Record 2023 Results Strengthen the Foundation for
Continuous Growth
- Net revenues of Euro 5,970 million, up 17.2% versus prior year,
with total shipments of 13,663 units up 3.3% versus FY 2022
- Adjusted EBIT(1) of Euro 1,617 million, up 31.8% versus prior
year, with adjusted EBIT(1) margin of 27.1%
- Adjusted net profit(1) of Euro 1,257 million and adjusted
diluted EPS(1) at Euro 6.90
- Adjusted EBITDA(1) of Euro 2,279 million, up 28.5% versus prior
year, with adjusted EBITDA(1) margin of 38.2%
- Industrial free cash flow(1) generation of Euro 932
million
“2023 was a very successful year, during which
we strengthened our brand through a number of achievements
reflected in our unprecedented financial results. For the first
time, our net profit, up 34%, exceeded 1 billion Euro and the
annual EBITDA margin rose to 38.2%,” said Benedetto Vigna, Ferrari
Chief Executive Officer. “We now have a very important year ahead
of us in the execution of our business plan, which continues on
schedule along its carefully planned path. The record 2023 results,
the ambitions that we have on 2024, together with the exceptional
visibility on our order book allow us to look at the high-end of
2026 targets with stronger confidence”.
For the three months ended |
(In Euro million, |
For the twelve months ended |
December 31, |
unless otherwise stated) |
December 31, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
3,245 |
3,327 |
(82) |
(2%) |
Shipments (in units) |
13,663 |
13,221 |
442 |
3% |
1,523 |
1,368 |
155 |
11% |
Net revenues |
5,970 |
5,095 |
875 |
17% |
372 |
298 |
74 |
25% |
EBIT / Adj. EBIT(1) |
1,617 |
1,227 |
390 |
32% |
24.4% |
21.8% |
260 bps |
EBIT / Adj. EBIT(1) margin |
27.1% |
24.1% |
300 bps |
294 |
221 |
73 |
33% |
Net profit / Adj. net profit(1) |
1,257 |
939 |
318 |
34% |
1.63 |
1.21 |
0.42 |
35% |
Basic EPS (in Euro) / Adj. basic EPS(1) (in Euro) |
6.91 |
5.11 |
1.80 |
35% |
1.62 |
1.21 |
0.41 |
34% |
Diluted EPS (in Euro) / Adj. diluted EPS(1) (in Euro) |
6.90 |
5.09 |
1.81 |
36% |
558 |
469 |
89 |
19% |
EBITDA(1) / Adj. EBITDA(1) |
2,279 |
1,773 |
506 |
29% |
36.7% |
34.3% |
240 bps |
EBITDA(1) / Adj. EBITDA(1) margin |
38.2% |
34.8% |
340 bps |
Maranello (Italy), February 1,
2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the
“Company”) today announces its consolidated preliminary results(2)
for the fourth quarter and twelve months ended December 31,
2023.
Shipments(3)(4)
For the three months ended |
Shipments |
For the twelve months ended |
December 31, |
(units) |
December 31, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
1,493 |
1,527 |
(34) |
(2%) |
EMEA |
6,063 |
5,958 |
105 |
2% |
884 |
831 |
53 |
6% |
Americas(5) |
3,811 |
3,447 |
364 |
11% |
360 |
478 |
(118) |
(25%) |
Mainland China, Hong Kong and Taiwan(6) |
1,490 |
1,552 |
(62) |
(4%) |
508 |
491 |
17 |
3% |
Rest of APAC |
2,299 |
2,264 |
35 |
2% |
3,245 |
3,327 |
(82) |
(2%) |
Total Shipments |
13,663 |
13,221 |
442 |
3% |
Shipments totaled 13,663 units in 2023, up 442
units or 3.3% versus the prior year, serving a very solid order
book. In the year EMEA(4) increased by 1.8%, Americas(4) was up
10.6%, Mainland China, Hong Kong and Taiwan decreased by 62 units
and Rest of APAC(4) was substantially flat.
The increase in deliveries during the year was
driven by the Purosangue, which was in ramp up phase in the second
part of the year, as well as higher deliveries of the 296 and SF90
families. The first deliveries of the Roma Spider commenced in Q4.
During the year, the F8 family’s deliveries concluded and the
Portofino M was approaching the end of its lifecycle. In the year
the deliveries of Special Series increased, led by the 812
Competizione family. The allocations of the Daytona SP3 continued
as planned throughout the year.
The product portfolio in the year included
eleven internal combustion engine (ICE)(7) models and four hybrid
engine models, which represented 56% and 44% of total shipments,
respectively.
Total net revenues
For the three months ended |
(Euro million) |
For the twelve months ended |
December 31, |
|
December 31, |
|
|
Change |
|
|
|
Change |
2023 |
2022 |
at constant |
|
2023 |
2022 |
at constant |
|
|
currency |
|
|
|
currency |
1,289 |
1,165 |
11% |
12% |
Cars and spare parts(8) |
5,119 |
4,321 |
18% |
19% |
150 |
137 |
10% |
8% |
Sponsorship, commercial and brand(9) |
572 |
499 |
15% |
13% |
39 |
36 |
7% |
7% |
Engines(10) |
127 |
155 |
(18%) |
(18%) |
45 |
30 |
53% |
58% |
Other(11) |
152 |
120 |
27% |
29% |
1,523 |
1,368 |
11% |
12% |
Total net revenues |
5,970 |
5,095 |
17% |
17% |
Net revenues for 2023 were Euro 5,970 million,
up 17.2% or 17.1% at constant currency(1).
Revenues from Cars and spare parts(8) were Euro
5,119 million (up 18.5%, also at constant currency(1)), thanks to a
richer product and country mix, the increased contribution from
personalizations, higher volumes as well as pricing.
Sponsorship, commercial and brand(9) revenues
reached Euro 572 million, up 14.6% or 12.6% at constant currency(1)
mainly attributable to new sponsorships, higher Formula 1
commercial revenues and better ranking in 2022 vs. 2021, as well as
the contribution from lifestyle activities.
The decrease in Engines(10) revenues (Euro 127
million, down 18.4%, also at constant currency(1)) was attributable
to lower shipments to Maserati, whose contract expired at the end
of 2023.
Currency – including translation and transaction
impacts as well as foreign currency hedges – had a negative net
impact of Euro 8 million, mostly related to the Japanese Yen and
Chinese Yuan, partially offset by the US Dollar.
Adjusted
EBITDA(1) and
Adjusted EBIT(1)
For the three months ended |
(Euro million) |
For the twelve months ended |
December 31, |
|
December 31, |
|
|
Change |
|
|
|
Change |
2023 |
2022 |
at constant |
|
2023 |
2022 |
|
at constant |
|
|
currency |
|
|
|
|
currency |
558 |
469 |
19% |
21% |
EBITDA(1) / Adj. EBITDA(1) |
2,279 |
1,773 |
29% |
27% |
372 |
298 |
25% |
27% |
EBIT / Adj. EBIT(1) |
1,617 |
1,227 |
32% |
29% |
2023 Adjusted EBITDA(1) reached Euro 2,279
million, up 28.5% versus the prior year and with an Adjusted
EBITDA(1) margin of 38.2%.
2023 Adjusted EBIT(1) was Euro 1,617 million,
increased 31.8% versus the prior year and with an Adjusted EBIT(1)
margin of 27.1%.
Volume was positive (Euro 42 million),
reflecting the shipments increase versus the prior year.
The Mix / price variance performance was very
strong and positive (Euro 461 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 and Mainland China, Hong Kong and Taiwan, as
well as the increased contribution from personalizations and
pricing.
Industrial costs / research and development
expenses increased (Euro 166 million), mainly due to higher
depreciation and amortization, cost inflation and higher Formula 1
expenses.
SG&A also grew (Euro 43 million) mainly
reflecting the continuous development of the Company’s digital
infrastructure and organization, as well as brand investments.
Other changes were positive (Euro 81 million),
mainly reflecting higher Formula 1 commercial revenues and better
ranking in 2022 vs. 2021, new sponsorships, higher contribution
from lifestyle activities and a partial release of car
environmental provisions as a result of more favorable market
conditions.
Financial charges, net in the year were Euro 15
million, versus Euro 49 million of the prior year mainly thanks to
higher yields on liquidity, realized gain on bond cash tender and
positive foreign exchange impact net of hedging.
The tax rate in the
year was approximately 22%, mainly reflecting the estimate of the
benefit attributable to the Patent Box(12), the Allowance for
Corporate Equity (ACE)(13) and tax incentives for eligible research
and development costs and investments.
As a result, the Adjusted Net profit(1) for the
year was Euro 1,257 million, up 33.9% versus the prior year, and
the Adjusted diluted earnings per share(1) for the year reached
Euro 6.90, compared to Euro 5.09 in 2022.
Industrial free cash flow(1) for the year was
strong at Euro 932 million, driven by the increased Adjusted
EBITDA(1), partially offset by capital expenditures(14) of Euro 869
million, net cash interests and taxes for Euro 292 million and the
increase in working capital, provisions and other of Euro 150
million.
Net Industrial Debt(1) as of December 31, 2023
was Euro 99 million, compared to Euro 207 million as of December
31, 2022, also reflecting share repurchases of Euro 461 million and
Euro 334 million of dividends distribution. As of December 31,
2023, total available liquidity was Euro 1,722 million (Euro 2,058
million as of December 31, 2022), including undrawn committed
credit lines of Euro 600 million.
2024 guidance, based on the following
assumptions for the year:
- Positive product and country mix, along with strong
personalizations
- Racing activities impacted by lower Formula 1 ranking in 2023
despite higher number of races in the 2024 calendar
- Lifestyle activities expected to increase top line contribution
while investing to accelerate development
- Cost inflation to persist
- Continuous brand investments
- Robust Industrial free cash flow generation, partially offset
by increased capital expenditures and higher tax payment
(€B, unless otherwise stated) |
2023A |
2024GUIDANCE |
NET REVENUES |
6.0 |
>6.4 |
ADJ. EBIT (margin %) |
1.6227.1% |
≥1.77≥27% |
ADJ. DILUTED EPS (€) |
6.90(15) |
≥7.50(15) |
ADJ. EBITDA (margin %) |
2.2838.2% |
≥2.45 ≥38% |
INDUSTRIAL FCF |
0.93 |
>0.90 |
Q4 2023 highlights:
- The third tranche of the multi-year
share repurchase program was completed on October 19, 2023. Ferrari
announced its intention to continue with a fourth tranche of up to
Euro 350 million to be executed from November 8, 2023 and to end no
later than June 26, 2024.
- Ferrari announced the start of a
cross industry project in collaboration with Philip Morris
International which will bring together the two companies’
technological capabilities to scout and explore new energy-related
technologies that could support the decarbonization journey of
their respective production facilities in Maranello and
Crespellano, located 30 km apart in the Emilia Romagna Region. The
partnership aims to assess key solutions contributing to industrial
electrification in the generation, storage, and transformation of
renewable energy.
- Ferrari obtained the Equal-Salary
Certification for equal pay between genders at a global level. The
recognition is proof of the Company’s ongoing commitment to
ensuring a fair and inclusive workplace that values diversity. The
certification process involved an analysis of pay levels, with the
results showing that Ferrari is the first luxury group to have
eliminated the pay gap between men and women at a global
level.
- Ferrari announced 250 new hires in
the first six months of 2024, and will also launch a series of
initiatives to provide even greater support for its people, among
which a broad-based share ownership plan for the Ferrari Group's
5,000+ employees, the renewal of the Competitiveness Award and the
extension of health and parenting support initiatives.
Subsequent Events:
- Under the fourth tranche of the new
multi-year common share repurchase program announced on June 30,
2022, from January 1, 2024 to January 26, 2024 the Company
purchased 119,285 common shares for a total consideration of Euro
37.4 million. At January 26, 2024 the Company held in treasury an
aggregate of 13,624,694 common shares equal to 5.30% 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.
- Ferrari announced a new project
that stems from Ferrari's racing DNA and innovative drive. The
Prancing Horse is preparing to compete in the world of sailing
under the guidance of Team Principal and acclaimed navigator,
Giovanni Soldini. In addition to competing on tracks all over the
world, Ferrari is now embarking on this new venture to enhance its
technological know how, in line with the Company’s continuous will
to progress. This unique project will see the Maranello-based
company utilise cutting-edge technologies throughout the entire
cycle, from conception and engineering to realisation. The search
for maximum performance at sea will generate innovations and
concrete solutions for sustainability that, in line with Ferrari’s
tradition, will be an important stimulus in the evolution of its
sports cars.
- Ferrari announced that Scuderia
Ferrari has renewed its technical and racing multi-year agreement
with Charles Leclerc. The Monegasque driver will continue to
compete for the Italian team in the Formula 1 World Championship in
the next seasons.
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 “2024 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 Group’s
ability to attract and retain qualified personnel; the performance
of the Group’s racing activities and the sponsorship and commercial
revenues the Group generates and expenses the Group incurs for its
racing activities, 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;
the Group’s ability to successfully carry out its controlled growth
strategy and, particularly, the ability to increase its presence in
growth market countries; the Group’s low volume strategy; 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 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; product warranties,
product recalls, and liability claims; the performance of the
Group’s lifestyle activities; the Group’s ability to protect its
intellectual property rights and to avoid infringing on the
intellectual property rights of others; the Group’s continued
compliance with customs regulations of various jurisdictions; labor
relations and collective bargaining agreements; the Group’s ability
to ensure that its employees, agents and representatives comply
with applicable law and regulations; changes in tax, tariff or
fiscal policies and regulatory, political and labor conditions in
the jurisdictions in which the Group operates; 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
241053Email: media@ferrari.com
Investor Relationstel.: +39 0536 241395Email: ir@ferrari.com
www.ferrari.com
Capex and R&D
For the three months ended |
(Euro million) |
For the twelve months ended |
December 31, |
|
December 31, |
2023 |
2022 |
|
2023 |
2022 |
316 |
310 |
Capital expenditures(14) |
869 |
806 |
125 |
128 |
of which capitalized development costs(16) (A) |
448 |
416 |
158 |
131 |
Research and development costs expensed (B) |
539 |
518 |
283 |
259 |
Total research and development (A+B) |
987 |
934 |
95 |
82 |
Amortization of capitalized development costs (C) |
343 |
258 |
253 |
213 |
Research and development costs as recognized
in the consolidated income statement (B+C) |
882 |
776 |
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 twelve months ended |
December 31, |
|
December 31, |
2023 |
2022 |
|
2023 |
2022 |
1,523 |
1,368 |
Net revenues |
5,970 |
5,095 |
780 |
727 |
Cost of sales |
2,996 |
2,649 |
117 |
128 |
Selling, general and administrative costs |
463 |
428 |
253 |
213 |
Research and development costs |
882 |
776 |
3 |
3 |
Other expenses/(income), net |
18 |
21 |
2 |
1 |
Results from investments |
6 |
6 |
372 |
298 |
EBIT/Adjusted EBIT |
1,617 |
1,227 |
5 |
17 |
Financial expenses/(income), net |
15 |
49 |
367 |
281 |
Profit before taxes |
1,602 |
1,178 |
73 |
60 |
Income tax expenses |
345 |
239 |
20% |
21% |
Effective tax rate |
22% |
20% |
294 |
221 |
Net profit / Adjusted net profit |
1,257 |
939 |
1.63 |
1.21 |
Basic / Adjusted basic EPS (€) |
6.91 |
5.11 |
1.62 |
1.21 |
Diluted / Adjusted diluted EPS (€) |
6.90 |
5.09 |
558 |
469 |
EBITDA / Adjusted EBITDA |
2,279 |
1,773 |
548 |
460 |
of which EBITDA (Industrial activities only) |
2,243 |
1,732 |
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 twelve months ended |
December 31, |
|
December 31, |
|
2023 |
|
|
2023 |
2023 |
at constant |
|
2023 |
at constant |
|
currency |
|
|
currency |
1,289 |
1,309 |
Cars and spare parts |
5,119 |
5,190 |
150 |
151 |
Sponsorship, commercial and brand |
572 |
577 |
39 |
39 |
Engines |
127 |
127 |
45 |
47 |
Other |
152 |
155 |
1,523 |
1,546 |
Total net revenues |
5,970 |
6,049 |
For the three months ended |
(Euro million) |
For the twelve months ended |
December 31, |
|
December 31, |
|
2023 |
|
|
2023 |
2023 |
at constant |
|
2023 |
at constant |
|
currency |
|
|
currency |
558 |
575 |
Adjusted EBITDA |
2,279 |
2,335 |
372 |
389 |
Adjusted EBIT |
1,617 |
1,673 |
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 twelve months ended |
December 31, |
|
December 31, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
294 |
221 |
73 |
Net profit |
1,257 |
939 |
318 |
73 |
60 |
13 |
Income tax expense |
345 |
239 |
106 |
5 |
17 |
(12) |
Financial expenses/(income), net |
15 |
49 |
(34) |
186 |
171 |
15 |
Amortization and depreciation |
662 |
546 |
116 |
558 |
469 |
89 |
EBITDA |
2,279 |
1,773 |
506 |
- |
- |
- |
Adjustments |
- |
- |
- |
558 |
469 |
89 |
Adjusted EBITDA |
2,279 |
1,773 |
506 |
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 twelve months ended |
December 31, |
|
December 31, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
372 |
298 |
74 |
EBIT |
1,617 |
1,227 |
390 |
- |
- |
- |
Adjustments |
- |
- |
- |
372 |
298 |
74 |
Adjusted EBIT |
1,617 |
1,227 |
390 |
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 twelve months ended |
December 31, |
|
December 31, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
294 |
221 |
73 |
Net profit |
1,257 |
939 |
318 |
- |
- |
- |
Adjustments |
- |
- |
- |
294 |
221 |
73 |
Adjusted net profit |
1,257 |
939 |
318 |
Basic and diluted
EPS(17)
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 twelve months ended |
December 31, |
|
December 31, |
2023 |
2022 |
Change |
|
2023 |
2022 |
Change |
293 |
220 |
73 |
Net profit attributable to the owners of the Company |
1,252 |
933 |
319 |
180,592 |
182,149 |
|
Weighted average number of common shares (thousand) |
181,220 |
182,836 |
|
1.63 |
1.21 |
0.42 |
Basic EPS (in Euro) |
6.91 |
5.11 |
1.80 |
- |
- |
- |
Adjustments |
- |
- |
- |
1.63 |
1.21 |
0.42 |
Adjusted basic EPS (in Euro) |
6.91 |
5.11 |
1.80 |
180,883 |
182,434 |
|
Weighted average number of common shares for diluted earnings per
common share (thousand) |
181,511 |
183,121 |
|
1.62 |
1.21 |
0.41 |
Diluted EPS (in Euro) |
6.90 |
5.09 |
1.81 |
- |
- |
- |
Adjustments |
- |
- |
- |
1.62 |
1.21 |
0.41 |
Adjusted diluted EPS (in
Euro) |
6.90 |
5.09 |
1.81 |
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) |
Dec. 31, 2023 |
Sept. 30, 2023 |
Jun. 30,2023 |
Mar. 31, 2023 |
Dec. 31,2022 |
Debt |
(2,477) |
(2,542) |
(2,681) |
(2,708) |
(2,812) |
of
which leased liabilities as per IFRS 16 |
(73) |
(81) |
(68) |
(67) |
(57) |
Cash
and Cash Equivalents |
1,122 |
1,012 |
1,110 |
1,441 |
1,389 |
Net Debt |
(1,355) |
(1,530) |
(1,571) |
(1,267) |
(1,423) |
Net
Debt of Financial Services Activities |
(1,256) |
(1,297) |
(1,240) |
(1,214) |
(1,216) |
Net Industrial Debt |
(99) |
(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 twelve months ended |
December 31, |
|
December 31, |
2023 |
2022 |
|
2023 |
2022 |
527 |
430 |
Cash flow from operating activities |
1,717 |
1,403 |
(316) |
(310) |
Investments in property, plant and equipment and intangible
assets(14) |
(869) |
(806) |
211 |
120 |
Free Cash Flow |
848 |
597 |
(13) |
(41) |
Free Cash Flow from Financial Services Activities |
(84) |
(161) |
224 |
161 |
Free Cash Flow from Industrial Activities |
932 |
758 |
On February 1, 2024, at 3:00 p.m. CET,
management will hold a conference call to present the FY 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 765 units in Q4
2023 (+75 units or +10.9% vs Q4 2022) and 3,262 units in FY 2023
(+338 units or +11.6% vs FY 2022) in the United States of
America6 Of which 292 units in Q4 2023 (-107 units or
-26.8% vs Q4 2022) and 1,221 units in FY 2023 (-69 units or -5.3%
vs FY 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 Patent
Box regime as introduced by Article 1, par. 37-45 of Law No. 190 of
December 23, 2014, as amended and supplemented from time to time,
then replaced by Article 6 Decree-Law No. 146 of October 21, 2021,
converted with amendments into Law No. 215 of December 17, 2021, as
subsequently amended by Law No. 234 of December 30,
2021.13 Also known as Notional Interest Deduction -
NID
14 Capital expenditures excluding
right-of-use assets recognized during the period in accordance with
IFRS 16 - Leases15 Calculated using the weighted average
diluted number of common shares as of December 31, 2023 (181,511
thousand)16 Capitalized as intangible assets
17 For the three and twelve months
ended December 31, 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)
- 2024_02_01 - Ferrari FY 2023 Results Press Release
Ferrari NV (BIT:RACE)
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