Ferrari Nv · MIL:RACE
Ferrari Nv — FY2015 Earnings Presentation
27 slides from Ferrari Nv's earnings presentation, Feb 2, 2016
Slide 1: FY 2015 Results
FY 2015 Results February 2nd , 2016 FY 2015 Results – February 2nd, 2016
Slide 2: Safe Harbour Statement
FY 2015 Results SAFE HARBOUR STATEMENT February 2nd , 2016 This document, and in particular the section entitled “2016 Outlook”, contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”,
Slide 3: Best Ever Results: FY 2015
FY 2015 Results BEST EVER RESULTS: FY 2015 February 2nd , 2016 Shipments at 7,664 units, increased by 6% vs. previous year • V8 up 17%: success of California T, 458 Speciale A and the newly launched 488 GTB more than offsetting the end of life-cycle of 458 Italia and 458 Spider • V12 down 24%: F12be
Slide 4: FY 2015 Highlights
FY 2015 Results FY 2015 HIGHLIGHTS February 2nd , 2016 Shipments FY'15 7,664 Adjusted FY'15 748 26.2% (units) EBITDA* (€M and FY'14 7,255 margin %) FY'14 693 25.1% Adjusted EBITDA increased by 8% driven by strong adjusted EBIT, partially offset Total shipments up 6% driven by an 17% increase in V8,
Slide 5: FY 2015 – Shipments by Hub
FY 2015 Results FY 2015 – SHIPMENTS BY HUB1 February 2nd , 2016 Americas EMEA Americas’ shipments increased by 7% EMEA’s shipments increased by more than 2% • USA – Ferrari’s largest single market grew largely due to V8 • UK –Ferrari’s largest market in EU was up 5% thanks to 458 Speciale A thanks t
Slide 6: Net Revenues Bridge FY 2014-2015
FY 2015 Results NET REVENUES BRIDGE FY 2014-2015 February 2nd , 2016 Net revenues (€m) +3% (-3% constant FX) 2,762 2,854 90 136 (92) 24 24 114 417 441 311 219 1,944 2,080 FY 2014 Cars and spare parts 2 Engines 3 Sponsorship, Other 5 FY 2015 commercial and brand 4 Cars and spare parts Engines Sponsor
Slide 7: Adjusted EBIT Bridge FY 2014-2015
FY 2015 Results ADJUSTED EBIT BRIDGE FY 2014-2015 February 2nd , 2016 Adjusted AdjustedEBIT* EBIT (€m) (€m) 41 7 473 45 (6) (3) (15) 404 Margin Margin 16.6% Margin 14.6% Margin 15.7% 19.4% Adj. EBIT FY'14 Vol Mix Ind. Costs R&D SG&A FX Other Adj. EBIT FY'15 Adj. EBITDA Adj. EBITDA 693 748 25.1% 26.2
Slide 8: Net Cash Bridge December 31, 2014 – December 31, 2015
FY 2015 Results NET CASH BRIDGE DECEMBER 31, 2014 – DECEMBER 31, 2015 February 2nd , 2016 Net Cash/(Net Debt*) bridge (€m) FCF €390m 748 121 (39) (145) 22 (317) (54) (9) (31) Cash and 134 deposits 432 183 Cash net of debt (2,800) (2,121) Debt net of deposits Net Cash 566 748 (39) (145) 121 (317) 22
Slide 9: Net Debt Analysis – FY2015
FY 2015 Results NET DEBT ANALYSIS – FY2015 February 2nd , 2016 Net Debt Analysis (€m) 19 20 Cash and deposits 1,076 (1,120) 390 (54) (9) Cash and 322 deposits Third-party debt (131) (2,091) (379) (15) (2,257) Third-party debt FCA debt (2,800) (35) (20) 3,211 (3) FCA debt Net Cash 566 (2,800) - 390 (
Slide 10: Debt Maturity Schedule
FY 2015 Results DEBT MATURITY SCHEDULE February 2nd , 2016 €/million Total Debt at Dec 31, 2015 = €2,260 million 1,000 920 900 253 800 253 700 138** 600 500 336 253 500* 500 * 336 335 334 400 3 3 2 1 3 3 3 3 22 11 300 200 333 333 333 333 100 167 167 0 2016 2017 2018 2019 2020 Term Loan Bridge Facili
Slide 11: 2016 Outlook
FY 2015 Results 2016 OUTLOOK February 2nd , 2016 Shipments ˜7,900 Net revenues >€2.9 billion Adj. EBITDA >€770 million Net Debt* <€1.950 billion assuming FX consistent with current market conditions * (<€750 million - net of funded self-liquidating financial receivables portfolio) including distribu
Slide 12: Launches Through 2015
FY 2015 Results LAUNCHES THROUGH 2015 February 2nd , 2016 488 GTB 488 Spider F12tdf The new apex of Ferrari Pure open-air driving emotions Production limited to 799 units, all driving emotions pre-sold 670 hp, mid-rear V8 670 hp, mid-rear V8 turbo 780 hp, naturally-aspirated V12 without lag Max spee
Slide 13: Formula 1 in 2015
FY 2015 Results FORMULA 1 IN 2015 February 2nd , 2016 1st place in the Malaysia, Hungary and Constructor’s Championship Singapore GPs 1. Mercedes 703 16 podiums this year 2. Scuderia Ferrari 428 3. Williams 257 S.Vettel 3rd in Driver’s Championship 4. Red Bull Racing 187 @ 278pts 5. Force India 136
Slide 14: 2015 Client Relation Activities
FY 2015 Results 2015 CLIENT RELATION ACTIVITIES February 2nd , 2016 Ferrari Cavalcade Ferrari Tribute to Ferrari International Cavalcade Ferrari Tribute to Rome June, 25-30 Mille Miglia San Francisco, August 10-15 Chinese Culture More than 100 customers attended More than 60 customers attended More
Slide 15: Ferrari Brand and Store Presence
FY 2015 Results FERRARI BRAND AND STORE PRESENCE February 2nd , 2016 Licensing activity 67 Licensing Partners covering 21 product categories 10th Anniversary Collection with PUMA License scope extension with Burago (die-cast models) Start of new partnership with Lego Ferrari Store Opening of new 750
Slide 16: Subsequent Events: Jan 3rd Spin-off and Jan 4th Milan Listing
FY 2015 Results SUBSEQUENT EVENTS: JAN 3rd SPIN-OFF AND JAN 4th MILAN LISTING February 2nd , 2016 Previous Shareholding Structure Other FCA EXOR S.p.A. Shareholders ~30 % ~70 % Fiat Chrysler Public Automobiles N.V. Mr. Piero Ferrari Shareholders ~80% ~ 10% Ferrari N.V. 10% 100% Ferrari S.p.A. Curren
Slide 17: Q&A
FY 2015 Results February 2nd , 2016 Q&A
Slide 18: Appendix
FY 2015 Results February 2nd , 2016 Appendix
Slide 19: Notes to the Presentation
FY 2015 Results NOTES TO THE PRESENTATION February 2nd , 2016 1. Shipments geographical breakdown EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes Africa and the
Slide 20: Group Shipments
FY 2015 Results GROUP SHIPMENTS February 2nd , 2016 ~7,900 7,664 7,255 1,063 ˜1,100 844 610 ˜700 675 2,462 2,640 ˜2,700 3,274 3,351 ˜3,400 FY 2014 FY 2015 FY 2016E EMEA Americas Greater China Rest of APAC 20
Slide 21: Key Performance Metrics
FY 2015 Results KEY PERFORMANCE METRICS February 2nd , 2016 Q4 ‘15 Q4 ‘14 €m, except as otherwise stated FY ‘15 FY ‘14 2,021 1,975 Worldwide shipments (units) 7,664 7,255 744 751 Net revenues 2,854 2,762 85 115 EBIT 444 389 24 - Adjustments 29 15 109 115 Adjusted EBIT1 473 404 (5) 2 Net financial (e
Slide 22: Non-GAAP Financial Measures
FY 2015 Results NON-GAAP FINANCIAL MEASURES February 2nd , 2016 Non-GAAP financial measures Operations are monitored through the use of various Non-GAAP financial measures that may Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as not be comparable to other similarly t
Slide 23: Reconciliation of Non-GAAP Measures: Adj. EBIT
FY 2015 Results RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBIT February 2nd , 2016 Q4 ‘15 Q4 ‘14 € million FY ‘15 FY ‘14 85 115 EBIT 444 389 Expense related to the - - resignation of the former - 15 Chairman Income and expenses incurred in connection with our IPO 24 - 29 - and separation and Employe
Slide 24: Reconciliation of Non-GAAP Measures: EBITDA
FY 2015 Results RECONCILIATION OF NON-GAAP MEASURES: EBITDA February 2nd , 2016 Q4 ‘15 Q4 ‘14 € million FY ‘15 FY ‘14 55 79 Net profit 290 265 25 38 Income tax expense 144 133 Net financial 5 (2) 10 (9) expenses/(income) 72 78 Amortization and depreciation 275 289 157 193 EBITDA 719 678 24
Slide 25: Reconciliation of Non-GAAP Measures: Adj. EBITDA
FY 2015 Results RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBITDA February 2nd , 2016 Q4 ‘15 Q4 ‘14 € million FY ‘15 FY ‘14 157 193 EBITDA 719 678 Expense related to the - - resignation of the former - 15 Chairman Income and expenses incurred in connection with our IPO 24 - 29 - and separation and Em
Slide 26: Reconciliation of Non-GAAP Measures: Free Cash Flow
FY 2015 Results RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW February 2nd , 2016 Q4 ‘15 Q4 ‘14 € million FY ‘15 FY ‘14 Cash flows from operating 173 131 707 426 activities Cash flows used in investing (121) (122) (317) (290) activities 52 9 Free Cash Flow 390 136 26
Slide 27: Reconciliation of Non-GAAP Measures: Net Cash/(Net Debt)
FY 2015 Results RECONCILIATION OF NON-GAAP MEASURES: NET CASH/(NET DEBT) February 2nd , 2016 € million December 31, 2015 December 31, 2014 Cash and cash equivalents 183 134 Deposits in FCA Group cash management 139 942 pools Financial liabilities with FCA Group (3) (379) Financial liabilities with t