Cash flow Ferrari N.V.

Equities

RACE

NL0011585146

Auto & Truck Manufacturers

Market Closed - Nyse Other stock markets 04:00:02 2025-01-22 pm EST			5-day change	1st Jan Change
432.50 ^USD	-1.76%		+0.19%	+1.80%

Jan. 14	FERRARI : Receives a Buy rating from RBC	ZD
Jan. 13	Mib down; gas price pushes Snam into the lead	AN

7474e7524535585.jl33I7xpDEX3LVE3-svsxbhozSStyfERyAmOB3ILvYE.4W2yEvcjXQClfD5Rq4SZrcw-jBP4m5NrqlG3aRpU-dfmB7hTxCtVPL0YOg

Published financial data: FERRARI N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	3.77B	3.46B	4.27B	5.1B	5.97B
Finance Div. Revenues	-	-	-	-	-
Total Revenues	3.77B	3.46B	4.27B	5.1B	5.97B
Cost of Goods Sold, Total	1.81B	1.69B	2.08B	2.65B	3B
Interest Expense - Finance Division	-	-	-	-	-
Gross Profit	1.96B	1.77B	2.19B	2.45B	2.97B
Selling General & Admin Expenses, Total	343M	336M	348M	428M	463M
R&D Expenses	699M	707M	768M	776M	882M
Other Operating Expenses	1.53M	18.35M	5.56M	21.55M	18.66M
Other Operating Expenses, Total	1.04B	1.06B	1.12B	1.23B	1.36B
Operating Income	917M	712M	1.07B	1.22B	1.61B
Interest Expense, Total	-39.75M	-50.22M	-38.4M	-54.2M	-29.26M
Interest And Investment Income	5.81M	1.13M	5.14M	4.58M	25.81M
Net Interest Expenses	-33.94M	-49.09M	-33.26M	-49.62M	-3.44M
Currency Exchange Gains (Loss)	-	-	-	-	-20.2M
Other Non Operating Income (Expenses)	-	-	-	-	8.63M
EBT, Excl. Unusual Items	883M	663M	1.04B	1.17B	1.6B
Gain (Loss) On Sale Of Investments	3.52M	4.65M	6.9M	6.18M	6.14M
Gain (Loss) On Sale Of Assets	-424K	-124K	-	-	-
Legal Settlements	-3.04M	-	-	-	-239K
Other Unusual Items	-8.14M	-	-	-	-
EBT, Incl. Unusual Items	875M	667M	1.04B	1.18B	1.6B
Income Tax Expense	177M	58.16M	209M	238M	345M
Earnings From Continuing Operations	699M	609M	833M	939M	1.26B
Net Income to Company	699M	609M	833M	939M	1.26B
Minority Interest	-2.89M	-1.06M	-2.37M	-6.68M	-5.41M
Net Income - (IS)	696M	608M	831M	933M	1.25B
Net Income to Common Incl Extra Items	696M	608M	831M	933M	1.25B
Net Income to Common Excl. Extra Items	696M	608M	831M	933M	1.25B
Per Share Items
Net EPS - Basic	3.73	3.29	4.5	5.1	6.91
Basic EPS - Continuing Operations	3.73	3.29	4.5	5.1	6.91
Basic Weighted Average Shares Outstanding	187M	185M	184M	183M	181M
Net EPS - Diluted	3.71	3.28	4.5	5.09	6.9
Diluted EPS - Continuing Operations	3.71	3.28	4.5	5.09	6.9
Diluted Weighted Average Shares Outstanding	188M	185M	185M	183M	182M
Normalized Basic EPS	2.94	2.23	3.5	3.97	5.48
Normalized Diluted EPS	2.93	2.23	3.49	3.96	5.47
Dividend Per Share	1.13	0.87	1.36	1.81	2.44
Payout Ratio	27.69	34.24	19.27	26.76	26.25
Supplemental Items
EBITDA	1.11B	938M	1.31B	1.49B	1.91B
EBITA	938M	740M	1.1B	1.25B	1.64B
EBIT	917M	712M	1.07B	1.22B	1.61B
EBITDAR	1.12B	943M	1.32B	1.5B	1.92B
Effective Tax Rate - (Ratio)	20.18	8.72	20.06	20.25	21.52
Total Current Taxes	137M	120M	219M	270M	347M
Total Deferred Taxes	32.14M	-62.47M	-12M	-30.18M	-4.54M
Normalized Net Income	549M	413M	645M	726M	992M
Interest Capitalized	2.67M	2.59M	1.87M	1.91M	-
Interest on Long-Term Debt	3.84M	3.53M	2.74M	3.13M	1.45M
Non-Cash Pension Expense	-518K	25K	0	22K	518K
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	699M	707M	768M	776M	882M
Net Rental Expense, Total	5.78M	5.5M	5.29M	4.05M	4.06M
Imputed Operating Lease Interest Expense	976K	966K	637K	668K	359K
Imputed Operating Lease Depreciation	4.8M	4.54M	4.66M	3.38M	3.7M
Stock-Based Comp., Other (Total)	17.48M	17.4M	13.9M	-	29.94M
Total Stock-Based Compensation	17.48M	17.4M	13.9M	-	29.94M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	898M	1.36B	1.34B	1.39B	1.12B
Short Term Investments	1.99M	1.45M	1.94M	7.07M	5.57M
Trading Asset Securities, Total	90K	497K	6.05M	36.77M	17.41M
Total Cash And Short Term Investments	900M	1.36B	1.35B	1.43B	1.14B
Accounts Receivable, Total	231M	184M	185M	232M	261M
Other Receivables	69.8M	44.06M	75.58M	95.91M	77.14M
Total Receivables	301M	228M	261M	328M	339M
Inventory	420M	461M	541M	675M	949M
Prepaid Expenses	39.86M	38.83M	36.08M	42.91M	53.85M
Finance Division Loans and Leases Current	966M	940M	1.14B	1.4B	1.45B
Other Current Assets, Total	13.59M	44.16M	30.37M	73.88M	49.01M
Total Current Assets	2.64B	3.08B	3.36B	3.95B	3.99B
Gross Property Plant And Equipment	2.99B	3.22B	3.54B	3.96B	4.15B
Accumulated Depreciation	-2.12B	-2.32B	-2.5B	-2.74B	-2.96B
Net Property Plant And Equipment	868M	897M	1.03B	1.22B	1.18B
Long-term Investments	38.72M	42.84M	54.51M	59.53M	67.67M
Goodwill	785M	785M	785M	785M	785M
Other Intangibles, Total	37.17M	40.82M	31.03M	42.92M	49.8M
Deferred Tax Assets Long-Term	73.68M	152M	169M	203M	218M
Deferred Charges Long-Term	801M	938M	1.11B	1.26B	1.37B
Other Long-Term Assets, Total	201M	330M	319M	239M	392M
Total Assets	5.45B	6.26B	6.86B	7.77B	8.05B
Liabilities
Accounts Payable, Total	712M	714M	798M	903M	931M
Accrued Expenses, Total	135M	117M	159M	181M	278M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	401M	873M	501M	963M	724M
Current Portion of Leases	20.2M	16.37M	14.78M	15.92M	16.45M
Current Income Taxes Payable	7.11M	15.9M	113M	58.56M	89.27M
Unearned Revenue Current, Total	-	-	-	-	62M
Deferred Tax Liability Current	4.87M	17.3M	17.48M	40.35M	35.98M
Other Current Liabilities	123M	109M	145M	146M	144M
Total Current Liabilities	1.4B	1.86B	1.75B	2.31B	2.28B
Long-Term Debt	1.63B	1.79B	2.07B	1.79B	1.68B
Long-Term Leases	40.3M	45.92M	41.43M	41.51M	56.6M
Unearned Revenue Non Current	275M	271M	256M	270M	234M
Pension & Other Post Retirement Benefits	21.93M	19.93M	18.43M	15.14M	12.44M
Deferred Tax Liability Non Current	77.33M	96.18M	78.5M	86.16M	101M
Other Non Current Liabilities	514M	388M	436M	651M	617M
Total Liabilities	3.96B	4.47B	4.65B	5.16B	4.98B
Common Stock, Total	2.57M	2.57M	2.57M	2.57M	2.57M
Additional Paid In Capital	5.77B	5.77B	5.77B	5.77B	5.77B
Retained Earnings	-4.85B	-4.69B	-4.45B	-4.54B	-4.52B
Comprehensive Income and Other	559M	703M	887M	1.36B	1.81B
Total Common Equity	1.48B	1.79B	2.21B	2.59B	3.06B
Minority Interest	6M	4.02M	5.52M	9.63M	9.73M
Total Equity	1.49B	1.79B	2.21B	2.6B	3.07B
Total Liabilities And Equity	5.45B	6.26B	6.86B	7.77B	8.05B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	185M	185M	184M	182M	180M
ECS Total Common Shares Outstanding	185M	185M	184M	182M	180M
Book Value / Share	7.99	9.66	12	14.25	16.97
Tangible Book Value	659M	959M	1.39B	1.76B	2.23B
Tangible Book Value Per Share	3.56	5.19	7.56	9.7	12.34
Total Debt	2.09B	2.72B	2.63B	2.81B	2.48B
Net Debt	1.19B	1.36B	1.28B	1.38B	1.33B
Debt Equivalent of Unfunded Proj. Benefit Obligation	21.93M	19.93M	18.43M	15.14M	13.9M
Debt Equivalent Oper. Leases	46.22M	44.02M	42.34M	32.39M	32.44M
Minority Interest, Total (Incl. Fin. Div)	6M	4.02M	5.52M	9.63M	9.73M
Equity Method Investments, Total	30.01M	34.66M	42.93M	49.09M	55.2M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	85.16M	96.9M	99.38M	142M	203M
Inventories - Work In Process, Total	91.12M	94.62M	121M	145M	230M
Inventories - Finished Goods, Total	244M	269M	320M	387M	515M
Land - (BS)	23.61M	29.39M	50.06M	132M	151M
Buildings, Total	409M	430M	487M	498M	523M
Machinery, Total	2.36B	2.54B	2.77B	3.07B	3.21B
Full Time Employees	4.28K	4.56K	4.61K	4.92K	4.99K
Accumulated Allowance for Doubtful Accounts (Supple)	27.17M	28.31M	25.98M	25.8M	25.42M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	696M	608M	831M	933M	1.25B
Depreciation & Amortization - CF	191M	218M	230M	260M	290M
Amortization of Goodwill and Intangible Assets - (CF)	20.84M	28.13M	31.42M	28.65M	29.44M
Depreciation & Amortization, Total	212M	246M	262M	288M	320M
Amortization of Deferred Charges, Total - (CF)	140M	181M	194M	258M	343M
(Gain) Loss From Sale Of Asset	424K	124K	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-3.52M	-4.65M	-6.9M	-6.18M	-6.14M
Other Operating Activities, Total	202M	29.7M	162M	76.87M	167M
Change In Accounts Receivable	-22.38M	44.48M	1.77M	-48.4M	-33.38M
Change In Inventories	-40.63M	-67.8M	-81.31M	-154M	-310M
Change In Accounts Payable	53.94M	8.59M	72.57M	104M	43.28M
Change in Other Net Operating Assets	68.85M	-207M	-153M	-47.88M	-58.6M
Cash from Operations	1.31B	838M	1.28B	1.4B	1.72B
Capital Expenditure	-352M	-357M	-352M	-348M	-382M
Sale of Property, Plant, and Equipment	4.54M	969K	4.4M	578K	2.46M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-353M	-352M	-385M	-457M	-487M
Investment in Marketable and Equity Securities, Total	-	-	-	-1.37M	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-701M	-708M	-733M	-805M	-866M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	403M	702M	342M	157M	436M
Total Debt Issued	403M	702M	342M	157M	436M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-323M	-21.78M	-530M	-62.59M	-751M
Total Debt Repaid	-323M	-21.78M	-530M	-62.59M	-751M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-387M	-130M	-231M	-397M	-461M
Common Dividends Paid	-193M	-208M	-160M	-250M	-329M
Common & Preferred Stock Dividends Paid	-193M	-208M	-160M	-250M	-329M
Other Financing Activities, Total	-2.12M	-2.93M	-1.35M	-2.27M	-4.89M
Cash from Financing	-502M	340M	-580M	-554M	-1.11B
Foreign Exchange Rate Adjustments	791K	-5.41M	11.42M	383K	-7.7M
Net Change in Cash	104M	464M	-18.26M	44.76M	-267M
Supplemental Items
Cash Interest Paid	42.6M	54.43M	29.2M	37.35M	83.24M
Cash Income Tax Paid (Refund)	33.48M	91.05M	109M	305M	-
Levered Free Cash Flow	196M	171M	336M	58.9M	609M
Unlevered Free Cash Flow	221M	202M	360M	92.77M	627M
Change In Net Working Capital	16.29M	-22.21M	40.64M	412M	203M
Net Debt Issued / Repaid	80M	681M	-187M	94.75M	-315M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	11.14	7.6	10.18	10.43	12.74
Return on Total Capital	16.72	10.99	14.28	14.88	18.38
Return On Equity %	49.19	37.17	41.65	39.02	44.33
Return on Common Equity	49.17	37.22	41.63	38.87	44.29
Margin Analysis
Gross Profit Margin %	52.07	51.26	51.28	48.01	49.82
SG&A Margin	9.11	9.72	8.15	8.4	7.75
EBITDA Margin %	29.54	27.1	30.78	29.3	32.02
EBITA Margin %	24.91	21.38	25.76	24.53	27.49
EBIT Margin %	24.36	20.57	25.02	23.97	26.99
Income From Continuing Operations Margin %	18.55	17.6	19.51	18.43	21.06
Net Income Margin %	18.47	17.57	19.45	18.3	20.97
Net Avail. For Common Margin %	18.47	17.57	19.45	18.3	20.97
Normalized Net Income Margin	14.58	11.94	15.1	14.24	16.62
Levered Free Cash Flow Margin	5.2	4.93	7.87	1.16	10.2
Unlevered Free Cash Flow Margin	5.86	5.84	8.43	1.82	10.51
Asset Turnover
Asset Turnover	0.73	0.59	0.65	0.7	0.75
Fixed Assets Turnover	5.01	3.92	4.42	4.52	4.97
Receivables Turnover (Average Receivables)	17.01	16.65	23.13	24.41	24.18
Inventory Turnover (Average Inventory)	4.45	3.83	4.16	4.36	3.69
Short Term Liquidity
Current Ratio	1.88	1.65	1.92	1.71	1.75
Quick Ratio	1.55	1.36	1.58	1.37	1.29
Operating Cash Flow to Current Liabilities	0.93	0.45	0.73	0.61	0.75
Days Sales Outstanding (Average Receivables)	21.46	21.99	15.78	14.95	15.09
Days Outstanding Inventory (Average Inventory)	82	95.57	87.82	83.72	98.88
Average Days Payable Outstanding	135.84	151.04	127.69	111.53	102.34
Cash Conversion Cycle (Average Days)	-32.38	-33.49	-24.09	-12.86	11.64
Long Term Solvency
Total Debt/Equity	140.51	152.29	118.93	108.04	80.67
Total Debt / Total Capital	58.42	60.36	54.32	51.93	44.65
LT Debt/Equity	112.18	102.59	95.59	70.41	56.55
Long-Term Debt / Total Capital	46.64	40.66	43.66	33.84	31.3
Total Liabilities / Total Assets	72.69	71.43	67.78	66.49	61.86
EBIT / Interest Expense	23.08