Ferrari announces Double Digit Growth

Ferrari makes double digits heading towards a record breaking year
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Maranello (Italy), 29 November 2021 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(2) for the third quarter and nine months ended September 30, 2021. Benedetto Vigna, CEO of Ferrari, commented: “The strong third quarter results are an important step forward towards the upward revised 2021 guidance. The exceptional client relationships, fundamental in achieving the double digit growth in this quarter and year to date, are reflected in the record order intake worldwide, particularly in China and USA. These results together with the soundness of our vision and the team I am honoured to lead, make me look to the future with great confidence and optimism.” Shipments totaled 2,750 units in the third quarter of 2021, up 437 units or 18.9% versus the prior year quarter. Sales of 8 cylinder models (V8) were up 39.4%, while 12 cylinder models (V12) were down 35.1% mainly due to reduced volume of the 812 Superfast. The shipments of the quarter were driven by the range models, with the first deliveries of the SF90 Spider that began in the quarter, while the Portofino M entered the ramp up phase. The Ferrari Monza SP1 and SP2 continued to be delivered in line with planning. All geographic regions positively contributed in the quarter. EMEA(4) increased by 1.6%, Americas(4) by 40.1%, Mainland China, Hong Kong and Taiwan by 109.2%, boosted by the arrival of new models in particular the Ferrari Roma and the SF90 Stradale, and Rest of APAC(4) by 21.1% Net revenues for the third quarter 2021 were Euro 1,053 million, up 20.7% at constant currency(1). Revenues from Cars and spare parts(5) were Euro 883 million (up 21.6% or 23.5% at constant currency(1) ), thanks to higher volume and positive product mix, together with strong contribution from personalizations. The increase in Engines(6) revenues (Euro 55 million, up 24.8%, also at constant currency(1) ) was attributable to higher shipments to Maserati and, to a lesser extent, the rental of engines to other Formula 1 racing teams. Sponsorship, commercial and brand(7) revenues reached Euro 95 million (up 1.3% or 5.8% at constant currency(1) ) mainly due to brand-related activities. Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative impact of Euro 15 million, mostly related to FX hedges. Subsequent Events Multi-year share repurchase program: completion of the fourth tranche and announcement of the fifth tranche On October 4, 2021, Ferrari N.V. informed that it had completed on September 30, 2021 the Fourth Tranche of the multi-year share repurchase program. On the same date, the Company announced the continuation of its already disclosed program with a Fifth Tranche of up to Euro 150 million from October 5, 2021 to no later than March 31, 2022. Share repurchase program Under the common share repurchase program, from October 5, 2021 to October 28, 2021, the Company purchased a further 111,495 common shares for a total consideration of Euro 20.9 million. At October 28, 2021 the Company held in treasury an aggregate of 9,884,398 common shares. As of the same date, the Company held 3.84% 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.