Ferrari Nv · MIL:RACE
Ferrari Nv — Q1 2017 Earnings Presentation
30 slides from Ferrari Nv's earnings presentation, May 4, 2017
Slide 1: Q1 2017 Results – May 4th, 2017
Q1 2017 Results – May 4th, 2017
Slide 2: Safe Harbour Statement
SAFE HARBOUR STATEMENT This document, and in particular the section entitled “2017 Outlook”, contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “successful”,
Slide 3: A Record Quarter: On the Way to a Great Year
A RECORD QUARTER: Shipments at 2,003 units, up by 121 units Recent events vs. previous year (+6.4%) – 812 Superfast unveiled at the Geneva Motor show – Strong contribution of V12 models with the GTC4Lusso, – Scuderia Ferrari achieved five podiums with Sebastian LaFerrari Aperta and the F12tdf Vettel
Slide 4: Q1 2017 Highlights
Q1 2017 HIGHLIGHTS Q1 '17 2,003 Q1 '17 821 Shipments +6.4% Net revenues +21.5% (units) Q1 '16 (€M) Q1 '16 1,882 675 Total shipments up 121 units (+6.4% vs. PY) supported by a 50.1% increase in V12 models Net revenues up +21.5% (+20.4% at constant currencies) with sound performance of Cars and spare
Slide 5: Q1 2017 – Shipments by Region
Q1 2017 – SHIPMENTS BY REGION(5) Americas EMEA (27% vs. 28% PY of total shipments) (52% vs. 51% PY of total shipments) Americas’ shipments increased by 4.2% EMEA’s shipments expanded by 8.8% USA – in Ferrari’s single largest market shipments increased by • UK – deliveries up 16% with robust performa
Slide 6: Net Revenues Bridge Q1 2016-2017
NET REVENUES BRIDGE Q1 2016-2017 (€M) +20.8% +81.3% +3.8% -32.4% 821 5 675 100 47 13 +21.5%, +€146 million (+20.4% at constant currencies) (6) 123 19 118 104 57 581 481 Q1 2016 Cars and spare parts (6) Engines (7) Sponsorship, Other (9 ) Q1 2017 commercial and brand(8 ) Cars and spare parts Engines
Slide 7: EBIT Bridge Q1 2016 - 2017
EBIT BRIDGE Q1 2016 - 2017 (€M) 34 7 3 185 177 17 31 152 (15) (13) (8) 121 Margin Margin Margin Margin 22.3%(2) 21.6% 18.0% 21.5%(2) EBIT Q1 2016 FX hedges EBIT Q1 2016 Vol. Mix Ind. Costs / SG&A FX Other EBIT Q1 2017 FX hedges EBIT Q1 2017 Q1 2016 w/o FX R&D w/o FX Q1 2017 Top high end hedges hedge
Slide 8: Net Industrial Debt Bridge Dec 31, 2016 – Mar 31, 2017
NET INDUSTRIAL DEBT BRIDGE(1) DEC 31, 2016 – MAR 31, 2017 (€M) Industrial FCF €76m 242 (653) (1) (578) (33) (8) (72) (53) December 31, 2016 EBITDA Net ∆ working Tax paid Capex Other FX and other March 31, 2017 Net Industrial Debt capital Net Industrial Debt • Industrial free cash flow(1) driven by s
Slide 9: 812 Superfast
The most powerful and fastest range An uncompromising sports car that Powered by a new 6.5-litre V12 engine model Ferrari in the marque’s history. will deliver exhilarating driving both on that unleashes 800 cv, achieving road and track yet also be comfortable maximum power output at 8,500 rpm, enou
Slide 10: Formula 1 Activities
FORMULA 1 ACTIVITIES 1st place in the Australia and Bahrain GP Constructor’s Championship 5 podiums so far 1. Mercedes 136 2. Ferrari 135 S. Vettel 1st in Driver’s Championship @ 86 points 3. Red Bull Racing Tag Heuer 57 4. Force India Mercedes 31 Driver’s Championship 5. Williams Mercedes 18 1. Seb
Slide 11: Q1 2017 – Attività Sportive GT
Q1 2017 – “ATTIVITA’ SPORTIVE GT” Competizioni GT XX programs / F1 Clienti Paul Ricard- Round 1 488 GT3 Le Castellet (FRA), March 7-8 488 GTE XX: 29 (19 FXX K) F1: 10 Q1 2017 Results May 4th, 2017 11
Slide 12: Q1 2017 – Ferrari Brand and Store Presence
Q1 2017 – FERRARI BRAND AND STORE PRESENCE Licensing • Multi-year licensing agreement with Luxottica for Scuderia Ferrari eyewear collection by Ray-Ban • New Ferrari high-end products: • Launch of Ferrari Hublot Techframe 70th anniversary edition watch at Baselworld • Agreement for the launch of Fer
Slide 13: 2017 Outlook Confirmed
2017 OUTLOOK CONFIRMED 2017 Outlook(3) 2017 Drivers Shipments ~ 8,400(11) Strong contribution from range models (including special liveries) and LaFerrari Aperta Top line growth driven by Cars and spare parts as Net Revenues > €3.3 billion well as Engines, partially offset by different F1 ranking an
Slide 14: orrar
orrar
Slide 15: Appendix
Appendix
Slide 16: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-gaap financial measures are provided in 7. Includes the net revenues generated from the sale of engines to the appendix Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams 2. Margins
Slide 17: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Product Line-Up (at least a new model launched every year) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 F430 F430 Spider F430 Scuderia California Scuderia Spider 16M 458 Italia 458 Spider V8 California 30 458 Speciale California
Slide 18: Limited Series
LIMITED SERIES In and out from our portfolio 2015 2016 2017 2018 F12tdf LaFerrari LaFerrari Aperta FXX K(12) F60 America(12) J50(14) Q1 2017 Results Note: (12) Models not included in the total shipments’ figure provided May 4th, 2017 18
Slide 19: Group Shipments
GROUP SHIPMENTS(5) ~8,400 8,014 ~1,150 +6.4% 2,003 1,098 1,882 ~650 263 619 253 161 156 ~2,800 2,687 545 523 3,610 ~3,800 950 1,034 Q1 2016 Q1 2017 FY 2016 FY 2017E EMEA Americas China, Hong Kong and Taiwan, Rest of APAC on a combined basis Note: (5) Refer to notes to the presentation in the Appendi
Slide 20: Key Performance Metrics
KEY PERFORMANCE METRICS €M, unless otherwise stated Q1 '17 Q1 '16 Worldwide shipments (units) 2,003 1,882 Net revenues 821 675 EBITDA ( 1) 242 178 Adjustments - - Adjusted EBITDA ( 1) 242 178 Amortization and depreciation 65 57 EBIT 177 121 Adjusted EBIT ( 1) 177 121 Net financial expenses 4 9 Profi
Slide 21: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION Gross Debt Maturity Profile (€M) Cash and Marketable Securities (€M) Cash Maturities Mar. 31 Adj. (€M) 2017 FY 2016 FY 2015(13) FY 2015 FY 2014 462 500 390 4 Euro 394 318 137 22 10 297 57 258 4 221 US Dollar 59 16 21 1 14 132 93 500 19 2 Chinese Yuan 66 58 106 106 74 200
Slide 22: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Non-GAAP financial measures Operations are monitored through the use of EBITDA is defined as net profit before income tax expense, net financial various Non-GAAP financial measures that expenses/(income) and depreciation and amortization. Adjusted EBITDA is defined as may
Slide 23: Reconciliation of Non-GAAP Measures: Adjusted EBIT
RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED EBIT €M Q1 '17 Q1 '16 EBIT 177 121 Adjustments - - Adjusted EBIT 177 121 Q1 2017 Results May 4th, 2017 23
Slide 24: Reconciliation of Non-GAAP Measures: EBITDA
RECONCILIATION OF NON-GAAP MEASURES: EBITDA €M Q1 '17 Q1 '16 Net profit 124 78 Income tax expenses 49 34 Net financial expenses 4 9 Amortization and depreciation 65 57 EBITDA 242 178 Q1 2017 Results May 4th, 2017 24
Slide 25: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED EBITDA €M Q1 '17 Q1 '16 EBITDA 242 178 Adjustments - - Adjusted EBITDA 242 178 Q1 2017 Results May 4th, 2017 25
Slide 26: Reconciliation of Non-GAAP Measures: Adjusted Net Profit
RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED NET PROFIT €M Q1 '17 Q1 '16 Net profit 124 78 Adjustments - - Adjusted net profit 124 78 Q1 2017 Results May 4th, 2017 26
Slide 27: Basic and Diluted EPS
BASIC AND DILUTED EPS €M (unless otherwise stated) Q1 '17 Q1 '16 Net profit 124 78 Weighted average number of common shares 188,948 188,923 (thousand) Basic EPS (€) 0.65 0.41 Weighted average number of common shares for diluted earnings per common share 189,758 188,923 (thousand) Diluted EPS (€) 0.6
Slide 28: Reconciliation of Non-GAAP Measures: Adjusted EPS
RECONCILIATION OF NON-GAAP MEASURES: ADJUSTED EPS € per common share Q1 '17 Q1 '16 EPS 0.65 0.41 Adjustments - - Adjusted EPS 0.65 0.41 Q1 2017 Results May 4th, 2017 28
Slide 29: Reconciliation: Free Cash Flow and Free Cash Flow from Industrial Activities
RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES €M Q1 '17 Q1 '16 Cash flow from operating activities 150 112 Cash flows used in investing (72) (67) activities ( 15) Free Cash Flow 78 45 Change in the self-liquidating (2) (17) financial receivables po
Slide 30: Reconciliation of Non-GAAP Measures: Net Industrial Debt
RECONCILIATION OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT €M March 31, 2017 December 31, 2016 Net Industrial Debt (578) (653) Funded portion of the self-liquidating 723 737 financial receivables portfolio Net Debt (1,301) (1,390) Cash and cash equivalents 569 458 Gross Debt (1,870) (1,848) Q1 2017 Re