Ferrari Nv · MIL:RACE
Ferrari Nv — FY2022 Earnings Presentation
25 slides from Ferrari Nv's earnings presentation, Feb 2, 2023
Slide 1: FY 2022 Results
FY 2022 RESULTS MARANELLO, FEBRUARY 2, 2023
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “2023 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”, “su
Slide 3: Record 2022 results with expanding demand
RECORD 2022 RESULTS WITH EXPANDING DEMAND. THE ORDER BOOK SUSTAINS AN EVEN STRONGER 2023 Revenues at €5,095M, net profit at €939M and industrial free cash flow(1) at €758M, all growing double digit vs. prior year Net order intake continuing to grow driven by strong demand of the 296 family and Puros
Slide 4: Our strategic priorities for 2023
OUR STRATEGIC PRIORITIES FOR 2023 Compete at the top in all racing championships Enhance client experiences on track and road, with 4 new model launches Broaden the Lifestyle client base with a coherent and integrated offering of personal goods and unique experiences Further accelerating innovation
Slide 5: FY 2022 Highlights
FY 2022 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) FY '22 13,221 FY '22 5,095 +18.5% +19.3% FY '21 11,155 FY '21 4,271 EBITDA(1) EBIT (€M and margin %) (€M and margin %) FY '22 1,773 34.8% FY '22 1,227 24.1% +15.8% +14.1% FY '21 1,531 35.9% FY '21 1,075 25.2% DILUTED EARNINGS PER SHARE(1) IND
Slide 6: FY 2022 – Shipments
FY 2022 – SHIPMENTS(2) SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (FY 2022 VS FY 2021) Total shipments up 2,066 units or +18.5% (FY 2022) vs FY 2021: EMEA +8.5% INTERNAL (45% vs 49% PY) COMBUSTION • Increase in deliveries driven by Ferrari ENGINE (ICE) Portofino M and SF90 family 78% AMERICAS • 296
Slide 7: Net Revenues Bridge FY 2021 – 2022
NET REVENUES BRIDGE FY 2021 – 2022 (€M) Net revenues reported +19.3% Net revenues at constant currency +15.5% (8) +17.8% -18.0% +6.5% +44.4% 167 5,095 635 28 34 4,928 120 112 (34) 479 4,271 4,265 459 155 78 78 155 (6) 431 431 189 189 4,202 4,341 3,573 3,567 FY 2021 FX hedges FY 2021 FY 2021 w/o FX C
Slide 8: EBIT Bridge FY 2021 – 2022
EBIT BRIDGE FY 2021 – 2022 (€M) 261 (16) 125 1,227 1,075 (116) 1,102 1,069 (47) (49) (6) Margin Margin 24.1% Margin Margin 22.4% 25.2% 25.1% EBIT FY 2021 FX hedges EBIT FY 2021 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT FY 2022 at Change in FX 2021 EBIT FY 2022 FY 2021 FX hedges constan
Slide 9: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES DEC 31, 2021 – DEC 31, 2022 (€M) 147 (297) 758 1,732 (207) (315) (19) 758 (252) (806) (397) EBITDA Change in Cash interest & Capex(9) Industrial FCF December 31, Industrial FCF Dividends FY 2022 Share Currency, December 31, (Industrial working Tax
Slide 10: 2023 Guidance
2023 GUIDANCE (€B, unless otherwise stated) 2022 2023 ACTUAL GUIDANCE Strong mix sustained by rich product portfolio, Ferrari Daytona SP3 and personalizations NET REVENUES 5.1 ~5.7 Price increase to counter balance current cost inflation Increasing depreciation and amortization in line with the ADJ.
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Slide 12: Appendix
APPENDIX 12
Slide 13: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the Appendix 10. Calculated using the weighted average diluted number of common shares as of 2. Excluding the XX Programme, racing cars, one-off and pre-owned cars December 31, 2022 (183,072 thousand) 3. Ship
Slide 14: 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 15: Strong track-record in new models introduction: special series
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION SPECIAL SERIES 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
Slide 16: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(3) 13,221 3,327 2,264 11,155 2,949 491 1,933 1,552 550 478 899 290 3,447 831 2,831 721 5,492 5,958 1,388 1,527 Q4 2021 Q4 2022 FY 2021 FY 2022 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (2) (3) Refer to notes to the presentation in the Appendix
Slide 17: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Dec. 31 (207) 2022 2021 2020 2019 Debt (2,812) (2,630) (2,725) (2,090) Cash and Cash Equivalents (A) 1,389 1,344 1,362 898 (1,423) (1,216) Net Debt (1,423) (1,286) (1,363) (1,192) Net Debt of Financial Services Activiti
Slide 18: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(13) HISTORICAL TREND Total available liquidity at €2,058M as of December 31, 2022 (€2,020M as of December 31, 2021), including undrawn committed credit lines of €669M Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1) (Industrial Activities only) 1.6x 1.2x 1.1x 1.0x
Slide 19: Capex and R&D
CAPEX AND R&D Q4 '22 Q4 '21 €M, unless otherwise stated FY '22 FY '21 310 231 Capital expenditures(9) 806 737 128 99 of which capitalized development costs(14) (A) 416 363 Research and development 131 172 518 574 costs expensed (B) 259 271 Total research and development (A+B) 934 937 Amortization of
Slide 20: 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 21: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q4 '22 Q4 '21 €M, unless otherwise stated FY '22 FY '21 1,368 1,172 Net revenues 5,095 4,271 469 398 EBITDA / Adjusted EBITDA 1,773 1,531 460 388 of which EBITDA (Industrial Activities only) 1,732 1,493 171 133 Amortization and depreci
Slide 22: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(8) Q4 '22 at constant FY '22 at constant Q4 '22 €M, unless otherwise stated FY '22 currency currency 1,172 1,136 Cars and spare parts 4,341 4,202 36 36 Engines 155 155 130 127 Sponsorship, commercial and brand 479 459 30 2
Slide 23: Basic and Diluted EPS
BASIC AND DILUTED EPS Q4 '22 Q4 '21 €M, unless otherwise stated FY '22 FY '21 220 214 Net profit attributable to owners of the Company 933 831 Weighted average number 182,149 183,989 182,836 184,446 of common shares (thousand)(15) 1.21 1.16 Basic EPS (€) 5.11 4.50 Weighted average number of common s
Slide 24: Reconciliations: Free Cash Flow and Industrial Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Q4 '22 Q4 '21 €M, unless otherwise stated FY '22 FY '21 430 356 Cash flow from operating activities 1,403 1,283 Investments in property, plant and equipment (310) (231) (806) (737) and intangible asset
Slide 25: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT December 31, December 31, December 31, December 31, €M, unless otherwise stated 2022 2021 2020 2019 Debt (2,812) (2,630) (2,725) (2,090) of which: Lease liabilities as per IFRS 16 (simplified approach) (57) (56) (62) (60) Cash and Cash Equiva