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INVESTMENTS AND OTHER FINANCIAL ASSETS | 12 Months Ended
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Dec. 31, 2022
Investments and other financial assets [Abstract] |
INVESTMENTS AND OTHER FINANCIAL ASSETS | 16. INVESTMENTS AND OTHER FINANCIAL ASSETS The composition of investments and other financial assets is as follows:
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Investments accounted for using the equity method | 49,087 |  |  | 42,927 |
Other securities and financial assets | 10,447 |  |  | 11,582 |
Total investments and other financial assets | 59,534 |  |  | 54,509 |
Investments accounted for using the equity method Changes in the carrying amount of investments accounted for using the equity method during the period were as follows:
| (€ thousand)
Balance at January 1, 2021 | 34,663 |
Additions | 1,285 |
Proportionate share of net profit for the year ended December 31, 2021 | 6,896 |
Proportionate share of remeasurement of defined benefit plans | 83 |
Balance at December 31, 2021 | 42,927 |
Proportionate share of net profit for the year ended December 31, 2022 | 6,175 |
Proportionate share of remeasurement of defined benefit plans | (15) |
Balance at December 31, 2022 | 49,087 |
Investments accounted for using the equity method mainly relate to the Group’s investment in Ferrari Financial Services GmbH (“FFS GmbH”), a German entity that offers retail client financing in certain markets in EMEA (primarily the UK, Germany and Switzerland, and, to a lesser extent, to FS China Limited, a joint venture formed in China in 2021 to manage certain lifestyle activities in the local market, which is in the startup phase. Summarized financial information relating to FFS GmbH at and for the years ended December 31, 2022 and 2021 is presented below:
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Assets |  |  |
Non-current assets | 3,685 |  |  | 4,037 |
Receivables from financing activities | 1,037,350 |  |  | 908,362 |
Other current assets | 2,637 |  |  | 5,096 |
Cash and cash equivalents | 19,123 |  |  | 14,046 |
Total assets | 1,062,795 |  |  | 931,541 |
Equity and liabilities |  |  |
Equity | 94,914 |  |  | 81,156 |
Debt | 868,652 |  |  | 763,563 |
Other liabilities | 99,229 |  |  | 86,822 |
Total equity and liabilities | 1,062,795 |  |  | 931,541 |
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
| (€ thousand)
Net revenues | 52,100 |  |  | 46,103 |  |  | 37,764 |
Cost of sales | 22,943 |  |  | 16,971 |  |  | 14,864 |
Selling, general and administrative costs | 8,923 |  |  | 8,565 |  |  | 8,494 |
Other expenses/(income), net | 1,116 |  |  | 2,730 |  |  | 1,213 |
Profit before taxes | 19,118 |  |  | 17,837 |  |  | 13,193 |
Income tax expense | 5,336 |  |  | 4,045 |  |  | 3,898 |
Net profit | 13,782 |  |  | 13,792 |  |  | 9,295 |
Other securities and financial assets Other securities and financial assets primarily include Series C Liberty Formula One shares (the “Liberty Media Shares”) of Liberty Media Corporation (the group responsible for the promotion of the Formula 1 World Championship), which are measured at fair value and amounted to €9,954 thousand at December 31, 2022 (€10,559 thousand at December 31, 2021).

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