Ferrari Nv · MIL:RACE
Ferrari Nv — Q2 2021 Earnings Presentation
26 slides from Ferrari Nv's earnings presentation, Aug 2, 2021
Slide 1: Q2 2021 Results
Q2 2021 RESULTS MARANELLO, AUGUST 2, 2021
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “Upward revised 2021 guidance on industrial free cash flow from ~€350M to ~€450M”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimat
Slide 3: Continuing Strong Momentum Across All Regions
CONTINUING STRONG MOMENTUM ACROSS ALL REGIONS Solid set of results, with a robust EBITDA(1) margin at 37.4% thanks to rich mix. Sound industrial FCF(1) generation at €113M 2021 guidance on industrial free cash flow improved to ~€450M from ~€350M Record order intake across all models and regions 3 un
Slide 4: Enriching the Ferrari Offering and Customer Base
ENRICHING THE FERRARI OFFERING AND CUSTOMER BASE Special series 812 Competizione and 812 Competizione A already sold out prior to the unveiling 296 GTB, first V6 hybrid Ferrari at the apex of fun to drive experience New-to-Ferrari owners are 60% of orders for entry level models in H1 2021 Rejuvenati
Slide 5: Capital Markets Day June 16, 2022
Capital Markets Day June 16, 2022 Maranello August 2, 2024
Slide 6: Q2 2021 Highlights
Q2 2021 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q2 '21 2,685 Q2 '21 1,035 1.9x vs ‘20 1.8x vs ‘20 Q2 '20 1,389 Q2 '20 571 +0.5% vs ‘19 +5.2% vs ‘19 Q2 '19 2,671 Q2 '19 984 EBITDA(1) EBIT (€M and margin %) (€M and margin %) Q2 '21 386 37.4% Q2 '21 274 26.5% Q2 '20 124 21.9% 3.1x vs ‘20 Q2 '
Slide 7: Q2 2021 – Shipments
Q2 2021 – SHIPMENTS(2) SHIPMENTS BY REGION(4) SHIPMENTS BREAKDOWN (Q2 2021 VS. Q2 2020) Total shipments almost doubled vs. Q2 2020, (Q2 2021) heavily impacted by the 7-week production EMEA +89.4% and delivery suspension due to Covid-19 V8 (50% vs. 51% PY) 83% pandemic: AMERICAS +70.3% • F8 family an
Slide 8: Net Revenues Bridge Q2 2020 – 2021
NET REVENUES BRIDGE Q2 2020 – 2021 (€M) Net revenues reported +81.2% Net revenues at constant currency +86.0% (10) +101.0% +118.0% +12.6% +11.9% 1,067 457 25 10 2 1,035 20 94 18 (32) 91 45 45 571 573 2 18 18 908 881 83 84 20 20 450 451 Q2 2020 FX hedges Q2 2020 Q2 2020 w/o FX Cars and spare Engines(
Slide 9: EBIT Bridge Q2 2020 – 2021
EBIT BRIDGE Q2 2020 – 2021 (€M) 301 24 113 274 (1) (4) (27) 144 Margin Margin 28.2% 26.5% 23 25 Margin Margin 2 4.0% 4.5% EBIT Q2 2020 FX hedges EBIT Q2 2020 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q2 2021 at Change in FX 2020 EBIT Q2 2021 Q2 2020 FX hedges constant currency vs. 2021
Slide 10: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES MAR 31, 2021 – JUN 30, 2021 (€M) 376 (552) (1) (47) (420) 113 (82) (50) (162) 113 (166) EBITDA Change in Cash interest & Capex (11) Industrial FCF (Industrial working Taxes Q2 2021 March 31, 2021 Industrial FCF Dividends(12) Q2 2021 Share Currency
Slide 11: Upward Revised 2021 Guidance on Industrial Free Cash Flow
UPWARD REVISED 2021 GUIDANCE ON INDUSTRIAL FREE CASH FLOW FROM ~€350M TO ~€450M Core business sustained by (€B, unless otherwise stated) 2019 2020 2021 ACTUAL ACTUAL GUIDANCE(14) volume and mix NET REVENUES 3.8 3.5 ~4.3 Revenues from Formula 1 racing activities based on the announced ADJ. EBITDA 1.3
Slide 12: compeliz
compeliz One
Slide 13: Appendix
APPENDIX
Slide 14: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the Appendix currency (transaction and translation) and of foreign currency hedges 2. Excluding the XX Programme, racing cars, one-off and pre-owned cars 11. Excluding right-of-use assets recognized during th
Slide 15: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 SPORT RANGE 599 GTB Fiorano 458 Italia 458 Spider F12berlinetta 488 GTB 488 Spider 812 Superfast F8 Tributo SF90 Stradale 81
Slide 16: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION SPECIAL AND LIMITED EDITION MODELS INTRODUCED Model / year of delivery 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 SPECIAL SERIES F430 Scuderia Scuderia Spider 16M 599 GTO SA APERTA 458 Speciale 458 Speciale A F12tdf
Slide 17: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(4) 5,456 2,685 896 533 4,127 360 166 712 62 1,404 649 1,389 1,131 277 25 381 1,337 2,796 2,222 706 Q2 2020 Q2 2021 H1 2020 H1 2021 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (2) (4) Refer to notes to the presentation in the Appendix August 2, 2
Slide 18: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Jun. 30 At Mar. 31 At Dec. 31 2021 2021 2020 2019 2018 (552) Debt (2,360) (2,283) (2,725) (2,090) (1,927) Cash and Cash Equivalents (A) 922 980 1,362 898 794 (1,438) Net Debt (1,438) (1,303) (1,363) (1,192) (1,133) Net
Slide 19: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(18) HISTORICAL TREND Total available liquidity at €1,689M as of June 30, 2021 (€1,730M as of March 31, 2021), including undrawn committed credit lines of €767M Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1) (Industrial Activities only) 1.6x 1.2x 1.1x 1.0x 1.0x 0
Slide 20: Capex and R&D
CAPEX AND R&D Q2 '21 Q2 '20 €M, unless otherwise stated H1 '21 H1 '20 166 133 Capital expenditures(11) 317 307 95 77 of which capitalized development costs(19) (A) 180 143 Research and development 131 122 272 262 costs expensed (B) 226 199 Total research and development (A+B) 452 405 Amortization of
Slide 21: 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 22: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q2 '21 Q2 '20 €M, unless otherwise stated H1 '21 H1 '20 1,035 571 Net revenues 2,046 1,503 386 124 EBITDA / Adjusted EBITDA 762 441 376 117 of which EBITDA (Industrial Activities only) 744 430 112 101 Amortization and depreciation 222
Slide 23: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(10) Q2 '21 at constant H1 '21 at constant Q2 '21 €M, unless otherwise stated H1 '21 currency currency 881 908 Cars and spare parts 1,736 1,787 45 45 Engines 90 90 91 94 Sponsorship, commercial and brand 182 186 18 20 Other
Slide 24: Basic and Diluted EPS
BASIC AND DILUTED EPS Q2 '21 Q2 '20 €M, unless otherwise stated H1 '21 H1 '20 206 9 Net profit attributable to owners of the Company 411 175 Weighted average number 184,706 184,748 184,745 184,864 of common shares (thousand)(20) 1.11 0.05 Basic EPS (€) 2.22 0.95 Weighted average number of common sha
Slide 25: Reconciliations: Free Cash Flow and Industrial Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Q2 '21 Q2 '20 €M, unless otherwise stated H1 '21 H1 '20 261 (53) Cash flow from operating activities 535 210 Investments in property, plant and equipment (166) (133) (317) (307) and intangible assets(1
Slide 26: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT June 30, March 31, December 31, December 31, December 31, December 31, December 31, €M, unless otherwise stated 2021 2021 2020 2019 2018 2017 2016 Debt (2,360) (2,283) (2,725) (2,090) (1,927) (1,806) (1.848) of which: Lease liabilities as per