[PDF] Ferrari NV Annual Report 12312016 - Ferrari Corporate

Best of 2016 Rankings - Potomac River Running

Ukrops Monument Avenue 10K 23114 2 Across the Bay 10K 20892 3 Marine Corps 10K

Annual Report Calendar Year 2016 - Maryland Transportation

Bridge crosses the Chesapeake Bay along US 50/301 Its dual spans provide a direct connection 

Annual Report 2016 - BMW Group

out the financial year 2016, we performed the duties incumbent on the Supervisory Board in accordance with downward trend continued in North America, despite a stronger 

Annual Report 2016 - KPMG International

drive success Annual Review 2016 together to deliver value in member firms around the world KPMG in Malta and St Paul's Bay) range from around €475 per sqm

Glencore Annual Report 2016

zinc across our operations in Australia, South America Kazakhstan, preserving

2016 annual report - H&M

now available in select locations across Europe, Asia, North America, the Middle East

Ferrari NV Annual Report 12312016 - Ferrari Corporate

2016 ANNUAL REPORT The Ferrari museums had over 470,000 visitors in 2016, a record for a America and Asia that are subject to the legal, political, regulatory, 

[PDF] 2016 2nd avenue north birmingham alabama

[PDF] 2016 2nd presidential debate

[PDF] 2016 2nd round draft order

[PDF] 2016 3.5 ecoboost problems

[PDF] 2016 6.2 ford engine specs

[PDF] 2016 6.4 hemi engine ram truck fuel efficiency

[PDF] 2016 6.7 cummins performance

[PDF] 2016 6.7 powerstroke problems

[PDF] 2016 6.7 powerstroke reviews

[PDF] 2016 7 mile bridge run results

[PDF] 2016 7 seat suv comparison

[PDF] 2016 bac cerave invitational psych sheet

[PDF] 2016 bo bunnys new paper line

[PDF] 2016 bordeaux black nissan maxima platinum

[PDF] 2016 bordeaux en primeur

Ferrari N.V.

2016 ANNUAL REPORT

TABLE OF CONTENTS

Page

Board Report

Board of Directors and Auditors

Letter form the Chairman and Chief Executive Officer

Certain Defined Terms and Note on Presentation

Selected Financial and Other Data

Creating Value for Our Shareholders

Risk Factors

Overview

Industry Overview

Overview of Our Business

Operating Results

Subsequent Events and 2017 Outlook

Major Shareholders

Corporate Governance

Sustainability Disclosure

Risks, Risk Management and Control Systems

Remuneration of Directors

Financial Statements

Consolidated Financial Statements and Notes at December 31, 2016

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement of Changes in Equity

Notes to the Consolidated Financial Statements

Company Financial Statements and Notes at December 31, 2016 Income Statement / Statement of Comprehensive Income

Statement of Financial Position

Statement of Cash Flows

Statement of Changes in Equity

Notes to the Company Financial Statements

Other Information

Other Information

Independent Auditor's Report3

4 6 8 10 12 30
32
36
68
92
93
95
113
117
123
127
128
129
130
131
132
133
194
195
196
197
198
199
217
219

3Board of Directors and Auditors

Board of Directors

Chairman and Chief Executive Officer

Sergio Marchionne

Directors

Amedeo Felisa

John Elkann

Piero Ferrari

Delphine Arnault

Louis C. Camilleri

Eddy Cue

Giuseppina Capaldo

Sergio Duca

Lapo Elkann

Adam Keswick

Maria Patrizia Grieco

Elena Zambon

Independent Auditors

Ernst & Young Accountants LLP

4Letter from the Chairman and Chief Executive Officer

Shareholders,

2016 was an unforgettable year for Ferrari, one that began auspiciously on January 4th with Ferrari's listing on the MTA managed

by Borsa Italiana and the completion of the company's spin-off from FCA. The listing ceremony, attended by the former Italian

Prime Minister, who spoke to a packed house of media, captains of industry, Ferrari clients, board members and colleagues,

went beyond a financial event, it was a celebration of a great Italian brand admired by people everywhere.

In 2016 we set the scene for what is destined to be an exciting 2017, one in which Ferrari marks its 70th anniversary. The

celebrations already began at the Paris Motor Show in October with the unveiling of our 70th anniversary celebratory model,

the LaFerrari Aperta, the spider version of the limited-edition special series supercar LaFerrari. We also announced an ambitious

Tailor Made project, one which will see 70 liveries of iconic Ferraris of the past interpreted in a contemporary way on each of

the five range models for a total of 350 special edition liveries. Needless to say, both the LaFerrari Aperta and the liveries were

sold out before they were even made public.

In terms of results, we posted new financial records and earned the approval of the markets. While the stock price saw a decrease

in the first half of the year, it made a well-deserved comeback in the last few months, demonstrating that in the longer term the

market rewards the sound business fundamentals Ferrari has to offer. For those who were skeptical about the Ferrari IPO, fearing

that we might sacrifice the DNA of the brand for short term gains, I think we have shown that it is possible to stand by the

principles of the business while creating shareholder value.

To highlight just a few key figures, we delivered 8,014 cars to the dealership network, a 4.6% increase over the previous year

while net revenues grew 8.8%. Interestingly, our biggest growth came in the EMEA region where shipments increased by 8%,

underlining that even in our most established markets, Ferrari still has underexploited potential. We grew in all other regions

as well, with deliveries in Greater China increasing by 1%, rest of APAC increasing by 3% and the Americas showing a 2%

increase.

Another metric worth pointing out is our adjusted EBITDA, which has already reached €880 million with a margin of 28.3%

(and 30.0% without FX hedges) in line with other luxury peers, proof we are well on our way to reaching the quotesdbs_dbs20.pdfusesText_26