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.

Three new variants added to popular Yeti Monte Carlo range giving the buyer an ever better choice of models.

• Three new variants added to popular Yeti Monte Carlo range
• 1.2 TSI 110PS petrol and 2.0 TDI 110PS diesel now available
• Seven-speed DSG option with 1.2 TSI 110PS engine
• Prices start from £19,700 for 1.2 TSI 110PS manual model
• Specification includes 17-inch alloy wheels and Bi-Xenon headlamps

ŠKODA is expanding its in-demand Yeti Monte Carlo range with the addition of two new engines. Following its introduction to the Yeti line-up last year, the sporty Monte Carlo variant has proved extremely popular with buyers – prompting ŠKODA to offer an even broader and more affordable range for 2016.

Originally available with a 2.0 TDI 150PS diesel, the Yeti Monte Carlo range now features a 1.2 TSI 110PS petrol and 2.0 TDI 110PS diesel – with the former offered with an optional seven-speed DSG gearbox.

The arrival of the two new engine options has the added advantage of making the Yeti Monte Carlo an even more affordable proposition, with the 1.2 TSI 110PS model starting at just £19,700 OTR. Adding the DSG automatic gearbox increases the price to £20,800 OTR while the new 2.0 TDI 110PS diesel is priced at £21,045 OTR.

All three new models are front-wheel drive and come with generous specification lists and a striking design package. This consists of 17-inch Origami alloy wheels finished in gloss black, Bi-Xenon headlamps with cornering function and dynamic angle control, black roof and door mirrors and black spoilers at the front and rear. In addition, all versions feature a black front grille, Monte Carlo badging and LED rear lights.

Inside, standard equipment includes a three-spoke Supersport leather multifunction steering wheel, sports seats with Monte Carlo upholstery and Monte Carlo floor mats, instrument cluster and door sill trims.

The new models are available to order now, and join an already established line-up of Monte Carlo models that are available on the Citigo and Fabia ranges. Inspired by ŠKODA’s rich sporting history, the badge first appeared in 1937 on the Popular Sport Monte Carlo Coupe – a special edition model built to celebrate the brand’s success in the 1936 Monte Carlo Rally. The badge was re-introduced to the range in 2011 on the Fabia Monte Carlo.

The new BMW i3 94Ah, This new battery delivers an improved range of up to 195 mile in everyday conditions.

• The new battery delivers an improved range of up to 195 mile in everyday driving conditions.
• Improved power consumption at 12.6kWh/100km and reduced CO₂ emissions.
• Unchanged battery dimensions and no structural changes necessary.
• Generates an output of 170hp and from zero to 62mph in just 7.3 seconds.
• DC Rapid Charge now available as standard.
• Prices start at £27,830* and is available from July 2016.

The BMW i3 is the world’s first premium car designed from the ground up to be powered by an electric drive system. The result is a vehicle that embodies BMW’s commitment to driving pleasure without compromise. Since the launch in November 2013 the BMW i3 has gone from strength to strength winning various accolades including UK Car of the year 2014 and Green Car of the Year by WhatCar? 

Now, the success story is set to continue with the introduction of the 94Ah battery on both the BMW i3 and the BMW i3 Range Extender models.

The BMW i3 94Ah replaces the current 60Ah model and has a capacity of 33kWh thanks to the higher storage density of the lithium ion cells. The battery dimensions remain unchanged with more than a 50 per cent range increase in the standard NEDC cycle. 

This equals a range of 195 miles in everyday driving. The motor propels the BMW i3 from zero to 62mph in just 7.3 seconds (BEV) making the BMW i3 both the sportiest and most efficient electric vehicle in its segment

The latest in innovative battery technology.

The high-voltage battery in the BMW i3 consists of eight modules (each with 12 individual cells), and its capacity has increased significantly without any changes in structure or exterior dimensions. By optimising the cell-internal packages with more electrolyte and adapting the active material, BMW has succeeded in increasing cell capacity to 94Ah and overall battery energy to 33kWh.

The range of the new BMW i3 94Ah (BEV) in everyday use, on a full battery charge with the air conditioning or the heating on has been significantly increased to 195 miles. This is achieved with no subjective loss of driving performance and agility. BMW i models strike the ideal balance between efficiency, performance and range. From standstill to country-road speeds, the BMW i3 94Ah is on par with sporty, conventionally combustion engine powered cars.

The lithium-ion cells used in the battery are particularly notable for their high energy density and impressive cycle life: they are designed to perform their energy storage function over the vehicle’s entire lifespan.

The coolant of the air conditioning system is responsible for cooling the high-voltage battery very effectively. An optional heating system can also be used to heat the battery to ensure the optimum operating temperature of 20°C before starting off. The battery has been designed to last for the car’s entire service life. Customers receive an 8-year or 100,000 mile warranty on the battery.

The electric drivetrain: Optimised performance delivery, more efficient drive.

The hybrid synchronous electric motor, developed and produced specially for use in the BMW i3, generates an output of 170hp and provides maximum torque of 250Nm from the moment the car pulls away.

Model	Price OTR	Power Hp	Torque Nm	0 – 62mph Seconds	Top Speed Mph	Range (miles)	CO2 Emissions g/km
BMW i3	£27,830**	170	250	7.3	93	195	0
BMW i3 Range Extender	£30,980**	170	250	8.1	93	276	12

**With £4,500 OLEV Government grant.

Thanks to an average power consumption of 12.6kWh/100m (in the New European Driving Cycle (NEDC) for the BMW i3 and 11.3kWh/100km for the BMW i3 Range Extender, the efficiency of the motor plays a key role in optimising the car’s range. The BMW i3 is thus the most economical electrically powered car of its size and output class. With significant benefits available from low charging tariffs, the low cost per mile would equate to running a diesel engine and achieving 470.8mpg.  The emissions of the BMW i3 94Ah with Range Extender amounts to 12g/km, a 1g/km reduction in comparison to the previous model while the exclusively electrically powered BMW i3 produces zero emissions locally.

The power density of the electric motor, weighing around 50kg, sets a new benchmark for electric vehicles. But the new engine is about more than simply numbers: with its smooth running, minimal vibration and low noise levels, it offers a uniquely calm driving experience.

When it comes to the driving attributes of the i3, BMW engineers have achieved a perfect balance of vehicle weight, performance and range. In addition to this, the new model also benefits from improved efficiency and DC Rapid-charge as standard. AC charging is now multi-phase allowing charging of 3.7, 7.4 or 11 kW, this represents a 50 percent increase compared to the previous BMW i3 60Ah. This means the charging time for the BMW i3 (94Ah) is less than three hours, in spite of the significantly larger battery capacity. The new BMW i3 94Ah can also be charged at home using a standard three-pin plug or by specifying a BMW i Wallbox.

Range Extender for even greater range.

The Range Extender delivers a maximum output of 38hp and powers a generator in order to produce electricity. It operates on a needs-based and highly efficient principle. As soon as the charging level of the lithium ion batteries drops to a certain level, the Range Extender kicks in to keep the charging level constant thus extending the range by 81 miles in everyday conditions. Fitting the car with the Range Extender has no influence on the available luggage volume: the nine-litre fuel tank is installed in the front section. The luggage compartment volume remains unchanged at 260 litres and can be extended to 1,100 litres with the rear seats folded down.

New options, greater personalisation.

The BMW i3 94Ah will be instantly recognisable in the colour Protonic Blue with its Frozen Grey metallic highlight, which is available exclusively for this model. Previously, this paintwork was reserved for the BMW i8 hybrid sports car, but is now also available for the BMW i3.

Allowing for greater personalisation for owners, the Interior trims are now available as separate options and are available across all four Interior worlds, this includes Loft, Lodge, Suite and new Atelier interior world which comes as standard on the new BMW i3 94Ah model. The Atelier Interior world features Neutronic cloth in Aragats Grey with BMW i Blue highlights on the front seats and black leather steering wheel.

The new elegant dark oak trim is a standard equipment in the Suite interior design. In all other interior designs the Dark Oak wood trim and the eucalyptus wood trim are available as options. The materials used are a mix of naturally treated leather, wood and wool as well as other renewable raw materials. These make the sustainable premium character of the BMW i3 both visible and tangible.

Production and sustainability beyond the life of the car

The manufacturing procedure and lifespan of the BMW i3 has been carefully considered, with sustainability at the forefront of thinking. Regenerative energy is used at all four BMW i plants across the globe, with 50 per cent less water consumed and 70 per cent less energy than in a conventional automotive facility.

The carbon fibre required is produced at the BMW SGL Moses Lake plant in Washington State, which is completely powered by hydro-generated electricity. Construction of the CFRP architecture at Landshut, general assembly at Leipzig and recycling at Wackersdorf (all in Germany) are all powered by 100 per cent wind turbine energy.