FERRARI N.V.: COMPLETION OF THE SIXTH TRANCHE OF THE DISCLOSED MULTI-YEAR SHARE REPURCHASE PROGRAM
Ferrari N.V. (RACE) has completed its sixth tranche of the common share buyback program, purchasing an additional 3,417 shares on May 20, 2022, at an average price of $189.51. The total investment since March 3, 2022, is approximately $21.44 million for 112,771 shares on the NYSE, and €99.99 million for 527,592 shares on the EXM. Since January 1, 2019, Ferrari has repurchased 5,948,850 shares for a total consideration of €923.42 million. As of May 27, 2022, Ferrari holds 11,065,110 treasury shares, representing 4.30% of its total issued share capital.
- Completed sixth tranche of share buyback program, signaling commitment to shareholder value.
- Increased treasury shares to 11,065,110, which may enhance earnings per share.
- The significant capital outlay for share buybacks could limit available funds for potential investments or growth opportunities.
Maranello (Italy), May 30, 2022 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the sixth tranche of the common share buyback program announced on March 3, 2022 (“Sixth Tranche”), additional common shares - reported in aggregate form, on a daily basis - on the New York Stock Exchange (NYSE) as follows:
| Trading Date (dd/mm/yyyy) | Stock Exchange | Number of common shares purchased | Average price per share excluding fees ($) | Consideration excluding fees ($) | Consideration excluding fees (€)* |
| 20/05/2022 | NYSE | 3,417 | 189.5132 | 647,566.60 | 612,240.34 |
| Total | - | 3,417 | 189.5132 | 647,566.60 | 612,240.34 |
(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase
Since the announcement of the Sixth Tranche of the buyback program dated March 3, 2022 till May 27, 2022, the total invested consideration has been:
Euro 99,999,990.00 for No. 527,592 common shares purchased on the EXM- USD 21,438,265.62 (
Euro 19,999,873.91 *) for No. 112,771 common shares purchased on the NYSE.
With the purchases described above the Company has completed the Sixth Tranche of the Program announced on March 3, 2022.
On May 25, 2022 the Company assigned to certain employees of Ferrari Group No. 6,643 common shares held in treasury. On the same day Ferrari purchased in a “cross order” transaction executed on the EXM No. 3,185 common shares from those employees in order to cover their individual's taxable income as is standard practice (Sell to Cover) at the average price of
As of May 27, 2022, the Company held in treasury No. 11,065,110 common shares equal to
Since January 1, 2019 until May 27, 2022, the Company has purchased a total of 5,948,850 own common shares on EXM and NYSE, excluding transactions for Sell to Cover, for a total consideration of
A comprehensive overview of the transactions carried out under the buyback program, as well as the details of the above transactions, are available on Ferrari’s corporate website under the Buyback Programs section (https://www.ferrari.com/en-EN/corporate/buyback-programs).
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