FIAT CHRYSLER AUTOMOBILES N.V. Ferrari posted a record Q3 2015 performance
Shipments were 1,949 units, up 21%
Net revenues were up 9% (3% at constant currencies) to Euro 723 million
EBIT reached Euro 141 million, 610bps margin increase
Net profit amounted to Euro 94 million, +62%
Net cash of Euro 827 million as of September 30, 20151
2014 | 2015 | Change | 2014 | 2015 | Change |
1,612 | 1,949 | 337 Shipments (in units) | 5,280 | 5,643 | 363 |
662 | 723 | 61 Net revenues | 2,011 | 2,110 | 99 |
89 | 141 | 52 EBIT | 274 | 359 | 85 |
160 | 214 | 54 EBITDA | 485 | 562 | 77 |
58 | 94 | 36 Net profit | 186 | 235 | 49 |
0.30 | 0.50 | 0.20 Earnings per share (in Euro ) | 0.97 | 1.24 | 0.27 |
For the three months ended September 30,
(In Euro million unless otherwise stated)
For the nine months ended September 30,
(In Euro million) | Dec. 31, 2014 | Sept. 30, 2015 | Change |
Net Cash | 566 | 8271 | 261 |
1 Euro -1,973 million Net debt on a pro-forma basis including the effects of the announced reorganization completed in October, shortly prior to our initial public offering
Ferrari N.V.
Amsterdam, The Netherlands Registered Office:
Via Abetone Inferiore N.4,
I -41053 Maranello (MO), Italy Dutch trade registration number: 57991561
Maranello (Italy), October 28, 2015 - Ferrari N.V. (NYSE: RACE) ('Ferrari') today announces its consolidated net revenues and preliminary results2 for the third quarter and the nine months ended September 30, 2015.
Shipments were 1,949 units in Q3 2015, up 21% from 1,612 for Q3 2014. The performance was driven by a 33% increase in sales of our 8 cylinder models (V8), in particular the 488 GTB, California T and 458 Speciale A, more than offsetting the phase-out of the 458 Italia and 458 Spider. Our shipments of 12 cylinder models (V12) were down 17% as the F12berlinetta is in its 4th year of commercialization.
EMEA, Americas and Rest of APAC3 experienced good year-on-year increase, +16%,
30% and 63% respectively. Greater China3 contracted by 24% vs. Q3 2014.
Net revenues for Q3 2015 were Euro 723 million, an increase of Euro 61 million or 9% (+3% at constant currencies) from Euro 662 million for Q3 2014. Higher net revenues in cars and spare parts4 (Euro 75 million, +16%) were partly offset by a decrease in engines5 (Euro 25 million, -33%).
Adjusted EBIT was Euro 140 million, up Euro 36 million (+35%) from Q3 2014 driven by increased volumes mainly due to higher sales of California T and personalization as well as the contribution from the introduction of 488 GTB and 458 Speciale A. The increase was supported also by a slightly positive mix effect due to higher sales of our limited edition supercar LaFerrari and special racing car FXX K, partially offset by the higher proportion of V8 as compared to V12 in Q3 2015 vs. Q3 2014. Foreign exchange contribution was positive Euro 10 million, mainly driven by U.S. dollar and Great Britain pound partially offset by Japanese Yen. Selling, general and administrative
2 These results have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as endorsed by the European Union.
3 EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi
Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes Africa and the other European markets not separately identified); Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Greater China includes: China, Hong Kong and Taiwan; Rest of APAC includes: Japan, Australia, Singapore, Indonesia and South Korea
4 Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on
these cars and sales of spare parts
5 Includes the 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.
costs6 increased by Euro 9 million due to 488 Spider launch, corporate events and focus on directly operated retail stores. Research and development costs and industrial costs increased by Euro 12 million as a result of our development programs primarily related to the power units in our Formula 1 activities.
Income tax expense increased in the three months ended September 30, 2015 as compared to the same period in 2014, as a result of an increase in profit before taxes, primarily driven by the items described above. Our effective tax rate (income tax expense as a percentage of profit before taxes) decreased in the three months ended September 30, 2015 primarily due to deferred tax liabilities on unremitted earnings that we recognized in the three months ended September 30, 2014.
As a result of the items described above, net profit for Q3 2015 was Euro 94 million, up Euro 36 million (+62%).
Free Cash Flow for the three months ended September 30, 2015 was Euro 74 million, primarily driven by an increase in cash from operating activities which included the one-time cash inflow from the sale of investment properties.
Net Cash increased from Euro 789 million as of June 30, 2015 to Euro 827 million as of September 30, 2015, primarily driven by Free Cash Flow improvements net of dividends paid to our minority shareholder in China
2015 Outlook
The Group indicates the following guidance for 2015:
Shipments: 7.7K including limited edition supercar LaFerrari
Net revenues: Euro ˜2.8 billion
Adjusted EBITDA: Euro 725 million - Euro 745 million range
Net debt: Euro 1,975 million - Euro 2,025 million range (Euro 775 million - Euro 825 million range - net of self-liquidating financial receivables portfolio)
6 Excluding expenses related to resignation of former Chairman and IPO costs
Shipments
2014 | 2015 | Change | 2014 | 2015 | Change |
701 | 815 | 114 EMEA | 2,494 | 2,413 | (81) |
523 | 682 | 159 Americas | 1,722 | 1,969 | 247 |
207 | 157 | (50) Greater China | 496 | 418 | (78) |
181 | 295 | 114 Rest of APAC | 568 | 843 | 275 |
1,612 | 1,949 | 337 Total shipments | 5,280 | 5,643 | 363 |
For the three months ended September 30,
Shipments3 (units)
For the nine months ended September 30,
Total net revenues
2014 | 2015 | Change | 2014 | 2015 | Change | |
462 | 537 | 75 | Cars and spare parts4 | 1,412 | 1,545 | 133 |
76 | 51 | (25) Engines5 | 228 | 172 | (56) | |
103 | 110 | 7 | Sponsorship, commercial and brand7 | 309 | 322 | 13 |
21 | 25 | 4 | Other8 | 62 | 71 | 9 |
662 | 723 | 61 | Total net revenues | 2,011 | 2,110 | 99 |
For the three months ended September 30,
(Euro million)
For the nine months ended September 30,
Disclaimer
Financial results presented do not reflect the effects of the announced reorganization completed in October, shortly prior to our initial public offering.
7 Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income
8 Primarily includes interest income generated by the Ferrari Financial Services group and net revenues from the management of the Mugello racetrack
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