EX-99.1 2 fnvq32019resultspr.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1


SOLID Q3 2019 ON ALL METRICS.
ROBUST PERFORMANCE LEADS TO UPGRADING 2019 GUIDANCE.

•
Total shipments of 2,474 units, up +9.4%
•
Net revenues of Euro 915 million, up +9.2% or +7.1% at constant currency(1) 
•
Adj. EBITDA(2) of Euro 311 million, up +11.5% with an EBITDA margin of 33.9%
•
Adj. diluted EPS(2) of Euro 0.90 (+16.9%)
•
Industrial free cash flow(2) generation of Euro 138 million

For the three months ended
(In Euro million,
unless otherwise stated)
For the nine months ended
September 30,
September 30,
2019
2018
Change
 
2019
2018
Change
2,474

2,262

212
9
%
Shipments (in units)
7,755

6,853

902
13
%
915

838

77
9
%
Net revenues
2,839

2,575

264
10
%
311

278

33
11
%
EBITDA(2)
936

841

95
11
%
311

278

33
11
%
Adjusted EBITDA(2)
936

840

96
11
%
33.9
%
33.2
%
+70 bps
Adjusted EBITDA margin(2)
33.0
%
32.6
%
+40 bps
227

203

24
12
%
EBIT
698

631

67
11
%
227

203

24
12
%
Adjusted EBIT(2)
698

630

68
11
%
24.8
%
24.2
%
+60 bps
Adjusted EBIT margin(2)
24.6
%
24.5
%
+10 bps
169

287

(118)
(41
%)
Net profit
533

596

(63)
(11
%)
169

146

23
15
%
Adjusted net profit(2)
533

454

79
17
%
0.90

1.52

(0.62)
(41
%)
Basic earnings per share (in Euro)
2.82

3.15

(0.33)
(10
%)
0.90

1.51

(0.61)
(40
%)
Diluted earnings per share (in Euro)
2.81

3.14

(0.33)
(11
%)
0.90

0.78

0.12
15
%
Adjusted basic earnings per share 
 (in Euro)(2)
2.82

2.40

0.42
18
%
0.90

0.77

0.13
17
%
Adjusted diluted earnings per share (in Euro)(2)
2.81

2.39

0.42
18
%
 
 
 
 
 
 
 
 
 



Upgraded 2019 Guidance:
•    Net revenues: ~Euro 3.7 billion (from > Euro 3.5 billion)
•    Adj. EBITDA: ~Euro 1.27 billion (from Euro 1.2-1.25 billion)
•    Adj. EBIT: ~Euro 0.92 billion (from Euro 0.85-0.9 billion)
•    Adj. diluted EPS: Euro 3.70-3.75(3) per share (from Euro 3.50-3.70(4) per share)
•    Industrial free cash flow: > Euro 0.6 billion (from > Euro 0.55 billion)
 
 
 
 







____________________________________________________________________________________________________________
1.
The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges
2.
Refer to specific note on non-GAAP financial measures
3.
Calculated using the weighted average diluted number of common shares for 2019 as at October 25, 2019 of 187,864 thousand and excluding net profit attributable to non-controlling interests.
4.
Calculated using the weighted average diluted number of common shares for 2018 and excluding net profit attributable to non-controlling interests



 
 



Maranello (Italy), November 4, 2019 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(5) for the third quarter and nine months ended September 30, 2019.

Shipments(6)(7) 
For the three months ended
Shipments
For the nine months ended
September 30,
(units)
September 30,
2019
2018
Change
 
2019
2018
Change
1,143
1,005
138
14
%
EMEA
3,547
3,181
366
12
%
772
770
2
0
%
Americas
2,295
2,189
106
5
%
159
162
(3)
(2
%)
Mainland China, Hong Kong and Taiwan
776
522
254
49
%
400
325
75
23
%
Rest of APAC
1,137
961
176
18
%
2,474
2,262
212
9
%
Total Shipments
7,755
6,853
902
13
%

Shipments totaled     2,474 units in the third quarter 2019, up 212 units or +9.4% vs. prior year. This achievement was driven by a 9.5% increase in sales of our 8 cylinder models (V8) and an 8.9% increase of our 12 cylinder models (V12). The performance was mainly led by robust deliveries of the Ferrari Portofino as well as the 812 Superfast. This was partially offset by lower volume from the 488 family, with the 488 GTB and the 488 Spider now phased out, partially compensated by the 488 Pista and the ramp up of the 488 Pista Spider. Very first deliveries of the Ferrari Monza SP1 and SP2 also began towards the end of September.
EMEA(7) grew 13.7%, Americas(7) was substantially flat, while Mainland China, Hong Kong and Taiwan were down by a few units as per the decision to concentrate client deliveries in the first part of the year to anticipate the early introduction of new emission regulations. Rest of APAC(7) was up 23.1%.












____________________________________________________________________________________________________________
5.
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
6.
Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars
7.
EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes 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 and Malaysia



2



Total net revenues
For the three months ended
(Euro million)
For the nine months ended
September 30,
September 30,
2019
2018
Change at
 
2019
2018
Change at
current

constant

 
current

constant

currency

currency

 
currency

currency

708
616
15
%
12
%
Cars and spare parts(8)
2,209
1,898
16
%
14
%
46
70
(34
%)
(34
%)
Engines(9)
157
227
(31
%)
(31
%)
135
128
6
%
4
%
Sponsorship, commercial 
and brand(10)
394
380
4
%
2
%
26
24
10
%
8
%
Other(11)
79
70
13
%
9
%
915
838
9
%
7
%
Total Net Revenues
2,839
2,575
10
%
8
%

Net revenues for the third quarter 2019 increased to Euro 915 million, up 9.2% at current currency and up 7.1% at constant currency(1). The increase of revenues in Cars and spare parts(8) to Euro 708 million (+14.8% at current currency or +12.5% at constant currency(1)) was supported by the Ferrari Portofino, the 812 Superfast, the 488 Pista and the ramp up of the 488 Pista Spider. This was partially offset by lower sales of the 488 GTB and the 488 Spider, now phased out, as well as deliveries of the strictly limited edition Ferrari J50 in 2018. Revenue growth was also supported by a positive contribution from personalization programs. Engines(9) revenues (Euro 46 million, -34.3% at current and constant currency(1)) continued to decline reflecting lower shipments to Maserati. Sponsorship, commercial and brand(10) revenues (Euro 135 million, +5.8% at current currency or +3.9% at constant currency(1)) slightly increased due to higher revenues generated by Formula 1 racing activities. Currency, including translation and transaction impacts as well as foreign currency hedges, had a positive impact of Euro 17 million (mainly USD).











____________________________________________________________________________________________________________
8.
Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts
9.
Includes the net revenues generated from the sale of engines to Maserati and the revenues generated from the rental of engines to other Formula 1 racing teams
10.
Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income
11.
Primarily includes interest income generated by our financial services activities and net revenues from the management of the Mugello racetrack



3


Adjusted EBITDA(2) and Adjusted EBIT(2)

For the three months ended
(Euro million)
For the nine months ended
September 30,
September 30,
2019
2018
Change at
 
2019
2018
Change at
current

constant

 
current

constant

currency

currency

 
currency

currency

311
278
11
%
6
%
Adjusted EBITDA(2)
936
840
11
%
6
%
227
203
12
%
4
%
Adjusted EBIT(2)
698
630
11
%
4
%

Q3 2019 Adjusted EBIT(2) was Euro 227 million, +11.7% at current currency or +4.4% at constant currency(1) due to higher volumes (Euro 20 million) and a positive Mix / price variance (Euro 23 million). This performance was also attributable to the impact of the personalization programs and the very first deliveries of the Ferrari Monza SP1 and SP2. Industrial costs / research and development costs increased (Euro 40 million), mainly to support the innovation activities on our product range and components, Formula 1 racing activities and higher operational start up expenses in connection with the introduction of new models. SG&A (up Euro 8 million) reflected new product launches and the Company’s organizational development. Other (Euro 14 million) also included a release of provisions related to favorable developments in emissions regulations that occurred in Q3 2019.

The tax rate in the quarter was 20% mainly as a result of the previously disclosed advance agreement on the Patent Box.

As a result of the items described above, Adjusted diluted earnings(2) per share for the second quarter reached Euro 0.90, up 16.9% vs. prior year.

Industrial free cash flow(2) for the three months ended September 30, 2019 was Euro 138 million, mainly driven by the Adjusted EBITDA(2), partially offset by capital expenditures of Euro 145 million.

Net Industrial Debt(2)(12) as of September 30, 2019 – after Euro 303 million of share repurchases accomplished during the first nine months of 2019 and Euro 195 million







____________________________________________________________________________________________________________
12.
Net Industrial Debt redefined as Net Debt less Net Debt of Financial Services Activities



4


dividend distribution – was Euro 369 million, which compares with Euro 370 million as of December 31, 2018. Lease liabilities per IFRS 16 as of September 30, 2019 remained close to stable at Euro 63 million.

Upgraded 2019 Guidance:
(€B, unless otherwise stated)
Previous
Current
NET REVENUES
>3.5
~3.7
ADJ. EBITDA (margin %)
1.2-1.25
~34%
~1.27
~34%
ADJ. EBIT (margin %)
0.85-0.9
~24.5%
~0.92
~24.5%
ADJ. DILUTED EPS (€)
3.50-3.70(4)
3.70-3.75(3)
IND. FCF
>0.55
>0.6


Third quarter 2019 highlights

Universo Ferrari – the first event dedicated exclusively to Ferrari in its hometown
On September 2, 2019 the first exhibition dedicated to the world of Ferrari in Maranello, Universo Ferrari, opened its doors. Over 14,000 customers, prospects and Ferrari enthusiasts visited the Universo Ferrari during the entire month of September having the chance to experience the many facets of the marque in a holistic manner.

The Ferrari F8 Spider and the Ferrari 812 GTS
On September 9, 2019 the Company unveiled the 812 GTS, which made its return 50 years after the debut of the last sport front mounted V12 spider. The model was revealed during the Universo Ferrari event held in Maranello. The exhibition was also the stage for the launch of the F8 Spider, the new generation drop-top sports car equipped with the most successful mid-rear-mounted V8 in history.












5


Subsequent events:
Under the common share repurchase program, from October 1, 2019 to October 25, 2019, the Company has purchased a further 316,283 common shares for a total consideration of Euro 43.3 million. At October 25, 2019 the Company held in treasury an aggregate of 8,373,857 common shares. As of the same date, the Company held 3.26% 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.

Brand Diversification Strategy
On November 4, 2019, during the Q3 2019 earnings call, management will present a synopsis of the Ferrari’s finalized brand diversification strategy.



6



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 in 1950 through the present, Scuderia Ferrari has won 238 Grand Prix races, 16 Constructor 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 “Upgraded 2019 Guidance” contains 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” or similar terms. 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 success of Ferrari’s Formula 1 racing team and the expenses the Group incurs for Formula 1 activities, as well as the popularity of Formula 1 more broadly; the Group’s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; Group’s ability to preserve its relationship with the automobile collector and enthusiast community; changes in client preferences and automotive trends; changes in the general economic environment, including changes in some of the markets in which we operate, and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; competition in the luxury performance automobile industry; the Group’s ability to successfully carry out its growth strategy and, particularly, the Group’s ability to grow its presence in emerging market countries; the Group’s low volume strategy; reliance upon a number of key members of executive management, 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 depend for sales and services; increases in costs, disruptions of supply or shortages of components and raw materials; disruptions at the Group’s manufacturing facilities in Maranello and Modena; the performance of the Group’s licensees for Ferrari-branded products; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the ability of Maserati, the Group’s engine customer, to sell its planned volume of cars; continued compliance with customs regulations of various jurisdictions; the impact of increasingly stringent fuel economy, emission and safety standards, including the cost of compliance, and any required changes to its products; the challenges and costs of integrating hybrid technology more broadly into Group’s car portfolio over time; product recalls, liability claims and product warranties; the adequacy of its insurance coverage to protect the Group


7


against potential losses; ability to ensure that its employees, agents and representatives comply with applicable law and regulations; ability to maintain the functional and efficient operation of its information technology systems, including our ability to defend from the risk of cyberattacks on our in-vehicle technology; the Group’s ability to service and refinance its debt; the Group’s ability to provide or arrange for adequate access to financing for its dealers and clients, and associated risks; labor relations and collective bargaining agreements; exchange rate fluctuations, interest rate changes, credit risk and other market risks; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates, including possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; 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 949337
Email: media@ferrari.com

Investor Relations
tel.: +39 0536 949695
Email: ir@ferrari.com

www.ferrari.com


8



Capex and R&D
For the three months ended
 
 
(Euro million)
 
 
For the nine months ended
September 30,
 
 
 
 
 
September 30,
2019
2018
 
 
 
 
 
2019
2018
145
154
 
 
Capital expenditures
 
 
453
403
77
87
 
 
of which capitalized development costs(13) (A)
 
 
228
216
129
113
 
 
Research and development
costs expensed (B)
 
 
423
397
206
200
 
 
Total research and development (A+B)
 
 
651
614
33
30
 
 
Amortization of capitalized
development costs (C)
 
 
94
85
162
143
 
 
Research and development costs as recognized in the consolidated income statement (B+C)
 
 
517
482


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.














____________________________________________________________________________________________________________
13.
Capitalized as intangible assets.


9


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,
2019 at
2019 at
 
 
 
2019 at
2019 at
current
constant
 
 
 
 
 
current
constant
currency
currency
 
 
 
 
 
currency
currency
708
695
 
 
Cars and spare parts
 
 
2,209
2,166
46
46
 
 
Engines
 
 
157
157
135
133
 
 
Sponsorship, commercial and brand
 
 
394
387
26
26
 
 
Other
 
 
79
76
915
900
 
 
Total Net Revenues
 
 
2,839
2,786

For the three months ended
(Euro million)
For the nine months ended
September 30,
September 30,
2019
 
 
 
2019
227
 
EBIT
 
698
227
 
Adjusted EBIT
 
698
13
 
Currency (including hedges)
 
43
214
 
EBIT at constant currency
 
655
214
 
Adjusted EBIT at constant currency
 
655
 
 
 
 
 
 
 
 
 
For the three months ended
(Euro million)
For the nine months ended
September 30,
September 30,
2019
 
 
 
2019
311
 
EBITDA
 
936
311
 
Adjusted EBITDA
 
936
13
 
Currency (including hedges)
 
43
298
 
EBITDA at constant currency
 
893
298
 
Adjusted EBITDA at constant currency
 
893



 


10



EBITDA is defined as net profit before income tax expense, net financial expenses and depreciation and amortization.
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,
2019
2018
Change
 
 
 
2019
2018
Change
169
287
(118)
 
Net profit
 
533
596
(63)
42
(90)
132
 
Income tax expense / (benefit)
 
133
20
113
16
6
10
 
Net financial expenses
 
32
15
17
84
75
9
 
Amortization and depreciation
 
238
210
28
311
278
33
 
EBITDA
 
936
841
95
4
-
4
 
of which positive impact from IFRS 16
(simplified approach)
 
13
-
13

For the three months ended
(Euro million)
For the nine months ended
September 30,
September 30,
2019
2018
Change
 
2019
2018
Change
311
278
33
EBITDA
936
841
95
-
-
-
Release of charges for Takata airbag
inflator recalls
-
(1)
1
311
278
33
Adjusted EBITDA
936
840
96

Adjusted Earnings Before Interest and Taxes (“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,
2019
2018
Change
 
2019
2018
Change
227
203
24
EBIT
698
631
67
-
-
-
Release of charges for Takata airbag
inflator recalls
-
(1)
1
227
203
24
Adjusted EBIT
698
630
68



11




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,
2019
2018
Change
 
2019
2018
Change
169
287
(118)
Net profit
533
596
(63)
-
-
-
Release of charges for Takata airbag
inflator recalls (net of tax effect)
-
(1)
1
-
(141)
141
Patent Box benefit for the period 2015-2017
-
(141)
141
169
146
23
Adjusted net profit
533
454
79

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 per common share)
For the nine months ended
September 30,
September 30,
2019
2018
Change
 
2019
2018
Change
0.90
1.52
(0.62)
Basic EPS
2.82
3.15
(0.33)
-
-
-
Release of charges for Takata airbag
inflator recalls (net of tax effect)
-
(0.01)
0.01
-
(0.74)
0.74
Patent Box benefit for the period 2015-2017
-
(0.74)
0.74
0.90
0.78
0.12
Adjusted basic EPS
2.82
2.40
0.42
0.90
1.51
(0.61)
Diluted EPS
2.81
3.14
(0.33)
-
-
-
Release of charges for Takata airbag
inflator recalls (net of tax effect)
-
(0.01)
0.01
-
(0.74)
0.74
Patent Box benefit for the period 2015-2017
-
(0.74)
0.74
0.90
0.77
0.13
Adjusted diluted EPS
2.81
2.39
0.42



12



Basic and diluted EPS(14) 

For the three months ended
 
(Euro million, unless otherwise stated)
 
For the nine months ended
September 30,
 
 
 
September 30,
2019
2018
Change
 
 
 
2019
2018
Change
168
287
(119)
 
Net profit attributable to the owners of the Company
 
529
595
(66)
186,504
188,646
 
 
Weighted average number of common shares (thousand)
 
187,196
188,712
 
0.90
1.52
(0.62)
 
Basic EPS (in Euro)
 
2.82
3.15
(0.33)
187,302
189,434
 
 
Weighted average number of common shares for diluted earnings per common share (thousand)
 
187,994
189,500
 
0.90
1.51
(0.61)
 
Diluted EPS (in Euro)
 
2.81
3.14
(0.33)























    

____________________________________________________________________________________________________________
14.
For the three and nine months ended September 30, 2019 and 2018 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 under the Company’s equity incentive plans (assuming 100 percent of the related awards vested).



13



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)
 
 
Sept. 30
June 30,
Mar. 31,
Dec. 31,
 
 
 
 
2019
2019
2019
2018
Debt
 
(2,108)
(2,048)
(2,064)
(1,927)
of which: Lease liabilities as per IFRS 16
(simplified approach)
 
63
63
63
-
Cash and cash equivalents
 
871
881
1,062
794
Net debt
 
 
 
(1,237)
(1,167)
(1,002)
(1,133)
Net Debt of Financial Services Activities
 
(868)
(814)
(810)
(763)
Net Industrial Debt
 
(369)
(353)
(192)
(370)

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 and intangible assets. 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,
2019
2018
 
2019
2018
266
233
Cash flow from operating activities
949
619
(145)
(154)
Investments in property, plant and equipment and intangible assets
(453)
(403)
121
79
Free Cash Flow
496
216
(17)
(16)
Free Cash Flow from Financial Services Activities
(63)
(48)
138
95
Free Cash Flow from Industrial Activities(15)
559
264













____________________________________________________________________________________________________________
15.
Free Cash Flow from Industrial Activities for the three and nine months ended September 30, 2018 include Euro 1 million of quick refund to shareholders due to eligibility for withholding exemption.



14


On November 4, 2019, at 3.00 p.m. CET, management will hold a conference call to present the Q3 2019 results to financial analysts and institutional investors. The call can be followed live and a recording will subsequently be available on the Group website http://corporate.ferrari.com/en/investors. The supporting document will be made available on the website prior to the call.


















































Ferrari N.V.
Amsterdam, the Netherlands
Registered Office:
Via Abetone Inferiore N.4,
I -41053 Maranello, (MO) Italy
Dutch trade register number: 64060977

 



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