Ferrari(RACE)2025-02-21 14:43Shipments and Sales - Shipments increased from 7,255 in 2014 to 13,752 in 2024, reflecting a controlled growth strategy while maintaining brand exclusivity [460]. - In 2024, approximately 81% of new cars were sold to clients who already own at least one Ferrari, reinforcing the brand's luxury image [460]. - Shipments in the Americas accounted for 29.1% of total shipments in 2024, with the United States representing 25.1% [463]. - Total shipments in 2024 were 13,752, an increase of 89 cars or 0.7% compared to 13,663 in 2023 [508]. - In 2024, hybrid model shipments surpassed those of internal combustion engine models for the first time, highlighting a shift towards electrification [466]. Financial Performance - Net revenues increased from €5,970 million in 2023 to €6,677 million in 2024, representing an annual growth of 11.8% [501]. - Net revenues for 2024 were €6,677 million, an increase of €707 million or 11.8% compared to €5,970 million for 2023 [506]. - Net revenues from cars and spare parts for 2024 were €5,728 million, an increase of €609 million or 11.9% compared to €5,119 million for 2023 [507]. - Sponsorship, commercial, and brand revenues rose from €572 million in 2023 to €670 million in 2024, marking a growth of 17.1% [502]. - Operating profit (EBIT) grew from €1,617 million in 2023 to €1,888 million in 2024, representing an EBIT margin increase from 27.1% to 28.3% [501]. - Net profit for 2024 was €1,526 million, up from €1,257 million in 2023, reflecting a net profit margin of 22.9% [501]. - EBITDA for 2024 reached €2,555 million, up from €2,279 million in 2023, reflecting a year-over-year increase of 12.1% [593]. Research and Development - Total research and development incurred increased to €1,039 million in 2024, up from €934 million in 2022 [472]. - Research and development costs increased to €894 million in 2024, accounting for 13.4% of net revenues [501]. - Capitalized development costs rose from €416 million in 2022 to €476 million in 2024, indicating a focus on innovation and product development [471]. - The proportion of capitalized development costs compared to total research and development incurred increased from 44.5% in 2022 to 45.8% in 2024 [471]. - The company plans to introduce 15 new models from 2023 to 2026, including its first full electric Ferrari expected in Q4 2025 [460]. Costs and Expenses - Cost of sales as a percentage of net revenues decreased from 50.2% in 2023 to 49.9% in 2024 [501]. - Selling, general and administrative costs for 2024 were €561 million, an increase of €98 million or 21.3% compared to €463 million for 2023 [525]. - Cost of sales for 2024 was €3,330 million, an increase of €334 million or 11.1% compared to €2,996 million for 2023, with a percentage of net revenues at 49.9% [521]. Cash Flow and Investments - Cash flows from operating activities for 2024 were €1,927 million, an increase of €210 million compared to €1,717 million in 2023, driven by an increase in net profit excluding non-cash items [558]. - Cash and cash equivalents at the end of 2024 increased by €620 million to €1,742 million, compared to €1,122 million at the end of 2023 [558]. - Capital expenditures for 2024 totaled €1,064 million, up from €911 million in 2023 and €824 million in 2022, with €507 million allocated to intangible assets and €557 million to property, plant, and equipment [573][580]. - Cash flows used in investing activities increased by €120 million in 2024 compared to 2023, reflecting higher investments in property, plant, and equipment [558]. - Free Cash Flow for the year ended December 31, 2024, was €938 million, compared to €848 million in 2023, representing an increase of 10.6% [622]. Shareholder Information - Exor is the largest shareholder with a 24.84% ownership interest, translating to approximately 36.69% voting power due to the loyalty voting mechanism [628]. - The Shareholders' Agreement between Exor and Piero Ferrari includes provisions for consultation prior to General Meetings of shareholders [634]. - Ferrari N.V. is a public limited liability company incorporated under the laws of the Netherlands and is listed on both NYSE and Euronext Milan [646]. - The Board of Directors consists of 11 members, including 2 executive Directors and 9 non-executive Directors, with a majority qualifying as independent under both NYSE and Dutch Corporate Governance Code [656]. Governance and Compliance - The Company has adopted the updated Dutch Corporate Governance Code, which will be applicable retroactively from the financial year 2023 [647]. - The Board of Directors is responsible for the overall strategy of the Company, with the Chief Executive Officer managing day-to-day operations [651]. - The current Board of Directors was appointed on April 17, 2024, and its term will expire on April 16, 2025 [650]. - The share of independent members of the non-executive Board members is 100% according to NYSE rules and 88.89% according to the Dutch Corporate Governance Code [656].