Ferrari Nv · MIL:RACE
Ferrari Nv — FY2020 Earnings Presentation
29 slides from Ferrari Nv's earnings presentation, Feb 2, 2021
Slide 1: FY 2020 Results
FY 2020 RESULTS MARANELLO 2.2.2021
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “2021 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “remain”, “on track”, “su
Slide 3: Proving Resilience
PROVING RESILIENCE 2020 results exceeded full year guidance on all metrics driven by record fourth quarter results: EBITDA(1) at €1,143M, margin at 33.0% and solid Industrial FCF(1) of €172M despite Covid-19 pandemic 2021 guidance targeting a strong rebound Successful digital unveilings of Portofino
Slide 4: Covid-19 Impacts on 2020
COVID-19 IMPACTS ON 2020 CARS AND BRAND SPARE PARTS FORMULA 1 ACTIVITIES ENGINES 7-week production Racing calendar Lower royalties Further reduction in suspension, partially reduced to 17 races engine supply to recovered, leading to Reduced in-store traffic Maserati deliveries down 10% vs. PY Lower
Slide 5: Models Presented in 2020
MODELS PRESENTED IN 2020 February 2, 2021 5
Slide 6: FY 2020 Highlights
FY 2020 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) FY '20 9,119 FY '20 3,460 -10.0% -8.1% FY '19 10,131 FY '19 3,766 EBITDA(1) EBIT (€M and margin %) (€M and margin %) FY '20 1,143 33.0% FY '20 716 20.7% -10.0% -21.9% FY '19 1,269 33.7% FY '19 917 24.4% ADJ. DILUTED EARNINGS PER SHARE(1)(3) I
Slide 7: Net Revenues and EBITDA Quarterly Evolution
NET REVENUES AND EBITDA(1) QUARTERLY EVOLUTION NET REVENUES (€M) 1,069 984 940 932 915 927 888 571 Q1 Q2 Q3 Q4 2019 2020 EBITDA(1) (€M) 372 317 314 330 333 311 311 124 Q1 Q2 Q3 Q4 2019 2020 Note: (1) Refer to notes to the presentation in the Appendix February 2, 2021 7
Slide 8: FY 2020 – Shipments
FY 2020 – SHIPMENTS(2) SHIPMENTS BY REGION(4) SHIPMENTS BREAKDOWN (FY 2020 VS. FY 2019) Total shipments decreased 10.0% vs. PY: (FY 2020) EMEA -1.6% V8 (53% vs. 48% PY) • Covid-19 pandemic impact with gradual 76% production catch-up in H2 2020 AMERICAS -19.8% • Ferrari Monza SP1 and SP2 delivered as
Slide 9: Net Revenues Bridge FY 2019 – 2020
NET REVENUES BRIDGE FY 2019 – 2020 (€M) Net revenues reported -8.1% Net revenues at constant currency(9) -8.9% 3,766 3,793 27 3,455 3,460 104 104 5 (122) 541 (47) 85 84 538 (150) -4.1% -24.0% (19) -27.8% 391 390 198 198 -18.3% 151 151 2,926 2,950 2,828 2,835 (6) (8) FY 2019 FX hedges FY 2019 FY 2019
Slide 10: EBIT Bridge FY 2019 – 2020
EBIT BRIDGE FY 2019 – 2020 (€M) 27 944 130 917 6 (38) (126) 705 11 716 (211) Margin Margin 24.4% 24.9% Margin Margin 20.4% 20.7% EBIT FY 2019 FX hedges EBIT FY 2019 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT FY 2020 at Change in FX 2019 EBIT FY 2020 FY 2019 FX hedges constant currency v
Slide 11: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES DEC 31, 2019 – DEC 31, 2020 (€M) (543) 1,116 (36) (136) (337) 172 (99) (130) 172 (212) (709) EBITDA Change in Cash interest & Capex (10) Industrial FCF (11)(12) (12) (11)(12) (Industrial working Taxes FY 2020 December 31, Industrial FCF Dividends
Slide 12: 2021 Guidance
2021 GUIDANCE Core business sustained by (€B, unless otherwise stated) 2019 2020 2021 volume and mix ACTUAL ACTUAL GUIDANCE(13) Revenues from Formula 1 NET REVENUES 3.8 3.5 ~4.3 racing activities assuming announced calendar and ADJ. EBITDA 1.3 1.1 1.45-1.50 (margin %) 33.7% 33.0% 33.7%-34.9% reflect
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. Excluding right-of-use assets recognized during the period in accordance with 2. Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars IFRS 16 – Leases 3. Net of a
Slide 16: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 SPORT RANGE 599 GTB Fiorano 458 Italia 458 Spider F12berlinetta 488 GTB 488 Spider 812 Superfast F8 Tributo SF90 Stradale 81
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 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 SPECIAL SERIES Superamerica F430 Scuderia Scuderia Spider 16M 599 GTO SA APERTA 458 Speciale 458 Speci
Slide 18: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(4) 10,131 2,679 1,500 9,119 2,376 406 836 1,520 363 275 60 456 2,900 605 690 2,325 1,348 1,308 4,895 4,818 Q4 2019 Q4 2020 FY 2019 FY 2020 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (2) (4) Refer to notes to the presentation in the Appendix Feb
Slide 19: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Dec. 31 2020 2019 2018 2017 (543) Debt (2,725) (2,090) (1,927) (1,806) (1,363) Cash and Cash Equivalents (A) 1,362 898 794 648 (820) Net Debt (1,363) (1,192) (1,133) (1,158) Net Debt of Financial Services Activities (82
Slide 20: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(17) HISTORICAL TREND Total available liquidity at €2,062M as of December 31, 2020 (€1,879M as of September 30, 2020), including undrawn committed credit lines of €700M Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1) (Industrial Activities only) 1.6x 1.2x 1.1x 1.0
Slide 21: Capex and R&D
CAPEX AND R&D Q4 '20 Q4 '19 €M, unless otherwise stated FY '20 FY '19 244 253 Capital expenditures (10) 709 706 98 102 of which capitalized development costs(18) (A) 320 330 Research and development 154 136 527 559 costs expensed (B) 252 238 Total research and development (A+B) 847 889 Amortization
Slide 22: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Operations are monitored through the use of various non-GAAP financial measures operational 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 Acc
Slide 23: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q4 '20 Q4 '19 €M, unless otherwise stated FY '20 FY '19 1,069 927 Net revenues 3,460 3,766 372 333 EBITDA / Adjusted EBITDA 1,143 1,269 364 328 of which EBITDA (Industrial Activities only) 1,116 1,251 121 114 Amortization and depreciat
Slide 24: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(9) Q4 '20 at constant FY '20 at constant Q4 '20 €M, unless otherwise stated FY '20 currency currency 870 871 Cars and spare parts 2,835 2,828 54 54 Engines 151 151 125 126 Sponsorship, commercial and brand 390 391 20 21 Ot
Slide 25: Reconciliations: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT(3) Q4 '20 Q4 '19 €M, unless otherwise stated FY '20 FY '19 263 166 Net profit 609 699 (75) - Adjustments (75) - 188 166 Adjusted net profit(3) 534 699 Note: (3) Refer to notes to the presentation in the Appendix Certain totals in the tables i
Slide 26: Basic and Diluted EPS
BASIC AND DILUTED EPS Q4 '20 Q4 '19 € per common share FY '20 FY '19 262 167 Net profit attributable to owners of the Company 608 696 Weighted average number 184,748 185,492 184,806 186,767 of common shares (thousand)(19) 1.42 0.90 Basic EPS (€) 3.29 3.73 Weighted average number of common shares for
Slide 27: Reconciliations: Adjusted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED EPS(3) Q4 '20 Q4 '19 € per common share FY '20 FY '19 1.42 0.90 Basic EPS 3.29 3.73 (0.40) - Adjustments (0.40) - 1.01 0.90 Adjusted basic EPS(3) 2.88 3.73 1.41 0.90 Diluted EPS 3.28 3.71 (0.40) - Adjustments (0.40) - 1.01 0.90 Adjusted diluted EPS(3) 2
Slide 28: Reconciliations: Free Cash Flow and Free Cash Flow from Industrial Activities
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Q4 '20 Q4 '19 €M, unless otherwise stated FY '20 FY '19 411 357 Cash flow from operating activities 839 1,306 Investments in property, plant and equipment (244) (253) (709) (706) and intangible assets(
Slide 29: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT €M, unless otherwise stated December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 Debt (2,725) (2,090) (1,927) (1,806) (1.848) of which: Lease liabilities as per IFRS 16 62 60 - - - (simplified approach) Ca