Great results for Ferrari


  • Total shipments reached 2,214 units, up 8% (+155 units)
  • Net revenues grew 5.9% (+6.2% at constant currencies) to Euro 811 million
  • Adjusted EBIT(1) of Euro 156 million, 310 bps margin increase
  • Adjusted net profit(1) up 35% to Euro 104 million
  • Net industrial debt([1]) at Euro 763 million, better than March 2016


Adjusted EBIT(1) Net profit
  • Volume increase of approx. 230 cars (excluding LaFerrari) thanks to the newly launched 488 GTB, 488 Spider, F12tdf and positive contribution from personalization
  • Net profit for Q2 was Euro 97 million up Euro 21 million (+29%) due to the combined effect of strong EBIT and lower tax rate vs. previous year partially offset by charges for Takata airbag inflator recalls
  • Negative mix impacted by LaFerrari, that finished its limited series run, and V8, slightly higher compared to the previous year, partially offset by the non-registered car FXX K and limited edition F60 America
Net industrial debt(1) Confirming 2016 Outlook([2])
  • Net industrial debt(1) reduced to Euro 763 million, primarily due to strong industrial free cash flow(1) generation partially offset by cash distribution to holders of common shares and dividends paid to NCI
The Group guidance is confirmed as follows:

  • Shipments: ~8,000 units including supercars
  • Net revenues: > Euro 3 billion
  • Adjusted EBITDA: ≥ Euro 800 million
  • Net industrial debt([3]): ≤ Euro 730 million

Maranello (Italy), August 2nd, 2016 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results([4]) for the second quarter and six months ended June 30, 2016.



Shipments totaled 2,214 units in Q2 2016, up 8% from the previous year. This performance was driven by a 16% increase in sales of our 8 cylinder models (V8), led by the success of the two newly launched models: the 488 GTB and the 488 Spider. Shipments of the 12 cylinder models (V12) were down 22% due to the phase-out of the FF, the F12berlinetta now in its 5th year of commercialization and LaFerrari that finished its limited series run. This was partially offset by the introduction of the new F12tdf.

The EMEA([5]) and Greater China(5) regions experienced a sound year-on-year growth with shipments increasing respectively by +14% and +26%, Americas(5) recorded a slight  improvement whereas Rest of APAC(5) remained in line with the previous year due to 488 Spider and F12tdf having just arrived on the market.

Total net revenues


Net revenues for Q2 2016 were Euro 811 million, an increase of Euro 45 million or 5.9% (+6.2% at constant currencies) from Q2 2015. Higher net revenues in Cars and spare parts(6) (Euro 589 million, +2%) were due to increased volumes led by new models 488 GTB, 488 Spider,F12tdf, the non-registered car FXX K and the final deliveries of the F60 America, a strictly limited edition car, along with a higher contribution from personalization, which was partially offset by lower sales of LaFerrari. The rebound in Engines(7) (Euro 71 million, +24%), was mainly attributable to higher rental revenues from other Formula 1 Teams. Sponsorship, commercial and brand(8) (Euro 117 million, +14%) was up mostly due to better championship ranking, higher sponsorship revenues and positive contribution from brand related activities.

Adjusted EBITDA(1) and Adjusted EBIT(1)


Adjusted EBIT(1) was Euro 156 million, up Euro 32 million (+26%) from Q2 2015 as a result of higher volumes, thanks to the newly launched 488 GTB, 488 Spider and the F12tdf as well as a positive margin contribution from our personalization programs. Mix was negatively impacted (Euro 25 million) by higher V8 versus V12 range models with LaFerrari that finished its limited series run, partially offset by the non-registered car FXX K and the final deliveries of the F60 America, a strictly limited edition car (only ten units) manufactured to commemorate the 60th Anniversary of Ferrari in North America. Research and development costs and industrial costs showed a decrease of Euro 11 million mainly due to lower D&A for the 458 family and LaFerrari phase-out coupled with efficiencies on production costs partially offset by F1 costs. The Selling, general and administrative costs([10]) were substantially in line with the previous year as the combined result of new store openings, new model launches and corporate costs offset by bad debt in Q2 2015. Other recorded a positive contribution of Euro 14 million thanks to Sponsorship, commercial and brand as well as other supporting activities.

Adjusted EBIT(1) excludes charges of Euro 10 million due to the worldwide Takata airbag inflator recalls([11]).

Tax rate dropped to 30.7% in Q2 2016 vs. 33.5% in Q2 2015 as a result of the Italian Government’s decision to reduce the nominal tax rate from 27.5% to 24% by 2017.

As a result of the items described above, adjusted net profit(1) for Q2 2016 was Euro 104 million, up Euro 26 million (+35%).

Industrial free cash flow(1) for the three months ended June 30, 2016 was Euro 145 million, primarily driven by a strong increase in cash flow from operating activities, including a positive change of working capital and timing effect of advances on the new open-top LaFerrari, partially offset by capex and the first 2016 tax advance. Q2 2015 industrial free cash flow(1) included a Euro 116 million one-time cash in-flow related to the final reimbursement by Maserati of its inventory in China.

Net industrial debt(1) at June 30, 2016 was Euro 763 million, better than from Euro 782 million at March 31, 2016, thanks to industrial free cash flow(1) generation offset by cash distribution for Euro 87 million paid to the holders of common shares and Euro 13 million dividends paid to NCI.

The open-top LaFerrari: the new special limited-edition series
On July 5th, 2016 Ferrari unveiled the first images of the open-top LaFerrari, the new limited-edition special series. The new model, already pre-sold, will be presented during the Paris International Motor Show in October 2016. The open-top LaFerrari will be provided with a removable carbon-fiber hard top and a removable soft top aimed at customers and collectors who refuse to compromise on the joy of plein air driving even when at the wheel of a supercar.