Montezemolo leaves Ferrari, Marchionne takes helm

Η Porsche έχει τη Cayenne εδώ και χρόνια, η Lamborghini ετοιμάζει την Urus για το 2018 και η Ferrari επιμένει πεισματικά ότι δεν πρόκειται ποτέ να βγει ένα SUV από το Μαρανέλο. Κατά την διάρκεια συμβουλίου των αναλυτών της Ferrari, ο CEO της Ferrari και FCA, Sergio Marchionne δήλωσε χαρακτηριστικά για ένα SUV από τη Ferrari:

Θα πρέπει να με πυροβολήσετε πρώτα.

Ο τίτλος, όπως καταλαβαίνεις είναι η κυριολεκτική ερμηνεία των δηλώσεων του, κάτι που έχει γίνει γνωστό παλιότερα και από τον πρόεδρο της Ferrari, Amedeo Felisa. Η ερώτηση έγινε στον Marchionne μετά τα απογοητευτικά έσοδα του τέταρτου τριμήνου για την Ferrari, με την τιμή της μετοχής της να πέφτει σήμερα κατά περίπου 13%, ενώ από την πρώτη μέρα που μπήκε στο χρηματιστήριο έχει σημειώσει πτώση λίγο πάνω από 30%. Τα έσοδα είναι μειωμένα επειδή μειώθηκε η παραγωγή, εξαιτίας της πτώσης κατά 22% των παραδόσεων στην Κίνα. Όμως, δεν υπάρχει λόγος ανησυχίας, γιατί πάντα η Ferrari θα κατασκευάζει λιγότερα αυτοκίνητα απ’όσα ζητάει η αγορά.

Η Ferrari το 2015 πούλησε 7.664 αυτοκίνητα (+6% σε σχέση με το 2014), με τα καθαρά έσοδα να αυξάνονται τα 2,854 δισ. ευρώ (+3%), ενώ είχε καθαρά κέρδη 290 εκατ. ευρώ (+9%). Στόχος της είναι οι 9.000 πωλήσεις ετησίως το 2019, με τον Marchionne να δηλώνει πως είναι απόλυτα εφικτό.

Δελτίο Τύπου


  • Total shipments reached 7,664 units, up 6%
  • Net revenues grew 3% (-3% at constant currencies) to Euro 2,854 million
  • Adjusted EBIT[1] of Euro 473 million, 200bps margin increase
  • Net profit amounted to Euro 290 million, +9%
  • Net Debt of Euro 1,938 million as of December 31, 2015
  • Distribution of Euro 0.46 per common share[2]
For the three months ended December 31, (In Euro million unless otherwise stated) For the twelve months ended December 31,
2015 2014 Change 2015 2014 Change
2,021 1,975 46 Shipments (in units) 7,664 7,255 409
744 751 (7) Net revenues 2,854 2,762 92
85 115 (30) EBIT 444 389 55
109 115 (6) Adjusted EBIT1 473 404 69
157 193 (36) EBITDA1 719 678 41
181 193 (12) Adjusted EBITDA1 748 693 55
55 79 (24) Net profit 290 265 25
0.28 0.41 (0.13) Earnings per share (in Euro ) 1.52 1.38 0.14
(Euro million) Dec. 31, 2015 Dec. 31, 2014 Change
Net Cash/(Net Debt)1 (1,938) 566 n.m.

Maranello (Italy), February 2, 2016 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated net revenues and preliminary results[3] for the fourth quarter and twelve months ended December 31, 2015.

Shipments totaled 7,664 units in 2015, up 6% from the previous year. This performance was driven by a 17% increase in sales of our 8 cylinder models (V8), led by California T, 458 Speciale A and the newly launched 488 GTB. Shipments of the 12 cylinder models (V12) were down 24% as the F12berlinetta and the FF are respectively in their 4th and 5th year of commercialization, and the F12tdf shipments started in December 2015.

EMEA4, Americas4 and Rest of APAC[4] experienced sound year-on-year growth of 2%, 7% and 26% respectively. Greater China4 contracted by 10% year-on-year, but showed a +7% upturn for the three months ended December 31, 2015, thanks to the introduction of the 488 GTB.

Net revenues for FY 2015 were Euro 2,854 million, an increase of Euro 92 million or 3% (-3% at constant currencies) from FY 2014. Higher net revenues in Cars and spare parts[5] (Euro 136 million, +7%) were partially offset by a decrease in Engines[6] (Euro 92 million, -30%).

Adjusted EBIT1 was Euro 473 million, up Euro 69 million (+17%) from FY 2014. This was the effect of higher volumes for the California T, 458 Speciale A, the newly launched 488 GTB and a positive margin contribution from our personalization programs. The increase was also supported by a positive foreign exchange contribution of Euro 41 million, mainly due to U.S. dollar and Great Britain pound appreciation and partially offset by Japanese yen. The mix effect had a slightly negative contribution of Euro 6 million due to the higher proportion of V8 versus V12 in FY 2015 compared to FY 2014. Selling, general and administrative costs[7] grew by Euro 15 million due to our continued focus on directly operated retail stores, corporate costs and F1 racing activities. Research and development costs and industrial costs increased by Euro 3 million attributable to the 2016 development of the power unit for F1 racing activity partially offset by a lower R&D on road cars (primarily R&D and product D&A of 458 family) and efficiencies on production costs.

As a result of the items described above, net profit for FY 2015 was Euro 290 million, up Euro 25 million (+9%).

Free Cash Flow1 for the twelve months ended December 31, 2015 was Euro 390 million, primarily driven by a strong increase in cash from operating activities. Free Cash Flow1included the following one-time cash inflows: the sale of investment properties; the reimbursement of the financing of inventory related to the establishment of the Maserati standalone business in China; and the sale of the financial assets portfolios of certain Financial Services Companies (FFS S.p.A. and FFS KK) in connection with the additional steps taken to maximize the effects of our cooperation agreements in Europe and in Japan; partially offset by the one-time extra bonus payment in December to all Ferrari employees.

Net Debt1 at December 31, 2015 was Euro 1,938 million, compared to a Net Cash1position of Euro 566 million at December 31, 2014. This was a result of the capital reorganization in connection with our IPO and the spin-off from Fiat Chrysler Automobiles N.V. (FCA), partially offset by the strong Free Cash Flow1generation.

2016 Outlook

The Group indicates the following guidance for 2016, assuming FX consistent with current market conditions:

  • Shipments: ˜7,900 including supercars
  • Net revenues: >Euro 2.9 billion
  • Adjusted EBITDA: >Euro 770 million
  • Net Debt: <Euro 1,950 billion (<Euro 750 million – net of the funded self-liquidating financial receivables portfolio) including distribution to shareholders2

Distribution proposal

Subject to the approval of the 2015 annual accounts and review of other relevant financial statements by the Board of Directors of the Company, the Board of Directors of the Company intends to resolve to make a distribution to the holders of common shares of Euro 0.46 per common share, corresponding to a total distribution to shareholders of approximately Euro 87 million.

Subsequent Events

On January 3rd, 2016 the Company completed the announced separation of the Ferrari business from FCA which was previously its largest shareholder. Following Ferrari’s debut on the New York Stock Exchange (NYSE) on October 21st, 2015, on January 4th, 2016 the Company also completed the listing of its common shares on the Milan Stock Exchange (MTA) under the ticker symbol RACE.

On January 19th, 2016 Ferrari Financial Services Inc. completed its first securitization program of retail financial receivables in the U.S. with total proceeds of approximately US$246 million.


For the three months ended December 31, Shipments4 (units) For the twelve months ended December 31,
2015 2014 Change 2015 2014 Change
938 780 158 EMEA 3,351 3,274 77
671 740 (69) Americas 2,640 2,462 178
192 179 13 Greater China 610 675 (65)
220 276 (56) Rest of APAC 1,063 844 219
2,021 1,975 46 Total shipments 7,664 7,255 409

Total net revenues

For the three months ended December 31, (Euro million) For the twelve months ended December 31,
2015 2014 Change 2015 2014 Change
535 532 3 Cars and spare parts5 2,080 1,944 136
47 83 (36) Engines6 219 311 (92)
119 108 11 Sponsorship, commercial and brand[8] 441 417 24
43 28 15 Other[9] 114 90 24
744 751 (7) Total net revenues 2,854 2,762 92

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 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.

Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as adjusted for income and costs, which are significant in nature, but expected to occur infrequently.

For the three months ended December 31, (Euro million) For the twelve months ended December 31,
2015 2014 2015 2014
85 115 EBIT 444 389
Expense related to the resignation of the former Chairman 15
24 Income and expenses incurred in connection with our IPO and separation and employees extra bonus 29
109 115 Adjusted EBIT 473 404

EBITDA is defined as net profit before income tax expense, net financial expenses/(income) and depreciation and amortization. Adjusted EBITDA is defined as EBITDA as adjusted for income and costs, which are significant in nature, but expected to occur infrequently.

For the three months ended December 31, (Euro million) For the twelve months ended December 31,
2015 2014 2015 2014
55 79 Net profit 290 265
25 38 Income tax expense 144 133
5 (2) Net financial expense/(income) 10 (9)
72 78 Amortization and depreciation 275 289
157 193 EBITDA 719 678


For the three months ended December 31, (Euro million) For the twelve months ended December 31,
2015 2014 2015 2014
157 193 EBITDA 719 678
Expense related to the resignation of the former Chairman 15
24 Income and expenses incurred in connection with our IPO and separation and employees extra bonus 29
181 193 Adjusted EBITDA 748 693

Net Cash/(Net Debt) is defined as cash and cash equivalents plus cash deposits in FCA Group cash management pools less debt.

(Euro million) December 31, 2015 December 31, 2014
Cash and cash equivalents 183 134
Deposits in FCA Group cash management pools 139 942
Financial liabilities with FCA Group (3) (379)
Financial liabilities with third parties (2,257) (131)
Net Cash / (Net Debt) (1,938) 566

Free Cash Flow is one of management’s primary key performance indicators to measure the Group’s performance and is defined as cash flows from operating activities less cash flows used in investing activities.

Free Cash Flow is subject to month to month fluctuations due to, among other things, production volumes, activity of our financial services portfolio, timing of tax payments and capital expenditures.

For the three months ended December 31, (Euro million) For the twelve months ended December 31,
2015 2014 2015 2014
173 131 Cash flows from operating activities 707 426
(121) (122) Cash flows used in investing activities (317) (290)
52 9 Free Cash Flow 390 136

On February 2nd, 2016, at 4.30 p.m. CET, management will hold a conference call to present the 2015 full year results to financial analysts and institutional investors. The call can be followed live and a recording will subsequently be available on the Group website 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. 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.

  • τελικα επεσε λιγο εξω ο @m@mixalhs7:disqus !!!
    θα το βγαλουν ενω τα πραγματα δεν εχουν ζορια…αντιθετα μαλιστα..πανε πιο καλα απο ποτε !!! :-D

    • mixalhs7

      Τιποτα δεν σου ξεφευγει εσενα…!!

    • πατησα το λινκ στο νεο αρθρο..και λεω για να δω τι ειπωθηκε πριν καιρο……
      ειναι αυτο που λενε…τα γραπτα μενουν !!!! :-P

    • Philby

      Δεν παίζεσαι! Αλλά δεν άλλαξα άποψη όσο ντροπή ήταν πριν 2 χρόνια άλλο τόσο είναι και τώρα.

    • xaxaxaxaxaxaaxxa γενικα σε τετοια αρθρα..οταν εχωχρονο…και βαζουν τα link βλεπω να δω τι ειχαμε πει…καμια φορα βλεπω τι ελεγα και γελαω !!! :LOL
      δεν ειπα οτι πλεον τα θελεις τα SUV….απλα οτι ο μαρκιονε τα θελει!!!! και νομιζω αυτο το αρθρο…..ειναι μια μικρη δικαιωση για τον μιχαλη !!!!
      για να δυναμητισω το κλιμα…ε του χρωστας και μια ”συγνωμη” !!!!! :-P

    • Philby

      Όντως είναι μία δικαίωση! Εντωμεταξύ διαβάζω το διάλογο και αναρωτιέμαι για τον εαυτό μου: Τι πάθος είναι αυτο; Πως μπορείς να παρασυρθείς… ρόμπα πάντως μας έκανε ο πουλοβεράκιας! O Enzo πέθανε και πριν πεθάνει άφησε την F40. Ο Di montezmolo την 458 Speciale και αυτός θέλει να συνδεθεί με το αυτοκινούμενο περίπερο; Άβυσσος η ψυχή του ανθρωπου.

    • xaxaaxxaxaxaaxax αυτο ακριβως ηθελα να πω !!!! διαβαζεις παλιοτερες αποψεις..σκεψεις..διαολογους κτλ….και σημερα γελας !!!!!

    • mixalhs7

      Οτι έγραψα βασίστηκε σε μια απλή παρατήρηση πως συνήθως άλλα λένε κι άλλα κάνουν. Με εξαίρεση τον Di Montezmolo (δεν θυμάμαι να έχει ποτέ κάνει κάτι αντίστοιχο) και ο Ενζο και ο Μαρκιονε έχουν αλλάξει τα λεγόμενα τους.
      Σκέψου μόνο πως η F40 παράδειγμα συγκέντρωνε όλα τα στοιχεία που αφόριζε ο Ενζο (κεντρομηχανη, κινητήρας turbo,αεροδυναμική).
      Απο την εποχή όμως που ο Ενζο αφόριζε όλα αυτά τα στοιχεία μέχρι την F40 οι εποχές άλλαξαν και έπρεπε να προσαρμοστεί και αυτός.

      Ο Di montezmolo πιστεύω πως αρνήθηκε να συμβαδίσει με την εποχή του λόγο των δογμάτων που πίστευε και ο Μαρκιονε κλήθηκε να βρει τις ισορροπίες που πρέπει.
      Οτι θα παρουσιάσει ένα αυτοκίνητο 30 πόντους πιο ψηλό απο την F40 για μένα δεν είναι τόσο αρνητικό διότι το κάνει για τον ίδιο λόγο που ο Ενζο κατασκεύαζε μεγάλα 4θεσια GT στα πρώτα του βηματα.

    • Philby

      Κοίτα αν γεμίσουν τόσο τα ταμεία που πάρουμε 10 σερί στην F1 και κατεβούμε και WEC και το σηκώσουμε, χαλάλι! Κατά τα άλλα με τα οικονομικά της Ferrari ανθηρά δε βλέπω το λόγο να αλλοιώσει η Ferrari το dna της. Τώρα οι κατά καιρούς κωλοτούμπες δεν με ενοχλούν διότι αφενός μία εταιρεία διοικούν και δεν χρειάζεται να λογοδοτήσουν δεν είναι δημοκρατικά εκλεγμένοι που διοικούν μία χώρα. Άλλωστε με την τεχνολογία να αλλάζουν οι κωλοτούμπες είναι αναπόφευκτες και αναγκαίες το suv είναι μία απόφαση που δεν γίνεται για τεχνολογικούς, οικολογικούς λόγους παρά μόνο για εμπορικούς για αυτό και για μένα είναι κατακριτέα.