Ferrari Nv · MIL:RACE
Ferrari Nv — FY2021 Earnings Presentation
30 slides from Ferrari Nv's earnings presentation, Feb 2, 2022
Slide 1: FY 2021 Results
FY 2021 RESULTS MARANELLO, FEBRUARY 2, 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”, “continue”, “remain”, “on track”, “su
Slide 3: Strong momentum sets the foundation for future growth
STRONG MOMENTUM SETS THE FOUNDATION FOR FUTURE GROWTH. 2022 ON TRAJECTORY TO MEET 2023 EBITDA TARGET Record set of results in 2021, exceeding guidance on all metrics Margins boosted by Monza SP1 and SP2 and a rich mix Order book stronger than ever, up double-digit versus prior year and covering well
Slide 4: The most beautiful and broadest product portfolio ever
THE MOST BEAUTIFUL AND BROADEST PRODUCT PORTFOLIO EVER Successful launch of 4 models in 2021 812 Competizione, 812 Competizione A and Daytona SP3 all sold out prior to the official launch 296 GTB, first V6 hybrid road car 2 new models to be unveiled in 2022, completing the 15 launches promised at th
Slide 5: Nurturing the Ferrari brand
NURTURING THE FERRARI BRAND Customer experience Motor racing activities Brand diversification February 2, 2022 5
Slide 6: 2021 ESG Milestones
2021 ESG MILESTONES Further step towards our Carbon Equal-Salary Certification confirmed in neutrality goal by 2030: ISO 14064 Italy for the second consecutive year and certification on Group’s carbon footprint for the first time in the United States February 2, 2022 6
Slide 7: FY 2021 Highlights
FY 2021 HIGHLIGHTS SHIPMENTS(1) NET REVENUES (UNITS) (€M) FY '21 11,155 FY '21 4,271 +22.3% vs ‘20 +23.4% vs ‘20 FY '20 9,119 FY '20 3,460 +10.1% vs ‘19 +13.4% vs ‘19 FY '19 10,131 FY '19 3,766 EBITDA(2) EBIT (€M and margin %) (€M and margin %) FY '21 1,531 35.9% FY '21 1,075 25.2% FY '20 1,143 33.0
Slide 8: FY 2021 – Shipments
FY 2021 – SHIPMENTS(1) SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (FY 2021 VS FY 2020) Total shipments up 2,036 units or +22.3% (FY 2021) vs FY 2020: EMEA +14.0% V8 (49% vs 53% PY) 83% • Production not impacted by the semi- AMERICAS conductor and raw material shortages +21.8% (26% vs 25% PY) • F8 fa
Slide 9: Net Revenues Bridge FY 2020 – 2021
NET REVENUES BRIDGE FY 2020 – 2021 (€M) Net revenues reported +23.4% Net revenues at constant currency +26.0% (8) +28.8% +25.7% +12.9% -5.1% 807 38 50 4,318 4,271 (4) 80 78 (47) 437 431 3,460 3,427 189 189 84 84 (33) 390 387 151 151 3,612 3,573 2,835 2,805 FY 2020 FX hedges FY 2020 FY 2020 w/o FX Ca
Slide 10: EBIT Bridge FY 2020 – 2021
EBIT BRIDGE FY 2020 – 2021 (€M) 212 83 1,119 1,075 (65) (44) (14) 220 716 683 Margin Margin 25.9% 25.2% (33) Margin Margin 20.7% 19.9% EBIT FY 2020 FX hedges EBIT FY 2020 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT FY 2021 at Change in FX 2020 EBIT FY 2021 FY 2020 FX hedges constant curr
Slide 11: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(2) AND NET INDUSTRIAL DEBT(2) BRIDGES DEC 31, 2020 – DEC 31, 2021 (€M) 1,493 9 (543) 642 (123) (297) (3) 642 (737) (231) (162) EBITDA Change in Cash interest & Capex (9) Industrial FCF December 31, Industrial FCF Dividends FY 2021 Share Currency, December 31, (Industrial working Taxes
Slide 12: 2022 Targeting Solid Growth
2022 TARGETING SOLID GROWTH Carefully leveraging strong demand (€B, unless otherwise stated) 2019 2020 2021 2022 Richer model mix being more than ACTUAL ACTUAL ACTUAL GUIDANCE(11) offset by the Monza SP1 and SP2 phase out NET REVENUES 3.8 3.5 4.3 ~4.8 Daytona SP3 and Purosangue commencing production
Slide 13: Delivering on Promises
DELIVERING ON PROMISES Adj. EBITDA(2) cumulated (€M) 6,800-7,000 1,650-1,700 6,707-6,757 1,531 1,269 1,114 1,143 2018 2019 2020 2021 2022E Cumulated Cumulated 2018-2022E 2018E-2022E current as per 2018 CMD Industrial Free Cash Flow(2) cumulated (€M) 2,400-2,800 ≥2,460 675 642 ≥600 375 172 2018 2019
Slide 14: Q&A
Q&A
Slide 15: Appendix
APPENDIX
Slide 16: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Excluding the XX Programme, racing cars, one-off and pre-owned cars 10. Net of a tax benefit, with no cash impact on 2020, from the one-off partial step-up 2. Reconciliations to non-GAAP financial measures are provided in the Appendix of the trademark’s book value in acc
Slide 17: 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 18: 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 19: Group Shipments by Region
GROUP SHIPMENTS BY REGION(1)(3) 11,155 2,949 1,933 9,119 2,679 550 899 406 1,520 290 456 275 2,831 721 2,325 690 5,492 1,388 4,818 1,308 Q4 2020 Q4 2021 FY 2020 FY 2021 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (1) (3) Refer to notes to the presentation in the Appendix Fe
Slide 20: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Dec. 31 (297) 2021 2020 2019 2018 Debt (2,630) (2,725) (2,090) (1,927) Cash and Cash Equivalents (A) 1,344 1,362 898 794 (1,286) Net Debt (1,286) (1,363) (1,192) (1,133) (989) Net Debt of Financial Services Activities (
Slide 21: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(15) HISTORICAL TREND Total available liquidity at €2,020M as of December 31, 2021 (€2,040M as of September 30, 2021), including undrawn committed credit lines of €676M Net Debt / Adj. EBITDA(2) Net Industrial Debt(2) / Adj. EBITDA(2) (Industrial Activities only) 1.6x 1.2x 1.1x 1.0
Slide 22: Capex and R&D
CAPEX AND R&D Q4 '21 Q4 '20 €M, unless otherwise stated FY '21 FY '20 231 244 Capital expenditures(9) 737 709 99 98 of which capitalized development costs(16) (A) 363 320 Research and development 172 154 574 527 costs expensed (B) 271 252 Total research and development (A+B) 937 847 Amortization of
Slide 23: 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 24: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q4 '21 Q4 '20 €M, unless otherwise stated FY '21 FY '20 1,172 1,069 Net revenues 4,271 3,460 398 372 EBITDA / Adjusted EBITDA 1,531 1,143 388 364 of which EBITDA (Industrial Activities only) 1,493 1,116 133 121 Amortization and depreci
Slide 25: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(8) Q4 '21 at constant FY '21 at constant Q4 '21 €M, unless otherwise stated FY '21 currency currency 954 942 Cars and spare parts 3,573 3,612 44 44 Engines 189 189 154 155 Sponsorship, commercial and brand 431 437 20 19 Ot
Slide 26: Reconciliations: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT(10) Q4 '21 Q4 '20 €M, unless otherwise stated FY '21 FY '20 214 263 Net profit 833 609 - (75) Adjustments - (75) 214 188 Adjusted net profit(10) 833 534 Note: (10) Refer to notes to the presentation in the Appendix Certain totals in the table
Slide 27: Basic and Diluted EPS
BASIC AND DILUTED EPS Q4 '21 Q4 '20 €M, unless otherwise stated FY '21 FY '20 214 262 Net profit attributable to owners of the Company 831 608 Weighted average number 183,989 184,748 184,446 184,806 of common shares (thousand)(17) 1.16 1.42 Basic EPS (€) 4.50 3.29 Weighted average number of common s
Slide 28: Reconciliations: Adjusted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED EPS(10) Q4 '21 Q4 '20 €M, unless otherwise stated FY '21 FY '20 1.16 1.42 Basic EPS (€) 4.50 3.29 - (0.40) Adjustments - (0.40) 1.16 1.01 Adjusted basic EPS(10) (€) 4.50 2.88 1.16 1.41 Diluted EPS (€) 4.50 3.28 - (0.40) Adjustments - (0.40) 1.16 1.01 Ad
Slide 29: 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 '21 Q4 '20 €M, unless otherwise stated FY '21 FY '20 356 411 Cash flow from operating activities 1,283 839 Investments in property, plant and equipment (231) (244) (737) (709) and intangible assets(
Slide 30: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT December 31, December 31, December 31, December 31, December 31, December 31, €M, unless otherwise stated 2021 2020 2019 2018 2017 2016 Debt (2,630) (2,725) (2,090) (1,927) (1,806) (1.848) of which: Lease liabilities as per IFRS 16 (56) (62)