Dividend / Distribution

Overview

Dividendo/Distribuzione in contanti

Dividendo/Distribuzione in contanti

€Mln, salvo diversamente indicato
2021 2020 2019 2018 2017 2016
Dividendo/Distribuzione in contanti
160 209 193 134 120 87
Dividendo/Distribuzione in contanti deliberata per azione ordinaria (€)
0,867 1,13 1,03 0,71 0,635 0,46
Dividendo/Distribuzione in contanti deliberata per azione ordinaria, variazione % sull'anno precedente
-23% +10% +45% +12% +38%
Payout ratio(1) (%) 30% 30% 30% 25% 30% 30%

Note:    
(1) Il dividend payout ratio è calcolato come rapporto tra il dividendo/distribuzione in contanti pagato agli azionisti e l'utile netto annuale. L'ammontare del dividendo è soggetto agli utili della Società, alla liquidità disponibile, agli impegni di pagamento, ai piani strategici e ad altri fattori che il Consiglio di Amministrazione della Società può ritenere rilevanti al momento della delibera sul dividendo, incluse le rettifiche per proventi o costi ritenuti significativi ma infrequenti.

2021

Dividend distribution 2021

Tasso di cambio ufficiale EUR / USD fissato dalla Banca Centrale Europea (BCE) in data 15 aprile 2021

1,1970

Data italiana e statunitense di stacco della cedola (Ex-date)

19 aprile 2021

Data italiana e statunitense di legittimazione a percepire il dividendo (record date)

20 aprile 2021

Data di scadenza del “Relief At-Source” per i depositari presso DTC

Scadenza documentazione e ESP (esclusivamente per la ritenuta alla fonte italiana):
26 aprile 2021 ore 17:00 EST;

Scadenza istruzioni CA Web (esclusivamente per la ritenuta alla fonte italiana):
27 aprile 2021 ore 20:00 EST;

Scadenza istruzioni CA Web e scadenza ESP (per la Dutch disclosure):
27 aprile 2021 ore 20:00 EST

Data di pagamento del dividendo (payment date)

5 maggio 2021

Rimborso (Quick refund) – Prima sessione: prima scadenza per i depositari presso DTC per presentare la documentazione per riduzione della ritenuta alla fonte o esenzione

Scadenza per la presentazione della documentazione, istruzioni CA Web e scadenza ESP:
26 maggio 2021 ore 20:00 EST

Prima data di rimborso (Quick refund)

4 giugno 2021

Rimborso (Quick refund) – Seconda sessione: seconda scadenza per i depositari presso DTC per presentare la documentazione per riduzione della ritenuta alla fonte o esenzione, se non inviata precedentemente nella prima sessione

Scadenza per la presentazione della documentazione in formato elettronico:
21 giugno 2021 ore 20:00 EST;

Scadenza per la presentazione della documentazione in formato cartaceo istruzioni CA Web e scadenza ESP:
21 giugno 2021 ore 20:00 EST

Seconda data di rimborso (Quick refund)

1 luglio 2021

Tipologia di riserve distribuite

Utili 2020 portati a nuovo

Quota soggetta a ritenuta alla fonte italiana (26%)

EUR 0,867 / USD 1,03780

Importo ritenuta alla fonte italiana (26%)

EUR 0,22542 / USD 0,26983

Quota soggetta a ritenuta alla fonte olandese (15%)

EUR 0,867 / USD 1,03780

Importo ritenuta alla fonte olandese (15%)

EUR 0,13005 / USD 0,15567

Importo netto, soggetto a variazioni in base all’applicazione di trattati fiscali e regime fiscale locale

EUR 0,51153 / USD 0,61230

   
Per maggiori informazioni

Per azionisti depositari presso DTC, si prega di prendere visione del documento “Notice” allegato per ulteriori informazioni

Per azionisti depositari presso DTC - Indirizzo e-mail di Globe Tax

 italyesp@globetax.com

Per azionisti depositari presso DTC - Contatto telefonico di Globe Tax

+1-212-747-9100

Per azionisti depositari presso Monte Titoli – Si prega di contattare la propria banca depositaria, broker o altro intermediario finanziario

Per maggiori informazioni si prega di prendere visione del documento “Notice” allegato.


Q&A Distribuzione dividendo

Q: Qual è il motivo della riduzione dell'importo del dividendo rispetto all'anno precedente?

A: La proposta di dividendo è in linea con la dividend policy della Società. La riduzione dell'importo totale del dividendo riflette la diminuzione dell'utile netto adjusted della Società nel 2020.

Q: Perché Ferrari applica sia la ritenuta alla fonte italiana che la ritenuta alla fonte olandese?

A: Ferrari N.V. ha residenza fiscale in Italia ed è quindi soggetta al regime fiscale italiano. Inoltre, essendo costituita in Olanda, Ferrari N.V. è qualificata come sostituto d’imposta ai fini della ritenuta alla fonte olandese.

Q: Quale importo della distribuzione del dividendo riceverò alla data di pagamento?

A: Ai depositari presso DTC, se gli azionisti non si identificano entro la data di pagamento (5 maggio 2021), la distribuzione del dividendo sarà al netto della ritenuta alla fonte italiana del 26% e della ritenuta alla fonte olandese del 15%. I rimborsi verranno effettuati agli azionisti aventi diritto che presenteranno la documentazione richiesta entro le scadenze indicate.

Alla data di pagamento (5 maggio 2021) agli azionisti depositari presso Monte Titoli la distribuzione del dividendo sarà al netto della ritenuta alla fonte italiana del 26%, se non aventi diritto a esenzione o riduzione della ritenuta. L’intermediario finanziario dovrebbe identificare gli azionisti depositari presso Monte Titoli prima del pagamento del dividendo. Gli azionisti depositari presso Monte Titoli non identificati potranno chiedere il rimborso direttamente all'Agenzia delle Entrate italiana se la documentazione richiesta verrà presentata entro le scadenze indicate.

I residenti fiscali in Olanda che detengono le loro azioni presso Monte Titoli saranno soggetti alla ritenuta alla fonte olandese del 15%. La sola esenzione è prevista per le società che possiedono più del 5% del capitale sociale di Ferrari N.V., le quali sono soggette in Olanda al regime di “participation exemption”.

Per ulteriori informazioni si rimanda alla Eligibility Matrix riportata nella Notice allegata.

Per sapere se le proprie azioni sono depositate presso DTC o Monte Titoli si prega di contattare la propria banca depositaria, broker o altro intermediario finanziario.

Q: Cos’è il processo di Relief At-Source?

A: Abbiamo introdotto il processo di Relief At-Source per consentire ai depositari presso DTC di presentare la documentazione richiesta prima della data di pagamento del dividendo (5 maggio 2021) nel caso in cui gli azionisti abbiano diritto a esenzione o riduzione della ritenuta alla fonte. Si prega di consultare la Notice allegata per maggiori informazioni sulla documentazione da presentare a GlobeTax entro le scadenze indicate.

Q: Chi sarà soggetto alla ritenuta alla fonte olandese del 15%?

A: La ritenuta alla fonte olandese del 15% sarà applicata ai residenti fiscali in Olanda. E’ prevista l’esenzione per le società che possiedono più del 5% del capitale sociale di Ferrari N.V., le quali sono soggette in Olanda al regime di “participation exemption”.  I beneficiari del dividendo residenti fiscalmente in Olanda potranno richiedere un credito d'imposta al momento del calcolo delle proprie imposte sul reddito (o imposte sul reddito della società) dovute, o se aventi diritto, potranno presentare richiesta di rimborso all'autorità fiscale olandese della ritenuta alla fonte applicata.

Q: Quale sarà la valuta del dividendo?

A: Gli azionisti che, alla record date, detengono le azioni ordinarie della Società negoziate su Borsa Italiana riceveranno il dividendo in Euro.

Gli azionisti che, alla record date, detengono le azioni ordinarie della Società negoziate al NYSE riceveranno il dividendo in Dollari Statunitensi al tasso di cambio ufficiale EUR / USD pubblicato dalla Banca Centrale Europea in data 15 aprile 2021 e pari a 1,1970.

Q: Cosa devo fare per ottenere una ritenuta alla fonte ridotta o una esenzione se le mie azioni sono depositate presso Monte Titoli?

A: Si prega di verificare con il proprio consulente fiscale la propria idoneità a riduzioni o esenzioni della ritenuta alla fonte italiana e la documentazione da presentare alla propria banca depositaria, broker o altro intermediario finanziario. 

Per maggiori informazioni, si prega di contattare la propria banca depositaria, broker o altro intermediario finanziario.

Q: Cosa devo fare per ottenere un rimborso della ritenuta alla fonte se le mie azioni sono depositate presso DTC?

A: Gli azionisti che detengono le azioni presso DTC dovranno compilare la documentazione richiesta indicata nella Notice allegata e presentarla a GlobeTax entro le scadenze indicate.

Q: Come deve essere presentata la documentazione a GlobeTax per gli azionisti depositari presso DTC?

A: Le richieste a GlobeTax per la riduzione della ritenuta alla fonte dovranno essere presentate dal depositario delle proprie azioni presso DTC. Il depositario presso DTC è l’intermediario finanziario o broker che detiene un account direttamente presso DTC. Si prega di contattare il proprio depositario presso DTC per un supporto nel processo.

Q: Se sono azionista depositario presso Monte Titoli e avente diritto a riduzione / esenzione della ritenuta alla fonte, qual è la documentazione richiesta che devo presentare alla mia banca depositaria, broker o altro intermediario finanziario?

A: Se sei un azionista depositario presso Monte Titoli avente diritto a riduzione / esenzione della ritenuta alla fonte, si prega di verificare con il proprio consulente fiscale la documentazione da presentare alla propria banca depositaria, broker o altro intermediario finanziario.

Q: Se sono un azionista depositario presso DTC e avente diritto a rimborso della ritenuta alla fonte, qual è la documentazione richiesta che devo presentare a GlobeTax?

A: Se sei un azionista depositario presso DTC avente diritto a rimborso della ritenuta alla fonte, si prega di consultare la Notice allegata per maggiori informazioni sulla documentazione da presentare a GlobeTax.

Q: Come posso sapere se le mie azioni sono depositate presso DTC o Monte Titoli?

A: Si prega di contattare la propria banca depositaria, broker o altro intermediario finanziario per reperire tale informazione.

Q: Qual è la data di scadenza entro la quale gli azionisti depositari presso Monte Titoli dovranno presentare la documentazione richiesta per ottenere una riduzione o esenzione della ritenuta alla fonte?

A: Gli azionisti che detengono le azioni in Monte Titoli dovranno rivolgersi alla propria banca depositaria, broker o altro intermediario finanziario per verificare la data di scadenza della presentazione della documentazione, in ogni caso entro e non oltre la data di pagamento del dividendo.

Q: Qual è la data di scadenza per gli azionisti depositari presso DTC nel processo Relief At-Source?

A: Per gli azionisti depositari presso DTC la data di scadenza per presentare la documentazione nel processo Relief At-Source è il 26 aprile 2021 ore 17:00 EST ("Scadenza documentazione e ESP" esclusivamente per la ritenuta alla fonte italiana), il 27 aprile 2021 ore 20:00 EST (“Scadenza istruzioni CA Web” esclusivamente per la ritenuta alla fonte italiana) e il 27 aprile 2021 ore 20:00 EST ("Scadenza istruzioni CA Web e scadenza ESP” per la Dutch disclosure).

Q: Qual è la data di scadenza entro la quale gli azionisti depositari presso DTC dovranno presentare la documentazione richiesta per ottenere il rimborso della ritenuta alla fonte?

A: Le date di scadenza disponibili per presentare la documentazione per gli azionisti depositari presso DTC sono il 26 maggio 2021 ore 20:00 EST ("Scadenza documentazione" e "Istruzioni Web CA e scadenza ESP") (prima scadenza) e il 21 giugno 2021 ore 20:00 EST ("Scadenza documentazione" in formato elettronico, "Istruzioni CA Web e scadenza ESP " scadenza documentazione in formato cartaceo) (seconda scadenza).

Q: Qual è la differenza tra il processo Relief At-Source e il rimborso (Quick refund)?

A: Gli azionisti depositari presso DTC aventi diritto a riduzione della ritenuta alla fonte che inviano la documentazione richiesta nel processo Relief At-Source entro le scadenze stabilite, riceveranno alla data di pagamento (5 maggio 2021) il dividendo già al netto della ritenuta alla fonte ridotta. Ai depositari presso DTC, se gli azionisti non si identificano entro la data di pagamento (5 maggio 2021), la distribuzione del dividendo sarà al netto della ritenuta alla fonte italiana del 26% e della ritenuta alla fonte olandese del 15%. I rimborsi verranno effettuati agli azionisti aventi diritto che presenteranno la documentazione richiesta entro le scadenze indicate.

Si prega di consultare la Notice allegata per maggiori informazioni sulla documentazione da presentare a GlobeTax entro le scadenze indicate.

Q: Perché si hanno date di scadenza diverse per la presentazione della documentazione?

A: Abbiamo strutturato date di scadenza diverse per la presentazione della documentazione per permettere agli azionisti aventi diritto di ricevere il rimborso tempestivamente.

Q: Qual è la differenza tra la prima e la seconda scadenza per il rimborso (Quick refund)? La documentazione è diversa?

A: L'unica differenza è la tempistica di rimborso. Gli azionisti aventi diritto riceveranno il rimborso a giugno 2021 o, in alternativa, a luglio 2021, compatibilmente con la data di presentazione della documentazione. La documentazione da presentare è la medesima nella prima e seconda sessione.

Q: Se ho presentato la documentazione entro la prima data di scadenza, dovrò presentarla nuovamente entro la seconda scadenza?

A: No, è sufficiente presentare la documentazione una volta sola. Solo gli azionisti depositari presso DTC che non hanno presentato la documentazione entro la prima data di scadenza dovranno presentare la documentazione entro la seconda scadenza.

Q: Cosa succede se presento la documentazione incompleta o errata alla prima data di scadenza?

A: Se la documentazione presentata è incompleta o errata alla la prima data di scadenza, si potrà effettuare una seconda presentazione della documentazione completa e corretta entro la seconda scadenza.

Q: Cosa succede se non presento in tempo la documentazione richiesta per la riduzione della ritenuta alla fonte?

A: La distribuzione del dividendo sarà al netto di entrambe le ritenute alla fonte applicabili.

Q: Quando riceverò il rimborso?

A: Gli azionisti riceveranno il rimborso entro il 4 giugno 2021 se la documentazione è stata presentata entro la prima data di scadenza, o in alternativa entro l’1 luglio 2021 se la documentazione è stata presentata entro la seconda scadenza. I rimborsi seguiranno lo stesso processo di distribuzione dei dividendi in linea con la prassi di rimborso del broker o della banca depositaria.

Si prega di contattare la propria banca depositaria, broker o altro intermediario finanziario per ulteriori dettagli.

Q: Cosa succede se vendo le azioni nel frattempo?

A: Gli azionisti di Ferrari N.V. alla record date (il 20 aprile 2021) hanno diritto a ricevere la distribuzione del dividendo e l'eventuale rimborso, se aventi diritto. In particolare, qualora gli azionisti vendessero le azioni di Ferrari N.V. successivamente alla record date, manterrebbero il diritto a ricevere la distribuzione del dividendo.

Q: Che tipo di riserve distribuirà Ferrari N.V.?

A: Il dividendo è distribuito dalla riserva utili 2020 portati a nuovo.

Q: Chi posso contattare per maggiori informazioni?

A: Gli azionisti che detengono le azioni presso DTC possono fare riferimento alla Notice allegata per ulteriori informazioni. Gli azionisti che detengono le azioni in Monte Titoli devono rivolgersi al proprio consulente fiscale e banca depositaria, broker o altro intermediario finanziario.

2020

Dividend distribution 2020

Official EUR/USD exchange rate fixed by the European Central Bank (ECB) on April 17, 2020 1.0860
Italian and US Ex-date April 20, 2020
Italian and US record date April 21, 2020
Relief At-Source process deadline for DTC participants ESP Deadline (for Italian withholding tax only):
April 27, 2020 at 5 p.m. EST;
CA Web Instruction & ESP Deadline (for Dutch disclosure):
April 28, 2020 at 8 p.m. EST
Payment date May 5, 2020

Quick refund – First batch: first deadline for DTC participants to submit the documentation for
reduced withholding tax or exemption

Documentation Deadline and CA Web Instruction & ESP Deadline:
May 26, 2020 at 8 p.m. EST

First quick refund date June 5, 2020

Quick refund – Second batch: second deadline for DTC participants to submit the documentation for
reduced withholding tax or exemption, if not submitted in the First batch

June 22, 2020 at 8 p.m. EST
Second quick refund date July 2, 2020
Type of reserves distributed 2019 retained earnings
Portion rate subject to Italian withholding (26%) EUR 1.13 / USD 1.22718
Italian withholding rate (26%) EUR 0.2938 / USD 0.31907
Portion rate subject to Dutch withholding (15%) EUR 1.13 / USD 1.22718
Dutch withholding rate (15%) EUR 0.1695 / USD 0.18408
Net rate subject to variation based on the application of tax treaties and local tax regime EUR 0.6667 / USD 0.72404
   
Where to get information  
For shareholders in DTC, please refer to the attached Notice for additional information
For shareholders in DTC - Globe Tax e-mail address italyesp@globetax.com
For shareholders in DTC - Globe Tax phone number +1-212-747-9100
For shareholders in Monte Titoli – Please contact your own depositary bank, stockbroker or other financial intermediary

For more information please refer to the following Notice


Q&A Dividend Distribution

Q: Why do you apply both the Italian withholding tax and Dutch withholding tax?

A: Ferrari N.V. has its fiscal residency in Italy, hence it is subject to the Italian tax regime. In addition, being incorporated in Netherlands, Ferrari N.V. is qualified as withholding tax agent for the purposes of the Dutch withholding tax.

Q: What amount of the dividend distribution will I receive at the payment date?

A: For DTC participants, if shareholders are not disclosed at the payment date (May 5, 2020), the dividend distribution will be net of the 26% Italian withholding tax and 15% Dutch withholding tax. Refunds will be due to eligible shareholders who provide the proper documentation before the deadlines.
For Monte Titoli participants at the payment date (May 5, 2020) the dividend distribution will be net of the 26% Italian withholding tax, if not eligible for exemption or reduction. The intermediary bank should identify Monte Titoli participants prior to the payment. Unidentified participants on Monte Titoli may directly claim refund to the Italian Tax Authorities if the required documentation is submitted on time.
Dutch tax residents, who hold their shares in Monte Titoli and hold less than 5% of the share capital, will be subject to an additional 15% Dutch withholding tax.
For further information please refer to the Eligibility Matrix reported in the attached Notice.
To know if your shares are held in DTC or in Monte Titoli, please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information.

Q: What is the Relief At-Source process?

A: We introduced the Relief At-Source process to allow DTC participants to submit the proper documentation prior to the payment date (May 5, 2020) in case shareholders are eligible for withholding tax exemption or reduction. Please refer to the attached Notice to find what is the documentation to be provided to GlobeTax before deadlines.

Q: Who will be subject to the 15% Dutch withholding tax?

A: The 15% Dutch withholding tax will be applied to all Dutch tax residents holding less than 5% of the share capital. Dutch resident recipients of the dividend may claim a tax credit when calculating their income tax (or corporate income tax) due, or if eligible, can file a request to the Dutch Tax Authority for a refund of the withholding tax withheld.

Q: What will be the currency of the dividend?

A: Shareholders holding the Company’s common shares on the record date that are traded on the Italian Stock Exchange will receive the dividend in EUR.
Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official EUR/USD exchange rate reported by the European Central Bank on April 17, 2020 and equal to 1.0860.

Q: What do I need to do to get a reduced withholding/exemption if my shares are held in Monte Titoli?

A: Please check with your tax advisor your eligibility for reduced Italian withholding tax or exemption and to retrieve the documentation to be provided to your depositary bank, stockbroker or other financial intermediary.
Please contact your depositary bank, stockbroker or other financial intermediary for any additional information.

Q: What do I need to do to get a withholding refund if my shares are held in DTC?

A: Shareholders who hold their shares in DTC should fill the proper documentation within the attached Notice and send it to GlobeTax before deadlines.

Q: How should documentation be submitted to GlobeTax for DTC shareholders?

A: Submissions to GlobeTax for a reduction in withholding tax should be supported by the DTC participant where your shares are held. The DTC participant is your financial intermediary or broker holding an account directly with DTC. Please contact your respective DTC participant to support this process.

Q: If I am a Monte Titoli shareholder and eligible to get a reduced withholding/exemption, what is the proper documentation that I need to provide to my depositary bank, stockbroker or other financial intermediary?

A: If you are a Monte Titoli shareholder and eligible to reduced withholding tax/exemption, please check with your tax advisor the documentation to be submitted to your depositary bank, stockbroker or other financial intermediary.

Q: If I am a DTC shareholder and eligible to get a withholding refund, what is the proper documentation that I need to provide to GlobeTax?

A: If you are a DTC shareholder and eligible to be refunded, please refer to the attached Notice to find what is the documentation to be provided to GlobeTax.

Q: How can I know if my shares are held in DTC or in Monte Titoli?

A: Please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information.

Q: What is the deadline for Monte Titoli shareholders to submit the proper documentation to get reduced withholding or exemption?

A: Shareholders that hold their shares in Monte Titoli should contact their own depositary bank, stockbroker or other financial intermediary to check the submission deadline for the documentation, in any case not later than the Payment date.

Q: What is the deadline for DTC shareholders in the Relief At-Source process?

A: April 27, 2020 at 5 p.m. EST (“ESP Deadline” for Italian withholding tax only) and April 28,2020 at 8 p.m. EST (“CA Web Instruction & ESP Deadline” for Dutch disclosure) are the available deadlines for DTC shareholders to submit the documentation in the Relief At-Source process.

Q: What is the deadline for DTC shareholders to submit the proper documentation to get a withholding refund?

A: May 26, 2020 at 8 p.m. EST (“Documentation Deadline” and “CA Web Instructions & ESP Deadline”) (first deadline) and June 22, 2020 at 8 p.m. EST (second deadline) are the available deadlines for DTC shareholders to submit the documentation.

Q: What is the difference between the Relief At-Source and the Quick refund processes?

A: DTC participants eligible for withholding tax reduction that submit the proper documentation within the Relief At-Source process before deadlines will get at the payment date (May 5, 2020) the dividend distribution already net of the reduced withholding tax. For DTC participants, if shareholders are not disclosed at the payment date (May 5, 2020), the dividend distribution will be net of the 26% Italian withholding tax and 15% Dutch withholding tax. Refunds will be due to eligible shareholders who provide the proper documentation before the deadlines within the Quick refund process. Please refer to the attached Notice to find what is the documentation to be provided to GlobeTax before deadlines.

Q: Why do you have different deadlines for documentation submission?

A: We have structured different deadlines for documentation submission to provide eligible shareholders with the opportunity to receive a refund as soon as possible.

Q: What is the difference between the first and the second deadline for the Quick refund? Is the documentation different?

A: The only difference is the refund timing. Eligible shareholders will receive a refund in June 2020 or alternatively in July 2020 consistent to when they submit the documentation. The documentation to be provided is the same for the first and second deadline.

Q: If I submitted the documentation by the first deadline, should I have to submit it again by the second deadline?

A: No, one documentation submission is enough. Only shareholders in DTC who do not submit the documentation by the first deadline should submit the documentation by the second deadline.

Q: What happens if I submit incomplete or incorrect documentation by the first deadline?

A: If you have submitted incomplete or incorrect documentation by the first deadline, you can make a second submission with complete and correct documentation by the second deadline.

Q: What happens if I do not submit the requested documentation for reduced withholding on time?

A: The dividend distribution will be withheld with both applicable withholding taxes.

Q: When do I get the refund?

A: Shareholders will obtain a refund by June 5, 2020 if the documentation has been submitted by the first deadline, or alternatively by July 2, 2020 if the documentation has been submitted by the second deadline. Refunds will follow the same process of the dividend distribution according to your broker or bank refund policy.
Please contact your depositary bank, stockbroker or other financial intermediary for further details.

Q: What happens if I sell the shares in the meantime?

A: Shareholders of Ferrari N.V. at the record date (i.e., April 21, 2020) are entitled to receive the dividend distribution and the potential refund, if eligible. In particular, if shareholders sell their shares in Ferrari N.V. after the record date, they remain entitled to receive the dividend distribution.

Q: What kind of reserves is Ferrari N.V. distributing?

A: The dividend is distributed from 2019 retained earnings reserves.

Q: Who can I contact if I need more information?

A: Shareholders that hold their shares in DTC should refer to the attached Notice for further information.
Shareholders that hold their shares in Monte Titoli must contact their own tax advisor and depositary bank, stockbroker or other financial intermediary.

2019

Dividend distribution 2019

Official EUR/USD exchange rate fixed by the European Central Bank (ECB) on April 17, 2019 1.1301
Italian and US Ex-date April 23, 2019
Italian and US record date April 24, 2019
Payment date May 2, 2019

Quick refund - First batch: first deadline for DTC participants to submit the
documentation for reduced withholding tax or exemption

Documentation Deadline:
May 17, 2019 at 5pm EST

CA Web Instruction & ESP Deadline:
May 20, 2019 at 8pm EST

First quick refund date  June 2019

Quick refund - Second batch: second deadline for DTC participants to submit
the documentation for reduced withholding tax or exemption, if not submitted in the First batch

June 19, 2019
Second quick refund date July 2019
Type of reserves distributed 2018 retained earnings
Portion rate subject to Italian withholding (26%) EUR 1.03 / USD 1.16400
Italian withholding rate (26%) EUR 0.2678 / USD 0.30264
Portion rate subject to Dutch withholding (15%) EUR 1.03 / USD 1.16400
Dutch withholding rate (15%) EUR 0.1545 / USD 0.17460
Net rate subject to variation based on the application of tax treaties and local tax regime EUR 0.6077 / USD 0.68676
   
Where to get information  
For shareholders in DTC, please refer to the attached Notice for additional information
For shareholders in DTC - Globe Tax e-mail address italyesp@globetax.com
For shareholders in DTC - Globe Tax phone number +1-212-747-9100
For shareholders in Monte Titoli – Please contact your own depositary bank, stockbroker or other financial intermediary

For more information please refer to the following Notice


Q&A Dividend Distribution

Q: Why do you apply both the Italian withholding tax and Dutch withholding tax?

A: Ferrari N.V. has its fiscal residency in Italy, hence it is subject to the Italian tax regime. In addition, being incorporated in Netherlands, Ferrari N.V. is qualified as withholding tax agent for the purposes of the Dutch withholding tax.

Q: What amount of the dividend distribution will I receive at the payment date?

A: For DTC participants while shareholders are not disclosed at the payment date (May 2, 2019) the dividend distribution will be net of the 26% Italian withholding tax and 15% Dutch withholding tax. Refunds will be due to eligible shareholders who provide the proper documentation before the deadlines.
For Monte Titoli participants at the payment date (May 2, 2019) the dividend distribution will be net of the 26% Italian withholding tax, if not eligible for exemption or reduction. The intermediary bank should identify Monte Titoli participants prior to the payment. Unidentified participants on Monte Titoli may directly claim refund to the Italian Tax Authorities if the required documentation is submitted on time.
Dutch tax residents, who hold their shares in Monte Titoli and hold less than 5% of the share capital, will be subject to an additional 15% Dutch withholding tax.
For further information please refer to the Eligibility Matrix reported in the attached Notice.
To know if your shares are held in DTC or in Monte Titoli, please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information.

Q: Who will be subject to the 15% Dutch withholding tax?

A: The 15% Dutch withholding tax will be applied to all Dutch tax residents holding less than 5% of the share capital. Dutch resident recipients of the dividend may claim a tax credit when calculating their income tax (or corporate income tax) due, or if eligible, can file a request to the Dutch Tax Authority for a refund of the withholding tax withheld.

Q: What will be the currency of the dividend?

A: Shareholders holding the Company’s common shares on the record date that are traded on the Italian Stock Exchange will receive the dividend in EUR.
Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official EUR/USD exchange rate reported by the European Central Bank on April 17, 2019 and equal to 1.1301.

Q: What do I need to do to get a reduced withholding/exemption if my shares are held in Monte Titoli ?

A: Please check with your tax advisor your eligibility for reduced Italian withholding tax or exemption and to retrieve the documentation to be provided to your depositary bank, stockbroker or other financial intermediary. Please contact your depositary bank, stockbroker or other financial intermediary for any additional information.

Q: What do I need to do to get a withholding refund if my shares are held in DTC?

A: Shareholders who hold their shares in DTC should fill the proper documentation within the attached Notice and send it to Globetax before deadlines.

Q: If I am a Monte Titoli shareholder and eligible to get a reduced withholding/exemption, what is the proper documentation that I need to provide to my depositary bank, stockbroker or other financial intermediary?

A: If you are a Monte Titoli shareholder and eligible to reduced withholding tax/exemption, please check with your tax advisor the documentation to be submitted to your depositary bank, stockbroker or other financial intermediary.

Q: If I am a DTC shareholder and eligible to get a withholding refund, what is the proper documentation that I need to provide to Globetax?

A: If you are a DTC shareholder and eligible to be refunded, please refer to the attached Notice to find what is the documentation to be provided to Globetax.

Q: How can I know if my shares are held in DTC or in Monte Titoli?

A: Please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information.

Q: What is the deadline for Monte Titoli shareholders to submit the proper documentation to get reduced withholding or exemption?

A: Shareholders that hold their shares in Monte Titoli should contact their own depositary bank, stockbroker or other financial intermediary to check the submission deadline for the documentation, in any case not later than the Payment date.

Q: What is the deadline for DTC shareholders to submit the proper documentation to get a withholding refund?

A: May 17, 2019 at 5pm EST (“Documentation Deadline”) or May 20, 2019 at 8pm EST (“CA Web Instructions & ESP Deadline”) (first deadline) and June 19, 2019 (second deadline) are the available deadlines for DTC shareholders to submit the documentation.

Q: Why do you have different deadlines for documentation submission?

A: We have structured different deadlines for documentation submission to provide eligible shareholders with the opportunity to receive a refund as soon as possible.

Q: What is the difference between the first and the second deadline? Is the documentation different?

A: The only difference is the refund timing. Eligible shareholders will receive a refund in June 2019 or alternatively in July 2019 consistent to when they submit the documentation. The documentation to be provided is the same for the first and second deadline.

Q: If I submitted the documentation by the first deadline, should I have to submit it again by the second deadline?

A: No, one documentation submission is enough. Only shareholders in DTC who do not submit the documentation by the first deadline should submit the documentation by the second deadline.

Q: What happens if I submit incomplete or incorrect documentation by the first deadline?

A: If you have submitted incomplete or incorrect documentation by the first deadline, you can make a second submission with complete and correct documentation by the second deadline.

Q: What happens if I do not submit the requested documentation for reduced withholding on time?

A: The dividend distribution will be withheld with both applicable withholding taxes.

Q: When do I get the refund?

A: Shareholders will obtain a refund by June 2019 if the documentation has been submitted by the first deadline, or alternatively by July 2019 if the documentation has been submitted by the second deadline. Refunds will follow the same process of the dividend distribution according to your broker or bank refund policy.
Please contact your depositary bank, stockbroker or other financial intermediary for further details.

Q: What happens if I sell the shares in the meantime?

A: Shareholders of Ferrari N.V. at the record date (i.e., April 24, 2019) are entitled to receive the dividend distribution and the potential refund, if eligible. In particular, if shareholders sell their shares in Ferrari N.V. after the record date, they remain entitled to receive the dividend distribution.

Q: What kind of reserves is Ferrari N.V. distributing?

A: The dividend is distributed from 2018 retained earnings reserves.

Q: Who can I contact if I need more information?

A: Shareholders that hold their shares in DTC should refer to the attached Notice for further information.
Shareholders that hold their shares in Monte Titoli must contact their own tax advisor and depositary bank, stockbroker or other financial intermediary.

2018

Dividend distribution 2018

Official EUR/USD exchange rate fixed by the European Central Bank (ECB) on April 19th , 2018 1.2382
Italian and US Ex-date April 23rd, 2018
Italian and US record date April 24th, 2018
Payment date May 2nd, 2018

Quick refund – First batch: first deadline for DTC participants to submit the documentation
for reduced withholding tax or exemption

Documentation Deadline:
May 22nd, 2018 at 5pm EST

CA Web Instruction & ESP Deadline:
May 23rd, 2018 at 8pm EST

First quick refund date  June 2018

Quick refund – Second batch: second deadlinefor DTC participants to submit the
documentation for reduced withholding tax or exemption, if not submitted in the First batch

June 22nd, 2018 at 8pm EST
Second quick refund date July 2018
Type of reserves distributed Retained earnings
Portion rate subject to Italian withholding (26%) EUR 0.71 / USD 0.87912
Italian withholding rate (26%) EUR 0.1846 / USD 0.22857
Portion rate subject to Dutch withholding (15%) EUR 0.71 / USD 0.87912
Dutch withholding rate (15%) EUR 0.1065 / USD 0.13187
Net rate subject to variation based on the application of tax treaties and local tax regime EUR 0.4189 / USD 0.51868
   
Where to get information  
For shareholders in DTC - Globe Tax e-mail address  italyesp@globetax.com
For shareholders in DTC - Globe Tax phone number  +1-212-747-9100
For shareholders in Monte Titoli – Please contact your own depositary bank, stockbroker or other financial intermediary

Q&A Dividend Distribution

Q: Why do you apply both the Italian withholding tax and Dutch withholding tax?

A: Ferrari N.V. has its fiscal residency in Italy, hence it is subject to the Italian tax regime. In addition, being incorporated in Netherlands, Ferrari N.V. is qualified as withholding tax agent for the purposes of the Dutch withholding tax.

Q: What amount of the dividend distribution will I receive at the payment date?

A: For DTC participants at the payment date (May 2nd, 2018) the dividend distribution will be net of the 26% Italian withholding tax and 15% Dutch withholding tax. Refunds will be due to eligible shareholders who provide the proper documentation before the deadlines.
For Monte Titoli participants at the payment date (May 2nd, 2018) the dividend distribution will be net of the 26% Italian withholding tax, if not eligible for exemption or reduction. The intermediary bank should identify Monte Titoli participants prior to the payment. Unidentified participants on Monte Titoli may directly claim refund to the Italian Tax Authorities if the required documentation is submitted on time.
Dutch tax residents, who hold their shares in Monte Titoli and hold less than 5% of the share capital, will be subject to an additional 15% Dutch withholding tax.
For further information please refer to the Eligibility Matrix reported in the attached Notice.

Q: Who will be subject to the 15% Dutch withholding tax?

A: The 15% Dutch withholding tax will be applied to all Dutch tax residents holding less than 5% of the share capital. Dutch resident recipients of the dividend may claim a tax credit when calculating their income tax (or corporate income tax) due, or if eligible, can file a request to the Dutch Tax Authority for a refund of the withholding tax withheld.

Q: What will be the currency of the dividend?

A: Shareholders holding the Company’s common shares on the record date that are traded on the Italian Stock Exchange will receive the dividend in Euro.
Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official EUR/USD exchange rate reported by the European Central Bank on April 19, 2018 and equal to 1.2382.

Q: What do I need to do to get a reduced withholding/exemption if my shares are held in Monte Titoli?

A: Please check with your tax advisor your eligibility for reduced Italian withholding tax or exemption and to retrieve the documentation to be provided to your depositary bank, stockbroker or other financial intermediary.
Please contact your depositary bank, stockbroker or other financial intermediary for any additional information.

Q: What do I need to do to get a withholding refund if my shares are held in DTC?

A: Shareholders who hold their shares in DTC should fill the proper documentation within the attached Notice and send it to Globetax before deadlines.

Q: If I am a Monte Titoli shareholder and eligible to get a reduced withholding/exemption, what is the proper documentation that I need to provide to my depositary bank, stockbroker or other financial intermediary?

A: If you are a Monte Titoli shareholder and eligible to reduced withholding tax/exemption, please check with your tax advisor the documentation to be submitted to your depositary bank, stockbroker or other financial intermediary.

Q: If I am a DTC shareholder and eligible to get a withholding refund, what is the proper documentation that I need to provide to Globetax?

A: If you are a DTC shareholder and eligible to be refunded, please refer to the attached Notice to find what is the documentation to be provided to Globetax.

Q: How can I know if my shares are held in DTC or in Monte Titoli?

A: Please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information.

Q: What is the deadline for Monte Titoli shareholders to submit the proper documentation to get reduced withholding or exemption?

A: Shareholders that hold their shares in Monte Titoli should contact their own depositary bank, stockbroker or other financial intermediary to check the submission deadline for the documentation.

Q: What is the deadline for DTC shareholders to submit the proper documentation to get a withholding refund?

A: May 22nd, 2018 at 5pm EST (“Documentation Deadline”) or May 23rd, 2018 at 8pm EST (“CA Web Instructions & ESP Deadline”) (first deadline) and June 22nd, 2018(second deadline) are the available deadlines for DTC shareholders to submit the documentation.

Q: Why do you have different deadlines for documentation submission?

A: We have structured different deadlines for documentation submission to provide eligible shareholders with the opportunity to receive a refund as soon as possible.

Q: What is the difference between the first and the second deadline? Is the documentation different?

A: Eligible shareholders will receive a refund in June 2018 or alternatively in July 2018 consistent to when they submit the documentation. The documentation to be provided is the same for the first and second deadline.

Q: If I submitted the documentation by the first deadline, should I have to submit it again by the second deadline?

A: No, one documentation submission is enough. Only shareholders in DTC who do not submit the documentation by the first deadline should submit the documentation by the second deadline.

Q: What happens if I submit incomplete or incorrect documentation by the first deadline?

A: If you have submitted incomplete or incorrect documentation by the first deadline, you can make a second submission with complete and correct documentation by the second deadline.

Q: What happens if I do not submit the requested documentation for reduced withholding on time?

A: The dividend distribution will be withheld with the applicable withholding taxes.

Q: When do I get the refund?

A: Shareholders will obtain a refund by June 2018 if the documentation has been submitted by the first deadline, or alternatively by July 2018 if the documentation has been submitted by the second deadline. Refunds will follow the same process of the dividend distribution according to your broker or bank refund policy.
Please contact your depositary bank, stockbroker or other financial intermediary for further details.

Q: What happens if I sell the shares in the meantime?

A: Shareholders of Ferrari N.V. at the record date (i.e., April 24th, 2018) are entitled to receive the dividend distribution and the potential refund, if eligible. In particular, if shareholders sell their shares in Ferrari N.V. after the record date, they remain entitled to receive the dividend distribution.

Q: What kind of reserves is Ferrari N.V. distributing?

A: The dividend is distributed from retained earnings reserves.

Q: Who can I contact if I need more information?

A: Shareholders that hold their shares in DTC should refer to the attached Notice for further information.
Shareholders that hold their shares in Monte Titoli must contact their own tax advisor and depositary bank, stockbroker or other financial intermediary.

For more information please refer to the following Notice


2017

Cash distribution 2017

Official EUR/USD exchange rate fixed by the European Central Bank (ECB) on April 20th , 2017 1.0745
Ex-date April 24th, 2017
Italian record date April 25th, 2017
US record date April 26th, 2017
Payment date May 2nd, 2017
Deadline for DTC participants for submission of documentation for reduced withholding tax or exemption May 25th, 2017
Portion rate subject to Italian withholding (26%) Euro 0.635 / USD 0.68231
Withholding rate (26%) Euro 0.1651 / USD 0.17740
Net rate subject to variation based on the application of tax treaties and local tax regime Euro 0.4699 / USD 0.50491
   
Where to get information  
For shareholders in DTC - Globe Tax e-mail address italyesp@globetax.com
For shareholders in DTC - Globe Tax phone number  +1-212-747-9100
For shareholders in Monte Titoli – Please contact your own depositary bank, stockbroker or other financial intermediary

Q&A Cash Distribution

Q: Who will get the refund and when?


A: All beneficial owners of shares of Ferrari N.V. who hold the shares in DTC will obtain a withholding tax refund (net of any commission, if any), that follows the same process of the cash distribution, most likely by the end of August 2017, according to their broker or bank refund policy. Please contact your depositary bank, stockbroker or other financial intermediary for further details.
Nevertheless Dutch tax residents holding less than 5% of the share capital will be subject to 15% Dutch withholding tax

Q: What happens if I sell the shares in the meantime?


A: Shareholders of Ferrari N.V. at the record date are entitled to receive the cash distribution and the withholding tax refund (net of any commission, if any).

Q: What kind of reserves is Ferrari N.V. distributing?


A: The cash distribution is made from share premium reserves. Please contact your local tax advisor for any resulting tax basis.

Q: Who can I contact if I need more information?

A: Shareholders that hold their shares in DTC should refer to the Notice for further information.
Shareholders that hold their shares in Monte Titoli must contact their own depositary bank, stockbroker or other financial intermediary.


For more information please refer to the following Notice