04 Feb 2020 - 10:55Corporate and Financial

2019 performance confirms strong momentum 2020 guidance upgrading previous plan across all metrics

  • Total shipments of 10,131 units, up +9.5%
  • Net revenues of Euro 3,766 million, up +10.1% or +8.2% at constant currency(1)
  • Adj. EBITDA(2) of Euro 1,269 million, up +14.0% with an Adj. EBITDA margin of 33.7%
  • Adj. diluted EPS(2) of Euro 3.71 (+9.1%)
  • Industrial free cash flow(2) generation of Euro 675 million boosted by advances on the Ferrari Monza SP1 and SP2

Upgraded 2020 Guidance(4) vs. Plan:

  • Net revenues: > Euro 4.1 billion (from > Euro 3.8 billion)
  • Adj. EBITDA: Euro 1.38-1.43 billion (from > Euro 1.3 billion)
  • Adj. EBIT: Euro 0.95-1.0 billion (from > Euro 0.9 billion)
  • Adj. diluted EPS: Euro 3.90-3.95(5) per share (from > Euro 3.40 (6) per share)
  • Industrial free cash flow: ≥ Euro 0.4 billion (from > Euro 0.4 billion)

Maranello (Italy), February 4, 2020 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(7) for the fourth quarter and twelve months ended December 31, 2019.



Shipments totaled 10,131 units in 2019, up 880 units or +9.5% vs. prior year. This achievement was driven by an 11.2% increase in sales of 8 cylinder models (V8) and a 4.6% increase of 12 cylinder models (V12). Robust deliveries of the Ferrari Portofino and the 812 Superfast, along with the first deliveries of the F8 Tributo, the Ferrari Monza SP1 and SP2, were partially offset by lower volumes from the 488 family, with the 488 GTB and the 488 Spider concluding their lifecycle, partially compensated by the 488 Pista and the 488 Pista Spider.
Mainland China, Hong Kong and Taiwan were up +20.3%, EMEA(9) grew by +15.8%, Rest of APAC(9) increased by +12.9%, while Americas(9) was down -3.3%, reflecting the deliberate geographical rebalancing driven by product phase-in pace and waiting lists.

Total net revenues


Net revenues for 2019 increased to Euro 3.8 billion, up +10.1% and up +8.2% at constant currency(1). The increase of revenues in Cars and spare parts(10) to Euro 2.9 billion (+15.4% or +13.4% at constant currency(1)) was supported by volume increase of the 488 Pista and 488 Pista Spider, the Ferrari Portofino, the 812 Superfast and the initial deliveries of the F8 Tributo. Revenue growth was also supported by a positive contribution from the Ferrari Monza SP1 and SP2 as well as by personalization programs. This was partially offset by lower sales of the 488 GTB and the 488 Spider, as well as prior year shipments of LaFerrari Aperta and the Ferrari J50. Engines(11) revenues (Euro 198 million, -30.3% also at constant currency(1)) continued to decline, reflecting lower shipments to Maserati. Sponsorship, commercial and brand(12) revenues (Euro 538 million, +6.4% or +4.3% at constant currency(1)) increased due to higher revenues generated by Formula 1 racing activities. Currency – including translation and transaction impacts as well as foreign currency hedges – had a positive impact of Euro 64 million (mainly USD).

Adjusted EBITDA(2) and Adjusted EBIT(2)


2019 Adjusted EBIT(2) was Euro 917 million, +11.2% or +5.1% at constant currency(1) due to higher volumes (Euro 99 million) and a positive Mix / price variance (Euro 78 million). The latter was attributable to the initial deliveries of the Ferrari Monza SP1 and SP2 and to the impact of the personalization programs, while it was partially offset by a negative range product mix as well as prior year shipments of LaFerrari Aperta and the Ferrari J50. Industrial costs / research and development costs increased (Euro 94 million), mainly due to product innovation activities and Formula 1, higher operational startup expenses in connection with the introduction of new models as well as higher depreciation and amortization of fixed assets. SG&A (up Euro 20 million) reflected new product launches and the Company’s organizational development. Other (down Euro 21 million) decreased due to lower engine sales to Maserati and other supporting activities.

Financial charges in the year increased to Euro 42 million, up Euro 19 million compared to 2018, also reflecting the cost of the cash tender offer on part of the euro bonds outstanding, executed in July.

The tax rate in the year was 20%, mainly attributable to the combined effects of Patent Box and the deduction related to the hyper and super-depreciation of fixed assets in accordance with tax regulation in Italy.

As a result of the items described above, Adjusted diluted earnings(2) per share for the year reached Euro 3.71, up +9.1% vs. prior year.

Industrial free cash flow(2) for the year ended December 31, 2019, was Euro 675 million, mainly driven by Adjusted EBITDA(2) and the positive impact on working capital generated by the collection of advances on the Ferrari Monza SP1 and SP2, partially offset by capital expenditures of Euro 706 million, financial charges and income taxes.

Net Industrial Debt(2)(14) as of December 31, 2019, was Euro 337 million, compared to Euro 370 million as of December 31, 2018. During 2019, a total worth of Euro 387 million of share repurchases and Euro 195 million dividend distribution were accomplished. Lease liabilities per IFRS 16 as of December 31, 2019, were Euro 60 million.

Upgraded 2020 Guidance

Compared to the plan announced at the Capital Markets Day on September 18, 2018:


2019 highlights

Ferrari F8 Tributo:
Successfully presented at the Geneva Motor Show on March 5, 2019, the Ferrari F8 Tributo represents the most powerful V8 in the Prancing Horse history for a non-special series car and sets the benchmark not just for turbos but for engines across the board. The F8 Tributo delivers its 720 cv without the slightest hint of a turbo lag and produces an evocative soundtrack. Instantaneous power is matched by exceptional handling due to the car’s advanced vehicle dynamics.

Ferrari’s V8 takes its fourth consecutive International Engine & Powertrain of the Year award
On May 22, 2019, the 21st edition of the International Engine & Powertrain of the Year saw Ferrari triumph again, taking the overall title with its 720 cv, 3.9-litre V8 for the fourth year running, a feat never achieved by any other engine in the history of the awards.

Ferrari SF90 Stradale – “Beyond Imagination”
On May 29, 2019, Ferrari introduced a new chapter in its history with the introduction of its first series production PHEV (Plug-in Hybrid Electric Vehicle), the SF90 Stradale. The new top of the range model is revolutionary on every level and represents a true paradigm shift delivering unprecedented performance for a new series-production car. Statistics such as 1,000 cv, a weight-to-power ratio of 1.57 kg/cv and 390 kg of downforce at 250 km/h speak volumes regarding the SF90 Stradale’s characteristics.

Cash tender offers on certain series of euro notes issued by Ferrari N.V.
On July 4, 2019, Ferrari N.V. announced its intention to purchase its Euro 700,000,000 0.250 per cent. Notes due 16 January 2021 and Euro 500,000,000 1.500 per cent. Notes due 16 March 2023 for cash up to a maximum aggregate nominal amount of Euro 250,000,000 (the “Offer”).
Pursuant to the Offer, on July 12, 2019, the Company increased the maximum aggregate nominal amount to Euro 315,395,000 and accepted for purchase valid tenders for an aggregate nominal amount of Euro 200,000,000 of the 2021 Notes and Euro 115,395,000 of the 2023 Notes. After July 16, 2019 (Settlement Date), the nominal amount outstanding is Euro 500,000,000 for the 2021 Notes and Euro 384,605,000 for the 2023 Notes.

Ferrari takes the Red Dot: Best of the Best award for the Monza SP1
On July 8, 2019, the award ceremony of the Red Dot Award: Product Design 2019 took place in Essen, Germany. Ferrari received two prestigious accolades: the Red Dot: Best of the Best award for the Monza SP1 and an honorary recognition for the design team.

Ferrari N.V. taps the US Private Placements market with a Euro 300 million offering in two tranches of 10 and 12 year maturities
On July 31, 2019, Ferrari N.V. announced it completed a private placement to certain US institutional investors of Euro 150,000,000 aggregate principal amount of 1.12% senior notes due 2029 and Euro 150,000,000 aggregate principal amount of 1.27% senior notes due 2031.

Universo Ferrari – the first event dedicated exclusively to Ferrari in its hometown
On September 2, 2019, the first exhibition dedicated to the world of Ferrari in Maranello, Universo Ferrari, opened its doors. Over 14,000 customers, prospects and Ferrari enthusiasts visited the Universo Ferrari during the entire month of September, having the chance to experience the many facets of the marque in a holistic manner.

The Ferrari 812 GTS and the Ferrari F8 Spider
On September 9, 2019, the Company unveiled the 812 GTS, which made its return 50 years after the debut of the last sport front-mounted V12 spider. The model was revealed during the Universo Ferrari event held in Maranello. The exhibition was also the stage for the launch of the F8 Spider, the new generation drop-top sports car equipped with the most successful mid-rear-mounted V8 in history.

Brand Diversification Strategy
On November 4, 2019, during the Q3 2019 earnings call, management presented a synopsis of Ferrari’s finalized brand diversification strategy.

The Ferrari Roma – “La Nuova Dolce Vita”
On November 13, 2019, the Ferrari Roma was revealed during a dedicated client event held in Italy’s iconic capital. The new mid-front-engined 2+ coupé features refined proportions and timeless design combined with unparalleled performance and handling. Not only is the Ferrari Roma an icon of Italian design, but it also represents the pinnacle of performance in this category thanks to its turbo-charged V8 from the family of engines that has won the overall International Engine of the Year award four years running.

Ferrari N.V. signs a new syndicated revolving credit facilities
On December 11, 2019, Ferrari signed a Euro 350 million unsecured committed revolving credit facility intended for general corporate and working capital purposes (the “New RCF”). This facility replaces the previous Euro 500 million committed revolving credit facility due November 2020, which was cancelled the same day. The New RCF provides a lower cost of capital as compared to the prior facility and confirms the support that Ferrari receives from a large panel of international key relationship banks. Its lower size reflects an overall evaluation of the optimal capital structure of the Company going forward.

Subsequent events:
Under the common share repurchase program, from January 1, 2020, to January 31, 2020, the Company has purchased a further 159,125 common shares for a total consideration of Euro 24.5 million. At January 31, 2020, the Company held in treasury an aggregate of 8,799,301 common shares. As of the same date, the Company held 3.42% 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.

On January 22, 2020, Ferrari was awarded the title of world’s strongest brand for the second consecutive year by Brand Finance, the leading international independent brand valuation and strategy consultancy.

Capex and R&D


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.

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 certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.



Adjusted Earnings Before Interest and Taxes (“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.


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.


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.


Basic and diluted EPS(1)


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).


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 and intangible assets. 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).


On February 4, 2020, at 3.00 p.m. CET, management will hold a conference call to present the FY 2019 results to financial analysts and institutional investors. The call can be followed live and a recording will subsequently be available on the Group’s website http://corporate.ferrari.com/en/investors. The supporting document will be made available on the website prior to the call.

1The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges
2Refer to specific note on non-GAAP financial measures
3Net Profit and Adj. net profit for the three months ended December 31, 2018 reflected an income tax benefit of Euro 4 million as the result of the final determination of the tax rate for the year
4Compared to the Plan announced at the Capital Markets Day on September 18, 2018
5Calculated using the diluted number of common shares as of December 31, 2019 (186,052 thousand)
6Calculated using the weighted average diluted number of common shares as of June 30, 2018
7These 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 Union
8Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars
9EMEA 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
10Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts
11Includes 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
12Includes 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
13Primarily includes interest income generated by our financial services activities and net revenues from the management of the Mugello racetrack
14Net Industrial Debt redefined as Net Debt less Net Debt of Financial Services Activities
15Capitalized as intangible assets.
16For the three and twelve months ended December 31, 2019 and 2018 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 under the Company’s equity incentive plans (assuming 100 percent of the related awards vested).
17Free Cash Flow from Industrial Activities for the three and twelve months ended December 31, 2018, include Euro 1 million of quick refund to shareholders due to eligibility for withholding exemption