Ferrari Nv · MIL:RACE
Ferrari Nv — Q1 2021 Earnings Presentation
24 slides from Ferrari Nv's earnings presentation, May 4, 2021
Slide 1: Q1 2021 Results
Q1 2021 RESULTS MARANELLO, MAY 4, 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: Strong first quarter results and record order book
STRONG FIRST QUARTER RESULTS AND RECORD ORDER BOOK; DECISIVE MANAGEMENT OF COVID-19 PANDEMIC IMPACTS Q1 sustained by product mix with EBITDA(1) at €376M, +18.6% vs. Q1 ‘20 and +20.9% vs. Q1 ‘19, with a margin of 37.2%. Sound industrial FCF(1) at €147M. Robust net order intake and record order book.
Slide 4: Q1 2021 Highlights
Q1 2021 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q1 '21 2,771 Q1 '21 1,011 +1.2% vs ‘20 +8.5% vs ‘20 Q1 '20 2,738 Q1 '20 932 +6.2% vs ‘19 +7.6% vs ‘19 Q1 '19 2,610 Q1 '19 940 EBITDA(1) EBIT (€M and margin %) (€M and margin %) Q1 '21 376 37.2% Q1 '21 266 26.3% Q1 '20 317 34.0% +18.6% vs ‘20
Slide 5: Q1 2021 – Shipments
Q1 2021 – SHIPMENTS(2) SHIPMENTS BY REGION(4) SHIPMENTS BREAKDOWN (Q1 2021 VS. Q1 2020) Total shipments slightly up vs. Q1 2020, (Q1 2021) which was strong as a result of the still EMEA -3.8% limited impact of Covid-19 pandemic on core V8 (53% vs. 55% PY) 80% business: AMERICAS +0.7% (27% vs. 28% PY
Slide 6: Net Revenues Bridge Q1 2020 – 2021
NET REVENUES BRIDGE Q1 2020 – 2021 (€M) Net revenues reported +8.5% Net revenues at constant currency(10) +10.8% +11.0% +37.8% +2.6% 12 3 1,037 87 1,011 21 936 (1) 20 932 4 92 (26) 22 91 22 -2.7% 45 89 89 45 33 33 879 855 788 792 Q1 2020 FX hedges Q1 2020 Q1 2020 w/o FX Cars and spare Engines (7) Sp
Slide 7: EBIT Bridge Q1 2020 – 2021
EBIT BRIDGE Q1 2020 – 2021 (€M) 48 24 288 6 266 5 (22) 220 4 224 (19) Margin Margin Margin Margin 27.8% 26.3% 23.6% 23.9% EBIT Q1 2020 FX hedges EBIT Q1 2020 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q1 2021 at Change in FX 2020 EBIT Q1 2021 Q1 2020 FX hedges constant currency vs. 2021
Slide 8: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES DEC 31, 2020 – MAR 31, 2021 (€M) 368 (543) 147 4 (420) (60) (10) (28) 147 (151) EBITDA Change in Cash interest & Capex (11) Industrial FCF (Industrial working Taxes Q1 2021 December 31, Industrial FCF Q1 2021 Share Currency, other March 31, 2021 A
Slide 9: 2021 Guidance
2021 GUIDANCE Core business sustained by (€B, unless otherwise stated) 2019 2020 2021 volume and mix ACTUAL ACTUAL GUIDANCE(14) Revenues from Formula 1 NET REVENUES 3.8 3.5 ~4.3 racing activities based on the announced calendar ADJ. EBITDA 1.3 1.1 1.45-1.50 (margin %) 33.7% 33.0% 33.7%-34.9% and ref
Slide 10: Q&A
Q&A
Slide 11: Appendix
APPENDIX
Slide 12: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the Appendix 9. Primarily relates to financial services activities, management of the Mugello 2. Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned racetrack and other sports-related
Slide 13: 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 14: 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 15: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(4) 2,738 2,771 363 435 37 194 750 755 1,516 1,459 Q1 2020 Q1 2021 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (2) (4) Refer to notes to the presentation in the Appendix May 4, 2021 15
Slide 16: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Mar. 31 At Dec. 31 2021 2020 2019 2018 (420) Debt (2,283) (2,725) (2,090) (1,927) Cash and Cash Equivalents (A) 980 1,362 898 794 (1,303) Net Debt (1,303) (1,363) (1,192) (1,133) Net Debt of Financial Services Activitie
Slide 17: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(18) HISTORICAL TREND Total available liquidity at €1,730M as of March 31, 2021 (€2,062M as of December 31, 2020), following the reimbursement of €500M 2021 notes and including undrawn committed credit lines of €750M Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1)
Slide 18: Capex and R&D
CAPEX AND R&D €M, unless otherwise stated Q1 ‘21 Q1 ‘20 Capital expenditures(11) 151 174 of which capitalized development costs(19) (A) 85 66 Research and development 141 140 costs expensed (B) Total research and development (A+B) 226 206 Amortization of capitalized 48 41 development costs (C) Resea
Slide 19: 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 20: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES €M, unless otherwise stated Q1 ‘21 Q1 ‘20 Net revenues 1,011 932 EBITDA / Adjusted EBITDA 376 317 of which EBITDA (Industrial Activities only) 368 313 Amortization and depreciation 110 97 EBIT / Adjusted EBIT 266 220 Net financial expe
Slide 21: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(10) Q1 ‘21 at constant €M, unless otherwise stated Q1 ‘21 currency Cars and spare parts 855 879 Engines 45 45 Sponsorship, commercial and brand 91 92 Other 20 21 Total net revenues 1,011 1,037 Note: (10) Refer to notes to
Slide 22: Basic and Diluted EPS
BASIC AND DILUTED EPS € per common share Q1 ‘21 Q1 ‘20 Net profit attributable to owners of the Company 205 166 Weighted average number 184,787 184,982 of common shares (thousand)(20) Basic EPS (€) 1.11 0.90 Weighted average number of common shares for 185,087 185,578 diluted earnings per common sha
Slide 23: 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 ‘21 Q1 ‘20 Cash flow from operating activities 274 263 Investments in property, plant and equipment (151) (174) and intangible assets(11) Free Cash Flow 123 89 Free Cash
Slide 24: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT March 31, December 31, December 31, December 31, December 31, December 31, €M, unless otherwise stated 2021 2020 2019 2018 2017 2016 Debt (2,283) (2,725) (2,090) (1,927) (1,806) (1.848) of which: Lease liabilities as per IFRS 16 (62) (62) (60