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Ferrari(RACE) - 2021 Q2 - Quarterly Report
2021-08-01 16:00
Exhibit 99.1 Ferrari N.V. Semi-Annual Report At and for the three and six months ended June 30, 2021 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 | | COVID-19 Pandemic Update | 6 | | Non-GAAP Financial Measures | 9 | | Results of Operations | 12 | | Liquidity and Capital ...
Ferrari(RACE) - 2021 Q1 - Earnings Call Transcript
2021-05-04 18:17
Ferrari N.V. (NYSE:RACE) Q1 2021 Earnings Conference Call May 4, 2021 9:00 AM ET Company Participants Nicoletta Russo – Head of Investor Relations John Elkann – Chairman and acting Chief Executive Officer Antonio Picca Piccon – Chief Financial Officer Conference Call Participants Stephen Reitman – Société Générale Monica Bosio – Intesa Sanpaolo Michael Binetti – Credit Suisse George Galliers – Goldman Sachs John Murphy – BofA Philip Houchois – Jefferies Henning Cosman – HSBC Thomas Besson – Kepler Cheuvreux ...
Ferrari(RACE) - 2021 Q1 - Earnings Call Presentation
2021-05-04 16:16
Q1 2021 RESULTS MARANELLO, MAY 4, 2021 SAFE HARBOR STATEMENT This document, and in particular the section entitled "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 track", "successful", "grow", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "guidance" or similar terms. Forward-looking statements ...
Ferrari(RACE) - 2021 Q1 - Quarterly Report
2021-03-30 16:00
Exhibit 99.1 FERRARI N.V.: PERIODIC REPORT ON THE BUYBACK PROGRAM Maranello (Italy), March 31, 2021 – Ferrari N.V. (NYSE/MTA: RACE) ("Ferrari" or the "Company") informs that the Company has purchased, under the fourth tranche of the common share buyback program announced on March 11, 2021 ("Fourth Tranche"), additional common shares - reported in aggregate form, on a daily basis - on the Italian Stock Exchange (MTA) as follows: | Trading Date | Stock Exchange | Number of shares | common purchased | Average ...
Ferrari(RACE) - 2020 Q4 - Annual Report
2021-02-25 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commis ...
Ferrari(RACE) - 2020 Q4 - Earnings Call Transcript
2021-02-02 20:41
Financial Data and Key Metrics Changes - In 2020, Ferrari's net revenues were EUR 3,460 million, down 8.1% compared to the prior year, driven by lower deliveries and brand revenue [14] - EBITDA for 2020 was EUR 1,143 million, down 10% with a margin of 33% [14] - Adjusted net profit was EUR 534 million, down 23.5% versus 2019, resulting in an adjusted diluted EPS of EUR 2.88 compared to EUR 3.71 in the prior year [15] - Industrial free cash flow for the year was EUR 172 million, with net industrial debt at the end of the year at EUR 543 million compared to EUR 337 million the previous year [27][28] - The order book was at a record level, up 22% versus last year, covering the entire 2021 and beyond [16] Business Line Data and Key Metrics Changes - Shipments in 2020 were 9,119 units, approximately 10% less than the prior year [14] - Sales of V8 and V12 models were down 10.3% and 9% respectively [19] - Engine revenues were down 24%, mainly reflecting lower shipments to Maserati [22] - Revenues from sponsorship, commercial, and brand activities were down EUR 150 million due to the COVID-19 pandemic [22] Market Data and Key Metrics Changes - The Americas market saw a decline of 19.8% in deliveries for the year but showed a 14% recovery in Q4 [20] - Mainland China, Hong Kong, and Taiwan posted a decrease of 45.5% for the year but grew triple digits in Q4 [21] - EMEA and the rest of APAC were almost in line with the prior year [20] Company Strategy and Development Direction - Ferrari is focused on a journey to carbon neutrality, with plans to achieve carbon neutrality within the decade [11] - The company is adapting its product plan to a fast-evolving environment, with new model unveilings planned for 2021 [10][21] - The CEO succession process is underway, with a search committee established to find the right candidate [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future opportunities despite the challenges posed by COVID-19 [11][32] - The guidance for 2021 targets a strong rebound with net revenues around EUR 4.3 billion, adjusted EBITDA between EUR 1,450 million and EUR 1,500 million, and adjusted EBIT between EUR 970 million and EUR 1,020 million [29][30] - The company acknowledges significant uncertainty in 2021 due to the ongoing pandemic [40] Other Important Information - The company did not use any state aid during the factory closure and continued to pay full salaries to employees [10] - The guidance for 2021 assumes that exchange rates will remain in line with the last part of 2020 [31] Q&A Session Summary Question: Guidance for 2021 and incremental margins - Management indicated that 2021 is still affected by significant uncertainty, impacting the trajectory for 2022 [38][40] Question: Personalization and its impact on results - Personalization rates were lower in 2020, but management does not expect significant fluctuations in the future [46] Question: Concorde Agreement impact - The net impact of the new Concorde Agreement and budget cap is expected to be neutral for Ferrari [48] Question: Free cash flow guidance for 2021 - Free cash flow guidance of EUR 350 million considers working capital dynamics and tax payments [50] Question: Shipments from China and new model timing - Management noted a significant growth of orders from China and did not provide specific timing for new model announcements [64] Question: Raw materials and FX assumptions - Management has hedged a significant portion of 2021's FX exposure and has a similar policy for raw materials [68] Question: Order book robustness - The order book is described as robust across product lines and geographies [69] Question: EBIT bridge and recovery in 2021 - Management indicated that some negative impacts from 2020 may reverse positively in 2021, depending on the pandemic's evolution [73] Question: Maserati engine delivery implications - The agreement with Maserati is expected to end in 2023, with limited financial impact anticipated [74] Question: CapEx plan and Purosangue launch timeline - Management preferred not to disclose specific details regarding the CapEx plan and timeline for the Purosangue launch [76] Question: Investment projects for EUR 800 million CapEx - The majority of the CapEx is focused on product development, including hybrid technologies and factory infrastructure [77]
Ferrari(RACE) - 2020 Q4 - Earnings Call Presentation
2021-02-02 15:08
FY 2020 RESULTS MARANELLO 2.2.2021 SAFE HARBOR STATEMENT This document, and in particular the section entitled "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 track", "successful", "grow", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "guidance" or similar terms. Forward-looking statements are ...
Ferrari(RACE) - 2020 Q3 - Earnings Call Transcript
2020-11-03 20:08
Ferrari N.V. (NYSE:RACE) Q3 2020 Earnings Conference Call November 3, 2020 9:00 AM ET Company Participants Nicoletta Russo - Head of Investor Relations Louis Camilleri - Chief Executive Officer Antonio Piccon - Chief Financial Officer Conference Call Participants John Murphy - Bank of America Merrill Lynch Adam Jonas - Morgan Stanley Susy Tibaldi - UBS Investment Bank Giulio Pescatore - Exane BNP Paribas Monica Bosio - Intesa Sanpaolo George Galliers - Goldman Sachs Group Inc Michael Binetti - Credit Suisse ...
Ferrari(RACE) - 2020 Q3 - Earnings Call Presentation
2020-11-03 13:52
Q3 2020 Results November 3, 2020 Q3 2020 Results November 3, 2020 1 g SAFE HARBOR STATEMENT This document, and in particular the section entitled "2020 Guidance" contain forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "continue", "remain", "on track", "successful", "grow", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "guidance" or similar ter ...
Ferrari(RACE) - 2020 Q2 - Earnings Call Transcript
2020-08-03 19:05
Ferrari N.V. (NYSE:RACE) Q2 2020 Earnings Conference Call August 3, 2020 9:00 AM ET Company Participants Nicoletta Russo – Head-Investor Relations Louis Camilleri – Chief Executive Officer Antonio Picca Piccon – Group Chief Financial Officer Conference Call Participants John Murphy – Bank of America Massimo Vecchio – UBI Banca George Galliers – Goldman Sachs Michael Binetti – Credit Suisse Adam Jonas – Morgan Stanley Monica Bosio – Intesa Sanpaolo Martino De Ambroggi – Equita Thomas Besson – Kepler Cheuvreu ...