<SEC-DOCUMENT>0001648416-21-000007.txt : 20210202
<SEC-HEADER>0001648416-21-000007.hdr.sgml : 20210202
<ACCEPTANCE-DATETIME>20210202143230
ACCESSION NUMBER:		0001648416-21-000007
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210202
DATE AS OF CHANGE:		20210202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ferrari N.V.
		CENTRAL INDEX KEY:			0001648416
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37596
		FILM NUMBER:		21580431

	BUSINESS ADDRESS:	
		STREET 1:		VIA ABETONE INFERIORE N. 4
		CITY:			MARANELLO
		STATE:			L6
		ZIP:			I-41053
		BUSINESS PHONE:		00390536949111

	MAIL ADDRESS:	
		STREET 1:		VIA ABETONE INFERIORE N. 4
		CITY:			MARANELLO
		STATE:			L6
		ZIP:			I-41053

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW BUSINESS NETHERLANDS N.V.
		DATE OF NAME CHANGE:	20150717
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>coverfnvfy2020resultspr.htm
<DESCRIPTION>6-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
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<title>Document</title></head><body><div id="i5d514ca9aae54bff9f641a4230340481_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%"> </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">FORM 6-K</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">REPORT OF FOREIGN PRIVATE ISSUER </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">PURSUANT TO RULE 13a-16 OR 15d-16 OF </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">For the month of February 2021</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Commission File No. 001-37596</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FERRARI N.V. </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(Translation of Registrant&#8217;s Name Into English)</font></div><div style="margin-bottom:6pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Via Abetone Inferiore n.4</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">I-41053 Maranello (MO)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Italy</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Tel. No.&#58; +39 0536 949111</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(Address of Principal Executive Offices)</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="margin-bottom:6pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Form 20-F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">x</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Form 40-F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">o</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1)&#58; </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">o</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7)&#58; </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">o</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Yes </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">o</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">  No </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">x</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g32(b)&#58; N&#47;A</font></div><div style="text-indent:36pt"><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:174%">&#160;&#160;&#160;&#160;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:174%">The following exhibit is furnished herewith&#58;</font></div><div style="padding-left:90pt;text-indent:-65.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Exhibit 99.1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Press release issued by Ferrari N.V. dated February 2, 2021.</font></div><div style="padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:174%">SIGNATURE</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:174%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:91.081%"><tr><td style="width:1.0%"></td><td style="width:45.127%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.196%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.512%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Date&#58;  February 2, 2021</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">FERRARI N.V.</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:21pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;&#47;s&#47; Antonio Picca Piccon</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Name&#58;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Antonio Picca Piccon</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Chief Financial Officer</font></td></tr></table></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:174%">Index of Exhibits</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Exhibit</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Number</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Description of Exhibit</font></div><div style="padding-left:49.5pt;text-indent:-47.25pt"><font><br></font></div><div style="padding-left:49.5pt;text-indent:-47.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press release issued by Ferrari N.V. dated February 2, 2021.</font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fnvfy2020resultspr.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2021 Workiva -->
<title>Document</title></head><body><div id="i9715c69a737c410894657b48b1239271_1"></div><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Exhibit 99.1</font></div><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:178%">2020 RESULTS EXCEEDED FULL YEAR GUIDANCE ON ALL METRICS</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:178%">DRIVEN BY RECORD FOURTH QUARTER RESULTS.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">2021 GUIDANCE TARGETING A STRONG REBOUND </font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%;padding-left:15.2pt">Total shipments of 9,119 units, down 10.0% versus prior year, in line with H2 production planning<br>after the seven-week production suspension due to the Covid-19 pandemic</font></div><div style="margin-top:3pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Net revenues of Euro 3,460 million, decreased by 8.1%</font></div><div style="margin-top:3pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">of Euro 1,143 million, down 10.0% versus prior year, with an EBITDA margin of 33.0%</font></div><div style="margin-top:3pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">EBIT of Euro 716 million, down 21.9% versus prior year, with an EBIT margin of 20.7%</font></div><div style="margin-top:3pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Adjusted net profit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> of Euro 534 million and Adjusted diluted EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> at Euro 2.88</font></div><div style="margin-top:3pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Positive Industrial free cash flow</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">generation of Euro 172 million</font></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:5.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.785%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.448%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(In Euro million,</font></td><td colspan="12" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="12" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">unless otherwise stated)</font></td><td colspan="12" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,679</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,376</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">303</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13%</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Shipments (in units)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9,119</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">10,131</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1,012)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(10%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,069</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">927</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">142</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">15%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Net revenues</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,460</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,766</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(306)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(8%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">372</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">333</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">39</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">&#47; Adj. EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,143</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,269</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(126)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(10%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">34.7%</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">36.0%</font></td><td colspan="6" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(130 bps)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">&#47; Adj. EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%"> margin</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">33.0%</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">33.7%</font></td><td colspan="6" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(70 bps)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">251</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">219</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">32</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">14%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">EBIT &#47; Adj. EBIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">716</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">917</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(201)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(22%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">23.5%</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">23.7%</font></td><td colspan="6" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(20 bps)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">EBIT &#47; Adj. EBIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%"> margin</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20.7%</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">24.4%</font></td><td colspan="6" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(370 bps)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">263</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">166</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">97</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">58%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Net profit</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">609</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">699</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(90)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(13%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">188</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">166</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">22</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Adj. net profit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)(2)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">534</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">699</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(165)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(24%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.42</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.90</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.52</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">58%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Basic EPS (in Euro)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.29</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.73</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.44)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(12%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.41</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.90</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.51</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">57%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Diluted EPS (in Euro)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.28</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.71</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.43)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(12%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.01</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.90</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.11</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Adj. basic EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)(2) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">(in Euro)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2.88</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.73</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.85)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(23%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.01</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.90</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.11</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Adj. diluted EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%"> (in Euro)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2.88</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.71</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.83)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(22%)</font></td></tr></table></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:156%">2021 Guidance subject to trading conditions unaffected by further Covid-19 pandemic restrictions&#58;</font></div><div style="padding-left:7.1pt"><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:27.926%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.560%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">(&#8364;B, unless otherwise stated)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019A</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020A</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2021</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">GUIDANCE</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">NET REVENUES</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.8</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.5</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#126;4.3</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">ADJ. EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">(margin %)</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.3</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">33.7%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.1</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">33.0%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">1.45-1.50</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">33.7%-34.9%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">ADJ. EBIT </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">(margin %)</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.9</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">24.4%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.7</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20.7%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">0.97-1.02</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">22.6%-23.7%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">ADJ. DILUTED EPS (&#8364;)</font></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.71</font></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">2.88</font><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">4.00-4.20</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">INDUSTRIAL FCF</font></td><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.7</font></td><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.2</font></td><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#126;0.35</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:0.1%"></td><td style="width:2.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.680%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.681%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1</font></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Refer to specific note on non-GAAP financial measures</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2</font></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Net of a tax benefit,with no cash impact on 2020, from the one-off partial step-up of the trademark&#8217;s book value in accordance with the Italian tax regulations</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3</font></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Calculated using the weighted average diluted number of common shares as of December 31, 2020 (185,379 thousand)</font></td></tr></table></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Maranello (Italy), February 2, 2021</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> &#8211; Ferrari N.V. (NYSE&#47;MTA&#58; RACE) (&#8220;Ferrari&#8221; or the &#8220;Company&#8221;) today announces its consolidated preliminary results</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> for the fourth quarter and twelve months ended December 31, 2020.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Shipments</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(5)(6)</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.121%"><tr><td style="width:1.0%"></td><td style="width:6.980%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.980%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.644%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.812%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.926%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.475%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.475%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.317%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.491%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Shipments</font></td><td colspan="12" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="12" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(units)</font></td><td colspan="12" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,308</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,348</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(40)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(3%)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">EMEA</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4,818</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4,895</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(77)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">690</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">605</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">85</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">14%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Americas</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,325</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,900</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(575)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(20%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">275</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">60</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">215</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">358%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Mainland China, Hong Kong and Taiwan</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">456</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">836</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(380)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(45%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">406</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">363</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">43</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Rest of APAC</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,520</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,500</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1%</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2,679</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2,376</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">303</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">13%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Total Shipments</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">9,119</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">10,131</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(1,012)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(10%)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Shipments totaled &#160;&#160;&#160;&#160;9,119 units in 2020, down 1,012 units or 10.0% versus prior year, following the seven-week production suspension in H1 2020 and dealers&#8217; temporary closure due to the Covid-19 pandemic, partially offset by a gradual production recovery in H2 2020.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:178%">Sales of both 8 cylinder models (V8) and 12 cylinder models (V12) were down 10.3% and 9.0%, respectively. The Ferrari Monza SP1 and SP2 were delivered as originally scheduled. The F8 family ramp up offset the 488 Pista family, which was approaching the end of its lifecycle. The 812 GTS was in the ramp up phase and reached global distribution, while the Ferrari Portofino phased out ahead of the introduction of the Ferrari Portofino M in 2021. The deliveries of the SF90 Stradale started in Q4 2020 following the industrialization delays experienced and then solved. In the same quarter also the Ferrari Roma commenced deliveries.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Yearly shipments were affected by the deliberate geographic allocation, driven by the phase-in pace of individual models. As a result, EMEA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> and Rest of APAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> were almost in line with prior year, while Americas</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> was down 19.8%. Mainland China, Hong Kong and Taiwan posted a decrease of 45.5%, mostly as a consequence of the advance deliveries in 2019.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">In 2020, for the first time ever in Ferrari&#8217;s history, three new cars were unveiled with dedicated digital events&#58; the Ferrari Portofino M, the SF90 Spider and the 488 GT Modificata, whose shipments will commence in 2021. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.788%"><tr><td style="width:0.1%"></td><td style="width:2.475%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.563%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">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</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5</font></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars </font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">6</font></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">EMEA includes&#58; 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)&#59; Americas includes&#58; United States of America, Canada, Mexico, the Caribbean and Central and South America&#59; Rest of APAC mainly includes&#58; Japan, Australia, Singapore, Indonesia, South Korea, Thailand and Malaysia</font></td></tr></table></div><div style="text-align:justify"><font style="font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:178%"></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:156%">Total net revenues</font></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.288%"><tr><td style="width:1.0%"></td><td style="width:6.126%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.126%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.479%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.479%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.345%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.126%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.294%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.463%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.150%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="15" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="12" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="15" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">at constant</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="9" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">at constant</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">currency</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">currency</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">870</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">717</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21%</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21%</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Cars and spare parts</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(7)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,835</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,926</font></td><td colspan="6" style="border-bottom:1pt solid #999999;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(3%)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(4%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">54</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">41</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">29%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">29%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Engines</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(8)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">151</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">198</font></td><td colspan="6" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(24%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(24%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">125</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">144</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(14%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(13%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Sponsorship, commercial and brand</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(9)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">390</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">538</font></td><td colspan="6" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(28%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(28%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">25</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(20%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(15%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Other</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(10)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">84</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">104</font></td><td colspan="6" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(20%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(18%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,069</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">927</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">15%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">15%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Total net revenues</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3,460</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3,766</font></td><td colspan="6" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(8%)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(9%)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Net revenues for 2020 were Euro 3,460 million, down 8.9% at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The decrease of revenues from Cars and spare parts</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> to Euro 2,835 million (down 3.1% or 4.1% at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">) reflected lower deliveries as well as their personalizations. This was partially offset by the positive mix thanks to the Ferrari Monza SP1 and SP2.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The decrease in Engines</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(8)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> revenues (Euro 151 million, down 24.0%, also at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">) reflected lower shipments to Maserati and revenues from the rental of engines to other Formula 1 racing teams.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Sponsorship, commercial and brand</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> revenues (Euro 390 million, down 27.5% or 27.8% at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">) were significantly impacted by the Covid-19 pandemic, resulting in a decreased number of Formula 1 races as well as lower in-store traffic and museum visitors.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Other</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(10)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> revenues (Euro 84 million, down 19.5% or 18.3% at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">) were mainly impacted by reduced sports-related activities and the cancellation of the Moto GP at the Mugello racetrack, only partially offset by the first ever Formula 1 Grand Prix held at the Mugello racetrack.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Currency &#8211; including translation and transaction impacts as well as foreign currency hedges &#8211; had a positive impact of Euro 32 million (mainly USD).</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.955%"><tr><td style="width:1.0%"></td><td style="width:2.071%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.148%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.481%"></td><td style="width:0.1%"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7</font></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes net revenues generated from shipments of our cars, any personalization net revenues generated on cars, as well as sales of spare parts</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8</font></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9</font></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as revenues generated through the Ferrari brand, including merchandising, licensing and royalty income</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">10</font></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities</font></td></tr></table></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:156%">EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:156%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:156%"> and EBIT </font></div><div style="margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:98.954%"><tr><td style="width:1.0%"></td><td style="width:6.825%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.825%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.222%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.488%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.488%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.163%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.721%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="12" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="12" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="12" style="border-bottom:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">at constant</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">at constant</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">372</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">333</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11%</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8%</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,143</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,269</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(10%)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(13%)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">251</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">219</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">14%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">10%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #a6a6a6;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">EBIT</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">716</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">917</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(22%)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(25%)</font></td></tr></table></div><div style="margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">2020 EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> decreased by 10.0% or 12.7% at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> versus prior year, and stood at Euro 1,143 million with an EBITDA margin</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> of 33.0%.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">2020 EBIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">was Euro 716 million, down 21.9% or 25.3% at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> versus prior year.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Volume had a negative impact (Euro 126 million) reflecting the decrease in shipments.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The Mix &#47; price variance performance was positive (Euro 130 million) thanks to the increase of the Ferrari Monza SP1 and SP2 and a richer product mix despite fewer FXX-K EVO, slightly affected by a lower contribution from personalization programs, in line with the decrease of shipments and the gradual phase-out of the 488 Pista family.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Industrial costs &#47; research and development expenses increased (Euro 38 million) mainly due to higher depreciation and amortization of fixed assets, net of the benefit of technology-related incentives recognized in the year. This also included the full costs of employees&#8217; paid days of absence during the Covid-19 production suspension.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">SG&#38;A diminished (Euro 6 million) reflecting significant cost containment actions, partly offset by Formula 1 racing activities.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Other decreased (Euro 211 million) due to the Covid-19 impact on the Formula 1 racing calendar, lower traffic for brand-related activities as well as engine sales to Maserati. </font></div><div style="text-align:justify"><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:178%">Financial charges in the year stood at Euro 49 million versus Euro 42 million for the prior year, reflecting both a decrease in the fair value of investments held by the Group and an increase in foreign exchange losses and hedging costs.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The tax rate in the year was 8.7%, attributable to the Patent Box, deductions for eligible research and development costs, hyper and super-depreciation of machinery and equipment, in addition to a tax benefit, with no cash impact on 2020, from the one-off partial step-up of the trademark&#8217;s book value in accordance with the Italian tax regulations. Such net benefit, of Euro 75 million, has been treated as an adjusting item.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">As a result, the Net Profit for the period was Euro 609 million, reflecting a 12.9% decrease versus prior year, and the Diluted earnings per share for the year reached Euro 3.28, compared to Euro 3.71 in 2019. Adjusted Net Profit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">, net of the positive non-cash one-off impact described above, was Euro 534 million and corresponding to an Adjusted Diluted EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> of Euro 2.88.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Industrial free cash flow</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> for 2020 was Euro 172 million, driven by EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">, partially offset by capital expenditures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(11) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">of Euro 709 million - including over Euro 60 million in connection with the purchase of tracts of land contiguous to our facilities in Maranello - and an adverse working capital impact due primarily to the reversal of the Ferrari Monza SP1 and SP2 advances received in 2019 and higher product and raw material inventories to protect the supply chain.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Net Industrial Debt</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> as of December 31, 2020, was Euro 543 million, compared to Euro 337 million as of December 31, 2019. During 2020, a total worth of Euro 130 million of shares were repurchased and Euro 212 million</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(12)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> were distributed in dividends. Lease liabilities per IFRS 16 as of December 31, 2020, were Euro 62 million.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">As of December 31, 2020, total available liquidity was Euro 2,062 million (Euro 1,879 million as of September 30, 2020), including undrawn committed credit lines of Euro 700 million.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.955%"><tr><td style="width:1.0%"></td><td style="width:2.071%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.793%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:59.836%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11</font></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Including approx. Euro 1 million related to withholding taxes, which are expected to be paid</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">5</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">2021 Guidance, subject to trading conditions unaffected by further Covid-19 pandemic restrictions and assuming&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:15.2pt">Core business sustained by volume and mix</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:15.2pt">Revenues from Formula 1 racing activities assuming announced calendar and reflecting lower 2020 ranking</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:15.2pt">Brand-related activities dealing with Covid-19 challenges</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:15.2pt">Operational and marketing costs gradually resuming</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:27.926%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.560%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">(&#8364;B, unless otherwise stated)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019A</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020A</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2021</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">GUIDANCE</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">NET REVENUES</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.8</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.5</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#126;4.3</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">ADJ. EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">(margin %)</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.3</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">33.7%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.1</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">33.0%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.45-1.50 <br>33.7%-34.9%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">ADJ. EBIT </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">(margin %)</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.9</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">24.4%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.7</font></div><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20.7%</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.97-1.02 <br>22.6%-23.7%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">ADJ. DILUTED EPS (&#8364;)</font></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.71</font></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">2.88</font><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">4.00-4.20</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">INDUSTRIAL FCF</font></td><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.7</font></td><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#a5a5a5;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.2</font></td><td colspan="3" style="border-bottom:1pt solid #808080;border-top:1pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">&#126;0.35</font></div></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:178%">Full Year 2020 highlights</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:178%">Suspension of production in Maranello and Modena due to the Covid-19</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On March 14, 2020, Ferrari announced the decision to suspend production in Maranello and Modena in light of the spread of the Covid-19 pandemic. Ferrari gradually restarted its Maranello and Modena plants on May 4, 2020, returning to full production by Friday May 8, 2020.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Termination of the third tranche of the disclosed multi-year share repurchase program</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On April 1, 2020, Ferrari announced that it would temporarily suspend its multi-year share repurchase program in its Third Tranche (with Euro 154 million executed out of a total of Euro 200 million) and, consequently, to early terminate its non-discretionary share repurchase agreement in place. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">&#8220;Back on Track&#8221;, Ferrari's program to protect the health of employees upon the restart of production </font></div><div style="margin-bottom:2pt;margin-top:2pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Back on Track is Ferrari's program to safeguard the health of employees upon the restart of production, also with regard to the spread of Covid-19. It entails, for example, voluntary screenings that provide an overview of the health status of the Ferrari Community. With these measures the Company continues to take care of its most precious resource, its people, facilitating the safest and most worry-free working life.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Ferrari initiatives on the Covid-19</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Ferrari joined the collective fight against the Covid-19 through several solidarity projects. </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The Company launched a fundraising among some of its clients, matching all of their donations. Funds were destined to the medical staff and the health system of Ferrari&#8217;s surrounding communities.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">6</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Other initiatives in the local community included the purchasing of equipment for local hospitals, emergency medical service vehicles, IT equipment for schools and essential goods for struggling families coping with the emergency situation. The overall funds donated for these specific initiatives were generated thanks to the Chairman, the former CEO and Board of Directors pledging their full compensation from April to the end of the year, with the Senior Management Team donating 25% of their salaries for the same period.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">These contributions added to respirator valves and fittings for protective masks produced by the Company at its Maranello plant and donated to hospitals. Ferrari, with other companies, contributed to sourcing and purchasing a total of 210 ventilators, alongside other medical equipment from various overseas suppliers, providing for their immediate air transport to Italy.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Additionally, Scuderia Ferrari Mission Winnow and the Italian Institute of Technology joined forces to present the open source project of FI5, a revolutionary low cost and lightweight pulmonary ventilator that can be used by hospitals around the world dealing with emergencies such as the current Covid-19 pandemic.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Ferrari receives Equal Salary Certification</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On July 2, 2020, Ferrari S.p.A. was the first Italian company awarded with the Equal Salary Certificate in recognition of the same compensation amongst women and men for equivalent roles and jobs. This testifies to the Company&#8217;s continued commitment to creating an inclusive and diverse working environment while fostering career development for all.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Mugello Circuit hosts Scuderia Ferrari&#8217;s 1000th Grand Prix</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On July 10, 2020 it was announced that our Mugello racetrack would host a Formula 1 Grand Prix for the first time, on the occasion of Scuderia Ferrari&#8217;s 1000th Grand Prix race. The motor race was held during the weekend of September 13, 2020.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Ferrari signs the 2021-2025 Concorde Agreement</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On August 18, 2020, Ferrari S.p.A. signed the two agreements that will govern the Scuderia&#8217;s participation in the FIA Formula One World Championship over the five year period from 2021 to 2025. The agreements, which were signed with the F&#233;d&#233;ration Internationale de l&#8217;Automobile and Formula One World Championship Ltd. (&#8220;Formula One&#8221;), cover the regulatory and governance aspects of the highest level motorsport series. The commercial aspects are defined in the agreement between Ferrari and Formula One.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Ferrari Portofino M unveiling&#58; a voyage of rediscovery</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On September 16, 2020, the Ferrari Portofino M, the evolution of the Ferrari Portofino was unveiled. For the first time ever in Maranello marque&#8217;s 70-year-plus history, the new car&#8217;s premiere took place entirely online. New technical innovations comprise a redesigned powertrain, a brand-new eight-speed gearbox and the five-position Manettino that includes a Race mode, an absolute first for a Maranello GT spider.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">7</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">SF90 Spider&#58; beyond imagination</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On November 12, 2020, the spider version of the SF90 Stradale, the SF90 Spider, was unveiled during a dedicated digital event. Not only is the car the Prancing Horse&#8217;s first production plug-in hybrid spider, but the SF90 Spider also sets new benchmarks for performance, innovation and the thrill of driving, not only for the marque&#8217;s range, but for the entire sports car sector.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Ferrari Roma auctioned to benefit Save the Children</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On November 20, 2020, Ferrari announced that it raised USD 750,000 for Save the Children&#8217;s education programs in the United States, including the winning bid for the Ferrari Roma grand tourer auctioned online. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">The Ferrari 488 GT Modificata</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On November, 25, 2020, the&#160;488 GT Modificata was unveiled at Maranello. This limited edition car, that incorporates the latest innovations, skills and technologies developed from the 488 GT3 and 488 GTE, is exclusively for use on the track during track days and at Ferrari Club Competizioni GT events. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:178%">Chief Executive Officer Louis Camilleri retires for personal reasons&#59; Executive Chairman John Elkann acting Chief Executive Officer</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On December 10, 2020, Ferrari announced that Louis Camilleri communicated that day to the Company his decision, for personal reasons, to retire with immediate effect from his role as the Company&#8217;s Chief Executive Officer and as member of the Board of Directors.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Ferrari&#8217;s Executive Chairman, John Elkann, announced he would act as interim Chief Executive Officer while the Ferrari Board of Directors would manage the ongoing process of identifying Louis Camilleri&#8217;s successor.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Ferrari ranks among sustainability leaders according to CDP report</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On December 23, 2020 Ferrari announced that it ranked among the global leaders in environmental performance and transparency in the annual report published by CDP (Carbon Disclosure Project), an independent non-profit organization. Ferrari was awarded an A- rating, ranking significantly above both the European regional average and the sector&#8217;s average, for actions implemented to combat climate change.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Subsequent events</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">FIA Girls on Track - Rising Stars</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The International Automobile Federation (FIA) and its Women in Motorsport Commission launched &#8216;FIA Girls on Track - Rising Stars&#8217;, a new project to detect and nurture the up and coming women drivers of the future. The project is run in association with Scuderia Ferrari and aims to identify the best 12-16 year old female drivers from around the world and help them towards having a professional career in motorsport. After the final assessment of the racing talents, on January 22, 2021, Maya Weug was awarded a one-year contract to join the Ferrari Driver Academy program and compete in one of the European FIA Formula 4 series in 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">8</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">About Ferrari </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%">Ferrari is among the world&#8217;s leading luxury brands focused on the design, engineering, production and sale of the world&#8217;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&#8217; World titles. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%"> </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:156%">Forward Looking Statements</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%">This document, and in particular the section entitled &#8220;2021 Guidance&#8221;, contains forward-looking statements. These statements may include terms such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;expect&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;remain&#8221;, &#8220;continue&#8221;, &#8220;on track&#8221;, &#8220;successful&#8221;, &#8220;grow&#8221;, &#8220;design&#8221;, &#8220;target&#8221;, &#8220;objective&#8221;, &#8220;goal&#8221;, &#8220;forecast&#8221;, &#8220;projection&#8221;, &#8220;outlook&#8221;, &#8220;prospects&#8221;, &#8220;plan&#8221;, &#8220;guidance&#8221; or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group&#8217;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&#58; the Group&#8217;s ability to preserve and enhance the value of the Ferrari brand&#59; the success of the Group&#8217;s Formula 1 racing team and the expenses the Group incurs for its Formula 1 activities, the impact of the application of the new Formula 1 regulations (both financial and technical) progressively coming into effect from 2021 and 2022, the uncertainty of the sponsorship and commercial revenues the Group generates from its participation in the Formula 1 World Championship, including as a result of the impact of the Covid-19 pandemic, as well as the popularity of Formula 1 more broadly&#59; the Group&#8217;s ability to keep up with advances in high performance car technology and to make appealing designs for its new models&#59; Group&#8217;s ability to preserve its relationship with the automobile collector and enthusiast community&#59; changes in client preferences and automotive trends&#59; 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, which is highly volatile&#59; competition in the luxury performance automobile industry&#59; the Group&#8217;s ability to successfully carry out its growth strategy and, particularly, the Group&#8217;s ability to grow its presence in growth and emerging market countries&#59; the Group&#8217;s low volume strategy&#59; reliance upon a number of key members of executive management, employees, and the ability of its current management team to operate and manage effectively&#59; the performance of the Group&#8217;s dealer network on which the Group depend for sales and services&#59; increases in costs, disruptions of supply or shortages of components and raw materials&#59; disruptions at the Group&#8217;s manufacturing facilities in Maranello and Modena&#59; the effects of the evolution of and response to the Covid-19 pandemic&#59; the effects of Brexit&#59; the performance of the Group&#8217;s licensees for Ferrari-branded products&#59; the Group&#8217;s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others&#59; the ability of Maserati, the Group&#8217;s engine customer, to sell its planned volume of cars&#59; the Group&#8217;s continued compliance with customs regulations of various jurisdictions&#59; the impact of increasingly stringent fuel economy, emission and safety standards, including the cost of compliance, and any required changes to its products&#59; the challenges and costs of integrating hybrid and electric technology more broadly into Group&#8217;s car portfolio over time&#59; product recalls, liability claims and product warranties&#59; the adequacy of its insurance coverage to protect the Group against potential losses&#59; the Group&#8217;s ability to ensure that its employees, agents and </font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">9</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%">representatives comply with applicable law and regulations&#59; the Group&#8217;s ability to maintain the functional and efficient operation of its information technology systems, including the Group&#8217;s ability to defend from the risk of cyberattacks, including on its in-vehicle technology&#59; the Group&#8217;s ability to service and refinance its debt&#59; the Group&#8217;s ability to provide or arrange for adequate access to financing for its dealers and clients, and associated risks&#59; labor relations and collective bargaining agreements&#59; exchange rate fluctuations, interest rate changes, credit risk and other market risks&#59; 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&#59; potential conflicts of interest due to director and officer overlaps with the Group&#8217;s largest shareholders and other factors discussed elsewhere in this document. </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%">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.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%">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&#8217;s financial results, is included in the Company&#8217;s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.</font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">For further information&#58;</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Media Relations</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">tel.&#58; +39 0536 949337</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Email&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%;text-decoration:underline">media&#64;ferrari.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> </font></div><div><font><br></font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Investor Relations</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">tel.&#58; +39 0536 949695</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Email&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%;text-decoration:underline">ir&#64;ferrari.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> </font></div><div><font><br></font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:156%;text-decoration:underline">www.ferrari.com </font></div><div><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">10</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Capex and R&#38;D</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.121%"><tr><td style="width:1.0%"></td><td style="width:7.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.990%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.315%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.483%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:55.297%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.483%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.483%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.327%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.332%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">244</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">253</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Capital expenditures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(11)</font></div></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">709</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">706</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">98</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">102</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">of which capitalized development costs</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(13)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%"> (A)</font></div></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">320</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">330</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">154</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">136</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Research and development <br>costs expensed (B)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">527</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">559</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">252</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">238</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Total research and development (A+B)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">847</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">889</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">48</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">46</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Amortization of capitalized <br>development costs (C)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">180</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">140</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">202</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">182</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Research and development costs as recognized in the <br>consolidated income statement (B+C)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">707</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">699</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Non-GAAP financial measures </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">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.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management&#8217;s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Certain totals in the tables included in this document may not add due to rounding.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.955%"><tr><td style="width:0.1%"></td><td style="width:2.638%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.482%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13</font></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Capitalized as intangible assets</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">11</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Total net revenues, EBITDA, Adj. EBITDA, EBIT and Adj. EBIT at constant currency</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.288%"><tr><td style="width:1.0%"></td><td style="width:12.177%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.177%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.681%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.684%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">at constant</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">at constant</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">currency</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">currency</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">870</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">871</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Cars and spare parts</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,835</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,828</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">54</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">54</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Engines</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">151</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">151</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">125</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">126</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Sponsorship, commercial and brand</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">390</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">391</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">84</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">85</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,069</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,072</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Total net revenues</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3,460</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3,455</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:14.336%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.248%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.844%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">251</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">EBIT</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">716</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">251</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Adjusted EBIT</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">716</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Currency (including hedges)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">249</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">EBIT at constant currency</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">705</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">249</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Adjusted EBIT at constant currency</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">705</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:14.336%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.248%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.792%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.844%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">372</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">EBITDA</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,143</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">372</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Adjusted EBITDA</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,143</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Currency (including hedges)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">370</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">EBITDA at constant currency</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,132</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">370</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Adjusted EBITDA at constant currency</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,132</font></td></tr></table></div><div><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">12</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> is defined as net profit before income tax expense, net financial expenses and depreciation and amortization. </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Adjusted EBITDA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> 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.</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.121%"><tr><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.163%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">263</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">166</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">97</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Net profit</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">609</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">699</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(90)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(23)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">43</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(66)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Income tax expense</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">58</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">176</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(118)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">10</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Net financial expenses</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">49</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">42</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">121</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">114</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Amortization and depreciation</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">427</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">352</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">75</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">372</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">333</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">39</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">EBITDA</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,143</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,269</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(126)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:7.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.964%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">372</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">333</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">39</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">EBITDA</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,143</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,269</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(126)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Adjustments</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">372</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">333</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">39</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Adjusted EBITDA</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,143</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1,269</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(126)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Adjusted Earnings Before Interest and Taxes (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Adjusted EBIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8221;) 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.</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.288%"><tr><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.463%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.143%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.143%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.148%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">251</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">219</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">32</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">EBIT</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">716</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">917</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(201)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Adjustments</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">251</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">219</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">32</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Adjusted EBIT</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">716</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">917</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(201)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Adjusted net profit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> 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.</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.288%"><tr><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.463%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.143%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.143%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.148%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">263</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">166</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">97</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Net profit</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">609</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">699</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(90)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(75)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(75)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Adjustments</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(75)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(75)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">188</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">166</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">22</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">Adjusted net profit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">534</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">699</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(165)</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">13</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Adjusted EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> 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. </font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.121%"><tr><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.995%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro per common share)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.42</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.90</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.52</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Basic EPS</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.29</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.73</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.44)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Adjustments</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1.01</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.90</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.11</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">Adjusted basic EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2.88</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3.73</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(0.85)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1.41</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.90</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">0.51</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Diluted EPS</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.28</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3.71</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.43)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Adjustments</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(0.40)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1.01</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.90</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.11</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">Adjusted diluted EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2.88</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3.71</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(0.83)</font></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:156%">Basic and diluted EPS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:156%;position:relative;top:-2.8pt;vertical-align:baseline">(14)</font></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.121%"><tr><td style="width:1.0%"></td><td style="width:7.149%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.149%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.149%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.483%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.711%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.485%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.485%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.489%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million, unless otherwise stated)</font></td><td colspan="9" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months ended</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Change</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">262</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">167</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">95</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Net profit attributable to</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">the owners of the Company</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">608</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">696</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(88)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">184,748</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">185,492</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Weighted average number <br>of common shares (thousand)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">184,806</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">186,767</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1.42</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.90</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.52</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Basic EPS (in Euro)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3.29</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3.73</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(0.44)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">185,322</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">186,260</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Weighted average number of common shares for <br>diluted earnings per common share (thousand)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">185,379</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">187,535</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1.41</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.90</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">0.51</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Diluted EPS (in Euro)</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3.28</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3.71</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(0.43)</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.955%"><tr><td style="width:0.1%"></td><td style="width:2.638%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.482%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">14</font></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">For the three and twelve months ended December 31, 2020 and 2019 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 equity incentive plans</font></td></tr></table></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">14</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Net Industrial Debt</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">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).</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:41.853%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.311%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="background-color:#000000;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Dec. 31, 2020</font></td><td colspan="3" style="background-color:#7f7f7f;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Sept. 30, 2020</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Jun. 30, 2020</font></td><td colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Mar. 31, 2020</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Dec. 31, 2019</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Debt</font></td><td colspan="3" style="background-color:#000000;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(2,725)</font></td><td colspan="3" style="background-color:#7f7f7f;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(2,741)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(2,757)</font></td><td colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(2,141)</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(2,090)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">of which leased liabilities as per IFRS 16 (simplified approach)</font></td><td colspan="3" style="background-color:#000000;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">62</font></td><td colspan="3" style="background-color:#7f7f7f;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">68&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">68</font></td><td colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">72</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">60</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Cash and Cash Equivalents</font></td><td colspan="3" style="background-color:#000000;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,362</font></td><td colspan="3" style="background-color:#7f7f7f;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,179</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,112</font></td><td colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">880</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">898</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Net Debt</font></td><td colspan="3" style="background-color:#000000;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(1,363)</font></td><td colspan="3" style="background-color:#7f7f7f;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(1,562)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(1,645)</font></td><td colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(1,261)</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(1,192)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Net Debt of Financial Services Activities</font></td><td colspan="3" style="background-color:#000000;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(820)</font></td><td colspan="3" style="background-color:#7f7f7f;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(847)&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">&#160;(869)</font></div></td><td colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(860)</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(855)</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Net Industrial Debt</font></td><td colspan="3" style="background-color:#000000;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(543)</font></td><td colspan="3" style="background-color:#7f7f7f;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(715)&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(776)</font></td><td colspan="3" style="background-color:#d9d9d9;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(401)</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(337)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%">Free Cash Flow </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">and</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:174%"> Free Cash Flow from Industrial Activities </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">are two of management&#8217;s primary key performance indicators to measure the Group&#8217;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) 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). Prior to the first quarter of 2020, we defined Free Cash Flow and Free Cash Flow from Industrial Activities without excluding from investments in property, plant and equipment the right-of-use assets recognized during the period in accordance with IFRS 16 - Leases. Applying the current definition of Free Cash Flow and Free Cash Flow from Industrial Activities to the three and twelve months ended December 31, 2019 would result in an immaterial difference compared to the figures presented below. The following table sets forth our Free Cash Flow and Free Cash Flow from Industrial Activities for the three and twelve months ended December 31, 2020 and 2019.</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.454%"><tr><td style="width:1.0%"></td><td style="width:9.134%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.477%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.310%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.310%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.396%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.310%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.310%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.470%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.983%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the three months <br>ended</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(Euro million)</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">For the twelve months <br>ended</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2019</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">411</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">357</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Cash flow from operating activities</font></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c00000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">839</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #c00000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,306</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(244)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(253)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:179%">Investments in property, plant and equipment and </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">intangible assets</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:178%;position:relative;top:-2.44pt;vertical-align:baseline">(11)</font></div></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(709)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(706)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">167</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">104</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Free Cash Flow</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">130</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">600</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(13)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(12)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Free Cash Flow from Financial Services Activities</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(42)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(75)</font></td></tr><tr><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">180</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">116</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:179%">Free Cash Flow from Industrial Activities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:179%;position:relative;top:-2.44pt;vertical-align:baseline">(15)</font></div></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">172</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:120%">675</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.955%"><tr><td style="width:0.1%"></td><td style="width:2.638%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.482%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">15</font></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Free Cash Flow from Industrial Activities for the three and twelve months ended December 31, 2020 includes approx. Euro 1 million related to withholding taxes, which are expected to be paid</font></td></tr></table></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:178%">15</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On February 2, 2021, at 3.00 p.m. CET, management will hold a conference call to present the FY 2020 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&#8217;s website http&#58;&#47;&#47;corporate.ferrari.com&#47;en&#47;investors. The supporting document will be made available on the website prior to the call.</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:115%">Ferrari N.V.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:115%">Amsterdam, the Netherlands</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:115%">Registered Office&#58; </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:115%">Via Abetone Inferiore N.4, </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:115%">I -41053 Maranello, (MO) Italy</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:115%">Dutch trade register number&#58; 64060977</font></div><div style="height:80.25pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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