Q3 2016 Results November 7 , 2016 - Ferrari · Dec. 31, 2015 Sept. 30, 2016 Shipments (units) Total...

Q3 2016 Results – November 7th, 2016

2 2 Q3 2016 Results November 7th, 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.

2

3 Q3 2016 Results November 7th, 2016

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

…ON THE WAY TO ANOTHER RECORD YEAR

A RECORD THIRD QUARTER…

Shipments reached 1,978 units,

increasing by 29 units vs. previous year

(+1.5%) – Solid performance on top of an outstanding Q3 2015

which grew by 21% vs. Q3 2014

– Strong performance of the 488 GTB, the 488 Spider and

the F12tdf; first deliveries of the newly launched

GTC4Lusso and LaFerrari Aperta

– LaFerrari finished its limited series run

Financial results – Net revenues grew 8% to €783 million

– Adjusted EBITDA(1) of €234 million, margin now at 30%

– Adjusted EBIT(1) of €172 million, 260 bps margin increase

to 22%

– Net profit up 20% to €113 million

– Net industrial debt(1) reduced to €585 million

New key products launched and recent

events – LaFerrari Aperta and “70 Style Icons” cars recently

presented at the Mondial de l’Automobile in Paris

– GTC4Lusso T recently unveiled, shipments will

commence in 2017

– Ferrari and FCA Bank finalized agreement to provide

financial services in Europe

Outlook(2) Revised Upward – Shipments: ~8,000 including supercars

– Net revenues: >€3 billion

– Adjusted EBITDA: ~€850 million (up from ≥€800 million)

– Net industrial debt(3): <€700 million (down from ≤€730

million)


Adjusted EBITDA(1) grew by 10% primarily driven by higher volume and positive FX partially offset by mix

Adjusted EBIT(1) margin increased by 260 bps driven by strong adjusted EBITDA(1) and lower D&A mainly due to LaFerrari that finished its limited series run

Q3 2016 HIGHLIGHTS

(797)

(585)

Dec. 31, 2015

Sept. 30, 2016

Shipments

(units)

Total shipments up 29 units (+1.5% vs. PY) driven by a 15% increase in V12 while V8 models

were substantially in line with prior year:

723

783

Q3'15

Q3'16

213

234

Q3'15

Q3'16

Net revenues up 8.3% (+7.9% at constant currencies). In particular Cars and spare parts was driven

by positive volumes offset by mix and logistic delays caused by one of our shipment carriers in Rest

of APAC:

55

178

92 Q3'15

Q3'16

1,949

1,978

Q3'15

Q3'16

Industrial free

cash flow(1)

(€M)

Net revenues

(€M)

Adjusted EBITDA(1)

(€M and

margin %)

Net industrial

debt(1)

(€M)

Industrial free cash flow(1) primarily driven by strong adjusted EBITDA(1), positive change in Other

driven by advances on the newly launched LaFerrari Aperta and increased tax liabilities, partially

offset by capex and negative working capital due to seasonality.

Q3 2015 included €37 million one-time cash inflow from the sale of investment properties to

Maserati. Q4 2016 will bear the second 2016 tax advance and full year 2015 tax balance payments

for a total of approx. €200 million.

Net industrial debt(1) reduced to €585 million primarily due to industrial free cash flow(1)

generation

Americas: €200 million (-14.7%) due to LaFerrari that finished its limited series run

EMEA: €212 million (+18.4%) due to higher shipments, better mix as well as personalization

Greater China: €59 million (+2.1%) mainly due to 488 family volume increase

Rest of APAC: €65 million (-1.6%) due to volume performance affected by logistic delays caused by one of our shipment carriers partially offset by FX and personalization

22.0%

19.4%

Adjusted EBIT(1)

(€M and

margin %) 140

172

Q3'15

Q3'1630.0%

29.5%

488 GTB and 488 Spider with growing waiting lists

Strong performance of the F12tdf

GTC4Lusso and LaFerrari Aperta shipments started in September

F12berlinetta, at its 5th year of commercialization, continues to perform better than expected

LaFerrari finished its limited series run

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.


Q3 2016 – SHIPMENTS BY REGION(4)

Americas (35% vs. 35% PY of total shipments)

Americas’ shipments increased by approx. 3%

USA – Ferrari’s largest single market recorded shipments in line with

prior year notwithstanding timing of the newly launched GTC4Lusso

and LaFerrari Aperta yet to arrive on the market.

The 488 family and the F12tdf continued to perform strongly,

offsetting the 458 family and the FF phase-out and LaFerrari, that

finished its limited series run.

Greater China (9% vs. 8% PY of total shipments)

Greater China’s shipments grew by approx. 15%

China mainland – double-digit growth thanks to the 488 family. The

newly launched GTC4Lusso and LaFerrari Aperta yet to arrive on the

market.

HK and Taiwan – double-digit increase in shipments supported by

the 488 family, the F12tdf and first deliveries of the GTC4Lusso.

LaFerrari Aperta yet to arrive on the market.

Rest of APAC (12% vs. 15% PY of total shipments)

Rest of APAC’s shipments decreased by 57 units

Japan – shipments negatively affected by logistic delays caused by

one of our shipment carriers

Australia – strong double-digit growth thanks to the 488 family and

the F12tdf

Other APAC – shipments negatively affected by logistic delays

caused by one of our shipment carriers

EMEA (44% vs. 42% PY of total shipments)

EMEA’s shipments increased by more than 5%

• UK – a few units decrease, notwithstanding a tough comparison with

previous year which posted a 51% increase, due to timing of the

GTC4Lusso yet to arrive on the market, partially offset by strong

deliveries of the 488 GTB, the 488 Spider and the F12tdf. First

deliveries of LaFerrari Aperta.

• Strong performance recorded in Italy and Germany mainly due to the

488 Spider, the F12tdf and first deliveries of the newly launched

GTC4Lusso and LaFerrari Aperta. Other European countries, Africa

and Middle East expanded with a double-digit growth rate.

Sound performance due to the 488 GTB, the 488 Spider, the F12tdf

and the newly launched GTC4Lusso and LaFerrari Aperta

Note: (4) refer to notes to the presentation in the Appendix


537

(1)

537

5197

11012525

046

15

24

Q3 2015 Cars and spare parts Engines Sponsorship,

commercial and

brand

Other Q3 2016

Cars and spare parts Engines Sponsorship, commercial and brand Other

723

783(€M)

(5) (6)

(7)

(8)

NET REVENUES BRIDGE Q3 2015-2016

• Cars and spare parts were in line with prior year, led by higher volumes driven by the 488 GTB, the 488 Spider, the F12tdf, first deliveries of the newly launched models GTC4Lusso and LaFerrari Aperta as well as higher contribution from personalization offset by LaFerrari, that finished its limited series run, and logistic delays caused by one of our shipment carriers in the Rest of APAC region

• €46 million increase in Engines mainly attributable to strong sales to Maserati and higher rental revenues from other Formula 1 Teams

• €15 million increase in Sponsorship, commercial and brand mainly due to better 2015 championship ranking compared to 2014, higher sponsorship revenues and positive contribution from brand related activities

+8.3% (+7.9% at constant currencies)

Note: refer to notes to the presentation in the Appendix


ADJUSTED EBIT BRIDGE Q3 2015 - 2016

• Increased volume by approx. 90 cars (excluding LaFerrari and LaFerrari Aperta), thanks to the 488 family, the F12tdf and first deliveries of the GTC4Lusso partially offset by the 458 family and the FF phase-out; positive contribution from personalization programs

• Negative mix impacted by LaFerrari, that finished its limited series run, partially offset by the newly launched LaFerrari Aperta and higher sales of V12 vs. V8 mainly thanks to the F12tdf

• Industrial costs / R&D in line with prior year

• SG&A increased mostly due to new model launches and costs incurred in connection with the new directly operated stores

• FX, excluding hedges, negative impact on transaction exchange rate mainly due to GBP, partially offset by JPY

• Continuous positive contribution from other supporting activities

Note: (8) Ferrari’s elaboration on FY 2015 publicly available data on a panel of high end luxury peers

* Margin calculated based on reported revenues adjusted for the equivalent amount of FX hedges for the relevant period

(€M)

Adj. EBITDA Adj. EBITDA

Adj. EBITDA w/o FX hedges w/o FX hedges Adj. EBITDA EBITDA

213 245 241 234 Margin

29.5% 32.4%* 30.5%* 30.0% 33% - 37%

172 179

(12) (3) (3) (7)140

32 15 1 9

172

Adj. EBIT Q3

2015

FX hedges Q3

2015

Adj. EBIT Q3

2015 w/o FX

hedges

Vol. Mix Ind. Costs /

R&D

SG&A FX Other Adj. EBIT Q3

2016 w/o FX

hedges

FX hedges Q3

2016

Adj. EBIT Q3

2016

Margin

19.4%

Margin

22.0%

Margin

22.7%*

Margin

22.8%*

Top high end

luxury

peers(8)

(8)


(€M)

234

742

(763)

(48) (7) (75) (2)(585)

June 30, 2016

Net industrial

debt

Adj. EBITDA Net ∆ working

capital

Tax paid Capex Other Cash distribution

and dividends

paid

FX and other September 30,

2016

Net industrial

debt

Industrial FCF €178m

NET INDUSTRIAL DEBT BRIDGE(1) JUN 30, 2016 – SEPT 30, 2016

Note: (1) reconciliations to non-gaap financial measures are provided in the appendix

• Industrial free cash flow(1) primarily driven by strong adjusted EBITDA(1), positive change in Other driven by advances on the newly launched LaFerrari

Aperta and increased tax liabilities, partially offset by capex and negative working capital due to seasonality.

Q3 2015 included €37 million one-time cash inflow from the sale of investment properties to Maserati.

Q4 2016 will bear the second 2016 tax advance and full year 2015 tax balance payments for a total of approx. €200 million.

• Net industrial debt(1) reduced to €585 million primarily due to industrial free cash flow(1) generation.

The first four-seater to

be powered by a V8

turbo, rear-wheel and

with four-wheel steering

Powered by the 2016

International Engine of

the Year, developing an

impressive 610hp

Equipped with the

innovative Variable

Boost Management

control software

Hailing a whole new GT

concept: a sporty and

versatile car, perfect for

daily driving

350 unique cars created by

the Tailor Made atelier

70 liveries inspired by the most iconic models

from our history, each created just once for every

of the five cars in the current range


BEYOND MARKETING – LAFERRARI APERTA

Step 1:

The Black Box

Step 2:

The first images

Step 4:

The official unveil at the

latest Mondial de

l’Automobile in Paris

Step 3:

Dedicated Preview


XX programmes / F1 Clienti

FRD Sochi (RUS), Jul 29-31

XX: 12 (2 FXX K) F1: 3

FRD Hockenheim (GER), Sept 9-11

XX: 35 (21 FXX K) F1: 12

Ferrari Challenge Europe

round 4-5

FRD Sochi (RUS), Jul 29-31

FRD Hockenheim (GER), Sept 9-11

Ferrari Challenge North America

round 5

Lime Rock (USA), Sept 22-24

Ferrari Challenge Asia Pacific

round 4-5

Sepang (MAL), Aug 5-7

Singapore (SIN), Sept 16-18

Average number of cars per round at the

3 Ferrari Challenge series: 33

FIA WEC

6 Hours of Nürburgring (GER), Jul 24 LMGTE PRO

1st and 2nd Ranked

6 Hours of COTA (USA), Sept 17 LMGTE PRO

2nd and 3rd Ranked

IMSA SSC

Petit Le Mans (USA), Sept 28-Oct 1 GTD Class

1st Ranked and GTD Class Title

GTLM Class

1st Ranked

Blancpain Endurance Cup

Nürburgring (GER), Sept 17-18

1st Ranked and PRO-Am Cup Title

Am Cup Title

Blancpain Sprint Cup

Budapest (HU), Ago 28

1st Ranked and Am Cup Title

1st Ranked and PRO-Am Cup Title

Wins in other FIA homologated

GT series: 34

(14 by 488 and 20 by 458 Italia)

Q3 2016 – “ATTIVITA’ SPORTIVE GT”


Licensing activities

• 60 Licensing partners in 21 product categories

Ferrari Store

• At the end of September 2016 managing 14

directly operated stores and 27 franchised

locations (including 7 Ferrari Store Junior) in 16

markets

• Rome store opened in July

• Cotai (Macau) store opened in August

Museums

• More than 165,000 visitors in Q3 2016 between

Maranello and Modena

Q3 2016 – FERRARI BRAND AND STORE PRESENCE

14 14 14 Q3 2016 Results November 7th, 2016

2016 OUTLOOK REVISED UPWARD

Note: (2) Assuming FX consistent with current market conditions

(3) Including an ordinary cash distribution to the holders of common shares

Shipments ˜8,000

Net Revenues >€3 billion

Adj. EBITDA ˜€850 million

Net Industrial Debt <700 million(3)

Revised outlook(2)

Same

Same

≥€800 million

≤€730 million(3)

Previous outlook(2)

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

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


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

V8

F430

F430 Spider

F430 Scuderia

California

Scuderia Spider 16M

458 Italia

458 Spider

California 30

458 Speciale

California T

458 Speciale A

488 GTB

488 Spider

GTC4Lusso T

V12

612 Scaglietti

Superamerica

599 GTB Fiorano

599 GTO

SA APERTA

FF

F12berlinetta

F12tdf

GTC4Lusso

Supercars

LaFerrari

LaFerrari Aperta

Special series and one-offs not included

STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Product Line-Up (at least a new model launched every year)


GROUP SHIPMENTS

815 859

682 701

157 180

295 238

1,949 1,978

Q3 2015 Q3 2016

2,413 2,762

1,969 1,998

418 496

843

818 5,643

6,074

9M 2015 9M 2016

EMEA Americas Greater China Rest of APAC

3,351 ~3,500

2,640 ~2,700

610 ~700

1,063 ~1,100

7,664 ~8,000

FY 2015 FY 2016E

Note: Graphs not to scale. Shipments including supercar LaFerrari and LaFerrari Aperta

+1.5%

+7.6%


Q3 ‘16 Q3 ‘15 €M, except as otherwise stated 9M ‘16 9M ‘15

1,978 1,949 Worldwide shipments (units) 6,074 5,643

783 723 Net revenues 2,269 2,110

234 214 EBITDA(1) 619 562

234 213 Adjusted EBITDA(1) 629 567

172 141 EBIT 439 359

172 140 Adjusted EBIT(1) 449 364

11 (1) Net financial expenses / (income) 25 5

161 142 Profit before taxes 414 354

48 48 Income tax expense 126 119

29.8% 33.8% Effective tax rate 30.4% 33.6%

113 94 Net profit 288 235

113 94 Adjusted net profit(1) 295 239

0.59 0.50 EPS (€) 1.52 1.24

0.59 0.50 Adjusted EPS(1)

(€) 1.56 1.26

KEY PERFORMANCE METRICS

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.


DEBT AND LIQUIDITY POSITION

Gross Debt Maturity Profile (€M) Cash and Marketable Securities (€M)

Net Cash/Net Industrial Debt (€M) Net Industrial Debt (€M)

Note: (9) After settlement of deposits on FCA Group cash management pools and financial liabilities with FCA

(10) Total does not include FFS GmbH cash

(11) Reflecting subsequent events

(1,717)

1,132

Sep. 30, 2016

Net Industrial Debt

Funded Self-liquidating

Financial

Receivables Portfolio

Sep. 30, 2016

Net Debt

(585)

133 266 266 266 266

100 76 47

133

139

4 4 2

2016 2017 2018 2019 2020 2023

Term Loan Bond US Securitization Other Financial Liabilities

266

505

347

500

317 268

Cash Maturities

Sep. 30, Sep. 30, Jun. 30, Mar. 31, Adj.

(€M) 2016 (11) 2016 (10) 2016 (10)2016 FY 2015 (9)

FY 2015 FY 2014

Euro 675 225 343 356 137 22 10

US Dollar 111 88 96 41 21 1 14

Chinese Yuan 86 86 73 99 106 106 74

Japanese Yen 37 37 29 24 41 41 27

Other Currencies 46 46 44 43 17 13 9

Total (€ equivalent) 955 482 585 563 322 183 134

At Sep. 30 At Sep. 30 At Jun. 30 At Mar. 31 At Dec. 31

(€M) 2016 (11) 2016 (10) 2016 (10)2016 2015 2014

Gross Debt (2,221) (2,199) (2,483) (2,442) (2,260) (510)

Cash & Cash Equivalents 955 482 585 563 183 134

Deposits in FCA Cash Management Pools - - 139 942

(Net Debt)/Net Cash (1,266) (1,717) (1,898) (1,879) (1,938) 566

Funded Self-Liquidating Financial 698 1,132 1,135 1,097 1,141 1,061

Receivables Portfolio

(Net Industrial Debt)/Net Industrial Cash (568) (585) (763) (782) (797) 1,627

Undrawn Committed Credit Lines 500 500 500 500 500

Total Available Liquidity 1,455 982 1,085 1,063 822 1,076


UPDATE ON FINANCING

• On January 19th, 2016 Ferrari Financial Services Inc., indirectly wholly owned subsidiary of Ferrari N.V., performed a revolving

securitization program for funding of up to US$250 million by pledging retail financial receivables in the United States of America as

collateral. The notes bear interest at a rate per annum equal to the aggregate of LIBOR plus a margin of 70 basis points

• On March 9th, 2016 Ferrari N.V. issued a 7-years €500 million senior note, with a coupon of 1.5%; proceeds from the senior note were

used to repay a bridge financing of equal amount provided by a syndicate of banks in 2015

• On September 16th, 2016 Ferrari N.V. prepaid €300 million out of a €1,500 million Term Loan provided by a syndicate of banks in 2015

• Subsequent events

– On October 20th, 2016 Ferrari Financial Services Inc., indirectly wholly owned subsidiary of Ferrari N.V., performed a revolving

securitization program for funding of up to US$200 million by pledging leasing financial receivables in the United States of

America as collateral. The notes bear interest at a rate per annum equal to the aggregate of LIBOR plus a margin of 70 basis

points.

Proceeds from the first sale of financial receivables were US$175 million and were used to repay in October unsecured funding

of US$150 million.

– Today, Ferrari and FCA Bank finalized agreement to provide financial services in Europe. FCA Bank has acquired a majority stake

in Ferrari Financial Services GmbH for a total purchase price of €18.6 million upon consummation of the share purchase

agreement entered into by the parties earlier this year. As a result of the funding being directly provided by FCA Bank, which will

be the consolidating entity, Ferrari N.V. will receive €432 million.


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

Accordingly, investors and analysts should

exercise appropriate caution in comparing

these supplemental financial measures to

similarly titled financial measures reported by

other companies

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

Non-GAAP financial measures

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

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

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 self-

liquidating 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.


Q3 ‘16 Q3 ‘15 €M 9M ‘16 9M ‘15

113 94 Net profit 288 235

48 48 Income tax expenses 126 119

11 (1) Net financial expenses / (income) 25 5

62 73 Amortization and depreciation 180 203

234 214 EBITDA 619 562

RECONCILIATION OF NON-GAAP MEASURES: EBITDA


Q3 ‘16 Q3 ‘15 €M 9M ‘16 9M ‘15

234 214 EBITDA 619 562

- (1)(Income) and expenses incurred in

connection with our IPO and separation- 5

- -Charges for Takata airbag

inflator recalls10 -

234 213 Adjusted EBITDA 629 567

RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBITDA


Q3 ‘16 Q3 ‘15 €M 9M ‘16 9M ‘15

172 141 EBIT 439 359

- (1)(Income) and expenses incurred in

connection with our IPO and separation- 5


inflator recalls10 -

172 140 Adjusted EBIT 449 364

RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBIT


Q3 ‘16 Q3 ‘15 €M 9M ‘16 9M ‘15

113 94 Net profit 288 235

- -(Income) and expenses incurred in connection

with our IPO and separation (net of tax effect)- 4


inflator recalls (net of tax effect)7 -

113 94 Adjusted net profit 295 239

RECONCILIATION OF NON-GAAP MEASURES: ADJ. NET PROFIT


Q3 ‘16 Q3 ‘15 € per common share 9M ‘16 9M ‘15

0.59 0.50 EPS 1.52 1.24

- -(Income) and expenses incurred in connection

with our IPO and separation (net of tax effect)- 0.02


inflator recalls (net of tax effect)0.04 -

0.59 0.50 Adjusted EPS 1.56 1.26

RECONCILIATION OF NON-GAAP MEASURES: ADJ. EPS


Q3 ‘16 Q3 ‘15 €M 9M ‘16 9M ‘15

251 118 Cash flow from operating activities 566 534

(75) (44) Cash flows used in investing activities (232) (196)

175 74 Free Cash Flow 334 338

3 18 Change in the self-liquidating

financial receivables portfolio17 78

178 92 Free Cash Flow from Industrial

Activities(12) 351 416

RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW

FROM INDUSTRIAL ACTIVITIES

Note: (12) Industrial free cash flow included in Q3 2015 €37 million one-time cash inflow from the sale of investment properties to

Maserati and in 9M 2015 Euro 160 million one-time cash in-flow related to the reimbursement by Maserati of its inventory in

China as well as the Q3 2015 one-time previously mentioned.


RECONCILIATION OF NON-GAAP MEASURES:

NET INDUSTRIAL DEBT

€M September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015

Net Industrial Debt (585) (763) (782) (797)

Funded portion of the self-liquidating

financial receivables portfolio1,132 1,135 1,097 1,141

Net Debt (1,717) (1,898) (1,879) (1,938)

Financial liabilities with FCA Group - - - (3)

Deposits in FCA Group cash management

pools- - - 139

Cash and cash equivalents 482 585 563 183

Gross Debt (2,199) (2,483) (2,442) (2,257)

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