1 1 Q3 2017 Results November 2nd, 2017
Q3 2017 Results
November 2nd, 2017
2 Q3 2017 Results November 2nd, 2017
SAFE HARBOUR STATEMENT
This document, and in particular the section entitled “2017 Outlook”, contains forward-looking statements. These statements may include terms such as “may”,
“will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “successful”, “grow”, “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 challenges and costs of integrating hybrid
technology more broadly into Group’s car portfolio over time; the Group’s ability to preserve its relationship with the automobile collector and enthusiast
community; 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, including the cost of compliance, and any required changes to its
products; 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; the
Group’s ability to service and refinance its debt; competition in the luxury performance automobile industry; reliance upon a number of key members of executive
management, employees and the ability of its current management team to operate and manage effectively; 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, and
associated risks; 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; continued compliance with customs regulations of
various jurisdictions; labor relations and collective bargaining agreements; exchange rate fluctuations, interest rate changes, credit risk and other market risks;
changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; ability to ensure that its
employees, agents and representatives comply with applicable law and regulations; the adequacy of its insurance coverage to protect the Group against potential
losses; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; ability to maintain the functional and efficient
operation of its information technology systems 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 2017 Results November 2nd, 2017
ON THE WAY TO 1 BILLION EURO ADJ. EBITDA
A RECORD THIRD QUARTER
• Solid revenues of €836 million (+7%) driving
adj. EBIT(1) to €202 million (+17%)
• Ferrari Portofino presented in September, already with a
robust waiting list
• Strong success of Ferrari’s client relations activities
• 2017 Outlook revised upward
Note:(1) Reconciliations to non-gaap financial measures are provided in the appendix
4 Q3 2017 Results November 2nd, 2017
(653)
(485)
Dec. 31, 2016
Sept. 30, 2017
178
147
Q3 '16
Q3 '17
172
202
Q3 '16
Q3 '17
234
266
Q3 '16
Q3 '17
783
838
Q3 '16
Q3 '17
1,978
2,046
Q3 '16
Q3 '17
Q3 2017 HIGHLIGHTS
Shipments
(units)
Total shipments up 68 units mainly driven by 27% increase in V12 models. Few units decrease of
V8 mostly due to the California T phase-out:
Industrial free
cash flow(1)
(€M)
Net revenues
(€M)
Adjusted EBITDA(1)
(€M and
margin %)
Net industrial
debt(1)
(€M)
Adjusted EBIT(1)
(€M and
margin %)
The GTC4Lusso and the 488 families continue to perform strongly
LaFerrari Aperta fully contributing
The 812 Superfast just arrived in EMEA
The California T and the F12berlinetta phasing-out, as well as F12tdf finishing its limited series run
Deliveries of the Ferrari Portofino will commence in 2018
Net revenues up 6.7% (9.3% at constant currencies, mainly due to USD weakening vs. Euro)
• Cars and spare parts leading the way with volume, mix and pricing
• Partially offset by Engines due to the termination of the rental agreement with a Formula 1 racing
team and slightly lower sales to Maserati due to a different production schedule as well as the
deconsolidation of the European Financial Services business (November 2016)
Adjusted EBITDA(1) grew by 13.2%, primarily driven by higher volumes, mix thanks to LaFerrari
Aperta and pricing. Partially offset by higher R&D expenses for innovation, components and
hybrid technology.
Adjusted EBIT(1) margin increased by 220 bps driven by strong adjusted EBITDA(1)
Industrial free cash flow(1) driven by strong adjusted EBITDA(1), partially offset by net change in
working capital, capex and lack of contribution from advances of LaFerrari Aperta.
Second 2017 tax advance payment will impact next quarter.
Net industrial debt(1) reduced to €485 million thanks to positive industrial free cash flow(1)
generation
+3.4% +6.7%
24.2%
22.0%
31.8%
30.0%
+13.2% +17.3%
-17.4% -25.7%
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.
783
836
Q3 '16
Q3 '17
5 Q3 2017 Results November 2nd, 2017
Q3 2017 – SHIPMENTS BY REGION(2)
Note: (2) Refer to notes to the presentation in the Appendix
SOLID PERFORMANCE OF THE 488 AND THE GTC4LUSSO FAMILIES AS WELL AS LAFERRARI APERTA.
812 SUPERFAST JUST ARRIVED IN EMEA
Americas +5.0% • USA – increased by 1% with a strong performance of the 488 family, the GTC4Lusso and the limited edition LaFerrari
Aperta. Partially offset by California T and the F12berlinetta phasing-out. The F12tdf is finishing its limited series run. • The GTC4Lusso T and the 812 Superfast yet to arrive on the market
EMEA: +5.1% • UK – up almost 3% thanks to the 488 and the GTC4Lusso families while the 812 Superfast is yet to arrive on the market.
The California T and the F12berlinetta phasing-out, while the F12tdf is finishing its limited series run. • Double-digit growth in Italy (+24%) and France (+23%) thanks to the 488 and the GTC4Lusso families as well as the 812
Superfast just arrived on the market. Germany flat due to the California T and the F12berlinetta phasing-out. • Other European countries up double-digit, while Middle East recorded a decrease due to reallocation triggered by
tough market conditions
China, Hong Kong and Taiwan, on a combined basis: -15.6%
• China – mid single-digit growth supported by the GTC4Lusso family. 812 Superfast is yet to arrive on the market. • Hong Kong – slowdown as the new dealership became fully operational in Q3 2017 • Taiwan – few units decrease due to the California T and the F12berlinetta phasing-out
Rest of APAC: +7.1%
• Japan – shipments up 16% thanks to V8 models, the GTC4Lusso and LaFerrari Aperta. Partially offset by the F12berlinetta phasing-out and the F12tdf finishing its limited series run.
• Australia – substantially in line with prior year • Other APAC – shipments in line with prior year
Americas (36% vs. 35% PY)
EMEA (44% vs. 44% PY)
Rest of APAC (13% vs. 12% PY)
China, Hong
Kong and
Taiwan, on a
combined basis (7% vs. 9% PY)
6 Q3 2017 Results November 2nd, 2017
537 605
9788
1251242419
(9) (1) (5)
68
Q3 2016 Cars and spare parts Engines Sponsorship,
commercial and
brand
Other Q3 2017
Cars and spare parts Engines Sponsorship, commercial and brand Other
783
836(€M)
(3) (4)
(5 )
(6 )
+12.7% -9.8% -1.3% -18.8%
NET REVENUES BRIDGE Q3 2016-2017
Note: Refer to notes to the presentation in the Appendix
+6.7%, +€53 million (+9.3% at constant currencies, mainly
due to USD weakening vs. Euro)
• Cars and spare parts: higher volumes and positive mix led by the 488 and the GTC4Lusso families, as well as LaFerrari Aperta along with a greater
contribution from personalization programs and pricing increases. Partially offset by the non-registered racing car FXX K completing its limited series
run in 2016.
• Engines: slight decrease due to the termination of the rental agreement with a Formula 1 racing team and slightly lower sales to Maserati due to a
different production schedule
• Sponsorship, commercial and brand: almost in line with prior year mostly due to lower 2016 championship ranking compared to 2015. Partially offset
by higher sponsorship revenues and brand related revenues.
• Other: decrease mostly due to the deconsolidation of the European Financial Services business since November 2016
7 Q3 2017 Results November 2nd, 2017
(€M)
Top high end
luxury
peers(8)
Adj. EBITDA Adj. EBITDA
Adj. EBITDA w/o FX hedges (7) w/o FX hedges (7) Adj. EBITDA EBITDA
234 241 249 266 Margin(8)
30.0% 30.5% 30.4% 31.8% 33% - 37%
179 185 (8) (2)
(21)172
7 14 23
0 17 202
Adj. EBIT Q3
2016
FX hedges
Q3 2016
Adj. EBIT Q3
2016 w/o FX
hedges
Vol. Mix Ind. Costs /
R&D
SG&A FX Other Adj. EBIT Q3
2017 w/o FX
hedges
FX hedges
Q3 2017
Adj. EBIT Q3
2017
Margin
22.0%
Margin
24.2%
Margin
22.6%(7)Margin
22.7%(7)
ADJ. EBIT BRIDGE Q3 2016 – 2017(1)
• Volume increase of approx. 55 cars (excluding LaFerrari Aperta) thanks to the GTC4Lusso and the 488 families, together with positive contribution from personalization. Partially offset by the California T and
the F12berlinetta phasing-out.
• Positive mix impacted by LaFerrari Aperta as well as pricing increases. This was partially offset by the non-registered racing car FXX K that completed its limited series run in 2016.
• Industrial costs / R&D increased mainly due to higher R&D expenses to support product range and components innovation for hybrid technology. Partially offset by lower spending in F1 activities.
• SG&A slightly higher than prior year, impacted by costs related to the 70th anniversary and the approved Long-Term Incentive plan. Partially offset by the deconsolidation of the European Financial Services
business since November 2016.
• FX, excluding hedges, negatively impacted mostly due to USD, JPY and GBP depreciation
• Other in line with previous year due to positive contribution from supporting activities, offset by lower 2016 championship ranking compared to 2015, the termination of the rental agreement with a Formula
1 racing team and the deconsolidation of the European Financial Services business since November 2016
Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix
(7) Margins without FX hedges have been calculated excluding FX hedges impact from net revenues, adjusted EBIT and adjusted EBITDA
(8) Ferrari’s elaboration on FY 2016 publicly available data on a panel of high end luxury peers
8 Q3 2017 Results November 2nd, 2017
(€M)
(627)
(485)
June 30, 2017
Net Industrial
Debt
EBITDA Net ∆ working
capital
Tax paid Capex Other Cash distribution
and dividends
paid
FX and other September 30,
2017
Net Industrial
Debt
Industrial FCF €147m
266
(34)(93)
9
(1) (4)
(1)
NET INDUSTRIAL DEBT BRIDGE(1)
JUN 30, 2017 – SEPT 30, 2017
Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix
• Net change in working capital: decreases in trade payables and inventory due to seasonality in conjunction with the scheduled summer shutdown
• Tax paid: second 2017 tax advance payment will impact Q4 2017
• Other: positively impacted by accruals and reserves related to deferred compensations as well as provisions, partially offset by lack of contribution
from advances of LaFerrari Aperta
9 9 Q3 2017 Results November 2nd, 2017
A GT that represents a unique
combination of sportiness, elegance
and on board comfort
The renowned Ferrari V8 turbo, part of
the engine family that was nominated
International Engine of the Year in
both 2016 and 2017, now punches
out 40 cv more than the California T’s
power unit
Capable of unleashing a massive 600 cv,
the Ferrari Portofino is the most
powerful convertible to combine the
advantages of a retractable hard top, a
roomy boot and generous cockpit space
plus two rear seats suitable for short trips.
10 Q3 2017 Results November 2nd, 2017
Q3 2017 – CLIENT RELATIONS ACTIVITIES
Maranello Weekend
September 8th – 10th
RM Auction
Concours d’Elegance
Celebration of 70th anniversary at home
WORLD TOUR
China, August 12th – 17th USA, August 18th – 20th Italy, September 8th – 10th Italy, September 2nd – 3rd
Portofino World Premiere
September 7th - 8th
Frankfurt Motorshow
September 12th - 24th Florence, Italy
September 25th – 30th
11 Q3 2017 Results November 2nd, 2017
Q3 2017 – ATTIVITA’ SPORTIVE GT
XX PROGRAMS / F1 CLIENTI
Average entries per round
XX: 23
F1: 8
CONTINUOUSLY ENGAGING WITH OUR CUSTOMERS
FERRARI CHALLENGE
Average entries per round
EUROPE 41 (round 5)
NORTH AMERICA 45 (round 6)
ASIA PACIFIC 29 (round 6)
COMPETIZIONI GT FIA WEC
1st - 6 Hours of Circuit of the Americas
(GTE-Pro)
IMSA 2017 Team, Drivers and Manufacturer
Champions (GTD)
12 Q3 2017 Results November 2nd, 2017
Q3 2017 – OTHER ACTIVITIES
Licensing
• Launch of “Bianchi for Scuderia Ferrari” project with “SF01” world
premiere at Eurobike show
• New license agreement with Cybex for Scuderia Ferrari infant car
seats and a collection of strollers
Retail
• At the end of September 2017, managing 18 directly operated
stores and 29 franchised locations (including 7 Ferrari Store Junior).
• New Store at “Scalo Milano” opened in September 2017
Museums
• More than 432,000 visitors since the beginning of the year between
Maranello and Modena, up 11% vs. prior year
13 Q3 2017 Results November 2nd, 2017
2017 OUTLOOK REVISED UPWARD
Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix
(9) Including supercars
(10) Including a cash distribution to the holders of common shares and excluding potential share repurchases
Shipments
Net Revenues
Adj. EBITDA(1)
Net Industrial Debt(1)
Revised Outlook
~ 8,400(9)
~ €3.4 billion
~ €1 billion
< €500 million(10)
2017 Drivers
Top line growth driven by Cars and spare parts as
well as Engines, partially offset by different F1
ranking and deconsolidation of the European
Financial Services business
Positive contribution from both Volume and Mix,
partially offset by R&D and SG&A (F1, new stores
and 70th anniversary)
Strong adj. EBITDA, partially offset by capex to
support continuous product range renewal and
R&D for hybridization, taxes, lack of advances on
limited edition supercars and cash distributions to
holders of common shares
Strong contribution from range models (including
special liveries) and LaFerrari Aperta
Previous Outlook
Same
>€3.3 billion
> €950 million
~ €500 million(10)
14 Q3 2017 Results November 2nd, 2017
Q&A
Appendix
16 Q3 2017 Results November 2nd, 2017
NOTES TO THE PRESENTATION
1. Reconciliations to non-gaap financial measures are provided in
the appendix
2. 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; China, Hong
Kong and Taiwan includes, on a combined basis: China, Hong
Kong and Taiwan;
Rest of APAC includes: Japan, Australia, Singapore, Indonesia
and South Korea
3. Includes the net revenues generated from shipments of our cars,
including any personalization revenue generated on these cars
and sales of spare parts
4. 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
5. 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
6. Primarily includes interest income generated by our financial
services activities and net revenues from the management of the
Mugello racetrack
7. Margins without FX hedges have been calculated excluding FX
hedges impact from net revenues, adjusted EBIT and adjusted
EBITDA
8. Ferrari’s elaboration on FY 2016 publicly available data on a
panel of high end luxury peers
9. Including supercars
10.Including a cash distribution to the holders of common shares
and excluding potential share repurchases
17 Q3 2017 Results November 2nd, 2017 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)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
F430
F430 Spider
F430 Scuderia
California
Scuderia Spider 16M
458 Italia
458 Spider
California 30
458 Speciale
California T
Portofino
458 Speciale A
488 GTB
488 Spider
GTC4Lusso T
612 Scaglietti
Superamerica
599 GTB Fiorano
599 GTO
SA APERTA
FF
F12berlinetta
F12tdf
GTC4Lusso
812 Superfast
LaFerrari
LaFerrari Aperta
V8
V12
Supercars
18 Q3 2017 Results November 2nd, 2017
2015 2016 2017 2018
F12tdf
LaFerrari
LaFerrari Aperta
FXX K(11)
F60 America(11)
J50(11)
Note: (11) Models not included in the total shipments’ figure provided
LIMITED SERIES In and out from our portfolio
19 Q3 2017 Results November 2nd, 2017
GROUP SHIPMENTS(2)
859 903
701 736
180 152
238 255
1,978 2,046
Q3 2016 Q3 2017
3,610 ~3,800
2,687 ~2,800
619 ~650
1,098 ~1,150
8,014 ~8,400
FY 2016 FY 2017E
Note: (2) Refer to notes to the presentation in the Appendix
Graphs not to scale. Shipments including supercars LaFerrari and LaFerrari Aperta
+3.4%
Americas EMEA China, Hong Kong and Taiwan,
on a combined basis Rest of APAC
2,762 2,938
1,998 2,078
496 453
818 912
6,074 6,381
9M 2016 9M 2017
+5.1%
20 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 €M, unless otherwise stated 9M '17 9M '16
2,046 1,978 Worldwide shipments (units) 6,381 6,074
836 783 Net revenues 2,577 2,269
266 234 EBITDA(1) 778 619
- - Adjustments - 10
266 234 Adjusted EBITDA(1) 778 629
64 62 Amortization and depreciation 197 180
202 172 EBIT 581 439
202 172 Adjusted EBIT(1) 581 449
8 11 Net financial expenses 25 25
194 161 Profit before taxes 556 414
53 48 Income tax expense 155 126
27.6% 29.8% Effective tax rate 28.0% 30.4%
141 113 Net profit 401 288
141 113 Adjusted net profit(1) 401 295
0.74 0.59 Basic and diluted EPS (€) 2.11 1.52
0.74 0.59 Adjusted EPS(1)
(€) 2.11 1.56
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.
21 Q3 2017 Results November 2nd, 2017
99 199 199 199
500
29
240 181
101 41
4 4
2 169
442 383
302
500
2017 2018 2019 2020 2023
Term Loan Bond US Securitizations Other Financial Liabilities
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: (12) After settlement of deposits on FCA Group cash management pools and financial liabilities with FCA
(13) Portion of the Self-liquidating Financial Receivables Portfolio funded through securitizations
Certain totals in the tables included in this document may not add due to rounding.
Cash Maturities
(1,179) 694
o/w 79%
securitized(13)
September 30, 2017
Net Industrial Debt
Funded Self-liquidating
Financial
Receivables Portfolio
September 30, 2017
Net Debt
(485)
Sep. 30 Jun. 30 Mar. 31 Adj.
(€M) 2017 2017 2017 FY 2016 FY 2015(12) FY 2015
Euro 443 280 394 318 137 22
US Dollar 60 24 59 16 21 1
Chinese Yuan 57 61 66 58 106 106
Japanese Yen 31 28 19 37 41 41
Other Currencies 28 30 31 29 17 13
Total (€ equivalent) 619 423 569 458 322 183
At Sep. 30 At Jun. 30 At Mar. 31 At Dec. 31
(€M) 2017 2017 2017 2016 2015
Gross Debt (1,798) (1,755) (1,870) (1,848) (2,260)
Cash & Cash Equivalents 619 423 569 458 183
Deposits in FCA Cash Management
Pools - - - - 139
(Net Debt)/Net Cash (1,179) (1,332) (1,301) (1,390) (1,938)
Funded Self-Liquidating Financial 694 705 723 737 1,141
Receivables Portfolio
(Net Industrial Debt)/Net Industrial
Cash (485) (627) (578) (653) (797)
Undrawn Committed Credit Lines 500 500 500 500 500
Total Available Liquidity 1,119 923 1,069 958 822
22 Q3 2017 Results November 2nd, 2017
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
our 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 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 earnings per share represents earnings 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.
23 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 €M 9M '17 9M '16
202 172 EBIT 581 439
- -Charges for Takata airbag
inflator recalls- 10
202 172 Adjusted EBIT 581 449
RECONCILIATION OF NON-GAAP MEASURES:
ADJUSTED EBIT
24 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 €M 9M '17 9M '16
141 113 Net profit 401 288
53 48 Income tax expenses 155 126
8 11 Net financial expenses 25 25
64 62 Amortization and depreciation 197 180
266 234 EBITDA 778 619
RECONCILIATION OF NON-GAAP MEASURES: EBITDA
25 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 €M 9M '17 9M '16
266 234 EBITDA 778 619
- -Charges for Takata airbag
inflator recalls- 10
266 234 Adjusted EBITDA 778 629
RECONCILIATION OF NON-GAAP MEASURES:
ADJUSTED EBITDA
26 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 €M 9M '17 9M '16
141 113 Net profit 401 288
- -Charges for Takata airbag
inflator recalls (net of tax effect)- 7
141 113 Adjusted net profit 401 295
RECONCILIATION OF NON-GAAP MEASURES:
ADJUSTED NET PROFIT
27 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 €M (unless otherwise stated) 9M '17 9M '16
140 113 Net profit attributable to owners
of the Company400 288
188,954 188,923 Weighted average number of common
shares (thousand)188,951 188,923
0.74 0.59 Basic EPS (€) 2.11 1.52
189,759 188,923
Weighted average number of common
shares for diluted earnings per common
share (thousand)
189,759 188,923
0.74 0.59 Diluted EPS (€) 2.11 1.52
BASIC AND DILUTED EPS
28 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 € per common share 9M '17 9M '16
0.74 0.59 EPS 2.11 1.52
- -Charges for Takata airbag
inflator recalls (net of tax effect)- 0.04
0.74 0.59 Adjusted EPS 2.11 1.56
RECONCILIATION OF NON-GAAP MEASURES:
ADJUSTED EPS
29 Q3 2017 Results November 2nd, 2017
Q3 '17 Q3 '16 €M 9M '17 9M '16
227 250 Cash flow from operating activities 515 566
(93) (75) Cash flows used in investing activitie s(14) (247) (232)
134 175 Free Cash Flow 268 334
13 3 Change in the self-liquidating financial
receivables portfolio47 17
147 178 Free Cash Flow from Industrial Activities 315 351
RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW
FROM INDUSTRIAL ACTIVITIES
Note: (14) Cash flow used in investing activities for the nine months ended September 30, 2017 excludes proceeds from exercising the Delta Topco option of Euro 8 million
30 Q3 2017 Results November 2nd, 2017
€M September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016
Net Industrial Debt (485) (627) (578) (653)
Funded portion of the self-liquidating
financial receivables portfolio694 705 723 737
Net Debt (1,179) (1,332) (1,301) (1,390)
Cash and cash equivalents 619 423 569 458
Gross Debt (1,798) (1,755) (1,870) (1,848)
RECONCILIATION OF NON-GAAP MEASURES:
NET INDUSTRIAL DEBT