Ferrari(RACE)

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Ferrari(RACE) - 2023 Q1 - Quarterly Report
2023-05-03 16:00
Exhibit 99.1 Ferrari N.V. Interim Report At and for the three months ended March 31, 2023 CONTENTS Chief Executive Officer Benedetto Vigna Directors | | Page | | --- | --- | | BOARD OF DIRECTORS | 1 | | INDEPENDENT AUDITORS | 1 | | CERTAIN DEFINED TERMS | 1 | | INTRODUCTION | 2 | | FORWARD-LOOKING STATEMENTS | 3 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | | | Highlights | 5 | | Results of Operations | 7 | | Liquidity and Capital Resources | 12 | | Non-GAAP Fin ...
Ferrari(RACE) - 2022 Q4 - Annual Report
2023-02-23 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K _______________________________ REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of February 2023 Commission File No. 001-37596 _______________________________ FERRARI N.V. (Translation of Registrant's Name Into English) Via Abetone Inferiore n.4 I-41053 Maranello (MO) Italy Tel. No.: +39 0536 949111 (Address of Principal Executive Offices) (Indicate by chec ...
Ferrari(RACE) - 2022 Q4 - Annual Report
2023-02-23 16:00
Sales and Shipments - Annual shipments increased from 9,119 in 2020 to 13,221 in 2022, reflecting a growth of 45.5% over the two-year period[416] - The average annual shipments over the three-year period from 2020 to 2022 were 11,165 cars[416] - The Americas accounted for 26.1% of total shipments in 2022, with 3,447 cars delivered[416] - Total shipments increased by 2,066 cars, or 18.5%, from 11,155 cars in 2021 to 13,221 cars in 2022[465] Financial Performance - In 2022, net revenues increased to €5,095 million, a 19.3% rise from €4,271 million in 2021[455] - Cost of sales rose to €2,649 million, representing 52.0% of net revenues in 2022, compared to 48.7% in both 2021 and 2020[457] - EBIT for 2022 was €1,227 million, accounting for 24.1% of net revenues, down from 25.2% in 2021[457] - Net profit for 2022 was €939 million, or 18.4% of net revenues, compared to 19.5% in 2021[457] - The ongoing conflict between Russia and Ukraine has led to increased costs for raw materials and energy, impacting EBIT margins[434] - Interest rates increased by approximately 60 basis points in 2022, negatively affecting financial services margins[435] Research and Development - Total research and development expenditure for 2022 was $934 million, with capitalized development costs amounting to $416 million[426] - Research and development costs expensed decreased to $518 million in 2022 from $574 million in 2021, indicating a shift towards capitalizing more development costs[426] - Research and development costs increased to €776 million, making up 15.2% of net revenues in 2022, compared to 18.0% in 2021[457] - The increase in research and development costs was primarily due to a €64 million rise in amortization of capitalized development costs[489] - The company is undergoing a period of structurally higher capital spending to broaden car architectures and transition to hybrid and electric powertrains[516] Capital Expenditures and Investments - Total capital expenditures for 2022 were €824 million, compared to €750 million in 2021 and €734 million in 2020[535] - Significant investments in intangible assets for 2022 included €416 million for development costs, with €301 million allocated for future model development[539] - Investments in the new e-building for BEV production amounted to €8 million in 2022, reflecting the company's expansion plans[544] - Contractual commitments for property, plant, and equipment purchases amounted to €201 million at the end of 2022, up from €74 million at the end of 2021[545] Shareholder Information - Exor is the largest shareholder with a 24.44% stake, translating to approximately 44,435,280 common shares[592] - As of February 13, 2023, approximately 40.5% of Ferrari's outstanding common shares were held in the United States, totaling around 78.5 million shares[598] - The company has entered into a Shareholders' Agreement with Exor and Piero Ferrari, which was amended on December 16, 2022, to include Trust Piero Ferrari[599] - The Shareholders' Agreement was automatically renewed for another five-year term until January 3, 2026, as neither party terminated it within the required timeframe[606] Corporate Governance - The Company adheres to the updated Dutch Corporate Governance Code, which will be applicable for the financial year beginning on or after January 1, 2023[611] - The current Board of Directors was appointed on April 13, 2022, and includes Mr. Benedetto Vigna as Chief Executive Officer since September 12, 2021[613] - The Company qualifies as a foreign private issuer under NYSE listing standards, allowing it to follow home country practices for corporate governance[610] - The updated Dutch Corporate Governance Code was published on December 20, 2022, and compliance will be reported in the management report for the financial year 2023[611] Cash Flow and Debt - Cash flows from operating activities for 2022 were €1,403 million, an increase from €1,283 million in 2021[519] - Free Cash Flow for the year ended December 31, 2022 was €597 million, an increase from €546 million in 2021[572] - Net Debt at December 31, 2022 was €1,423 million, an increase from €1,286 million in 2021[559] - The Group's net cash used in financing activities was €554 million in 2022, slightly down from €580 million in 2021[533] - Cash and cash equivalents at the end of 2022 were €1,389 million, up from €1,344 million at the end of 2021[519]
Ferrari(RACE) - 2022 Q4 - Earnings Call Transcript
2023-02-02 19:17
Ferrari NV (NYSE:RACE) Q4 2022 Earnings Conference Call February 2, 2023 8:00 AM ET Company Participants Nicoletta Russo - Head, IR Benedetto Vigna - CEO & Executive Director Antonio Piccon - CFO Conference Call Participants Stephen Reitman - Societe Generale Susy Tibaldi - UBS Giulio Pescatore - BNP Paribas Exane Martino De Ambroggi - Equita George Galliers - Goldman Sachs Group Anthony Dick - ODDO BHF Michael Binetti - Crédit Suisse Thomas Besson - Kepler Cheuvreux Gautam Narayan - RBC Capital Markets Dan ...
Ferrari(RACE) - 2022 Q3 - Earnings Call Transcript
2022-11-02 19:58
Ferrari N.V. (NYSE:RACE) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET Company Participants Nicoletta Russo - Head of Investor Relations Benedetto Vigna - Group Chief Executive Officer Antonio Picca Piccon - Group Chief Financial Officer Conference Call Participants Michael Binetti - Credit Suisse Giulio Pescatore - BNP George Galliers - Goldman Sachs Adam Jonas - Morgan Stanley Stephen Reitman - Societe Generale Monica Bosio - Intesa Sanpaolo John Murphy - Bank of America Thomas Besson - Ke ...
Ferrari(RACE) - 2022 Q3 - Earnings Call Presentation
2022-11-02 15:55
Q3 2022 RESULTION Bit. MARANELLO, NOVEMBER 2, 2022 the state of the state of the state of the states of the states of the states of the states of the states of the states of the states of the states of the state of the stat SAFE HARBOR STATEMENT This document, and in particular the section entitled "Upward revised 2022 guidance", contain forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", ...
Ferrari(RACE) - 2022 Q3 - Quarterly Report
2022-11-01 16:00
Exhibit 99.1 Ferrari N.V. Interim Report At and for the three and nine months ended September 30, 2022 CONTENTS | | Page | | --- | --- | | BOARD OF DIRECTORS | 1 | | INDEPENDENT AUDITORS | 1 | | CERTAIN DEFINED TERMS | 1 | | INTRODUCTION | 2 | | FORWARD-LOOKING STATEMENTS | 3 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 5 | | Highlights | 5 | | Results of Operations | 8 | | Liquidity and Capital Resources | 16 | | Non-GAAP Financial Measures | 22 | | Risk Facto ...
Ferrari(RACE) - 2022 Q2 - Earnings Call Transcript
2022-08-02 18:14
Ferrari N.V. (NYSE:RACE) Q2 2022 Earnings Conference Call August 2, 2022 9:00 AM ET Company Participants Nicoletta Russo - Head of Investor Relations Benedetto Vigna - Group Chief Executive Officer Antonio Picca Piccon - Group Chief Financial Officer Conference Call Participants Adam Jonas - Morgan Stanley Susy Tibaldi - UBS Giulio Pescatore - Exane BNP Paribas Michael Binetti - Credit Suisse Monica Bosio - Intesa Sanpaolo George Galliers - Goldman Sachs Stephen Reitman - Societe Generale Charles Coldicott ...
Ferrari(RACE) - 2022 Q2 - Earnings Call Presentation
2022-08-02 16:41
Q2 2022 RESULTS r New Fire Pr MARANELLO, AUGUST 2, 2022 SAFE HARBOR STATEMENT This document, and in particular the section entitled "2022 guidance", contain forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "continue", "on track", "successful", "grow", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "guidance" and similar expressions. Fo ...
Ferrari(RACE) - 2022 Q2 - Quarterly Report
2022-08-01 16:00
Exhibit 99.1 Ferrari N.V. Unaudited Semi-Annual Report At and for the three and six months ended June 30, 2022 CONTENTS | | Page | | --- | --- | | BOARD OF DIRECTORS | 1 | | INDEPENDENT AUDITORS | 1 | | CERTAIN DEFINED TERMS | 1 | | INTRODUCTION | 2 | | FORWARD-LOOKING STATEMENTS | 3 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | | | Highlights | 5 | | Results of Operations | 9 | | Liquidity and Capital Resources | 17 | | Non-GAAP Financial Measures | 23 | | Risk ...