Ferrari Nv · MIL:RACE
Ferrari Nv — Q3 2021 Earnings Presentation
24 slides from Ferrari Nv's earnings presentation, Nov 2, 2021
Slide 1: Q3 2021 Results
Q3 2021 RESULTS MARANELLO, NOVEMBER 2, 2021
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “Upgraded 2021 guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “remain”, “on tr
Slide 3: On the Way to Another Record Year
ON THE WAY TO ANOTHER RECORD YEAR Double digit growth with Q3 2021 Net Revenues up 19% versus PY and Industrial FCF(1) generation at €242M Upgraded 2021 Guidance Record net order intake sustained by vibrant demand, with Mainland China and US leading Acclaimed reception of the newly launched 296 GTB
Slide 4: Q3 2021 Highlights
Q3 2021 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q3 '21 2,750 Q3 '21 1,053 +18.9% vs ‘20 +18.6% vs ‘20 Q3 '20 2,313 Q3 '20 888 +11.2% vs ‘19 +15.1% vs ‘19 Q3 '19 2,474 Q3 '19 915 EBITDA(1) EBIT (€M and margin %) (€M and margin %) Q3 '21 371 35.2% Q3 '21 270 25.7% Q3 '20 330 37.2% +12.4% vs
Slide 5: Q3 2021 – Shipments
Q3 2021 – SHIPMENTS(2) SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (Q3 2021 VS. Q3 2020) Total shipments up 437 units or (Q3 2021) +18.9% vs. Q3 2020: EMEA +1.6% V8 (47% vs. 56% PY) 85% • Production planning not AMERICAS impacted by the semi-conductor +40.1% (26% vs. 22% PY) and raw material shortage
Slide 6: Net Revenues Bridge Q3 2020 – 2021
NET REVENUES BRIDGE Q3 2020 – 2021 (€M) Net revenues reported +18.6% Net revenues at constant currency +20.7% (8) +23.5% +24.8% +5.8% -16.6% 6 1,054 1,053 167 11 20 20 888 874 (4) 96 (1) 95 55 55 24 24 (14) 93 90 44 44 883 883 727 716 Q3 2020 FX hedges Q3 2020 Q3 2020 w/o FX Cars and spare Engines(5
Slide 7: EBIT Bridge Q3 2020 – 2021
EBIT BRIDGE Q3 2020 – 2021 (€M) 41 270 - 270 39 (12) (4) (2) 222 208 (14) Margin Margin 25.6% 25.7% Margin Margin 25.0% 23.8% EBIT Q3 2020 FX hedges EBIT Q3 2020 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q3 2021 at Change in FX 2020 EBIT Q3 2021 Q3 2020 FX hedges constant currency vs.
Slide 8: Industrial FCF and Net Industrial Debt Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES JUN 30, 2021 – SEPT 30, 2021 (€M) 74 (552) 242 361 (4) (368) 242 (3) (189) - (55) EBITDA Change in Cash interest & Capex (9) Industrial FCF (Industrial working Taxes Q3 2021 June 30, 2021 Industrial FCF Dividends Q3 2021 Share Currency, September
Slide 9: Upgraded 2021 Guidance
UPGRADED 2021 GUIDANCE Core business sustained by (€B, unless otherwise stated) 2019 2020 2021 ACTUAL ACTUAL GUIDANCE(11) volume and mix Revenues from Formula 1 racing NET REVENUES 3.8 3.5 4.3 activities based on targeted calendar and reflecting lower 2020 ADJ. EBITDA 1.3 1.1 ~1.52 ranking versus p
Slide 10: Q&A
Q&A
Slide 11: Appendix
APPENDIX
Slide 12: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the Appendix 10. Net of a tax benefit, with no cash impact on 2020, from the one-off partial step-up 2. Excluding the XX Programme, racing cars, one-off and pre-owned cars of the trademark’s book value in acc
Slide 13: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 SPORT RANGE 599 GTB Fiorano 458 Italia 458 Spider F12berlinetta 488 GTB 488 Spider 812 Superfast F8 Tributo SF90 Stradale 81
Slide 14: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION SPECIAL AND LIMITED EDITION MODELS INTRODUCED Model / year of delivery 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 SPECIAL SERIES F430 Scuderia Scuderia Spider 16M 599 GTO SA APERTA 458 Speciale 458 Speciale A F12tdf
Slide 15: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(3) 8,206 1,383 2,750 6,440 609 2,313 487 1,114 402 249 181 2,110 119 1,635 706 504 4,104 1,308 3,510 1,288 Q3 2020 Q3 2021 9M 2020 9M 2021 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (2) (3) Refer to notes to the presentation in the Appendix Nov
Slide 16: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT (€M) (€M) At Sept. 30 At Jun. 30 At Mar. 31 At Dec. 31 2021 2021 2021 2020 2019 2018 (368) Debt (2,591) (2,360) (2,283) (2,725) (2,090) (1,927) Cash and Cash Equivalents (A) 1,273 922 980 1,362 898 794 (1,318) Net Debt (1,318) (1,43
Slide 17: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(15) HISTORICAL TREND Total available liquidity at €2,040M as of September 30, 2021 (€1,689M as of June 30, 2021), including undrawn committed credit lines of €767M Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1) (Industrial Activities only) 1.6x 1.2x 1.1x 1.0x 0.
Slide 18: Capex and R&D
CAPEX AND R&D Q3 '21 Q3 '20 €M, unless otherwise stated 9M '21 9M '20 189 158 Capital expenditures(9) 506 465 84 79 of which capitalized development costs(16) (A) 264 222 Research and development 130 111 402 373 costs expensed (B) 214 190 Total research and development (A+B) 666 595 Amortization of
Slide 19: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Operations are monitored through the use of various non-GAAP financial measures activities. that may not be comparable to other similarly titled measures of other companies. • Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as Accordingly, in
Slide 20: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q3 '21 Q3 '20 €M, unless otherwise stated 9M '21 9M '20 1,053 888 Net revenues 3,099 2,391 371 330 EBITDA / Adjusted EBITDA 1,133 771 361 322 of which EBITDA (Industrial Activities only) 1,105 752 101 108 Amortization and depreciation
Slide 21: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(8) Q3 '21 at constant 9M '21 at constant Q3 '21 €M, unless otherwise stated 9M '21 currency currency 883 883 Cars and spare parts 2,619 2,670 55 55 Engines 145 145 95 96 Sponsorship, commercial and brand 277 282 20 20 Othe
Slide 22: Basic and Diluted EPS
BASIC AND DILUTED EPS Q3 '21 Q3 '20 €M, unless otherwise stated 9M '21 9M '20 206 171 Net profit attributable to owners of the Company 617 346 Weighted average number 184,317 184,748 184,601 184,825 of common shares (thousand)(17) 1.12 0.92 Basic EPS (€) 3.34 1.87 Weighted average number of common s
Slide 23: Reconciliations: Free Cash Flow and Industrial Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Q3 '21 Q3 '20 €M, unless otherwise stated 9M '21 9M '20 392 218 Cash flow from operating activities 927 428 Investments in property, plant and equipment (189) (158) (506) (465) and intangible assets(9)
Slide 24: Reconciliations: Net Industrial Debt
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL DEBT September 30, June 30, March 31, December 31, December 31, December 31, December 31, December 31, €M, unless otherwise stated 2021 2021 2021 2020 2019 2018 2017 2016 Debt (2,591) (2,360) (2,283) (2,725) (2,090) (1,927) (1,806) (1.848) of whic