Robust Mix Sustained a Strong Start to the
Year
- Net revenues of Euro 1,585 million, up 10.9% versus prior year,
with total shipments of 3,560 units $1flat versus Q1 2023
- Adjusted EBIT(1) of Euro 442 million, up 14.8% versus prior
year, with adjusted EBIT(1) margin of 27.9%
- Adjusted net profit(1) of Euro 352 million and adjusted diluted
EPS(1) at Euro 1.95
- Adjusted EBITDA(1) of Euro 605 million, up 12.7% versus prior
year, with adjusted EBITDA(1) margin of 38.2%
- Industrial free cash flow(1) generation of Euro 321
million
“The start of the year was very positive:
revenues and profits recorded double-digit growth with stable
deliveries. This was achieved through an even stronger product and
country mix as well as a greater contribution from
personalizations. Our value over volume strategy continues to be
successful,” said Benedetto Vigna, CEO of Ferrari. “and within this
same strategy, the execution of our business plan progresses on
schedule, with the enrichment of our product range thanks to the
recent launch of the 12Cilindri and 12Cilindri Spider”.
(In Euro million, |
For the three months ended |
unless otherwise stated) |
March 31, |
|
2024 |
2023 |
Change |
Shipments (in units) |
3,560 |
3,567 |
(7) |
(0%) |
Net revenues |
1,585 |
1,429 |
156 |
11% |
EBIT / Adj. EBIT(1) |
442 |
385 |
57 |
15% |
EBIT / Adj. EBIT(1) margin |
27.9% |
26.9% |
100 bps |
Net profit / Adj. net profit(1) |
352 |
297 |
55 |
19% |
Basic EPS (in Euro) / Adj. basic EPS(1) (in Euro) |
1.95 |
1.63 |
0.32 |
20% |
Diluted EPS (in Euro) / Adj. diluted EPS(1) (in Euro) |
1.95 |
1.62 |
0.33 |
20% |
EBITDA(1) / Adj. EBITDA(1) |
605 |
537 |
68 |
13% |
EBITDA(1) / Adj. EBITDA(1) margin |
38.2% |
37.6% |
60 bps |
Maranello (Italy), May 7, 2024
– Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today
announces its consolidated preliminary results(2) for the first
quarter ended March 31, 2024.
Shipments(3)(4)
Shipments |
For the three months ended |
(units) |
March 31, |
|
2024 |
2023 |
Change |
EMEA |
1,573 |
1,534 |
39 |
3% |
Americas(5) |
997 |
962 |
35 |
4% |
Mainland China, Hong Kong and Taiwan(6) |
317 |
396 |
(79) |
(20%) |
Rest of APAC |
673 |
675 |
(2) |
(0%) |
Total Shipments |
3,560 |
3,567 |
(7) |
(0%) |
Shipments totaled 3,560 units in Q1 2024, almost
unchanged versus the prior year. Quarterly shipments reflected the
deliberate geographic allocations, thus in the quarter EMEA(4)
increased by 39 units, Americas(4) was up 35 units, Mainland China,
Hong Kong and Taiwan decreased by 79 units and Rest of APAC(4) was
substantially flat.
Deliveries in the quarter were driven by the 296
family, the Purosangue and the Roma Spider, which was in ramp up
phase. The allocations of the Daytona SP3 increased in the quarter,
in line with plans. The 812 GTS and the SF90 Stradale were
approaching the end of lifecycle, while the Portofino M phased
out.
The product portfolio in the quarter included
nine internal combustion engine (ICE) models and four hybrid engine
models, which represented 54% and 46% of total shipments,
respectively.
Total net revenues
(Euro million) |
For the three months ended |
|
March 31, |
|
|
|
Change |
|
2024 |
2023 |
at constant |
|
|
|
currency |
Cars and spare parts(7) |
1,382 |
1,241 |
11% |
14% |
Sponsorship, commercial and brand(8) |
145 |
130 |
12% |
12% |
Other(9) |
58 |
58 |
(1%) |
(0%) |
Total net revenues |
1,585 |
1,429 |
11% |
13% |
Net revenues for Q1 2024 were Euro 1,585
million, up 10.9% or 12.8% at constant currency(1).
Revenues from Cars and spare parts(7) were Euro
1,382 million (up 11.4% or 13.5% at constant currency(1)), thanks
to a richer product and country mix, as well as the increased
contribution from personalizations.
Sponsorship, commercial and brand(8) revenues
reached Euro 145 million, up 11.6% or 12.0% at constant currency(1)
attributable to new sponsorships, partially offset by lower Formula
1 ranking in 2023 vs. 2022.
Other(9) revenues were flat, with higher
revenues from financial services activities offset by the decreased
contribution from the Maserati contract which expired in 2023.
Currency – including translation and transaction
impacts as well as foreign currency hedges – had a negative net
impact of Euro 26 million, mostly related to the Chinese Yuan,
Japanese Yen and US Dollar.
Adjusted EBITDA(1) and Adjusted EBIT(1)
(Euro million) |
For the three months ended |
|
March 31, |
|
|
|
Change |
|
2024 |
2023 |
|
at constant |
|
|
|
|
currency |
EBITDA(1) / Adj. EBITDA(1) |
605 |
537 |
13% |
17% |
EBIT / Adj. EBIT(1) |
442 |
385 |
15% |
21% |
|
|
|
|
|
|
Q1 2024 Adjusted EBITDA(1) reached Euro 605
million, up 12.7% versus the prior year and with an Adjusted
EBITDA(1) margin of 38.2%.
Q1 2024 Adjusted EBIT(1) was Euro 442 million,
increased 14.8% versus the prior year and with an Adjusted EBIT(1)
margin of 27.9%.
Volume was slightly negative (Euro 8 million),
mainly driven by lower range models deliveries.
The Mix / price variance performance was very
strong and positive (Euro 123 million), mainly reflecting the
enrichment of the product mix, sustained by the Daytona SP3, the
increased contribution from personalizations and the positive
country mix driven by Americas.
Industrial costs / research and development
expenses increased (Euro 29 million), mainly due to higher
innovation expenses as well as depreciation and amortization.
SG&A also grew (Euro 12 million) mainly
reflecting the continuous development of the Company’s digital
infrastructure and organization.
Other changes were positive (Euro 6 million),
mainly driven by new sponsorships and a release of prior year car
environmental provisions in the United States of America, partially
offset by lower Formula 1 ranking in 2023 vs. 2022.
Financial charges, net for the quarter totaled
Euro 2 million, nearly halved versus the prior year, primarily
driven by increased interest income from the Group's cash
balances.
The tax rate in the quarter was 20%, mainly
reflecting the estimate of the benefit attributable to the Patent
Box(10) and tax incentives for eligible research and development
costs and investments.
As a result, the Adjusted Net profit(1) for the
quarter was Euro 352 million, up 18.6% versus the prior year, and
the Adjusted diluted earnings per share(1) for the quarter reached
Euro 1.95, compared to Euro 1.62 in Q1 2023.
Industrial free cash flow(1) for the quarter was
strong at Euro 321 million, driven by the increased Adjusted
EBITDA(1), partially offset by capital expenditures(11) of Euro 195
million and the increase in working capital, provisions and other
of Euro 71 million.
As of March 31, 2024 the Company was in a Net
Industrial Cash(1) position of Euro 38 million for the first time,
compared to Net Industrial Debt of Euro 99 million as of December
31, 2023, also reflecting share repurchases(12) of Euro 136
million. As of March 31, 2024, total available liquidity was Euro
1,966 million (Euro 1,722 million as of December 31, 2023),
including undrawn committed credit lines of Euro 600 million.
2024 guidance confirmed, based on the
following assumptions for the year:
- Positive product and country mix, along with strong
personalizations
- Racing activities impacted by lower Formula 1 ranking in 2023
despite higher number of races in the 2024 calendar
- Lifestyle activities expected to increase top line contribution
while investing to accelerate development
- Cost inflation to persist
- Continuous brand investments
- Robust Industrial free cash flow generation, partially offset
by increased capital expenditures and higher tax payment
(€B, unless otherwise stated) |
2023A |
2024GUIDANCE |
NET REVENUES |
6.0 |
>6.4 |
ADJ. EBIT (margin %) |
1.6227.1% |
≥1.77 ≥27% |
ADJ. DILUTED EPS (€) |
6.90(13) |
≥7.50(13) |
ADJ. EBITDA (margin %) |
2.2838.2% |
≥2.45 ≥38% |
INDUSTRIAL FCF |
0.93 |
>0.90 |
Q1 2024 highlights:
- Ferrari announced that Lewis Hamilton will be joining Scuderia
Ferrari in 2025, on a multi-year contract.
- Ferrari and SK On, a leading global electric vehicle battery
manufacturer, signed a Memorandum of Understandings to renew the
on-going technological collaboration and share valuable insights to
continue to lead innovation in cell technology.
Subsequent Events:
- On April 8, 2024 the E-Cells Lab, a research center for
electrochemistry within the University of Bologna, was inaugurated.
The electrochemical research laboratory promoted by Ferrari in
collaboration with the University of Bologna and the leading
electronics company NXP, aims to build knowledge of the materials,
and the chemical and physical properties, of lithium cells.
- On April 11, 2024 the Roma Spider, the Ferrari's elegant 2+
mid-engined open-top car with a retractable soft top, won the Red
Dot: Best of the Best in the Product Design category. Ferrari also
won two Red Dot Awards for the special limited-edition SF90 XX
Stradale and the futuristic One-Off KC23, respectively.
- At the Annual General Meeting held on April 17, 2024, the
Shareholders of the Company approved, among others, a dividend in
cash of Euro 2.443 per outstanding common share, totaling
approximately Euro 440 million, as recommended by the Company’s
Board of Directors on February 22, 2024. The dividend was then paid
on May 3, 2024.
- On April 24, 2024 Ferrari announced to have signed a multiyear
partnership agreement with HP Inc., through which its brand will
appear on racing properties of Scuderia Ferrari.
- On May, 3 2024 Ferrari unveiled the 12Cilindri and the
12Cilindri Spider, our new two-seater berlinettas powered by a
front-mid, naturally-aspirated V12. These models are the perfect
embodiment of the Prancing Horse DNA, offering incomparable
performance and handling with sophisticated design.
- Under the fourth tranche of the new multi-year common share
repurchase program announced on June 30, 2022, from March 31, 2024
to May 3, 2024 the Company purchased 101,349 common shares for a
total consideration of Euro 39.5 million. At May 3, 2024 the
Company held in treasury an aggregate of 13,885,346 common shares
equal to 5.40% of the total issued share capital including the
common shares and the special voting shares, net of shares assigned
under the Company’s equity incentive plan.
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 World Championship in 1950 through the
present, Scuderia Ferrari has won 244 Grand Prix races, 16
Constructors’ 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 StatementsThis
document, and in particular the section entitled “2024 guidance
confirmed”, contain forward-looking statements. These statements
may include terms such as “may”, “will”, “expect”, “could”,
“should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”,
“continue”, “on track”, “successful”, “grow”, “design”, “target”,
“objective”, “goal”, “forecast”, “projection”, “outlook”,
“prospects”, “plan”, “guidance” and similar expressions.
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 Group’s ability to attract and
retain qualified personnel; the performance of the Group’s racing
activities and the sponsorship and commercial revenues the Group
generates and expenses the Group incurs for its racing activities,
as well as the popularity of motor sports more broadly; the Group’s
ability to keep up with advances in high performance car
technology, to meet the challenges and costs of integrating
advanced technologies, including hybrid and electric, more broadly
into its car portfolio over time and to make appealing designs for
its new models; the impact of increasingly stringent fuel economy,
emissions and safety standards, including the cost of compliance,
and any required changes to its products, as well as possible
future bans of combustion engine cars in cities and the potential
advent of self-driving technology; increases in costs, disruptions
of supply or shortages of components and raw materials; the Group’s
ability to successfully carry out its low volume and controlled
growth strategy and, particularly, the ability to increase its
presence in growth market countries; changes in general economic
conditions (including changes in some of the markets in which the
Group operates) and changes in demand for luxury goods, including
high performance luxury cars, which is highly volatile; macro
events, pandemics and conflicts, including the ongoing conflict
between Russia and Ukraine and between Israel and Hamas and the
related issues regarding transit in the Suez canal; the Group’s
ability to preserve its relationship with the automobile collector
and enthusiast community; competition in the luxury performance
automobile industry; changes in client preferences and automotive
trends; disruptions at the Group’s manufacturing facilities in
Maranello and Modena; climate change and other environmental
impacts, as well as an increased focus of regulators and
stakeholders on environmental matters; the Group’s ability to
maintain the functional and efficient operation of its information
technology systems and to defend from the risk of cyberattacks,
including on its in-vehicle technology; reliance upon a number of
key members of executive management and employees, and the ability
of its current management team to operate and manage effectively;
the performance of the Group’s dealer network on which the Group
depends for sales and services; product warranties, product
recalls, and liability claims; the performance of the Group’s
lifestyle activities; the Group’s ability to protect its
intellectual property rights and to avoid infringing on the
intellectual property rights of others; the Group’s continued
compliance with customs regulations of various jurisdictions; labor
relations and collective bargaining agreements; the Group’s ability
to ensure that its employees, agents and representatives comply
with applicable law and regulations; changes in tax, tariff or
fiscal policies and regulatory, political and labor conditions in
the jurisdictions in which the Group operates; the Group’s ability
to service and refinance its debt; exchange rate fluctuations,
interest rate changes, credit risk and other market risks; the
Group’s ability to provide or arrange for adequate access to
financing for its dealers and clients, and associated risks; the
adequacy of its insurance coverage to protect the Group against
potential losses; potential conflicts of interest due to director
and officer overlaps with the Group’s largest shareholders; and
other factors discussed elsewhere in this document.
The Group expressly disclaims and does not
assume any liability in connection with any inaccuracies in any of
the forward-looking statements in this document or in connection
with any use by any third party of such forward-looking statements.
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.
For further information:Media Relationstel.: +39 0536
241053Email: media@ferrari.com
Investor Relationstel.: +39 0536 241395Email: ir@ferrari.com
www.ferrari.com
Capex and R&D
(Euro million) |
For the three months ended |
|
March 31, |
|
2024 |
2023 |
Capital expenditures(11) |
195 |
150 |
of which capitalized development costs(14) (A) |
109 |
103 |
Research and development costs expensed (B) |
146 |
136 |
Total research and development (A+B) |
255 |
239 |
Amortization of capitalized development costs (C) |
85 |
78 |
Research and development costs as recognized
in the consolidated income statement (B+C) |
231 |
214 |
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.
Certain totals in the tables included in this
document may not add due to rounding.
Key performance metrics and
reconciliations of NON-GAAP financial measures
(Euro million) |
For the three months ended |
|
March 31, |
|
2024 |
2023 |
Net revenues |
1,585 |
1,429 |
Cost of sales |
782 |
711 |
Selling, general and administrative costs |
124 |
114 |
Research and development costs |
231 |
214 |
Other expenses/(income), net |
7 |
6 |
Results from investments |
1 |
1 |
EBIT/Adjusted EBIT |
442 |
385 |
Financial expenses/(income), net |
2 |
4 |
Profit before taxes |
440 |
381 |
Income tax expenses |
88 |
84 |
Effective tax rate |
20.0% |
22.0% |
Net profit / Adjusted net profit |
352 |
297 |
Basic / Adjusted basic EPS (€) |
1.95 |
1.63 |
Diluted / Adjusted diluted EPS (€) |
1.95 |
1.62 |
EBITDA / Adjusted EBITDA |
605 |
537 |
of which EBITDA (Industrial activities only) |
595 |
529 |
Total net revenues, EBITDA,
Adj. EBITDA, EBIT and Adj. EBIT at constant
currency eliminate the effects of changes in foreign
currency (transaction and translation) and of foreign currency
hedges.
(Euro million) |
For the three months ended |
|
March 31, |
|
|
2024 |
|
2024 |
at constant |
|
|
currency |
Cars and spare parts |
1,382 |
1,400 |
Sponsorship, commercial and brand |
145 |
146 |
Other |
58 |
58 |
Total net revenues |
1,585 |
1,604 |
(Euro million) |
For the three months ended |
|
March 31, |
|
|
2024 |
|
2024 |
at constant |
|
|
currency |
Adjusted EBITDA |
605 |
621 |
Adjusted EBIT |
442 |
458 |
EBITDA is defined as net profit
before income tax expense, financial expenses/(income), net and
amortization and depreciation. Adjusted EBITDA is
defined as EBITDA as adjusted for certain income and costs, which
are significant in nature, expected to occur infrequently, and that
management considers not reflective of ongoing operational
activities.
(Euro million) |
For the three months ended |
|
March 31, |
|
2024 |
2023 |
Change |
Net profit |
352 |
297 |
55 |
Income tax expense |
88 |
84 |
4 |
Financial expenses/(income), net |
2 |
4 |
(2) |
Amortization and depreciation |
163 |
152 |
11 |
EBITDA |
605 |
537 |
68 |
Adjustments |
- |
- |
- |
Adjusted EBITDA |
605 |
537 |
68 |
Adjusted Earnings Before Interest and Taxes or
“Adjusted EBIT” represents EBIT as adjusted for
certain income and costs which are significant in nature, expected
to occur infrequently, and that management considers not reflective
of ongoing operational activities.
(Euro million) |
For the three months ended |
|
March 31, |
|
2024 |
2023 |
Change |
EBIT |
442 |
385 |
57 |
Adjustments |
- |
- |
- |
Adjusted EBIT |
442 |
385 |
57 |
Adjusted Net profit represents
net profit as adjusted for certain income and costs (net of tax
effect) which are significant in nature, expected to occur
infrequently, and that management considers not reflective of
ongoing operational activities.
(Euro million) |
For the three months ended |
|
March 31, |
|
2024 |
2023 |
Change |
Net profit |
352 |
297 |
55 |
Adjustments |
- |
- |
- |
Adjusted net profit |
352 |
297 |
55 |
Basic and diluted
EPS(15) are determined as per the table
here below. Adjusted EPS represents EPS as
adjusted for certain income and costs (net of tax effect) which are
significant in nature, expected to occur infrequently, and that
management considers not reflective of ongoing operational
activities.
(Euro million, unless otherwise stated) |
For the three months ended |
|
March 31, |
|
2024 |
2023 |
Change |
Net profit attributable to the owners of the Company |
351 |
296 |
55 |
Weighted average number of common shares (thousand) |
180,250 |
181,783 |
|
Basic EPS (in Euro) |
1.95 |
1.63 |
0.32 |
Adjustments |
- |
- |
- |
Adjusted basic EPS (in Euro) |
1.95 |
1.63 |
0.32 |
Weighted average number of common shares for diluted earnings per
common share (thousand) |
180,527 |
182,069 |
|
Diluted EPS (in Euro) |
1.95 |
1.62 |
0.33 |
Adjustments |
- |
- |
- |
Adjusted diluted EPS (in
Euro) |
1.95 |
1.62 |
0.33 |
Net Industrial (Debt)/Cash,
defined as total Debt less Cash and Cash Equivalents (Net
(Debt)/Cash), further adjusted to exclude the debt and cash and
cash equivalents related to our financial services activities (Net
(Debt)/Cash of Financial Services Activities).
(Euro million) |
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt |
(2,623) |
(2,477) |
of which
leased liabilities as per IFRS 16 |
(117) |
(73) |
Cash and
Cash Equivalents |
1,366 |
1,122 |
Net (Debt)/Cash |
(1,257) |
(1,355) |
Net
(Debt)/Cash of Financial Services Activities |
(1,295) |
(1,256) |
Net Industrial (Debt)/Cash |
38 |
(99) |
Free Cash Flow and Free
Cash Flow from Industrial Activities are two of
management’s primary key performance indicators to measure the
Group’s performance. Free Cash Flow is defined as cash flows from
operating activities less investments in property, plant and
equipment (excluding right-of-use assets recognized during the
period in accordance with IFRS 16 — Leases), intangible assets and
joint ventures. Free Cash Flow from Industrial Activities is
defined as Free Cash Flow adjusted to exclude the operating cash
flow from our financial services activities (Free Cash Flow from
Financial Services Activities).
(Euro million) |
For the three months ended |
|
March 31, |
|
2024 |
2023 |
Cash flow from operating activities |
505 |
398 |
Investments in property, plant and equipment, intangible assets and
joint ventures(11) |
(195) |
(150) |
Free Cash Flow |
310 |
248 |
Free Cash Flow from Financial Services Activities |
(11) |
(21) |
Free Cash Flow from Industrial Activities |
321 |
269 |
On May 7, 2024, at 3:00 p.m. CEST, management
will hold a conference call to present the Q1 2024 results to
financial analysts and institutional investors. Please note that
registering in advance is required to access the conference call
details. The call can be followed live and a recording will
subsequently be available on the Group’s website
https://www.ferrari.com/en-EN/corporate/investors. The supporting
document will be made available on the website prior to the
call.
1 Refer to specific paragraph
on non-GAAP financial measures. The term EBIT is used as a synonym
for operating profit. There were no adjustments impacting EBITDA,
EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted
EPS in the periods presented.
2 These results have been
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
3 Excluding strictly limited
racing cars (such as the XX Programme and the 499P Modificata),
one-off and pre-owned cars
4 EMEA includes: Italy, UK, Germany,
Switzerland, France, Middle East (includes the United Arab
Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait),
Africa and the other European markets not separately identified;
Americas includes: United States of America, Canada, Mexico, the
Caribbean and Central and South America; Rest of APAC mainly
includes: Japan, Australia, Singapore, Indonesia, South Korea,
Thailand, India and Malaysia
5 Of which 850 units in Q1
2024 (+20 units vs Q1 2023) in the United States of America
6 Of which 243 units in Q1 2024 (-80
units vs Q1 2023) in Mainland China
7 Includes net revenues
generated from shipments of our cars, any personalization generated
on cars, as well as sales of spare parts
8 Includes net revenues
earned by our racing teams (mainly in the Formula 1 World
Championship and the World Endurance Championship) through
sponsorship agreements, our share of the Formula 1 World
Championship commercial revenues, and net revenues generated
through the Ferrari brand, including fashion collection,
merchandising, licensing and royalty income
9 Primarily relates to
financial services activities, management of the Mugello racetrack
and other sports-related activities, as well as net revenues
generated from the rental of engines to other Formula 1 racing
teams and from the sale of engines to Maserati. Starting from 2024,
residual net revenues generated from engines are presented within
other net revenues as a result of the expiration of the contract
with Maserati in December 2023. As a result, net revenues generated
from engines of €33 million for the three months ended March 31,
2023, that were previously presented as “Engines” net revenues,
have been presented within “Other” net revenues to conform to the
current presentation.
10 Patent Box regime as introduced by
Article 1, par. 37-45 of Law No. 190 of December 23, 2014, as
amended and supplemented from time to time, then replaced by
Article 6 Decree-Law No. 146 of October 21, 2021, converted with
amendments into Law No. 215 of December 17, 2021, as subsequently
amended by Law No. 234 of December 30, 2021.
11 Capital expenditures excluding
right-of-use assets recognized during the period in accordance with
IFRS 16 - Leases
12 Including repurchases for an amount of approx.
Euro 14 million in relation to the Sell to Cover practice under the
equity incentive plans
13 Calculated using the weighted average diluted number of
common shares as of December 31, 2023 (181,511 thousand)
14 Capitalized as intangible assets
15 For the three months ended March 31,
2024 and 2023 the weighted average number of common shares for
diluted earnings per share was increased to take into consideration
the theoretical effect of the potential common shares that would be
issued for outstanding share-based awards granted by the Group
(assuming 100 percent of the target awards vested)
- 2024_05_07_Ferrari Q1 2024_ENG
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