Ferrari Q1 sees growth in Turnover, sales and profits, now we see how they fair as an independent company.

• Total shipments reached 1,882 units, up 15%
• Net revenues grew 8.8% (+8.4% at constant currencies) to Euro 675 million
• EBIT of Euro 121 million, 250bps margin increase
• Net profit up 19% to Euro 78 million
• Net industrial debt^[1] slightly down from year end 2015 at Euro 782 million

(In Euro million unless otherwise stated)	For the three months ended March 31,
	2016		2015	Change	%
Shipments (in units)	1,882		1,635	247	+15%
Net revenues	675		621	54	+8.8%
EBIT	121		96	25	+26%
Adjusted EBIT1	121		100	21	+21%
EBITDA1	178		156	22	+14%
Adjusted EBITDA1	178		160	18	+11%
Net profit	78		65	13	+19%
Earnings per share (in Euro )	0.41		0.34	0.07	+19%
Adjusted earnings per share1 (in Euro )	0.41		0.36	0.05	+13%
(Euro million)	Mar. 31, 2016		Dec. 31, 2015	Change
Net industrial debt1	(782)		(797)	15

Adjusted EBIT

• Increased volume of approx. 260 cars (excluding LaFerrari), all regions up thanks to strong start of the new models 488 GTB, 488 Spider and F12tdf; higher margin contribution from personalization
• Negative mix effect due to higher sales of V8 vs. V12 and lower sales of LaFerrari, finishing its limited series run, partially offset by FXX K and first deliveries of F60 America

Adjusted Net Profit

• Net profit for Q1 2016 was Euro 78 million, up Euro 13 million (+19%) due to combined effect of strong adjusted EBIT partially offset by higher financial expenses and benefitting from a lower tax rate

Net Industrial Debt

• Net industrial debt¹ reduced to Euro 782 million, primarily due to strong adjusted EBITDA partially offset by capex and negative change in working capital

2016 Revised Outlook^[2]

The Group is revising its guidance upwards as follows:

• Shipments: >7,900 including supercars
• Net revenues: _˜€3 billion
• Adjusted EBITDA: ≥ €800 million
• Net Industrial debt^[3]: ≤ €730 million    

Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results^[4] for the first quarter ended March 31, 2016. 

Shipments

Shipments5 (units)		For the three months ended March 31,
		2016	2015	Change		%
EMEA		950	765	185		+24%
Americas		523	515	8		+2%
Greater China		156	134	22		+16%
Rest of APAC		253	221	32		+14%
Total shipments		1,882	1,635	247		+15%

Shipments totaled 1,882 units in Q1 2016, up 15% from previous year. This performance was driven by a 21% increase in sales of our 8 cylinder models (V8), led by the success of the two newly launched models: the 488 GTB and the 488 Spider. Shipments of the 12 cylinder models (V12) were down 6% due to the phase out of the FF, the completion of the lifecycle of the F12berlinetta (now in its 5^th year of commercialization) and LaFerrari finishing its limited series run, partially offset by the introduction of the new F12tdf.

All regions experienced sound year-on-year growth: EMEA^[5], Americas⁵, Greater China⁵ and Rest of APAC⁵were up 24%, 2%, 16% and 14% respectively.

Total net revenues

(Euro million)		For the three months ended March 31,
		2016	2015	Change		%
Cars and spare parts[6]		481	429	52		+12%
Engines[7]		57	64	(7)		(11%)
Sponsorship, commercial and brand[8]		118	109	9		+8%
Other[9]		19	19	-		-
Total net revenues		675	621	54		+8.8%

Net revenues for Q1 2016 were Euro 675 million, an increase of Euro 54 million or 8.8% (+8.4% at constant currencies) from Q1 2015. Higher net revenues in Cars and spare parts6 (Euro 52 million, +12%), due to increased volumes led by new models 488 GTB, 488 Spider and F12tdf, along with a higher contribution from personalization, and Sponsorship, commercial and brand8 (Euro 9 million, +8%), mostly due to better championship ranking, were partially offset by a decrease in Engines7 (Euro 7 million, -11%), mainly attributable to lower shipments to Maserati despite higher rental revenues from other Formula 1 Teams.

(Euro million)		For the three months ended March 31,
		2016	2015	Change		%
Adjusted EBIT		121	100	21		+21%
Adjusted EBIT margin		18.0%	16.1%	+190bps
Adjusted EBITDA		178	160	18		+11%
Adjusted EBITDA margin		26.3%	25.7%	+60bps

Adjusted EBIT1 was Euro 121 million, up Euro 21 million (+21%) from Q1 2015 as a result of higher volumes from the newly launched 488 GTB, 488 Spider and the F12tdf as well as a positive margin contribution from our personalization programs. The increase was also supported by lower Selling, general and administrative costs^[10] of Euro 2 million, mainly due to timing of the 2016 F1 racing season. Mix was negatively impacted (Euro 8 million) by higher V8 versus V12 range models, lower sales of LaFerrari partially offset by the increase of FXX K, the first deliveries of the F60 America, a strictly limited edition car (only ten units), which was produced to commemorate the 60^th Anniversary of Ferrari in America. Research and development costs and industrial costs increased by Euro 1 million attributable to the 2016 development of the power unit for F1 racing activity which was partially offset by lower D&A for 458 family and efficiencies on production costs.

Tax rate dropped to 30.9% in Q1 2016 vs. 33.5% in Q1 2015, as a result of the Italian Government’s decision to reduce the Italian nominal tax rate from 27.5% to 24% by 2017.

As a result of the items described above, net profit for Q1 2016 was Euro 78 million, up Euro 13 million (+19%).  

Industrial free cash flow¹ for the three months ended March 31, 2016 was Euro 28 million, primarily driven by a strong increase in cash from operating activities but partially offset by capex and negative change in working capital (less down-payments received for the LaFerrari). Q1 2015 industrial free cash flow¹included a Euro 44 million one-time cash in-flow related to a partial reimbursement by Maserati of its inventory in China.

Net industrial debt¹ at March 31, 2016 was Euro 782 million, down from the Euro 797 million at the end of 2015, due to industrial free cash flow generation.

The Company accessed the public debt markets for the first time with a Euro 500 million Bond issuance due 2023 with a fixed annual coupon of 1.50%.

Formula 1

Scuderia Ferrari has worked diligently throughout the 2015 calendar year to ready itself for the 2016 season, and the results are becoming visible: 4 podiums in the first 4 races, with missed opportunities in each one of the 4 events to place both drivers on the podium and even bring home the winner’s trophy. The team is totally focused on regaining its rightful place as the standard setter in F1 racing and we look to the rest of the season with confidence. Scuderia Ferrari totaled 700 podiums throughout its racing history.

GTC4Lusso

The new Ferrari GTC4Lusso, unveiled at the recent Geneva Motor Show, is Maranello’s latest interpretation of the four-seater concept, which combines extraordinary technology and performance in all driving conditions with sporty elegance and luxurious comfort for driver and passengers alike.

Brand

As previously announced we signed a non-binding memorandum of understanding for the licensing of the design, construction and operation of a new Ferrari theme park to be located in one of the primary cities in Mainland China.

As indicated during the IPO process, Ferrari is aggressively exploring the luxury goods space that extends beyond luxury performance sport cars, while nurturing and expanding the Scuderia Ferrari merchandising concept, which is inextricably linked to its racing activities in F1.

It is expected that the first evidence of this development (Ferrari branded goods akin to its luxury performance sport car offering) would be accessible to potential customers in 2017, when the Company celebrates its 70^thanniversary.

Subsequent Events

Ferrari Financial Services S.p.A. (FFS S.p.A.), an Italian indirect subsidiary of Ferrari N.V., and FCA Bank S.p.A. (FCAB) today announced that they have signed a memorandum of understanding for FCAB to acquire a majority stake in Ferrari Financial Services AG, a wholly owned subsidiary of FFS S.p.A. which provides retail and leasing financial services in certain European countries. The consummation of the transaction is subject to approvals of competition and banking regulatory authorities.