Published on February 3rd, 2016 | by Subhash Nair


Ferrari Posts 2015 Financial Results, Does Well in its First Few Months of Independence

Ferrari today announces its consolidated net revenues and preliminary results for the fourth quarter and twelve months ended December 31, 2015.

Shipments totalled 7,664 units in 2015, up 6% from the previous year. This performance was driven by a 17% increase in sales of our 8 cylinder models (V8), led by California T, 458 Speciale A and the newly launched 488 GTB. Shipments of the 12 cylinder models (V12) were down 24% as the F12 Berlinetta and the FF are respectively in their 4th and 5th year of commercialization, and the F12tdf shipments started in December 2015.

EMEA, Americas and Rest of APAC experienced sound year-on-year growth of 2%, 7% and 26% respectively. Greater China contracted by 10% year-on-year, but showed a +7% upturn for the three months ended December 31, 2015, thanks to the introduction of the 488 GTB.

Ferrari 488 GTB_7

Net revenues for FY 2015 were Euro 2,854 million, an increase of Euro 92 million or 3% (-3% at constant currencies) from FY 2014. Higher net revenues in Cars and spare parts (Euro 136 million, +7%) were partially offset by a decrease in Engines (Euro 92 million, -30%).

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Adjusted EBIT was Euro 473 million, up Euro 69 million (+17%) from FY 2014. This was the effect of higher volumes for the California T, 458 Speciale A, the newly launched 488 GTB and a positive margin contribution from our personalization programs. The increase was also supported by a positive foreign exchange contribution of Euro 41 million, mainly due to U.S. dollar and Great Britain pound appreciation and partially offset by Japanese yen. The mix effect had a slightly negative contribution of Euro 6 million due to the higher proportion of V8 versus V12 in FY 2015 compared to FY 2014. Selling, general and helloistrative costs grew by Euro 15 million due to our continued focus on directly operated retail stores, corporate costs and F1 racing activities. Research and development costs and industrial costs increased by Euro 3 million attributable to the 2016 development of the power unit for F1 racing activity partially offset by a lower R&D on road cars (primarily R&D and product D&A of 458 family) and efficiencies on production costs.


As a result of the items described above, net profit for FY 2015 was Euro 290 million, up Euro 25 million (+9%).

Free Cash Flow for the twelve months ended December 31, 2015 was Euro 390 million, primarily driven by a strong increase in cash from operating activities. Free Cash Flow included the following one-time cash inflows: the sale of investment properties; the reimbursement of the financing of inventory related to the establishment of the Maserati standalone business in China; and the sale of the financial assets portfolios of certain Financial Services Companies (FFS S.p.A. and FFS KK) in connection with the additional steps taken to maximize the effects of our cooperation agreements in Europe and in Japan; partially offset by the one-time extra bonus payment in December to all Ferrari employees.

Ferrari 488 GTB_4

Net Debt at December 31, 2015 was Euro 1,938 million, compared to a Net Cash position of Euro 566 million at December 31, 2014. This was a result of the capital reorganization in connection with our IPO and the spin-off from Fiat Chrysler Automobiles N.V. (FCA), partially offset by the strong Free Cash Flow generation.

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2016 Outlook

The Group indicates the following guidance for 2016, assuming FX consistent with current market conditions:

  • Shipments: ˜7,900 including supercars
  • Net revenues: >Euro 2.9 billion
  • Adjusted EBITDA: >Euro 770 million
  • Net Debt: <Euro 1,950 billion (<Euro 750 million – net of the funded self-liquidating financial receivables portfolio) including distribution to shareholder

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Distribution proposal

Subject to the approval of the 2015 annual accounts and review of other relevant financial statements by the Board of Directors of the Company, the Board of Directors of the Company intends to resolve to make a distribution to the holders of common shares of Euro 0.46 per common share, corresponding to a total distribution to shareholders of approximately Euro 87 million.


Subsequent Events

On January 3rd, 2016 the Company completed the announced separation of the Ferrari business from FCA which was previously its largest shareholder. Following Ferrari’s debut on the New York Stock Exchange (NYSE) on October 21st, 2015, on January 4th, 2016 the Company also completed the listing of its common shares on the Milan Stock Exchange (MTA) under the ticker symbol RACE.

On January 19th, 2016 Ferrari Financial Services Inc. completed its first securitization program of retail financial receivables in the U.S. with total proceeds of approximately US$246 million.

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Written work on @subhashtag on instagram. Autophiles Malaysia on Youtube.

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