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Ferrari NV: H1 2019 RESULTS CONFIRM 2019 GUIDANCE WITH IMPROVED CASH FLOW.

H1 2019 RESULTS CONFIRM 2019 GUIDANCE WITH IMPROVED CASH FLOW.
UNVEILING OF FIRST HYBRID SERIES-PRODUCTION SUPERCAR, SF90 STRADALE

  • Total shipments of 2,671 units, up +8.4%
  • Net revenues of Euro 984 million, up +8.6% or +6.8% at constant currency([1])
  • Adj. EBITDA([2]) of Euro 314 million, up +8.7% with an EBITDA margin of 32.0%
  • Adj. diluted EPS(2) of Euro 0.96 (+13.9%)
  • Industrial free cash flow(2) generation of Euro 139 million, reflecting also the positive cash impact from advances on the Ferrari Monza SP1 and SP2 as well as Patent Box benefit
For the three months ended (In Euro million,
 unless otherwise stated)
For the six months ended
June 30, June 30,
2019 2018 Change   2019 2018 Change
2,671 2,463 208 8% Shipments (in units) 5,281 4,591 690 15%
984 906 78 9% Net revenues 1,924 1,737 187 11%
314 291 23 8% EBITDA(2) 625 563 62 11%
314 290 24 9% Adjusted EBITDA(2) 625 562 63 11%
32.0% 31.9% +10 bps Adjusted EBITDA margin(2) 32.5% 32.3% +20 bps
239 218 21 9% EBIT 471 428 43 10%
239 217 22 10% Adjusted EBIT(2) 471 427 44 10%
24.3% 23.9% +40 bps Adjusted EBIT margin(2) 24.5% 24.6% (10 bps)
184 160 24 14% Net profit 364 309 55 18%
184 159 25 15% Adjusted net profit(2) 364 308 56 18%
0.97 0.85 0.12 14% Basic earnings per share (in Euro) 1.92 1.63 0.29 18%
0.96 0.85 0.11 13% Diluted earnings per share (in Euro) 1.91 1.62 0.29 18%
0.97 0.84 0.13 15% Adjusted basic earnings per share
 (in Euro)(2)
1.92 1.63 0.29 18%
0.96 0.84 0.12 14% Adjusted diluted earnings per share (in Euro)(2) 1.91 1.62 0.29 18%
                 


 

Confirming Guidance approaching the high end of the range on all metrics at currently prevailing exchange rates. Increasing industrial free cash flow target:
  • Net revenues: > Euro 3.5 billion
  • Adj. EBITDA: Euro 1.2-1.25 billion
  • Adj. EBIT: Euro 0.85-0.9 billion
  • Adj. diluted EPS ([3]): Euro 3.50-3.70 per share
  • Industrial free cash flow: > Euro 0.55 billion (from ~ Euro 0.45 billion)



1 The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges

2 Refer to specific note on non-GAAP financial measures

3 Calculated using the weighted average diluted number of shares for 2018


More information in the press release attached.


Attachment