Ferrari Announces Voting Results From Its Annual General Meeting

Rhea-AI Summary

Ferrari N.V. held its Annual General Meeting on April 14, 2023, in Amsterdam, where all resolutions proposed to shareholders were approved. Notably, shareholders sanctioned the 2022 Annual Accounts and a cash dividend of €1.810 per outstanding common share, totaling approximately €329 million, with the ex-dividend date set for April 24 and payment scheduled for May 5. The meeting also confirmed the election of directors, including John Elkann and Benedetto Vigna as executive directors.

The Board of Directors received renewed authority for share issuance and repurchase, allowing for up to 10% of outstanding shares. Concurrently, Ferrari published its 2022 Sustainability Report in line with GRI Standards and TCFD recommendations, a move emphasizing transparency around governance, environmental, and social issues.

Positive

• Dividend of €1.810 per share approved, totaling approximately €329 million.
• All proposed resolutions at the AGM passed unanimously.
• Renewed authority for the Board to repurchase up to 10% of outstanding shares.

Negative

• None.

Maranello (Italy), 14 April 2023 - Ferrari N.V. (“Ferrari” or the “Company”) (NYSE/EXM: RACE) announced today that all resolutions proposed to Shareholders at the Ferrari’s Annual General Meeting of Shareholders (the “AGM”) held today in Amsterdam, the Netherlands, were passed.

The Shareholders approved the 2022 Annual Accounts, expressed a positive advice with respect to the Remuneration Report 2022 and approved a dividend in cash¹ of Euro 1.810 per outstanding common share, totalling approximately Euro 329 million. The outstanding common shares will be quoted ex-dividend from April 24, 2023. The record date for the dividend will be April 25, 2023 on both EXM and NYSE and the dividend on the outstanding common shares will be paid on May 5, 2023. Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official European Central Bank EUR/USD exchange rate of April 17, 2023.

The AGM appointed all Ferrari directors standing for election. John Elkann and Benedetto Vigna were elected as executive directors of Ferrari. Piero Ferrari, Delphine Arnault, Francesca Bellettini, Eduardo H. Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco, Adam Keswick and Michelangelo Volpi were elected as non-executive directors of Ferrari.

The AGM renewed the existing delegations to the Board of Directors of the Company of the authority to issue common shares (for a period of 18 months from the date of the AGM), to grant rights to subscribe for common shares and to limit or exclude pre-emptive rights for common shares (for a period of 18 months from the date of the AGM), subject to certain maximum amount thresholds. Furthermore, the AGM renewed, for a period of 18 months from the date of the AGM, the existing authorization of the Board of Directors to repurchase up to a maximum of 10% of the Company’s common shares issued as of the date of the AGM. Pursuant to the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum and minimum price thresholds.

The Shareholders further approved the awards of (rights to subscribe for) common shares in the capital of the Company to the executive directors.

Details of the resolutions submitted to the AGM are available on the Company’s corporate website at https://www.ferrari.com/en-EN/corporate.

Concurrently with the AGM, the Company published its 2022 Sustainability Report. This Report was prepared in accordance with the GRI Standards, the main international framework for reporting on governance, environmental and social themes. This Report also includes further disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the Automobiles Sustainability Accounting Standards, prepared by the Sustainability Accounting Standards Board (SASB), and information required by Article 8 of the EU Taxonomy Regulation 2020/852.

To view the 2022 Sustainability Report online, please visit the following link: https://www.ferrari.com/en-EN/corporate/financial-documents.

                                                                                                                                                                                
This press release contains forward-looking statements. These statements 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: volatility and deterioration of capital and financial markets, including possibility of new Eurozone sovereign debt crisis, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, weather, floods, earthquakes or other natural disasters, changes in government regulation, production difficulties, including capacity and supply constraints and many other risks and uncertainties, including the risks related to Covid-19 outbreak and/or the current geopolitical tensions and conflicts in Ukraine, most of which are outside of the Group’s control.

For further information:
Media Relations
tel.: +39 0536 949337
Email: media@ferrari.com

________________________________________
[1] The coupon number of the dividend is 8 (eight).

Attachment

• FNV AGM PR 14.4.2023 ENG

FAQ

What dividends did Ferrari declare in April 2023?

Ferrari declared a dividend of €1.810 per outstanding common share, totaling approximately €329 million, payable on May 5, 2023.

When is the ex-dividend date for Ferrari's 2023 dividend?

The ex-dividend date for Ferrari's 2023 dividend is April 24, 2023.

Who were elected as executive directors at Ferrari's AGM in April 2023?

John Elkann and Benedetto Vigna were elected as executive directors at Ferrari's AGM.

What significant report did Ferrari publish alongside its AGM in April 2023?

Ferrari published its 2022 Sustainability Report in line with GRI Standards and TCFD recommendations.