep. 30 At Jun. 30 At Mar. 31 At Dec. 31

(€M) 2017 2017 2017 2016 2015

Gross Debt (1,798) (1,755) (1,870) (1,848) (2,260)

Cash & Cash Equivalents 619 423 569 458 183

Deposits in FCA Cash Management

Pools - - - - 139

(Net Debt)/Net Cash (1,179) (1,332) (1,301) (1,390) (1,938)

Funded Self-Liquidating Financial 694 705 723 737 1,141

Receivables Portfolio

(Net Industrial Debt)/Net Industrial

Cash (485) (627) (578) (653) (797)

Undrawn Committed Credit Lines 500 500 500 500 500

Total Available Liquidity 1,119 923 1,069 958 822


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

Non-GAAP financial measures

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, which are

significant in nature, but expected to occur infrequently

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

costs, 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.


Q3 '17 Q3 '16 €M 9M '17 9M '16

202 172 EBIT 581 439

- -Charges for Takata airbag

inflator recalls- 10

202 172 Adjusted EBIT 581 449

RECONCILIATION OF NON-GAAP MEASURES:

ADJUSTED EBIT


Q3 '17 Q3 '16 €M 9M '17 9M '16

141 113 Net profit 401 288

53 48 Income tax expenses 155 126

8 11 Net financial expenses 25 25

64 62 Amortization and depreciation 197 180

266 234 EBITDA 778 619

RECONCILIATION OF NON-GAAP MEASURES: EBITDA


Q3 '17 Q3 '16 €M 9M '17 9M '16

266 234 EBITDA 778 619


inflator recalls- 10

266 234 Adjusted EBITDA 778 629


ADJUSTED EBITDA


Q3 '17 Q3 '16 €M 9M '17 9M '16

141 113 Net profit 401 288


inflator recalls (net of tax effect)- 7

141 113 Adjusted net profit 401 295


ADJUSTED NET PROFIT


Q3 '17 Q3 '16 €M (unless otherwise stated) 9M '17 9M '16

140 113 Net profit attributable to owners

of the Company400 288

188,954 188,923 Weighted average number of common

shares (thousand)188,951 188,923

0.74 0.59 Basic EPS (€) 2.11 1.52

189,759 188,923

Weighted average number of common

shares for diluted earnings per common

share (thousand)

189,759 188,923

0.74 0.59 Diluted EPS (€) 2.11 1.52

BASIC AND DILUTED EPS


Q3 '17 Q3 '16 € per common share 9M '17 9M '16

0.74 0.59 EPS 2.11 1.52


inflator recalls (net of tax effect)- 0.04

0.74 0.59 Adjusted EPS 2.11 1.56


ADJUSTED EPS


Q3 '17 Q3 '16 €M 9M '17 9M '16

227 250 Cash flow from operating activities 515 566

(93) (75) Cash flows used in investing activitie s(14) (247) (232)

134 175 Free Cash Flow 268 334

13 3 Change in the self-liquidating financial

receivables portfolio47 17

147 178 Free Cash Flow from Industrial Activities 315 351

RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW

FROM INDUSTRIAL ACTIVITIES

Note: (14) Cash flow used in investing activities for the nine months ended September 30, 2017 excludes proceeds from exercising the Delta Topco option of Euro 8 million


€M September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016

Net Industrial Debt (485) (627) (578) (653)

Funded portion of the self-liquidating

financial receivables portfolio694 705 723 737

Net Debt (1,179) (1,332) (1,301) (1,390)

Cash and cash equivalents 619 423 569 458

Gross Debt (1,798) (1,755) (1,870) (1,848)


NET INDUSTRIAL DEBT

q3 2017 results november 2 , 2017 - ferrari corporate · 2017-11-02 · q3 2017 results november...

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