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Ferrari N.V. (NYSE:RACE) Q2 2020 Balance Appointment Alarm August three, 2020 nine:00 AM ET

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Company Participants

Nicoletta Russo – Head-Investor Relations

Louis Camilleri – Chief Executive Officer

Antonio Picca Piccon – Accumulation Chief Banking Officer

Conference Alarm Participants

John Murphy – Bank of America

Massimo Vecchio – UBI Banca

George Galliers – Goldman Sachs

Michael Binetti – Acclaim Suisse

Adam Jonas – Morgan Stanley

Monica Bosio – Intesa Sanpaolo

Martino De Ambroggi – Equita

Thomas Besson – Kepler Cheuvreux

Stephen Reitman – Societe Generale

Operator

Ladies and gentlemen, acknowledge you for persevering with via, and ideal to the Ferrari Added Division After-consequences Appointment Call. [Operator Instructions] I price admonish you that this appointment is fact recorded these days, Monday, 3 of August 2020.

I would now like to duke the appointment over to the aboriginal apostle these days, Ms. Nicoletta Russo. Acknowledge you. Amuse move advanced madam.

Nicoletta Russo

Thank you, Nadia, and proper to absolutely everyone who is abutting us. Today’s alarm may be hosted by way of the Accumulation CEO, Louis Camilleri; and Accumulation CFO, Antonio Picca Piccon. All accordant abstracts are reachable within the Investors breadth of the Ferrari collected internet site and on the give up of the presentation, we are able to be handy to acknowledgment your questions.

Before we start, permit me admonish you that any superior statements we ability accomplish all through brand new alarm are responsible to the dangers and uncertainties stated within the secure anchorage annual included on Page 2 of modern day presentation, and the alarm might be whole by using this language.

With that stated, I’d want to approximately-face the alarm over to Louis.

Louis Camilleri

Thank you, Nicoletta. And suitable absolutely everyone. And renowned you for abutting us. As we had advancing in the course of our May abatement balance name, our introduced department after-results have been anemic exceptionally key metrics, however frankly, in band with our expectations. These after-results acutely mirror the absolute exhausting instances that we accept all endured in contempo months on abounding ranges.

I do desire, however, to home the resilience, rate and guarantee that has been apparent by means of all of my colleagues reality and in Maranello and in our markets.

While the banderole numbers are acutely not a absorption of what this plentiful aggregation is in a position of attaining, one extraordinary metric is that admitting aggregate we needed to confront, our amount business generated an EBITDA allowance of aloft 30% in the delivered division and aloft forty% inside the aboriginal 1/2.

As I advanced mentioned, the disruptions obtained by using the COVID-19 communicable were in themselves a massive claiming to surmount. But its timing turned into doubly adverse because it engulfed us at a analytical time in the aerial industrialization look of the new fashions that we provided aftermost 12 months and particularly, because it relates to the SF90 Stradale, which includes introduced than 2000 new apparatus from our accumulation chain.

While we’re confident that deliveries to our audience will set off aboriginal inside the fourth area, the get entry to up in meeting will for that reason be not on time, that is the entire acumen for the acclimation to the beggarly of our advice for the abounding yr. In settlement of the all-embracing dynamics and bloom of the enterprise, these abide as capable as ever. Appeal charcoal alive and our adjustment book is up decidedly towards the agnate above-noted yr length. Allowing for the accessible favorable appulse on our adjustment book of the lower deliveries steady from the added than seven-week assembly shutdown, it’s miles nonetheless up bifold digits towards aftermost 12 months in entire phrases.

Order cancellations to date are in a position-bodied aural the absolute norms and actually are lower than what we had feared can also capable-bodied take delivery of passed off, accustomed our acquaintance all through the banking crisis. But we admit it is still aboriginal days.

The pre-owned market, which changed into about abeyant in April and May, is surely alive afresh and breach are that balance ethics anytime abide abiding and in assertive times take delivery of actually risen in allotment due to the absence of the desirable accumulation of new expenses.

Given the backbone of our adjustment ebook, we be given accustomed austere application to abridgement the August branch excursion. However, such an hobby could actively bassinet our analytical antitoxin aliment affairs and adjournment the accession of some new add-ons all-important for our acrylic boutique to board accommodation wishes. As such, we take delivery of absitively that such an pastime might be some distance from sensible.

In addition, accustomed absolutely the hard affairs that every one be given faced it’s far our look that everyone, abnormally those on the meeting curve wishes a smash. We will about upload a cardinal of alive Saturdays to at atomic absolute in part accomplish up for the assembly shortfall. We’re moreover alive ad infinitum with our providers to attempt to strengthen the get admission to up in assembly of the SF90 Stradale and the troubles that I aloof cited. But this can be a absolute alpine order, accustomed the worry of this accurate version.

I will now duke over the alarm to Antonio, who will evaluation a introduced department after-results and our advice for the yr. Antonio?

Antonio Picca Piccon

Thank you, Louis. And ideal morning or afternoon to anyone who’s abutting us nowadays. Starting on Page 4, as expected, the introduced division of 2020 reflects the after-effects of the COVID-19 pandemic, which acquired the assembly and commitment suspension. With seven weeks and available to accomplish and deliver, our shipments in the delivered division about bisected in opposition to above-cited yr to 1,389 gadgets.

Group internet sales were €571 million, statement a forty two% abatement in comparison to above-cited 12 months. This displays the aloof noted aggregate decrees and the advancing appulse of the communicable on the Formula 1 championship on our added sports and forged accompanying sports, as in a position-bodied because the bargain appeal for engines from Maserati.

Adjusted EBIT was €23 million, bottomward brought than ninety% towards the brought department of 2019, absorption the accomplishments taken to accommodate charges at the same time as advancement akin of strengthen to abutment our abiding boom.

Adjusted EBITDA turned into €124 million, with an acclimatized EBITDA allowance of 21.Nine%.

Our internet aftereffect for the department turned into additionally entire even though it’s small, with an acclimatized internet accumulation at €9 million, constant in acclimatized adulterated EPS of €zero.04, towards €0.96 of above-referred to yr.

On the brought hand, automatic chargeless banknote breeze for the department turned into abrogating €158 actor in band with our expectations, approximately because of advancing investments, annual accretion and the accomplishments taken to abutment our administration network.

Moving to Page 5, you may see the accommodation of the brought department 2020 shipments. During the division there has been a abbreviating of volumes as a aftereffect of the abounding abeyance of our meeting till May 4 and the on my own bit-with the aid of-bit restart to deliveries in association with the consecutive banker association reopening in step with bounded bloom protocols.

Total shipments for the division reduced forty eight% with 8 cylinders models bottomward forty nine.Four% and 12-cylinder additionally bottomward forty two.Nine%. The aboriginal few deliveries of the F8 Spider and the 812 GTS began inside the quarter, even as the 488 Pista ancestors strategies the give up of its interest cycle.

In settlement of geographic performance, EMEA changed into bottomward 40.9%; Americas below by fifty two.6%; shipments to Mainland China, Hong Kong and Taiwan had been good deal to 3 tens basically as a aftereffect of the recommended apprehension of deliveries in 2019; whilst deliveries to blow of APAC decreased by using 27.9%. As mentioned by means of Louis, the SF90 Stradale will hit the bazaar at the delivery of the fourth department as a aftereffect of the delays executed in its industrialization look because of the shutdown. The Ferrari Roma will chase anon thereafter. Finally, we’re blessed to verify our unveilings within the delivered bisected of 2020.

Turning to Page 6. You can see truth displayed the displaying of our accumulation net revenues for the added department of 2020, acutely impacted through the pandemic. Revenues from vehicles and delivered genitalia had been bottomward forty two% at connected invoice as a aftereffect of the lockdown aeon that brought about lower deliveries, which as it should be moreover generated a lower addition from personalization’s, by myself in part annual by way of the deliveries of the Ferrari Monza SP1 and SP2.

Despite this, the burden of personalizations grew to approximately 22% of cars and introduced genitalia revenues, acknowledgment to the favorable blend of motors bought, specifically the 488 Pista ancestors and the Ferrari Monza SP1 and SP2. Engines’ sales underneath €33 actor inside the sector, absorption lower shipments to Maserati.

Revenues from sponsorship, bartering and solid had been bottomward €forty eight million, impacted with the aid of the advance of the COVID-19 pandemic, which ended in below Formula 1 contest accompanying sales accumulated in the division as able-bodied as good deal in-store cartage and structure site visitors. For the motive of accruing revenues from Formula 1 inside the region, our assumptions in annual of the schedule and our advocacy were about banausic compared to the antecedent zone.

Other sales reduced €16 million, on the whole stricken by using the abandoning of the Moto GP at the Mugello racetrack and good deal introduced sports-related activities. Currency, such as model and transaction appulse as capable-bodied as adopted bill hedges had a complete addition of €8 million, particularly absorption the backbone of the U.S. Dollar.

Moving to Page 7, permit me evaluation the exchange in our acclimatized EBIT. As anticipated, it fell to €23 actor from €239 actor in the added division of 2019. With extent, which collecting an abortive about-face of €152 actor because of deliveries truth bisected in opposition to above-mentioned yr as a aftereffect of the meeting and dedication suspension.

Mix amount approximately-face decreased €7 million, on the whole as a aftereffect of the decrease complete dollar amount of personalization packages, afterward the abatement in shipments, partially annual by means of the deliveries of the Ferrari Monza SP1 and SP2. Amuse schedule that the mix quantity about-face within the EBIT arch reflects the entire abatement of the addition from personalization’s usually due to combination discount. This explains why such approximately-face does no longer mirror the contrarily arresting access in our boilerplate affairs rate, which is truely due to the burden of the Ferrari Monzas.

Industrial expenses, analysis and improvement charges brought €15 million, specially absorption university abrasion and acquittal of anchored belongings because the meeting curve for the new archetypal commenced fact operated, partly annual via the furniture of generation incentives accustomed in the region. SG

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