Ferrari Income Statement
2017 YTD is six months
Common size income statement
All figures in € thousand
2017 YTD
2016
2015
2014
2013
Net revenues
1,741,042
3,105,084
2,854,369
2,762,360
855,916
1,579,690
1,498,806
1,505,889
885,126
1,525,394
1,355,563
Selling, general, & administrative costs
164,210
295,242
Research & development costs
334,947
7,063
378,906
Cost of sales
Gross profit
2017
2016
2015
2014
2013
2,335,270
100.00%
100.00%
100.00%
100.00%
100.00%
1,234,643
49.16%
50.87%
52.51%
54.51%
52.87%
1,256,471
1,100,627
50.84%
49.13%
47.49%
45.49%
47.13%
338,626
300,090
259,880
9.43%
9.51%
11.86%
10.86%
11.13%
613,635
561,582
540,833
479,294
19.24%
19.76%
19.67%
19.58%
20.52%
21,435
11,035
26,080
(2,096)
0.41%
0.69%
0.39%
0.94%
-0.09%
595,082
444,320
389,468
363,549
21.76%
19.16%
15.57%
14.10%
15.57%
Operating expenses
Other expenses (surpluses)
EBIT
Financing income (expenses)
(16,813)
(27,729)
(10,151)
8,765
2,851
-0.97%
-0.89%
-0.36%
0.32%
0.12%
EBT
362,093
567,353
434,169
398,233
366,400
20.80%
18.27%
15.21%
14.42%
15.69%
Tax expense
102,110
167,635
144,115
133,218
120,301
5.86%
5.40%
5.05%
4.82%
5.15%
Net income
259,983
399,718
290,054
265,015
246,099
14.93%
12.87%
10.16%
9.59%
10.54%
Revenue by Product/Service Line
Percentage of total revenue per year
2017 YTD is six months
Cars and spare parts
Percentage of total revenue per year
2017 YTD
2016
2015
2014
2013
2017 YTD
2016
2015
2014
2013
1,250,267
2,180,045
2,080,228
1,943,729
1,655,185
71.81%
70.21%
72.88%
70.36%
70.88%
Engines
204,392
337,924
218,657
311,155
187,915
11.74%
10.88%
7.66%
11.26%
8.05%
Sponsorships, commercial & brand
246,260
488,514
441,128
416,673
412,004
14.14%
15.73%
15.45%
15.08%
17.64%
40,123
98,601
114,356
90,803
80,166
2.30%
3.18%
4.01%
3.29%
3.43%
1,741,042
3,105,084
2,854,369
2,762,360
2,335,270
100.00%
100.00%
100.00%
100.00%
100.00%
Other
Total net Revenues
Trend
Unit volume growth percentage
Number of cars sold
Average Revenue per car sold (Euros)
Average NI per car sold (Euros)
8.19%
4.57%
5.64%
4.81%
-5.41%
4,335
8,014
7,664
7,255
6,922
401,624
387,457
372,439
380,753
337,369
59,973
49,877
37,846
36,529
35,553
Revenue by Product/Service Line
Notice that revenue is growing faster than unit volume, meaning price per Ferrari has risen!
Percentage of total revenue per year
2017 YTD is six months
Percentage of total revenue per year
2017 6mos
2016
2015
2014
2013
1,250,267
2,180,045
2,080,228
1,943,729
1,655,185
71.81%
70.21%
72.88%
70.36%
Engines
204,392
337,924
218,657
311,155
187,915
11.74%
10.88%
7.66%
11.26%
8.05%
Sponsorships, commercial & brand
246,260
488,514
441,128
416,673
412,004
14.14%
15.73%
15.45%
15.08%
17.64%
40,123
98,601
114,356
90,803
80,166
2.30%
3.18%
4.01%
3.29%
3.43%
1,741,042
3,105,084
2,854,369
2,762,360
2,335,270
100.00%
100.00%
100.00%
100.00%
100.00%
2014
Trend
2016
2015
2014
Cars and spare parts
Other
Total net Revenues
2017 6mos
2016
2015
2014
2013
70.88%
Ferrari Unit Volume by Global Region
2017 YTD is six months
2017 6mos
2016
UK
9.60%
9.60%
Germany
8.42%
Italy
4.54%
Switzerland
2015
2017 6mos
9.66%
9.72%
769
769
740
705
8.42%
7.76%
8.49%
675
675
595
616
4.54%
3.72%
3.35%
364
364
285
243
4.16%
4.16%
4.44%
4.58%
333
333
340
332
France
3.82%
3.82%
3.58%
3.49%
306
306
274
253
Middle East
5.48%
5.48%
5.95%
7.18%
439
439
456
Other EMEA
9.03%
9.03%
8.62%
8.33%
724
724
661
604
33.53%
33.53%
34.45%
33.94%
2,687
2,687
2,640
2,462
Americas
Greater China
Rest of APAC
Total
521
7.72%
7.72%
7.96%
9.30%
619
619
610
675
13.70%
100.00%
13.70%
100.00%
13.87%
100.00%
11.63%
100.00%
1,098
8,014
1,098
8,014
1,063
7,664
844
7,255
FERRARI UNITS BY GLOBAL REGION
FERRARI HISTORICAL UNITS BY REGION
UK
Rest of APAC
14%
10%
Italy
5%
Germany
8%
Greater China
8%
Switzerland
4%
Germany
Italy
Switzerland
France
Middle East
Other EMEA
Americas
Greater China
Rest of APAC
13.70%
13.70%
13.87%
11.63%
7.72%
7.72%
7.96%
9.30%
33.53%
33.53%
34.45%
33.94%
9.03%
9.03%
8.62%
8.33%
5.48%
3.82%
4.16%
4.54%
5.48%
3.82%
4.16%
4.54%
7.18%
8.42%
8.42%
5.95%
3.58%
4.44%
3.72%
9.60%
9.60%
9.66%
9.72%
2017 6MOS
2016
2015
2014
France
4%
Middle East
5%
Americas
33%
UK
Other EMEA
9%
Definitions
EMEA
Europe, Middle East (UAE, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman, and Kuwait), & Africa
Rest of EMEA
Africa and other European markets not separately identified
Americas
US, Canada, Mexico, the Carribean, and Central and South America
Greater China
China, Hong Kong, and Taiwan
Rest of APAC
Japan, Australia, Singapore, Indonesia, and South Korea
Ferrari Shipments by Car Type & Engine Size
2017 YTD is six months
2017 6mos
2016
2015
2014
2013
2017 6mos
2016
2015
2014
2013
Sports
V8
61.55%
52.67%
46.11%
50.32%
56.34%
3,534
4,221
3,534
3,651
3,944
V12
20.36%
14.37%
15.25%
21.57%
20.01%
1,169
1,152
1,169
1,565
1,401
81.91%
67.05%
61.36%
71.90%
76.36%
4,703
5,373
4,703
5,216
5,345
11.76%
28.04%
34.42%
22.67%
17.41%
675
2,247
2,638
1,645
1,219
Total Sports
GT
V8
V12
Total GT
Total
6.34%
4.92%
4.21%
5.43%
6.23%
364
394
323
394
436
18.09%
32.95%
38.64%
28.10%
23.64%
1,039
2,641
2,961
2,039
1,655
100.00%
100.00%
100.00%
100.00%
100.00%
5,742
8,014
7,664
7,255
7,000
How Efficient is Ferrari?
2017 YTD is six months
2017 6mos
Number of employees
Revenue per employee
Profit per employee
2016
2015
2014
2013
3,321
3,115
2,954
2,843
2,774
1,048,505
996,817
966,273
971,636
841,842
156,569
128,320
98,190
93,217
88,716
231,153
230,643
220,814
195,049
Total salaries & wages
Not reported
Pension and contribution costs
Not reported
Rev per employee is climbing. I annualized 2017
Profit per employee up 45% since 2013!!!
62,893
54,304
58,866
51,158
Total personnel costs
-
294,046
284,947
279,680
246,207
These have grown by about 50 million Euros
Personnel costs per employee
-
94,397
96,461
98,375
88,755
But cost per employee is falling downward.
7.76%
3.49%
4.58%
3.35%
8.49%
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