CONTINUOUS EARNINGS GROWTH AND EVEN MORE CONFIDENCE IN THE FULL YEAR GUIDANCE
Ferrari reported strong Q3 2024 financial results with net revenues of €1,644 million, up 6.5% year-over-year. The company delivered 3,383 units, down 2.2% from the previous year. Adjusted EBIT reached €467 million, increasing 10.3% with a 28.4% margin. Adjusted net profit grew to €375 million, with adjusted diluted EPS at €2.08. The quarter saw strong product mix and increased personalizations, with hybrid models representing 55% of shipments. Industrial free cash flow was €364 million, and the company expressed increased confidence in its 2024 guidance.
Ferrari ha riportato risultati finanziari solidi per il terzo trimestre del 2024 con ricavi netti di 1.644 milioni di euro, in aumento del 6,5% rispetto allo stesso periodo dell'anno precedente. L'azienda ha consegnato 3.383 unità, in calo del 2,2% rispetto all'anno precedente. EBIT rettificato ha raggiunto 467 milioni di euro, aumentando del 10,3% con un margine del 28,4%. Il profitto netto rettificato è salito a 375 milioni di euro, con un utile per azione diluito rettificato di 2,08 euro. Durante il trimestre si è registrato un forte mix di prodotti e un aumento delle personalizzazioni, con i modelli ibridi che rappresentano il 55% delle spedizioni. Il flusso di cassa libero industriale è stato di 364 milioni di euro, e l'azienda ha espresso una maggiore fiducia nelle sue previsioni per il 2024.
Ferrari reportó sólidos resultados financieros para el tercer trimestre de 2024 con ingresos netos de 1.644 millones de euros, un aumento del 6,5% en comparación con el año anterior. La compañía entregó 3.383 unidades, una caída del 2,2% respecto al año anterior. El EBIT ajustado alcanzó los 467 millones de euros, aumentando un 10,3% con un margen del 28,4%. El beneficio neto ajustado creció a 375 millones de euros, con un beneficio por acción diluido ajustado de 2,08 euros. El trimestre mostró una fuerte mezcla de productos y un aumento en las personalizaciones, con modelos híbridos representando el 55% de los envíos. El flujo de caja libre industrial fue de 364 millones de euros, y la compañía expresó una mayor confianza en su guía para 2024.
페라리는 2024년 3분기 강력한 재무 결과를 보고하였으며, 순수익 16억 4,400만 유로로 전년 대비 6.5% 증가하였습니다. 회사는 3,383대를 전달하였으며, 전년 대비 2.2% 감소했습니다. 조정 EBIT는 4억 6,700만 유로에 도달하여 10.3% 증가하며 28.4%의 마진을 기록했습니다. 조정된 순이익은 3억 7,500만 유로로 증가하였으며, 조정된 희석 EPS는 2.08 유로입니다. 이번 분기에는 제품 믹스와 개인화가 강세를 보였으며, 하이브리드 모델이 출하량의 55%를 차지했습니다. 산업 자유 현금 흐름은 3억 6,400만 유로였으며, 회사는 2024년 전망에 대한 자신감이 높아지고 있다고 전했습니다.
Ferrari a annoncé de bons résultats financiers pour le troisième trimestre 2024 avec des revenus nets de 1 644 millions d'euros, en hausse de 6,5 % par rapport à l'année précédente. L'entreprise a livré 3 383 unités, en baisse de 2,2 % par rapport à l'année précédente. Le résultat EBIT ajusté a atteint 467 millions d'euros, augmentant de 10,3 % avec une marge de 28,4 %. Le bénéfice net ajusté a augmenté à 375 millions d'euros, avec un BPA dilué ajusté à 2,08 euros. Le trimestre a vu un bon mélange de produits et une augmentation des personnalisations, les modèles hybrides représentant 55 % des livraisons. Le flux de trésorerie disponible industriel était de 364 millions d'euros, et l'entreprise a exprimé une confiance accrue dans ses prévisions pour 2024.
Ferrari berichtete über starke finanzielle Ergebnisse im dritten Quartal 2024 mit Nettoerlösen von 1.644 Millionen Euro, was einem Anstieg von 6,5% im Vergleich zum Vorjahr entspricht. Das Unternehmen lieferte 3.383 Einheiten, was einem Rückgang von 2,2% gegenüber dem Vorjahr entspricht. Das bereinigte EBIT betrug 467 Millionen Euro und stieg um 10,3% bei einer Marge von 28,4%. Der bereinigte Nettogewinn wuchs auf 375 Millionen Euro, mit einem bereinigten verwässerten Gewinn pro Aktie von 2,08 Euro. Im Quartal gab es eine starke Produktmischung und steigende Personalisierungen, wobei Hybridmodelle 55% der Auslieferungen ausmachten. Der industrielle freie Cashflow betrug 364 Millionen Euro, und das Unternehmen äußerte ein erhöhtes Vertrauen in seine Prognose für 2024.
- Net revenues increased 6.5% to €1,644 million
- Adjusted EBIT grew 10.3% to €467 million with 28.4% margin
- Adjusted net profit up 13% to €375 million
- Strong industrial free cash flow of €364 million
- Order book visibility extends into 2026
- Hybrid models represent 55% of total shipments
- Total shipments decreased 2.2% to 3,383 units
- Mainland China, Hong Kong and Taiwan shipments declined 29%
- Net financial charges of €1 million compared to €3 million income in prior year
Insights
Ferrari's Q3 2024 results demonstrate robust financial performance with several key highlights: Net revenues increased by
The company's product mix strategy is paying off, with hybrid models accounting for
The industrial free cash flow generation of
The shutdown of Ferrari's Maranello gas-fueled trigeneration plant ahead of schedule marks a significant milestone in the company's sustainability journey. This strategic move aligns with their 2030 carbon neutrality commitment and demonstrates proactive environmental leadership in the luxury automotive sector.
The transition from methane gas to renewable energy sources not only reduces the company's carbon footprint but also potentially mitigates future energy cost volatility. The increasing mix of hybrid vehicles (
- Net revenues of
Euro 1,644 million , up6.5% versus prior year, with total shipments of 3,383 units - Adjusted EBIT(1) of
Euro 467 million , up10.3% versus prior year, with adjusted EBIT(1) margin of28.4% - Adjusted net profit(1) of
Euro 375 million and adjusted diluted EPS(1) atEuro 2.08 - Adjusted EBITDA(1) of
Euro 638 million , up7.1% versus prior year, with adjusted EBITDA(1) margin of38.8% - Industrial free cash flow(1) generation of
Euro 364 million
“The third quarter once again shows growing results for Ferrari, driven by a strong product mix and increased personalizations" said Benedetto Vigna, CEO of Ferrari. "It confirms our commitment to deliver on the promises we made at our Capital Markets Day in 2022, along with the exceptional order book visibility well into 2026, continuous product innovation – as evidenced by the F80 supercar just unveiled – and process innovation, with the strengthening of our in-house electrification expertise. The shutdown of the Maranello gas-fueled trigeneration plant, ahead of target, also marks a further step towards our 2030 carbon neutrality goal”.
For the three months ended | (In Euro million, | For the nine months ended | ||||||
September 30, | unless otherwise stated) | September 30, | ||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||
3,383 | 3,459 | (76) | ( | Shipments (in units) | 10,427 | 10,418 | 9 | |
1,644 | 1,544 | 100 | Net revenues | 4,941 | 4,447 | 494 | ||
467 | 423 | 44 | EBIT / Adj. EBIT(1) | 1,420 | 1,245 | 175 | ||
100 bps | EBIT / Adj. EBIT(1) margin | 70 bps | ||||||
375 | 332 | 43 | Net profit / Adj. net profit(1) | 1,140 | 963 | 177 | ||
2.08 | 1.82 | 0.26 | Basic EPS (in Euro) / Adj. basic EPS(1) (in Euro) | 6.32 | 5.28 | 1.04 | ||
2.08 | 1.82 | 0.26 | Diluted EPS (in Euro) / Adj. diluted EPS(1) (in Euro) | 6.31 | 5.28 | 1.03 | ||
638 | 595 | 43 | EBITDA(1) / Adj. EBITDA(1) | 1,912 | 1,721 | 191 | ||
20 bps | EBITDA(1) / Adj. EBITDA(1) margin | 0 bps |
Maranello (Italy), November 5, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(2) for the third quarter and nine months ended September 30, 2024.
Shipments(3)(4)
For the three months ended | Shipments | For the nine months ended | ||||||
September 30, | (units) | September 30, | ||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||
1,426 | 1,398 | 28 | EMEA | 4,654 | 4,570 | 84 | ||
1,070 | 1,096 | (26) | ( | Americas(5) | 3,048 | 2,927 | 121 | |
281 | 395 | (114) | ( | Mainland China, Hong Kong and Taiwan(6) | 876 | 1,130 | (254) | ( |
606 | 570 | 36 | Rest of APAC | 1,849 | 1,791 | 58 | ||
3,383 | 3,459 | (76) | ( | Total Shipments | 10,427 | 10,418 | 9 |
Shipments totaled 3,383 units in Q3 2024, down
The Ferrari Purosangue, the Roma Spider and the 296 GTS drove deliveries in the quarter. Shipments of the SF90 XX Stradale increased and first few deliveries of the SF90 XX Spider commenced. The 812 Competizione A decreased, approaching the end of lifecycle, while the 812 Competizione and Roma phased out. The allocations of the Daytona SP3 increased versus prior year, in line with plans.
The product portfolio in the quarter included eight internal combustion engine (ICE) models and five hybrid engine models, which represented
Total net revenues
For the three months ended | (Euro million) | For the nine months ended | ||||||
September 30, | September 30, | |||||||
Change | Change | |||||||
2024 | 2023 | at constant | 2024 | 2023 | at constant | |||
currency | currency | |||||||
1,400 | 1,330 | Cars and spare parts(7) | 4,256 | 3,830 | ||||
174 | 145 | Sponsorship, commercial and brand(8) | 487 | 422 | ||||
70 | 69 | Other(9) | 198 | 195 | ||||
1,644 | 1,544 | Total net revenues | 4,941 | 4,447 |
Net revenues for Q3 2024 were
Revenues from Cars and spare parts(7) were
Sponsorship, commercial and brand(8) revenues reached
Currency – including translation and transaction impacts as well as foreign currency hedges – had a slightly negative net impact of
Adjusted EBITDA(1) and Adjusted EBIT(1)
For the three months ended | (Euro million) | For the nine months ended | ||||||||
September 30, | September 30, | |||||||||
Change | Change | |||||||||
2024 | 2023 | at constant | 2024 | 2023 | at constant | |||||
currency | currency | |||||||||
638 | 595 | EBITDA(1) / Adj. EBITDA(1) | 1,912 | 1,721 | ||||||
467 | 423 | EBIT / Adj. EBIT(1) | 1,420 | 1,245 |
Q3 2024 Adjusted EBITDA(1) reached
Q3 2024 Adjusted EBIT(1) was
Volume was slightly negative (
The Mix / price variance performance was positive (
Industrial costs / research and development expenses decreased (
SG&A grew (
Other changes were positive (
Net financial charges for the quarter, were approximately
The tax rate(10) in the quarter was
As a result, the Adjusted Net profit(1) for the quarter was
Industrial free cash flow(1) for the quarter was strong at
Net Industrial Debt(1) as of September 30, 2024 was
Even more confidence in the 2024 guidance, based on the following assumptions for the year:
- Positive product and country mix, along with stronger personalizations
- Racing activities, including new sponsorships, impacted by lower Formula 1 ranking in 2023 despite higher number of races in the 2024 calendar
- Lifestyle activities expected to increase top line contribution while investing to accelerate development
- Cost inflation to persist
- Continuous brand investments and higher racing expenses
- Robust Industrial free cash flow generation, partially offset by increased capital expenditures and higher tax payment
(€B, unless otherwise stated) | 2023A | 2024 GUIDANCE |
NET REVENUES | 6.0 | >6.55 |
ADJ. EBIT (margin %) | 1.62 | ≥1.82 ≥ |
ADJ. DILUTED EPS (€) | 6.90(12) | ≥7.90(12) |
ADJ. EBITDA (margin %) | 2.28 | ≥2.50 ≥ |
INDUSTRIAL FCF | 0.93 | Up to 0.95 |
Q3 2024 highlights:
- On September 2, 2024 Ferrari announced that, effective January 1, 2025, UniCredit S.p.A. will partner with Ferrari to be at its side in its Formula 1 racing activities under a multi-year agreement.
Subsequent Events:
- On October 1, 2024 Ferrari announced to have switched off the trigeneration plant at its Maranello factory in order to continue replacing a significant proportion of methane gas consumption with renewable energy sources, consistent with Ferrari’s decarbonization plan announced at the Capital Markets Day in 2022.
- On October 17, 2024 Ferrari unveiled the F80 and wrote a new chapter in the history of legendary supercars bearing the Prancing Horse badge. The F80 will be produced in a limited run of just 799 examples and joins the pantheon of icons such as the GTO, F40 and LaFerrari by showcasing the best that the Maranello-based marque has achieved in terms of technology and performance.
- On October 23, 2024 Ferrari announced the multi-year renewal of its partnership with Shell, effective from 1 January 2026, covering Scuderia Ferrari HP, Ferrari Hypercar and the Ferrari Challenge Series.
- Under the fifth tranche of the new multi-year common share repurchase program announced on September 30, 2022, from October 1, 2024 to November 1, 2024 the Company purchased 157,278 common shares for a total consideration of
Euro 66.4 million . At November 1, 2024 the Company held in treasury an aggregate of 14,678,349 common shares equal to5.71% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.
About Ferrari
Ferrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 World Championship in 1950 through the present, Scuderia Ferrari has won 248 Grand Prix races, 16 Constructors’ World titles and 15 Drivers’ World titles. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.
Forward Looking Statements
This document, and in particular the section entitled “2024 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. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the Ferrari brand; the Group’s ability to attract and retain qualified personnel; the success of the Group’s racing activities; the Group’s ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including hybrid and electric, more broadly into its car portfolio over time and to make appealing designs for its new models; the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to its products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; increases in costs, disruptions of supply or shortages of components and raw materials; the Group’s ability to successfully carry out its low volume and controlled growth strategy, while increasing its presence in growth market countries; changes in general economic conditions (including changes in some of the markets in which the Group operates) and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and in the Middle East and the related issues potentially impacting sourcing and transportation; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; the Group’s ability to preserve its relationship with the automobile collector and enthusiast community; disruptions at the Group’s manufacturing facilities in Maranello and Modena; climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters; the Group’s ability to maintain the functional and efficient operation of its information technology systems and to defend from the risk of cyberattacks, including on its in-vehicle technology; the ability of its current management team to operate and manage effectively and the reliance upon a number of key members of executive management and employees; the performance of the Group’s dealer network on which the Group depends for sales and services; product warranties, product recalls, and liability claims; the sponsorship and commercial revenues and expenses of the Group’s racing activities, as well as the popularity of motor sports more broadly; the performance of the Group’s lifestyle activities; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the Group’s continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; the Group’s ability to ensure that its employees, agents and representatives comply with applicable law and regulations; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; the Group’s ability to service and refinance its debt; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group’s ability to provide or arrange for adequate access to financing for its clients and dealers, and associated risks; the adequacy of its insurance coverage to protect the Group against potential losses; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; and other factors discussed elsewhere in this document.
The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.
For further information:
Media Relations
tel.: +39 0536 241053
Email: media@ferrari.com
Investor Relations
tel.: +39 0536 241395
Email: ir@ferrari.com
Capex and R&D
For the three months ended | (Euro million) | For the nine months ended | ||
September 30, | September 30, | |||
2024 | 2023 | 2024 | 2023 | |
249 | 205 | Capital expenditures(11) | 712 | 553 |
119 | 103 | of which capitalized development costs(13) (A) | 352 | 323 |
128 | 129 | Research and development costs expensed (B) | 401 | 381 |
247 | 232 | Total research and development (A+B) | 753 | 704 |
84 | 92 | Amortization of capitalized development costs (C) | 247 | 248 |
212 | 221 | Research and development costs as recognized in the consolidated income statement (B+C) | 648 | 629 |
Non-GAAP financial measures
Operations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies.
Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.
We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.
Certain totals in the tables included in this document may not add due to rounding.
Key performance metrics and reconciliations of NON-GAAP financial measures
For the three months ended | (Euro million) | For the nine months ended | ||
September 30, | September 30, | |||
2024 | 2023 | 2024 | 2023 | |
1,644 | 1,544 | Net revenues | 4,941 | 4,447 |
827 | 779 | Cost of sales | 2,465 | 2,216 |
135 | 119 | Selling, general and administrative costs | 402 | 346 |
212 | 221 | Research and development costs | 648 | 629 |
6 | 4 | Other expenses/(income), net | 12 | 15 |
3 | 2 | Results from investments | 6 | 4 |
467 | 423 | EBIT/Adjusted EBIT | 1,420 | 1,245 |
1 | (3) | Financial expenses/(income), net | 3 | 10 |
466 | 426 | Profit before taxes | 1,417 | 1,235 |
91 | 94 | Income tax expenses | 277 | 272 |
Effective tax rate | ||||
375 | 332 | Net profit / Adjusted net profit | 1,140 | 963 |
2.08 | 1.82 | Basic / Adjusted basic EPS (€) | 6.32 | 5.28 |
2.08 | 1.82 | Diluted / Adjusted diluted EPS (€) | 6.31 | 5.28 |
638 | 595 | EBITDA / Adjusted EBITDA | 1,912 | 1,721 |
628 | 586 | of which EBITDA (Industrial activities only) | 1,882 | 1,695 |
Total net revenues, EBITDA, Adj. EBITDA, EBIT and Adj. EBIT at constant currency eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.
For the three months ended | (Euro million) | For the nine months ended | ||
September 30, | September 30, | |||
2024 | 2024 | |||
2024 | at constant | 2024 | at constant | |
currency | currency | |||
1,400 | 1,393 | Cars and spare parts | 4,256 | 4,278 |
174 | 173 | Sponsorship, commercial and brand | 487 | 486 |
70 | 70 | Other | 198 | 199 |
1,644 | 1,636 | Total net revenues | 4,941 | 4,963 |
For the three months ended | (Euro million) | For the nine months ended | ||
September 30, | September 30, | |||
2024 | 2024 | |||
2024 | at constant | 2024 | at constant | |
currency | currency | |||
638 | 630 | Adjusted EBITDA | 1,912 | 1,930 |
467 | 459 | Adjusted EBIT | 1,420 | 1,438 |
EBITDA is defined as net profit before income tax expense, financial expenses/(income), net and amortization and depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
For the three months ended | (Euro million) | For the nine months ended | ||||
September 30, | September 30, | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
375 | 332 | 43 | Net profit | 1,140 | 963 | 177 |
91 | 94 | (3) | Income tax expense | 277 | 272 | 5 |
1 | (3) | 4 | Financial expenses/(income), net | 3 | 10 | (7) |
171 | 172 | (1) | Amortization and depreciation | 492 | 476 | 16 |
638 | 595 | 43 | EBITDA | 1,912 | 1,721 | 191 |
- | - | - | Adjustments | - | - | - |
638 | 595 | 43 | Adjusted EBITDA | 1,912 | 1,1721 | 191 |
Adjusted Earnings Before Interest and Taxes or “Adjusted EBIT” represents EBIT as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
For the three months ended | (Euro million) | For the nine months ended | ||||
September 30, | September 30, | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
467 | 423 | 44 | EBIT | 1,420 | 1,245 | 175 |
- | - | - | Adjustments | - | - | - |
467 | 423 | 44 | Adjusted EBIT | 1,420 | 1,245 | 175 |
Adjusted Net profit represents net profit as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
For the three months ended | (Euro million) | For the nine months ended | ||||
September 30, | September 30, | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
375 | 332 | 43 | Net profit | 1,140 | 963 | 177 |
- | - | - | Adjustments | - | - | - |
375 | 332 | 43 | Adjusted net profit | 1,140 | 963 | 177 |
Basic and diluted EPS(14) are determined as per the table here below. Adjusted EPS represents EPS as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
For the three months ended | (Euro million, unless otherwise stated) | For the nine months ended | |||||
September 30, | September 30, | ||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||
374 | 330 | 44 | Net profit attributable to the owners of the Company | 1,137 | 959 | 178 | |
179,586 | 181,046 | Weighted average number of common shares (thousand) | 179,928 | 181,432 | |||
2.08 | 1.82 | 0.26 | Basic EPS (in Euro) | 6.32 | 5.28 | 1.04 | |
- | - | - | Adjustments | - | - | - | |
2.08 | 1.82 | 0.26 | Adjusted basic EPS (in Euro) | 6.32 | 5.28 | 1.04 | |
179,840 | 181,315 | Weighted average number of common shares for diluted earnings per common share (thousand) | 180,182 | 181,701 | |||
2.08 | 1.82 | 0.26 | Diluted EPS (in Euro) | 6.31 | 5.28 | 1.03 | |
- | - | - | Adjustments | - | - | - | |
2.08 | 1.82 | 0.26 | Adjusted diluted EPS (in Euro) | 6.31 | 5.28 | 1.03 |
Net Industrial (Debt)/Cash, defined as total Debt less Cash and Cash Equivalents (Net (Debt)/Cash), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net (Debt)/Cash of Financial Services Activities).
(Euro million) | Sept. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Debt | (3,096) | (3,129) | (2,623) | (2,477) |
of which leased liabilities as per IFRS 16 | (131) | (126) | (117) | (73) |
Cash and Cash Equivalents | 1,529 | 1,332 | 1,366 | 1,122 |
Net (Debt)/Cash | (1,567) | (1,797) | (1,257) | (1,355) |
Net (Debt)/Cash of Financial Services Activities | (1,321) | (1,356) | (1,295) | (1,256) |
Net Industrial (Debt)/Cash | (246) | (441) | 38 | (99) |
Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s primary key performance indicators to measure the Group’s performance. Free Cash Flow is defined as cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to exclude the operating cash flow from our financial services activities (Free Cash Flow from Financial Services Activities).
For the three months ended | (Euro million) | For the nine months ended | ||
September 30, | September 30, | |||
2024 | 2023 | 2024 | 2023 | |
587 | 481 | Cash flow from operating activities | 1,433 | 1,190 |
(249) | (205) | Investments in property, plant and equipment and intangible assets(11) | (712) | (553) |
338 | 276 | Free Cash Flow | 721 | 637 |
(26) | (25) | Free Cash Flow from Financial Services Activities | (85) | (71) |
364 | 301 | Free Cash Flow from Industrial Activities(15) | 806 | 708 |
On November 5, 2024, at 3:00 p.m. CET, management will hold a conference call to present the Q3 2024 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group’s website https://www.ferrari.com/en-EN/corporate/investors. The supporting document will be made available on the website prior to the call.
1 Refer to specific paragraph on non-GAAP financial measures. The term EBIT is used as a synonym for operating profit. There were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented.
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 Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars
4 EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and European markets not separately identified; Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia
5 Of which 941 units in Q3 2024 (+6 units or +
6 Of which 190 units in Q3 2024 (-152 units or -
7 Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts
8 Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including fashion collections, merchandising, licensing and royalty income
9 Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams and from the sale of engines to Maserati. Starting from 2024, residual net revenues generated from the sale of engines are presented within other net revenues as a result of the expiration of the supply contract with Maserati in December 2023. As a result, net revenues generated from engines of
10 The effective tax rate benefited from the coexistence of two successive Patent Box tax regimes, which provide tax benefits for companies using intangible assets. The Patent Box regime firstly introduced by the Italian Law No. 190/2014 was implemented by the Group from 2020 to 2024, recognizing the tax benefit over three annual installments. The new Patent Box regime regulated by Law Decree No. 146, effective from October 22, 2021, provides for a
11 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases
12 Calculated using the weighted average diluted number of common shares as of December 31, 2023 (181,511 thousand)
13 Capitalized as intangible assets
14 For the three and nine months ended September 30, 2024 and 2023 the weighted average number of common shares for diluted earnings per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued for outstanding share-based awards granted by the Group (assuming 100 percent of the target awards vested)
15 Free cash flow from industrial activities for the three and nine months ended September 30, 2024 includes
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