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: |
|
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.
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