Financial data

Shipments

N. of Group shipments by geographic

market for the years ended december 31

Shipments

% of Group shipments by geographic market

for the years ended December 31


% of total cars for the years ended December 31

For the years ended December 31,
Shipments by geographic location(1) 2019 2018 2017 2016 2015
EMEA(2) 4,895 4,227 3,737 3,610 3,351
Americas(3) 2,900 3,000 2,811 2,687 2,640
Mainland China, Hong Kong and Taiwan 836 695 617 619 610
Rest of APAC(4) 1,500 1,329 1,233 1,098 1,063
Total 10,131 9,251 8,398 8,014 7,664

Note:    
(1) Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars
(2) EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) and other EMEA (includes Africa and the other European markets not separately identified)
(3) Americas includes: the United States of America, Canada, Mexico, the Caribbean and Central and South America
(4) Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand and Malaysia

Profit & Loss

€M, except as otherwise statedFor the years ended December 31,
2019 2018 2017 2016 2015
Cars and spare parts(1) 2,926 2,535 2,456 2,180 2,080
Engines(2) 198 284 373 338 219
Sponsorship, commercial and brand(3) 538 506 494 488 441
Other(4) 104 95 94 99 114
Net revenues 3,766 3,420 3,417 3,105 2,854

€M, except as otherwise statedFor the years ended December 31,
2019 2018 2017 2016 2015
Net revenues 3,766 3,420 3,417 3,105 2,854
Cost of sales 1,805 1,623 1,651 1,580 1,499
Selling, general and administrative costs 343 327 329 295 339
Research and development costs 699 643 657 614 562
Other expenses, net 5 4 7 24 10
Results from investments 3 3 2 3 -
EBIT 917 826 775 595 444
EBIT margin (%) 24.4% 24.2% 22.7% 19.2% 15.6%
Net financial expenses 42 23 29 28 10
Profit before taxes 875 803 746 567 434
Income tax expense 176 16 209 167 144
Net profit 699 787 537 400 290
Net profit attributable to:
Owners of the parent 696 785 535 399 288
Non-controlling interests 3 2 2 1 2
Adjusted EBITDA(5) 1,269 1,114 1,036 880 748
Adjusted EBITDA margin (%)(5) 33.7% 32.6% 30.3% 28.3% 26.2%
Adjusted EBIT(5) 917 825 775 632 473
Adjusted EBIT margin (%)(5) 24.4% 24.1% 22.7% 20.4% 16.6%
Adj. Net profit(5) 699 645 537 425 310
Basic earnings per common share (€) 3.73 4.16 2.83 2.11 1.52
Diluted earnings per common share (€) 3.71 4.14 2.82 2.11 1.52
Adj. basic earnings per common share (€)(5) 3.73 3.41 2.83 2.25 1.63
Adj. diluted earnings per common share (€)(5) 3.71 3.40 2.82 2.24 1.63

Note:                    
Certain totals in the tables included in this page may not add due to rounding                    
Please refer to the latest Annual Report and Form 20-F for complete notes                    
(1) Includes net revenues generated from shipments of our cars, including any personalization net revenues generated on these cars, as well as sales of spare parts                    
(2) Includes net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams                    
(3) Includes net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income                    
(4) Primarily relates to financial services activities and management of the Mugello racetrack and other sports-related activities                 
(5) Reconciliations to non-gaap financial measures are provided in the financial documents available in "Results" section 

Balance sheet

(€M)At December 31,
2019 2018 2017 2016 2015
Assets
Goodwill 785 785 785 785 787
Intangible assets 838 646 441 355 308
Property, plant and equipment 1,069 850 710 669 626
Investments and other financial assets 39 32 30 34 12
Deferred tax assets 74 61 94 119 123
Total non-current assets 2,805 2,374 2,060 1,962 1,856
Inventories 420 391 394 324 295
Trade receivables 232 211 239 244 158
Receivables from financing activities 966 879 733 790 1,174
Current tax receivables 21 128 6 1 15
Other current assets 93 64 45 54 47
Current financial assets 11 10 16 16 9
Deposits in FCA Group cash management pools - - - - 139
Cash and cash equivalents 898 794 648 458 183
Total current assets 2,641 2,477 2,081 1,887 2,020
Total assets 5,446 4,852 4,141 3,850 3,875
Equity/(Deficit) and liabilities
(Deficit) / Equity attributable to the owners of the parent 1,481 1,349 779 325 (25)
Non-controlling interests 6 5 5 5 6
Total equity/(deficit) 1,487 1,354 784 330 (19)
Employee benefits 88 87 84 91 78
Provisions 166 182 198 215 142
Deferred tax liabilities 82 39 11 13 23
Debt 2,090 1,927 1,806 1,848 2,260
Other liabilities 800 590 620 656 655
Other financial liabilities 15 11 1 40 103
Trade payables 711 654 608 615 508
Current tax payables 7 8 29 42 125
Total equity/(deficit) and liabilities 5,446 4,852 4,141 3,850 3,875
Net industrial debt(1)(2) 337 370 508 690 797

Note:
Certain totals in the tables included in this page may not add due to rounding
Please refer to the latest Annual Report and Form 20-F for complete notes
(1) Reconciliations to non-gaap financial measures are provided in the financial documents available in "Results" section
(2) Net industrial debt referred to FY 2018, 2017, 2016 were restated to reflect the new definition of Net industrial debt adopted in 2019

Cash flow

(€M)At December 31,
20192018201720162015
Cash and cash equivalents at the beginning of the year 794 648 458 183 134
Profit before taxes 875 803 746 567 434
Amortization and depreciation 352 288 261 248 275
Provision accruals 14 16 13 82 51
Result of investments (3) (3) (2) (3) -
Net finance costs 42 24 29 28 10
Other non-cash expense / (income) 39 33 43 (38) 39
Net gains on disposal of property, plant and equipment and intangible assets 0 (0) (2) (3) (7)
Change in inventories (41) (5) (88) (33) (3)
Change in trade receivables (22) 27 (2) (89) 16
Change in trade payables 54 40 29 106 (46)
Change in receivables from financing activities (77) (107) (44) 404 121
Change in other operating assets and liabilities 146 (83) (73) 7 (25)
Finance income received 3 3 4 3 5
Finance costs paid (43) (14) (36) (22) (18)
Income tax paid (33) (88) (215) (252) (145)
Cash flows from operating activities 1,306 934 663 1,005 707
Investments in property, plant and equipment (352) (301) (189) (176) (184)
Investment in intangible assets (353) (337) (202) (166) (171)
Proceeds from the sale of property, plant and equipment and intangible assets 4 1 4 3 1
Change in investments and other financial assets - - - - 0
Proceeds from the sale of assets and liabilities related to investment properties - - - - 37
Proceeds from the sale of a majority stake in FFS GmbH - - - 19 -
Proceeds from exercising the Delta Topco option - - 8 - -
Cash flows used in investing activities (701) (637) (379) (320) (317)
Proceeds from Term Loan and Bridge Loan - - - - 1,995
Proceeds from the issuance of bonds and notes 298 - 694 491 -
Repayment of Term Loan - - (795) (701) -
Repayment of Bridge Loan - - - (500) -
Repayment of bonds and notes (315) - - - -
Net change in bank borrowings (4) (4) 4 (212) 124
Proceeds from securitizations, net of repayments 92 95 141 463 -
Net change in deposits in FCA Group cash management pools and financial liabilities with FCA Group - - - 135 (2,396)
Net change in lease liabilities (4) - - - -
Net change in other debt 12 (8) (8) 16 (11)
Acquisition of non-controlling interest - - - - (9)
Change in equity - - - 1 -
Cash distribution of reserves - - (120) (87) -
Dividends paid to owners of the parent (192) (133) - - -
Share repurchases (387) (100) - - -
Dividends paid to non-controlling interest (2) (2) (1) (17) (54)
Cash flows used in financing activities (502) (152) (85) (411) (351)
Translation exchange differences 1 1 (8) 1 10
Total change in cash and cash equivalents 104 146 190 275 48
Cash and cash equivalents at the end of the year 898 794 648 458 183

Note:
Certain totals in the tables included in this page may not add due to rounding
Please refer to the latest Annual Report and Form 20-F for complete notes