pdf - Ferrari Corporate

Q2 2016 Results – August 2nd, 2016
SAFE HARBOUR STATEMENT
This document, and in particular the section entitled “2016 Outlook”, contains forward-looking statements. These statements may include terms
such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”,
“forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance.
Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks
and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance
should not be placed on them.
Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to
preserve and enhance the value of the Ferrari brand; the success of Ferrari’s Formula 1 racing team and the expenses the Group incurs for Formula
1 activities; the Group’s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the
Group’s low volume strategy; the ability of Maserati, the Group’s engine customer, to sell its planned volume of cars; changes in client preferences
and automotive trends; changes in the general economic environment and changes in demand for luxury goods, including high performance luxury
cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards; the Group’s ability to successfully
carry out its growth strategy and, particularly, the Group’s ability to grow its presence in emerging market countries; competition in the luxury
performance automobile industry; reliance upon a number of key members of executive management and employees; the performance of the
Group’s dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and
raw materials; disruptions at the Group’s manufacturing facilities in Maranello and Modena; the Group’s ability to provide or arrange for adequate
access to financing for its dealers and clients; the performance of the Group’s licensees for Ferrari-branded products; the Group’s ability to protect
its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product
warranties; exchange rate fluctuations, interest rate changes, credit risk and other market risks; potential conflicts of interest due to director and
officer overlaps with the Group’s largest shareholders and other factors discussed elsewhere in this document.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any
obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors
that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange
Commission, the AFM and CONSOB.
Q2 2016 Results
August 2nd, 2016
2
A RECORD SECOND QUARTER…
Shipments at 2,214 units, increased
by 8% vs. previous year (+155 units)
New key product launched and
recent events
– Solid performance of new models: the 488 GTB,
488 Spider and F12tdf
– LaFerrari finished its limited series run
– Recently unveiled open-top LaFerrari, details to be
provided at the Paris International Motor Show
– Recently signed a sponsorship agreement with
Ray-Ban
Financial results
Confirming 2016 guidance(2)
– Net revenues grew 5.9% to €811 million
– Adjusted EBIT(1) of €156 million, 310 bps margin
increase
– Adjusted net profit(1) up 35% to €104 million
– Net industrial debt(1) at €763 million, better than
March 2016
–
–
–
–
Shipments: ~8,000 including supercars
Net revenues: >€3 billion
Adjusted EBITDA: ≥ €800 million
Net industrial debt(3): ≤ €730 million
…ON THE WAY TO ANOTHER RECORD YEAR
Q2 2016 Results
Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix
(2) Assuming FX consistent with current market conditions
(3) Including an ordinary cash distribution to the holders of common shares
August 2nd, 2016
3
Q2 2016 HIGHLIGHTS
Shipments
(units)
Q2'16
2,214
Q2'15
Net revenues
(€M)
2,059
Total shipments up 8% driven by a 16% increase in V8, which was partially offset by a 22%
decrease in V12:
Continuous strong sales of the new 488 GTB
LaFerrari finished its limited series run
and 488 Spider
FF phasing out in line with plans
F12tdf reaching global distribution
GTC4Lusso, distribution will commence
F12berlinetta at its 5th year of
in Q3 2016
commercialization continues to perform
better than expected
Adjusted EBITDA(1)
(€M and
margin %)
Q2'16
217
Q2'15
194
26.9%
25.4%
Q2'16
811
Q2'15
766
Net revenues up 5.9% (+6.2% at constant currencies), all revenue lines positively contributing, in
particular Cars and spare parts driven by positive volumes partially offset by mix:
Americas: €209 million (-12.7%) due to lower
sales of LaFerrari
EMEA: €217 million (+6.5%) due to higher
shipments of 488 family and F12tdf
Adjusted EBIT(1)
(€M and
margin %)
Greater China: €80 million (+60.6%) due to
488 family volume increase
Rest of APAC: €84 million (-2.1%) due to mix,
performance affected by timing, with 488
Spider and F12tdf having just arrived on the
market
Q2'16
156
Q2'15
124
19.3%
16.2%
Adjusted EBITDA(1) grew by 12% primarily driven by higher volume and positive contribution
from Sponsorship, commercial and brand as well as other supporting activities.
Adjusted EBITDA(1) excludes charges for Takata airbag inflator recalls.
Adjusted EBIT(1) margin increased by 310 bps driven by strong adjusted EBITDA(1) and lower D&A
mainly due to 458 family and LaFerrari phase-out
Industrial free
cash flow(1)
(€M)
Net industrial
debt(1)
(€M)
Q2'16
Q2'15
145
173
289
Jun. 30, 2016
Dec. 31, 2015
(763)
(797)
Industrial free cash flow(1) primarily driven by adjusted EBITDA(1), positive change of working
Net industrial debt(1) reduced to €763 million primarily due to industrial free cash flow(1)
capital and timing effect of advances on the new open-top LaFerrari, partially offset by capex
generation partially offset by €87 million cash distribution to holders of common shares and
and the first 2016 tax advance.
€13 million dividends paid to NCI
Q2 2015 included one-time of €116 million.
Note: (1) reconciliations to non-gaap financial measures are provided in the appendix.
Q2 2016 Results
August 2nd, 2016
Certain totals in the tables included in this document may not add due to rounding.
4
Q2 2016 – SHIPMENTS BY REGION(4)
Americas
EMEA
Americas’ shipments increased by approx. 0.5%
EMEA’s shipments increased by approx. 14%
(35% vs. 38% PY of total shipments)
(43% vs. 40% PY of total shipments)
USA – Ferrari’s largest single market: growth supported by V8
models (488 GTB, 488 Spider and California T) and F12tdf offsetting
F12berlinetta at its 5th year of commercialization and LaFerrari that
finished its limited series run
Final deliveries of the strictly limited edition F60 America
Greater China
• UK – flat shipments affected by timing with 488 Spider having just
arrived on the market and robust deliveries of 488 GTB and F12tdf
more than offsetting 458 family and FF phase-out
• Strong performance recorded in Germany and Italy as a result of the
488 family, California T and F12tdf. Other European countries, Africa
and Middle East expanded with a double-digit growth rate.
Rest of APAC
(7% vs. 6% PY of total shipments)
(15% vs. 16% PY of total shipments)
Greater China’s shipments grew more than 25%
Rest of APAC’s shipments in line with previous year
China mainland – double digit growth thanks to the 488 family. The
F12tdf having just arrived on the market.
HK and Taiwan – increase in shipments due to the contribution of
both V8 (488 family) and V12 (F12tdf and F12berlinetta) models
more than offsetting the 458 family and FF phase-out
Japan – shipments substantially in line with previous year
Australia – performance affected by timing with 488 Spider and
F12tdf having just arrived on the market. 488 GTB only partially
offsetting the 458 family phase-out
Other APAC – increased double-digit thanks to V8 models
Solid performance due to new models 488 GTB, 488 Spider and F12tdf
despite 458 family, FF and LaFerrari phase-out
Q2 2016 Results
Note: (4) refer to notes to the presentation in the Appendix
August 2nd, 2016
5
NET REVENUES BRIDGE Q2 2015-2016
(€M)
766
27
103
14
10
14
811
7
34
117
57
71
579
589
Q2 2015
Cars and spare parts
Cars and spare parts
(5)
Engines (6)
Engines
Sponsorship,
commercial and
(7)
brand
Other
(8)
Sponsorship, commercial and brand
Q2 2016
Other
•
€10 million increase in Cars and spare parts due to higher volumes led by new models 488 GTB, 488 Spider, F12tdf, the
non-registered car FXX K and the limited edition F60 America, along with a higher contribution from personalization partially
offset by LaFerrari that finished its limited series run
•
€14 million increase in Engines mainly attributable to higher rental revenues from other Formula 1 Teams, Maserati engines in
line with previous year
•
€14 million increase in Sponsorship, commercial and brand mainly due to better championship ranking, higher sponsorship
revenues and positive contribution from brand related activities
Q2 2016 Results
+5.9%
(+6.2% at constant currencies)
Note: refer to notes to the presentation in the Appendix
August 2nd, 2016
6
ADJUSTED EBIT(1) BRIDGE Q2 2015-2016
(€M)
124
24
F X hedges
•
•
•
•
Margin
19.3%
21.5%
(41)
(23)
Adj. EBITDA
194
25.4%
•
8
156
20.5%
Adj. EBIT Q2
2015
•
0
(25)
Margin
16.2%
Margin w/o
11
14
Vol.
Mix
Ind. Costs /
R&D
SG&A
FX
Other
Adj. EBIT Q2
2016
Adj. EBITDA
217
26.9%
Volume increase of approx. 230 cars (excluding LaFerrari) thanks to the newly launched 488 GTB, 488 Spider and F12tdf as
well as positive contribution from personalization
Negative mix impacted by LaFerrari that finished its limited series run and V8 slightly higher compared to the previous year
partially offset by the non-registered car FXX K and the limited edition F60 America
Industrial costs / R&D driven by lower D&A for 458 family and LaFerrari phase-out coupled with positive contribution from
industrial cost savings partially offset by F1 costs
SG&A costs flat with new store openings, new model launches and corporate costs offset by bad debt in Q2 2015
Positive impact on FX net of hedging mainly due to USD partially offset by GBP
Other, positive contribution from Sponsorship, commercial, brand as well as other supporting activities
Q2 2016 Results
Note: (1) reconciliations to non-gaap financial measures are provided in the appendix
August 2nd, 2016
7
NET INDUSTRIAL DEBT BRIDGE(1) MAR 31, 2016 – JUN 30, 2016
(€M)
Industrial FCF €145m
217
62
(782)
7
(51)
March 31, 2016
Net industrial
debt
Adj. EBITDA
Net ∆ working
capital
Tax paid
(763)
FX and other
June 30, 2016
Net industrial
debt
(100)
(90)
Capex
(26)
Other
Cash distribution
and dividends
paid
•
Industrial free cash flow(1) of €145 million driven by strong adjusted EBITDA(1) of €217 million, positive change of working capital and timing effect of
advances on the new open-top LaFerrari, partially offset by capex of €90 million and the first 2016 tax advance of €51 million
•
Net industrial debt(1) of €763 million, better than Q1 primarily due to industrial free cash flow(1) partially offset by €87 million cash distribution to
holders of common shares and €13 million dividends paid to NCI
Q2 2016 Results
Note: (1) reconciliations to non-gaap financial measures are provided in the appendix
August 2nd, 2016
8
The new limited-edition
special series
already pre-sold
Sporting a 800 hp V12
coupled with a 120 kW
electric motor, unleashing
963 hp in total
The name and technical characteristics of
the new limited-edition special series to
be unveiled at the
Paris International Motor Show
Q2 2016 – CLIENT RELATION ACTIVITIES
Ferrari Tribute to 1,000 Miglia,
California T HS, USA test drive program
May 19th-22nd
More than 2,500 test drives in 20 different locations
to let prospects experience Ferrari and convert into
customers
Ferrari tributes Mille Miglia
vintage cars race, giving 70
customers the opportunity of
experiencing some of Italy’s most
beautiful cities and the warmth
and hospitality of smaller towns
Cavalcade Venice,
June 22nd-27th
100 Top customers from 35
countries worldwide driving through
the most enchanting locations
around Venice: the Dolomites, the
river Po and the wine routes
Driving the myth while enjoying the Ferrari lifestyle
Q2 2016 Results
August 2nd, 2016
10
Q2 2016 – “CORSE CLIENTI”
FIA WEC
6 Hours of Silverstone (UK), Apr 17
LMGTE PRO
XX programmes / F1 Clienti
Mugello (ITA), Apr 26-27
XX: 31 (18 FXX K)
F1: 17
Ferrari Challenge Europe
round 1-3
Monza (ITA), Apr 1-3
6 Hours of Spa (B), May 7
Vallelunga (ITA), May 17-18
XX: 30 (FXX K 11)
F1: 6
Mugello (ITA), Apr 29-May 1
1st Ranked
FRD Shanghai (CHN), Jun 9-11
XX: 21 (FXX K 11)
F1: 3
1st and 2nd Ranked
LMGTE PRO
IMSA SSC
12H Sebring, Mar 17-19
GTD Class
1st Ranked
6H Watkins Glen, Jul 1-3
GTD Class
1st Ranked
24 Heures du Mans
LMGTE Am, Jun 18-19
1st Ranked
Q2 2016 Results
Le Mans (FRA), Jun 15-18
Ferrari Challenge North America
round 2-4
Wins in other FIA homologated Sonoma (USA), April 8-10
GT series: 44
COTA (USA), May 13-15
(7 by 488 and 37 by 458 Italia)
Montreal (CAN), Jun 10-12
Ferrari Challenge Asia Pacific
round 2-3
Abu Dhabi (UAE), April 14-16
FRD Shanghai (CHN), Jun 9-11
Average number of cars per round at the
3 Ferrari Challenge series: 36
August 2nd, 2016
11
Q2 2016 – FERRARI BRAND AND STORE PRESENCE
Licensing activities
• 60 Licensing partners in 21 product categories
• Ferrari Land PortAventura: opening announced for
April 7th, 2017
Ferrari Store
• At the end of June 2016 managing 13 directly
operated stores and 25 franchised locations
(including 6 Ferrari Store Junior) in 17 markets
• Ferrari Store Rome opened in July
Museums
• More than 148,000 visitors in Q2 2016 between
Maranello and Modena
• Opening of the new exhibition at Ferrari Museum
in Maranello : “Ferraristi per sempre”
Q2 2016 Results
August 2nd, 2016
12
CONFIRMING 2016 GUIDANCE
Guidance(2)
Shipments
Net revenues
Adj. EBITDA
Net industrial debt
Q2 2016 Results
˜ 8,000
>€3 billion
≥€800 million
≤€730 million(3)
Note: (2) Assuming FX consistent with current market conditions
(3) Including an ordinary cash distribution to the holders of common shares
August 2nd, 2016
13
Q&A
Appendix
NOTES TO THE PRESENTATION
1. reconciliations to non-gaap financial measures are
provided in the appendix
2. Assuming FX consistent with current market conditions
3. Including an ordinary cash distribution to the holders of
common shares
4. Shipments geographical breakdown
EMEA includes: Italy, UK, Germany, Switzerland, France,
Middle East (includes the United Arab Emirates, Saudi
Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait)
and Rest of EMEA (includes Africa and the other
European markets not separately identified);
Americas includes: United States of America, Canada,
Mexico, the Caribbean and Central and South America;
Greater China includes: China, Hong Kong and Taiwan;
Rest of APAC includes: Japan, Australia, Singapore,
Indonesia and South Korea
Q2 2016 Results
5. Includes the net revenues generated from shipments of
our cars, including any personalization revenue
generated on these cars and sales of spare parts
6. Includes the net revenues generated from the sale of
engines to Maserati for use in their cars, and the
revenues generated from the rental of engines to other
Formula 1 racing teams
7. Includes the net revenues earned by our Formula 1
racing team through sponsorship agreements and our
share of the Formula 1 World Championship
commercial revenues and net revenues generated
through the Ferrari brand, including merchandising,
licensing and royalty income
8. Primarily includes interest income generated by the
Ferrari Financial Services group and net revenues from
the management of the Mugello racetrack
August 2nd, 2016
16
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION
Product Line-Up (at least a new model launched every year)
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
F430
F430 Spider
F430 Scuderia
California
Scuderia Spider 16M
V8
458 Italia
458 Spider
California 30
458 Speciale
California T
458 Speciale A
488 GTB
488 Spider
612 Scaglietti
Superamerica
599 GTB Fiorano
599 GTO
V12
SA APERTA
FF
F12berlinetta
F12tdf
GTC4Lusso
Supercars
LaFerrari
“open-top LaFerrari”
Q2 2016 Results
Special series and one-offs not included
August 2nd, 2016
17
GROUP SHIPMENTS
2,059
327
127
772
+8%
2,214
3,694
327
548
160
7,664
580
1,063
~1,100
316
610
~700
1,297
2,640
~2,700
1,903
3,351
~3,500
H1 2016
FY 2015
FY 2016E
261
774
1,287
833
953
1,598
Q2 2015
Q2 2016
H1 2015
EMEA
Q2 2016 Results
+11%
~8,000
4,096
Americas
Greater China
Rest of APAC
Note: Graphs not to scale. Shipments including supercar LaFerrari
August 2nd, 2016
18
KEY PERFORMANCE METRICS
Q2 2016 Results
Q2 ‘16
Q2 ‘15
€M, except as otherwise stated H1 ‘16
H1 ‘15
2,214
2,059
Worldwide shipments (units)
4,096
3,694
811
766
Net revenues
1,486
1,387
207
192
EBITDA ( 1)
385
348
217
194
Adjusted EBITDA ( 1)
395
354
146
122
EBIT
267
218
156
124
Adjusted EBIT ( 1)
277
224
5
8
Net financial expenses
14
6
141
114
Profit before taxes
253
212
44
38
Income tax expense
78
71
30.7%
33.5%
Effective tax rate
30.8%
33.5%
97
76
Net profit
175
141
104
78
Adjusted net profit ( 1)
182
145
0.52
0.40
EPS
0.93
0.74
0.55
0.41
Adjusted EPS ( 1)
0.96
0.76
Note: (1) reconciliations to non-gaap financial measures are provided in the appendix.
Certain totals in the tables included in this document may not add due to rounding.
August 2nd, 2016
19
DEBT AND LIQUIDITY POSITION
Gross Debt Maturity Profile (€M)
Cash and Marketable Securities (€M)
Cash Maturities
Jun. 30, Mar. 31,
574
139
285
414
102
76
333
333
4
500
384
47
4
335
2
500
118
333
333
167
2016
2017
Term Loan
Bond
2018
2019
US Securitization
2020
2023
Other Financial Liabilities
2016
2016
Euro
US Dollar
Chinese Yuan
Japanese Yen
Other Currencies
Total (€ equivalent)
343
96
73
29
44
585
356
41
99
24
43
563
Adj.
FY 2015 ( 9) FY 2015 FY 2014
137
21
106
41
17
322
22
1
106
41
13
183
Net Cash/Net Industrial Debt (€M)
Net Industrial Debt (€M)
Maintaining a Conservative Industrial Leverage
Net Industrial Debt in line with EBITDA
At June 30 At March 31
2016
2016
(€M)
At December 31
2015
2014
Gross Debt
Cash & Cash Equivalents
Deposits in FCA Cash Management Pools
(Net Debt)/Net Cash
Funded Self-Liquidating Financial
Receivables Portfolio
(Net Industrial Debt)/Net Industrial Cash
Undrawn Committed Credit Lines
(2,483)
585
(1,898)
1,135
(2,442)
563
(1,879)
1,097
(2,260)
183
139
(1,938)
1,141
(510)
134
942
566
1,061
(763)
500
(782)
500
(797)
500
1,627
-
Total Available Liquidity
1,085
1,063
822
1,076
Q2 2016 Results
(€M)
10
14
74
27
9
134
(763)
(1,898)
1,135
June 30, 2016
Net Debt
Funded Self-liquidating
Financial
Receivables Portfolio
Note: (9) After settlement of deposits on FCA Group cash management pools and Financial liabilities with FCA
June 30, 2016
Net Industrial Debt
August 2nd, 2016
20
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures
Operations are monitored through the use of
various Non-GAAP financial measures that
may not be comparable to other similarly
titled measures of other companies
EBITDA is defined as net profit before income tax expense, net financial
expenses/(income) and depreciation and amortization. Adjusted EBITDA is defined as
EBITDA as adjusted for income and costs, which are significant in nature, but expected
to occur infrequently
Accordingly, investors and analysts should
exercise appropriate caution in comparing
these supplemental financial measures to
similarly titled financial measures reported by
other companies
Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as
adjusted for income and costs, which are significant in nature, but expected to occur
infrequently
We believe that these supplemental financial
measures provide comparable measures of
its financial performance which then facilitate
management’s ability to identify operational
trends, as well as make decisions regarding
future spending, resource allocations and
other operational decisions
Adjusted net profit represents net profit as adjusted for income and costs, which are
significant in nature, but expected to occur infrequently
Adjusted earning per share represents earning per share as adjusted for income and
costs, which are significant in nature, but expected to occur infrequently
Net Industrial Debt defined as Net Debt excluding the funded portion of the selfliquidating financial receivables portfolio, is the primary measure to analyze our financial
leverage and capital structure, and is one of the key indicators used to measure our
financial position
Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s
primary key performance indicators to measure the Group’s performance. Free Cash
flow is defined as net cash generated from operations less cash flows used in investing
activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted
for the change in the self-liquidating financial receivables portfolio.
Q2 2016 Results
August 2nd, 2016
21
RECONCILIATION OF NON-GAAP MEASURES: EBITDA
Q2 2016 Results
Q2 ‘16
Q2 ‘15
€M, except as otherwise stated H1 ‘16
H1 ‘15
97
76
Net profit
175
141
44
38
Income tax expenses
78
71
5
8
Net financial expenses
14
6
61
70
Amortization and depreciation
118
130
207
192
EBITDA
385
348
August 2nd, 2016
22
RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBITDA
Q2 2016 Results
Q2 ‘16
Q2 ‘15
€M, except as otherwise stated H1 ‘16
H1 ‘15
207
192
EBITDA
385
348
-
2
Expenses incurred in relation to IPO
-
6
10
-
Charges for Takata airbag
inflator recalls
10
-
217
194
Adjusted EBITDA
395
354
August 2nd, 2016
23
RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBIT
Q2 2016 Results
Q2 ‘16
Q2 ‘15
€M, except as otherwise stated H1 ‘16
H1 ‘15
146
122
EBIT
267
218
-
2
Expenses incurred in relation to IPO
-
6
10
-
Charges for Takata airbag
inflator recalls
10
-
156
124
Adjusted EBIT
277
224
August 2nd, 2016
24
RECONCILIATION OF NON-GAAP MEASURES: ADJ. NET PROFIT
Q2 2016 Results
Q2 ‘16
Q2 ‘15
€M, except as otherwise stated
H1 ‘16
H1 ‘15
97
76
Net profit
175
141
-
2
Expenses incurred in relation to IPO
(net of tax effect)
-
4
7
-
Charges for Takata airbag
inflator recalls (net of tax effect)
7
-
104
78
Adjusted net profit
182
145
August 2nd, 2016
25
RECONCILIATION OF NON-GAAP MEASURES: ADJ. EPS
Q2 2016 Results
Q2 ‘16
Q2 ‘15
€ per common share
H1 ‘16
H1 ‘15
0.52
0.40
EPS
0.93
0.74
-
0.01
Expenses incurred in relation to IPO
(net of tax effect)
-
0.02
0.04
-
Charges for Takata airbag
inflator recalls (net of tax effect)
0.04
-
0.55
0.41
Adjusted EPS
0.96
0.76
Certain totals in the tables included in this document may not add due to rounding
August 2nd, 2016
26
RECONCILIATION OF NON-GAAP MEASURES:
FREE CASH FLOW AND FREE CASH FLOW
FROM INDUSTRIAL ACTIVITIES
Q2 2016 Results
Q2 ‘16
Q2 ‘15
€M, except as otherwise stated H1 ‘16
H1 ‘15
204
353
Cash flow from operating activities
316
416
(90)
(75)
Cash flows used in investing activities
(157)
(152)
114
278
Free Cash Flow
159
264
31
11
Change in the self-liquidating
financial receivables portfolio
14
60
145
289
173
324
Free Cash Flow from Industrial
Activities ( 10)
Note: (10) Industrial free cash flow included in Q2 2015 Euro 116 million and in H1 2015 Euro 160 million one-time cash in-flow
related to the reimbursement by Maserati of its inventory in China
August 2nd, 2016
27
RECONCILIATION OF NON-GAAP MEASURES:
NET INDUSTRIAL DEBT
Q2 2016 Results
€M, except as otherwise stated June 30, 2016
March 31, 2016
December 31, 2015
Net Industrial Debt
(763)
(782)
(797)
Funded portion of the self-liquidating
financial receivables portfolio
1,135
1,097
1,141
Net Debt
(1,898)
(1,879)
(1,938)
Financial liabilities with FCA Group
-
-
(3)
Deposits in FCA Group cash management
pools
-
-
139
Cash and cash equivalents
585
563
183
Gross Debt
(2,483)
(2,442)
(2,257)
August 2nd, 2016
28