Record 2023 Results Strengthen the Foundation for Continuous Growth
- Record net revenues of Euro 5,970 million, up 17.2% versus prior year
- Adjusted EBITDA of Euro 2,279 million, up 28.5% versus prior year
- Shipments totaled 13,663 units in 2023, up 3.3% versus prior year
- 2024 guidance with net revenues expected to exceed 6.4 billion Euros
- Successful corporate social responsibility initiatives, including equal salary certification and new employee support initiatives
- None.
Insights
The reported financial performance of the company indicates a robust upward trajectory in both revenue and profit margins. A 17.2% increase in net revenues and a 31.8% rise in adjusted EBIT reflect strong operational efficiency and pricing power. The 27.1% adjusted EBIT margin surpasses industry averages, suggesting effective cost control and premium product positioning. The adjusted net profit margin growth to 34% is particularly noteworthy, as it demonstrates not only revenue growth but also an enhanced ability to convert sales into actual profit.
Another critical aspect is the industrial free cash flow generation of Euro 932 million, which signals the company's liquidity and financial health, enabling it to invest in future growth, pay dividends, or repurchase shares. However, investors should consider the capital expenditures of Euro 869 million, which, while indicative of growth prospects and reinvestment, also reflect the high costs associated with maintaining competitive advantage in the luxury automotive sector.
The 3.3% increase in total shipments underscores a steady demand for the company's products, particularly in the EMEA and Americas regions. This growth is driven by new model introductions such as the Purosangue and the SF90 family. The product mix featuring 56% internal combustion engine models and 44% hybrid models demonstrates the company's progressive transition towards electrification, a crucial strategy in an industry facing stringent environmental regulations and shifting consumer preferences.
The decrease in shipments to Mainland China, Hong Kong and Taiwan could be an area of concern, reflecting either market saturation or geopolitical tensions affecting luxury goods consumption. It's essential to monitor these regional trends, as they could signal a need for strategic adjustments in market approach or product offerings.
The company's performance is indicative of the broader economic trends affecting the luxury automotive sector. The positive net impact of product and country mix, coupled with personalization services, suggests a consumer base with strong purchasing power and a desire for bespoke products. The resilience in the face of cost inflation and higher R&D expenses is commendable and is a testament to the company's brand strength and pricing leverage.
However, the negative currency impact, primarily from the Japanese Yen and Chinese Yuan, slightly dampened revenue figures, highlighting the importance of currency risk management strategies for multinational corporations. The mention of higher Formula 1 expenses and the impact of lower rankings in 2023 also illustrate the inherent risks and volatility associated with sponsorships and branding activities in high-profile sports.
Record 2023 Results Strengthen the Foundation for Continuous Growth
- Net revenues of
Euro 5,970 million , up17.2% versus prior year, with total shipments of 13,663 units up3.3% versus FY 2022 - Adjusted EBIT(1) of
Euro 1,617 million , up31.8% versus prior year, with adjusted EBIT(1) margin of27.1% - Adjusted net profit(1) of
Euro 1,257 million and adjusted diluted EPS(1) atEuro 6.90 - Adjusted EBITDA(1) of
Euro 2,279 million , up28.5% versus prior year, with adjusted EBITDA(1) margin of38.2% - Industrial free cash flow(1) generation of
Euro 932 million
“2023 was a very successful year, during which we strengthened our brand through a number of achievements reflected in our unprecedented financial results. For the first time, our net profit, up
| For the three months ended | (In Euro million, | For the twelve months ended | ||||||
| December 31, | unless otherwise stated) | December 31, | ||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | |||
| 3,245 | 3,327 | (82) | ( | Shipments (in units) | 13,663 | 13,221 | 442 | |
| 1,523 | 1,368 | 155 | Net revenues | 5,970 | 5,095 | 875 | ||
| 372 | 298 | 74 | EBIT / Adj. EBIT(1) | 1,617 | 1,227 | 390 | ||
| 260 bps | EBIT / Adj. EBIT(1) margin | 300 bps | ||||||
| 294 | 221 | 73 | Net profit / Adj. net profit(1) | 1,257 | 939 | 318 | ||
| 1.63 | 1.21 | 0.42 | Basic EPS (in Euro) / Adj. basic EPS(1) (in Euro) | 6.91 | 5.11 | 1.80 | ||
| 1.62 | 1.21 | 0.41 | Diluted EPS (in Euro) / Adj. diluted EPS(1) (in Euro) | 6.90 | 5.09 | 1.81 | ||
| 558 | 469 | 89 | EBITDA(1) / Adj. EBITDA(1) | 2,279 | 1,773 | 506 | ||
| 240 bps | EBITDA(1) / Adj. EBITDA(1) margin | 340 bps | ||||||
Maranello (Italy), February 1, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(2) for the fourth quarter and twelve months ended December 31, 2023.
Shipments(3)(4)
| For the three months ended | Shipments | For the twelve months ended | ||||||
| December 31, | (units) | December 31, | ||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | |||
| 1,493 | 1,527 | (34) | ( | EMEA | 6,063 | 5,958 | 105 | |
| 884 | 831 | 53 | Americas(5) | 3,811 | 3,447 | 364 | ||
| 360 | 478 | (118) | ( | Mainland China, Hong Kong and Taiwan(6) | 1,490 | 1,552 | (62) | ( |
| 508 | 491 | 17 | Rest of APAC | 2,299 | 2,264 | 35 | ||
| 3,245 | 3,327 | (82) | ( | Total Shipments | 13,663 | 13,221 | 442 | |
Shipments totaled 13,663 units in 2023, up 442 units or
The increase in deliveries during the year was driven by the Purosangue, which was in ramp up phase in the second part of the year, as well as higher deliveries of the 296 and SF90 families. The first deliveries of the Roma Spider commenced in Q4. During the year, the F8 family’s deliveries concluded and the Portofino M was approaching the end of its lifecycle. In the year the deliveries of Special Series increased, led by the 812 Competizione family. The allocations of the Daytona SP3 continued as planned throughout the year.
The product portfolio in the year included eleven internal combustion engine (ICE)(7) models and four hybrid engine models, which represented
Total net revenues
| For the three months ended | (Euro million) | For the twelve months ended | ||||||
| December 31, | December 31, | |||||||
| Change | Change | |||||||
| 2023 | 2022 | at constant | 2023 | 2022 | at constant | |||
| currency | currency | |||||||
| 1,289 | 1,165 | Cars and spare parts(8) | 5,119 | 4,321 | ||||
| 150 | 137 | Sponsorship, commercial and brand(9) | 572 | 499 | ||||
| 39 | 36 | Engines(10) | 127 | 155 | ( | ( | ||
| 45 | 30 | Other(11) | 152 | 120 | ||||
| 1,523 | 1,368 | Total net revenues | 5,970 | 5,095 | ||||
Net revenues for 2023 were
Revenues from Cars and spare parts(8) were
Sponsorship, commercial and brand(9) revenues reached
The decrease in Engines(10) revenues (
Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative net impact of
Adjusted EBITDA(1) and Adjusted EBIT(1)
| For the three months ended | (Euro million) | For the twelve months ended | ||||||||
| December 31, | December 31, | |||||||||
| Change | Change | |||||||||
| 2023 | 2022 | at constant | 2023 | 2022 | at constant | |||||
| currency | currency | |||||||||
| 558 | 469 | EBITDA(1) / Adj. EBITDA(1) | 2,279 | 1,773 | ||||||
| 372 | 298 | EBIT / Adj. EBIT(1) | 1,617 | 1,227 | ||||||
2023 Adjusted EBITDA(1) reached
2023 Adjusted EBIT(1) was
Volume was positive (
The Mix / price variance performance was very strong and positive (
Industrial costs / research and development expenses increased (
SG&A also grew (
Other changes were positive (
Financial charges, net in the year were
The tax rate in the year was approximately
As a result, the Adjusted Net profit(1) for the year was
Industrial free cash flow(1) for the year was strong at
Net Industrial Debt(1) as of December 31, 2023 was
2024 guidance, based on the following assumptions for the year:
- Positive product and country mix, along with strong personalizations
- Racing activities 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
- 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 | >6.4 |
| ADJ. EBIT (margin %) | 1.62 | ≥1.77 ≥ |
| ADJ. DILUTED EPS (€) | 6.90(15) | ≥7.50(15) |
| ADJ. EBITDA (margin %) | 2.28 | ≥2.45 ≥ |
| INDUSTRIAL FCF | 0.93 | >0.90 |
Q4 2023 highlights:
- The third tranche of the multi-year share repurchase program was completed on October 19, 2023. Ferrari announced its intention to continue with a fourth tranche of up to
Euro 350 million to be executed from November 8, 2023 and to end no later than June 26, 2024. - Ferrari announced the start of a cross industry project in collaboration with Philip Morris International which will bring together the two companies’ technological capabilities to scout and explore new energy-related technologies that could support the decarbonization journey of their respective production facilities in Maranello and Crespellano, located 30 km apart in the Emilia Romagna Region. The partnership aims to assess key solutions contributing to industrial electrification in the generation, storage, and transformation of renewable energy.
- Ferrari obtained the Equal-Salary Certification for equal pay between genders at a global level. The recognition is proof of the Company’s ongoing commitment to ensuring a fair and inclusive workplace that values diversity. The certification process involved an analysis of pay levels, with the results showing that Ferrari is the first luxury group to have eliminated the pay gap between men and women at a global level.
- Ferrari announced 250 new hires in the first six months of 2024, and will also launch a series of initiatives to provide even greater support for its people, among which a broad-based share ownership plan for the Ferrari Group's 5,000+ employees, the renewal of the Competitiveness Award and the extension of health and parenting support initiatives.
Subsequent Events:
- Under the fourth tranche of the new multi-year common share repurchase program announced on June 30, 2022, from January 1, 2024 to January 26, 2024 the Company purchased 119,285 common shares for a total consideration of
Euro 37.4 million . At January 26, 2024 the Company held in treasury an aggregate of 13,624,694 common shares equal to5.30% 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. - Ferrari announced a new project that stems from Ferrari's racing DNA and innovative drive. The Prancing Horse is preparing to compete in the world of sailing under the guidance of Team Principal and acclaimed navigator, Giovanni Soldini. In addition to competing on tracks all over the world, Ferrari is now embarking on this new venture to enhance its technological know how, in line with the Company’s continuous will to progress. This unique project will see the Maranello-based company utilise cutting-edge technologies throughout the entire cycle, from conception and engineering to realisation. The search for maximum performance at sea will generate innovations and concrete solutions for sustainability that, in line with Ferrari’s tradition, will be an important stimulus in the evolution of its sports cars.
- Ferrari announced that Scuderia Ferrari has renewed its technical and racing multi-year agreement with Charles Leclerc. The Monegasque driver will continue to compete for the Italian team in the Formula 1 World Championship in the next seasons.
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 243 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 performance of the Group’s racing activities and the sponsorship and commercial revenues the Group generates and expenses the Group incurs for its racing activities, as well as the popularity of motor sports more broadly; 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 controlled growth strategy and, particularly, the ability to increase its presence in growth market countries; the Group’s low volume strategy; global economic conditions, macro events, pandemics and conflicts, including the ongoing conflict between Russia and Ukraine and the more recent hostilities between Israel and Hamas; changes in the general economic environment (including changes in some of the markets in which the Group operates) and changes in demand for luxury goods, including high performance luxury cars, demand for which is highly volatile; the Group’s ability to preserve its relationship with the automobile collector and enthusiast community; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; 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; reliance upon a number of key members of executive management and employees, and the ability of its current management team to operate and manage effectively;
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 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 dealers and clients, 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 twelve months ended | ||
| December 31, | December 31, | |||
| 2023 | 2022 | 2023 | 2022 | |
| 316 | 310 | Capital expenditures(14) | 869 | 806 |
| 125 | 128 | of which capitalized development costs(16) (A) | 448 | 416 |
| 158 | 131 | Research and development costs expensed (B) | 539 | 518 |
| 283 | 259 | Total research and development (A+B) | 987 | 934 |
| 95 | 82 | Amortization of capitalized development costs (C) | 343 | 258 |
| 253 | 213 | Research and development costs as recognized in the consolidated income statement (B+C) | 882 | 776 |
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 twelve months ended | ||
| December 31, | December 31, | |||
| 2023 | 2022 | 2023 | 2022 | |
| 1,523 | 1,368 | Net revenues | 5,970 | 5,095 |
| 780 | 727 | Cost of sales | 2,996 | 2,649 |
| 117 | 128 | Selling, general and administrative costs | 463 | 428 |
| 253 | 213 | Research and development costs | 882 | 776 |
| 3 | 3 | Other expenses/(income), net | 18 | 21 |
| 2 | 1 | Results from investments | 6 | 6 |
| 372 | 298 | EBIT/Adjusted EBIT | 1,617 | 1,227 |
| 5 | 17 | Financial expenses/(income), net | 15 | 49 |
| 367 | 281 | Profit before taxes | 1,602 | 1,178 |
| 73 | 60 | Income tax expenses | 345 | 239 |
| Effective tax rate | ||||
| 294 | 221 | Net profit / Adjusted net profit | 1,257 | 939 |
| 1.63 | 1.21 | Basic / Adjusted basic EPS (€) | 6.91 | 5.11 |
| 1.62 | 1.21 | Diluted / Adjusted diluted EPS (€) | 6.90 | 5.09 |
| 558 | 469 | EBITDA / Adjusted EBITDA | 2,279 | 1,773 |
| 548 | 460 | of which EBITDA (Industrial activities only) | 2,243 | 1,732 |
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 twelve months ended | ||
| December 31, | December 31, | |||
| 2023 | 2023 | |||
| 2023 | at constant | 2023 | at constant | |
| currency | currency | |||
| 1,289 | 1,309 | Cars and spare parts | 5,119 | 5,190 |
| 150 | 151 | Sponsorship, commercial and brand | 572 | 577 |
| 39 | 39 | Engines | 127 | 127 |
| 45 | 47 | Other | 152 | 155 |
| 1,523 | 1,546 | Total net revenues | 5,970 | 6,049 |
| For the three months ended | (Euro million) | For the twelve months ended | ||
| December 31, | December 31, | |||
| 2023 | 2023 | |||
| 2023 | at constant | 2023 | at constant | |
| currency | currency | |||
| 558 | 575 | Adjusted EBITDA | 2,279 | 2,335 |
| 372 | 389 | Adjusted EBIT | 1,617 | 1,673 |
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 twelve months ended | ||||
| December 31, | December 31, | |||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | |
| 294 | 221 | 73 | Net profit | 1,257 | 939 | 318 |
| 73 | 60 | 13 | Income tax expense | 345 | 239 | 106 |
| 5 | 17 | (12) | Financial expenses/(income), net | 15 | 49 | (34) |
| 186 | 171 | 15 | Amortization and depreciation | 662 | 546 | 116 |
| 558 | 469 | 89 | EBITDA | 2,279 | 1,773 | 506 |
| - | - | - | Adjustments | - | - | - |
| 558 | 469 | 89 | Adjusted EBITDA | 2,279 | 1,773 | 506 |
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 twelve months ended | ||||
| December 31, | December 31, | |||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | |
| 372 | 298 | 74 | EBIT | 1,617 | 1,227 | 390 |
| - | - | - | Adjustments | - | - | - |
| 372 | 298 | 74 | Adjusted EBIT | 1,617 | 1,227 | 390 |
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 twelve months ended | ||||
| December 31, | December 31, | |||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | |
| 294 | 221 | 73 | Net profit | 1,257 | 939 | 318 |
| - | - | - | Adjustments | - | - | - |
| 294 | 221 | 73 | Adjusted net profit | 1,257 | 939 | 318 |
Basic and diluted EPS(17) 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 twelve months ended | ||||
| December 31, | December 31, | |||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | |
| 293 | 220 | 73 | Net profit attributable to the owners of the Company | 1,252 | 933 | 319 |
| 180,592 | 182,149 | Weighted average number of common shares (thousand) | 181,220 | 182,836 | ||
| 1.63 | 1.21 | 0.42 | Basic EPS (in Euro) | 6.91 | 5.11 | 1.80 |
| - | - | - | Adjustments | - | - | - |
| 1.63 | 1.21 | 0.42 | Adjusted basic EPS (in Euro) | 6.91 | 5.11 | 1.80 |
| 180,883 | 182,434 | Weighted average number of common shares for diluted earnings per common share (thousand) | 181,511 | 183,121 | ||
| 1.62 | 1.21 | 0.41 | Diluted EPS (in Euro) | 6.90 | 5.09 | 1.81 |
| - | - | - | Adjustments | - | - | - |
| 1.62 | 1.21 | 0.41 | Adjusted diluted EPS (in Euro) | 6.90 | 5.09 | 1.81 |
Net Industrial Debt, defined as total Debt less Cash and Cash Equivalents (Net Debt), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net Debt of Financial Services Activities).
| (Euro million) | Dec. 31, 2023 | Sept. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
| Debt | (2,477) | (2,542) | (2,681) | (2,708) | (2,812) |
| of which leased liabilities as per IFRS 16 | (73) | (81) | (68) | (67) | (57) |
| Cash and Cash Equivalents | 1,122 | 1,012 | 1,110 | 1,441 | 1,389 |
| Net Debt | (1,355) | (1,530) | (1,571) | (1,267) | (1,423) |
| Net Debt of Financial Services Activities | (1,256) | (1,297) | (1,240) | (1,214) | (1,216) |
| Net Industrial Debt | (99) | (233) | (331) | (53) | (207) |
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 twelve months ended | ||
| December 31, | December 31, | |||
| 2023 | 2022 | 2023 | 2022 | |
| 527 | 430 | Cash flow from operating activities | 1,717 | 1,403 |
| (316) | (310) | Investments in property, plant and equipment and intangible assets(14) | (869) | (806) |
| 211 | 120 | Free Cash Flow | 848 | 597 |
| (13) | (41) | Free Cash Flow from Financial Services Activities | (84) | (161) |
| 224 | 161 | Free Cash Flow from Industrial Activities | 932 | 758 |
On February 1, 2024, at 3:00 p.m. CET, management will hold a conference call to present the FY 2023 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 the XX Programme, racing cars, 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 the other 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 765 units in Q4 2023 (+75 units or +
6 Of which 292 units in Q4 2023 (-107 units or -
7 It includes one ICE track car model
8 Includes net revenues generated from shipments of our cars, any personalization generated on cars, as well as sales of spare parts
9 Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements, our share of the Formula 1 World Championship commercial revenues, and net revenues generated through the Ferrari brand, including fashion collection, merchandising, licensing and royalty income
10 Includes net revenues generated from the sale of engines to Maserati for use in their cars and from the rental of engines to other Formula 1 racing teams
11 Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities
12 Patent Box regime as introduced by Article 1, par. 37-45 of Law No. 190 of December 23, 2014, as amended and supplemented from time to time, then replaced by Article 6 Decree-Law No. 146 of October 21, 2021, converted with amendments into Law No. 215 of December 17, 2021, as subsequently amended by Law No. 234 of December 30, 2021.
13 Also known as Notional Interest Deduction - NID
14 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases
15 Calculated using the weighted average diluted number of common shares as of December 31, 2023 (181,511 thousand)
16 Capitalized as intangible assets
17 For the three and twelve months ended December 31, 2023 and 2022 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)
Attachment
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