Shipments
N. of Group shipments by geographic
market for the years ended december 31
% of Group shipments by geographic market
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 stated | For 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 stated | For 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, | ||||
---|---|---|---|---|---|
2019 | 2018 | 2017 | 2016 | 2015 | |
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