Ferrari Nv · MIL:RACE
Ferrari Nv — Q3 2022 Earnings Presentation
27 slides from Ferrari Nv's earnings presentation, Nov 2, 2022
Slide 1: Q3 2022 Results
Q3 2022 RESULTS MARANELLO, NOVEMBER 2, 2022
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “Upward revised 2022 guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”,
Slide 3: Delivering strong results leading to upward revised 2022 guidance on all metrics
DELIVERING STRONG RESULTS LEADING TO UPWARD REVISED 2022 GUIDANCE ON ALL METRICS Revenues at €1,250M, EBITDA(1) at €435M and EBIT at €299M, all growing double digit vs. prior year Remarkable order intake, with only few models available Purosangue World Premiere in Tuscany with 2,400 enthusiastic cli
Slide 4: Our Unforgettable Experiences
OUR UNFORGETTABLE EXPERIENCES Cavalcade Classiche in the Dolomites with 65 vintage Ferrari and owners from all over the world Esperienza Ferrari spanned over 5 months with 1,250 clients at the Fiorano racetrack, testing the 296 GTB World acclaimed third fashion show at the Milan Fashion Week Novembe
Slide 5: Motor Sport Activities
MOTOR SPORT ACTIVITIES Focus on the last races of the Formula 1 World Championship 500th Victory for Ferrari 488 GT3 at international level in the GT Series Victory of Ferrari in the IMSA series with both driver and team wins Ferrari Le Mans Hypercar unveiled at our Finali Mondiali at the Imola race
Slide 6: From Purpose to Action: ESG Update
FROM PURPOSE TO ACTION: ESG UPDATE New photovoltaic panels, reduced aluminum consumption and recovered heat dispersion Forestation project Bosco Ferrari started in Maranello Equal Salary certificate confirmed e.DO Learning Centre inaugurated November 2, 2022 6
Slide 7: Q3 2022 Highlights
Q3 2022 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q3 '22 3,188 Q3 '22 1,250 +15.9% +18.7% Q3 '21 2,750 Q3 '21 1,053 EBITDA(1) EBIT (€M and margin %) (€M and margin %) Q3 '22 435 34.8% Q3 '22 299 23.9% +17.1% +10.5% Q3 '21 371 35.2% Q3 '21 270 25.7% DILUTED EARNINGS PER SHARE(1) INDUSTRIAL FR
Slide 8: Q3 2022 – Shipments
Q3 2022 – SHIPMENTS(2) SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (Q3 2022 VS Q3 2021) Total shipments up 438 units or +15.9% vs (Q3 2022) Q3 2021: EMEA -1.3% INTERNAL (40% vs 47% PY) COMBUSTION • Deliveries increase driven by 296 GTB, ENGINE (ICE) in ramp up phase along with 812 81% AMERICAS Compet
Slide 9: Net Revenues Bridge Q3 2021 – 2022
NET REVENUES BRIDGE Q3 2021 – 2022 (€M) Net revenues reported +18.7% Net revenues at constant currency +13.0% (8) +14.0% -25.3% +21.6% +32.3% 56 1,250 124 21 7 1,194 29 27 123 1,053 3 1,056 (14) 116 41 20 20 41 95 95 55 55 1,010 1,057 883 886 Q3 2021 FX hedges Q3 2021 Q3 2021 w/o FX Cars and spare E
Slide 10: EBIT Bridge Q3 2021 – 2022
EBIT BRIDGE Q3 2021 – 2022 (€M) 62 299 38 270 3 273 (26) 261 3 (34) (17) Margin Margin 23.9% Margin Margin 21.9% 25.7% 25.8% EBIT Q3 2021 FX hedges EBIT Q3 2021 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q3 2022 at Change in FX 2021 EBIT Q3 2022 Q3 2021 FX hedges constant currency vs 20
Slide 11: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES JUN 30, 2022 – SEPT 30, 2022 (€M) 424 21 (387) 219 (28) (256) 219 (3) (198) (85) (9) EBITDA Change in Cash interest & Capex Industrial FCF June 30, 2022 Industrial FCF Q3 2022 Share Currency, other September 30, (Industrial working Taxes Q3 2022 N
Slide 12: Upward Revised 2022 Guidance Targeting Solid Growth
UPWARD REVISED 2022 GUIDANCE TARGETING SOLID GROWTH Carefully leveraging strong demand (€B, unless otherwise stated) 2021 PREVIOUS UPWARD Richer model mix being more than offset by the ACTUAL 2022 REVISED 2022 Monza SP1 and SP2 phase out GUIDANCE (10) GUIDANCE(10) Daytona SP3 and Purosangue commenci
Slide 13: Q&A
Q&A 13
Slide 14: Appendix
APPENDIX 14
Slide 15: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the Appendix 10. Subject to trading conditions unaffected by Covid-19 pandemic restrictions 2. Excluding the XX Programme, racing cars, one-off and pre-owned cars 11. Calculated using the weighted average dil
Slide 16: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 RANGE MODELS 599 GTB Fiorano California 458 Italia 458 Spider FF F12berlinetta California 30 California T 488 GTB 488 Spider
Slide 17: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION SPECIAL AND LIMITED EDITION MODELS INTRODUCED Model / year of delivery 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 SPECIAL SERIES F430 Scuderia Scuderia Spider 16M 599 GTO SA APERTA 458 Speciale 458 Speciale A F12tdf
Slide 18: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(3) 9,894 1,773 8,206 3,188 1,383 1,074 2,750 561 609 487 431 2,616 249 2,110 905 706 4,104 4,431 1,308 1,291 Q3 2021 Q3 2022 9M 2021 9M 2022 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (2) (3) Refer to notes to the presentation in the Appendix N
Slide 19: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Sept. At Jun. At Mar. 30 30 31 At Dec. 31 (256) 2022 2022 2022 2021 2020 2019 Debt (2,905) (2,765) (2,655) (2,630) (2,725) (2,090) (1,542) Cash and Cash Equivalents (A) 1,363 1,206 1,494 1,344 1,362 898 (1,286) Net Debt
Slide 20: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(14) HISTORICAL TREND Total available liquidity at €2,034M as of September 30, 2022 (€1,875M as of June 30, 2022), including undrawn committed credit lines of €671M Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1) (Industrial Activities only) 1.6x 1.2x 1.1x 1.0x 0.
Slide 21: Capex and R&D
CAPEX AND R&D Q3 '22 Q3 '21 €M, unless otherwise stated 9M '22 9M '21 198 189 Capital expenditures(9) 496 506 94 84 of which capitalized development costs(15) (A) 288 264 Research and development 117 130 387 402 costs expensed (B) 211 214 Total research and development (A+B) 675 666 Amortization of
Slide 22: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Operations are monitored through the use of various non-GAAP financial measures activities. that may not be comparable to other similarly titled measures of other companies. • Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as Accordingly, in
Slide 23: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q3 '22 Q3 '21 €M, unless otherwise stated 9M '22 9M '21 1,250 1,053 Net revenues 3,727 3,099 435 371 EBITDA / Adjusted EBITDA 1,304 1,133 424 361 of which EBITDA (Industrial Activities only) 1,272 1,105 136 101 Amortization and depreci
Slide 24: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(8) Q3 '22 at constant 9M '22 at constant Q3 '22 €M, unless otherwise stated 9M '22 currency currency 1,057 1,010 Cars and spare parts 3,169 3,066 41 41 Engines 119 119 123 116 Sponsorship, commercial and brand 349 332 29 2
Slide 25: Basic and Diluted EPS
BASIC AND DILUTED EPS Q3 '22 Q3 '21 €M, unless otherwise stated 9M '22 9M '21 226 206 Net profit attributable to owners of the Company 713 617 Weighted average number 182,688 184,317 183,068 184,601 of common shares (thousand)(16) 1.24 1.12 Basic EPS (€) 3.90 3.34 Weighted average number of common s
Slide 26: Reconciliations: Free Cash Flow and Industrial Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Q3 '22 Q3 '21 €M, unless otherwise stated 9M '22 9M '21 386 392 Cash flow from operating activities 973 927 Investments in property, plant and equipment (198) (189) (496) (506) and intangible assets(9)
Slide 27: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT September 30, June 30, March 31, December 31, December 31, December 31, €M, unless otherwise stated 2022 2022 2022 2021 2020 2019 Debt (2,905) (2,765) (2,655) (2,630) (2,725) (2,090) of which: Lease liabilities as per (60) (61) (59) (56) (62)
Ferrari N.V. Common Shares — Q3 2022 Earnings Presentation on 6ix