Ferrari Nv · MIL:RACE
Ferrari Nv — Q1 2022 Earnings Presentation
27 slides from Ferrari Nv's earnings presentation, May 4, 2022
Slide 1: Q1 2022 Results
Q1 2022 RESULTS MARANELLO, MAY 4, 2022
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “2022 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: Q1 2022: Another Strong Start
Q1 2022: ANOTHER STRONG START Strong start to the year with revenues at ~€1.2B, EBITDA(1) at €423M and industrial FCF(1) at ~€300M, sustained by deposits collection Order book stronger than ever, covering well into 2023 New organizational structure to seize opportunities ahead Signed a MoU with MISE
Slide 4: 296 Family: The Utmost Level of Fun to Drive Experience
296 FAMILY: THE UTMOST LEVEL OF FUN TO DRIVE EXPERIENCE, COUPLED WITH OUR INNOVATIVE V6 HYBRID ENGINE 296 GTB: DEFINING FUN TO DRIVE 296 GTS: DEFINING THE CONCEPT OF DRIVING THRILLS, INCLUDING TOP DOWN «The 296 GTB is the product of a coolly confident Ferrari at the top of its game; a Ferrari that’s
Slide 5: May 4, 2022
May 4, 2022 5
Slide 6: Motor Sport and Brand-Related Activities
MOTOR SPORT AND BRAND- RELATED ACTIVITIES Good start to the Formula 1 season Several victories in GT racing already achieved On track for our return in the FIA WEC top class from 2023, with its highlight in the Le Mans 24 Hours Fall/Winter collection presented at the Milan Fashion week in February M
Slide 7: Q1 2022 Highlights
Q1 2022 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q1 '22 3,251 Q1 '22 1,186 +17.3% vs ‘21 +17.3% vs ‘21 Q1 '21 2,771 Q1 '21 1,011 EBITDA(1) EBIT (€M and margin %) (€M and margin %) Q1 '22 423 35.6% Q1 '22 307 25.9% +12.5% vs ‘21 +15.4% vs ‘21 Q1 '21 376 37.2% Q1 '21 266 26.3% DILUTED EARNING
Slide 8: Q1 2022 – Shipments
Q1 2022 – SHIPMENTS(2) SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (Q1 2022 VS Q1 2021) Total shipments up 480 units or +17.3% vs (Q1 2022) Q1 2021: EMEA +19.5% INTERNAL (54% vs 53% PY) COMBUSTION • Production not impacted by supply ENGINE (ICE) chain disruptions 83% AMERICAS • Ferrari Roma and SF90
Slide 9: Net Revenues Bridge Q1 2021 – 2022
NET REVENUES BRIDGE Q1 2021 – 2022 (€M) Net revenues reported +17.3% Net revenues at constant currency +16.6% (8) +17.9% -17.8% +17.2% +37.1% 7 1,166 20 1,186 152 16 27 28 (8) 106 109 1,011 999 37 37 20 20 (12) 91 90 45 45 996 1,012 855 844 Q1 2021 FX hedges Q1 2021 Q1 2021 w/o FX Cars and spare Eng
Slide 10: EBIT Bridge Q1 2021 – 2022
EBIT BRIDGE Q1 2021 – 2022 (€M) 13 59 14 307 293 266 254 (18) (14) (1) (12) Margin Margin 25.2% 25.9% Margin Margin 26.3% 25.5% EBIT Q1 2021 FX hedges EBIT Q1 2021 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q1 2022 at Change in FX 2021 EBIT Q1 2022 Q1 2021 FX hedges constant currency vs
Slide 11: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES DEC 31, 2021 – MAR 31, 2022 (€M) 36 (297) 299 412 (17) 299 (132) (136) (1) EBITDA Change in Cash interest & Capex (9) Industrial FCF (2) (135) (Industrial working Taxes Q1 2022 December 31, Industrial FCF Dividends (10) Q1 2022 Share Currency, Mar
Slide 12: 2022 Targeting Solid Growth
2022 TARGETING SOLID GROWTH Carefully leveraging strong demand (€B, unless otherwise stated) 2020 2021 2022 ACTUAL ACTUAL GUIDANCE(13) Richer model mix being more than offset by the Monza SP1 and SP2 phase out NET REVENUES 3.5 4.3 ~4.8 Daytona SP3 and Purosangue commencing production in 2022 with de
Slide 13: Q&A
Q&A
Slide 14: Appendix
APPENDIX
Slide 15: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the Appendix 10. Approved but not paid dividends to NCI 2. Excluding the XX Programme, racing cars, one-off and pre-owned cars 11. Including repurchases for an amount of approx. Euro 10 million in relation to
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 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 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) 3,251 2,771 565 363 285 194 658 755 1,743 1,459 Q1 2021 Q1 2022 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (1) (3) Refer to notes to the presentation in the Appendix May 4, 2022 18
Slide 19: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Mar. 31 At Dec. 31 2022 2021 2020 2019 2018 (136) Debt (2,655) (2,630) (2,725) (2,090) (1,927) (1,161) Cash and Cash Equivalents (A) 1,494 1,344 1,362 898 794 (1,025) Net Debt (1,161) (1,286) (1,363) (1,192) (1,133) Net
Slide 20: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(17) HISTORICAL TREND Total available liquidity at €2,162M as of March 31, 2022 (€2,020M as of December 31, 2021), including undrawn committed credit lines of €668M 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 €M, unless otherwise stated Q1 '22 Q1 '21 Capital expenditures(9) 132 151 of which capitalized development costs(18) (A) 89 85 Research and development 145 141 costs expensed (B) Total research and development (A+B) 234 226 Amortization of capitalized 53 48 development costs (C) Resear
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 €M, unless otherwise stated Q1 '22 Q1 '21 Net revenues 1,186 1,011 EBITDA / Adjusted EBITDA 423 376 of which EBITDA (Industrial Activities only) 412 368 Amortization and depreciation 116 110 EBIT / Adjusted EBIT 307 266 Net financial e
Slide 24: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(8) Q1 '22 at constant €M, unless otherwise stated Q1 '22 currency Cars and spare parts 1,012 996 Engines 37 37 Sponsorship, commercial and brand 109 106 Other 28 27 Total Net Revenues 1,186 1,166 Note: (8) Refer to notes t
Slide 25: Basic and Diluted EPS
BASIC AND DILUTED EPS €M, unless otherwise stated Q1 '22 Q1 '21 Net profit attributable to owners of the Company 238 205 Weighted average number 183,531 184,787 of common shares (thousand)(19) Basic EPS (€) 1.30 1.11 Weighted average number of common shares for diluted 183,780 185,087 earnings per c
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 €M, unless otherwise stated Q1 '22 Q1 '21 Cash flow from operating activities 415 274 Investments in property, plant and equipment (132) (151) and intangible assets(9) Free Cash Flow 283 123 Free Cash
Slide 27: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT March 31, December 31, December 31, December 31, €M, unless otherwise stated 2022 2021 2020 2019 Debt (2,655) (2,630) (2,725) (2,090) of which: Lease liabilities as per IFRS 16 (59) (56) (62) (60) (simplified approach) Cash and Cash Equivalen