Ferrari 2015 Full Year and Q4 Preliminary Results as Reported by FCA
MARANELLO, Italy, January 27, 2016 /PRNewswire/ --
Ferrari N.V. (NYSE/MTA: RACE) ("Ferrari") announced today that the Q4 and full year earnings announcement published today by Fiat Chrysler Automobiles N.V. (NYSE:FCAU / MTA:FCA) ("FCA"), included certain information regarding the results of Ferrari, which remained part of the FCA group at the end of 2015. Ferrari will separately report its Q4 and full year 2015 financial results 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, after those results have been approved by Ferrari's Board of Directors at a meeting which is scheduled for February 2, 2016. The financial information regarding Ferrari which was reported by FCA and is set forth below, is not necessarily consistent with the results that will be reported by Ferrari as the FCA reported results reflect internal FCA allocations and eliminations between the FCA Group and the Ferrari Group that will not be applied by Ferrari in presenting its stand-alone results, as well as a different definition of Net Debt from which Net Industrial Debt (not a Ferrari reported metric) is determined.
Ferrari Financial Results as reported by FCA:
For the twelve
For the three months (EUR in million unless months ended
ended December 31, otherwise stated) December 31,
2015 2014 Variance 2015 2014 Variance
685 664 21 Net revenues 2,596 2,450 146
109 115 (6) Adjusted EBIT 473 404 69
55 84 (29) Net profit 284 273 11
Dec. 31,
(EUR in million) 2015
Net Industrial Debt* (963)
*refer to specific note on Non-GAAP financial measure
On 2 February, 2016, at 4.30 p.m. CET, Ferrari management will hold a conference call to present the 2015 fourth quarter results and 2015 full year results to financial analysts and institutional investors. The call can be followed live and a recording will be available later on the Group website http://corporate.ferrari.com. The supporting document will be made available on the website prior to the call.
About Ferrari
Ferrari is among the world's leading luxury brands focused on the design, engineering, production and sale of the world's most recognizable luxury performance sports cars. The 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 224 Grand Prix races, 16 Constructor World titles and 15 Drivers' World titles. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.
Forward Looking Statements
This document contains forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan" or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group'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: the Group's ability to preserve and enhance the value of the Ferrari brand; the success of Ferrari's Formula 1 racing team and the expenses the Group incurs for Formula 1 activities; the Group's ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the Group's low volume strategy; the ability of Maserati, the Group's engine customer, to sell its planned volume of cars; changes in client preferences and automotive trends; changes in the general economic environment and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards; the Group's ability to successfully carry out its growth strategy and, particularly, the Group's ability to grow its presence in emerging market countries; competition in the luxury high performance automobile industry; reliance upon a number of key members of executive management and employees; the performance of the Group's dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and raw materials; disruptions at the Group's manufacturing facilities in Maranello and Modena; the Group's ability to provide or arrange for adequate access to financing for its dealers and clients; the performance of the Group's licensees for Ferrari-branded products; the Group's ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product warranties; exchange rate fluctuations, interest rate changes, credit risk and other market risks; potential conflicts of interest due to director and officer overlaps with the Group's largest shareholders and other factors discussed elsewhere in this document.
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's financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.
Non-GAAP financial measures
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.
Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.
We believe that these supplemental financial measures provide comparable measures of its financial performance which then facilitate management's ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.
Net Cash / (Net Debt) as defined by Ferrari: cash and cash equivalent plus cash pool deposits less financial liabilities.
Net Industrial Debt as defined by FCA: Net Industrial Debt is computed as debt plus other financial liabilities related to Industrial Activities less (i) cash and cash equivalents, (ii) current securities, (iii) current financial receivables from Group or jointly controlled financial services entities and (iv) other financial assets. Therefore, debt, cash and other financial assets/liabilities pertaining to Financial Services entities are excluded from the computation of Net Industrial Debt.
SOURCE Ferrari NV
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