Q2 2016 Results – August 2 nd , 2016
SAFE HARBOUR STATEMENT 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”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the Ferrari brand; the success of Ferrari’s Formula 1 racing team and the expenses the Group incurs for Formula 1 activities; the Group’s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the Group’s low volume strategy; the ability of Maserati, the Group’s engine customer, to sell its planned volume of cars; changes in client preferences and automotive trends; changes in the general economic environment and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards; the Group’s ability to successfully carry out its growth strategy and, particularly, the Group’s ability to grow its presence in emerging market countries; competition in the luxury performance automobile industry; reliance upon a number of key members of executive management and employees; the performance of the Group’s dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and raw materials; disruptions at the Group’s manufacturing facilities in Maranello and Modena; the Group’s ability to provide or arrange for adequate access to financing for its dealers and clients; the performance of the Group’s licensees for Ferrari-branded products; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product warranties; exchange rate fluctuations, interest rate changes, credit risk and other market risks; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders and other factors discussed elsewhere in this document. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB. Q2 2016 Results August 2 nd , 2016 2 2 2 2
A RECORD SECOND QUARTER… Shipments at 2,214 units, increased New key product launched and by 8% vs. previous year (+155 units) recent events – Solid performance of new models: the 488 GTB, – Recently unveiled open-top LaFerrari, details to be 488 Spider and F12tdf provided at the Paris International Motor Show – LaFerrari finished its limited series run – Recently signed a sponsorship agreement with Ray-Ban Financial results Confirming 2016 guidance (2) – Net revenues grew 5.9% to € 811 million – Shipments: ~8,000 including supercars – Adjusted EBIT (1) of € 156 million, 310 bps margin – Net revenues: > € 3 billion increase – Adjusted EBITDA: ≥ € 800 million – Adjusted net profit (1) up 35% to € 104 million – Net industrial debt (3) : ≤ € 730 million – Net industrial debt (1) at € 763 million, better than March 2016 …ON THE WAY TO ANOTHER RECORD YEAR Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix (2) Assuming FX consistent with current market conditions Q2 2016 Results August 2 nd , 2016 3 3 (3) Including an ordinary cash distribution to the holders of common shares
Q2 2016 HIGHLIGHTS Q2'16 2,214 Q2'16 811 Shipments s Net revenues enues (units) ( € M) Q2'15 Q2'15 2,059 766 Net revenues up 5.9% (+6.2% at constant currencies), all revenue lines positively contributing, in Total shipments up 8% driven by a 16% increase in V8, which was partially offset by a 22% particular Cars and spare parts driven by positive volumes partially offset by mix: decrease in V12: Continuous strong sales of the new 488 GTB LaFerrari finished its limited series run Americas: € 209 million (-12.7%) due to lower Greater China: € 80 million (+60.6%) due to and 488 Spider sales of LaFerrari 488 family volume increase FF phasing out in line with plans F12tdf reaching global distribution EMEA: € 217 million (+6.5%) due to higher Rest of APAC: € 84 million (-2.1%) due to mix, GTC4Lusso, distribution will commence shipments of 488 family and F12tdf performance affected by timing, with 488 F12berlinetta at its 5 th year of in Q3 2016 Spider and F12tdf having just arrived on the commercialization continues to perform market better than expected Adjust sted d EBIT IT (1) 19.3% Q2'16 26.9% Q2'16 Adjust sted d EBIT ITDA (1) 217 156 ( € M and ( € M and margin %) Q2'15 25.4% Q2'15 16.2% margin %) 194 124 Adjusted EBITDA (1) grew by 12% primarily driven by higher volume and positive contribution Adjusted EBIT (1) margin increased by 310 bps driven by strong adjusted EBITDA (1) and lower D&A from Sponsorship, commercial and brand as well as other supporting activities. mainly due to 458 family and LaFerrari phase-out Adjusted EBITDA (1) excludes charges for Takata airbag inflator recalls. Jun. 30, 2016 Indust strial free ee 145 Net industrial al (763) Q2'16 cash ash flow (1) (1) debt bt (1) (1) Dec. 31, 2015 ( € M) Q2'15 ( € M) (797) 173 289 Industrial free cash flow (1) primarily driven by adjusted EBITDA (1) , positive change of working Net industrial debt (1) reduced to € 763 million primarily due to industrial free cash flow (1) capital and timing effect of advances on the new open-top LaFerrari, partially offset by capex generation partially offset by € 87 million cash distribution to holders of common shares and and the first 2016 tax advance. € 13 million dividends paid to NCI Q2 2015 included one-time of € 116 million. Note: (1) reconciliations to non-gaap financial measures are provided in the appendix. Q2 2016 Results August 2 nd , 2016 4 4 Certain totals in the tables included in this document may not add due to rounding.
Q2 2016 – SHIPMENTS BY REGION (4) Americas EMEA (35% vs. 38% PY of total shipments) (43% vs. 40% PY of total shipments) Americas’ shipments increased by approx. 0.5% EMEA’s shipments increased by approx. 14% USA – Ferrari’s largest single market: growth supported by V8 • UK UK – flat shipments affected by timing with 488 Spider having just models (488 GTB, 488 Spider and California T) and F12tdf offsetting arrived on the market and robust deliveries of 488 GTB and F12tdf F12berlinetta at its 5 th year of commercialization and LaFerrari that more than offsetting 458 family and FF phase-out finished its limited series run • Strong performance recorded in Germany and Italy as a result of the 488 family, California T and F12tdf. Other European countries, Africa Final deliveries of the strictly limited edition F60 America and Middle East expanded with a double-digit growth rate. Greater China Rest of APAC (7% vs. 6% PY of total shipments) (15% vs. 16% PY of total shipments) Greater China’s shipments grew more than 25% Rest of APAC’s shipments in line with previous year China mainlan and d – double digit growth thanks to the 488 family. The Japan – shipments substantially in line with previous year F12tdf having just arrived on the market. Austral alia – performance affected by timing with 488 Spider and HK and Taiwan – increase in shipments due to the contribution of F12tdf having just arrived on the market. 488 GTB only partially both V8 (488 family) and V12 (F12tdf and F12berlinetta) models offsetting the 458 family phase-out more than offsetting the 458 family and FF phase-out Other er APAC AC – increased double-digit thanks to V8 models Solid performance due to new models 488 GTB, 488 Spider and F12tdf despite 458 family, FF and LaFerrari phase-out Note: (4) refer to notes to the presentation in the Appendix Q2 2016 Results August 2 nd , 2016 5 5
Recommend
More recommend
