OREANDA-NEWS. Ferrari N.V. (NYSE: RACE) (“Ferrari”) today announces its consolidated net revenues and preliminary results2 for the third quarter and the nine months ended September 30, 2015.

Shipments were 1,949 units in Q3 2015, up 21% from 1,612 for Q3 2014. The performance was driven by a 33% increase in sales of our 8 cylinder models (V8), in particular the 488 GTB, California T and 458 Speciale A, more than offsetting the phase-out of the 458 Italia and 458 Spider. Our shipments of 12 cylinder models (V12) were down 17% as the F12berlinetta is in its 4th year of commercialization. EMEA, Americas and Rest of APAC3 experienced good year-on-year increase, +16%, 30% and 63% respectively. Greater China3 contracted by 24% vs. Q3 2014.

Net revenues for Q3 2015 were Euro 723 million, an increase of Euro 61 million or 9% (+3% at constant currencies) from Euro 662 million for Q3 2014. Higher net revenues in cars and spare parts4 (Euro 75 million, +16%) were partly offset by a decrease in engines5 (Euro 25 million, -33%).

Adjusted EBIT was Euro 140 million, up Euro 36 million (+35%) from Q3 2014 driven by increased volumes mainly due to higher sales of California T and personalization as well as the contribution from the introduction of 488 GTB and 458 Speciale A. The increase was supported also by a slightly positive mix effect due to higher sales of our limited edition supercar LaFerrari and special racing car FXX K, partially offset by the higher proportion of V8 as compared to V12 in Q3 2015 vs. Q3 2014. Foreign exchange contribution was positive Euro 10 million, mainly driven by U.S. dollar and Great Britain pound partially offset by Japanese Yen. Selling, general and administrative costs6 increased by Euro 9 million due to 488 Spider launch, corporate events and focus on directly operated retail stores. Research and development costs and industrial costs increased by Euro 12 million as a result of our development programs primarily related to the power units in our Formula 1 activities.

Income tax expense increased in the three months ended September 30, 2015 as compared to the same period in 2014, as a result of an increase in profit before taxes, primarily driven by the items described above. Our effective tax rate (income tax expense as a percentage of profit before taxes) decreased in the three months ended September 30, 2015 primarily due to deferred tax liabilities on unremitted earnings that we recognized in the three months ended September 30, 2014.

As a result of the items described above, net profit for Q3 2015 was Euro 94 million, up Euro 36 million (+62%).

Free Cash Flow for the three months ended September 30, 2015 was Euro 74 million, primarily driven by an increase in cash from operating activities which included the one-time cash inflow from the sale of investment properties. Net Cash increased from Euro 789 million as of June 30, 2015 to Euro 827 million as of September 30, 2015, primarily driven by Free Cash Flow improvements net of dividends paid to our minority shareholder in China.

2015 Outlook

The Group indicates the following guidance for 2015:

 Shipments: 7.7K including limited edition supercar LaFerrari
 Net revenues: Euro ˜2.8 billion
 Adjusted EBITDA: Euro 725 million – Euro 745 million range
 Net debt: Euro 1,975 million – Euro 2,025 million range (Euro 775 million – Euro 825 million range - net of self-liquidating financial receivables portfolio)

About Ferrari

Ferrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 in 1950 through the present, Scuderia Ferrari has won 224 Grand Prix races, 16 Constructor World titles and 15 Drivers’ World titles, including most recently the Constructor World title in 2008. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.