XML 109 R58.htm IDEA: XBRL DOCUMENT v3.24.0.1

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Share-based Compensation [Abstract]

Disclosure of terms and conditions of share-based payment arrangement

The number of 2023-2025 PSUs with a TSR Target that vest under the Equity Incentive Plan 2023-2025 is based on the Company’s TSR performance over the relevant performance period compared to an industry-specific peer group as summarized below.

Ferrari TSR Ranking			% of Target Awards that Vest
1			175%
2			150%
3			125%
4			100%
5			75%
6			50%
>6			0%

The defined peer group (including the Company) for the TSR Target is presented below.

Ferrari			Aston Martin			Burberry			Estee Lauder
Hermes			Kering			LVMH			Mercedes Benz Group AG
Moncler			Prada			Richemont

EBITDA Target

The number of 2023-2025 PSUs with an EBITDA Target that vest under the Equity Incentive Plan 2023-2025 is determined by comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group’s business plan, as summarized below.

Actual Adjusted EBITDA Compared to Business Plan			% of Awards that Vest
+15%			175%
+10%			150%
+5%			125%
Business Plan Target			100%
-5%			75%
<-5%			0%

Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period

The fair value of the PSUs and RSUs that were awarded under the Equity Incentive Plan 2023-2025, which is determined based on actuarial calculations that apply certain assumptions and take into consideration the specific characteristics of the awards granted, is summarized in the following table.

Equity Incentive Plan 2023-2025
PSUs						€236.30
RSUs						€253.76

The fair value of the 2023-2025 PSU awards was measured at the grant date using a Monte Carlo Simulation model. The fair value of the 2023-2025 RSU awards was measured using the share price at the grant date adjusted for the present value of future distributions which the recipients will not receive during the vesting period.

The key assumptions utilized to calculate the grant-date fair values of the PSUs that were awarded under the Equity Incentive Plan 2023-2025 are summarized below:

Equity Incentive Plan 2023-2025
Grant date share price						€259.60
Expected volatility						27.9%
Dividend yield						0.75%
Risk-free rate						2.90%

Outstanding number of PSUs and RSUs

hanges to the outstanding share awards under the Group’s share-based payment arrangements:

			PSU Awards			RSU Awards			Other Awards			Total Outstanding Awards
Balance at December 31, 2021			152,172			123,661			—			275,833
Granted			72,373			26,574			64,048			162,995
Forfeited			(16,327)			(8,934)			—			(25,261)
Vested			(68,013)			(54,112)			(6,643)			(128,768)
Balance at December 31, 2022			140,205			87,189			57,405			284,799
Granted			58,381			21,939			63,217			143,537
Forfeited			(8,117)			(3,544)			(1,309)			(12,970)
Vested			(36,090)			(32,339)			(55,614)			(124,043)
Balance at December 31, 2023			154,379			73,245			63,699			291,323

Disclosure of share-based compensation expense

The following table presents the share based compensation expense recognized for the years ended December 31, 2023, 2022 and 2021, as well as the unrecognized share-based compensation at December 31, 2023, 2022 and 2021.

			For the years ended December 31,
			2023						2022						2021
			(€ thousand)
Equity incentive plans and other share-based awards			15,154						16,172						11,689
Broad-based employee share ownership plan			10,222						—						—
Commercial agreements with suppliers			4,563						4,688						2,206
Total share-based compensation expense			29,939						20,860						13,895
			At December 31,
			2023						2022						2021
			(€ thousand)
Unrecognized share-based compensation expense			12,954						16,069						11,082

X

- Definition

Additional information about share-based payment arrangements necessary to satisfy the disclosure requirements of IFRS 2. [Refer: Share-based payment arrangements [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2023-01-01
-Paragraph 52
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2023-en-r&anchor=para_52&doctype=Standard
-URIDate 2023-03-23

+ Details

Name:	ifrs-full_AdditionalInformationAboutSharebasedPaymentArrangements
Namespace Prefix:	ifrs-full_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's other equity instruments (ie other than share options).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2023-01-01
-Paragraph 47
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2023-en-r&anchor=para_47_b&doctype=Standard
-URIDate 2023-03-23

+ Details

Name:	ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of the number and weighted average exercise prices of other equity instruments (ie other than share options).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 2
-IssueDate 2023-01-01
-Paragraph 45
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2023-en-r&anchor=para_45&doctype=Standard
-URIDate 2023-03-23

+ Details

Name:	ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of the general terms and conditions of share-based payment arrangements. [Refer: Share-based payment arrangements [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2023-01-01
-Paragraph 45
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2023-en-r&anchor=para_45&doctype=Standard
-URIDate 2023-03-23

+ Details

Name:	ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of Share-based Compensation [Abstract]

+ References

No definition available.

+ Details

Name:	race_DisclosureofSharebasedCompensationAbstract
Namespace Prefix:	race_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration