XML 74 R25.htm IDEA: XBRL DOCUMENT
v3.22.4

CURRENT RECEIVABLES AND OTHER CURRENT ASSETS | 12 Months Ended
--- | ---
Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract] |
CURRENT RECEIVABLES AND OTHER CURRENT ASSETS | 18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Trade receivables | 232,414 |  |  | 185,000 |
Receivables from financing activities | 1,399,997 |  |  | 1,143,968 |
Current tax receivables | 16,054 |  |  | 14,306 |
Other current assets | 153,183 |  |  | 122,224 |
Total | 1,801,648 |  |  | 1,465,498 |
Trade receivables The following table sets forth a breakdown of trade receivables by nature:
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Trade receivables due from: |  |  |
Dealers | 85,696 |  |  | 58,446 |
Sponsorship and commercial activities | 42,981 |  |  | 29,666 |
Brand activities | 24,213 |  |  | 23,902 |
Stellantis Group companies | 19,184 |  |  | 23,737 |
Other | 60,340 |  |  | 49,249 |
Total | 232,414 |  |  | 185,000 |
Trade receivables due from dealers relate to receivables for the sale of cars across the dealer network and are generally settled within 30 to 40 days from the date of invoice. The increase in trade receivables is mainly driven by higher volumes of cars produced during the period. Trade receivables due from Stellantis Group companies mainly relate to the sale of engines and car bodies to Maserati S.p.A., which is controlled by the Stellantis Group. For additional information, see Note 28 “Related Party Transactions”. Trade receivables due from sponsorship and commercial activities mainly relate to the Group’s participation in the Formula 1 World Championship. Trade receivables due from brand activities relate to amounts receivable for licensing and merchandising activities. The Group is not exposed to significant concentration of third party credit risk. The following table sets forth a breakdown of trade receivables by currency:
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Trade receivables denominated in: |  |  |
Euro | 95,894 |  |  | 78,286 |
U.S. Dollar | 108,369 |  |  | 84,590 |
Pound Sterling | 8,178 |  |  | 3,908 |
Chinese Yuan | 3,203 |  |  | 2,478 |
Japanese Yen | 6,832 |  |  | 11,348 |
Other currencies | 9,938 |  |  | 4,390 |
Total | 232,414 |  |  | 185,000 |
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment. Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in the consolidated income statement. Changes in the allowance for doubtful accounts of trade receivables during the year were as follows:
| 2022 |  | 2021
| (€ thousand)
At January 1, | 25,984 |  |  | 28,312 |
Additional provisions | 3,844 |  |  | 2,094 |
Utilizations | (1,579) |  |  | (1,835) |
Releases | (2,522) |  |  | (2,741) |
Other changes | 73 |  |  | 154 |
At December 31, | 25,800 |  |  | 25,984 |
Receivables from financing activities Receivables from financing activities are as follows:
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Client financing | 1,390,956 |  |  | 1,132,979 |
Dealer financing | 9,041 |  |  | 10,989 |
Total receivables from financing activities | 1,399,997 |  |  | 1,143,968 |
Receivables from financing activities relate to the financial services portfolio in the United States and are generally secured on the title of cars or other guarantees. Receivables from financing activities are shown net of an allowance for doubtful accounts determined on the basis of insolvency risks, adjusted for forward-looking factors specific to the receivables and the economic environment. Additional provisions to the allowance for doubtful accounts are recorded within cost of sales in the consolidated income statement. Changes in the allowance for doubtful accounts of receivables from financing activities during the year are as follows:
| 2022 |  | 2021
| (€ thousand)
At January 1, | 11,204 |  |  | 13,195 |
Additional provisions | 3,064 |  |  | 2,737 |
Utilizations | (2,587) |  |  | (4,507) |
Releases | (2,470) |  |  | (1,270) |
Other changes | 739 |  |  | 1,049 |
At December 31, | 9,950 |  |  | 11,204 |
Client financing Client financing relates to financing provided by the Group to Ferrari clients to finance their car acquisitions. During 2022 the average contractual duration at inception of such contracts was approximately 67 months (66 months in 2021) and the weighted average interest rate was approximately 6.3 percent (approximately 5.2 percent in 2021). Receivables for client financing are generally secured on the titles of the related cars or other personal guarantees. Client financing relates entirely to financial services activities in the United States and is denominated in U.S. Dollars. Dealer financing In 2022, the Group discontinued dealer financing with the exception of one existing long-term loan bearing a rate of interest based on LIBOR plus a variable spread based on dealer’s performance. Other current assets Other current assets are detailed as follows:
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Italian and foreign VAT credits | 79,858 |  |  | 61,278 |
Prepayments | 42,908 |  |  | 36,084 |
Other | 30,417 |  |  | 24,862 |
Total other current assets | 153,183 |  |  | 122,224 |
Other includes security deposits, amounts due from personnel and other receivables. At December 31, 2022, the Group had provided guarantees through third parties amounting to €224,630 thousand (€226,878 thousand at December 31, 2021), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc., (ii) tax authorities for VAT reimbursements according to Italian legislation and (iii) customs authorities for duties on import and export activities. The analysis of receivables and other current assets by due date (excluding prepayments) is as follows:
| At December 31, 2022
| Due within one year |  | Due between one and five years |  | Due beyond five years |  | Overdue |  | Total
| (€ thousand)
Trade receivables | 186,757 |  |  | — |  |  | — |  |  | 45,657 |  |  | 232,414 |
Receivables from financing activities | 208,407 |  |  | 1,060,819 |  |  | 67,992 |  |  | 62,779 |  |  | 1,399,997 |
Client financing | 207,186 |  |  | 1,052,999 |  |  | 67,992 |  |  | 62,779 |  |  | 1,390,956 |
Dealer financing | 1,221 |  |  | 7,821 |  |  | — |  |  | — |  |  | 9,041 |
Current tax receivables | 16,054 |  |  | — |  |  | — |  |  | — |  |  | 16,054 |
Other current assets (excluding prepayments) | 110,276 |  |  | — |  |  | — |  |  | — |  |  | 110,276 |
Total | 521,494 |  |  | 1,060,819 |  |  | 67,992 |  |  | 108,436 |  |  | 1,758,741 |
| At December 31, 2021
| Due within one year |  | Due between one and five years |  | Due beyond five years |  | Overdue |  | Total
| (€ thousand)
Trade receivables | 137,694 |  |  | 70 |  |  | — |  |  | 47,237 |  |  | 185,000 |
Receivables from financing activities | 197,207 |  |  | 820,363 |  |  | 73,665 |  |  | 52,733 |  |  | 1,143,968 |
Client financing | 196,018 |  |  | 810,563 |  |  | 73,665 |  |  | 52,733 |  |  | 1,132,979 |
Dealer financing | 1,189 |  |  | 9,800 |  |  | — |  |  | — |  |  | 10,989 |
Current tax receivables | 14,306 |  |  | — |  |  | — |  |  | — |  |  | 14,306 |
Other current assets (excluding prepayments) | 84,417 |  |  | 998 |  |  | 155 |  |  | 570 |  |  | 86,140 |
Total | 433,624 |  |  | 821,431 |  |  | 73,820 |  |  | 100,540 |  |  | 1,429,414 |
Overdue amounts represent receivables and other current assets where payments are past their due date.

X
- References No definition available. + Details
Name: | ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for current receivables, other current assets and deposits in FCA group cash management pools. + References No definition available. + Details
Name: | race_DisclosureofCurrentReceivablesOtherCurrentAssetsandDepositsinFCAGroupCashManagementPoolsTextBlock
Namespace Prefix: | race_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration