Ferrari

Profit Statement 2015 2016 2017
Sales EUR mil 2,854 3,105 3,417
Gross Profit EUR mil 1,356 1,525 1,766
EBITDA EUR mil 719 843 1,036
EBIT EUR mil 444 595 775
Financing Cost EUR mil 10.2 27.7 29.3
Pre-Tax Profit EUR mil 434 567 746
Net Profit EUR mil 288 399 535
Dividends EUR mil 86.9 120 134
Balance Sheet 2015 2016 2017
Total Assets EUR mil 3,875 3,850 4,141
Non-Current Assets EUR mil 1,856 1,962 2,060
Current Assets EUR mil 2,020 1,887 2,081
Working Capital EUR mil -53.9 -46.9 25.7
Shareholders' Equity EUR mil -19.0 330 784
Liabilities EUR mil 3,894 3,520 3,357
Total Debt EUR mil 2,260 1,848 1,806
Net Debt EUR mil 2,077 1,390 1,158
Ratios 2015 2016 2017
ROE % 23.4 257 96.1
ROCE % 16.2 21.5 26.8
Gross Margin % 47.5 49.1 51.7
EBITDA Margin % 25.2 27.1 30.3
EBIT Margin % 15.6 19.2 22.7
Net Margin % 10.1 12.8 15.7
Net Debt/EBITDA 2.89 1.65 1.12
Net Debt/Equity % -10,932 422 148
Cost of Financing % 0.733 1.35 1.60
Valuation 2015 2016 2017
Market Capitalisation USD mil 9,873 11,601 23,848
Enterprise Value (EV) USD mil 12,134 13,069 25,237
Number Of Shares mil 189 189 190
Share Price EUR 48.0 58.1 105
EV/EBITDA 14.7 14.5 21.7
EV/Sales 3.71 3.93 6.58
Price/Earnings (P/E) 31.5 27.5 37.2
Price/Book Value (P/BV) -477 33.3 25.4
Dividend Yield % 0.958 1.09 0.674

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                      
Sales EUR mil ... ... ... ... ... 2,225 2,335 2,762 2,854    
Gross Profit EUR mil ... ... ... ... ... 1,026 1,100 1,256 1,356    
EBIT EUR mil ... ... ... ... ... 335 364 389 444    
Net Profit EUR mil ... ... ... ... ... 200 241 261 288    
ROE % ... ... ... ... ... 9.81 11.1 10.9 23.4    
EBIT Margin % ... ... ... ... ... 15.1 15.6 14.1 15.6    
Net Margin % ... ... ... ... ... 9.00 10.3 9.45 10.1    
Employees ... ... ... ... 2,709 2,708 2,774 2,843 2,954    
balance sheet                      
Total Assets EUR mil ... ... ... ... ... 3,465 3,895 4,641 3,875    
Non-Current Assets EUR mil ... ... ... ... ... 1,673 1,677 1,797 1,856    
Current Assets EUR mil ... ... ... ... ... 1,792 2,219 2,845 2,020    
Shareholders' Equity EUR mil ... ... ... ... ... 2,041 2,316 2,478 -19.0    
Liabilities EUR mil ... ... ... ... ... 1,424 1,579 2,163 3,894    
Net Debt/EBITDA ... ... ... ... ... 0.281 0.320 0.555 2.89    
Net Debt/Equity % ... ... ... ... ... 7.89 8.77 15.2 -10,932    
Cost of Financing % ... ... ... ... ... ... -0.692 -2.18 0.733    
cash flow                      
Total Cash From Operations EUR mil ... ... ... ... ... 463 454 426 707    
Total Cash From Investing EUR mil ... ... ... ... ... -258 -267 -290 -317    
Total Cash From Financing EUR mil ... ... ... ... ... -194 -163 -122 -351    
Net Change In Cash EUR mil ... ... ... ... ... 6.04 13.7 20.5 48.5    
valuation                      
Market Capitalisation USD mil ... ... ... ... ... 12,964 13,543 11,891 9,873    
Number Of Shares mil ... ... ... ... ... 189 189 189 189    
Share Price EUR ... ... ... ... ... 52.0 52.0 52.0 48.0    
Earnings Per Share (EPS) EUR ... ... ... ... ... 1.06 1.28 1.38 1.52    
Book Value Per Share EUR ... ... ... ... ... 10.8 12.3 13.1 -0.101    
Dividend Per Share EUR ... ... ... ... ... 0 0 0 0.460    
Price/Earnings (P/E) ... ... ... ... ... 49.1 40.8 37.6 31.5    
Price/Book Value (P/BV) ... ... ... ... ... 4.81 4.24 3.96 -477    
Dividend Yield % ... ... ... ... ... 0 0 0 0.958    
Earnings Per Share Growth % ... ... ... ... ... ... 20.3 8.30 10.3    
Book Value Per Share Growth % ... ... ... ... ... ... 13.5 6.99 -101    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                      
Sales EUR mil ... ... ... ... ... 2,225 2,335 2,762 2,854    
Cost of Goods & Services EUR mil ... ... ... ... ... 1,199 1,235 1,506 1,499    
Gross Profit EUR mil ... ... ... ... ... 1,026 1,100 1,256 1,356    
Staff Cost EUR mil ... ... ... ... ... ... 246 280 285    
Other Cost EUR mil ... ... ... ... ... ... 220 298 352    
EBITDA EUR mil ... ... ... ... ... 573 634 678 719    
Depreciation EUR mil ... ... ... ... ... 238 270 289 275    
EBIT EUR mil ... ... ... ... ... 335 364 389 444    
Financing Cost EUR mil ... ... ... ... ... 0.898 -2.00 -9.00 10.2    
Extraordinary Cost EUR mil ... ... ... ... ... 0 0 0 0    
Pre-Tax Profit EUR mil ... ... ... ... ... 335 366 398 434    
Tax EUR mil ... ... ... ... ... 101 120 133 144    
Minorities EUR mil ... ... ... ... ... 8.09 5.00 4.00 2.24    
Net Profit EUR mil ... ... ... ... ... 200 241 261 288    
Dividends EUR mil ... ... ... ... ... 0 0 0 86.9    
growth rates                      
Total Revenue Growth % ... ... ... ... ... ... 4.93 18.3 3.34    
Operating Cost Growth % ... ... ... ... ... ... ... 24.1 10.1    
EBITDA Growth % ... ... ... ... ... ... 10.7 6.90 6.06    
EBIT Growth % ... ... ... ... ... ... 8.50 6.87 14.2    
Pre-Tax Profit Growth % ... ... ... ... ... ... 9.38 8.74 9.09    
Net Profit Growth % ... ... ... ... ... ... 20.3 8.30 10.3    
ratios                      
ROE % ... ... ... ... ... 9.81 11.1 10.9 23.4    
ROCE % ... ... ... ... ... ... 15.2 15.5 16.2    
Gross Margin % ... ... ... ... ... 46.1 47.1 45.5 47.5    
EBITDA Margin % ... ... ... ... ... 25.8 27.2 24.5 25.2    
EBIT Margin % ... ... ... ... ... 15.1 15.6 14.1 15.6    
Net Margin % ... ... ... ... ... 9.00 10.3 9.45 10.1    
Payout Ratio % ... ... ... ... ... 0 0 0 30.2    
Cost of Financing % ... ... ... ... ... ... -0.692 -2.18 0.733    
Net Debt/EBITDA ... ... ... ... ... 0.281 0.320 0.555 2.89    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                      
Non-Current Assets EUR mil ... ... ... ... ... 1,673 1,677 1,797 1,856    
Property, Plant & Equipment EUR mil ... ... ... ... ... 545 568 585 626    
Intangible Assets EUR mil ... ... ... ... ... 265 242 265 308    
Goodwill EUR mil ... ... ... ... ... 787 787 787 787    
Current Assets EUR mil ... ... ... ... ... 1,792 2,219 2,845 2,020    
Inventories EUR mil ... ... ... ... ... 216 237 296 295    
Receivables EUR mil ... ... ... ... ... 136 206 184 158    
Cash & Cash Equivalents EUR mil ... ... ... ... ... 100 114 134 183    
Total Assets EUR mil ... ... ... ... ... 3,465 3,895 4,641 3,875    
Shareholders' Equity EUR mil ... ... ... ... ... 2,041 2,316 2,478 -19.0    
Of Which Minority Interest EUR mil ... ... ... ... ... 22.0 26.0 8.00 6.00    
Liabilities EUR mil ... ... ... ... ... 1,424 1,579 2,163 3,894    
Long-Term Debt EUR mil ... ... ... ... ... 261 317 510 2,260    
Deferred Tax Liabilities EUR mil ... ... ... ... ... 18.1 28.0 21.6 23.3    
Short-Term Debt EUR mil ... ... ... ... ... 0 0 0 0    
Trade Payables EUR mil ... ... ... ... ... 480 486 536 507    
Provisions EUR mil ... ... ... ... ... 119 104 135 142    
Equity And Liabilities EUR mil ... ... ... ... ... 3,465 3,895 4,641 3,875    
growth rates                      
Total Asset Growth % ... ... ... ... ... ... 12.4 19.2 -16.5    
Shareholders' Equity Growth % ... ... ... ... ... ... 13.5 6.99 -101    
Net Debt Growth % ... ... ... ... ... ... 26.1 85.2 452    
Total Debt Growth % ... ... ... ... ... ... 21.5 60.9 343    
ratios                      
Total Debt EUR mil ... ... ... ... ... 261 317 510 2,260    
Net Debt EUR mil ... ... ... ... ... 161 203 376 2,077    
Working Capital EUR mil ... ... ... ... ... -129 -42.5 -56.1 -53.9    
Capital Employed EUR mil ... ... ... ... ... 1,544 1,634 1,741 1,802    
Net Debt/Equity % ... ... ... ... ... 7.89 8.77 15.2 -10,932    
Cost of Financing % ... ... ... ... ... ... -0.692 -2.18 0.733    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                      
Net Profit EUR mil ... ... ... ... ... 200 241 261 288    
Depreciation EUR mil ... ... ... ... ... 238 270 289 275    
Non-Cash Items EUR mil ... ... ... ... ... 10.0 29.0 -137 147    
Change in Working Capital EUR mil ... ... ... ... ... 14.7 -86.3 13.5 -2.16    
Total Cash From Operations EUR mil ... ... ... ... ... 463 454 426 707    
Capital Expenditures EUR mil ... ... ... ... ... -258 -271 -330 -356    
Other Investments EUR mil ... ... ... ... ... 0.704 3.56 40.2 38.9    
Total Cash From Investing EUR mil ... ... ... ... ... -258 -267 -290 -317    
Dividends Paid EUR mil ... ... ... ... ... 0 0 0 -86.9    
Issuance Of Debt EUR mil ... ... ... ... ... 9.58 56.0 193 1,750    
Total Cash From Financing EUR mil ... ... ... ... ... -194 -163 -122 -351    
Net Change In Cash EUR mil ... ... ... ... ... 6.04 13.7 20.5 48.5    
ratios                      
Days Sales Outstanding days ... ... ... ... ... 22.2 32.2 24.3 20.2    
Days Sales Of Inventory days ... ... ... ... ... 65.6 70.2 71.7 71.9    
Days Payable Outstanding days ... ... ... ... ... 146 144 130 124    
Cash Conversion Cycle days ... ... ... ... ... -58.3 -41.2 -33.8 -31.4    
Cash Earnings EUR mil ... ... ... ... ... 438 511 550 563    
Cash Earnings Per Share EUR ... ... ... ... ... 2.32 2.71 2.91 2.98    
Price/Cash Earnings (P/CE) ... ... ... ... ... 22.4 19.2 17.9 16.1    
Free Cash Flow EUR mil ... ... ... ... ... 205 187 136 390    
Free Cash Flow Yield % ... ... ... ... ... 2.03 1.83 1.48 4.53    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                      
ROA % ... ... ... ... ... 5.78 6.55 6.12 6.76    
Gross Margin % ... ... ... ... ... 46.1 47.1 45.5 47.5    
Employees ... ... ... ... 2,709 2,708 2,774 2,843 2,954    
Cost Per Employee USD per month ... ... ... ... ... ... 9,819 10,567 9,215    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... 7,396 8,198 8,038    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... 12.5 11.8 11.8    
Effective Tax Rate % ... ... ... ... ... 30.2 32.9 33.5 33.2    
Enterprise Value (EV) USD mil ... ... ... ... ... 13,176 13,823 12,346 12,134    
EV/EBITDA ... ... ... ... ... 17.9 16.4 14.1 14.7    
EV/Capital Employed ... ... ... ... ... 6.47 6.14 5.86 6.19    
EV/Sales ... ... ... ... ... 4.61 4.46 3.47 3.71    
EV/EBIT ... ... ... ... ... 30.6 28.6 24.6 23.8    
Domestic Sales EUR mil ... ... ... ... ... ... 68.7 92.5 143    
Capital Expenditures (As % of Sales) % ... ... ... ... ... 11.6 11.6 11.9 12.5    
Revenues From Abroad EUR mil ... ... ... ... ... ... 2,266 2,669 2,711    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... 97.1 96.7 95.0    
Price Per Vehicle Sold EUR ... ... ... ... ... 306,714 333,571 380,703 372,439    
EBIT Per Vehicle Sold EUR ... ... ... ... ... 46,244 52,000 53,618 57,975    
Net Profit Per Vehicle Sold EUR ... ... ... ... ... 27,605 34,429 35,975 37,554    
Price Per Vehicle Sold (USD) USD ... ... ... ... ... 393,804 442,815 490,723 426,931    
EBIT Per Vehicle Sold (USD) USD ... ... ... ... ... 59,374 69,030 69,113 66,457    
Net Profit Per Vehicle Sold (USD) USD ... ... ... ... ... 35,444 45,704 46,372 43,049    
Sales From Automotive EUR mil ... ... ... ... ... 1,695 1,655 1,944 2,080    
Sales of Vehicles vehicles ... ... ... ... 7,195 7,255 7,000 7,255 7,664    
Sales of Vehicles At Home vehicles ... ... ... ... ... ... 206 243 385    
Exports Of Vehicles vehicles ... ... ... ... ... ... 6,794 7,012 7,279    
Exports (As % Of Total Vehicles Sold) % ... ... ... ... ... ... 97.1 96.7 95.0    
Employees in Italy ... ... ... ... ... ... 2,583 2,645 2,747    
Sales of Sports V8 vehicles ... ... ... ... ... 4,274 3,944 3,651 3,534    
Sales of Sports V12 vehicles ... ... ... ... ... 481 1,401 1,565 1,169    
Sales of GT V8 vehicles ... ... ... ... ... 1,589 1,219 1,645 2,638    
Sales of GT V12 vehicles ... ... ... ... ... 1,061 436 394 323    
Average CO2 Emissions g/km         321 317 323 316 299    
Sales in Europe vehicles ... ... ... ... ... ... 3,309 3,274 3,351    
Sales in Americas vehicles ... ... ... ... ... ... 2,382 2,462 2,640    
Sales in Asia vehicles ... ... ... ... ... ... 572 675 610    
Sales in the UK vehicles ... ... ... ... ... ... 686 705 740    
Sales in Germany vehicles ... ... ... ... ... ... 659 616 595    
Sales in France vehicles ... ... ... ... ... ... 273 253 274    

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