Q2 2018 Results August 1 , 2018 - Ferrari Corporate...Q2 2018 Results August 1st, 2018 5 THE 812...

1 1 Q2 2018 Results August 1st, 2018

Q2 2018 Results

August 1st, 2018

Q2 2018 Results

August 1st, 2018

2 Q2 2018 Results August 1st, 2018

SAFE HARBOUR STATEMENT

This document, and in particular the section entitled “2018 Outlook” and the “Mid-term outlook until 2022”, contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “successful”, “grow”, “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 challenges and costs of integrating hybrid technology more broadly into Group’s car portfolio over time; the Group’s ability to preserve its relationship with the automobile collector and enthusiast community; 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, including changes in some of the markets in which we operate, 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, including the cost of compliance, and any required changes to its products; 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; the Group’s ability to service and refinance its debt; competition in the luxury performance automobile industry; reliance upon a number of key members of executive management, 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 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, and associated risks; 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; continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; exchange rate fluctuations, interest rate changes, credit risk and other market risks; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates, including possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; ability to ensure that its employees, agents and representatives comply with applicable law and regulations; 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; ability to maintain the functional and efficient operation of its information technology systems, including our ability to defend from the risk of cyberattacks on our in-vehicle technology, 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.

2


ON THE WAY TO ANOTHER GREAT YEAR

RECORD QUARTER EBIT

Note:(1) Reconciliations to non-gaap financial measures are provided in the appendix

• Solid adj. EBIT(1) of €217 million reaching adj. EBIT margin(1) of

23.9%, up 200 bps • 2018 outlook confirmed

• Capital Markets Day on September 17 and 18, 2018 dedicated

to plans in place to meet the 2022 Mid-Term targets

• First deliveries of the newly launched Ferrari Portofino

• Robust order book driven by solid product portfolio

• Scuderia Ferrari fighting at the top

• “International Engine of the year” and “Red Dot: Best of the Best” design awarded for the third and fourth year running respectively. Ferrari’s turbo-charged V8 voted best engine of the last 20 years.


(473)

(442) (30) (472)

Dec. 31, 2017

Jun. 30, 2018

92

93

Q2 '17

Q2 '18

202

217

Q2 '17

Q2 '18

270

290

Q2 '17

Q2 '18

920

906

Q2 '17

Q2 '18

2,332

2,463

Q2 '17

Q2 '18

Q2 2018 HIGHLIGHTS

Shipments

(units)

Net revenues

(€M)

Adjusted EBITDA(1)

(€M and

margin %)

Adjusted EBIT(1)

(€M and

margin %)

31.9%

29.4%

23.9%

21.9%

Industrial free

cash flow(1)

(€M)

Net industrial

debt(1)

(€M)

Net revenues decreased by a few million, but was up 1.4% at constant currencies

• Positive contribution from higher volumes, solid mix thanks to V12 and pricing, as well as higher

sponsorship revenues

• This was offset by lower sales of LaFerrari Aperta, lower sales to Maserati due to lower engine

volumes as well as negative impact from FX

Adjusted EBITDA(1) grew by 7.0% thanks to higher volumes, positive impact from mix thanks to

V12 and pricing, as well as lower spending in F1 racing activities. This was partially offset by

lower sales of LaFerrari Aperta and FX.

Adjusted EBITDA(1) excludes a release of charges related to Takata airbag inflator recalls

Industrial free cash flow(1) driven by strong adjusted EBITDA(1) and positive change in working capital,

partially offset by capex and tax payments (FY 2017 balance and FY 2018 first advance)

Net industrial debt(1) at June 30, 2018 – after €30 million of share buyback and €136 million

dividend distribution (including €2 million dividends to NCI) – reached €472 million

substantially in line with €473 million at December 31, 2017

Total shipments increased by 131 units (+5.6% vs. PY) supported by 22.6% increase in V12

models while V8 models grew 1.0%:

• The 488 and the GTC4Lusso families

posted solid performances

• Robust deliveries for the 812 Superfast

• LaFerrari Aperta finishing its limited series

run

• First few deliveries of the newly launched

Ferrari Portofino, expected to ramp up

over the next quarters

• The California T and the F12berlinetta

phased-out. The F12tdf completed its

lifecycle in 2017.

Adjusted EBIT(1) margin increased by 200 bps

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix


THE 812 SUPERFAST AS WELL AS THE 488 AND THE GTC4LUSSO FAMILIES PERFORMING SOLIDLY

Q2 2018 – SHIPMENTS BY REGION(2)

Note: (2) Refer to notes to the presentation in the Appendix

Americas +6.6% • USA – in Ferrari’s single largest market shipments increased by almost 8%, driven by strong performance of the 812

Superfast as well as the 488 and the GTC4Lusso families. LaFerrari Aperta is finishing its limited series run. This was partially offset by the California T and the F12berlinetta phase-out, as well as the F12tdf that completed its lifecycle in 2017. The newly launched Ferrari Portofino yet to arrive on the market.

EMEA: +7.2% • UK – shipments in line with prior year as the first few deliveries of the newly launched Ferrari Portofino not yet offsetting

the California T phase-out, while the 488 and the GTC4Lusso families, as well as the 812 Superfast, positively contributed • Germany (+10%), Italy (+4%) and France (+4%) grew thanks to the 812 Superfast, the 488 family, as well as the first

deliveries of the recently launched Ferrari Portofino • Other European countries up double-digits with Middle East rebounding thanks to the 812 Superfast along with the first

deliveries of the newly launched Ferrari Portofino

China, Hong Kong and Taiwan, on a combined basis: +26.4%

• China – up 23% supported by the 812 Superfast, the GTC4Lusso and the 488 families. The recently launched Ferrari Portofino yet to arrive on the market.

• Hong Kong and Taiwan – up solid double-digits thanks to the 812 Superfast as well as the GTC4Lusso family

Rest of APAC: -7.9%

• Japan – up a few units thanks to the 812 Superfast together with the GTC4Lusso and the 488 families. This was partially offset by the California T phase-out. First deliveries of the strictly limited edition Ferrari J50.

• Australia and Other APAC – shipments decreased due to timing of the newly launched Ferrari Portofino which is yet to arrive on the market

Americas (34% vs. 34% PY)

EMEA (44% vs. 43% PY)

Rest of APAC (15% vs. 17% PY)

China, Hong

Kong and

Taiwan, on a

combined basis (7% vs. 6% PY)


669 670

101 80

124 12726 29

(21)

1 3 3

Q2 2017 Cars and spare parts Engines Sponsorship,

commercial and

brand

Other Q2 2018

Cars and spare parts Engines Sponsorship, commercial and brand Other

920 906

(€M)

(3) (4)

(5 )

(6 )

+0.2% -20.2% +2.1% +6.1%

• Cars and spare parts: higher volumes led by the 812 Superfast, the 488 and the GTC4Lusso families as well as first deliveries of the newly launched Ferrari

Portofino. Positive mix thanks to V12 models, pricing and the first deliveries of the strictly limited edition Ferrari J50. This was partially offset by the California T and

the F12berlinetta phase-out as well as the F12tdf that completed its lifecycle in 2017, lower sales of LaFerrari Aperta that is finishing its limited series run and

negative impact from FX.

• Engines: decrease in sales to Maserati due to lower engine volumes

• Sponsorship, commercial and brand: increased sponsorship revenues and higher 2017 championship ranking compared to 2016, partially offset by brand related

activities and FX

NET REVENUES BRIDGE Q2 2017-2018

Note: Refer to notes to the presentation in the Appendix

-1.6%, -€14 million

(+1.4% at constant currencies)


(€M)

Top high end

luxury

peers(7)

Adj. EBITDA Adj. EBITDA EBITDA

270 290 Margin(7)

29.4% 31.9% 33% - 38%

(1)

(32)

202 12 8 2

26 217

Adj. EBIT Q2

2017

Vol. Mix / Price Ind. Costs /

R&D

SG&A FX Other Adj. EBIT Q2

2018

Margin Margin

21.9% 23.9%

• Volume increase thanks to the 812 Superfast, the 488 and the GTC4Lusso families, as well as first deliveries of the Ferrari Portofino.

• Mix / price positively impacted by strong performance from V12 models and pricing increases, along with the first deliveries of the strictly limited edition Ferrari J50. This was partially

offset by lower sales of LaFerrari Aperta that is finishing its limited series run.

• Industrial costs / R&D slightly decreased mainly due to lower spending in F1 activities

• FX, including hedges, negatively impacted mainly by USD, JPY and GBP depreciation vs. Euro

• Positive result in other mainly due to higher sponsorship revenues and higher 2017 championship ranking compared to 2016, partially offset by lower sales to Maserati and brand related

activities

ADJ. EBIT BRIDGE Q2 2017 – 2018(1)

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix.

(7) Ferrari’s elaboration on FY 2017 publicly available data on a panel of high end luxury peers.


(€M)

(383)

(442)(472)

March 31,

2018

Net Industrial

Debt excl.

Buyback

Adj. EBITDA Net ∆ working

capital

Tax paid Capex Other Dividends

paid

FX and other June 30, 2018

Net Industrial

Debt excl.

buyback

Buyback June 30, 2018

Net Industrial

Debt

Industrial FCF €93m

290

8

(127)

5

(136)

(16)

(83)

(30)

NET INDUSTRIAL DEBT BRIDGE(1)

MAR 31, 2018 – JUN 30, 2018

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix

• Capex: to support broadening and hybridization of our product range in line with the expected volume growth over the 2019-2022 period

• Tax paid: including FY 2017 tax balance and first FY 2018 tax advance payments, partially offset by the effect of increased cap for deductions related to eligible

research and development costs


F1: FIGHTING AT THE TOP

1st place at the Australia, Bahrain, Canada and Great Britain GPs

15 podiums so far

S. Vettel currently 2nd in Driver’s Championship with 189 points

Driver’s Championship

1. Lewis Hamilton – Mercedes 213

2. Sebastian Vettel - Ferrari 189

3. Kimi Räikkönen – Ferrari 146

4. Valtteri Bottas - Mercedes 132

5. Daniel Ricciardo - Red Bull 118

Constructor’s Championship

1. Mercedes 345

2. Ferrari 335

3. Red Bull Racing Tag Heuer 223

4. Renault 82

5. Haas F1 Team 66

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiKltqi0sTcAhVHhRoKHcWSCkYQjRx6BAgBEAU&url=http://www.autoexpress.co.uk/car-news/94879/haas-f1-team-2018&psig=AOvVaw3yTSRHF4reU26x2K2SyMZZ&ust=1532965106103960


Q2 2018 – CLIENT RELATIONS ACTIVITIES

Product Launches Cavalcade Monte Bianco

June 15th

France, Le Mans

488 Pista ”Piloti Ferrari” unveiling

June 20th – 25th, Monte Bianco

Ferrari Tribute to Mille Miglia

May 16th – 19th

Italy, Brescia – Rome


Q2 2018 – ATTIVITA’ SPORTIVE GT

FERRARI CHALLENGE XX PROGRAMS / F1 CLIENTI

Average entries per round

UPDATED ROUND 6 – FUJI (JPN)

XX: 16

F1: 8

The On-track debut in FGC area of the

FXX-K EVO

COMPETIZIONI GT

ELMS: R1, Monza 1st – LMGTE Class

PWC: R4, VIR 1st – GT Class PWC: R6, Lime

Rock 1st – GT Class

Le Mans Cup: wins in R 1, 2, 3, 4 in GT3 class

International GT Open: wins in R2, R3, R4

Average 488 Ch. entries per round

UPDATED ROUND 4

EUROPE 45

NORTH AMERICA 50 (18 458)

ASIA PACIFIC 33

CONTINUOUSLY ENGAGING WITH OUR CUSTOMERS

Appendix


NOTES TO THE PRESENTATION

1. Reconciliations to non-gaap financial measures are provided in

the appendix

2. Shipments geographical breakdown

EMEA includes: Italy, UK, Germany, Switzerland, France, Middle

East (includes the United Arab Emirates, Saudi Arabia, Bahrain,

Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes

Africa and the other European markets not separately

identified);

Americas includes: United States of America, Canada, Mexico,

the Caribbean and Central and South America;

China, Hong Kong and Taiwan includes, on a combined basis:

China, Hong Kong and Taiwan;

Rest of APAC includes: Japan, Australia, Singapore, Indonesia,

South Korea, Thailand and Malaysia

3. Includes the net revenues generated from shipments of our cars,

including any personalization revenue generated on these cars

and sales of spare parts

4. Includes the net revenues generated from the sale of engines to

Maserati for use in their cars, and the revenues generated from

the rental of engines to other Formula 1 racing teams

5. Includes the net revenues earned by our Formula 1 racing team

through sponsorship agreements and our share of the Formula 1

World Championship commercial revenues and net revenues

generated through the Ferrari brand, including merchandising,

licensing and royalty income

6. Primarily includes interest income generated by our financial

services activities and net revenues from the management of the

Mugello racetrack

7. Ferrari’s elaboration on FY 2017 publicly available data on a

panel of high end luxury peers

15 Q2 2018 Results August 1st, 2018 Special series and one-offs not included

STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Product Line-Up (at least a new model launched every year)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

F430

F430 Spider

F430 Scuderia

California

Scuderia Spider 16M

458 Italia

458 Spider

California 30

458 Speciale

California T

Portofino

458 Speciale A

488 GTB

488 Spider

488 Pista

GTC4Lusso T

612 Scaglietti

Superamerica

599 GTB Fiorano

599 GTO

SA APERTA

FF

F12berlinetta

F12tdf

GTC4Lusso

812 Superfast

Supercars

LaFerrari

LaFerrari Aperta

V8

V12

Model / Years of delivery


2015 2016 2017 2018

F12tdf

LaFerrari

LaFerrari Aperta

FXX K(8)

FXX K EVO(8)

F60 America(8)

J50(8)

488 Pista

Note: (8) Models not included in the total shipments’ figure provided

LIMITED SERIES In and out from our portfolio


GROUP SHIPMENTS(2)

2,035 2,176

1,342 1,419

301 360

657 636

4,335 4,591

H1 2017 H1 2018

3,737 >4,000

2,811 >3,000

617 >700

1,233 >1,300

8,398 >9,000

FY 2017 FY 2018E

Note: (2) Refer to notes to the presentation in the Appendix.

Graphs not to scale. Shipments including supercars LaFerrari and LaFerrari Aperta.

+5.6%

Americas EMEA China, Hong Kong and Taiwan,

on a combined basis Rest of APAC

1,001 1,073

797 850

140 177

394 363

2,332 2,463

Q2 2017 Q2 2018

+5.9%


KEY PERFORMANCE METRICS

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix.

Certain totals in the tables included in this document may not add due to rounding.

Q2 '18 Q2 '17 €M, unless otherwise stated H1 '18 H1 '17

2,463 2,332 Worldwide shipments (units) 4,591 4,335

906 920 Net revenues 1,737 1,741

291 270 EBITDA(1) 563 512

(1) - Adjustments (1) -

290 270 Adjusted EBITDA(1) 562 512

73 68 Amortization and depreciation 135 133

218 202 EBIT 428 379

217 202 Adjusted EBIT(1) 427 379

5 13 Net financial expenses 9 17

213 189 Profit before taxes 419 362

53 53 Income tax expense 110 102

25.0% 28.0% Effective tax rate 26.4% 28.2%

160 136 Net profit 309 260

159 136 Adjusted net profit(1) 308 260

0.85 0.72 Basic EPS (€) 1.63 1.37

0.85 0.72 Diluted EPS(1)

(€) 1.62 1.37

0.84 0.72 Adjusted Basic EPS(1)

(€) 1.63 1.37

0.84 0.72 Adjusted Diluted EPS(1)

(€) 1.62 1.37


700

500

95

340 179 41

4

2 136

343

181

700

500

2018 2019 2020 2021 2023

Bond US Securitizations Other Financial Liabilities

DEBT AND LIQUIDITY POSITION

Gross Debt Maturity Profile (€M) Cash and Marketable Securities (€M)

Net Industrial Debt (€M) Net Industrial Debt (€M)

Note: (9) After settlement of deposits on FCA Group cash management pools and financial liabilities with FCA.

(10) Portion of the Self-liquidating Financial Receivables Portfolio funded through securitizations.


Cash Maturities

(1,203) 731 o/w 84%

securitized(10)

June 30, 2018

Net Industrial Debt

Funded Self-liquidating

Financial

Receivables Portfolio

June 30, 2018

Net Debt

(472)

Jun. 30 Mar. 31 Adj.

(€M) 2018 2018 FY 2017 FY 2016 FY 2015(9) FY 2015

Euro 458 565 435 318 137 22

Chinese Yuan 75 78 62 58 106 106

US Dollar 54 61 88 16 21 1

Japanese Yen 27 10 26 37 41 41

Other Currencies 36 29 37 29 17 13

Total (€ equivalent) 650 743 648 458 322 183

At Jun. 30 At Mar. 31 At Dec. 31

(€M) 2018 2018 2017 2016 2015

Gross Debt (1,853) (1,822) (1,806) (1,848) (2,260)

Cash & Cash Equivalents 650 743 648 458 183

Deposits in FCA Cash Management

Pools - - - - 139

Net Debt (1,203) (1,079) (1,158) (1,390) (1,938)

Funded Self-Liquidating Financial 731 666 685 737 1,141

Receivables Portfolio

Net Industrial Debt (472) (413) (473) (653) (797)

Undrawn Committed Credit Lines 500 500 500 500 500

Total Available Liquidity 1,150 1,243 1,148 958 822


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

our 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

Non-GAAP financial measures

EBITDA is defined as net profit before income tax expense, net financial expenses 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.

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

Adjusted net profit represents net profit as adjusted for income and costs net of tax,

which are significant in nature, but expected to occur infrequently

Adjusted earnings per share represents earnings per share as adjusted for income and

costs net of tax, which are significant in nature, but expected to occur infrequently

Net Industrial Debt defined as Net Debt excluding the funded portion of the self-

liquidating financial receivables portfolio, is the primary measure to analyze our financial

leverage and capital structure, and is one of the key indicators used to measure our

financial position

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 net cash generated from operations less cash flows used in investing

activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted

for the change in the self-liquidating financial receivables portfolio.


RECONCILIATION OF NON-GAAP MEASURES:

ADJUSTED EBIT

Q2 '18 Q2 '17 €M H1 '18 H1 '17

218 202 EBIT 428 379

(1) -Release of charges related to Takata

airbag inflator recalls(1) -

217 202 Adjusted EBIT 427 379


RECONCILIATION OF NON-GAAP MEASURES: EBITDA

Q2 '18 Q2 '17 €M H1 '18 H1 '17

160 136 Net profit 309 260

53 53 Income tax expenses 110 102

5 13 Net financial expenses 9 17

73 68 Amortization and depreciation 135 133

291 270 EBITDA 563 512



ADJUSTED EBITDA

Q2 '18 Q2 '17 €M H1 '18 H1 '17

291 270 EBITDA 563 512


airbag inflator recalls(1) -

290 270 Adjusted EBITDA 562 512



ADJUSTED NET PROFIT

Q2 '18 Q2 '17 €M H1 '18 H1 '17

160 136 Net profit 309 260


airbag inflator recalls (net of tax effect)(1) -

159 136 Adjusted net profit 308 260



BASIC AND DILUTED EPS

Q2 '18 Q2 '17 €M (unless otherwise stated) H1 '18 H1 '17

160 136 Net profit attributable to owners

of the Company308 260

188,646 188,953 Weighted average number of common

shares (thousand)188,745 188,949

0.85 0.72 Basic EPS (€) 1.63 1.37

189,451 189,759

Weighted average number of common

shares for diluted earnings per common

share (thousand)

189,551 189,759

0.85 0.72 Diluted EPS (€) 1.62 1.37




ADJUSTED EPS

Q2 '18 Q2 '17 € per common share H1 '18 H1 '17

0.85 0.72 Basic EPS 1.63 1.37

(0.01) -Release of charges related to Takata

airbag inflator recalls (net of tax effect)(0.01) -

0.84 0.72 Adjusted EPS 1.63 1.37

0.85 0.72 Diluted EPS 1.62 1.37

(0.01) -Release of charges related to Takata

airbag inflator recalls (net of tax effect)(0.01) -

0.84 0.72 Adjusted diluted EPS 1.62 1.37



RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW

FROM INDUSTRIAL ACTIVITIES

Note: (11) Cash flow used in investing activities for the six months ended June 30, 2017 excludes proceeds from exercising the Delta Topco option of Euro 8 million

(12) Free cash flow from industrial activities for the three and six months ended June 30, 2018 includes Euro 5 million of quick refund to shareholders due to eligibility

for withholding exemption. Free cash flow from industrial activities for the three and six months ended June 30, 2017 includes Euro 5 million of quick refund to

shareholders due to eligibility for withholding exemption.

Q2 '18 Q2 '17 €M H1 '18 H1 '17

176 138 Cash flow from operating activities 386 288

(127) (82) Cash flows used in investing activitie s(11) (248) (154)

49 56 Free Cash Flow 138 134

44 36 Change in the self-liquidating financial

receivables portfolio50 34

93 92 Free Cash Flow from Industrial

Activities(12 )188 168



NET INDUSTRIAL DEBT

€M June 30, 2018 March 31, 2018 December 31, 2017

Net Industrial Debt (472) (413) (473)

Funded portion of the self-liquidating

financial receivables portfolio731 666 685

Net Debt (1,203) (1,079) (1,158)

Cash and cash equivalents 650 743 648

Gross Debt (1,853) (1,822) (1,806)

Q2 2018 Results August 1 , 2018 - Ferrari Corporate...Q2 2018 Results August 1st, 2018 5 THE 812...

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