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"id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjIvZnJhZzozODVhYzUwY2YzNTY0MTM2YjI5ZjM4Mzg2YjQ2NzIxMi90ZXh0cmVnaW9uOjM4NWFjNTBjZjM1NjQxMzZiMjlmMzgzODZiNDY3MjEyXzI3NDk_1eb5cd79-9d9d-45cf-9cba-82cb3ec70cc6": { "value": "Ferrari N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjIvZnJhZzozODVhYzUwY2YzNTY0MTM2YjI5ZjM4Mzg2YjQ2NzIxMi90ZXh0cmVnaW9uOjM4NWFjNTBjZjM1NjQxMzZiMjlmMzgzODZiNDY3MjEyXzI3NTQ_3d67abdb-26c1-4228-9163-db7994c29227": { "value": "
Basis of preparation
Authorization of consolidated financial statements and compliance with International Financial Reporting Standards
These consolidated financial statements of Ferrari N.V. were authorized for issuance by the Board of Directors on
February 24, 2023.
The consolidated financial statements have been prepared in accordance with the International Financial Reporting
Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d), as well as IFRS as adopted by the
European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as
issued by the IASB and IFRS as adopted by the European Union. The designation IFRS also includes International
Accounting Standards (\u201cIAS\u201d) as well as the interpretations of the International Financial Reporting Interpretations
Committee (\u201cIFRIC\u201d and \u201cSIC\u201d).
The consolidated financial statements are prepared on a going concern basis and applying the historical cost method,
modified as required by IFRS for the measurement of certain financial instruments, which are generally measured at fair
value.
The Group\u2019s presentation currency is the Euro, which is also the functional currency of the Company, and unless
otherwise stated amounts are presented in thousands of Euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjIvZnJhZzozODVhYzUwY2YzNTY0MTM2YjI5ZjM4Mzg2YjQ2NzIxMi90ZXh0cmVnaW9uOjM4NWFjNTBjZjM1NjQxMzZiMjlmMzgzODZiNDY3MjEyXzI3NTU_b79c3cd0-e56c-48da-9b3b-ecc6b7731019": { "value": "
Basis of preparation
Authorization of consolidated financial statements and compliance with International Financial Reporting Standards
These consolidated financial statements of Ferrari N.V. were authorized for issuance by the Board of Directors on
February 24, 2023.
The consolidated financial statements have been prepared in accordance with the International Financial Reporting
Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d), as well as IFRS as adopted by the
European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as
issued by the IASB and IFRS as adopted by the European Union. The designation IFRS also includes International
Accounting Standards (\u201cIAS\u201d) as well as the interpretations of the International Financial Reporting Interpretations
Committee (\u201cIFRIC\u201d and \u201cSIC\u201d).
The consolidated financial statements are prepared on a going concern basis and applying the historical cost method,
modified as required by IFRS for the measurement of certain financial instruments, which are generally measured at fair
value.
The Group\u2019s presentation currency is the Euro, which is also the functional currency of the Company, and unless
otherwise stated amounts are presented in thousands of Euro.
2. SIGNIFICANT ACCOUNTING POLICIES
Format of the financial statements
The consolidated financial statements include the consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated
statement of changes in equity and the accompanying notes (referred to collectively as the \u201cConsolidated Financial
Statements\u201d).
For presentation of the consolidated income statement, the Group uses a classification based on the function of
expenses, as it is more representative of the format used for internal reporting and management purposes and is consistent
with international practice.
In the consolidated income statement, the Group presents a subtotal for Earnings Before Interest and Taxes (EBIT).
EBIT distinguishes between the profit before taxes arising from operating items and those arising from financing activities.
EBIT is one of the primary measures used by the Board of Directors (the Group\u2019s \u201cChief Operating Decision Maker\u201d as
defined in IFRS 8 \u2014 Operating Segments) to assess performance and allocate resources.
For presentation of the consolidated statement of financial position, a mixed format has been selected to present
current and non-current assets and liabilities, as permitted by IAS 1 paragraph 60. More specifically, the Consolidated
Financial Statements include both industrial and financial services activities. Receivables from financing activities are
included in current assets as the investments will be realized in their normal operating cycle. The funding for financial
services activities is primarily obtained through securitization programs and funding from certain of the Group\u2019s operating
companies. This financial service structure within the Group does not allow the separation of financial liabilities funding the
financial services operations (whose assets are reported within current assets) and those funding the industrial operations.
Presentation of financial liabilities as current or non-current based on their date of maturity would not facilitate a meaningful
comparison with financial assets, which are categorized on the basis of their normal operating cycle. Disclosure as to the due
date of the various components of debt is provided in Note 24.
The consolidated statement of cash flows is presented using the indirect method.
New standards and amendments effective from January\u00a01, 2022
The following new standards and amendments effective from January 1, 2022 were adopted by the Group for the
preparation of these Consolidated Financial Statements.
In May 2020 the IASB issued amendments to IFRS 3 \u2014 Business combinations to update a reference in IFRS 3 to
the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
There was no effect from the adoption of these amendments.
In May 2020 the IASB issued amendments to IAS 16 \u2014 Property, Plant and Equipment. The amendments prohibit
a company from deducting from the cost of property, plant and equipment amounts received from selling items produced
while the company is preparing the asset for its intended use. Instead, a company should recognize such sales proceeds and
the related cost in the income statement. There was no effect from the adoption of these amendments.
In May 2020 the IASB issued amendments to IAS 37 \u2014 Provisions, Contingent Liabilities and Contingent Assets,
which specify which costs a company includes when assessing whether a contract will be loss-making. There was no effect
from the adoption of these amendments.
In May 2020 the IASB issued Annual Improvements to IFRSs 2018 - 2020 Cycle. The improvements have amended
four standards: i) IFRS 1 \u2014 First-time Adoption of International Financial Reporting Standards in relation to allowing a
subsidiary to measure cumulative translation differences using amounts reported by its parent, ii) IFRS 9 \u2014 Financial
Instruments in relation to which fees an entity includes when applying the \u201810 percent\u2019 test for derecognition of financial
liabilities, iii) IAS 41 \u2014 Agriculture in relation to the exclusion of taxation cash flows when measuring the fair value of a
biological asset, and iv) IFRS 16 \u2014 Leases in relation to an illustrative example of reimbursement for leasehold
improvements. There was no effect from the adoption of these amendments.
New standards, amendments and interpretations not yet effective
The standards, amendments and interpretations issued by the International Accounting Standards Board (\u201cIASB\u201d)
that will have mandatory application in 2023 or subsequent years are listed below:
In May 2017 the IASB issued IFRS 17 \u2014 Insurance Contracts, which establishes principles for the recognition,
measurement, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts
held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amendments to
IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their financial
performance. The new standard and amendments are effective on or after January 1, 2023. The Group does not expect any
material impact from the adoption of these amendments.
In January 2020 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in
particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to
equity. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact from the
adoption of these amendments.
In February 2021 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting policies which require companies to disclose their material accounting policy
information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality
to accounting policy disclosures. These amendments are effective on or after January 1, 2023. The Group does not expect any
material impact from the adoption of these amendments.
In February 2021 the IASB issued amendments to IAS 8 \u2014 Accounting Policies, Changes in Accounting Estimates
and Errors: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting
policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. The Group does
not expect any material impact from the adoption of these amendments.
In May 2021 the IASB issued amendments to IAS 12 \u2014 Income Taxes: Deferred Tax related to Assets and
Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as
leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. The Group does not
expect any material impact from the adoption of these amendments.
In December 2021 the IASB issued an amendments to IFRS 17 \u2014 Insurance Contracts: Initial Application of IFRS
17 and IFRS 9 - Comparative Information, which provides a transition option relating to comparative information about
financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary
accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of
comparative information for users of financial statements. The amendment is effective on or after January 1, 2023. The
Group does not expect any material impact from the adoption of this amendment.
In September 2022 the IASB issued amendments to IFRS 16 \u2014 Leases: Liability in a Sale and Leaseback to
improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale
and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right
of use it retains. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact
from the adoption of these amendments.
In October 2022 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements: Non-current
Liabilities with Covenants, that clarify how conditions with which an entity must comply within twelve months after the
reporting period affect the classification of a liability. These amendments are effective on or after January 1, 2024. The Group
does not expect any material impact from the adoption of these amendments.
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to
use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line by line
basis from the date on which the Group achieves control. The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Group recognizes any non-controlling interests (\u201cNCI\u201d) in the acquiree on an acquisition-by-acquisition basis,
either at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets.
Net profit or loss and each component of other comprehensive income/(loss) are attributed to the owners of the parent and to
the non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to owners of the parent and to
the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
All significant intra-group balances and transactions and any unrealized gains and losses arising from intra-group
transactions are eliminated in preparing the Consolidated Financial Statements.
Subsidiaries are deconsolidated from the date when control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts,
derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the fair value of any
consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value.
In 2016 the Group sold a majority stake in Ferrari Financial Services GmbH. From such date, the Group\u2019s remaining
interest has been remeasured at fair value and accounted for using the equity method.
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing control.
When the Group undertakes its activities under joint operations, it recognizes in relation to its interest in the joint
operation: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities
incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation, (iv)\u00a0its share of the
revenue from the sale of the output by the joint operation, and (v)\u00a0its expenses, including its share of any expenses incurred
jointly.
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign
currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on
reporting monetary items at rates different from those at which they were initially recorded during the period or in previous
financial statements are recognized in the consolidated income statement.
Consolidation of foreign entities
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates at the date of the consolidated statement of financial position. Income and expenses are
translated into Euro at the average foreign currency exchange rate for the period. Translation differences resulting from the
application of this method are classified as currency translation differences within other comprehensive income/(loss) until
the disposal of the investment. Average foreign currency exchange rates for the period are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
Goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional currency
other than the Euro are recognized in the Consolidated Financial Statements in the functional currency and translated at the
foreign currency exchange rate at the acquisition date. These balances are translated at subsequent balance sheet dates at the
relevant foreign currency exchange rate.
The principal foreign currency exchange rates used to translate other currencies into Euro were as follows:
2022
2021
2020
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.0530
1.0666
1.1827
1.1326
1.1422
1.2271
Pound Sterling
0.8528
0.8869
0.8596
0.8403
0.8897
0.8990
Swiss Franc
1.0047
0.9847
1.0811
1.0331
1.0705
1.0802
Japanese Yen
138.0274
140.6600
129.8767
130.3800
121.8458
126.4900
Chinese Yuan
7.0788
7.3582
7.6282
7.1947
7.8747
8.0225
Australian Dollar
1.5167
1.5693
1.5749
1.5615
1.6549
1.5896
Canadian Dollar
1.3695
1.4440
1.4826
1.4393
1.5300
1.5633
Singapore Dollar
1.4512
1.4300
1.5891
1.5279
1.5742
1.6218
Hong Kong Dollar
8.2451
8.3163
9.1932
8.8333
8.8587
9.5142
Intangible assets
Goodwill
Goodwill is not amortized, but is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses.
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, both of the following conditions under IAS 38 \u2014 Intangible Assets are met: that development costs can
be measured reliably and that the technical feasibility of the product, volumes and pricing support the view that the
development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect
costs that may be directly attributed to the development process. All other research and development costs are expensed as
incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
Patents, concessions and licenses
Separately acquired patents, concessions and licenses are initially recognized at cost. Patents, concessions and
licenses acquired in a business combination are initially recognized at fair value. Patents, concessions and licenses are
amortized on a straight-line basis over their useful economic lives, which is generally between three and five years.
Other intangible assets
Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with
IAS 38 \u2014 Intangible Assets, where it is probable that the use of the asset will generate future economic benefits for the Group
and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment
losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and
restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits
embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the
carrying amount of the parts that are replaced is recognized as a loss in the period of replacement in the consolidated income
statement.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u2018component approach\u2019.
Leases
With the adoption of IFRS 16, the Group recognizes a right-of-use asset and a corresponding lease liability at the
date at which the leased asset is available for use. Each lease payment is allocated between the principal liability and finance
costs. Finance costs are charged to the income statement over the lease period using the effective interest rate method. The
right-of-use asset is depreciated on a straight-line basis over the lease term.
Right-of-use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease
liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial
direct costs and, if applicable, (iv) restoration costs. Payments associated with short-term leases and leases of low-value
assets are recognized as an expense in the income statement on a straight-line basis.
Lease liabilities are measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease
payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under
residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that
option. Lease liabilities do not include any non-lease components that may be included in the related contracts.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Some lease contracts contain variable payment terms that are linked to sales generated from Ferrari stores. Variable
lease payments that depend on sales are recognized in the income statement in the period in which the condition that triggers
those payments occurs.
Extension and termination options are included in a number of leases related to Ferrari stores, warehouses and
machinery and equipment of the Group. In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated).
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use.
All other borrowing costs are expensed in net financial expenses if related to the Group\u2019s industrial activities or cost
of sales if related to the Group\u2019s financial services activities in the consolidated income statement, as incurred.
Impairment of assets
The Group continuously monitors its operations to assess whether there is any indication that its intangible assets
(including development costs) and its property, plant and equipment may be impaired. Goodwill is tested for impairment
annually or more frequently, if there is an indication that an asset may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, which
is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual
asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A
CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are
discounted to their present value using a discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying
amount.
Where an impairment loss for assets other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not in excess of the
carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss
is recognized in the consolidated income statement immediately.
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (which primarily includes bonds, notes, asset-backed financing (securitizations) and
borrowings from banks), trade payables and other financial liabilities, which mainly include derivative financial instruments.
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date). As permitted by IFRS 9, equity investments for which there is no
quoted market price in an active market and there is insufficient financial information in order to determine fair value may be
measured at cost as an estimate of fair value.
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value. Assessments
are made regularly as to whether there is any objective evidence that a financial asset or group of financial assets may be
impaired and, if any such evidence exists, an impairment loss is recognized within financial expenses. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments,
the Group applies the standard simplified approach to estimate the lifetime expected credit losses and considers its historical
credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic
environment, which may be different for the Group\u2019s trade receivables compared to receivables from financing activities. If
any such evidence exists, an impairment loss is recognized within financial expenses.
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Financial assets and trade receivable are written off when the counterparty fails to make contractual payments and
there is no reasonable expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or
receivables from financing activities have been written off, the Company may continue to engage in enforcement actions to
attempt to recover the receivables.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of a financial receivables portfolio to a special purpose vehicle, which in turn finances the
purchase of such financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal
and interest depends on the cash flows generated by the related financial receivables. The receivables sold as part of
securitization programs are consolidated until collection from the customer as they do not meet the requirements for
derecognition in accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the financial assets when, and only when, the contractual rights and risks to the cash flows arising from the
related financial assets are no longer held or the Group has transferred the financial assets. In the case of a transfer of
financial assets, if the Group transfers substantially all the risks and rewards of ownership of the financial assets, it
derecognizes such assets and separately recognizes as assets or liabilities any rights and obligations created or retained in the
transfer. On derecognition of financial assets, the difference between the carrying amount of the assets and the consideration
received or receivable for the transfer of the assets is recognized within cost of sales in the consolidated income statement.
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
Inventories
Inventories of raw materials, semi-finished products and finished goods are stated at the lower of cost and net
realizable value, cost being determined on a first-in first-out (FIFO) basis. The measurement of inventories includes the direct
costs of materials, labor and indirect costs (variable and fixed). Purchase costs include ancillary costs. Prototypes are
recognized at their estimated realizable value, if lower than production cost. Provision is made for obsolete and slow-moving
raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net
realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs for sale and distribution.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. The
present value of the defined benefit obligation is measured using actuarial techniques and actuarial assumptions that are
unbiased and mutually compatible and attributes benefits to periods in which the obligation to provide post-employment
benefits arise by using the Projected Unit Credit Method.
The components of the defined benefit cost are recognized as follows:
\u2022the service costs are recognized in the consolidated income statement by function and presented in the relevant
line items (cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022the net interest on the defined benefit liability is recognized in the consolidated income statement as net
financial income /(expenses), and is determined by multiplying the net liability/(asset) by the discount rate used
to discount obligations taking into account the effect of contributions and benefit payments made during the
year; and
\u2022the remeasurement components of the net obligations, which comprise actuarial gains and losses and any
change in the effect of the asset ceiling are recognized immediately in other comprehensive income/(loss).
These remeasurement components are not reclassified in the consolidated income statement in a subsequent
period.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for their
service during the current and prior periods. Remeasurement components on other long-term employee benefits are
recognized in the consolidated income statement in the period in which they arise.
Share-based compensation
The Group has implemented equity incentive plans that provide for the granting of share-based compensation to the
Chairman, the Chief Executive Officer, all other members of the Ferrari Leadership Team and other key employees of the
Group. The Group also provides share-based compensation as part of commercial agreements with certain suppliers. The
share-based compensation arrangements are accounted for in accordance with IFRS 2 \u2014 Share-based Payment, which
requires the Company to recognize share-based compensation expense based on fair value of awards granted. Compensation
expense for the equity-settled awards containing market performance conditions is measured at the grant date fair value of the
award using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected
volatility of the Company\u2019s common stock, the dividend yield, interest rates and a correlation coefficient between the
common stock and the relevant market index. The fair value of the awards which are conditional only on a recipient\u2019s
continued service to the Company is measured using the share price at the grant date adjusted for the present value of future
distributions which employees will not receive during the vesting period.
Share-based compensation expense relating to the equity incentive plans is recognized over the service period within
selling, general and administrative costs or cost of sales in the consolidated income statement depending on the function of
the employee, with an offsetting increase to equity. Share-based compensation expense relating to commercial agreements
with certain suppliers is recognized over the period in which the supplier\u2019s services are received and classified within the
consolidated income statement depending on the function of the supplier\u2019s services, with an offsetting increase to equity.
Provisions
Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made.
Warranty and recall campaigns provision
All cars are sold with warranty coverage. The warranty coverage generally applies to defects that may become
apparent within a certain period from the purchase of the car.
The warranty provision is recognized at the time of the sale of the car, based on the present value of management\u2019s
estimate of the expected cost to fulfill the obligations over the contractual warranty period. Estimates are principally based on
the Group\u2019s historical claims or costs experience and the cost of parts and services to be incurred in the activities. The costs
related to these provisions are recognized within cost of sales at the time when they are probable and reasonably estimable.
See \u201c\u2014Use of estimates\u201d below for further details.
Deferred income
Deferred income relates to amounts received by the Group under various agreements, which are reliant on the future
performance of a service or other act of the Group. Deferred income is recognized as net revenues when the Group has
fulfilled its obligations under the terms of the various agreements.
Range models (models belonging to the Ferrari product portfolio, excluding Special Series, Icona, limited edition
supercars and one-off models) are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance program are not recognized as income immediately, but are deferred over the maintenance program term. The
amount of the deferred income related to this program is based on the estimated fair value of the service to be provided.
Advances
Advances relate to amounts received from or billed to customers in advance of having delivered the related cars or
provided the related services.
Revenue recognition
Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at
the transaction price which is based on the amount of consideration that the Group expects to receive in exchange for
transferring the promised goods or services to the customer and excludes any sales incentives as well as taxes collected from
customers that are remitted to government authorities. The transaction price will include estimates of variable consideration
to the extent it is probable that a significant reversal of revenue recognized will not occur. The Group enters into contracts
that may include both products and services, which are generally capable of being distinct and accounted for as separate
performance obligations.
The Group generates revenue from the sale of cars, spare parts and engines as well as from sponsorship, commercial
and brand activities. The Group accounts for a contract with a customer when there is a legally enforceable contract between
the Group and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability
of the contract consideration is probable. Payments from customers are typically due within 30 and 40 days of invoicing.
The Group does not recognize any assets associated with the incremental costs of obtaining a contract with a
customer that are expected to be recovered. The majority of revenue is recognized at a point-in-time or over a period of one
year or less, and the Group applies the practical expedient to recognize the incremental costs of obtaining a contract as an
expense when incurred if the amortization period of the asset that would otherwise be recognized is one year or less.
Cars, spare parts and engines
The sales of cars, spare parts and engines have multiple performance obligations that include products, services, or a
combination of products and services as contracts may include maintenance programs and extended warranties that are
separately priced or not separately priced. Contracts may also include variable consideration for discounts such as sales
incentives and performance based bonuses and product returns. The Group offers incentives to its third-party dealers, which
are designed to promote the sale of cars and parts, as well as a variety of other performance indicators, which may be
qualitative or quantitative, such as quality service, customer satisfaction and preservation of the Ferrari brand, among others.
The cost of incentives is estimated at the inception of a contract at the expected amount that will ultimately be paid and is
recognized as a reduction to revenue generally at the time of the sale or when the dealer is expected to achieve the required
performance if in relation to other performance indicators different from sales. Revenues recognized are limited to the
amount of consideration the Group expects to receive. The Group allocates the transaction price to the performance
obligations based on the stand alone selling prices (SSP) for each obligation. When the SSP does not exist, the Group
estimates the SSP based on the adjusted market approach.
Revenues for the sale of cars, spare parts and engines are recognized at a point in time when control of the cars,
spare parts or engines is transferred to the customer based on shipping terms, which generally corresponds to the date when
the cars, spare parts and engines are released to the carrier responsible for transportation to dealers or Maserati. Revenues
relating to the maintenance program are recognized over time based on the input method of measuring progress towards
complete satisfaction of the related performance obligation, calculated as a proportion of overall revenues expected during
the maintenance period equal to the ratio of costs incurred in the reporting period compared to the overall costs to be incurred
during the maintenance period. Revenues relating to the extended warranties are recognized on a straight-line basis over the
extended warranty period. Revenues from the supply of engines and related services to other Formula 1 racing teams are
recognized over time on a time and materials basis when the services are provided.
Management has exercised judgment in determining performance obligations, variable consideration, allocation of
transaction price and the timing of revenue recognition.
Sponsorship, commercial and brand activities
Revenues from sponsorship agreements are generally recognized ratably over the contract term as the customer
benefits from the service throughout the service period. For sponsorship agreements that contain variable consideration based
on performance of the racing team, the related revenues are estimated and recognized over the relevant period to the extent
that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur, which
is typically when it is considered highly probable that the related conditions associated with the variable consideration will be
achieved.
Revenues from commercial activities primarily relate to the revenues from participating in the Formula 1 World
Championship. The revenues attributable to each racing team are governed by a specific agreement and depend upon, among
other factors, the prior year ranking of each of the racing teams. Revenues of the commercial activities are recognized ratably
over the contract term.
Revenues from brand licensing agreements where the customer has a right to access the Group\u2019s brands or the
contract includes minimum guaranteed payments are recognized on a straight-line basis over the contract term. Licensing
revenues in excess of the minimum guaranteed payments are recognized when the related conditions are satisfied. Revenues
from sales-based licensing agreements are recognized when the sales occur.
Management has exercised judgment in determining variable consideration.
Other revenues
Interest income generated by our financial service activities from the provision of client and dealer financing is
reported within revenues using the effective interest rate method and not within net financial income/expenses.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of cars and parts, including the
engines rented to other Formula 1 racing teams, of which, cost of materials, components and labor costs are the most
significant portion. The remaining costs principally include depreciation, amortization, insurance and transportation costs.
Cost of sales also includes warranty and product-related costs, which are estimated and recorded at the time of sale of the car.
Expenses which are directly attributable to the financial services companies, including the interest expenses related
to their financing as a whole and provisions for risks and write-downs of assets, are also reported in cost of sales.
Other expenses and other income
Other expenses consist of miscellaneous costs which cannot be allocated to specific functional areas, such as indirect
taxes, accruals for provisions not attributable to cost of sales or selling, general and administrative costs, and other
miscellaneous expenses, including marketing expenses incurred on behalf of our third-party dealers.
Other income consists of miscellaneous income that is not directly attributable to the sale of goods or services,\u00a0such
as\u00a0gains on the disposal of property plant and equipment, the release of certain provisions originally recognized as other
expenses, rental income and other miscellaneous income.
Taxes
Income taxes include all taxes based upon the taxable profits of the Group. Current and deferred taxes are
recognized as income or expense and are included in the consolidated income statement for the period, except tax arising
from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in other comprehensive income/
(loss) or directly in equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted using the full liability method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. Any
remeasurements to deferred tax assets and liabilities as a result of changes in substantially enacted tax rates are recognized in
the income statement.
The recoverability of deferred tax assets is dependent on the Group\u2019s ability to generate sufficient future taxable
income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward
can be utilized. In making this assessment, the Group considers future taxable income arising on the most recent budgets and
plans, prepared by using the same criteria described for testing the impairment of assets and goodwill, moreover, it estimates
the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these
assets could be recovered. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that
sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The
carrying amount of deferred tax assets is reviewed at each reporting date.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this temporary
difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Italian Regional Income Tax (\u201cIRAP\u201d) is recognized within income tax expense. IRAP is calculated on a measure of
income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and
expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments.
IRAP is applied on the tax base at 3.9 percent for the years ended December 31, 2022, 2021 and 2020.
Tax uncertainties are accounted for in accordance with IFRIC 23.
Other taxes not based on income, such as property taxes and capital taxes, are included in other expenses, net.
Dividends
Dividends payable by the Group are reported as a change in equity in the period in which they are approved by
shareholders or the Board of Directors as applicable under local rules and regulations.
Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand Euro
unless otherwise stated.
Segment reporting
The Group has determined that it has one operating and one reportable segment based on the information reviewed
by the Board of Directors (the Group\u2019s \u201cChief Operating Decision Maker\u201d as defined in IFRS 8 \u2014 Operating Segments) in
making decisions regarding the allocation of resources and to assess performance.
Use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which require the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and
liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on
elements that are known when the financial statements are prepared, on historical experience and on any other factors that are
considered to be relevant.
Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject
to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require
adjustment accordingly. The effects of any changes in estimate are recognized in the consolidated income statement in the
period in which the adjustment is made, or prospectively in future periods.
The items requiring estimates for which there is a risk that a material difference may arise in respect of the carrying
amounts of assets and liabilities in the future are discussed below.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment and intangible assets. Intangible
assets with definite useful lives mainly consist of capitalized development costs.
The Group periodically reviews the carrying amount of non-current assets with definite useful lives when events and
circumstances indicate that an asset may be impaired. Impairment tests are performed by comparing the carrying amount and
the recoverable amount of the cash-generating unit (\u201cCGU\u201d). The recoverable amount is the higher of the CGU\u2019s fair value
less costs of disposal and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the CGU.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for non-current assets with definite useful lives.
Maintenance programs and extended warranties
The Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term
based on the input method of measuring progress towards complete satisfaction of the related performance obligation,
calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in
the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred
income related to this program is based on the estimated fair value of the service to be provided. The Group also offers
various extended warranty programs to customers that provide additional coverage beyond the warranty period required by
applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-
line basis over the extended warranty period. Management has exercised judgment in determining performance obligations,
variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its maintenance
programs and extended warranties.
Product warranty liabilities
The Group establishes reserves for product warranties at the time the sale is recognized. The Group issues various
types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or
term, which is generally defined by the legislation in the country where the car is sold. The reserve for product warranties
includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy
coverage. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty
costs of each car line and each model year of that car line, as well as historical claims experience for the Group\u2019s cars. In
addition, the number and magnitude of additional service actions expected to be approved, and policies related to additional
service actions, are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes
in the assumptions used could materially affect the results of operations.
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. The estimated
future costs of these actions are based primarily on historical claims experience for the Group\u2019s cars and the cost of parts and
services to be incurred in the specified activities, and are recognized at the time when they are probable and reasonably
estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties, including the
number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these service and recall
actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period
of time. The estimate of warranty and additional service obligations is periodically reviewed during the year.
In addition, the Group makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict, and have the potential to vary significantly in amount.
Costs associated with these provisions are recorded in the consolidated income statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
Share-based compensation
The Group accounts for share-based compensation relating to its equity incentive plans and commercial agreements
with certain suppliers in accordance with IFRS 2 \u2014\u00a0Share-based Payment,\u00a0which requires the recognition of share-based
compensation expense based on the fair value of the awards granted. Share-based compensation for equity-settled awards
containing market performance conditions is measured at the grant date of the awards using a Monte Carlo simulation model,
which requires the input of subjective assumptions, including the expected volatility of our common stock, the dividend yield,
interest rates and the correlation coefficient between our common stock and the relevant market index. The probability that
the Group will achieve a certain level of Total Shareholder Return performance compared to the defined peer group (\u201cPeer
Group\u201d) is also considered. As a result, at the grant date management is required to make key assumptions and estimates
regarding conditions that will occur in the future, which inherently involves uncertainty. Therefore, the amount of share-
based compensation recognized has been affected by the significant assumptions and estimates used.
Litigation and contingent liabilities
Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of
topics, including car safety, emissions and fuel economy, early warning reporting, dealer, supplier and other contractual
relationships, intellectual property rights and product warranty matters. Some of these proceedings allege defects in specific
component parts or systems (including airbags, seatbelts, brakes, transmissions, engines and fuel systems) in various car
models or allege general design defects relating to car handling and stability, sudden unintended movement or
crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some
cases could include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could
require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
An accrual is established in connection with pending or threatened litigation if a loss is probable and a reliable estimate can
be made. Since these accruals represent estimates, it is reasonably possible that the resolution of some of these matters could
require the Group to make payments in excess of the amounts accrued. It is also reasonably possible that the resolution of
some of the matters for which accruals could not be made may require the Group to make payments in an amount or range of
amounts that could not be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a
future transaction or event occurring is more than remote but less than probable.
The Group makes provisions in connection with pending or threatened disputes or legal proceedings when it is
considered probable that there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
Statements. The Group is the subject of legal and tax proceedings covering a wide range of matters in various jurisdictions.
Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
disputes with any certainty. Moreover, the cases and claims against the Group often derive from complex legal issues which
are subject to a differing degree of uncertainty, including the facts and circumstances of each particular case and the manner
in which applicable law is likely to be interpreted and applied to such fact and circumstances, and the jurisdiction and the
different laws involved. The Group monitors the status of pending legal proceedings and consults with experts on legal and
tax matters on a regular basis. It is therefore possible that the provisions for the Group\u2019s legal proceedings and litigation may
vary as the result of future developments in pending matters.
Although the final resolution of any such matters could have a material effect on the Group\u2019s operating results for
the particular reporting period in which an adjustment of the estimated reserve is recorded, it is believed that any resulting
adjustment would not materially affect the consolidated financial position of the Group.
Current and deferred taxes
The calculation of current and deferred income taxes, including various tax benefits, exemptions or credits (such as
patent box tax benefits, asset revaluations and research and development credits), involves the interpretation of applicable tax
laws and regulations that could be subject to changes or application directives from tax authorities. As a result, the calculation
of current and deferred taxes, including those related to uncertain tax positions, may require complex management estimates
and judgments that are periodically reviewed for any changes in facts and circumstances or changes in tax regulations and
interpretations. Such judgments are primarily related to the recoverability of deferred long-term tax assets, which involves the
assessment of the ability to generate sufficient future taxable profit over the period in which the deductible temporary
differences or unused tax losses are expected to be utilized, as well as to the calculation of certain tax benefits and liabilities.
Climate-related matters
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather
occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat
waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
and international climate change policies and regulations.
The global automotive industry in particular is currently experiencing significant developments due to an increased
focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency,
electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car
market in which the Group operates.
As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations
and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of
goodwill, capitalized development costs and\u00a0 property, plant and equipment.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2022 and December 31, 2021. As required
by IFRS, an annual impairment test was performed for goodwill and the recoverable amount of goodwill was significantly
higher than its carrying amount for the years ended December 31, 2022, 2021 and 2020. Furthermore, the exclusivity of the
Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions. For additional information
relating to the goodwill test performed, including the estimates, judgments and assumptions applied by management, see \u201c\u2013
Use of estimates\u2013Recoverability of goodwill\u201d and Note 13 \u201cGoodwill\u201d.
Non-current assets with definite useful lives
The Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to
development costs, and property, plant and equipment. At December 31, 2022 and December 31, 2021, the Group\u2019s
intangible assets amounted to \u20ac1,307,388 thousand and \u20ac1,138,173 thousand, respectively (of which \u20ac1,264,467 thousand
and \u20ac1,107,141 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac1,457,825 thousand and \u20ac1,353,165 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs of \u20ac416,368 thousand and \u20ac363,139 thousand
for the years ended December 31, 2022 and 2021, respectively. These costs were capitalized in accordance with IAS 38 -
Intangible Assets as: (i) they can be measured reliably and (ii) the technical feasibility of the product, estimated volumes and
expected pricing all support the view that the development expenditure will generate future economic benefits, based
primarily on information in the Group\u2019s business plans. For the years ended December 31, 2022, 2021 and 2020, no
impairment indicators were identified, including as a result of climate-related matters, and the Group did not recognize any
impairment charges for non-current assets with definite useful lives. For additional information see \u201c\u2013Use of estimates\u2013
Recoverability of non-current assets with definite useful lives\u201d.
Provisions
The Group sells its cars around the world and is subject to a variety of laws and regulations relating to the
environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must
comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that
regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small
vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of
benefits, from less stringent emissions caps and compliance
date extensions, to exemptions from zero emission vehicle production requirements. The Group recognized provisions for
environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the
Group\u2019s related obligations. For additional information see Note 23 \u201cProvisions\u201d.
For information relating to the ESG target performance indicator linked to the environment introduced under the
Group\u2019s Equity Incentive Plan 2022-2024, see Note 21 \u201cShare-Based Compensation\u201d.
3. SCOPE OF CONSOLIDATION
Ferrari N.V. is the parent company of the Group and it holds, directly and indirectly, interests in the Group\u2019s main
operating companies. The Group\u2019s scope of consolidation at December 31, 2022 and 2021 was as follows:
At December 31, 2022
At December 31, 2021
Name
Country
Nature of
business
Shares held
by the
Group
Shares held
by NCI
Shares held
by the
Group
Shares held
by NCI
Directly held interests
Ferrari S.p.A.
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
New Business 33 S.p.A. (1)
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
Indirectly held through Ferrari S.p.A.
Ferrari North America Inc.
USA
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Japan KK
Japan
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Australasia Pty Limited
Australia
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari International Cars Trading (Shanghai) Co. L.t.d.
China
Importer and
distributor
80%
20%
80%
20%
Ferrari (HK) Limited
Hong Kong
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Far East Pte Limited
Singapore
Service company
100%
\u2014%
100%
\u2014%
Ferrari Management Consulting (Shanghai) Co. L.t.d.
China
Service company
100%
\u2014%
100%
\u2014%
Ferrari South West Europe S.a.r.l.
France
Service company
100%
\u2014%
100%
\u2014%
Ferrari Central Europe GmbH
Germany
Service company
100%
\u2014%
100%
\u2014%
G.S.A. S.A. in liquidation
Switzerland
Service company
100%
\u2014%
100%
\u2014%
Mugello Circuit S.p.A.
Italy
Racetrack
management
100%
\u2014%
100%
\u2014%
Ferrari Financial Services, Inc.
USA
Financial
services
100%
\u2014%
100%
\u2014%
Indirectly held through other Group entities
Ferrari Auto Securitization Transaction LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Lease, LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Select, LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Financial Services Titling Trust (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
410 Park Display, Inc. (3)
USA
Retail
100%
\u2014%
100%
\u2014%
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net profit attributable to non-controlling interests
6,680
2,369
1,063
The non-controlling interests in FICTS are not considered to be significant to the Group for the periods presented in
these Consolidated Financial Statements.
Restrictions
The Group may be subject to restrictions which limit its ability to use cash in relation to its interest in FICTS. In
particular, cash held in China is subject to certain repatriation restrictions and may only be repatriated as a repayment of
payables or debt, or through a payment of dividends or capital distributions. The Group does not believe that such transfer
restrictions have any adverse impacts on its ability to meet liquidity requirements. Cash held in China at December\u00a031, 2022
amounted to \u20ac96,726 thousand (\u20ac89,611 thousand at December\u00a031, 2021).
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is principally applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742 thousand at December\u00a031, 2021).
4. NET REVENUES
Net revenues are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Cars and spare parts
4,341,482
3,573,119
2,835,170
Sponsorship, commercial and brand
478,499
430,579
390,002
Engines
155,342
189,432
150,655
Other
119,931
77,764
83,963
Total net revenues
5,095,254
4,270,894
3,459,790
Other net revenues primarily relate to financial services activities, management of the Mugello racetrack and other
sports-related activities.
Interest and other financial income from financial services activities included within net revenues in 2022, 2021 and
2020 amounted to \u20ac69,389 thousand, \u20ac55,043 thousand and \u20ac65,878 thousand, respectively.
5. COST OF SALES
Cost of sales in 2022, 2021 and 2020 amounted to \u20ac2,648,953 thousand, \u20ac2,080,613 thousand and \u20ac1,686,324
thousand, respectively, consisting mainly of the cost of materials, components and labor related to the manufacturing and
distribution of cars and spare parts and, to a lesser extent, engines sold to Maserati and engines rented to other Formula 1
racing teams. The remaining costs mainly include depreciation, insurance and transportation costs, as well as warranty and
product-related costs, which are estimated and recorded at the time of shipment.
Interest and other financial expenses from financial services activities included within cost of sales in 2022, 2021
and 2020 amounted to \u20ac27,145 thousand, \u20ac16,639 thousand and \u20ac36,628 thousand, respectively.
6. SELLING, GENERAL AND ADMINISTRATIVE COSTS
Selling costs in 2022, 2021 and 2020 amounted to \u20ac226,988 thousand, \u20ac168,466 thousand and \u20ac171,900 thousand,
respectively, consisting mainly of costs for sales personnel, marketing and events, and retail stores. Costs for marketing and
events primarily relate to corporate events, trade shows and media and client events for the launch of new models, lifestyle
events, including the use of digital solutions, as well as sponsorship and indirect marketing costs incurred through the
Formula 1 racing team, Scuderia Ferrari.
General and administrative costs in 2022, 2021 and 2020 amounted to \u20ac200,986 thousand, \u20ac179,558 thousand and
\u20ac164,226 thousand, respectively, consisting mainly of administrative and other general expenses, including for personnel,
that are not directly attributable to manufacturing, sales or research and development activities.
7. RESEARCH AND DEVELOPMENT COSTS
Research and development costs are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Research and development costs expensed during the year
517,842
573,632
526,831
Amortization of capitalized development costs
257,730
194,472
180,554
Total research and development costs
775,572
768,104
707,385
Research and development costs expensed during the period primarily relate to development activities to support the
innovation of our product portfolio and components, in particular, in relation to electric and other new technologies, as well
as research and development activities for Formula 1 racing. Amortization of capitalized development costs have increased in
recent years as a result of our strategy to update and broaden our product range and significantly increase our efforts relating
to innovation and advanced technologies, including hybrid and electric.
Research and development costs for the year ended December 31, 2021 and, to a lesser extent, for the year
December\u00a031, 2022 are recognized net of technology-related government incentives.
8. OTHER EXPENSES/(INCOME), NET
Other expenses, net are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Other expenses
33,994
13,666
25,067
Other income
(12,446)
(8,105)
(6,592)
Other expenses, net
21,548
5,561
18,475
Other expenses primarily include indirect taxes, provisions and other miscellaneous expenses. Other income
primarily includes rental income, gains on the disposal of property plant and equipment and other miscellaneous income.
Other expenses, net in 2021 include releases of provisions relating to legal disputes following developments favorable to
Ferrari.
9. NET FINANCIAL EXPENSES
The following table sets out details of financial income and expenses, including the amounts reported in the
consolidated income statement within the net financial expenses line item, as well as interest income from financial services
activities, recognized under net revenues, and interest expenses and other financial charges from financial services activities,
recognized under cost of sales.
For the years ended December 31,
2022
2021
2020
Financial income:
(\u20ac thousand)
Interest income from bank deposits
2,414
399
610
Other interest income and financial income
2,166
4,741
517
Interest income and other financial income
4,580
5,140
1,127
Finance income from financial services activities
69,389
55,043
65,878
Total financial income
73,969
60,183
67,005
Total financial income relating to:
Industrial activities (A)
4,580
5,140
1,127
Financial services activities (reported in net revenues)
69,389
55,043
65,878
Financial expenses:
Capitalized borrowing costs
1,914
1,874
2,591
Other interest and financial expenses
(2,778)
(3,315)
(3,258)
Interest expenses and other financial expenses
(864)
(1,441)
(667)
Interest expenses from banks and other financial institutions
(25,503)
(11,310)
(14,330)
Interest and other finance costs on bonds and notes
(23,679)
(22,947)
(20,116)
Write-downs of financial receivables
(594)
(1,467)
(9,502)
Other financial expenses
(2,008)
(5,991)
(14,580)
Total financial expenses
(52,648)
(43,156)
(59,195)
Net expenses from derivative financial instruments and foreign currency
exchange rate differences
(28,693)
(11,880)
(27,652)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences
(81,341)
(55,036)
(86,847)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences relating to:
Industrial activities (B)
(54,196)
(38,397)
(50,219)
Financial services activities (reported in cost of sales)\u00a0
(27,145)
(16,639)
(36,628)
Net financial expenses relating to industrial activities (A+B)
(49,616)
(33,257)
(49,092)
10. INCOME TAXES
Income tax expense is as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Current tax expense
269,924
218,540
120,115
Deferred tax benefit
(30,178)
(12,001)
(62,474)
Taxes relating to prior years
(1,274)
2,556
514
Total income tax expense
238,472
209,095
58,155
The Italian Group\u2019s entities participate in a group Italian tax consolidation under Ferrari N.V.
Income tax expense amounted to \u20ac238,472\u00a0thousand, \u20ac209,095\u00a0thousand and \u20ac58,155 thousand for the years ended
December 31, 2022, 2021 and 2020, respectively.
Income taxes for the years ended December 31, 2022, 2021 and 2020 benefited from the application of the Patent
Box tax regime, which provides tax benefits for companies that generate income through the use of intangible assets. Starting
in 2020 the Group has applied the Patent Box tax regime for the period from 2020 to 2024, in line with the tax regulations
applicable in Italy, and determined the income eligible for the Patent Box regime with recognition of the Patent Box tax
benefit in three equal annual installments.
The Law Decree (Decree) n. 146 enacted by the Italian authorities, effective from October 22, 2021 and as amended
by the 2022 Italian budget law, replaces the previous Patent Box tax regime with a new one that provides a 110% \u201csuper tax
deduction\u201d for certain costs related to eligible intangible assets. The Decree provides for a specific transitional procedure
between the two regimes.
In the fourth quarter of 2020, Ferrari benefited from the measures introduced in Italy by art. 110 of the Law Decree
n. 104/2020, converted in the Law n. 126/2020, enacting \u201cUrgent measures to support and relaunch the economy\u201d, which
reopened the voluntary step up of tangible and intangible assets, with the application of a substitute tax at a rate of 3 percent.
In particular, Ferrari S.p.A. benefited from the one-time partial step-up of its trademark for tax purposes. The deferred tax
asset will be utilized over a 50-year period (following the introduction of the 2022 Italian budget law (Law 234/2021) which
provides for an extension from 18 years to 50 years of the amortization period for tax purposes for any trademarks and
goodwill that benefited from the step-up regime) and the substitute tax will be paid in three equal annual installments starting
in 2021.
The table below provides a reconciliation between actual income tax expense and the theoretical income tax
expense, calculated on the basis of the applicable corporate tax rate in effect in Italy, which was 24.0 percent for each of the
years ended December 31, 2022, 2021 and 2020.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Theoretical income tax expense
282,664
250,136
160,088
Tax effect on:
Permanent and other differences
(85,736)
(79,267)
(129,016)
Italian Regional Income Tax (IRAP)
39,446
32,422
22,662
Effect of changes in tax rates and tax regulations
553
633
800
Differences between foreign tax rates and the theoretical Italian tax rate and
tax holidays
1,945
2,077
1,734
Taxes relating to prior years
(1,274)
2,556
514
Withholding tax on earnings
875
539
1,373
Income tax expense
238,472
209,095
58,155
Effective tax rate
20.2%
20.1%
8.7%
The effective tax rate was 20.2 percent, 20.1 percent and 8.7 percent for the years ended December 31, 2022, 2021
and 2020, respectively. The increase in the effective tax rate from 8.7 percent in 2020 to 20.1 percent in 2021 was primarily
attributable to the tax benefits from the measures introduced in Italy by art. 110 of the Law Decree No. 104/2020, converted
in the Law n. 126/2020, enacting \u201cUrgent measures to support and relaunch the economy\u201d, which allowed Ferrari a one-time
partial step-up of its trademark for tax purposes resulting in a net tax benefit of \u20ac74,700\u00a0thousand in 2020 (as further
described above) and to a lesser extent, the effects of deductions for eligible research and development costs. The net benefit
from the step up is included within \u201cpermanent and other differences\u201d for 2020 in the tax rate reconciliation above. The
Patent Box benefit relating to 2022, 2021 and 2020 is included within \u201cpermanent and other differences\u201d in the tax rate
reconciliation above.
The Italian Regional Income Tax (\u201cIRAP\u201d) is only applicable to Italian entities and is calculated on a measure of
income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and
expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments.
IRAP is calculated using financial information prepared under Italian accounting standards. IRAP is applied on the tax base
at 3.9 percent for each of the years ended December 31, 2022, 2021 and 2020.
The analysis of deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Deferred tax assets:
To be recovered after 12 months
107,252
94,808
To be recovered within 12 months
96,130
73,949
203,382
168,757
Deferred tax liabilities:
To be realized after 12 months
(86,160)
(78,496)
To be realized within 12 months
(40,347)
(17,477)
(126,507)
(95,973)
Net deferred tax assets/(liabilities)
76,875
72,784
At December 31,
2020
Recognized\u00a0in
consolidated
income statement
Charged
to equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2021
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
90,663
12,712
\u2014
606
103,981
Deferred income
52,241
(606)
\u2014
\u2014
51,635
Employee benefits
2,931
\u2014
110
\u2014
3,041
Foreign currency exchange rate
differences
516
95
\u2014
(1)
610
Cash flow hedge reserve
\u2014
\u2014
8,455
\u2014
8,455
Inventory obsolescence
61,726
7,131
\u2014
250
69,107
Allowances for doubtful accounts
5,643
(474)
\u2014
9
5,178
Depreciation
17,551
7
\u2014
(3)
17,555
Trademark step-up
83,700
837
\u2014
\u2014
84,537
Patent box
27,902
37,791
\u2014
\u2014
65,693
Other
6,027
3,927
\u2014
4,374
14,328
Total deferred tax assets
348,900
61,420
8,565
5,235
424,120
Deferred tax liabilities arising on:
Depreciation
(7,550)
1,217
\u2014
(448)
(6,781)
Capitalization of development
costs
(264,087)
(47,349)
\u2014
(2)
(311,438)
Employee benefits
(844)
(209)
\u2014
\u2014
(1,053)
Foreign currency exchange rate
differences
(559)
33
\u2014
\u2014
(526)
Cash flow hedge reserve
(9,505)
\u2014
9,505
\u2014
\u2014
Tax on undistributed earnings
(15,861)
(1,543)
\u2014
\u2014
(17,404)
Other
(11,747)
(1,568)
\u2014
(819)
(14,134)
Total deferred tax liabilities
(310,153)
(49,419)
9,505
(1,269)
(351,336)
Total net deferred tax assets/
(liabilities)\u00a0
38,747
12,001
18,070
3,966
72,784
The decision to recognize deferred tax assets is made for each company in the Group by assessing whether the
conditions exist for the future recoverability of such assets by taking into account the basis of the most recent forecasts from
budgets and business plans.
Deferred taxes on the undistributed earnings of subsidiaries have not been recognized, except in cases where it is
probable the distribution will occur in the foreseeable future. At December 31, 2022, the aggregate amount of temporary
differences related to remaining distributable earnings of the Group\u2019s subsidiaries where deferred tax liabilities have not been
recognized amounted to \u20ac268,923\u00a0thousand (\u20ac186,806\u00a0thousand at December 31, 2021).
11. OTHER INFORMATION BY NATURE
Personnel costs in 2022, 2021 and 2020 amounted to \u20ac527,316 thousand, \u20ac483,747 thousand and \u20ac389,927
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2022, 2021 and 2020 the Group had an average number of employees of 4,691, 4,571 and 4,428, respectively.
Depreciation amounted to \u20ac259,849 thousand, \u20ac230,097 thousand and \u20ac217,952\u00a0thousand for the years ended
December 31, 2022, 2021 and 2020, respectively, and amortization amounted to \u20ac286,376 thousand, \u20ac225,892 thousand and
\u20ac208,685\u00a0thousand for the years ended December 31, 2022, 2021 and 2020, respectively.
12. EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of Ferrari by the weighted
average number of common shares issued and outstanding during the period.
The following table provides the amounts used in the calculation of basic earnings per share for the years ended
December 31, 2022, 2021 and 2020:
For the years ended December 31,
2022
2021
2020
Profit attributable to owners of the Company
\u20ac thousand
932,614
830,767
607,817
Weighted average number of common shares for basic earnings
per common share
thousand\u00a0
182,836
184,446
184,806
Basic earnings per common share\u00a0
\u20ac
5.11
4.50
3.29
Diluted earnings per share
For the years ended December 31, 2022, 2021 and 2020, the weighted average number of shares for diluted earnings
per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued
for the Group\u2019s equity incentive plans (assuming 100 percent of the target awards vested). See Note 21 \u201cShare-Based
Compensation\u201d for additional details related to the Group\u2019s equity incentive plans.
The following table provides the amounts used in the calculation of diluted earnings per share for the years ended
December 31, 2022, 2021 and 2020:
For the years ended December 31,
2022
2021
2020
Profit attributable to owners of the Company
\u20ac thousand
932,614
830,767
607,817
Weighted average number of common shares for diluted earnings
per common share
thousand\u00a0
183,072
184,722
185,379
Diluted earnings per common share
\u20ac
5.09
4.50
3.28
13. GOODWILL
At December\u00a031, 2022 and 2021 goodwill amounted to \u20ac785,182 thousand.
In accordance with IAS 36, goodwill is not amortized and is tested for impairment annually, or more frequently if
facts or circumstances indicate that the asset may be impaired. Impairment testing is performed by comparing the carrying
amount and the recoverable amount of the CGU. The recoverable amount of the CGU is the higher of its fair value less costs
of disposal and its value in use.
The assumptions used in this process represent management\u2019s best estimate for the period under consideration. The
estimate of the value in use of the CGU for purposes of performing the annual impairment test was based on the following
assumptions:
\u2022The expected future cash flows covering the period from 2023 through 2026 have been derived from the Ferrari
business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected capital
expenditure. These cash flows relate to the CGU in its condition when preparing the financial statements and
exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes
and sales mix used for estimating the future cash flows are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends for the CGU
over the period considered.
\u2022The expected future cash flows include a normalized terminal period used to estimate the future results beyond
the time period explicitly considered, which were calculated by using the specific medium/long-term growth
rate for the sector equal to 2.0 percent in 2022 (2.0 percent in 2021 and 2020).
\u2022The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 8.10 percent in 2022 (6.84 percent in 2021
and 6.83 percent in 2020). The WACC used reflects the current market assessment of the time value of money
for the period being considered and the risks specific to the CGU under consideration. The increase in the
WACC in 2022 compared to 2021 is primarily the result of central banks raising interest rates in several regions
where the Group operates, which has increased the risk free rate.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions.
14. INTANGIBLE ASSETS
Externally
acquired
development
costs
Development
costs
internally
generated
Patents,
concessions
and\u00a0licenses
Other
intangible
assets
Total
(\u20ac thousand)
Gross carrying amount at
January 1, 2021
1,803,993
760,333
237,597
50,276
2,852,199
Additions
261,457
101,682
17,151
4,537
384,827
Reclassifications
\u2014
\u2014
3,200
(3,200)
\u2014
Translation differences and other
movements
\u2014
\u2014
(59)
7
(52)
Balance at December 31, 2021
2,065,450
862,015
257,889
51,620
3,236,974
Additions
270,329
146,039
30,566
9,960
456,894
Divestitures
(962)
(350)
\u2014
\u2014
(1,312)
Reclassifications
\u2014
\u2014
2,924
(2,924)
\u2014
Translation differences and other
movements
\u2014
\u2014
\u2014
9
9
Balance at December 31, 2022
2,334,817
1,007,704
291,379
58,665
3,692,565
Accumulated amortization at
January 1, 2021
1,173,914
451,938
202,347
44,710
1,872,909
Amortization
146,664
47,808
29,495
1,925
225,892
Balance at December 31, 2021
1,320,578
499,746
231,842
46,635
2,098,801
Amortization
189,546
68,184
27,153
1,493
286,376
Balance at December 31, 2022
1,510,124
567,930
258,995
48,128
2,385,177
Carrying amount at:
January 1, 2021
630,079
308,395
35,250
5,566
979,290
December 31, 2021
744,872
362,269
26,047
4,985
1,138,173
December 31, 2022
824,693
439,774
32,384
10,537
1,307,388
Additions primarily relate to industrial tools needed for the production of cars and investments in car production
lines (including those for models to be launched in future years), personalization programs and engine assembly lines, as well
as investments for the ongoing construction of the new e-building (primarily in 2022), which will be used for the production
of battery electric vehicles (BEVs) and related batteries, and tracts of land adjacent to the facilities in Maranello as part of the
Group\u2019s expansion plans (primarily in 2021).
The following table summarizes the changes in the carrying amount of right-of-use assets for the year ended
December 31, 2022 and 2021:
Industrial\u00a0
buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac thousand)
Balance at January 1, 2021
25,574
5,041
29,127
59,742
Additions
3,987
1,409
7,745
13,141
Disposals
(2,780)
\u2014
(473)
(3,253)
Depreciation
(5,753)
(1,348)
(8,247)
(15,348)
Translation differences and other movements
585
(1,618)
509
(524)
Balance at January 1, 2022
21,613
3,484
28,661
53,758
Additions
4,854
510
13,485
18,849
Disposals
(1,495)
(6)
(93)
(1,594)
Depreciation
(5,933)
(1,223)
(9,677)
(16,833)
Translation differences and other movements
(67)
(9)
44
(32)
Balance at December 31, 2022
18,972
2,756
32,420
54,148
Amounts recognized in the income statement in relation to leases for the year ended December 31, 2022 and 2021
were as follows:
For the year ended December 31,
2022
2021
(\u20ac thousand)
Depreciation of right-of-use assets
16,833
15,348
Interest expense on lease liabilities
1,219
868
Variable lease payments not included in the measurement of lease liabilities
822
1,622
Expenses relating to short-term leases and leases of low-value assets
3,227
3,671
Total expenses recognized
22,101
21,509
For the year ended December\u00a031, 2022 depreciation of right-of-use assets amounted to \u20ac16,833 thousand and
interest expense on lease liabilities amounted to \u20ac1,219 thousand (\u20ac15,348 thousand and \u20ac868 thousand, respectively, for the
year ended December 31, 2021).
At December\u00a031, 2022, the Group had contractual commitments for the purchase of property, plant and equipment
amounting to \u20ac200,949 thousand (\u20ac73,681 thousand at December\u00a031, 2021). The increase in contractual commitments for the
purchase of property, plant and equipment at December 31, 2022 compared to December 31, 2020 is primarily related to
planned investments for the ongoing construction of the new e-building.
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Investments accounted for using the equity method
49,087
42,927
Other securities and financial assets
10,447
11,582
Total investments and other financial assets
59,534
54,509
Investments accounted for using the equity method
Changes in the carrying amount of investments accounted for using the equity method during the period were as
follows:
(\u20ac thousand)
Balance at January 1, 2021
34,663
Additions
1,285
Proportionate share of net profit for the year ended December 31, 2021
6,896
Proportionate share of remeasurement of defined benefit plans
83
Balance at December 31, 2021
42,927
Proportionate share of net profit for the year ended December 31, 2022
6,175
Proportionate share of remeasurement of defined benefit plans
(15)
Balance at December 31, 2022
49,087
The increase in inventories is mainly due to higher car volumes and the start of production of new models.
The amount of inventory write-downs recognized as an expense within cost of sales during 2022 was
\u20ac18,021\u00a0thousand (\u20ac9,392\u00a0thousand in 2021 and \u20ac21,155\u00a0thousand in 2020).
Changes in the provision for slow moving and obsolete inventories were as follows:
2022
2021
(\u20ac thousand)
At January 1,
102,098
96,707
Provision
18,021
9,392
Use and other changes
(9,156)
(4,001)
At December 31,
110,963
102,098
Trade receivables
The following table sets forth a breakdown of trade receivables by nature:
At December 31,
2022
2021
(\u20ac thousand)
Trade receivables due from:
Dealers
85,696
58,446
Sponsorship and commercial activities
42,981
29,666
Brand activities
24,213
23,902
Stellantis Group companies
19,184
23,737
Other
60,340
49,249
Total
232,414
185,000
Trade receivables due from dealers relate to receivables for the sale of cars across the dealer network and are
generally settled within 30 to 40 days from the date of invoice. The increase in trade receivables is mainly driven by higher
volumes of cars produced during the period.
Trade receivables due from Stellantis Group companies mainly relate to the sale of engines and car bodies to
Maserati S.p.A., which is controlled by the Stellantis Group. For additional information, see Note 28 \u201cRelated Party
Transactions\u201d.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship. Trade receivables due from brand activities relate to amounts receivable for licensing and
merchandising activities. The Group is not exposed to significant concentration of third party credit risk.
The following table sets forth a breakdown of trade receivables by currency:
At December 31,
2022
2021
(\u20ac thousand)
Trade receivables denominated in:
Euro
95,894
78,286
U.S. Dollar
108,369
84,590
Pound Sterling
8,178
3,908
Chinese Yuan
3,203
2,478
Japanese Yen
6,832
11,348
Other currencies
9,938
4,390
Total
232,414
185,000
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables during the year were as follows:
2022
2021
(\u20ac thousand)
At January 1,
25,984
28,312
Additional provisions
3,844
2,094
Utilizations
(1,579)
(1,835)
Releases
(2,522)
(2,741)
Other changes
73
154
At December 31,
25,800
25,984
Receivables from financing activities
Receivables from financing activities are as follows:
At December 31,
2022
2021
(\u20ac thousand)
Client financing
1,390,956
1,132,979
Dealer financing
9,041
10,989
Total receivables from financing activities
1,399,997
1,143,968
Receivables from financing activities relate to the financial services portfolio in the United States and are generally
secured on the title of cars or other guarantees.
Receivables from financing activities are shown net of an allowance for doubtful accounts determined on the basis
of insolvency risks, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within cost of sales in the consolidated
income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities during the year are as
follows:
2022
2021
(\u20ac thousand)
At January 1,
11,204
13,195
Additional provisions
3,064
2,737
Utilizations
(2,587)
(4,507)
Releases
(2,470)
(1,270)
Other changes
739
1,049
At December 31,
9,950
11,204
Client financing
Client financing relates to financing provided by the Group to Ferrari clients to finance their car acquisitions. During
2022 the average contractual duration at inception of such contracts was approximately 67 months (66 months in 2021) and
the weighted average interest rate was approximately 6.3 percent (approximately 5.2 percent in 2021). Receivables for client
financing are generally secured on the titles of the related cars or other personal guarantees.
Client financing relates entirely to financial services activities in the United States and is denominated in U.S.
Dollars.
Dealer financing
In 2022, the Group discontinued dealer financing with the exception of one existing long-term loan bearing a rate of
interest based on LIBOR plus a variable spread based on dealer\u2019s performance.
Other current assets
Other current assets are detailed as follows:
At December 31,
2022
2021
(\u20ac thousand)
Italian and foreign VAT credits
79,858
61,278
Prepayments
42,908
36,084
Other
30,417
24,862
Total other current assets
153,183
122,224
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2022, the Group had provided guarantees through third parties amounting to \u20ac224,630 thousand
(\u20ac226,878 thousand at December\u00a031, 2021), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation and (iii) customs authorities for duties on import
and export activities.
The analysis of receivables and other current assets by due date (excluding prepayments) is as follows:
At December 31, 2022
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
186,757
\u2014
\u2014
45,657
232,414
Receivables from financing activities
208,407
1,060,819
67,992
62,779
1,399,997
Client financing
207,186
1,052,999
67,992
62,779
1,390,956
Dealer financing
1,221
7,821
\u2014
\u2014
9,041
Current tax receivables
16,054
\u2014
\u2014
\u2014
16,054
Other current assets (excluding prepayments)
110,276
\u2014
\u2014
\u2014
110,276
Total
521,494
1,060,819
67,992
108,436
1,758,741
At December 31, 2021
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
137,694
70
\u2014
47,237
185,000
Receivables from financing activities
197,207
820,363
73,665
52,733
1,143,968
Client financing
196,018
810,563
73,665
52,733
1,132,979
Dealer financing
1,189
9,800
\u2014
\u2014
10,989
Current tax receivables
14,306
\u2014
\u2014
\u2014
14,306
Other current assets (excluding prepayments)
84,417
998
155
570
86,140
Total
433,624
821,431
73,820
100,540
1,429,414
Overdue amounts represent receivables and other current assets where payments are past their due date.
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
At December 31,
2022
2021
(\u20ac thousand)
Financial derivatives
80,233
11,565
Other financial assets
7,068
1,935
Current financial assets
87,301
13,500
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
The following table sets forth a breakdown of derivative assets and liabilities at December\u00a031, 2022 and 2021.
At December 31,
2022
2021
Positive\u00a0fair
value \u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedges:
Foreign currency derivatives
41,270
(16,976)
4,437
(34,973)
Commodities
5
(772)
182
(1,162)
Interest rate caps
36,771
\u2014
6,053
\u2014
Total cash flow hedges
78,046
(17,748)
10,672
(36,135)
Other foreign currency derivatives
2,187
(2,245)
893
(385)
Total
80,233
(19,993)
11,565
(36,520)
Foreign currency derivatives that do not meet the requirements to be recognized as cash flow hedges are presented
as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain
securitization agreements.
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based
on their fair value and notional amounts:
At December 31, 2022
At December 31, 2021
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
49,466
2,385,494
(17,588)
1,773,022
Pound Sterling
2,811
121,881
(2,343)
154,353
Japanese Yen
2,711
275,700
116
282,482
Swiss Franc
(991)
108,459
(2,754)
76,953
Chinese Yuan
2,702
176,062
(1,125)
91,248
Other(1)
3,541
131,319
(1,261)
108,822
Total amount
60,240
3,198,915
(24,955)
2,486,880
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2022 and 2021, substantially all derivative financial instruments had a maturity of twelve months
or less.
Cash flow hedges
The effects recognized in the consolidated income statement mainly relate to currency risk management and in
particular the exposure to fluctuations in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. Derivatives relating to foreign currency risk management are treated as cash flow hedges
where the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
The Group reclassified gains and losses, net of the related tax effects, from other comprehensive income/(loss) to the
consolidated income statement as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net revenues/(costs)
(75,749)
7,275
19,557
Income tax (expense)/benefit
21,134
(2,030)
(5,456)
Total recognized in the consolidated income statement
(54,615)
5,245
14,101
The ineffectiveness of cash flow hedges was not material for the years 2022, 2021 and 2020.
20. EQUITY
Share capital
At December\u00a031, 2022 and 2021 the fully paid up share capital of the Company was \u20ac2,573 thousand, consisting of
193,923,499 common shares and 63,349,112 special voting shares, all with a nominal value of \u20ac0.01. At December\u00a031, 2022,
the Company had 11,970,001 common shares and 5,199 special voting shares held in treasury, while at December\u00a031, 2021,
the Company had 10,080,103 common shares and 4,190 special voting shares. Shares in treasury include shares repurchased
under the Group\u2019s share repurchase program, which are recorded based on the transaction trade date. The increase in common
shares held in treasury primarily reflects the repurchase of shares by the Company through its share repurchase programs,
partially offset by shares assigned under the Group\u2019s equity incentive plans. At December\u00a031, 2022 and 2021 the Company
held in treasury 4.65 percent and 3.92 percent of the total issued share capital of the Company, respectively.(1)
______________________________________
(1)The percentage of shares held in treasury compared to total issued share capital remains substantially the same if calculated considering only common
shares held in treasury or if calculated considering common shares and special voting shares held in treasury.
The following table summarizes the changes in the number of outstanding common shares and outstanding special
voting shares of the Company for the years ended December 31, 2022 and 2021:
Common Shares
Special Voting
Shares
Total
Outstanding shares at December 31, 2020
184,747,890
63,346,922
248,094,812
Common shares repurchased under share repurchase program(1)
(1,167,592)
\u2014
(1,167,592)
Common shares assigned under equity incentive plans(2)
263,098
\u2014
263,098
Other changes(3)
\u2014
(2,000)
(2,000)
Outstanding shares at December 31, 2021
183,843,396
63,344,922
247,188,318
Common shares repurchased under share repurchase program(4)
(1,966,816)
\u2014
(1,966,816)
Common shares assigned under equity incentive plans(5)
76,918
\u2014
76,918
Other changes(3)
\u2014
(1,009)
(1,009)
Outstanding shares at December 31, 2022
181,953,498
63,343,913
245,297,411
_______________________________________.
(1)Includes shares repurchased under the share repurchase program between January 1, 2021 and December 31, 2021 based on the transaction trade
date, for a total consideration of \u20ac231,024\u00a0thousand, including transaction costs.
(2)On March 16, 2021, 356,571 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a
result of the vesting of certain performance share unit and retention restricted share unit awards. On March 17, 2021, the Company purchased 93,473
common shares, for a total consideration of \u20ac15,432\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in an over-the-counter transaction. See Note 21 \u201cShare-Based Compensation\u201d for
additional details relating to the Group\u2019s equity incentive plans.
(3)Relates to the deregistration of certain special voting shares under the Company\u2019s special voting shares term and conditions.
(4)Includes shares repurchased under the share repurchase program between January 1, 2022 and December 31, 2022 based on the transaction trade
date, for a total consideration of \u20ac384,869\u00a0thousand, including transaction costs.
(5)On March 16, 2022, 122,125 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a
result of the vesting of certain performance share unit and retention restricted share unit awards. On the same day, the Company purchased 56,517
common shares, for a total consideration of \u20ac10,365\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (\u201cSell to Cover\u201d) in a cross transaction. On May 25, 2022, 6,643 common shares, which were
previously held in treasury, were assigned to certain employees. On the same day, the Company purchased 3,185 common shares, for a total
consideration of \u20ac562\u00a0thousand, from a group of those employees who were assigned shares in order to cover the individual\u2019s taxable income as is
standard practice (\u201cSell to Cover\u201d) in a cross transaction. On December 2, 2022, 11,218 common shares, which were previously held in treasury,
were assigned to participants of the equity incentive plans. On the same day, the Company purchased, 3,366 common shares, for a total consideration
of \u20ac726\u00a0thousand, from a group of those employees who were assigned shares in order to cover the individual\u2019s taxable income as is standard practice
(\u201cSell to Cover\u201d) in a cross transaction. See Note 21 \u201cShare-Based Compensation\u201d for additional details relating to the Group\u2019s equity incentive
plans.
The loyalty voting structure
The purpose of the loyalty voting structure is to reward ownership of the Company\u2019s common shares and to promote
stability of the Company\u2019s shareholder base by granting long-term shareholders of the Company with special voting shares.
Following the separation of Ferrari from the Stellantis Group (previously referred to as Fiat Chrysler Automobiles N.V. or
FCA prior to the merger between FCA and Peugeot S.A. completed on January 16, 2021, which resulted in the creation of
Stellantis N.V.) in 2016, Exor N.V. (\u201cExor\u201d) and Piero Ferrari participate in the Company\u2019s loyalty voting program and,
therefore, effectively hold two votes for each of the common shares they hold. Investors who purchase common shares may
elect to participate in the loyalty voting program by registering their common shares in the loyalty share register and holding
them for three years. The loyalty voting program will be affected by means of the issue of special voting shares to eligible
holders of common shares. Each special voting share entitles the holder to exercise one vote at the Company\u2019s shareholder
meetings. Only a minimal dividend accrues to the special voting shares allocated to a separate special dividend reserve, and
the special voting shares do not carry any entitlement to any other reserve of the Group. The special voting shares have only
immaterial economic entitlements and, as a result, do not impact the Company\u2019s earnings per share calculation.
Retained earnings and other reserves
Retained earnings and other reserves includes:
\u2022a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2022 (\u20ac5,768,544 thousand at December\u00a031,
2021).
\u2022a legal reserve of 19 at December\u00a031, 2022 and \u20ac93 thousand at December\u00a031, 2021, determined in accordance
with Dutch law.
\u2022a treasury reserve of \u20ac1,244,045 thousand at December\u00a031, 2022 and \u20ac847,525 thousand at December\u00a031, 2021.
\u2022a share-based compensation reserve of \u20ac28,574 thousand at December\u00a031, 2022 and \u20ac28,379 thousand at
December\u00a031, 2021.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 13, 2022, a dividend distribution of \u20ac1.362 per outstanding common share was approved, corresponding to a total
distribution of \u20ac249,522\u00a0thousand, which was fully paid in 2022). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 15, 2021, a dividend distribution of \u20ac0.867 per common share was approved, corresponding to a total distribution of
\u20ac160,272\u00a0thousand (of which \u20ac160,101\u00a0thousand was paid in 2021). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2020, a dividend distribution of \u20ac1.13 per common share was approved, corresponding to a total distribution of
\u20ac208,765\u00a0thousand (of which \u20ac208,100\u00a0thousand was paid in 2020). The distribution was made from the retained earnings
reserve.
Other comprehensive income/(loss)
The following table presents other comprehensive income/(loss):
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Items that will not be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on remeasurement of defined benefit plans (1)
1,605
(463)
34
Total items that will not be reclassified to the consolidated income statement in subsequent
periods
1,605
(463)
34
Items that may be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on cash flow hedging instruments arising during the period
17,149
(56,855)
59,666
Losses/(Gains) on cash flow hedging instruments reclassified to the consolidated income
statement
75,749
(7,275)
(19,557)
Gains/(Losses) on cash flow hedging instruments
92,898
(64,130)
40,109
Exchange differences on translating foreign operations
9,798
14,229
(11,731)
Total items that may be reclassified to the consolidated income statement in subsequent periods
102,696
(49,901)
28,378
Total other comprehensive income/(loss)
104,301
(50,364)
28,412
Related tax impact
(25,002)
18,070
(11,290)
Total other comprehensive income/(loss), net of tax
79,299
(32,294)
17,122
__________________________
(1)Includes a loss of \u20ac15\u00a0thousand, a gain of \u20ac83\u00a0thousand and a loss of \u20ac4\u00a0thousand for the years ended December 31, 2022, 2021 and 2020,
respectively, related to the Group\u2019s proportionate share of the remeasurement of defined benefit plans of FFS GmbH, for which the Group holds a 49.9
percent interest.
Gains and losses on the remeasurement of defined benefit plans include actuarial gains and losses arising during the
period and are offset against the related net defined benefit liabilities.
The tax effects relating to other comprehensive income/(loss) are summarized in the following table:
For the years ended December 31,
2022
2021
2020
Pre-tax
balance
Related
tax
impact
Net
balance
Pre-tax
balance
Related
tax
impact
Net
balance
Pre-tax
balance
Related
tax
impact
Net
balance
(\u20ac thousand)
Gains/(Losses) on
remeasurement of defined
benefit plans
1,605
(376)
1,229
(463)
110
(353)
34
1
35
Gains/(Losses) on cash flow
hedging instruments
92,898
(24,626)
68,272
(64,130)
17,960
(46,170)
40,109
(11,291)
28,818
Exchange (losses)/gains on
translating foreign operations
9,798
\u2014
9,798
14,229
\u2014
14,229
(11,731)
\u2014
(11,731)
Total other comprehensive
(loss)/income
104,301
(25,002)
79,299
(50,364)
18,070
(32,294)
28,412
(11,290)
17,122
Transactions with non-controlling interests
With the exception of dividends paid to non-controlling interests, there were no transactions with non-controlling
interests for the years ended December\u00a031, 2022, 2021 or 2020.
Policies and processes for managing capital
The Group\u2019s objectives when managing capital are to create value for shareholders as a whole, safeguard business
continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory
economic return for its shareholders and guarantee economic access to external sources of funds.
21. SHARE-BASED COMPENSATION
The Group has several equity incentive plans under which a combination of performance share units (\u201cPSUs\u201d) and
retention restricted share units (\u201cRSUs\u201d), which each represent the right to receive one Ferrari common share, have been
awarded to the Executive Chairman, the Chief Executive Officer (\u201cCEO\u201d), members of the Ferrari Leadership Team
(hereinafter also the \u201cFLT\u201d) and other key employees of the Group.
Equity Incentive Plan 2019-2021
In the first quarter of 2022, 68,013 2019-2021 PSU awards vested (representing 100 percent of the target PSU
awards) as a result of the achievement of the related performance conditions and 54,112 2019-2021 RSU awards vested upon
achievement of the related service conditions. As a result, 122,125 common shares, which were previously held in treasury,
were assigned to participants of the plan in the first quarter of 2022. There are no further awards outstanding for the Equity
Incentive Plan 2019-2021.
Equity Incentive Plan 2020-2022
Under the Equity Incentive Plan 2020-2022 approved in 2020, the Company awarded approximately 60\u00a0thousand
2020-2022 PSUs and approximately 48\u00a0thousand 2020-2022 RSUs to the Executive Chairman, members of the FLT and
other key employees of the Group. These PSUs and RSUs cover the three-year performance and service periods from 2020 to
2022 and vest in 2023.
2020-2022 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
i)TSR Target - 50 percent vest based on the achievement of the TSR ranking of Ferrari compared to an
industry specific Peer Group of eight;
ii)EBITDA Target - 30 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the business plan;
iii)Innovation Target - 20 percent vest based on the achievement of defined objectives for technological
innovation and the development of the new model pipeline over the performance period.
Each target is settled independently of the other targets.
In March 2023, 36,090 2020-2022 PSU awards are expected to vest (representing approximately 95 percent of the
target PSU awards) as a result of the achievement of the related performance conditions, and an equal number of common
shares held in treasury will be assigned to participants of the plan, following which there will be no further 2020-2022 PSU
awards outstanding.
2020-2022 RSU awards
In March 2023, 32,339 2020-2022 RSU awards are expected to vest as a result of the achievement of the related
service conditions, and an equal number of common shares held in treasury will be assigned to participants of the plan,
following which there will be no further 2020-2022 PSU awards outstanding.
Equity Incentive Plan 2021-2023
Under the Equity Incentive Plan 2021-2023 approved in 2021, the Company awarded approximately 50 thousand
2021-2023 PSUs and approximately 41 thousand 2021-2023 RSUs to the Executive Chairman, members of the FLT and
other key employees of the Group. These PSUs and RSUs cover the three-year performance and service periods from 2021 to
2023.
2021-2023 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
(i)TSR Target - 50 percent vest based on the achievement of the TSR ranking of Ferrari compared to an industry
specific Peer Group of eight;
(ii)EBITDA Target - 30 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
(iii)Innovation Target - 20 percent vest based on the achievement of defined objectives for technological innovation and
the development of the new model pipeline over the performance period.
Each target is settled independently of the other targets. The awards vest in 2024 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
2021-2023 RSU awards
The awards vest in 2024, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
Equity Incentive Plan 2022-2024
Under a new Equity Incentive Plan 2022-2024 approved in 2022, the Company awarded approximately 72\u00a0thousand
2022-2024 PSUs to the Executive Chairman, the CEO, the remaining members of the FLT and other employees of the Group,
and approximately 26\u00a0thousand 2022-2024 RSUs to members of the FLT and other employees of the Group. These PSUs and
RSUs cover the three-year performance and service periods from 2022 to 2024.
2022-2024 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
(i)TSR Target - 40 percent vest based on the achievement of the TSR ranking of Ferrari compared to an industry
specific Peer Group of eleven;
(ii)EBITDA Target - 40 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
(iii)ESG Target - 20 percent vest based on the achievement of defined objectives relating to environmental and social
factors. In particular, 50 percent of the ESG Target is based on the reduction of CO2 carbon emission and 50 percent
is based on the maintenance of the equity salary certification.
Each target is settled independently of the other targets. The awards vest in 2025 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
2022-2024 RSU awards
The awards vest in 2025, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
Supplemental information relating to the Equity Incentive Plan 2022-2024 is summarized below.
TSR Target
The number of 2022-2024 PSUs with a TSR Target that vest under the Equity Incentive Plan 2022-2024 is based on
the Company\u2019s TSR performance over the relevant performance period compared to an industry-specific Peer Group as
summarized below.
Ferrari TSR Ranking
% of Target Awards that Vest
1
175%
2
150%
3
125%
4
100%
5
75%
6
50%
>6
0%
The defined Peer Group (including the Company) for the TSR Target is presented below.
Ferrari
Aston Martin
Burberry
Estee Lauder
Hermes
Kering
LVMH
Mercedes Benz Group AG
Moncler
Prada
Richemont
EBITDA Target
The number of 2022-2024 PSUs with an EBITDA Target that vest under the Equity Incentive Plan 2022-2024 is
determined by comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan, as
summarized below.
Actual Adjusted EBITDA Compared to Business Plan
% of Awards that Vest
+15%
175%
+10%
150%
+5%
125%
Business Plan Target
100%
-5%
75%
<-5%
0%
Fair values and key assumptions
The fair value of the 2022-2024 PSU awards used for accounting purposes was measured at the grant date using a
Monte Carlo Simulation model. The fair value of the 2022-2024 RSU awards was measured using the share price at the grant
date adjusted for the present value of future distributions which the recipients will not receive during the vesting period.
The fair value of the PSUs and RSUs that were awarded under the Equity Incentive Plan 2022-2024, which is
determined based on actuarial calculations that apply certain assumptions and take into consideration the specific
characteristics of the awards granted, is summarized in the following table.
Equity Incentive Plan 2022-2024
PSUs
\u20ac200.13
RSUs
\u20ac201.20
The key assumptions utilized to calculate the grant-date fair values of the PSUs that were awarded under the Equity
Incentive Plan 2022-2024 are summarized below:
Equity Incentive Plan 2022-2024
Grant date share price
\u20ac205.20
Expected volatility
27.75%
Dividend yield
0.75%
Risk-free rate
0%
The expected volatility was based on the observed volatility of the defined Peer Group. The risk-free rate was based
on the iBoxx sovereign Eurozone yield.
Outstanding share awards
Changes to the outstanding number of PSU and RSU awards under all equity incentive plans of the Group are as
follows:
Outstanding PSU Awards
Outstanding RSU Awards
Total Outstanding Awards
Balance at January 1, 2021
414,839
159,063
573,902
Granted(1)
49,861
41,460
91,321
Forfeited
(19,775)
(13,048)
(32,823)
Vested
(292,753)
(63,814)
(356,567)
Balance at December 31, 2021
152,172
123,661
275,833
Granted(2)
72,373
26,574
98,947
Forfeited
(16,327)
(8,934)
(25,261)
Vested
(68,013)
(54,112)
(122,125)
Balance at December 31, 2022
140,205
87,189
227,394
_______________________________________
(1) Granted under the Equity Incentive Plan 2021-2023.
(2)Grander under the Equity Incentive Plan 2022-2024.
Other share awards
During 2022, the Company(1) awarded 15,271 share awards, which each represent the right to receive one Ferrari
common share, to certain employees, of which 6,643 share awards vested immediately at the grant date. At December 31,
2022, 6,628 share awards remained outstanding and will vest in 2023 and 2024, subject to the recipient\u2019s continued
employment with the Company at the time of vesting. The fair value of the awards was equal to \u20ac203, measured using the
share price at the grant date adjusted for the present value of future distributions which the recipients will not receive during
the vesting period.
Share-based compensation expense
For the years ended December\u00a031, 2022, 2021 and 2020, the Group recognized \u20ac16,172 thousand, \u20ac11,689\u00a0thousand
and \u20ac17,401\u00a0thousand, respectively, as share-based compensation expense and an increase to other reserves in equity in
relation to the PSU awards and RSU awards of the Group\u2019s equity incentive plans and other share-based awards to the
Group\u2019s employees. At December\u00a031, 2022, unrecognized compensation expense relating to the Group\u2019s equity incentive
plans amounted to \u20ac16,069 thousand and is expected to be recognized over the remaining vesting periods through 2024.
In 2022 and 2021 the Group also recognized share-based compensation expense of \u20ac4,688\u00a0thousand and
\u20ac2,206\u00a0thousand, respectively, as part of commercial agreements with certain suppliers.
22. EMPLOYEE BENEFITS
The Group\u2019s provisions for employee benefits are as follows:
At December 31,
2022
2021
(\u20ac thousand)
Present value of defined benefit obligations:
Italian employee severance indemnity (TFR)
15,142
18,430
Total present value of defined benefit obligations
15,142
18,430
Other provisions for employees
95,665
82,770
Total provisions for employee benefits
110,807
101,200
______________________________
(*) Relates to actuarial losses/(gains) from financial assumptions.
Amounts recognized in the consolidated income statement are as follows:
For the years ended December 31,
2022
2021
2020
TFR
Pension
plans
Total
TFR
Pension
plans
Total
TFR
Pension
plans
Total
(\u20ac thousand)
Current service cost
\u2014
\u2014
\u2014
6
\u2014
6
\u2014
\u2014
\u2014
Interest expense
22
\u2014
22
\u2014
\u2014
\u2014
25
\u2014
25
Past service adjustments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total recognized in the
consolidated income
statement
22
\u2014
22
6
\u2014
6
25
\u2014
25
Past service adjustments relate to gains recognized in the consolidated income statement due to plan amendments
and curtailments.
The discount rates used for the measurement of the Italian TFR obligation are based on yields of high-quality (AA-
rated) fixed income securities for which the timing and amounts of payments match the timing and amounts of the projected
benefit payments. For this plan, the single weighted average discount rate that reflects the estimated timing and amount of the
scheme future benefit payments for 2022 is equal to 3.8 percent (0.9 percent in 2021 and 0.4 percent in 2020). The average
duration of the Italian TFR is approximately 7 years. Retirement or employee leaving rates are developed to reflect actual and
projected Group experience and legal requirements for retirement in Italy.
Current service cost is recognized by function in cost of sales, selling, general and administrative costs or research
and development costs.
The expected future benefit payments for the defined benefit obligations as of December 31, 2022 are as follows:
TFR
(\u20ac thousand)
2023
1,740
2024
1,448
2025
1,458
2026
1,402
2027
1,518
2028 - 2032
6,019
Total
13,585
Warranty and recall campaigns
The provision for warranty and recall campaigns represents the best estimate of commitments given by the Group
for contractual, legal, or constructive obligations arising from product warranties given for a specified period of time.
Warranty and recall campaigns provisions are recognized upon shipment and estimated on the basis of the Group\u2019s past
experience and contractual terms. Related costs are recognized within cost of sales.
Legal proceedings and disputes
The provision for legal proceedings and disputes represents management\u2019s best estimate of the expenditures
expected to be required to settle or otherwise resolve legal proceedings and disputes. This class of claims relates to
allegations by contractual counterparties that the Group has violated the terms of the arrangements, including by terminating
the applicable relationships. Judgments in these proceedings may be issued in 2022 or beyond, although any such judgments
may remain subject to ongoing judicial review. While the outcome of these proceedings is uncertain, any losses in excess of
the provisions recorded are not expected to be material to the Group\u2019s financial condition or results of operations. Additions
to the provision for legal proceedings and disputes are recognized within other expenses, net.
Environmental and other risks
The provision for environmental and other risks primarily relates to environmental risks, including those relating to
emissions regulations, as well as to disputes and matters which are not subject to legal proceedings, including disputes with
suppliers, distributors, employees and other parties.
The following table presents where the additional provisions to environmental and other risks recognized for the
years ended December\u00a031, 2022, 2021 and 2020 were recorded within the consolidated income statement.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Recorded in the consolidated income statement within:
Cost of sales
15,616
10,562
6,352
Selling, general and administrative costs
1,562
1,744
1,174
Total
17,178
12,306
7,526
24. DEBT
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (*)
Translation
differences
Balance at
December
31, 2022
(\u20ac thousand)
Bonds and notes
1,487,110
\u2014
\u2014
3,209
\u2014
1,490,319
Asset-backed financing (Securitizations)
900,213
218,924
(72,824)
1,733
57,379
1,105,425
Borrowings from banks and other financial
institutions
154,419
8,909
(55,000)
560
4,277
113,165
Lease liabilities
56,210
\u2014
(16,500)
17,409
304
57,423
Other debt
32,059
34,456
(23,215)
\u2014
2,147
45,447
Total debt\u00a0
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
______________________________
(*) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
The breakdown of debt by nature and by maturity is as follows:
At December 31,
2022
2021
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
(\u20ac thousand)
Bonds and notes
394,628
646,306
449,385
1,490,319
9,239
1,028,686
449,185
1,487,110
Asset-backed financing (Securitizations)
422,736
682,689
\u2014
1,105,425
343,119
499,280
57,814
900,213
Borrowings from banks and other financial
institutions
100,665
12,500
\u2014
113,165
116,919
37,500
\u2014
154,419
Lease liabilities
15,917
29,446
12,060
57,423
14,783
29,732
11,695
56,210
Other debt
45,447
\u2014
\u2014
45,447
32,059
\u2014
\u2014
32,059
Total debt
979,393
1,370,941
461,445
2,811,779
516,119
1,595,198
518,694
2,630,011
(*) At December 31, 2022 the notes relating to the retail securitization program bore interest at a rate per annum equal to the aggregate of a synthetic base
rate substantially replicating the LIBOR plus a margin of 70 basis points and the notes relating to the leasing securitization program bore interest at a rate
per annum equal to the aggregate of SOFR plus a margin of 65 basis points.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742\u00a0thousand at December 31, 2021).
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Borrowing Entity
Currency
Amount
Outstanding at
December 31, 2022
Amount
Outstanding at
December 31, 2021
Maturity Date
(\u20ac thousand)
(\u20ac thousand)
Ferrari S.p.A.
EUR
37,500
62,500
June 2024
Ferrari Financial Services, Inc.
USD
75,665
61,919
April 2023
Ferrari S.p.A.
EUR
\u2014
30,000
January 2022
Total borrowings from banks and other financial
institutions
113,165
154,419
At December 31, 2022 the Group also had total committed credit lines available and undrawn amounting to \u20ac669
million and with maturities ranging from 2023 to 2025 (\u20ac676\u00a0million at December 31, 2021).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 \u2014
Leases. At December\u00a031, 2022 lease liabilities amounted to \u20ac57,423 thousand (\u20ac56,210\u00a0thousand at December 31, 2021).
Other debt
Other debt mainly relates to funding for operating and financing activities of the Group.
25. OTHER LIABILITIES
An analysis of other liabilities is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Deferred income
270,353
256,206
Advances and security deposits
451,166
240,696
Accrued expenses
98,535
80,787
Payables to personnel
55,789
53,712
Social security payables
26,498
24,660
Other
49,684
70,714
Total other liabilities
952,025
726,775
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac239,879
thousand at December\u00a031, 2022 and \u20ac218,982 thousand at December\u00a031, 2021, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2022, the Group expects to recognize in net revenues approximately \u20ac61\u00a0million in 2023, \u20ac56
million in 2024, \u20ac40\u00a0million in 2025 and \u20ac83\u00a0million in periods subsequent to 2025. Deferred income also includes amounts
collected under various other agreements, which are dependent upon the future performance of a service or other act of the
Group, and which are generally recognized in net revenues within the following year.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, primarily
Icona and limited edition models. The advances are recognized in net revenues when the cars are shipped. The increase
during 2022 primarily relates to advances received during for the Ferrari Daytona SP3 and the 812 Competizione A.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At January 1,
2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2022
(\u20ac thousand)
Maintenance and power warranty programs
218,982
100,710
(79,593)
(220)
239,879
Advances from customers
236,516
761,714
(551,885)
49
446,394
28. RELATED PARTY TRANSACTIONS
Pursuant to IAS 24, the related parties of Ferrari include Exor N.V., and together with its subsidiaries the Exor
Group, as well as all entities and individuals capable of exercising control, joint control or significant influence over the
Group and its subsidiaries. Related parties also include companies over which the Exor Group is capable of exercising
control, joint control or significant influence, including Stellantis N.V., and together with its subsidiaries the Stellantis Group,
(previously referred to as Fiat Chrysler Automobiles N.V., FCA or FCA Group, which changed its name to Stellantis as a
result of the merger with Peugeot S.A. in January 2021) and CNH Industrial N.V. and its subsidiaries, as well as joint
ventures and associates of Ferrari. In addition, members of the Ferrari Board of Directors and executives with strategic
responsibilities and their families are also considered related parties.
The Group carries out transactions with related parties on commercial terms that are normal in the respective
markets, considering the characteristics of the goods or services involved. Transactions carried out by the Group with these
related parties are primarily of a commercial nature and, in particular, these transactions relate to:
Transactions with Stellantis Group companies
\u2022the sale of engines to Maserati S.p.A. (\u201cMaserati\u201d);
\u2022the purchase of engine components for the use in the production of Maserati engines from FCA US LLC;
\u2022transactions with Stellantis Group companies, mainly relating to a technical cooperations agreement with the aim to
enhance the quality and competitiveness of their respective products while reducing costs and investments, to
services provided by Stellantis Group companies, including human resources, payroll, tax and the procurement of
insurance coverage, as well as to sponsorship revenues received.
Transactions with Exor Group companies (excluding Stellantis Group companies)
\u2022the Group incurs rental costs from Iveco S.p.A., a company belonging to Iveco Group, related to the rental of trucks
used by the Formula 1 racing team;
\u2022the Group earns sponsorship revenue from Iveco S.p.A.
Transactions with other related parties
\u2022the purchase of components for Formula 1 racing cars from COXA S.p.A.;
\u2022consultancy services provided by HPE S.r.l.;
\u2022sponsorship agreement relating to Formula 1 activities with Ferretti S.p.A.;
\u2022sale of cars to certain members of the Board of Directors of Ferrari N.V. and Exor.
In accordance with IAS 24, transactions with related parties also include compensation to Directors and managers
with strategic responsibilities.
The amounts of transactions with related parties recognized in the consolidated income statement are as follows:
For the years ended December 31,
2022
2021
2020
Net
revenues
Costs(1)
Net
financial
expenses
Net
revenues
Costs(1)
Net
financial
expenses
Net
revenues
Costs(1)
Net
financial
expenses
(\u20ac thousand)
Stellantis Group companies
Maserati
78,946
2,989
\u2014
119,083
2,428
\u2014
100,389
2,981
\u2014
FCA US LLC
14
14,861
\u2014
\u2014
18,465
\u2014
\u2014
13,323
\u2014
Other Stellantis Group companies
10,953
5,950
2,696
11,799
6,238
2,103
9,102
6,057
2,207
Total Stellantis Group companies
89,913
23,800
2,696
130,882
27,131
2,103
109,491
22,361
2,207
Exor Group companies (excluding
the Stellantis Group)
282
1,611
\u2014
281
1,014
1
150
1,665
2
Other related parties
3,088
14,121
1
795
15,143
2
549
12,977
10
Total transactions with related
parties
93,283
39,532
2,697
131,958
43,288
2,106
110,190
37,003
2,219
Total for the Ferrari Group
5,095,254
3,098,475
49,616
4,270,894
2,434,198
33,257
3,459,790
2,040,925
49,092
______________________________
(1)Costs include cost of sales, selling, general and administrative costs and other expenses/(income), net.
Non-financial assets and liabilities originating from related party transactions are as follows:
At December 31,
2022
2021
Trade\u00a0
receivables
Trade\u00a0
payables
Other
current
assets
Other
liabilities
Trade\u00a0
receivables
Trade\u00a0
payables
Other
current
assets
Other
liabilities
(\u20ac thousand)
Stellantis Group companies
Maserati
17,458
4,806
\u2014
2,246
23,267
3,994
\u2014
6,454
FCA US LLC
10
4,637
\u2014
\u2014
\u2014
3,275
\u2014
\u2014
Other Stellantis Group companies
700
1,978
111
1,063
470
3,075
121
1,074
Total Stellantis Group companies
18,168
11,421
111
3,309
23,737
10,344
121
7,528
Exor Group companies (excluding the Stellantis
Group)
343
418
68
73
382
1
8
5
Other related parties
673
3,341
499
504
144
3,276
998
1,065
Total transactions with related parties
19,184
15,180
678
3,886
24,263
13,621
1,127
8,598
Total for the Ferrari Group
232,414
902,968
153,183
952,025
185,000
797,832
122,224
726,775
The aggregate compensation to Directors of Ferrari N.V. for year ended December 31, 2022 was \u20ac7,660 thousand
(\u20ac6,668 thousand in 2021 and \u20ac8,151 thousand in 2020), inclusive of the following:
\u2022\u20ac5,650 thousand for salary and other short-term benefits (\u20ac5,445 thousand in 2021 and \u20ac624 thousand in 2020);
\u2022\u20ac230 thousand for pension benefits (there were no pension benefits in 2021 or 2020), and
\u2022\u20ac1,780 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans and other
share-based payments, (\u20ac1,223 thousand in 2021 and \u20ac7,527 thousand in 2020). See Note 21 \u201cShare-based
compensation\u201d for additional information related to the Company\u2019s equity incentive plans. There was no equity-
settled compensation for Non-Executive Directors for the years ended December 31, 2022, 2021 and 2020.
The aggregate compensation for members of the FLT (excluding the CEO) in 2022 was \u20ac33,935 thousand (\u20ac18,728
thousand in 2021 and \u20ac14,199 thousand in 2020), inclusive of the following:
\u2022\u20ac28,084 thousand for salary and short-term incentives (\u20ac14,088 thousand in 2021 and \u20ac8,707 thousand in 2020);
\u2022\u20ac5,176 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans (\u20ac4,241
thousand in 2021 and \u20ac5,270 thousand in 2020); and
\u2022\u20ac675 thousand for pension contributions (\u20ac399 thousand in 2021).
In response to the healthcare crisis caused by the COVID-19 pandemic, the Board of Directors pledged their full
cash compensation from April 2020 to the end of 2020 to help fund Company initiatives to support the communities in which
Ferrari operates, with the Ferrari Leadership Team donating 25 percent of their salaries for the same period.
29. COMMITMENTS
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contain
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions.
Arrangements with sponsors
Certain of the Group\u2019s sponsorship contracts include terms whereby the Group is obligated to purchase a minimum
quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these supplier and sponsorship arrangements at December\u00a031, 2022
were as follows:
At December 31, 2022
Due within one
year
Due between one
and three years
Due between
three and five
years
Due beyond five
years
Total
(\u20ac thousand)
Minimum purchase obligations
54,964
12,445
3,311
\u2014
70,720
Non-cancellable lease agreements
The future aggregate minimum lease payments under non-cancellable leases, primarily relating to the lease of stores
and industrial buildings, are as follows:
At December 31, 2022
Due within one
year
Due between one
and three years
Due between
three and five
years
Due beyond five
years
Total
(\u20ac thousand)
Future minimum lease payments under lease
agreements
16,178
19,775
11,886
12,785
60,624
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022financial market risk (principally relating to foreign currency exchange rates and to a lesser extent, interest rates
and commodity prices), as the Group operates internationally in different currencies;
\u2022liquidity risk, with particular reference to the availability of funds and access to the credit markets, should the
Group require them, and to financial instruments in general;
\u2022credit risk, arising from normal commercial relations with final clients and dealers, as well as the Group\u2019s
financing activities.
These risks could significantly affect the Group\u2019s financial position, results of operations and cash flows, and for
this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the
necessary action to mitigate them, primarily through the Group\u2019s operating and financing activities and if required, through
the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following section does not have any predictive value. In particular, the
sensitivity analysis on financial market risks does not reflect the complexity of the market or the reaction which may result
from any changes that are assumed to take place.
Financial market risks
Due to the nature of the Group\u2019s business, the Group is exposed to a variety of market risks, including foreign
currency exchange rate risk and to a lesser extent, interest rate risk and commodity price risk.
The Group\u2019s exposure to foreign currency exchange rate risk arises from the geographic distribution of the Group\u2019s
shipments, as the Group generally sells its models in the currencies of the various markets in which the Group operates, while
the Group\u2019s industrial activities are all based in Italy, and primarily denominated in Euro.
The Group\u2019s exposure to interest rate risk arises from the need to fund certain activities and the necessity to deploy
surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group\u2019s net profit/
(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.
The Group has in place various risk management policies, which primarily relate to foreign exchange and
commodity price, interest rate and liquidity risks. The Group\u2019s risk management policies permit derivatives to be used for
managing such risk exposures at risk. Counterparties to these agreements are major financial institutions. Derivative financial
instruments can only be executed for hedging purposes.
In particular, the Group used derivative financial instruments as cash flow hedges primarily for the purpose of
limiting the negative impact of foreign currency exchange rate fluctuations on forecasted transactions denominated in foreign
currencies. Accordingly, as a result of applying risk management policies with respect to foreign currency exchange
exposure, the Group\u2019s results of operations have not been fully exposed to fluctuations in foreign currency exchange rates.
However, despite these risk management policies and hedging transactions, sudden adverse movements in foreign currency
exchange rates could have a significant effect on the Group\u2019s earnings and cash flows.
The Group also enters into interest rate caps as required by certain of its securitization agreements.
Information on the fair value of derivative financial instruments held is provided in Note 19.
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2022, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 65 percent of the Group\u2019s net revenues (58
percent in 2021 and 58 percent in 2020).
\u2022The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2022, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 52 percent (51 percent in 2021 and 53 percent in 2020) of the total currency risk from
commercial activities. In 2022 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2021 and 2020 the Euro/Japanese Yen
exchange rate and the Euro/Pound Sterling exchange rate exceeded 10 percent) of the total currency risk from
commercial activities. Other significant exposures included the exchange rate between the Euro and the
following currencies: Swiss Franc, Canadian Dollar and Australian Dollar. None of these exposures, taken
individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate exposure for commercial
activities in 2022, 2021 and 2020. It is the Group\u2019s policy to use derivative financial instruments (primarily
forward currency contracts and currency options) to hedge up to 90 percent of the principal exposures to foreign
currency exchange risk, typically for a period of up to twelve months.
\u2022Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, China,
Hong Kong, Japan and Australia. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and
margins are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs
and profit as translated into Euro.
\u2022The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
The Group monitors its principal exposure to translation exchange risk, although the Group did not engage in any
specific hedging activities in relation to translation exchange risk for the periods presented.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within the net financial income/(expenses) line item or as cost of sales for charges arising
from financial services companies. The Group uses specific financial derivatives to hedge these exposures.
The impact of foreign currency exchange rate differences recorded within financial income/(expenses) for the year
ended December\u00a031, 2022, including the costs of hedging foreign currency exchange rate risk, amounted to net losses of
\u20ac25,923 thousand (net losses of \u20ac11,407 thousand and \u20ac27,029 thousand for the years ended December\u00a031, 2021 and 2020,
respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2022 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2022 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac174,550
thousand (\u20ac98,165 thousand at December\u00a031, 2021). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
Information on interest rate risk
The Group\u2019s exposure to interest rate risk, though less significant, arises from the need to fund financial services
activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing
or decreasing the Group\u2019s net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Group\u2019s most significant floating rate financial assets at December\u00a031, 2022 were cash and cash equivalents and
certain receivables from financing activities (related to client and dealer financing), while 42 percent of the Group\u2019s gross
debt bears floating rates of interest (37 percent at December 31, 2021). At December\u00a031, 2022, a decrease of 10 basis points
in interest rates on floating rate financial assets and debt, with all other variables held constant, would have resulted in a
decrease in profit before taxes of \u20ac303 thousand on an annual basis (a decrease of \u20ac486 thousand at December\u00a031, 2021). The
analysis is based on the assumption that floating rate financial assets and debt which expire during the projected 12-month
period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates.
Information on commodity price risk
The Group\u2019s exposure to commodity price risk, though much less significant than foreign exchange rate risk and
interest rate risk, arises from the need to use a variety of raw materials in the Group\u2019s operations, including aluminum and
precious metals such as palladium and rhodium. The Group monitors its exposure to commodity price risk and may hedge a
portion of such exposure through derivative financial instruments (primarily commodity swaps).
Liquidity risk
Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations and meet its
obligations. The main determinant of the Group\u2019s liquidity position is the cash generated by or used in operating and
investing activities.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an
adequate level of funds readily available. The main funding operations and investments in cash and marketable securities of
the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient
management of the Group\u2019s liquidity. The Group has established various policies which are managed or supervised centrally
by the treasury department with the purpose of optimizing the management of funds and reducing liquidity risk which
include:
\u2022centralizing liquidity management through the use of cash pooling arrangements
\u2022maintaining a conservative level of available liquidity
\u2022diversifying sources of funding
\u2022obtaining adequate credit lines
\u2022monitoring future liquidity requirements on the basis of business planning
Intercompany financing between Group entities is not restricted other than through the application of covenants
requiring that transactions with related parties be conducted at arm\u2019s length terms.
Details on the maturity profile of the Group\u2019s financial assets and liabilities and on the structure of derivative
financial instruments are provided in Notes 19 and 24. Details of the repayment of derivative financial instruments are
provided in Note 19.
To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group
has secured available undrawn committed credit lines, which amounted to \u20ac669 million and \u20ac676 million at December 31,
2022 and 2021.
The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed
credit lines), in addition to funds that will be generated from operating activities, will enable Ferrari to satisfy the
requirements of its investing activities and working capital needs fulfill its obligations to repay its debt and ensure an
appropriate level of operating and strategic flexibility. The Group therefore believes there is no significant risk of a lack of
liquidity.
Credit risk
Credit risk is the risk of economic loss arising from the failure to fully collect receivables. Credit risk encompasses
the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty.
The maximum credit risk to which the Group is theoretically exposed at December\u00a031, 2022 is represented by the
carrying amounts of the financial assets presented in the consolidated statement of financial position sheet and the nominal
value of the guarantees provided.
Dealers and clients are subject to a specific evaluation of their creditworthiness. Additionally, it is Group practice to
obtain financial guarantees against risks associated with credit granted for the purchase of cars and parts. These guarantees
are further strengthened, where possible, by retaining title on cars subject to financing agreements.
Credit positions of material significance are evaluated on an individual basis. Where objective evidence exists that
they are uncollectible, in whole or in part, specific write-downs are recognized. The amount of the write-down is based on an
estimate of the recoverable cash flows, the timing of those cash flows, the cost of recovery and the fair value of any
guarantees received.
Receivables from financing activities amounting to \u20ac1,399,997 thousand at December\u00a031, 2022 (\u20ac1,143,968
thousand at December\u00a031, 2021) are shown net of the allowance for doubtful accounts amounting to \u20ac9,950 thousand
(\u20ac11,204 thousand at December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac62,779 thousand of
receivables were overdue (\u20ac52,733 thousand at December\u00a031, 2021). Therefore, overdue receivables represent a minor
portion of receivables from financing activities.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees.
Trade receivables amounting to \u20ac232,414 thousand at December\u00a031, 2022 (\u20ac185,000 thousand at December\u00a031,
2021) are shown net of the allowance for doubtful accounts amounting to \u20ac25,800 thousand (\u20ac25,984 thousand at
December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac45,657 thousand of receivables were overdue
(\u20ac47,237 thousand at December\u00a031, 2021).
31. ENTITY-WIDE DISCLOSURES
The following table presents an analysis of net revenues by geographic location of the Group\u2019s customers for the
years ended December 31, 2022 and 2021, including the effects of foreign currency hedge transactions. Revenues by
geography presented for material individual countries are not necessarily correlated to shipments of cars as certain countries
include revenues from sponsorship and commercial activities relating to Ferrari\u2019s participation in the Formula 1 World
Championship.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Italy
379,898
409,992
322,573
Rest of EMEA
2,045,888
1,869,864
1,634,515
of which UK
536,280
457,060
484,701
of which Germany
430,380
367,087
280,191
Americas (1)
1,407,790
1,097,904
883,228
of which United States of America
1,198,834
930,316
747,373
Mainland China, Hong Kong and Taiwan
621,407
332,971
191,907
Rest of APAC (2)
640,271
560,163
427,567
Total net revenues
5,095,254
4,270,894
3,459,790
______________________________
(1)Americas includes the United States of America, Canada, Mexico, the Caribbean and of Central and South America.
(2)Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.
The following table presents an analysis of non-current assets other than financial instruments and deferred tax
assets by geographic location:
At December\u00a031,
2022
2021
Property,
plant and
equipment
Goodwill
Intangible
assets
Property,
plant and
equipment
Goodwill
Intangible
assets
(\u20ac thousand)
Italy
1,418,846
785,182
1,307,127
1,322,257
785,182
1,137,910
Rest of EMEA
4,830
\u2014
\u2014
5,597
\u2014
\u2014
Americas (1)
27,233
\u2014
\u2014
16,003
\u2014
\u2014
Mainland China, Hong Kong and Taiwan
4,598
\u2014
\u2014
5,898
\u2014
\u2014
Rest of APAC (2)
2,318
\u2014
261
3,410
\u2014
263
Total
1,457,825
785,182
1,307,388
1,353,165
785,182
1,138,173
Intangible assets
Goodwill
Goodwill is not amortized, but is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses.
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, both of the following conditions under IAS 38 \u2014 Intangible Assets are met: that development costs can
be measured reliably and that the technical feasibility of the product, volumes and pricing support the view that the
development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect
costs that may be directly attributed to the development process. All other research and development costs are expensed as
incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
Patents, concessions and licenses
Separately acquired patents, concessions and licenses are initially recognized at cost. Patents, concessions and
licenses acquired in a business combination are initially recognized at fair value. Patents, concessions and licenses are
amortized on a straight-line basis over their useful economic lives, which is generally between three and five years.
Other intangible assets
Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with
IAS 38 \u2014 Intangible Assets, where it is probable that the use of the asset will generate future economic benefits for the Group
and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment
losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and
restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits
embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the
carrying amount of the parts that are replaced is recognized as a loss in the period of replacement in the consolidated income
statement.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u2018component approach\u2019.
Leases
With the adoption of IFRS 16, the Group recognizes a right-of-use asset and a corresponding lease liability at the
date at which the leased asset is available for use. Each lease payment is allocated between the principal liability and finance
costs. Finance costs are charged to the income statement over the lease period using the effective interest rate method. The
right-of-use asset is depreciated on a straight-line basis over the lease term.
Right-of-use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease
liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial
direct costs and, if applicable, (iv) restoration costs. Payments associated with short-term leases and leases of low-value
assets are recognized as an expense in the income statement on a straight-line basis.
Lease liabilities are measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease
payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under
residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that
option. Lease liabilities do not include any non-lease components that may be included in the related contracts.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Some lease contracts contain variable payment terms that are linked to sales generated from Ferrari stores. Variable
lease payments that depend on sales are recognized in the income statement in the period in which the condition that triggers
those payments occurs.
Extension and termination options are included in a number of leases related to Ferrari stores, warehouses and
machinery and equipment of the Group. In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated).
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use.
All other borrowing costs are expensed in net financial expenses if related to the Group\u2019s industrial activities or cost
of sales if related to the Group\u2019s financial services activities in the consolidated income statement, as incurred.
Impairment of assets
The Group continuously monitors its operations to assess whether there is any indication that its intangible assets
(including development costs) and its property, plant and equipment may be impaired. Goodwill is tested for impairment
annually or more frequently, if there is an indication that an asset may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, which
is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual
asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A
CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are
discounted to their present value using a discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying
amount.
Where an impairment loss for assets other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not in excess of the
carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss
is recognized in the consolidated income statement immediately.
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (which primarily includes bonds, notes, asset-backed financing (securitizations) and
borrowings from banks), trade payables and other financial liabilities, which mainly include derivative financial instruments.
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date). As permitted by IFRS 9, equity investments for which there is no
quoted market price in an active market and there is insufficient financial information in order to determine fair value may be
measured at cost as an estimate of fair value.
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value. Assessments
are made regularly as to whether there is any objective evidence that a financial asset or group of financial assets may be
impaired and, if any such evidence exists, an impairment loss is recognized within financial expenses. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments,
the Group applies the standard simplified approach to estimate the lifetime expected credit losses and considers its historical
credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic
environment, which may be different for the Group\u2019s trade receivables compared to receivables from financing activities. If
any such evidence exists, an impairment loss is recognized within financial expenses.
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Financial assets and trade receivable are written off when the counterparty fails to make contractual payments and
there is no reasonable expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or
receivables from financing activities have been written off, the Company may continue to engage in enforcement actions to
attempt to recover the receivables.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of a financial receivables portfolio to a special purpose vehicle, which in turn finances the
purchase of such financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal
and interest depends on the cash flows generated by the related financial receivables. The receivables sold as part of
securitization programs are consolidated until collection from the customer as they do not meet the requirements for
derecognition in accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the financial assets when, and only when, the contractual rights and risks to the cash flows arising from the
related financial assets are no longer held or the Group has transferred the financial assets. In the case of a transfer of
financial assets, if the Group transfers substantially all the risks and rewards of ownership of the financial assets, it
derecognizes such assets and separately recognizes as assets or liabilities any rights and obligations created or retained in the
transfer. On derecognition of financial assets, the difference between the carrying amount of the assets and the consideration
received or receivable for the transfer of the assets is recognized within cost of sales in the consolidated income statement.
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
Inventories
Inventories of raw materials, semi-finished products and finished goods are stated at the lower of cost and net
realizable value, cost being determined on a first-in first-out (FIFO) basis. The measurement of inventories includes the direct
costs of materials, labor and indirect costs (variable and fixed). Purchase costs include ancillary costs. Prototypes are
recognized at their estimated realizable value, if lower than production cost. Provision is made for obsolete and slow-moving
raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net
realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs for sale and distribution.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. The
present value of the defined benefit obligation is measured using actuarial techniques and actuarial assumptions that are
unbiased and mutually compatible and attributes benefits to periods in which the obligation to provide post-employment
benefits arise by using the Projected Unit Credit Method.
The components of the defined benefit cost are recognized as follows:
\u2022the service costs are recognized in the consolidated income statement by function and presented in the relevant
line items (cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022the net interest on the defined benefit liability is recognized in the consolidated income statement as net
financial income /(expenses), and is determined by multiplying the net liability/(asset) by the discount rate used
to discount obligations taking into account the effect of contributions and benefit payments made during the
year; and
\u2022the remeasurement components of the net obligations, which comprise actuarial gains and losses and any
change in the effect of the asset ceiling are recognized immediately in other comprehensive income/(loss).
These remeasurement components are not reclassified in the consolidated income statement in a subsequent
period.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for their
service during the current and prior periods. Remeasurement components on other long-term employee benefits are
recognized in the consolidated income statement in the period in which they arise.
Share-based compensation
The Group has implemented equity incentive plans that provide for the granting of share-based compensation to the
Chairman, the Chief Executive Officer, all other members of the Ferrari Leadership Team and other key employees of the
Group. The Group also provides share-based compensation as part of commercial agreements with certain suppliers. The
share-based compensation arrangements are accounted for in accordance with IFRS 2 \u2014 Share-based Payment, which
requires the Company to recognize share-based compensation expense based on fair value of awards granted. Compensation
expense for the equity-settled awards containing market performance conditions is measured at the grant date fair value of the
award using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected
volatility of the Company\u2019s common stock, the dividend yield, interest rates and a correlation coefficient between the
common stock and the relevant market index. The fair value of the awards which are conditional only on a recipient\u2019s
continued service to the Company is measured using the share price at the grant date adjusted for the present value of future
distributions which employees will not receive during the vesting period.
Share-based compensation expense relating to the equity incentive plans is recognized over the service period within
selling, general and administrative costs or cost of sales in the consolidated income statement depending on the function of
the employee, with an offsetting increase to equity. Share-based compensation expense relating to commercial agreements
with certain suppliers is recognized over the period in which the supplier\u2019s services are received and classified within the
consolidated income statement depending on the function of the supplier\u2019s services, with an offsetting increase to equity.
Provisions
Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made.
Warranty and recall campaigns provision
All cars are sold with warranty coverage. The warranty coverage generally applies to defects that may become
apparent within a certain period from the purchase of the car.
The warranty provision is recognized at the time of the sale of the car, based on the present value of management\u2019s
estimate of the expected cost to fulfill the obligations over the contractual warranty period. Estimates are principally based on
the Group\u2019s historical claims or costs experience and the cost of parts and services to be incurred in the activities. The costs
related to these provisions are recognized within cost of sales at the time when they are probable and reasonably estimable.
See \u201c\u2014Use of estimates\u201d below for further details.
Deferred income
Deferred income relates to amounts received by the Group under various agreements, which are reliant on the future
performance of a service or other act of the Group. Deferred income is recognized as net revenues when the Group has
fulfilled its obligations under the terms of the various agreements.
Range models (models belonging to the Ferrari product portfolio, excluding Special Series, Icona, limited edition
supercars and one-off models) are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance program are not recognized as income immediately, but are deferred over the maintenance program term. The
amount of the deferred income related to this program is based on the estimated fair value of the service to be provided.
Advances
Advances relate to amounts received from or billed to customers in advance of having delivered the related cars or
provided the related services.
Revenue recognition
Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at
the transaction price which is based on the amount of consideration that the Group expects to receive in exchange for
transferring the promised goods or services to the customer and excludes any sales incentives as well as taxes collected from
customers that are remitted to government authorities. The transaction price will include estimates of variable consideration
to the extent it is probable that a significant reversal of revenue recognized will not occur. The Group enters into contracts
that may include both products and services, which are generally capable of being distinct and accounted for as separate
performance obligations.
The Group generates revenue from the sale of cars, spare parts and engines as well as from sponsorship, commercial
and brand activities. The Group accounts for a contract with a customer when there is a legally enforceable contract between
the Group and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability
of the contract consideration is probable. Payments from customers are typically due within 30 and 40 days of invoicing.
The Group does not recognize any assets associated with the incremental costs of obtaining a contract with a
customer that are expected to be recovered. The majority of revenue is recognized at a point-in-time or over a period of one
year or less, and the Group applies the practical expedient to recognize the incremental costs of obtaining a contract as an
expense when incurred if the amortization period of the asset that would otherwise be recognized is one year or less.
Cars, spare parts and engines
The sales of cars, spare parts and engines have multiple performance obligations that include products, services, or a
combination of products and services as contracts may include maintenance programs and extended warranties that are
separately priced or not separately priced. Contracts may also include variable consideration for discounts such as sales
incentives and performance based bonuses and product returns. The Group offers incentives to its third-party dealers, which
are designed to promote the sale of cars and parts, as well as a variety of other performance indicators, which may be
qualitative or quantitative, such as quality service, customer satisfaction and preservation of the Ferrari brand, among others.
The cost of incentives is estimated at the inception of a contract at the expected amount that will ultimately be paid and is
recognized as a reduction to revenue generally at the time of the sale or when the dealer is expected to achieve the required
performance if in relation to other performance indicators different from sales. Revenues recognized are limited to the
amount of consideration the Group expects to receive. The Group allocates the transaction price to the performance
obligations based on the stand alone selling prices (SSP) for each obligation. When the SSP does not exist, the Group
estimates the SSP based on the adjusted market approach.
Revenues for the sale of cars, spare parts and engines are recognized at a point in time when control of the cars,
spare parts or engines is transferred to the customer based on shipping terms, which generally corresponds to the date when
the cars, spare parts and engines are released to the carrier responsible for transportation to dealers or Maserati. Revenues
relating to the maintenance program are recognized over time based on the input method of measuring progress towards
complete satisfaction of the related performance obligation, calculated as a proportion of overall revenues expected during
the maintenance period equal to the ratio of costs incurred in the reporting period compared to the overall costs to be incurred
during the maintenance period. Revenues relating to the extended warranties are recognized on a straight-line basis over the
extended warranty period. Revenues from the supply of engines and related services to other Formula 1 racing teams are
recognized over time on a time and materials basis when the services are provided.
Management has exercised judgment in determining performance obligations, variable consideration, allocation of
transaction price and the timing of revenue recognition.
Sponsorship, commercial and brand activities
Revenues from sponsorship agreements are generally recognized ratably over the contract term as the customer
benefits from the service throughout the service period. For sponsorship agreements that contain variable consideration based
on performance of the racing team, the related revenues are estimated and recognized over the relevant period to the extent
that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur, which
is typically when it is considered highly probable that the related conditions associated with the variable consideration will be
achieved.
Revenues from commercial activities primarily relate to the revenues from participating in the Formula 1 World
Championship. The revenues attributable to each racing team are governed by a specific agreement and depend upon, among
other factors, the prior year ranking of each of the racing teams. Revenues of the commercial activities are recognized ratably
over the contract term.
Revenues from brand licensing agreements where the customer has a right to access the Group\u2019s brands or the
contract includes minimum guaranteed payments are recognized on a straight-line basis over the contract term. Licensing
revenues in excess of the minimum guaranteed payments are recognized when the related conditions are satisfied. Revenues
from sales-based licensing agreements are recognized when the sales occur.
Management has exercised judgment in determining variable consideration.
Other revenues
Interest income generated by our financial service activities from the provision of client and dealer financing is
reported within revenues using the effective interest rate method and not within net financial income/expenses.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of cars and parts, including the
engines rented to other Formula 1 racing teams, of which, cost of materials, components and labor costs are the most
significant portion. The remaining costs principally include depreciation, amortization, insurance and transportation costs.
Cost of sales also includes warranty and product-related costs, which are estimated and recorded at the time of sale of the car.
Expenses which are directly attributable to the financial services companies, including the interest expenses related
to their financing as a whole and provisions for risks and write-downs of assets, are also reported in cost of sales.
Other expenses and other income
Other expenses consist of miscellaneous costs which cannot be allocated to specific functional areas, such as indirect
taxes, accruals for provisions not attributable to cost of sales or selling, general and administrative costs, and other
miscellaneous expenses, including marketing expenses incurred on behalf of our third-party dealers.
Other income consists of miscellaneous income that is not directly attributable to the sale of goods or services,\u00a0such
as\u00a0gains on the disposal of property plant and equipment, the release of certain provisions originally recognized as other
expenses, rental income and other miscellaneous income.
Taxes
Income taxes include all taxes based upon the taxable profits of the Group. Current and deferred taxes are
recognized as income or expense and are included in the consolidated income statement for the period, except tax arising
from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in other comprehensive income/
(loss) or directly in equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted using the full liability method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. Any
remeasurements to deferred tax assets and liabilities as a result of changes in substantially enacted tax rates are recognized in
the income statement.
The recoverability of deferred tax assets is dependent on the Group\u2019s ability to generate sufficient future taxable
income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward
can be utilized. In making this assessment, the Group considers future taxable income arising on the most recent budgets and
plans, prepared by using the same criteria described for testing the impairment of assets and goodwill, moreover, it estimates
the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these
assets could be recovered. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that
sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The
carrying amount of deferred tax assets is reviewed at each reporting date.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this temporary
difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Italian Regional Income Tax (\u201cIRAP\u201d) is recognized within income tax expense. IRAP is calculated on a measure of
income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and
expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments.
IRAP is applied on the tax base at 3.9 percent for the years ended December 31, 2022, 2021 and 2020.
Tax uncertainties are accounted for in accordance with IFRIC 23.
Other taxes not based on income, such as property taxes and capital taxes, are included in other expenses, net.
Dividends
Dividends payable by the Group are reported as a change in equity in the period in which they are approved by
shareholders or the Board of Directors as applicable under local rules and regulations.
Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand Euro
unless otherwise stated.
Segment reporting
The Group has determined that it has one operating and one reportable segment based on the information reviewed
by the Board of Directors (the Group\u2019s \u201cChief Operating Decision Maker\u201d as defined in IFRS 8 \u2014 Operating Segments) in
making decisions regarding the allocation of resources and to assess performance.
Use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which require the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and
liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on
elements that are known when the financial statements are prepared, on historical experience and on any other factors that are
considered to be relevant.
Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject
to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require
adjustment accordingly. The effects of any changes in estimate are recognized in the consolidated income statement in the
period in which the adjustment is made, or prospectively in future periods.
The items requiring estimates for which there is a risk that a material difference may arise in respect of the carrying
amounts of assets and liabilities in the future are discussed below.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment and intangible assets. Intangible
assets with definite useful lives mainly consist of capitalized development costs.
The Group periodically reviews the carrying amount of non-current assets with definite useful lives when events and
circumstances indicate that an asset may be impaired. Impairment tests are performed by comparing the carrying amount and
the recoverable amount of the cash-generating unit (\u201cCGU\u201d). The recoverable amount is the higher of the CGU\u2019s fair value
less costs of disposal and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the CGU.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for non-current assets with definite useful lives.
Maintenance programs and extended warranties
The Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term
based on the input method of measuring progress towards complete satisfaction of the related performance obligation,
calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in
the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred
income related to this program is based on the estimated fair value of the service to be provided. The Group also offers
various extended warranty programs to customers that provide additional coverage beyond the warranty period required by
applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-
line basis over the extended warranty period. Management has exercised judgment in determining performance obligations,
variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its maintenance
programs and extended warranties.
Product warranty liabilities
The Group establishes reserves for product warranties at the time the sale is recognized. The Group issues various
types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or
term, which is generally defined by the legislation in the country where the car is sold. The reserve for product warranties
includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy
coverage. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty
costs of each car line and each model year of that car line, as well as historical claims experience for the Group\u2019s cars. In
addition, the number and magnitude of additional service actions expected to be approved, and policies related to additional
service actions, are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes
in the assumptions used could materially affect the results of operations.
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. The estimated
future costs of these actions are based primarily on historical claims experience for the Group\u2019s cars and the cost of parts and
services to be incurred in the specified activities, and are recognized at the time when they are probable and reasonably
estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties, including the
number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these service and recall
actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period
of time. The estimate of warranty and additional service obligations is periodically reviewed during the year.
In addition, the Group makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict, and have the potential to vary significantly in amount.
Costs associated with these provisions are recorded in the consolidated income statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
Share-based compensation
The Group accounts for share-based compensation relating to its equity incentive plans and commercial agreements
with certain suppliers in accordance with IFRS 2 \u2014\u00a0Share-based Payment,\u00a0which requires the recognition of share-based
compensation expense based on the fair value of the awards granted. Share-based compensation for equity-settled awards
containing market performance conditions is measured at the grant date of the awards using a Monte Carlo simulation model,
which requires the input of subjective assumptions, including the expected volatility of our common stock, the dividend yield,
interest rates and the correlation coefficient between our common stock and the relevant market index. The probability that
the Group will achieve a certain level of Total Shareholder Return performance compared to the defined peer group (\u201cPeer
Group\u201d) is also considered. As a result, at the grant date management is required to make key assumptions and estimates
regarding conditions that will occur in the future, which inherently involves uncertainty. Therefore, the amount of share-
based compensation recognized has been affected by the significant assumptions and estimates used.
Litigation and contingent liabilities
Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of
topics, including car safety, emissions and fuel economy, early warning reporting, dealer, supplier and other contractual
relationships, intellectual property rights and product warranty matters. Some of these proceedings allege defects in specific
component parts or systems (including airbags, seatbelts, brakes, transmissions, engines and fuel systems) in various car
models or allege general design defects relating to car handling and stability, sudden unintended movement or
crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some
cases could include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could
require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
An accrual is established in connection with pending or threatened litigation if a loss is probable and a reliable estimate can
be made. Since these accruals represent estimates, it is reasonably possible that the resolution of some of these matters could
require the Group to make payments in excess of the amounts accrued. It is also reasonably possible that the resolution of
some of the matters for which accruals could not be made may require the Group to make payments in an amount or range of
amounts that could not be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a
future transaction or event occurring is more than remote but less than probable.
The Group makes provisions in connection with pending or threatened disputes or legal proceedings when it is
considered probable that there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
Statements. The Group is the subject of legal and tax proceedings covering a wide range of matters in various jurisdictions.
Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
disputes with any certainty. Moreover, the cases and claims against the Group often derive from complex legal issues which
are subject to a differing degree of uncertainty, including the facts and circumstances of each particular case and the manner
in which applicable law is likely to be interpreted and applied to such fact and circumstances, and the jurisdiction and the
different laws involved. The Group monitors the status of pending legal proceedings and consults with experts on legal and
tax matters on a regular basis. It is therefore possible that the provisions for the Group\u2019s legal proceedings and litigation may
vary as the result of future developments in pending matters.
Although the final resolution of any such matters could have a material effect on the Group\u2019s operating results for
the particular reporting period in which an adjustment of the estimated reserve is recorded, it is believed that any resulting
adjustment would not materially affect the consolidated financial position of the Group.
Current and deferred taxes
The calculation of current and deferred income taxes, including various tax benefits, exemptions or credits (such as
patent box tax benefits, asset revaluations and research and development credits), involves the interpretation of applicable tax
laws and regulations that could be subject to changes or application directives from tax authorities. As a result, the calculation
of current and deferred taxes, including those related to uncertain tax positions, may require complex management estimates
and judgments that are periodically reviewed for any changes in facts and circumstances or changes in tax regulations and
interpretations. Such judgments are primarily related to the recoverability of deferred long-term tax assets, which involves the
assessment of the ability to generate sufficient future taxable profit over the period in which the deductible temporary
differences or unused tax losses are expected to be utilized, as well as to the calculation of certain tax benefits and liabilities.
Climate-related matters
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather
occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat
waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
and international climate change policies and regulations.
The global automotive industry in particular is currently experiencing significant developments due to an increased
focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency,
electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car
market in which the Group operates.
As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations
and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of
goodwill, capitalized development costs and\u00a0 property, plant and equipment.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2022 and December 31, 2021. As required
by IFRS, an annual impairment test was performed for goodwill and the recoverable amount of goodwill was significantly
higher than its carrying amount for the years ended December 31, 2022, 2021 and 2020. Furthermore, the exclusivity of the
Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions. For additional information
relating to the goodwill test performed, including the estimates, judgments and assumptions applied by management, see \u201c\u2013
Use of estimates\u2013Recoverability of goodwill\u201d and Note 13 \u201cGoodwill\u201d.
Non-current assets with definite useful lives
The Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to
development costs, and property, plant and equipment. At December 31, 2022 and December 31, 2021, the Group\u2019s
intangible assets amounted to \u20ac1,307,388 thousand and \u20ac1,138,173 thousand, respectively (of which \u20ac1,264,467 thousand
and \u20ac1,107,141 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac1,457,825 thousand and \u20ac1,353,165 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs of \u20ac416,368 thousand and \u20ac363,139 thousand
for the years ended December 31, 2022 and 2021, respectively. These costs were capitalized in accordance with IAS 38 -
Intangible Assets as: (i) they can be measured reliably and (ii) the technical feasibility of the product, estimated volumes and
expected pricing all support the view that the development expenditure will generate future economic benefits, based
primarily on information in the Group\u2019s business plans. For the years ended December 31, 2022, 2021 and 2020, no
impairment indicators were identified, including as a result of climate-related matters, and the Group did not recognize any
impairment charges for non-current assets with definite useful lives. For additional information see \u201c\u2013Use of estimates\u2013
Recoverability of non-current assets with definite useful lives\u201d.
Provisions
The Group sells its cars around the world and is subject to a variety of laws and regulations relating to the
environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must
comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that
regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small
vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of
benefits, from less stringent emissions caps and compliance
date extensions, to exemptions from zero emission vehicle production requirements. The Group recognized provisions for
environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the
Group\u2019s related obligations. For additional information see Note 23 \u201cProvisions\u201d.
For information relating to the ESG target performance indicator linked to the environment introduced under the
Group\u2019s Equity Incentive Plan 2022-2024, see Note 21 \u201cShare-Based Compensation\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzUx_4be1ef2e-5521-4e09-a440-6f7192678abf": { "value": "
New standards and amendments effective from January\u00a01, 2022
The following new standards and amendments effective from January 1, 2022 were adopted by the Group for the
preparation of these Consolidated Financial Statements.
In May 2020 the IASB issued amendments to IFRS 3 \u2014 Business combinations to update a reference in IFRS 3 to
the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
There was no effect from the adoption of these amendments.
In May 2020 the IASB issued amendments to IAS 16 \u2014 Property, Plant and Equipment. The amendments prohibit
a company from deducting from the cost of property, plant and equipment amounts received from selling items produced
while the company is preparing the asset for its intended use. Instead, a company should recognize such sales proceeds and
the related cost in the income statement. There was no effect from the adoption of these amendments.
In May 2020 the IASB issued amendments to IAS 37 \u2014 Provisions, Contingent Liabilities and Contingent Assets,
which specify which costs a company includes when assessing whether a contract will be loss-making. There was no effect
from the adoption of these amendments.
In May 2020 the IASB issued Annual Improvements to IFRSs 2018 - 2020 Cycle. The improvements have amended
four standards: i) IFRS 1 \u2014 First-time Adoption of International Financial Reporting Standards in relation to allowing a
subsidiary to measure cumulative translation differences using amounts reported by its parent, ii) IFRS 9 \u2014 Financial
Instruments in relation to which fees an entity includes when applying the \u201810 percent\u2019 test for derecognition of financial
liabilities, iii) IAS 41 \u2014 Agriculture in relation to the exclusion of taxation cash flows when measuring the fair value of a
biological asset, and iv) IFRS 16 \u2014 Leases in relation to an illustrative example of reimbursement for leasehold
improvements. There was no effect from the adoption of these amendments.
New standards, amendments and interpretations not yet effective
The standards, amendments and interpretations issued by the International Accounting Standards Board (\u201cIASB\u201d)
that will have mandatory application in 2023 or subsequent years are listed below:
In May 2017 the IASB issued IFRS 17 \u2014 Insurance Contracts, which establishes principles for the recognition,
measurement, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts
held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amendments to
IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their financial
performance. The new standard and amendments are effective on or after January 1, 2023. The Group does not expect any
material impact from the adoption of these amendments.
In January 2020 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in
particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to
equity. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact from the
adoption of these amendments.
In February 2021 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting policies which require companies to disclose their material accounting policy
information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality
to accounting policy disclosures. These amendments are effective on or after January 1, 2023. The Group does not expect any
material impact from the adoption of these amendments.
In February 2021 the IASB issued amendments to IAS 8 \u2014 Accounting Policies, Changes in Accounting Estimates
and Errors: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting
policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. The Group does
not expect any material impact from the adoption of these amendments.
In May 2021 the IASB issued amendments to IAS 12 \u2014 Income Taxes: Deferred Tax related to Assets and
Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as
leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. The Group does not
expect any material impact from the adoption of these amendments.
In December 2021 the IASB issued an amendments to IFRS 17 \u2014 Insurance Contracts: Initial Application of IFRS
17 and IFRS 9 - Comparative Information, which provides a transition option relating to comparative information about
financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary
accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of
comparative information for users of financial statements. The amendment is effective on or after January 1, 2023. The
Group does not expect any material impact from the adoption of this amendment.
In September 2022 the IASB issued amendments to IFRS 16 \u2014 Leases: Liability in a Sale and Leaseback to
improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale
and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right
of use it retains. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact
from the adoption of these amendments.
In October 2022 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements: Non-current
Liabilities with Covenants, that clarify how conditions with which an entity must comply within twelve months after the
reporting period affect the classification of a liability. These amendments are effective on or after January 1, 2024. The Group
does not expect any material impact from the adoption of these amendments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzUx_d61e7074-57d9-4ecc-b8bd-5ddab23b7840": { "value": "
New standards and amendments effective from January\u00a01, 2022
The following new standards and amendments effective from January 1, 2022 were adopted by the Group for the
preparation of these Consolidated Financial Statements.
In May 2020 the IASB issued amendments to IFRS 3 \u2014 Business combinations to update a reference in IFRS 3 to
the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
There was no effect from the adoption of these amendments.
In May 2020 the IASB issued amendments to IAS 16 \u2014 Property, Plant and Equipment. The amendments prohibit
a company from deducting from the cost of property, plant and equipment amounts received from selling items produced
while the company is preparing the asset for its intended use. Instead, a company should recognize such sales proceeds and
the related cost in the income statement. There was no effect from the adoption of these amendments.
In May 2020 the IASB issued amendments to IAS 37 \u2014 Provisions, Contingent Liabilities and Contingent Assets,
which specify which costs a company includes when assessing whether a contract will be loss-making. There was no effect
from the adoption of these amendments.
In May 2020 the IASB issued Annual Improvements to IFRSs 2018 - 2020 Cycle. The improvements have amended
four standards: i) IFRS 1 \u2014 First-time Adoption of International Financial Reporting Standards in relation to allowing a
subsidiary to measure cumulative translation differences using amounts reported by its parent, ii) IFRS 9 \u2014 Financial
Instruments in relation to which fees an entity includes when applying the \u201810 percent\u2019 test for derecognition of financial
liabilities, iii) IAS 41 \u2014 Agriculture in relation to the exclusion of taxation cash flows when measuring the fair value of a
biological asset, and iv) IFRS 16 \u2014 Leases in relation to an illustrative example of reimbursement for leasehold
improvements. There was no effect from the adoption of these amendments.
New standards, amendments and interpretations not yet effective
The standards, amendments and interpretations issued by the International Accounting Standards Board (\u201cIASB\u201d)
that will have mandatory application in 2023 or subsequent years are listed below:
In May 2017 the IASB issued IFRS 17 \u2014 Insurance Contracts, which establishes principles for the recognition,
measurement, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts
held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amendments to
IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their financial
performance. The new standard and amendments are effective on or after January 1, 2023. The Group does not expect any
material impact from the adoption of these amendments.
In January 2020 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in
particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to
equity. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact from the
adoption of these amendments.
In February 2021 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting policies which require companies to disclose their material accounting policy
information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality
to accounting policy disclosures. These amendments are effective on or after January 1, 2023. The Group does not expect any
material impact from the adoption of these amendments.
In February 2021 the IASB issued amendments to IAS 8 \u2014 Accounting Policies, Changes in Accounting Estimates
and Errors: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting
policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. The Group does
not expect any material impact from the adoption of these amendments.
In May 2021 the IASB issued amendments to IAS 12 \u2014 Income Taxes: Deferred Tax related to Assets and
Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as
leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. The Group does not
expect any material impact from the adoption of these amendments.
In December 2021 the IASB issued an amendments to IFRS 17 \u2014 Insurance Contracts: Initial Application of IFRS
17 and IFRS 9 - Comparative Information, which provides a transition option relating to comparative information about
financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary
accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of
comparative information for users of financial statements. The amendment is effective on or after January 1, 2023. The
Group does not expect any material impact from the adoption of this amendment.
In September 2022 the IASB issued amendments to IFRS 16 \u2014 Leases: Liability in a Sale and Leaseback to
improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale
and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right
of use it retains. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact
from the adoption of these amendments.
In October 2022 the IASB issued amendments to IAS 1 \u2014 Presentation of Financial Statements: Non-current
Liabilities with Covenants, that clarify how conditions with which an entity must comply within twelve months after the
reporting period affect the classification of a liability. These amendments are effective on or after January 1, 2024. The Group
does not expect any material impact from the adoption of these amendments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDIx_b6e83b71-b9fa-4a3a-bc3b-c714ff1fe3b2": { "value": "
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to
use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line by line
basis from the date on which the Group achieves control. The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Group recognizes any non-controlling interests (\u201cNCI\u201d) in the acquiree on an acquisition-by-acquisition basis,
either at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets.
Net profit or loss and each component of other comprehensive income/(loss) are attributed to the owners of the parent and to
the non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to owners of the parent and to
the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
All significant intra-group balances and transactions and any unrealized gains and losses arising from intra-group
transactions are eliminated in preparing the Consolidated Financial Statements.
Subsidiaries are deconsolidated from the date when control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts,
derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the fair value of any
consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value.
In 2016 the Group sold a majority stake in Ferrari Financial Services GmbH. From such date, the Group\u2019s remaining
interest has been remeasured at fair value and accounted for using the equity method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDEw_c5d4be5c-6e9e-4333-9ad4-0ec47690682f": { "value": "
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDI3_87b89931-9fd4-4533-a5c6-97d08001189d": { "value": "
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzY0_ec03398d-ca87-4b43-9201-0d1014ab30d9": { "value": "
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing control.
When the Group undertakes its activities under joint operations, it recognizes in relation to its interest in the joint
operation: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities
incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation, (iv)\u00a0its share of the
revenue from the sale of the output by the joint operation, and (v)\u00a0its expenses, including its share of any expenses incurred
jointly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDYx_3bcf83c2-1762-4582-95b3-de5259e807e0": { "value": "
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign
currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on
reporting monetary items at rates different from those at which they were initially recorded during the period or in previous
financial statements are recognized in the consolidated income statement.
Consolidation of foreign entities
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates at the date of the consolidated statement of financial position. Income and expenses are
translated into Euro at the average foreign currency exchange rate for the period. Translation differences resulting from the
application of this method are classified as currency translation differences within other comprehensive income/(loss) until
the disposal of the investment. Average foreign currency exchange rates for the period are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
Goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional currency
other than the Euro are recognized in the Consolidated Financial Statements in the functional currency and translated at the
foreign currency exchange rate at the acquisition date. These balances are translated at subsequent balance sheet dates at the
relevant foreign currency exchange rate.
The principal foreign currency exchange rates used to translate other currencies into Euro were as follows:
2022
2021
2020
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.0530
1.0666
1.1827
1.1326
1.1422
1.2271
Pound Sterling
0.8528
0.8869
0.8596
0.8403
0.8897
0.8990
Swiss Franc
1.0047
0.9847
1.0811
1.0331
1.0705
1.0802
Japanese Yen
138.0274
140.6600
129.8767
130.3800
121.8458
126.4900
Chinese Yuan
7.0788
7.3582
7.6282
7.1947
7.8747
8.0225
Australian Dollar
1.5167
1.5693
1.5749
1.5615
1.6549
1.5896
Canadian Dollar
1.3695
1.4440
1.4826
1.4393
1.5300
1.5633
Singapore Dollar
1.4512
1.4300
1.5891
1.5279
1.5742
1.6218
Hong Kong Dollar
8.2451
8.3163
9.1932
8.8333
8.8587
9.5142
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzcw_56fc9805-633c-4f36-ae71-a7ce5b53e983": { "value": "
Intangible assets
Goodwill
Goodwill is not amortized, but is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses.
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, both of the following conditions under IAS 38 \u2014 Intangible Assets are met: that development costs can
be measured reliably and that the technical feasibility of the product, volumes and pricing support the view that the
development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect
costs that may be directly attributed to the development process. All other research and development costs are expensed as
incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
Patents, concessions and licenses
Separately acquired patents, concessions and licenses are initially recognized at cost. Patents, concessions and
licenses acquired in a business combination are initially recognized at fair value. Patents, concessions and licenses are
amortized on a straight-line basis over their useful economic lives, which is generally between three and five years.
Other intangible assets
Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with
IAS 38 \u2014 Intangible Assets, where it is probable that the use of the asset will generate future economic benefits for the Group
and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment
losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzMy_5076e618-af2f-4f0b-a96d-38c396d1906e": { "value": "
Goodwill
Goodwill is not amortized, but is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzU3_3a18c16c-ba78-4462-8ee6-ca61dc65138c": { "value": "
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, both of the following conditions under IAS 38 \u2014 Intangible Assets are met: that development costs can
be measured reliably and that the technical feasibility of the product, volumes and pricing support the view that the
development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect
costs that may be directly attributed to the development process. All other research and development costs are expensed as
incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDEz_340b85b8-878d-4a7a-9ff8-68bd8b71d788": { "value": "
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, both of the following conditions under IAS 38 \u2014 Intangible Assets are met: that development costs can
be measured reliably and that the technical feasibility of the product, volumes and pricing support the view that the
development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect
costs that may be directly attributed to the development process. All other research and development costs are expensed as
incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
Patents, concessions and licenses
Separately acquired patents, concessions and licenses are initially recognized at cost. Patents, concessions and
licenses acquired in a business combination are initially recognized at fair value. Patents, concessions and licenses are
amortized on a straight-line basis over their useful economic lives, which is generally between three and five years.
Other intangible assets
Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with
IAS 38 \u2014 Intangible Assets, where it is probable that the use of the asset will generate future economic benefits for the Group
and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment
losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzU4_b18d124d-00c5-49ec-b366-4a7ab5a47cfd": { "value": "
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and
restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits
embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the
carrying amount of the parts that are replaced is recognized as a loss in the period of replacement in the consolidated income
statement.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u2018component approach\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzgy_4e852f32-1518-46fd-b03b-a40ab5e77e0c": { "value": "
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u2018component approach\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDYy_4fc4d05f-6d79-4826-98f6-72d3fe9400c9": { "value": "
Leases
With the adoption of IFRS 16, the Group recognizes a right-of-use asset and a corresponding lease liability at the
date at which the leased asset is available for use. Each lease payment is allocated between the principal liability and finance
costs. Finance costs are charged to the income statement over the lease period using the effective interest rate method. The
right-of-use asset is depreciated on a straight-line basis over the lease term.
Right-of-use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease
liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial
direct costs and, if applicable, (iv) restoration costs. Payments associated with short-term leases and leases of low-value
assets are recognized as an expense in the income statement on a straight-line basis.
Lease liabilities are measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease
payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under
residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that
option. Lease liabilities do not include any non-lease components that may be included in the related contracts.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Some lease contracts contain variable payment terms that are linked to sales generated from Ferrari stores. Variable
lease payments that depend on sales are recognized in the income statement in the period in which the condition that triggers
those payments occurs.
Extension and termination options are included in a number of leases related to Ferrari stores, warehouses and
machinery and equipment of the Group. In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzQ0_1c291348-3639-481a-8272-e598c90bc952": { "value": "
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use.
All other borrowing costs are expensed in net financial expenses if related to the Group\u2019s industrial activities or cost
of sales if related to the Group\u2019s financial services activities in the consolidated income statement, as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDMw_b6736711-ffc7-4cf4-99bb-97c7bb8051c1": { "value": "
Impairment of assets
The Group continuously monitors its operations to assess whether there is any indication that its intangible assets
(including development costs) and its property, plant and equipment may be impaired. Goodwill is tested for impairment
annually or more frequently, if there is an indication that an asset may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, which
is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual
asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A
CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are
discounted to their present value using a discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying
amount.
Where an impairment loss for assets other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not in excess of the
carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss
is recognized in the consolidated income statement immediately.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDMw_f946cae6-db0b-4dd7-879c-6c4b0b6b7381": { "value": "
Impairment of assets
The Group continuously monitors its operations to assess whether there is any indication that its intangible assets
(including development costs) and its property, plant and equipment may be impaired. Goodwill is tested for impairment
annually or more frequently, if there is an indication that an asset may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, which
is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual
asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A
CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are
discounted to their present value using a discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying
amount.
Where an impairment loss for assets other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not in excess of the
carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss
is recognized in the consolidated income statement immediately.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDAw_e5a39772-0d47-4a38-b9ea-b4302326ecfb": { "value": "
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (which primarily includes bonds, notes, asset-backed financing (securitizations) and
borrowings from banks), trade payables and other financial liabilities, which mainly include derivative financial instruments.
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date). As permitted by IFRS 9, equity investments for which there is no
quoted market price in an active market and there is insufficient financial information in order to determine fair value may be
measured at cost as an estimate of fair value.
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value. Assessments
are made regularly as to whether there is any objective evidence that a financial asset or group of financial assets may be
impaired and, if any such evidence exists, an impairment loss is recognized within financial expenses. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments,
the Group applies the standard simplified approach to estimate the lifetime expected credit losses and considers its historical
credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic
environment, which may be different for the Group\u2019s trade receivables compared to receivables from financing activities. If
any such evidence exists, an impairment loss is recognized within financial expenses.
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Financial assets and trade receivable are written off when the counterparty fails to make contractual payments and
there is no reasonable expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or
receivables from financing activities have been written off, the Company may continue to engage in enforcement actions to
attempt to recover the receivables.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of a financial receivables portfolio to a special purpose vehicle, which in turn finances the
purchase of such financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal
and interest depends on the cash flows generated by the related financial receivables. The receivables sold as part of
securitization programs are consolidated until collection from the customer as they do not meet the requirements for
derecognition in accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the financial assets when, and only when, the contractual rights and risks to the cash flows arising from the
related financial assets are no longer held or the Group has transferred the financial assets. In the case of a transfer of
financial assets, if the Group transfers substantially all the risks and rewards of ownership of the financial assets, it
derecognizes such assets and separately recognizes as assets or liabilities any rights and obligations created or retained in the
transfer. On derecognition of financial assets, the difference between the carrying amount of the assets and the consideration
received or receivable for the transfer of the assets is recognized within cost of sales in the consolidated income statement.
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDE4_01ea881c-12a4-4983-a0d0-59598bed161c": { "value": "
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (which primarily includes bonds, notes, asset-backed financing (securitizations) and
borrowings from banks), trade payables and other financial liabilities, which mainly include derivative financial instruments.
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date). As permitted by IFRS 9, equity investments for which there is no
quoted market price in an active market and there is insufficient financial information in order to determine fair value may be
measured at cost as an estimate of fair value.
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value. Assessments
are made regularly as to whether there is any objective evidence that a financial asset or group of financial assets may be
impaired and, if any such evidence exists, an impairment loss is recognized within financial expenses. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments,
the Group applies the standard simplified approach to estimate the lifetime expected credit losses and considers its historical
credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic
environment, which may be different for the Group\u2019s trade receivables compared to receivables from financing activities. If
any such evidence exists, an impairment loss is recognized within financial expenses.
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Financial assets and trade receivable are written off when the counterparty fails to make contractual payments and
there is no reasonable expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or
receivables from financing activities have been written off, the Company may continue to engage in enforcement actions to
attempt to recover the receivables.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of a financial receivables portfolio to a special purpose vehicle, which in turn finances the
purchase of such financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal
and interest depends on the cash flows generated by the related financial receivables. The receivables sold as part of
securitization programs are consolidated until collection from the customer as they do not meet the requirements for
derecognition in accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the financial assets when, and only when, the contractual rights and risks to the cash flows arising from the
related financial assets are no longer held or the Group has transferred the financial assets. In the case of a transfer of
financial assets, if the Group transfers substantially all the risks and rewards of ownership of the financial assets, it
derecognizes such assets and separately recognizes as assets or liabilities any rights and obligations created or retained in the
transfer. On derecognition of financial assets, the difference between the carrying amount of the assets and the consideration
received or receivable for the transfer of the assets is recognized within cost of sales in the consolidated income statement.
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDI0_07c2e099-d44d-43b2-bcfb-576fb32afb7b": { "value": "
Financial instruments
Presentation
Financial liabilities include debt (which primarily includes bonds, notes, asset-backed financing (securitizations) and
borrowings from banks), trade payables and other financial liabilities, which mainly include derivative financial instruments.
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date). As permitted by IFRS 9, equity investments for which there is no
quoted market price in an active market and there is insufficient financial information in order to determine fair value may be
measured at cost as an estimate of fair value.
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value. Assessments
are made regularly as to whether there is any objective evidence that a financial asset or group of financial assets may be
impaired and, if any such evidence exists, an impairment loss is recognized within financial expenses. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments,
the Group applies the standard simplified approach to estimate the lifetime expected credit losses and considers its historical
credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic
environment, which may be different for the Group\u2019s trade receivables compared to receivables from financing activities. If
any such evidence exists, an impairment loss is recognized within financial expenses.
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Financial assets and trade receivable are written off when the counterparty fails to make contractual payments and
there is no reasonable expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or
receivables from financing activities have been written off, the Company may continue to engage in enforcement actions to
attempt to recover the receivables.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzM4_c0f2c49d-ee4f-462c-80ef-5033e76e0170": { "value": "
Financial liabilities include debt (which primarily includes bonds, notes, asset-backed financing (securitizations) and
borrowings from banks), trade payables and other financial liabilities, which mainly include derivative financial instruments.
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date). As permitted by IFRS 9, equity investments for which there is no
quoted market price in an active market and there is insufficient financial information in order to determine fair value may be
measured at cost as an estimate of fair value.
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value. Assessments
are made regularly as to whether there is any objective evidence that a financial asset or group of financial assets may be
impaired and, if any such evidence exists, an impairment loss is recognized within financial expenses. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments,
the Group applies the standard simplified approach to estimate the lifetime expected credit losses and considers its historical
credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic
environment, which may be different for the Group\u2019s trade receivables compared to receivables from financing activities. If
any such evidence exists, an impairment loss is recognized within financial expenses.
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Financial assets and trade receivable are written off when the counterparty fails to make contractual payments and
there is no reasonable expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or
receivables from financing activities have been written off, the Company may continue to engage in enforcement actions to
attempt to recover the receivables.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDQ5_dea1bdb5-fa32-437d-bb9f-3d68c3005532": { "value": "
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date). As permitted by IFRS 9, equity investments for which there is no
quoted market price in an active market and there is insufficient financial information in order to determine fair value may be
measured at cost as an estimate of fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDY1_07cb1993-1bb0-45ed-87f4-04c9f9efe641": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDY1_9f00ecd5-d7e9-4ef0-9e7b-fe77e338a216": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDY1_ff91ca62-890f-4bdc-b2a9-88913cb49c0a": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzQ2_897ad6a1-c13c-4cb1-ab42-d309e3b01dc3": { "value": "Transfers of financial assetsOn derecognition of financial assets, the difference between the carrying amount of the assets and the consideration received or receivable for the transfer of the assets is recognized within cost of sales in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzcx_b88c4621-e934-404f-ba81-5fcc651231b6": { "value": "
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDQy_097b99a7-4525-46ef-a0da-ad60379bbbdd": { "value": "
Inventories
Inventories of raw materials, semi-finished products and finished goods are stated at the lower of cost and net
realizable value, cost being determined on a first-in first-out (FIFO) basis. The measurement of inventories includes the direct
costs of materials, labor and indirect costs (variable and fixed). Purchase costs include ancillary costs. Prototypes are
recognized at their estimated realizable value, if lower than production cost. Provision is made for obsolete and slow-moving
raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net
realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs for sale and distribution.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDE5_e3b63795-dafc-4e9f-ba43-af15e8c7293c": { "value": "
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzM1_9ad2b31a-168b-42c1-9c5e-217d3e8a23d7": { "value": "
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. The
present value of the defined benefit obligation is measured using actuarial techniques and actuarial assumptions that are
unbiased and mutually compatible and attributes benefits to periods in which the obligation to provide post-employment
benefits arise by using the Projected Unit Credit Method.
The components of the defined benefit cost are recognized as follows:
\u2022the service costs are recognized in the consolidated income statement by function and presented in the relevant
line items (cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022the net interest on the defined benefit liability is recognized in the consolidated income statement as net
financial income /(expenses), and is determined by multiplying the net liability/(asset) by the discount rate used
to discount obligations taking into account the effect of contributions and benefit payments made during the
year; and
\u2022the remeasurement components of the net obligations, which comprise actuarial gains and losses and any
change in the effect of the asset ceiling are recognized immediately in other comprehensive income/(loss).
These remeasurement components are not reclassified in the consolidated income statement in a subsequent
period.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for their
service during the current and prior periods. Remeasurement components on other long-term employee benefits are
recognized in the consolidated income statement in the period in which they arise.
Share-based compensation
The Group has implemented equity incentive plans that provide for the granting of share-based compensation to the
Chairman, the Chief Executive Officer, all other members of the Ferrari Leadership Team and other key employees of the
Group. The Group also provides share-based compensation as part of commercial agreements with certain suppliers. The
share-based compensation arrangements are accounted for in accordance with IFRS 2 \u2014 Share-based Payment, which
requires the Company to recognize share-based compensation expense based on fair value of awards granted. Compensation
expense for the equity-settled awards containing market performance conditions is measured at the grant date fair value of the
award using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected
volatility of the Company\u2019s common stock, the dividend yield, interest rates and a correlation coefficient between the
common stock and the relevant market index. The fair value of the awards which are conditional only on a recipient\u2019s
continued service to the Company is measured using the share price at the grant date adjusted for the present value of future
distributions which employees will not receive during the vesting period.
Share-based compensation expense relating to the equity incentive plans is recognized over the service period within
selling, general and administrative costs or cost of sales in the consolidated income statement depending on the function of
the employee, with an offsetting increase to equity. Share-based compensation expense relating to commercial agreements
with certain suppliers is recognized over the period in which the supplier\u2019s services are received and classified within the
consolidated income statement depending on the function of the supplier\u2019s services, with an offsetting increase to equity.
Share-based compensation
The Group accounts for share-based compensation relating to its equity incentive plans and commercial agreements
with certain suppliers in accordance with IFRS 2 \u2014\u00a0Share-based Payment,\u00a0which requires the recognition of share-based
compensation expense based on the fair value of the awards granted. Share-based compensation for equity-settled awards
containing market performance conditions is measured at the grant date of the awards using a Monte Carlo simulation model,
which requires the input of subjective assumptions, including the expected volatility of our common stock, the dividend yield,
interest rates and the correlation coefficient between our common stock and the relevant market index. The probability that
the Group will achieve a certain level of Total Shareholder Return performance compared to the defined peer group (\u201cPeer
Group\u201d) is also considered. As a result, at the grant date management is required to make key assumptions and estimates
regarding conditions that will occur in the future, which inherently involves uncertainty. Therefore, the amount of share-
based compensation recognized has been affected by the significant assumptions and estimates used.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDE1_81959f6a-f102-4b66-b886-d84b29a50e5d": { "value": "
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. The
present value of the defined benefit obligation is measured using actuarial techniques and actuarial assumptions that are
unbiased and mutually compatible and attributes benefits to periods in which the obligation to provide post-employment
benefits arise by using the Projected Unit Credit Method.
The components of the defined benefit cost are recognized as follows:
\u2022the service costs are recognized in the consolidated income statement by function and presented in the relevant
line items (cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022the net interest on the defined benefit liability is recognized in the consolidated income statement as net
financial income /(expenses), and is determined by multiplying the net liability/(asset) by the discount rate used
to discount obligations taking into account the effect of contributions and benefit payments made during the
year; and
\u2022the remeasurement components of the net obligations, which comprise actuarial gains and losses and any
change in the effect of the asset ceiling are recognized immediately in other comprehensive income/(loss).
These remeasurement components are not reclassified in the consolidated income statement in a subsequent
period.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for their
service during the current and prior periods. Remeasurement components on other long-term employee benefits are
recognized in the consolidated income statement in the period in which they arise.
Provisions
Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made.
Warranty and recall campaigns provision
All cars are sold with warranty coverage. The warranty coverage generally applies to defects that may become
apparent within a certain period from the purchase of the car.
The warranty provision is recognized at the time of the sale of the car, based on the present value of management\u2019s
estimate of the expected cost to fulfill the obligations over the contractual warranty period. Estimates are principally based on
the Group\u2019s historical claims or costs experience and the cost of parts and services to be incurred in the activities. The costs
related to these provisions are recognized within cost of sales at the time when they are probable and reasonably estimable.
See \u201c\u2014Use of estimates\u201d below for further details.
Product warranty liabilities
The Group establishes reserves for product warranties at the time the sale is recognized. The Group issues various
types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or
term, which is generally defined by the legislation in the country where the car is sold. The reserve for product warranties
includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy
coverage. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty
costs of each car line and each model year of that car line, as well as historical claims experience for the Group\u2019s cars. In
addition, the number and magnitude of additional service actions expected to be approved, and policies related to additional
service actions, are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes
in the assumptions used could materially affect the results of operations.
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. The estimated
future costs of these actions are based primarily on historical claims experience for the Group\u2019s cars and the cost of parts and
services to be incurred in the specified activities, and are recognized at the time when they are probable and reasonably
estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties, including the
number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these service and recall
actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period
of time. The estimate of warranty and additional service obligations is periodically reviewed during the year.
In addition, the Group makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict, and have the potential to vary significantly in amount.
Costs associated with these provisions are recorded in the consolidated income statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
Litigation and contingent liabilities
Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of
topics, including car safety, emissions and fuel economy, early warning reporting, dealer, supplier and other contractual
relationships, intellectual property rights and product warranty matters. Some of these proceedings allege defects in specific
component parts or systems (including airbags, seatbelts, brakes, transmissions, engines and fuel systems) in various car
models or allege general design defects relating to car handling and stability, sudden unintended movement or
crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some
cases could include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could
require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
An accrual is established in connection with pending or threatened litigation if a loss is probable and a reliable estimate can
be made. Since these accruals represent estimates, it is reasonably possible that the resolution of some of these matters could
require the Group to make payments in excess of the amounts accrued. It is also reasonably possible that the resolution of
some of the matters for which accruals could not be made may require the Group to make payments in an amount or range of
amounts that could not be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a
future transaction or event occurring is more than remote but less than probable.
The Group makes provisions in connection with pending or threatened disputes or legal proceedings when it is
considered probable that there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
Statements. The Group is the subject of legal and tax proceedings covering a wide range of matters in various jurisdictions.
Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
disputes with any certainty. Moreover, the cases and claims against the Group often derive from complex legal issues which
are subject to a differing degree of uncertainty, including the facts and circumstances of each particular case and the manner
in which applicable law is likely to be interpreted and applied to such fact and circumstances, and the jurisdiction and the
different laws involved. The Group monitors the status of pending legal proceedings and consults with experts on legal and
tax matters on a regular basis. It is therefore possible that the provisions for the Group\u2019s legal proceedings and litigation may
vary as the result of future developments in pending matters.
Although the final resolution of any such matters could have a material effect on the Group\u2019s operating results for
the particular reporting period in which an adjustment of the estimated reserve is recorded, it is believed that any resulting
adjustment would not materially affect the consolidated financial position of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzQw_6195a874-0995-4cbd-a92d-9272f4a60b9e": { "value": "
Share-based compensation
The Group has implemented equity incentive plans that provide for the granting of share-based compensation to the
Chairman, the Chief Executive Officer, all other members of the Ferrari Leadership Team and other key employees of the
Group. The Group also provides share-based compensation as part of commercial agreements with certain suppliers. The
share-based compensation arrangements are accounted for in accordance with IFRS 2 \u2014 Share-based Payment, which
requires the Company to recognize share-based compensation expense based on fair value of awards granted. Compensation
expense for the equity-settled awards containing market performance conditions is measured at the grant date fair value of the
award using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected
volatility of the Company\u2019s common stock, the dividend yield, interest rates and a correlation coefficient between the
common stock and the relevant market index. The fair value of the awards which are conditional only on a recipient\u2019s
continued service to the Company is measured using the share price at the grant date adjusted for the present value of future
distributions which employees will not receive during the vesting period.
Share-based compensation expense relating to the equity incentive plans is recognized over the service period within
selling, general and administrative costs or cost of sales in the consolidated income statement depending on the function of
the employee, with an offsetting increase to equity. Share-based compensation expense relating to commercial agreements
with certain suppliers is recognized over the period in which the supplier\u2019s services are received and classified within the
consolidated income statement depending on the function of the supplier\u2019s services, with an offsetting increase to equity.
Share-based compensation
The Group accounts for share-based compensation relating to its equity incentive plans and commercial agreements
with certain suppliers in accordance with IFRS 2 \u2014\u00a0Share-based Payment,\u00a0which requires the recognition of share-based
compensation expense based on the fair value of the awards granted. Share-based compensation for equity-settled awards
containing market performance conditions is measured at the grant date of the awards using a Monte Carlo simulation model,
which requires the input of subjective assumptions, including the expected volatility of our common stock, the dividend yield,
interest rates and the correlation coefficient between our common stock and the relevant market index. The probability that
the Group will achieve a certain level of Total Shareholder Return performance compared to the defined peer group (\u201cPeer
Group\u201d) is also considered. As a result, at the grant date management is required to make key assumptions and estimates
regarding conditions that will occur in the future, which inherently involves uncertainty. Therefore, the amount of share-
based compensation recognized has been affected by the significant assumptions and estimates used.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDY4_7fdba5a0-f606-494b-bfa4-c41e27b27e9f": { "value": "
Deferred income
Deferred income relates to amounts received by the Group under various agreements, which are reliant on the future
performance of a service or other act of the Group. Deferred income is recognized as net revenues when the Group has
fulfilled its obligations under the terms of the various agreements.
Range models (models belonging to the Ferrari product portfolio, excluding Special Series, Icona, limited edition
supercars and one-off models) are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance program are not recognized as income immediately, but are deferred over the maintenance program term. The
amount of the deferred income related to this program is based on the estimated fair value of the service to be provided.
Advances
Advances relate to amounts received from or billed to customers in advance of having delivered the related cars or
provided the related services.
Revenue recognition
Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at
the transaction price which is based on the amount of consideration that the Group expects to receive in exchange for
transferring the promised goods or services to the customer and excludes any sales incentives as well as taxes collected from
customers that are remitted to government authorities. The transaction price will include estimates of variable consideration
to the extent it is probable that a significant reversal of revenue recognized will not occur. The Group enters into contracts
that may include both products and services, which are generally capable of being distinct and accounted for as separate
performance obligations.
The Group generates revenue from the sale of cars, spare parts and engines as well as from sponsorship, commercial
and brand activities. The Group accounts for a contract with a customer when there is a legally enforceable contract between
the Group and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability
of the contract consideration is probable. Payments from customers are typically due within 30 and 40 days of invoicing.
The Group does not recognize any assets associated with the incremental costs of obtaining a contract with a
customer that are expected to be recovered. The majority of revenue is recognized at a point-in-time or over a period of one
year or less, and the Group applies the practical expedient to recognize the incremental costs of obtaining a contract as an
expense when incurred if the amortization period of the asset that would otherwise be recognized is one year or less.
Cars, spare parts and engines
The sales of cars, spare parts and engines have multiple performance obligations that include products, services, or a
combination of products and services as contracts may include maintenance programs and extended warranties that are
separately priced or not separately priced. Contracts may also include variable consideration for discounts such as sales
incentives and performance based bonuses and product returns. The Group offers incentives to its third-party dealers, which
are designed to promote the sale of cars and parts, as well as a variety of other performance indicators, which may be
qualitative or quantitative, such as quality service, customer satisfaction and preservation of the Ferrari brand, among others.
The cost of incentives is estimated at the inception of a contract at the expected amount that will ultimately be paid and is
recognized as a reduction to revenue generally at the time of the sale or when the dealer is expected to achieve the required
performance if in relation to other performance indicators different from sales. Revenues recognized are limited to the
amount of consideration the Group expects to receive. The Group allocates the transaction price to the performance
obligations based on the stand alone selling prices (SSP) for each obligation. When the SSP does not exist, the Group
estimates the SSP based on the adjusted market approach.
Revenues for the sale of cars, spare parts and engines are recognized at a point in time when control of the cars,
spare parts or engines is transferred to the customer based on shipping terms, which generally corresponds to the date when
the cars, spare parts and engines are released to the carrier responsible for transportation to dealers or Maserati. Revenues
relating to the maintenance program are recognized over time based on the input method of measuring progress towards
complete satisfaction of the related performance obligation, calculated as a proportion of overall revenues expected during
the maintenance period equal to the ratio of costs incurred in the reporting period compared to the overall costs to be incurred
during the maintenance period. Revenues relating to the extended warranties are recognized on a straight-line basis over the
extended warranty period. Revenues from the supply of engines and related services to other Formula 1 racing teams are
recognized over time on a time and materials basis when the services are provided.
Management has exercised judgment in determining performance obligations, variable consideration, allocation of
transaction price and the timing of revenue recognition.
Sponsorship, commercial and brand activities
Revenues from sponsorship agreements are generally recognized ratably over the contract term as the customer
benefits from the service throughout the service period. For sponsorship agreements that contain variable consideration based
on performance of the racing team, the related revenues are estimated and recognized over the relevant period to the extent
that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur, which
is typically when it is considered highly probable that the related conditions associated with the variable consideration will be
achieved.
Revenues from commercial activities primarily relate to the revenues from participating in the Formula 1 World
Championship. The revenues attributable to each racing team are governed by a specific agreement and depend upon, among
other factors, the prior year ranking of each of the racing teams. Revenues of the commercial activities are recognized ratably
over the contract term.
Revenues from brand licensing agreements where the customer has a right to access the Group\u2019s brands or the
contract includes minimum guaranteed payments are recognized on a straight-line basis over the contract term. Licensing
revenues in excess of the minimum guaranteed payments are recognized when the related conditions are satisfied. Revenues
from sales-based licensing agreements are recognized when the sales occur.
Management has exercised judgment in determining variable consideration.
Other revenues
Interest income generated by our financial service activities from the provision of client and dealer financing is
reported within revenues using the effective interest rate method and not within net financial income/expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzQx_8760d3fd-b71c-4412-884a-3813ba772ffb": { "value": "
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of cars and parts, including the
engines rented to other Formula 1 racing teams, of which, cost of materials, components and labor costs are the most
significant portion. The remaining costs principally include depreciation, amortization, insurance and transportation costs.
Cost of sales also includes warranty and product-related costs, which are estimated and recorded at the time of sale of the car.
Expenses which are directly attributable to the financial services companies, including the interest expenses related
to their financing as a whole and provisions for risks and write-downs of assets, are also reported in cost of sales.
Other expenses and other income
Other expenses consist of miscellaneous costs which cannot be allocated to specific functional areas, such as indirect
taxes, accruals for provisions not attributable to cost of sales or selling, general and administrative costs, and other
miscellaneous expenses, including marketing expenses incurred on behalf of our third-party dealers.
Other income consists of miscellaneous income that is not directly attributable to the sale of goods or services,\u00a0such
as\u00a0gains on the disposal of property plant and equipment, the release of certain provisions originally recognized as other
expenses, rental income and other miscellaneous income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyMzY4_822094b0-2929-438e-a537-0df6ada02358": { "value": "
Taxes
Income taxes include all taxes based upon the taxable profits of the Group. Current and deferred taxes are
recognized as income or expense and are included in the consolidated income statement for the period, except tax arising
from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in other comprehensive income/
(loss) or directly in equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted using the full liability method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. Any
remeasurements to deferred tax assets and liabilities as a result of changes in substantially enacted tax rates are recognized in
the income statement.
The recoverability of deferred tax assets is dependent on the Group\u2019s ability to generate sufficient future taxable
income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward
can be utilized. In making this assessment, the Group considers future taxable income arising on the most recent budgets and
plans, prepared by using the same criteria described for testing the impairment of assets and goodwill, moreover, it estimates
the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these
assets could be recovered. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that
sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The
carrying amount of deferred tax assets is reviewed at each reporting date.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this temporary
difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Italian Regional Income Tax (\u201cIRAP\u201d) is recognized within income tax expense. IRAP is calculated on a measure of
income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and
expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments.
IRAP is applied on the tax base at 3.9 percent for the years ended December 31, 2022, 2021 and 2020.
Tax uncertainties are accounted for in accordance with IFRIC 23.
Other taxes not based on income, such as property taxes and capital taxes, are included in other expenses, net
Current and deferred taxes
The calculation of current and deferred income taxes, including various tax benefits, exemptions or credits (such as
patent box tax benefits, asset revaluations and research and development credits), involves the interpretation of applicable tax
laws and regulations that could be subject to changes or application directives from tax authorities. As a result, the calculation
of current and deferred taxes, including those related to uncertain tax positions, may require complex management estimates
and judgments that are periodically reviewed for any changes in facts and circumstances or changes in tax regulations and
interpretations. Such judgments are primarily related to the recoverability of deferred long-term tax assets, which involves the
assessment of the ability to generate sufficient future taxable profit over the period in which the deductible temporary
differences or unused tax losses are expected to be utilized, as well as to the calculation of certain tax benefits and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDA5_670fa2b3-6abc-4b81-90d4-9f9af0f2c3a4": { "value": "Taxes
Deferred taxes are accounted using the full liability method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. Any
remeasurements to deferred tax assets and liabilities as a result of changes in substantially enacted tax rates are recognized in
the income statement.
The recoverability of deferred tax assets is dependent on the Group\u2019s ability to generate sufficient future taxable
income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward
can be utilized. In making this assessment, the Group considers future taxable income arising on the most recent budgets and
plans, prepared by using the same criteria described for testing the impairment of assets and goodwill, moreover, it estimates
the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these
assets could be recovered. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that
sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The
carrying amount of deferred tax assets is reviewed at each reporting date.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this temporary
difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Current and deferred taxes
The calculation of current and deferred income taxes, including various tax benefits, exemptions or credits (such as
patent box tax benefits, asset revaluations and research and development credits), involves the interpretation of applicable tax
laws and regulations that could be subject to changes or application directives from tax authorities. As a result, the calculation
of current and deferred taxes, including those related to uncertain tax positions, may require complex management estimates
and judgments that are periodically reviewed for any changes in facts and circumstances or changes in tax regulations and
interpretations. Such judgments are primarily related to the recoverability of deferred long-term tax assets, which involves the
assessment of the ability to generate sufficient future taxable profit over the period in which the deductible temporary
differences or unused tax losses are expected to be utilized, as well as to the calculation of certain tax benefits and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDA5_91e97e5b-8672-48c4-a1d1-7b2a9ef6fcdc": { "value": "Taxes Other taxes not based on income, such as property taxes and capital taxes, are included in other expenses, net.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjUvZnJhZzpmOTM1ZTY0NDk3MjQ0ZTQ4OWZmOGUwYmUzZWM1MjhiNi90ZXh0cmVnaW9uOmY5MzVlNjQ0OTcyNDRlNDg5ZmY4ZTBiZTNlYzUyOGI2XzUyNDE2_047ad451-199c-4010-9016-0b5222528fc0": { "value": "
Dividends
Dividends payable by the Group are reported as a change in equity in the period in which they are approved by
shareholders or the Board of Directors as applicable under local rules and regulations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNjgvZnJhZzoyYjk0NGI4YjI0MmU0YTgwYWYwNGM2NWMxODYxMTRhZC90ZXh0cmVnaW9uOjJiOTQ0YjhiMjQyZTRhODBhZjA0YzY1YzE4NjExNGFkXzMzNw_8a5ccfee-148b-4dd1-b31d-24fcca5c7a94": { "value": "
Segment reporting
The Group has determined that it has one operating and one reportable segment based on the information reviewed
by the Board of Directors (the Group\u2019s \u201cChief Operating Decision Maker\u201d as defined in IFRS 8 \u2014 Operating Segments) in
making decisions regarding the allocation of resources and to assess performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzEvZnJhZzozOGRhYWE2YWZhZjk0MjVkOGJkZjMyMDAwNzgzNTE0ZC90ZXh0cmVnaW9uOjM4ZGFhYTZhZmFmOTQyNWQ4YmRmMzIwMDA3ODM1MTRkXzE3NTUy_2c3d4283-f7ce-4502-85e3-99d6c9cb2f1f": { "value": "Use of estimatesThe Consolidated Financial Statements are prepared in accordance with IFRS which require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on elements that are known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in estimate are recognized in the consolidated income statement in the period in which the adjustment is made, or prospectively in future periods.The items requiring estimates for which there is a risk that a material difference may arise in respect of the carrying amounts of assets and liabilities in the future are discussed below.Recoverability of goodwillIn accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired.As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36. The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment, goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is the higher of its fair value less costs of disposal and its value in use.For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment charges for goodwill.Recoverability of non-current assets with definite useful livesNon-current assets with definite useful lives include property, plant and equipment and intangible assets. Intangible assets with definite useful lives mainly consist of capitalized development costs.The Group periodically reviews the carrying amount of non-current assets with definite useful lives when events and circumstances indicate that an asset may be impaired. Impairment tests are performed by comparing the carrying amount and the recoverable amount of the cash-generating unit (\u201cCGU\u201d). The recoverable amount is the higher of the CGU\u2019s fair value less costs of disposal and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU.For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment charges for non-current assets with definite useful lives. Maintenance programs and extended warrantiesThe Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term based on the input method of measuring progress towards complete satisfaction of the related performance obligation, calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred income related to this program is based on the estimated fair value of the service to be provided. The Group also offers various extended warranty programs to customers that provide additional coverage beyond the warranty period required by applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-line basis over the extended warranty period. Management has exercised judgment in determining performance obligations, variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its maintenance programs and extended warranties.Product warranty liabilitiesThe Group establishes reserves for product warranties at the time the sale is recognized. The Group issues various types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or term, which is generally defined by the legislation in the country where the car is sold. The reserve for product warranties includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each car line and each model year of that car line, as well as historical claims experience for the Group\u2019s cars. In addition, the number and magnitude of additional service actions expected to be approved, and policies related to additional service actions, are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could materially affect the results of operations.The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. The estimated future costs of these actions are based primarily on historical claims experience for the Group\u2019s cars and the cost of parts and services to be incurred in the specified activities, and are recognized at the time when they are probable and reasonably estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties, including the number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these service and recall actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period of time. The estimate of warranty and additional service obligations is periodically reviewed during the year.In addition, the Group makes provisions for estimated product liability costs arising from property damage and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product defects. By nature, these costs can be infrequent, difficult to predict, and have the potential to vary significantly in amount. Costs associated with these provisions are recorded in the consolidated income statement and any subsequent adjustments are recorded in the period in which the adjustment is determined.Share-based compensationThe Group accounts for share-based compensation relating to its equity incentive plans and commercial agreements with certain suppliers in accordance with IFRS 2 \u2014\u00a0Share-based Payment,\u00a0which requires the recognition of share-based compensation expense based on the fair value of the awards granted. Share-based compensation for equity-settled awards containing market performance conditions is measured at the grant date of the awards using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected volatility of our common stock, the dividend yield, interest rates and the correlation coefficient between our common stock and the relevant market index. The probability that the Group will achieve a certain level of Total Shareholder Return performance compared to the defined peer group (\u201cPeer Group\u201d) is also considered. As a result, at the grant date management is required to make key assumptions and estimates regarding conditions that will occur in the future, which inherently involves uncertainty. Therefore, the amount of share-based compensation recognized has been affected by the significant assumptions and estimates used.Litigation and contingent liabilitiesVarious legal proceedings, claims and governmental investigations are pending against the Group on a wide range of topics, including car safety, emissions and fuel economy, early warning reporting, dealer, supplier and other contractual relationships, intellectual property rights and product warranty matters. Some of these proceedings allege defects in specific component parts or systems (including airbags, seatbelts, brakes, transmissions, engines and fuel systems) in various car models or allege general design defects relating to car handling and stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases could include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions.Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. An accrual is established in connection with pending or threatened litigation if a loss is probable and a reliable estimate can be made. Since these accruals represent estimates, it is reasonably possible that the resolution of some of these matters could require the Group to make payments in excess of the amounts accrued. It is also reasonably possible that the resolution of some of the matters for which accruals could not be made may require the Group to make payments in an amount or range of amounts that could not be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than probable. The Group makes provisions in connection with pending or threatened disputes or legal proceedings when it is considered probable that there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of funds becomes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. The Group is the subject of legal and tax proceedings covering a wide range of matters in various jurisdictions. Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such disputes with any certainty. Moreover, the cases and claims against the Group often derive from complex legal issues which are subject to a differing degree of uncertainty, including the facts and circumstances of each particular case and the manner in which applicable law is likely to be interpreted and applied to such fact and circumstances, and the jurisdiction and the different laws involved. The Group monitors the status of pending legal proceedings and consults with experts on legal and tax matters on a regular basis. It is therefore possible that the provisions for the Group\u2019s legal proceedings and litigation may vary as the result of future developments in pending matters. Although the final resolution of any such matters could have a material effect on the Group\u2019s operating results for the particular reporting period in which an adjustment of the estimated reserve is recorded, it is believed that any resulting adjustment would not materially affect the consolidated financial position of the Group.Current and deferred taxesThe calculation of current and deferred income taxes, including various tax benefits, exemptions or credits (such as patent box tax benefits, asset revaluations and research and development credits), involves the interpretation of applicable tax laws and regulations that could be subject to changes or application directives from tax authorities. As a result, the calculation of current and deferred taxes, including those related to uncertain tax positions, may require complex management estimates and judgments that are periodically reviewed for any changes in facts and circumstances or changes in tax regulations and interpretations. Such judgments are primarily related to the recoverability of deferred long-term tax assets, which involves the assessment of the ability to generate sufficient future taxable profit over the period in which the deductible temporary differences or unused tax losses are expected to be utilized, as well as to the calculation of certain tax benefits and liabilities.Climate-related mattersGlobal climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national and international climate change policies and regulations. The global automotive industry in particular is currently experiencing significant developments due to an increased focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency, electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car market in which the Group operates. As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of goodwill, capitalized development costs and\u00a0 property, plant and equipment.GoodwillThe Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2022 and December 31, 2021. As required by IFRS, an annual impairment test was performed for goodwill and the recoverable amount of goodwill was significantly higher than its carrying amount for the years ended December 31, 2022, 2021 and 2020. Furthermore, the exclusivity of the Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill will continue to be recoverable, even in the event of difficult economic and market conditions. For additional information relating to the goodwill test performed, including the estimates, judgments and assumptions applied by management, see \u201c\u2013Use of estimates\u2013Recoverability of goodwill\u201d and Note 13 \u201cGoodwill\u201d. Non-current assets with definite useful livesThe Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to development costs, and property, plant and equipment. At December 31, 2022 and December 31, 2021, the Group\u2019s intangible assets amounted to \u20ac1,307,388 thousand and \u20ac1,138,173 thousand, respectively (of which \u20ac1,264,467 thousand and \u20ac1,107,141 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to \u20ac1,457,825 thousand and \u20ac1,353,165 thousand, respectively. The Group makes significant investments for the development of its existing and future product portfolio, and capitalized development costs of \u20ac416,368 thousand and \u20ac363,139 thousand for the years ended December 31, 2022 and 2021, respectively. These costs were capitalized in accordance with IAS 38 - Intangible Assets as: (i) they can be measured reliably and (ii) the technical feasibility of the product, estimated volumes and expected pricing all support the view that the development expenditure will generate future economic benefits, based primarily on information in the Group\u2019s business plans. For the years ended December 31, 2022, 2021 and 2020, no impairment indicators were identified, including as a result of climate-related matters, and the Group did not recognize any impairment charges for non-current assets with definite useful lives. For additional information see \u201c\u2013Use of estimates\u2013Recoverability of non-current assets with definite useful lives\u201d. ProvisionsThe Group sells its cars around the world and is subject to a variety of laws and regulations relating to the environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of benefits, from less stringent emissions caps and compliancedate extensions, to exemptions from zero emission vehicle production requirements. The Group recognized provisions for environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the Group\u2019s related obligations. For additional information see Note 23 \u201cProvisions\u201d.For information relating to the ESG target performance indicator linked to the environment introduced under the Group\u2019s Equity Incentive Plan 2022-2024, see Note 21 \u201cShare-Based Compensation\u201d.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzEvZnJhZzozOGRhYWE2YWZhZjk0MjVkOGJkZjMyMDAwNzgzNTE0ZC90ZXh0cmVnaW9uOjM4ZGFhYTZhZmFmOTQyNWQ4YmRmMzIwMDA3ODM1MTRkXzE3NTUy_3124eec4-66f7-44b5-8e61-0f9ba9e534f4": { "value": "
Use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which require the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and
liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on
elements that are known when the financial statements are prepared, on historical experience and on any other factors that are
considered to be relevant.
Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject
to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require
adjustment accordingly. The effects of any changes in estimate are recognized in the consolidated income statement in the
period in which the adjustment is made, or prospectively in future periods.
The items requiring estimates for which there is a risk that a material difference may arise in respect of the carrying
amounts of assets and liabilities in the future are discussed below.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment and intangible assets. Intangible
assets with definite useful lives mainly consist of capitalized development costs.
The Group periodically reviews the carrying amount of non-current assets with definite useful lives when events and
circumstances indicate that an asset may be impaired. Impairment tests are performed by comparing the carrying amount and
the recoverable amount of the cash-generating unit (\u201cCGU\u201d). The recoverable amount is the higher of the CGU\u2019s fair value
less costs of disposal and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the CGU.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for non-current assets with definite useful lives.
Maintenance programs and extended warranties
The Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term
based on the input method of measuring progress towards complete satisfaction of the related performance obligation,
calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in
the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred
income related to this program is based on the estimated fair value of the service to be provided. The Group also offers
various extended warranty programs to customers that provide additional coverage beyond the warranty period required by
applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-
line basis over the extended warranty period. Management has exercised judgment in determining performance obligations,
variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its maintenance
programs and extended warranties.
Product warranty liabilities
The Group establishes reserves for product warranties at the time the sale is recognized. The Group issues various
types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or
term, which is generally defined by the legislation in the country where the car is sold. The reserve for product warranties
includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy
coverage. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty
costs of each car line and each model year of that car line, as well as historical claims experience for the Group\u2019s cars. In
addition, the number and magnitude of additional service actions expected to be approved, and policies related to additional
service actions, are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes
in the assumptions used could materially affect the results of operations.
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. The estimated
future costs of these actions are based primarily on historical claims experience for the Group\u2019s cars and the cost of parts and
services to be incurred in the specified activities, and are recognized at the time when they are probable and reasonably
estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties, including the
number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these service and recall
actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period
of time. The estimate of warranty and additional service obligations is periodically reviewed during the year.
In addition, the Group makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict, and have the potential to vary significantly in amount.
Costs associated with these provisions are recorded in the consolidated income statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
Share-based compensation
The Group accounts for share-based compensation relating to its equity incentive plans and commercial agreements
with certain suppliers in accordance with IFRS 2 \u2014\u00a0Share-based Payment,\u00a0which requires the recognition of share-based
compensation expense based on the fair value of the awards granted. Share-based compensation for equity-settled awards
containing market performance conditions is measured at the grant date of the awards using a Monte Carlo simulation model,
which requires the input of subjective assumptions, including the expected volatility of our common stock, the dividend yield,
interest rates and the correlation coefficient between our common stock and the relevant market index. The probability that
the Group will achieve a certain level of Total Shareholder Return performance compared to the defined peer group (\u201cPeer
Group\u201d) is also considered. As a result, at the grant date management is required to make key assumptions and estimates
regarding conditions that will occur in the future, which inherently involves uncertainty. Therefore, the amount of share-
based compensation recognized has been affected by the significant assumptions and estimates used.
Litigation and contingent liabilities
Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of
topics, including car safety, emissions and fuel economy, early warning reporting, dealer, supplier and other contractual
relationships, intellectual property rights and product warranty matters. Some of these proceedings allege defects in specific
component parts or systems (including airbags, seatbelts, brakes, transmissions, engines and fuel systems) in various car
models or allege general design defects relating to car handling and stability, sudden unintended movement or
crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some
cases could include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could
require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
An accrual is established in connection with pending or threatened litigation if a loss is probable and a reliable estimate can
be made. Since these accruals represent estimates, it is reasonably possible that the resolution of some of these matters could
require the Group to make payments in excess of the amounts accrued. It is also reasonably possible that the resolution of
some of the matters for which accruals could not be made may require the Group to make payments in an amount or range of
amounts that could not be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a
future transaction or event occurring is more than remote but less than probable.
The Group makes provisions in connection with pending or threatened disputes or legal proceedings when it is
considered probable that there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
Statements. The Group is the subject of legal and tax proceedings covering a wide range of matters in various jurisdictions.
Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
disputes with any certainty. Moreover, the cases and claims against the Group often derive from complex legal issues which
are subject to a differing degree of uncertainty, including the facts and circumstances of each particular case and the manner
in which applicable law is likely to be interpreted and applied to such fact and circumstances, and the jurisdiction and the
different laws involved. The Group monitors the status of pending legal proceedings and consults with experts on legal and
tax matters on a regular basis. It is therefore possible that the provisions for the Group\u2019s legal proceedings and litigation may
vary as the result of future developments in pending matters.
Although the final resolution of any such matters could have a material effect on the Group\u2019s operating results for
the particular reporting period in which an adjustment of the estimated reserve is recorded, it is believed that any resulting
adjustment would not materially affect the consolidated financial position of the Group.
Current and deferred taxes
The calculation of current and deferred income taxes, including various tax benefits, exemptions or credits (such as
patent box tax benefits, asset revaluations and research and development credits), involves the interpretation of applicable tax
laws and regulations that could be subject to changes or application directives from tax authorities. As a result, the calculation
of current and deferred taxes, including those related to uncertain tax positions, may require complex management estimates
and judgments that are periodically reviewed for any changes in facts and circumstances or changes in tax regulations and
interpretations. Such judgments are primarily related to the recoverability of deferred long-term tax assets, which involves the
assessment of the ability to generate sufficient future taxable profit over the period in which the deductible temporary
differences or unused tax losses are expected to be utilized, as well as to the calculation of certain tax benefits and liabilities.
Climate-related matters
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather
occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat
waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
and international climate change policies and regulations.
The global automotive industry in particular is currently experiencing significant developments due to an increased
focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency,
electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car
market in which the Group operates.
As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations
and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of
goodwill, capitalized development costs and\u00a0 property, plant and equipment.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2022 and December 31, 2021. As required
by IFRS, an annual impairment test was performed for goodwill and the recoverable amount of goodwill was significantly
higher than its carrying amount for the years ended December 31, 2022, 2021 and 2020. Furthermore, the exclusivity of the
Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions. For additional information
relating to the goodwill test performed, including the estimates, judgments and assumptions applied by management, see \u201c\u2013
Use of estimates\u2013Recoverability of goodwill\u201d and Note 13 \u201cGoodwill\u201d.
Non-current assets with definite useful lives
The Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to
development costs, and property, plant and equipment. At December 31, 2022 and December 31, 2021, the Group\u2019s
intangible assets amounted to \u20ac1,307,388 thousand and \u20ac1,138,173 thousand, respectively (of which \u20ac1,264,467 thousand
and \u20ac1,107,141 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac1,457,825 thousand and \u20ac1,353,165 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs of \u20ac416,368 thousand and \u20ac363,139 thousand
for the years ended December 31, 2022 and 2021, respectively. These costs were capitalized in accordance with IAS 38 -
Intangible Assets as: (i) they can be measured reliably and (ii) the technical feasibility of the product, estimated volumes and
expected pricing all support the view that the development expenditure will generate future economic benefits, based
primarily on information in the Group\u2019s business plans. For the years ended December 31, 2022, 2021 and 2020, no
impairment indicators were identified, including as a result of climate-related matters, and the Group did not recognize any
impairment charges for non-current assets with definite useful lives. For additional information see \u201c\u2013Use of estimates\u2013
Recoverability of non-current assets with definite useful lives\u201d.
Provisions
The Group sells its cars around the world and is subject to a variety of laws and regulations relating to the
environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must
comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that
regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small
vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of
benefits, from less stringent emissions caps and compliance
date extensions, to exemptions from zero emission vehicle production requirements. The Group recognized provisions for
environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the
Group\u2019s related obligations. For additional information see Note 23 \u201cProvisions\u201d.
For information relating to the ESG target performance indicator linked to the environment introduced under the
Group\u2019s Equity Incentive Plan 2022-2024, see Note 21 \u201cShare-Based Compensation\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzEvZnJhZzozOGRhYWE2YWZhZjk0MjVkOGJkZjMyMDAwNzgzNTE0ZC90ZXh0cmVnaW9uOjM4ZGFhYTZhZmFmOTQyNWQ4YmRmMzIwMDA3ODM1MTRkXzE3NTUy_bad20f7d-e2ef-4aed-a087-d34e526f832f": { "value": "
Use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which require the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and
liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on
elements that are known when the financial statements are prepared, on historical experience and on any other factors that are
considered to be relevant.
Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject
to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require
adjustment accordingly. The effects of any changes in estimate are recognized in the consolidated income statement in the
period in which the adjustment is made, or prospectively in future periods.
The items requiring estimates for which there is a risk that a material difference may arise in respect of the carrying
amounts of assets and liabilities in the future are discussed below.
Recoverability of goodwill
In accordance with IAS 36 \u2014 Impairment of Assets, goodwill is not amortized and is tested for impairment annually
or more frequently if facts or circumstances indicate that the asset may be impaired.
As the Group is composed of one operating segment, goodwill is tested at the Group level, which represents the
lowest level within the Group at which goodwill is monitored for internal management purposes in accordance with IAS 36.
The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment,
goodwill and capitalized development costs) and the recoverable amount of the CGU. The recoverable amount of the CGU is
the higher of its fair value less costs of disposal and its value in use.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for goodwill.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment and intangible assets. Intangible
assets with definite useful lives mainly consist of capitalized development costs.
The Group periodically reviews the carrying amount of non-current assets with definite useful lives when events and
circumstances indicate that an asset may be impaired. Impairment tests are performed by comparing the carrying amount and
the recoverable amount of the cash-generating unit (\u201cCGU\u201d). The recoverable amount is the higher of the CGU\u2019s fair value
less costs of disposal and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the CGU.
For the period covered by these Consolidated Financial Statements, the Group did not recognize any impairment
charges for non-current assets with definite useful lives.
Maintenance programs and extended warranties
The Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term
based on the input method of measuring progress towards complete satisfaction of the related performance obligation,
calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in
the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred
income related to this program is based on the estimated fair value of the service to be provided. The Group also offers
various extended warranty programs to customers that provide additional coverage beyond the warranty period required by
applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-
line basis over the extended warranty period. Management has exercised judgment in determining performance obligations,
variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its maintenance
programs and extended warranties.
Product warranty liabilities
The Group establishes reserves for product warranties at the time the sale is recognized. The Group issues various
types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or
term, which is generally defined by the legislation in the country where the car is sold. The reserve for product warranties
includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy
coverage. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty
costs of each car line and each model year of that car line, as well as historical claims experience for the Group\u2019s cars. In
addition, the number and magnitude of additional service actions expected to be approved, and policies related to additional
service actions, are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes
in the assumptions used could materially affect the results of operations.
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. The estimated
future costs of these actions are based primarily on historical claims experience for the Group\u2019s cars and the cost of parts and
services to be incurred in the specified activities, and are recognized at the time when they are probable and reasonably
estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties, including the
number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these service and recall
actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period
of time. The estimate of warranty and additional service obligations is periodically reviewed during the year.
In addition, the Group makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict, and have the potential to vary significantly in amount.
Costs associated with these provisions are recorded in the consolidated income statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
Share-based compensation
The Group accounts for share-based compensation relating to its equity incentive plans and commercial agreements
with certain suppliers in accordance with IFRS 2 \u2014\u00a0Share-based Payment,\u00a0which requires the recognition of share-based
compensation expense based on the fair value of the awards granted. Share-based compensation for equity-settled awards
containing market performance conditions is measured at the grant date of the awards using a Monte Carlo simulation model,
which requires the input of subjective assumptions, including the expected volatility of our common stock, the dividend yield,
interest rates and the correlation coefficient between our common stock and the relevant market index. The probability that
the Group will achieve a certain level of Total Shareholder Return performance compared to the defined peer group (\u201cPeer
Group\u201d) is also considered. As a result, at the grant date management is required to make key assumptions and estimates
regarding conditions that will occur in the future, which inherently involves uncertainty. Therefore, the amount of share-
based compensation recognized has been affected by the significant assumptions and estimates used.
Litigation and contingent liabilities
Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of
topics, including car safety, emissions and fuel economy, early warning reporting, dealer, supplier and other contractual
relationships, intellectual property rights and product warranty matters. Some of these proceedings allege defects in specific
component parts or systems (including airbags, seatbelts, brakes, transmissions, engines and fuel systems) in various car
models or allege general design defects relating to car handling and stability, sudden unintended movement or
crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some
cases could include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could
require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
An accrual is established in connection with pending or threatened litigation if a loss is probable and a reliable estimate can
be made. Since these accruals represent estimates, it is reasonably possible that the resolution of some of these matters could
require the Group to make payments in excess of the amounts accrued. It is also reasonably possible that the resolution of
some of the matters for which accruals could not be made may require the Group to make payments in an amount or range of
amounts that could not be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a
future transaction or event occurring is more than remote but less than probable.
The Group makes provisions in connection with pending or threatened disputes or legal proceedings when it is
considered probable that there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
Statements. The Group is the subject of legal and tax proceedings covering a wide range of matters in various jurisdictions.
Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
disputes with any certainty. Moreover, the cases and claims against the Group often derive from complex legal issues which
are subject to a differing degree of uncertainty, including the facts and circumstances of each particular case and the manner
in which applicable law is likely to be interpreted and applied to such fact and circumstances, and the jurisdiction and the
different laws involved. The Group monitors the status of pending legal proceedings and consults with experts on legal and
tax matters on a regular basis. It is therefore possible that the provisions for the Group\u2019s legal proceedings and litigation may
vary as the result of future developments in pending matters.
Although the final resolution of any such matters could have a material effect on the Group\u2019s operating results for
the particular reporting period in which an adjustment of the estimated reserve is recorded, it is believed that any resulting
adjustment would not materially affect the consolidated financial position of the Group.
Current and deferred taxes
The calculation of current and deferred income taxes, including various tax benefits, exemptions or credits (such as
patent box tax benefits, asset revaluations and research and development credits), involves the interpretation of applicable tax
laws and regulations that could be subject to changes or application directives from tax authorities. As a result, the calculation
of current and deferred taxes, including those related to uncertain tax positions, may require complex management estimates
and judgments that are periodically reviewed for any changes in facts and circumstances or changes in tax regulations and
interpretations. Such judgments are primarily related to the recoverability of deferred long-term tax assets, which involves the
assessment of the ability to generate sufficient future taxable profit over the period in which the deductible temporary
differences or unused tax losses are expected to be utilized, as well as to the calculation of certain tax benefits and liabilities.
Climate-related matters
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather
occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat
waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
and international climate change policies and regulations.
The global automotive industry in particular is currently experiencing significant developments due to an increased
focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency,
electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car
market in which the Group operates.
As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations
and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of
goodwill, capitalized development costs and\u00a0 property, plant and equipment.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2022 and December 31, 2021. As required
by IFRS, an annual impairment test was performed for goodwill and the recoverable amount of goodwill was significantly
higher than its carrying amount for the years ended December 31, 2022, 2021 and 2020. Furthermore, the exclusivity of the
Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions. For additional information
relating to the goodwill test performed, including the estimates, judgments and assumptions applied by management, see \u201c\u2013
Use of estimates\u2013Recoverability of goodwill\u201d and Note 13 \u201cGoodwill\u201d.
Non-current assets with definite useful lives
The Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to
development costs, and property, plant and equipment. At December 31, 2022 and December 31, 2021, the Group\u2019s
intangible assets amounted to \u20ac1,307,388 thousand and \u20ac1,138,173 thousand, respectively (of which \u20ac1,264,467 thousand
and \u20ac1,107,141 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac1,457,825 thousand and \u20ac1,353,165 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs of \u20ac416,368 thousand and \u20ac363,139 thousand
for the years ended December 31, 2022 and 2021, respectively. These costs were capitalized in accordance with IAS 38 -
Intangible Assets as: (i) they can be measured reliably and (ii) the technical feasibility of the product, estimated volumes and
expected pricing all support the view that the development expenditure will generate future economic benefits, based
primarily on information in the Group\u2019s business plans. For the years ended December 31, 2022, 2021 and 2020, no
impairment indicators were identified, including as a result of climate-related matters, and the Group did not recognize any
impairment charges for non-current assets with definite useful lives. For additional information see \u201c\u2013Use of estimates\u2013
Recoverability of non-current assets with definite useful lives\u201d.
Provisions
The Group sells its cars around the world and is subject to a variety of laws and regulations relating to the
environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must
comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that
regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small
vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of
benefits, from less stringent emissions caps and compliance
date extensions, to exemptions from zero emission vehicle production requirements. The Group recognized provisions for
environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the
Group\u2019s related obligations. For additional information see Note 23 \u201cProvisions\u201d.
For information relating to the ESG target performance indicator linked to the environment introduced under the
Group\u2019s Equity Incentive Plan 2022-2024, see Note 21 \u201cShare-Based Compensation\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzEvZnJhZzozOGRhYWE2YWZhZjk0MjVkOGJkZjMyMDAwNzgzNTE0ZC90ZXh0cmVnaW9uOjM4ZGFhYTZhZmFmOTQyNWQ4YmRmMzIwMDA3ODM1MTRkXzE3NTMx_c1e28f68-321c-47e8-ab1c-141420008388": { "value": "
Litigation and contingent liabilities
Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of
topics, including car safety, emissions and fuel economy, early warning reporting, dealer, supplier and other contractual
relationships, intellectual property rights and product warranty matters. Some of these proceedings allege defects in specific
component parts or systems (including airbags, seatbelts, brakes, transmissions, engines and fuel systems) in various car
models or allege general design defects relating to car handling and stability, sudden unintended movement or
crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some
cases could include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could
require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
An accrual is established in connection with pending or threatened litigation if a loss is probable and a reliable estimate can
be made. Since these accruals represent estimates, it is reasonably possible that the resolution of some of these matters could
require the Group to make payments in excess of the amounts accrued. It is also reasonably possible that the resolution of
some of the matters for which accruals could not be made may require the Group to make payments in an amount or range of
amounts that could not be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a
future transaction or event occurring is more than remote but less than probable.
The Group makes provisions in connection with pending or threatened disputes or legal proceedings when it is
considered probable that there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
Statements. The Group is the subject of legal and tax proceedings covering a wide range of matters in various jurisdictions.
Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
disputes with any certainty. Moreover, the cases and claims against the Group often derive from complex legal issues which
are subject to a differing degree of uncertainty, including the facts and circumstances of each particular case and the manner
in which applicable law is likely to be interpreted and applied to such fact and circumstances, and the jurisdiction and the
different laws involved. The Group monitors the status of pending legal proceedings and consults with experts on legal and
tax matters on a regular basis. It is therefore possible that the provisions for the Group\u2019s legal proceedings and litigation may
vary as the result of future developments in pending matters.
Although the final resolution of any such matters could have a material effect on the Group\u2019s operating results for
the particular reporting period in which an adjustment of the estimated reserve is recorded, it is believed that any resulting
adjustment would not materially affect the consolidated financial position of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzQvZnJhZzo3M2FkOWU5NDNiYTk0Y2M5YmVkYzI3OWI5ZGYwZDYyYi90ZXh0cmVnaW9uOjczYWQ5ZTk0M2JhOTRjYzliZWRjMjc5YjlkZjBkNjJiXzE3NTA_560ce21c-e217-4cea-b744-b82d3fedd54f": { "value": "
3. SCOPE OF CONSOLIDATION
Ferrari N.V. is the parent company of the Group and it holds, directly and indirectly, interests in the Group\u2019s main
operating companies. The Group\u2019s scope of consolidation at December 31, 2022 and 2021 was as follows:
At December 31, 2022
At December 31, 2021
Name
Country
Nature of
business
Shares held
by the
Group
Shares held
by NCI
Shares held
by the
Group
Shares held
by NCI
Directly held interests
Ferrari S.p.A.
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
New Business 33 S.p.A. (1)
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
Indirectly held through Ferrari S.p.A.
Ferrari North America Inc.
USA
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Japan KK
Japan
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Australasia Pty Limited
Australia
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari International Cars Trading (Shanghai) Co. L.t.d.
China
Importer and
distributor
80%
20%
80%
20%
Ferrari (HK) Limited
Hong Kong
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Far East Pte Limited
Singapore
Service company
100%
\u2014%
100%
\u2014%
Ferrari Management Consulting (Shanghai) Co. L.t.d.
China
Service company
100%
\u2014%
100%
\u2014%
Ferrari South West Europe S.a.r.l.
France
Service company
100%
\u2014%
100%
\u2014%
Ferrari Central Europe GmbH
Germany
Service company
100%
\u2014%
100%
\u2014%
G.S.A. S.A. in liquidation
Switzerland
Service company
100%
\u2014%
100%
\u2014%
Mugello Circuit S.p.A.
Italy
Racetrack
management
100%
\u2014%
100%
\u2014%
Ferrari Financial Services, Inc.
USA
Financial
services
100%
\u2014%
100%
\u2014%
Indirectly held through other Group entities
Ferrari Auto Securitization Transaction LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Lease, LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Select, LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Financial Services Titling Trust (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
410 Park Display, Inc. (3)
USA
Retail
100%
\u2014%
100%
\u2014%
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net profit attributable to non-controlling interests
6,680
2,369
1,063
The non-controlling interests in FICTS are not considered to be significant to the Group for the periods presented in
these Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzQvZnJhZzo3M2FkOWU5NDNiYTk0Y2M5YmVkYzI3OWI5ZGYwZDYyYi90ZXh0cmVnaW9uOjczYWQ5ZTk0M2JhOTRjYzliZWRjMjc5YjlkZjBkNjJiXzE3NTE_3cc3aa2a-67b6-4361-8ac0-2c8288431a98": { "value": "
3. SCOPE OF CONSOLIDATION
Ferrari N.V. is the parent company of the Group and it holds, directly and indirectly, interests in the Group\u2019s main
operating companies. The Group\u2019s scope of consolidation at December 31, 2022 and 2021 was as follows:
At December 31, 2022
At December 31, 2021
Name
Country
Nature of
business
Shares held
by the
Group
Shares held
by NCI
Shares held
by the
Group
Shares held
by NCI
Directly held interests
Ferrari S.p.A.
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
New Business 33 S.p.A. (1)
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
Indirectly held through Ferrari S.p.A.
Ferrari North America Inc.
USA
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Japan KK
Japan
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Australasia Pty Limited
Australia
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari International Cars Trading (Shanghai) Co. L.t.d.
China
Importer and
distributor
80%
20%
80%
20%
Ferrari (HK) Limited
Hong Kong
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Far East Pte Limited
Singapore
Service company
100%
\u2014%
100%
\u2014%
Ferrari Management Consulting (Shanghai) Co. L.t.d.
China
Service company
100%
\u2014%
100%
\u2014%
Ferrari South West Europe S.a.r.l.
France
Service company
100%
\u2014%
100%
\u2014%
Ferrari Central Europe GmbH
Germany
Service company
100%
\u2014%
100%
\u2014%
G.S.A. S.A. in liquidation
Switzerland
Service company
100%
\u2014%
100%
\u2014%
Mugello Circuit S.p.A.
Italy
Racetrack
management
100%
\u2014%
100%
\u2014%
Ferrari Financial Services, Inc.
USA
Financial
services
100%
\u2014%
100%
\u2014%
Indirectly held through other Group entities
Ferrari Auto Securitization Transaction LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Lease, LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Select, LLC (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Financial Services Titling Trust (2)
USA
Financial
services
100%
\u2014%
100%
\u2014%
410 Park Display, Inc. (3)
USA
Retail
100%
\u2014%
100%
\u2014%
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net profit attributable to non-controlling interests
6,680
2,369
1,063
The non-controlling interests in FICTS are not considered to be significant to the Group for the periods presented in
these Consolidated Financial Statements.
Restrictions
The Group may be subject to restrictions which limit its ability to use cash in relation to its interest in FICTS. In
particular, cash held in China is subject to certain repatriation restrictions and may only be repatriated as a repayment of
payables or debt, or through a payment of dividends or capital distributions. The Group does not believe that such transfer
restrictions have any adverse impacts on its ability to meet liquidity requirements. Cash held in China at December\u00a031, 2022
amounted to \u20ac96,726 thousand (\u20ac89,611 thousand at December\u00a031, 2021).
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is principally applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742 thousand at December\u00a031, 2021).
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Investments accounted for using the equity method
49,087
42,927
Other securities and financial assets
10,447
11,582
Total investments and other financial assets
59,534
54,509
Investments accounted for using the equity method
Changes in the carrying amount of investments accounted for using the equity method during the period were as
follows:
(\u20ac thousand)
Balance at January 1, 2021
34,663
Additions
1,285
Proportionate share of net profit for the year ended December 31, 2021
6,896
Proportionate share of remeasurement of defined benefit plans
83
Balance at December 31, 2021
42,927
Proportionate share of net profit for the year ended December 31, 2022
6,175
Proportionate share of remeasurement of defined benefit plans
(15)
Balance at December 31, 2022
49,087
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net profit attributable to non-controlling interests
6,680
2,369
1,063
The non-controlling interests in FICTS are not considered to be significant to the Group for the periods presented in
these Consolidated Financial Statements.
Restrictions
The Group may be subject to restrictions which limit its ability to use cash in relation to its interest in FICTS. In
particular, cash held in China is subject to certain repatriation restrictions and may only be repatriated as a repayment of
payables or debt, or through a payment of dividends or capital distributions. The Group does not believe that such transfer
restrictions have any adverse impacts on its ability to meet liquidity requirements. Cash held in China at December\u00a031, 2022
amounted to \u20ac96,726 thousand (\u20ac89,611 thousand at December\u00a031, 2021).
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is principally applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742 thousand at December\u00a031, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzQvZnJhZzo3M2FkOWU5NDNiYTk0Y2M5YmVkYzI3OWI5ZGYwZDYyYi90ZXh0cmVnaW9uOjczYWQ5ZTk0M2JhOTRjYzliZWRjMjc5YjlkZjBkNjJiXzE3NDk_b47812bf-febf-4917-88cd-0c5a308ecc0b": { "value": "
Non-controlling interests
The non-controlling interests at December\u00a031, 2022 and 2021 and the net profit attributable to non-controlling
interests for the years ended December\u00a031, 2022, 2021 and 2020 relate to Ferrari International Cars Trading (Shanghai) Co.
L.t.d. (\u201cFICTS\u201d), in which the Group holds an 80 percent interest.
At December 31,
2022
2021
(\u20ac thousand)
Equity attributable to non-controlling interests
9,630
5,518
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net profit attributable to non-controlling interests
6,680
2,369
1,063
The non-controlling interests in FICTS are not considered to be significant to the Group for the periods presented in
these Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yNzQvZnJhZzo3M2FkOWU5NDNiYTk0Y2M5YmVkYzI3OWI5ZGYwZDYyYi90ZXh0cmVnaW9uOjczYWQ5ZTk0M2JhOTRjYzliZWRjMjc5YjlkZjBkNjJiXzE3NjA_21cb6e69-9d85-4dec-9f4f-06998f880bb2": { "value": "
Restrictions
The Group may be subject to restrictions which limit its ability to use cash in relation to its interest in FICTS. In
particular, cash held in China is subject to certain repatriation restrictions and may only be repatriated as a repayment of
payables or debt, or through a payment of dividends or capital distributions. The Group does not believe that such transfer
restrictions have any adverse impacts on its ability to meet liquidity requirements. Cash held in China at December\u00a031, 2022
amounted to \u20ac96,726 thousand (\u20ac89,611 thousand at December\u00a031, 2021).
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is principally applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742 thousand at December\u00a031, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yODAvZnJhZzozOTc5MDg3NjlkYWE0ZGIyODMzNDBkNWExOWU1Y2EyNy90ZXh0cmVnaW9uOjM5NzkwODc2OWRhYTRkYjI4MzM0MGQ1YTE5ZTVjYTI3XzM1Nw_f53258eb-6990-43a3-ac67-725ba7192c4b": { "value": "
4. NET REVENUES
Net revenues are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Cars and spare parts
4,341,482
3,573,119
2,835,170
Sponsorship, commercial and brand
478,499
430,579
390,002
Engines
155,342
189,432
150,655
Other
119,931
77,764
83,963
Total net revenues
5,095,254
4,270,894
3,459,790
Other net revenues primarily relate to financial services activities, management of the Mugello racetrack and other
sports-related activities.
Interest and other financial income from financial services activities included within net revenues in 2022, 2021 and
2020 amounted to \u20ac69,389 thousand, \u20ac55,043 thousand and \u20ac65,878 thousand, respectively.
OTHER LIABILITIES
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac239,879
thousand at December\u00a031, 2022 and \u20ac218,982 thousand at December\u00a031, 2021, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2022, the Group expects to recognize in net revenues approximately \u20ac61\u00a0million in 2023, \u20ac56
million in 2024, \u20ac40\u00a0million in 2025 and \u20ac83\u00a0million in periods subsequent to 2025. Deferred income also includes amounts
collected under various other agreements, which are dependent upon the future performance of a service or other act of the
Group, and which are generally recognized in net revenues within the following year.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, primarily
Icona and limited edition models. The advances are recognized in net revenues when the cars are shipped. The increase
during 2022 primarily relates to advances received during for the Ferrari Daytona SP3 and the 812 Competizione A.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At January 1,
2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2022
(\u20ac thousand)
Maintenance and power warranty programs
218,982
100,710
(79,593)
(220)
239,879
Advances from customers
236,516
761,714
(551,885)
49
446,394
Other net revenues primarily relate to financial services activities, management of the Mugello racetrack and other
sports-related activities.
Interest and other financial income from financial services activities included within net revenues in 2022, 2021 and
2020 amounted to \u20ac69,389 thousand, \u20ac55,043 thousand and \u20ac65,878 thousand, respectively.
The following table presents an analysis of net revenues by geographic location of the Group\u2019s customers for the
years ended December 31, 2022 and 2021, including the effects of foreign currency hedge transactions. Revenues by
geography presented for material individual countries are not necessarily correlated to shipments of cars as certain countries
include revenues from sponsorship and commercial activities relating to Ferrari\u2019s participation in the Formula 1 World
Championship.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Italy
379,898
409,992
322,573
Rest of EMEA
2,045,888
1,869,864
1,634,515
of which UK
536,280
457,060
484,701
of which Germany
430,380
367,087
280,191
Americas (1)
1,407,790
1,097,904
883,228
of which United States of America
1,198,834
930,316
747,373
Mainland China, Hong Kong and Taiwan
621,407
332,971
191,907
Rest of APAC (2)
640,271
560,163
427,567
Total net revenues
5,095,254
4,270,894
3,459,790
______________________________
(1)Americas includes the United States of America, Canada, Mexico, the Caribbean and of Central and South America.
(2)Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yODMvZnJhZzozM2U4YThlMDlkODc0NDAxODA4MDUzZjg3NTk5NTVjMi90ZXh0cmVnaW9uOjMzZThhOGUwOWQ4NzQ0MDE4MDgwNTNmODc1OTk1NWMyXzY4NQ_c4c30add-ba68-4544-9bf7-dba683374837": { "value": "
5. COST OF SALES
Cost of sales in 2022, 2021 and 2020 amounted to \u20ac2,648,953 thousand, \u20ac2,080,613 thousand and \u20ac1,686,324
thousand, respectively, consisting mainly of the cost of materials, components and labor related to the manufacturing and
distribution of cars and spare parts and, to a lesser extent, engines sold to Maserati and engines rented to other Formula 1
racing teams. The remaining costs mainly include depreciation, insurance and transportation costs, as well as warranty and
product-related costs, which are estimated and recorded at the time of shipment.
Interest and other financial expenses from financial services activities included within cost of sales in 2022, 2021
and 2020 amounted to \u20ac27,145 thousand, \u20ac16,639 thousand and \u20ac36,628 thousand, respectively.
6. SELLING, GENERAL AND ADMINISTRATIVE COSTS
Selling costs in 2022, 2021 and 2020 amounted to \u20ac226,988 thousand, \u20ac168,466 thousand and \u20ac171,900 thousand,
respectively, consisting mainly of costs for sales personnel, marketing and events, and retail stores. Costs for marketing and
events primarily relate to corporate events, trade shows and media and client events for the launch of new models, lifestyle
events, including the use of digital solutions, as well as sponsorship and indirect marketing costs incurred through the
Formula 1 racing team, Scuderia Ferrari.
General and administrative costs in 2022, 2021 and 2020 amounted to \u20ac200,986 thousand, \u20ac179,558 thousand and
\u20ac164,226 thousand, respectively, consisting mainly of administrative and other general expenses, including for personnel,
that are not directly attributable to manufacturing, sales or research and development activities.
7. RESEARCH AND DEVELOPMENT COSTS
Research and development costs are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Research and development costs expensed during the year
517,842
573,632
526,831
Amortization of capitalized development costs
257,730
194,472
180,554
Total research and development costs
775,572
768,104
707,385
Research and development costs expensed during the period primarily relate to development activities to support the
innovation of our product portfolio and components, in particular, in relation to electric and other new technologies, as well
as research and development activities for Formula 1 racing. Amortization of capitalized development costs have increased in
recent years as a result of our strategy to update and broaden our product range and significantly increase our efforts relating
to innovation and advanced technologies, including hybrid and electric.
Research and development costs for the year ended December 31, 2021 and, to a lesser extent, for the year
December\u00a031, 2022 are recognized net of technology-related government incentives.
8. OTHER EXPENSES/(INCOME), NET
Other expenses, net are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Other expenses
33,994
13,666
25,067
Other income
(12,446)
(8,105)
(6,592)
Other expenses, net
21,548
5,561
18,475
Other expenses primarily include indirect taxes, provisions and other miscellaneous expenses. Other income
primarily includes rental income, gains on the disposal of property plant and equipment and other miscellaneous income.
Other expenses, net in 2021 include releases of provisions relating to legal disputes following developments favorable to
Ferrari.
11. OTHER INFORMATION BY NATURE
Personnel costs in 2022, 2021 and 2020 amounted to \u20ac527,316 thousand, \u20ac483,747 thousand and \u20ac389,927
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2022, 2021 and 2020 the Group had an average number of employees of 4,691, 4,571 and 4,428, respectively.
Depreciation amounted to \u20ac259,849 thousand, \u20ac230,097 thousand and \u20ac217,952\u00a0thousand for the years ended
December 31, 2022, 2021 and 2020, respectively, and amortization amounted to \u20ac286,376 thousand, \u20ac225,892 thousand and
\u20ac208,685\u00a0thousand for the years ended December 31, 2022, 2021 and 2020, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yODMvZnJhZzozM2U4YThlMDlkODc0NDAxODA4MDUzZjg3NTk5NTVjMi90ZXh0cmVnaW9uOjMzZThhOGUwOWQ4NzQ0MDE4MDgwNTNmODc1OTk1NWMyXzY4NQ_e2632595-94b4-449a-9851-0cc856164f41": { "value": "
5. COST OF SALES
Cost of sales in 2022, 2021 and 2020 amounted to \u20ac2,648,953 thousand, \u20ac2,080,613 thousand and \u20ac1,686,324
thousand, respectively, consisting mainly of the cost of materials, components and labor related to the manufacturing and
distribution of cars and spare parts and, to a lesser extent, engines sold to Maserati and engines rented to other Formula 1
racing teams. The remaining costs mainly include depreciation, insurance and transportation costs, as well as warranty and
product-related costs, which are estimated and recorded at the time of shipment.
Interest and other financial expenses from financial services activities included within cost of sales in 2022, 2021
and 2020 amounted to \u20ac27,145 thousand, \u20ac16,639 thousand and \u20ac36,628 thousand, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yODYvZnJhZzo2ZGI4YjgwOGVlOTM0MWYzYWY4NTMyZjgwYzJjZWJjZi90ZXh0cmVnaW9uOjZkYjhiODA4ZWU5MzQxZjNhZjg1MzJmODBjMmNlYmNmXzgwMg_c60057ff-8a76-40c3-85a5-19e261826068": { "value": "
6. SELLING, GENERAL AND ADMINISTRATIVE COSTS
Selling costs in 2022, 2021 and 2020 amounted to \u20ac226,988 thousand, \u20ac168,466 thousand and \u20ac171,900 thousand,
respectively, consisting mainly of costs for sales personnel, marketing and events, and retail stores. Costs for marketing and
events primarily relate to corporate events, trade shows and media and client events for the launch of new models, lifestyle
events, including the use of digital solutions, as well as sponsorship and indirect marketing costs incurred through the
Formula 1 racing team, Scuderia Ferrari.
General and administrative costs in 2022, 2021 and 2020 amounted to \u20ac200,986 thousand, \u20ac179,558 thousand and
\u20ac164,226 thousand, respectively, consisting mainly of administrative and other general expenses, including for personnel,
that are not directly attributable to manufacturing, sales or research and development activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yODkvZnJhZzowYmY3ZTI5OGJkZGM0NTcwODlkZjRmZGQ4N2ZlY2JlMC90ZXh0cmVnaW9uOjBiZjdlMjk4YmRkYzQ1NzA4OWRmNGZkZDg3ZmVjYmUwXzgzNA_4c2d3c9d-424d-407c-919f-3a42d5381075": { "value": "
7. RESEARCH AND DEVELOPMENT COSTS
Research and development costs are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Research and development costs expensed during the year
517,842
573,632
526,831
Amortization of capitalized development costs
257,730
194,472
180,554
Total research and development costs
775,572
768,104
707,385
Research and development costs expensed during the period primarily relate to development activities to support the
innovation of our product portfolio and components, in particular, in relation to electric and other new technologies, as well
as research and development activities for Formula 1 racing. Amortization of capitalized development costs have increased in
recent years as a result of our strategy to update and broaden our product range and significantly increase our efforts relating
to innovation and advanced technologies, including hybrid and electric.
Research and development costs for the year ended December 31, 2021 and, to a lesser extent, for the year
December\u00a031, 2022 are recognized net of technology-related government incentives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTIvZnJhZzpiZGYzMzYwMzQ5YWI0NGFlYTUxMzhhZjM5NjI0Yzg0OC90ZXh0cmVnaW9uOmJkZjMzNjAzNDlhYjQ0YWVhNTEzOGFmMzk2MjRjODQ4XzQzNQ_0e2cd015-8bee-428a-8133-72e1a79e6508": { "value": "
8. OTHER EXPENSES/(INCOME), NET
Other expenses, net are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Other expenses
33,994
13,666
25,067
Other income
(12,446)
(8,105)
(6,592)
Other expenses, net
21,548
5,561
18,475
Other expenses primarily include indirect taxes, provisions and other miscellaneous expenses. Other income
primarily includes rental income, gains on the disposal of property plant and equipment and other miscellaneous income.
Other expenses, net in 2021 include releases of provisions relating to legal disputes following developments favorable to
Ferrari.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTIvZnJhZzpiZGYzMzYwMzQ5YWI0NGFlYTUxMzhhZjM5NjI0Yzg0OC90ZXh0cmVnaW9uOmJkZjMzNjAzNDlhYjQ0YWVhNTEzOGFmMzk2MjRjODQ4XzQzNQ_8d31d24e-1786-40f1-aa0d-6f725065410c": { "value": "
8. OTHER EXPENSES/(INCOME), NET
Other expenses, net are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Other expenses
33,994
13,666
25,067
Other income
(12,446)
(8,105)
(6,592)
Other expenses, net
21,548
5,561
18,475
Other expenses primarily include indirect taxes, provisions and other miscellaneous expenses. Other income
primarily includes rental income, gains on the disposal of property plant and equipment and other miscellaneous income.
Other expenses, net in 2021 include releases of provisions relating to legal disputes following developments favorable to
Ferrari.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTIvZnJhZzpiZGYzMzYwMzQ5YWI0NGFlYTUxMzhhZjM5NjI0Yzg0OC90ZXh0cmVnaW9uOmJkZjMzNjAzNDlhYjQ0YWVhNTEzOGFmMzk2MjRjODQ4XzQzNQ_97db9894-235c-4bca-946d-a3bac16bbbbc": { "value": "
8. OTHER EXPENSES/(INCOME), NET
Other expenses, net are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Other expenses
33,994
13,666
25,067
Other income
(12,446)
(8,105)
(6,592)
Other expenses, net
21,548
5,561
18,475
Other expenses primarily include indirect taxes, provisions and other miscellaneous expenses. Other income
primarily includes rental income, gains on the disposal of property plant and equipment and other miscellaneous income.
Other expenses, net in 2021 include releases of provisions relating to legal disputes following developments favorable to
Ferrari.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTUvZnJhZzo0ZWJkMzRhN2U4Zjk0OTY1Yjk4NGI5NWNlYTU5NGZiNi90ZXh0cmVnaW9uOjRlYmQzNGE3ZThmOTQ5NjViOTg0Yjk1Y2VhNTk0ZmI2XzQzNQ_1fd21582-5475-4e17-8467-f78e155c214f": { "value": "
9. NET FINANCIAL EXPENSES
The following table sets out details of financial income and expenses, including the amounts reported in the
consolidated income statement within the net financial expenses line item, as well as interest income from financial services
activities, recognized under net revenues, and interest expenses and other financial charges from financial services activities,
recognized under cost of sales.
For the years ended December 31,
2022
2021
2020
Financial income:
(\u20ac thousand)
Interest income from bank deposits
2,414
399
610
Other interest income and financial income
2,166
4,741
517
Interest income and other financial income
4,580
5,140
1,127
Finance income from financial services activities
69,389
55,043
65,878
Total financial income
73,969
60,183
67,005
Total financial income relating to:
Industrial activities (A)
4,580
5,140
1,127
Financial services activities (reported in net revenues)
69,389
55,043
65,878
Financial expenses:
Capitalized borrowing costs
1,914
1,874
2,591
Other interest and financial expenses
(2,778)
(3,315)
(3,258)
Interest expenses and other financial expenses
(864)
(1,441)
(667)
Interest expenses from banks and other financial institutions
(25,503)
(11,310)
(14,330)
Interest and other finance costs on bonds and notes
(23,679)
(22,947)
(20,116)
Write-downs of financial receivables
(594)
(1,467)
(9,502)
Other financial expenses
(2,008)
(5,991)
(14,580)
Total financial expenses
(52,648)
(43,156)
(59,195)
Net expenses from derivative financial instruments and foreign currency
exchange rate differences
(28,693)
(11,880)
(27,652)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences
(81,341)
(55,036)
(86,847)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences relating to:
Industrial activities (B)
(54,196)
(38,397)
(50,219)
Financial services activities (reported in cost of sales)\u00a0
(27,145)
(16,639)
(36,628)
Net financial expenses relating to industrial activities (A+B)
(49,616)
(33,257)
(49,092)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTUvZnJhZzo0ZWJkMzRhN2U4Zjk0OTY1Yjk4NGI5NWNlYTU5NGZiNi90ZXh0cmVnaW9uOjRlYmQzNGE3ZThmOTQ5NjViOTg0Yjk1Y2VhNTk0ZmI2XzQzNg_480dc16b-955b-4f36-bd2f-73deef9228dd": { "value": "
9. NET FINANCIAL EXPENSES
The following table sets out details of financial income and expenses, including the amounts reported in the
consolidated income statement within the net financial expenses line item, as well as interest income from financial services
activities, recognized under net revenues, and interest expenses and other financial charges from financial services activities,
recognized under cost of sales.
For the years ended December 31,
2022
2021
2020
Financial income:
(\u20ac thousand)
Interest income from bank deposits
2,414
399
610
Other interest income and financial income
2,166
4,741
517
Interest income and other financial income
4,580
5,140
1,127
Finance income from financial services activities
69,389
55,043
65,878
Total financial income
73,969
60,183
67,005
Total financial income relating to:
Industrial activities (A)
4,580
5,140
1,127
Financial services activities (reported in net revenues)
69,389
55,043
65,878
Financial expenses:
Capitalized borrowing costs
1,914
1,874
2,591
Other interest and financial expenses
(2,778)
(3,315)
(3,258)
Interest expenses and other financial expenses
(864)
(1,441)
(667)
Interest expenses from banks and other financial institutions
(25,503)
(11,310)
(14,330)
Interest and other finance costs on bonds and notes
(23,679)
(22,947)
(20,116)
Write-downs of financial receivables
(594)
(1,467)
(9,502)
Other financial expenses
(2,008)
(5,991)
(14,580)
Total financial expenses
(52,648)
(43,156)
(59,195)
Net expenses from derivative financial instruments and foreign currency
exchange rate differences
(28,693)
(11,880)
(27,652)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences
(81,341)
(55,036)
(86,847)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences relating to:
Industrial activities (B)
(54,196)
(38,397)
(50,219)
Financial services activities (reported in cost of sales)\u00a0
(27,145)
(16,639)
(36,628)
Net financial expenses relating to industrial activities (A+B)
(49,616)
(33,257)
(49,092)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTUvZnJhZzo0ZWJkMzRhN2U4Zjk0OTY1Yjk4NGI5NWNlYTU5NGZiNi90ZXh0cmVnaW9uOjRlYmQzNGE3ZThmOTQ5NjViOTg0Yjk1Y2VhNTk0ZmI2XzQ0Mg_0c1dc578-5d1f-4db0-ba5c-c3b08cebfbdb": { "value": "
9. NET FINANCIAL EXPENSES
The following table sets out details of financial income and expenses, including the amounts reported in the
consolidated income statement within the net financial expenses line item, as well as interest income from financial services
activities, recognized under net revenues, and interest expenses and other financial charges from financial services activities,
recognized under cost of sales.
For the years ended December 31,
2022
2021
2020
Financial income:
(\u20ac thousand)
Interest income from bank deposits
2,414
399
610
Other interest income and financial income
2,166
4,741
517
Interest income and other financial income
4,580
5,140
1,127
Finance income from financial services activities
69,389
55,043
65,878
Total financial income
73,969
60,183
67,005
Total financial income relating to:
Industrial activities (A)
4,580
5,140
1,127
Financial services activities (reported in net revenues)
69,389
55,043
65,878
Financial expenses:
Capitalized borrowing costs
1,914
1,874
2,591
Other interest and financial expenses
(2,778)
(3,315)
(3,258)
Interest expenses and other financial expenses
(864)
(1,441)
(667)
Interest expenses from banks and other financial institutions
(25,503)
(11,310)
(14,330)
Interest and other finance costs on bonds and notes
(23,679)
(22,947)
(20,116)
Write-downs of financial receivables
(594)
(1,467)
(9,502)
Other financial expenses
(2,008)
(5,991)
(14,580)
Total financial expenses
(52,648)
(43,156)
(59,195)
Net expenses from derivative financial instruments and foreign currency
exchange rate differences
(28,693)
(11,880)
(27,652)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences
(81,341)
(55,036)
(86,847)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences relating to:
Industrial activities (B)
(54,196)
(38,397)
(50,219)
Financial services activities (reported in cost of sales)\u00a0
(27,145)
(16,639)
(36,628)
Net financial expenses relating to industrial activities (A+B)
(49,616)
(33,257)
(49,092)
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Investments accounted for using the equity method
49,087
42,927
Other securities and financial assets
10,447
11,582
Total investments and other financial assets
59,534
54,509
Investments accounted for using the equity method
Changes in the carrying amount of investments accounted for using the equity method during the period were as
follows:
(\u20ac thousand)
Balance at January 1, 2021
34,663
Additions
1,285
Proportionate share of net profit for the year ended December 31, 2021
6,896
Proportionate share of remeasurement of defined benefit plans
83
Balance at December 31, 2021
42,927
Proportionate share of net profit for the year ended December 31, 2022
6,175
Proportionate share of remeasurement of defined benefit plans
(15)
Balance at December 31, 2022
49,087
Trade receivables
The following table sets forth a breakdown of trade receivables by nature:
At December 31,
2022
2021
(\u20ac thousand)
Trade receivables due from:
Dealers
85,696
58,446
Sponsorship and commercial activities
42,981
29,666
Brand activities
24,213
23,902
Stellantis Group companies
19,184
23,737
Other
60,340
49,249
Total
232,414
185,000
Trade receivables due from dealers relate to receivables for the sale of cars across the dealer network and are
generally settled within 30 to 40 days from the date of invoice. The increase in trade receivables is mainly driven by higher
volumes of cars produced during the period.
Trade receivables due from Stellantis Group companies mainly relate to the sale of engines and car bodies to
Maserati S.p.A., which is controlled by the Stellantis Group. For additional information, see Note 28 \u201cRelated Party
Transactions\u201d.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship. Trade receivables due from brand activities relate to amounts receivable for licensing and
merchandising activities. The Group is not exposed to significant concentration of third party credit risk.
The following table sets forth a breakdown of trade receivables by currency:
At December 31,
2022
2021
(\u20ac thousand)
Trade receivables denominated in:
Euro
95,894
78,286
U.S. Dollar
108,369
84,590
Pound Sterling
8,178
3,908
Chinese Yuan
3,203
2,478
Japanese Yen
6,832
11,348
Other currencies
9,938
4,390
Total
232,414
185,000
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables during the year were as follows:
2022
2021
(\u20ac thousand)
At January 1,
25,984
28,312
Additional provisions
3,844
2,094
Utilizations
(1,579)
(1,835)
Releases
(2,522)
(2,741)
Other changes
73
154
At December 31,
25,800
25,984
Receivables from financing activities
Receivables from financing activities are as follows:
At December 31,
2022
2021
(\u20ac thousand)
Client financing
1,390,956
1,132,979
Dealer financing
9,041
10,989
Total receivables from financing activities
1,399,997
1,143,968
Receivables from financing activities relate to the financial services portfolio in the United States and are generally
secured on the title of cars or other guarantees.
Receivables from financing activities are shown net of an allowance for doubtful accounts determined on the basis
of insolvency risks, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within cost of sales in the consolidated
income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities during the year are as
follows:
2022
2021
(\u20ac thousand)
At January 1,
11,204
13,195
Additional provisions
3,064
2,737
Utilizations
(2,587)
(4,507)
Releases
(2,470)
(1,270)
Other changes
739
1,049
At December 31,
9,950
11,204
Client financing
Client financing relates to financing provided by the Group to Ferrari clients to finance their car acquisitions. During
2022 the average contractual duration at inception of such contracts was approximately 67 months (66 months in 2021) and
the weighted average interest rate was approximately 6.3 percent (approximately 5.2 percent in 2021). Receivables for client
financing are generally secured on the titles of the related cars or other personal guarantees.
Client financing relates entirely to financial services activities in the United States and is denominated in U.S.
Dollars.
Dealer financing
In 2022, the Group discontinued dealer financing with the exception of one existing long-term loan bearing a rate of
interest based on LIBOR plus a variable spread based on dealer\u2019s performance.
Other current assets
Other current assets are detailed as follows:
At December 31,
2022
2021
(\u20ac thousand)
Italian and foreign VAT credits
79,858
61,278
Prepayments
42,908
36,084
Other
30,417
24,862
Total other current assets
153,183
122,224
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2022, the Group had provided guarantees through third parties amounting to \u20ac224,630 thousand
(\u20ac226,878 thousand at December\u00a031, 2021), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation and (iii) customs authorities for duties on import
and export activities.
The analysis of receivables and other current assets by due date (excluding prepayments) is as follows:
At December 31, 2022
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
186,757
\u2014
\u2014
45,657
232,414
Receivables from financing activities
208,407
1,060,819
67,992
62,779
1,399,997
Client financing
207,186
1,052,999
67,992
62,779
1,390,956
Dealer financing
1,221
7,821
\u2014
\u2014
9,041
Current tax receivables
16,054
\u2014
\u2014
\u2014
16,054
Other current assets (excluding prepayments)
110,276
\u2014
\u2014
\u2014
110,276
Total
521,494
1,060,819
67,992
108,436
1,758,741
At December 31, 2021
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
137,694
70
\u2014
47,237
185,000
Receivables from financing activities
197,207
820,363
73,665
52,733
1,143,968
Client financing
196,018
810,563
73,665
52,733
1,132,979
Dealer financing
1,189
9,800
\u2014
\u2014
10,989
Current tax receivables
14,306
\u2014
\u2014
\u2014
14,306
Other current assets (excluding prepayments)
84,417
998
155
570
86,140
Total
433,624
821,431
73,820
100,540
1,429,414
Overdue amounts represent receivables and other current assets where payments are past their due date.
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
At December 31,
2022
2021
(\u20ac thousand)
Financial derivatives
80,233
11,565
Other financial assets
7,068
1,935
Current financial assets
87,301
13,500
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
The following table sets forth a breakdown of derivative assets and liabilities at December\u00a031, 2022 and 2021.
At December 31,
2022
2021
Positive\u00a0fair
value \u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedges:
Foreign currency derivatives
41,270
(16,976)
4,437
(34,973)
Commodities
5
(772)
182
(1,162)
Interest rate caps
36,771
\u2014
6,053
\u2014
Total cash flow hedges
78,046
(17,748)
10,672
(36,135)
Other foreign currency derivatives
2,187
(2,245)
893
(385)
Total
80,233
(19,993)
11,565
(36,520)
Foreign currency derivatives that do not meet the requirements to be recognized as cash flow hedges are presented
as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain
securitization agreements.
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based
on their fair value and notional amounts:
At December 31, 2022
At December 31, 2021
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
49,466
2,385,494
(17,588)
1,773,022
Pound Sterling
2,811
121,881
(2,343)
154,353
Japanese Yen
2,711
275,700
116
282,482
Swiss Franc
(991)
108,459
(2,754)
76,953
Chinese Yuan
2,702
176,062
(1,125)
91,248
Other(1)
3,541
131,319
(1,261)
108,822
Total amount
60,240
3,198,915
(24,955)
2,486,880
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2022 and 2021, substantially all derivative financial instruments had a maturity of twelve months
or less.
Cash flow hedges
The effects recognized in the consolidated income statement mainly relate to currency risk management and in
particular the exposure to fluctuations in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. Derivatives relating to foreign currency risk management are treated as cash flow hedges
where the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
The Group reclassified gains and losses, net of the related tax effects, from other comprehensive income/(loss) to the
consolidated income statement as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net revenues/(costs)
(75,749)
7,275
19,557
Income tax (expense)/benefit
21,134
(2,030)
(5,456)
Total recognized in the consolidated income statement
(54,615)
5,245
14,101
The ineffectiveness of cash flow hedges was not material for the years 2022, 2021 and 2020.
24. DEBT
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (*)
Translation
differences
Balance at
December
31, 2022
(\u20ac thousand)
Bonds and notes
1,487,110
\u2014
\u2014
3,209
\u2014
1,490,319
Asset-backed financing (Securitizations)
900,213
218,924
(72,824)
1,733
57,379
1,105,425
Borrowings from banks and other financial
institutions
154,419
8,909
(55,000)
560
4,277
113,165
Lease liabilities
56,210
\u2014
(16,500)
17,409
304
57,423
Other debt
32,059
34,456
(23,215)
\u2014
2,147
45,447
Total debt\u00a0
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
______________________________
(*) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
The breakdown of debt by nature and by maturity is as follows:
At December 31,
2022
2021
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
(\u20ac thousand)
Bonds and notes
394,628
646,306
449,385
1,490,319
9,239
1,028,686
449,185
1,487,110
Asset-backed financing (Securitizations)
422,736
682,689
\u2014
1,105,425
343,119
499,280
57,814
900,213
Borrowings from banks and other financial
institutions
100,665
12,500
\u2014
113,165
116,919
37,500
\u2014
154,419
Lease liabilities
15,917
29,446
12,060
57,423
14,783
29,732
11,695
56,210
Other debt
45,447
\u2014
\u2014
45,447
32,059
\u2014
\u2014
32,059
Total debt
979,393
1,370,941
461,445
2,811,779
516,119
1,595,198
518,694
2,630,011
(*) At December 31, 2022 the notes relating to the retail securitization program bore interest at a rate per annum equal to the aggregate of a synthetic base
rate substantially replicating the LIBOR plus a margin of 70 basis points and the notes relating to the leasing securitization program bore interest at a rate
per annum equal to the aggregate of SOFR plus a margin of 65 basis points.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742\u00a0thousand at December 31, 2021).
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Borrowing Entity
Currency
Amount
Outstanding at
December 31, 2022
Amount
Outstanding at
December 31, 2021
Maturity Date
(\u20ac thousand)
(\u20ac thousand)
Ferrari S.p.A.
EUR
37,500
62,500
June 2024
Ferrari Financial Services, Inc.
USD
75,665
61,919
April 2023
Ferrari S.p.A.
EUR
\u2014
30,000
January 2022
Total borrowings from banks and other financial
institutions
113,165
154,419
At December 31, 2022 the Group also had total committed credit lines available and undrawn amounting to \u20ac669
million and with maturities ranging from 2023 to 2025 (\u20ac676\u00a0million at December 31, 2021).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 \u2014
Leases. At December\u00a031, 2022 lease liabilities amounted to \u20ac57,423 thousand (\u20ac56,210\u00a0thousand at December 31, 2021).
Other debt
Other debt mainly relates to funding for operating and financing activities of the Group.
26. TRADE PAYABLES
Trade payables of \u20ac902,968 thousand at December\u00a031, 2022 (\u20ac797,832 thousands at December 31, 2021) are
entirely due within one year. The carrying amount of trade payables is considered to be equivalent to their fair value. The
increase in trade payables is mainly driven by higher capex and higher volumes of cars produced during the period.
27. FAIR VALUE MEASUREMENT
IFRS 13 \u2014 Fair Value Measurement establishes a three level hierarchy for the inputs to the valuation techniques
used to measure fair value by giving the highest priority to quoted prices (unadjusted) in active markets for identical assets
and liabilities (level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to
measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In
those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest
level input that is significant to the entire measurement.
Levels used in the hierarchy are as follows:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities that the Group can
access at the measurement date.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the assets or
liabilities, either directly or indirectly.
Level 3 inputs are unobservable inputs for the assets and liabilities.
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy for financial assets and liabilities that are measured at fair value
on a recurring basis at December\u00a031, 2022 and 2021:
At December 31, 2022
Note
Level 1
Level 2
Level 3
Total
(\u20ac thousand)
Investments and other financial assets - Liberty Media Shares
16
9,954
\u2014
\u2014
9,954
Current financial assets
19
\u2014
80,233
\u2014
80,233
Total assets
9,954
80,233
\u2014
90,187
Other financial liabilities
19
\u2014
19,993
\u2014
19,993
Total liabilities
\u2014
19,993
\u2014
19,993
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022financial market risk (principally relating to foreign currency exchange rates and to a lesser extent, interest rates
and commodity prices), as the Group operates internationally in different currencies;
\u2022liquidity risk, with particular reference to the availability of funds and access to the credit markets, should the
Group require them, and to financial instruments in general;
\u2022credit risk, arising from normal commercial relations with final clients and dealers, as well as the Group\u2019s
financing activities.
These risks could significantly affect the Group\u2019s financial position, results of operations and cash flows, and for
this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the
necessary action to mitigate them, primarily through the Group\u2019s operating and financing activities and if required, through
the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following section does not have any predictive value. In particular, the
sensitivity analysis on financial market risks does not reflect the complexity of the market or the reaction which may result
from any changes that are assumed to take place.
Financial market risks
Due to the nature of the Group\u2019s business, the Group is exposed to a variety of market risks, including foreign
currency exchange rate risk and to a lesser extent, interest rate risk and commodity price risk.
The Group\u2019s exposure to foreign currency exchange rate risk arises from the geographic distribution of the Group\u2019s
shipments, as the Group generally sells its models in the currencies of the various markets in which the Group operates, while
the Group\u2019s industrial activities are all based in Italy, and primarily denominated in Euro.
The Group\u2019s exposure to interest rate risk arises from the need to fund certain activities and the necessity to deploy
surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group\u2019s net profit/
(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.
The Group has in place various risk management policies, which primarily relate to foreign exchange and
commodity price, interest rate and liquidity risks. The Group\u2019s risk management policies permit derivatives to be used for
managing such risk exposures at risk. Counterparties to these agreements are major financial institutions. Derivative financial
instruments can only be executed for hedging purposes.
In particular, the Group used derivative financial instruments as cash flow hedges primarily for the purpose of
limiting the negative impact of foreign currency exchange rate fluctuations on forecasted transactions denominated in foreign
currencies. Accordingly, as a result of applying risk management policies with respect to foreign currency exchange
exposure, the Group\u2019s results of operations have not been fully exposed to fluctuations in foreign currency exchange rates.
However, despite these risk management policies and hedging transactions, sudden adverse movements in foreign currency
exchange rates could have a significant effect on the Group\u2019s earnings and cash flows.
The Group also enters into interest rate caps as required by certain of its securitization agreements.
Information on the fair value of derivative financial instruments held is provided in Note 19.
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2022, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 65 percent of the Group\u2019s net revenues (58
percent in 2021 and 58 percent in 2020).
\u2022The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2022, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 52 percent (51 percent in 2021 and 53 percent in 2020) of the total currency risk from
commercial activities. In 2022 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2021 and 2020 the Euro/Japanese Yen
exchange rate and the Euro/Pound Sterling exchange rate exceeded 10 percent) of the total currency risk from
commercial activities. Other significant exposures included the exchange rate between the Euro and the
following currencies: Swiss Franc, Canadian Dollar and Australian Dollar. None of these exposures, taken
individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate exposure for commercial
activities in 2022, 2021 and 2020. It is the Group\u2019s policy to use derivative financial instruments (primarily
forward currency contracts and currency options) to hedge up to 90 percent of the principal exposures to foreign
currency exchange risk, typically for a period of up to twelve months.
\u2022Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, China,
Hong Kong, Japan and Australia. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and
margins are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs
and profit as translated into Euro.
\u2022The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
The Group monitors its principal exposure to translation exchange risk, although the Group did not engage in any
specific hedging activities in relation to translation exchange risk for the periods presented.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within the net financial income/(expenses) line item or as cost of sales for charges arising
from financial services companies. The Group uses specific financial derivatives to hedge these exposures.
The impact of foreign currency exchange rate differences recorded within financial income/(expenses) for the year
ended December\u00a031, 2022, including the costs of hedging foreign currency exchange rate risk, amounted to net losses of
\u20ac25,923 thousand (net losses of \u20ac11,407 thousand and \u20ac27,029 thousand for the years ended December\u00a031, 2021 and 2020,
respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2022 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2022 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac174,550
thousand (\u20ac98,165 thousand at December\u00a031, 2021). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
Information on interest rate risk
The Group\u2019s exposure to interest rate risk, though less significant, arises from the need to fund financial services
activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing
or decreasing the Group\u2019s net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Group\u2019s most significant floating rate financial assets at December\u00a031, 2022 were cash and cash equivalents and
certain receivables from financing activities (related to client and dealer financing), while 42 percent of the Group\u2019s gross
debt bears floating rates of interest (37 percent at December 31, 2021). At December\u00a031, 2022, a decrease of 10 basis points
in interest rates on floating rate financial assets and debt, with all other variables held constant, would have resulted in a
decrease in profit before taxes of \u20ac303 thousand on an annual basis (a decrease of \u20ac486 thousand at December\u00a031, 2021). The
analysis is based on the assumption that floating rate financial assets and debt which expire during the projected 12-month
period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates.
Information on commodity price risk
The Group\u2019s exposure to commodity price risk, though much less significant than foreign exchange rate risk and
interest rate risk, arises from the need to use a variety of raw materials in the Group\u2019s operations, including aluminum and
precious metals such as palladium and rhodium. The Group monitors its exposure to commodity price risk and may hedge a
portion of such exposure through derivative financial instruments (primarily commodity swaps).
Liquidity risk
Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations and meet its
obligations. The main determinant of the Group\u2019s liquidity position is the cash generated by or used in operating and
investing activities.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an
adequate level of funds readily available. The main funding operations and investments in cash and marketable securities of
the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient
management of the Group\u2019s liquidity. The Group has established various policies which are managed or supervised centrally
by the treasury department with the purpose of optimizing the management of funds and reducing liquidity risk which
include:
\u2022centralizing liquidity management through the use of cash pooling arrangements
\u2022maintaining a conservative level of available liquidity
\u2022diversifying sources of funding
\u2022obtaining adequate credit lines
\u2022monitoring future liquidity requirements on the basis of business planning
Intercompany financing between Group entities is not restricted other than through the application of covenants
requiring that transactions with related parties be conducted at arm\u2019s length terms.
Details on the maturity profile of the Group\u2019s financial assets and liabilities and on the structure of derivative
financial instruments are provided in Notes 19 and 24. Details of the repayment of derivative financial instruments are
provided in Note 19.
To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group
has secured available undrawn committed credit lines, which amounted to \u20ac669 million and \u20ac676 million at December 31,
2022 and 2021.
The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed
credit lines), in addition to funds that will be generated from operating activities, will enable Ferrari to satisfy the
requirements of its investing activities and working capital needs fulfill its obligations to repay its debt and ensure an
appropriate level of operating and strategic flexibility. The Group therefore believes there is no significant risk of a lack of
liquidity.
Credit risk
Credit risk is the risk of economic loss arising from the failure to fully collect receivables. Credit risk encompasses
the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty.
The maximum credit risk to which the Group is theoretically exposed at December\u00a031, 2022 is represented by the
carrying amounts of the financial assets presented in the consolidated statement of financial position sheet and the nominal
value of the guarantees provided.
Dealers and clients are subject to a specific evaluation of their creditworthiness. Additionally, it is Group practice to
obtain financial guarantees against risks associated with credit granted for the purchase of cars and parts. These guarantees
are further strengthened, where possible, by retaining title on cars subject to financing agreements.
Credit positions of material significance are evaluated on an individual basis. Where objective evidence exists that
they are uncollectible, in whole or in part, specific write-downs are recognized. The amount of the write-down is based on an
estimate of the recoverable cash flows, the timing of those cash flows, the cost of recovery and the fair value of any
guarantees received.
Receivables from financing activities amounting to \u20ac1,399,997 thousand at December\u00a031, 2022 (\u20ac1,143,968
thousand at December\u00a031, 2021) are shown net of the allowance for doubtful accounts amounting to \u20ac9,950 thousand
(\u20ac11,204 thousand at December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac62,779 thousand of
receivables were overdue (\u20ac52,733 thousand at December\u00a031, 2021). Therefore, overdue receivables represent a minor
portion of receivables from financing activities.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees.
Trade receivables amounting to \u20ac232,414 thousand at December\u00a031, 2022 (\u20ac185,000 thousand at December\u00a031,
2021) are shown net of the allowance for doubtful accounts amounting to \u20ac25,800 thousand (\u20ac25,984 thousand at
December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac45,657 thousand of receivables were overdue
(\u20ac47,237 thousand at December\u00a031, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTUvZnJhZzo0ZWJkMzRhN2U4Zjk0OTY1Yjk4NGI5NWNlYTU5NGZiNi90ZXh0cmVnaW9uOjRlYmQzNGE3ZThmOTQ5NjViOTg0Yjk1Y2VhNTk0ZmI2XzQ0Mg_e61c73f8-784c-4263-9d41-64f3e83dcadb": { "value": "
9. NET FINANCIAL EXPENSES
The following table sets out details of financial income and expenses, including the amounts reported in the
consolidated income statement within the net financial expenses line item, as well as interest income from financial services
activities, recognized under net revenues, and interest expenses and other financial charges from financial services activities,
recognized under cost of sales.
For the years ended December 31,
2022
2021
2020
Financial income:
(\u20ac thousand)
Interest income from bank deposits
2,414
399
610
Other interest income and financial income
2,166
4,741
517
Interest income and other financial income
4,580
5,140
1,127
Finance income from financial services activities
69,389
55,043
65,878
Total financial income
73,969
60,183
67,005
Total financial income relating to:
Industrial activities (A)
4,580
5,140
1,127
Financial services activities (reported in net revenues)
69,389
55,043
65,878
Financial expenses:
Capitalized borrowing costs
1,914
1,874
2,591
Other interest and financial expenses
(2,778)
(3,315)
(3,258)
Interest expenses and other financial expenses
(864)
(1,441)
(667)
Interest expenses from banks and other financial institutions
(25,503)
(11,310)
(14,330)
Interest and other finance costs on bonds and notes
(23,679)
(22,947)
(20,116)
Write-downs of financial receivables
(594)
(1,467)
(9,502)
Other financial expenses
(2,008)
(5,991)
(14,580)
Total financial expenses
(52,648)
(43,156)
(59,195)
Net expenses from derivative financial instruments and foreign currency
exchange rate differences
(28,693)
(11,880)
(27,652)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences
(81,341)
(55,036)
(86,847)
Total financial expenses and net expenses from derivative financial
instruments and foreign currency exchange rate differences relating to:
Industrial activities (B)
(54,196)
(38,397)
(50,219)
Financial services activities (reported in cost of sales)\u00a0
(27,145)
(16,639)
(36,628)
Net financial expenses relating to industrial activities (A+B)
(49,616)
(33,257)
(49,092)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTgvZnJhZzo5MTQwMTA2ODE4YjY0MTY2YTVlN2VhZjFiNzM4NDgxNS90ZXh0cmVnaW9uOjkxNDAxMDY4MThiNjQxNjZhNWU3ZWFmMWI3Mzg0ODE1XzQ4MDQ_cd6661a0-3125-4a6f-af17-a80d9e6f17e7": { "value": "
10. INCOME TAXES
Income tax expense is as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Current tax expense
269,924
218,540
120,115
Deferred tax benefit
(30,178)
(12,001)
(62,474)
Taxes relating to prior years
(1,274)
2,556
514
Total income tax expense
238,472
209,095
58,155
The Italian Group\u2019s entities participate in a group Italian tax consolidation under Ferrari N.V.
Income tax expense amounted to \u20ac238,472\u00a0thousand, \u20ac209,095\u00a0thousand and \u20ac58,155 thousand for the years ended
December 31, 2022, 2021 and 2020, respectively.
Income taxes for the years ended December 31, 2022, 2021 and 2020 benefited from the application of the Patent
Box tax regime, which provides tax benefits for companies that generate income through the use of intangible assets. Starting
in 2020 the Group has applied the Patent Box tax regime for the period from 2020 to 2024, in line with the tax regulations
applicable in Italy, and determined the income eligible for the Patent Box regime with recognition of the Patent Box tax
benefit in three equal annual installments.
The Law Decree (Decree) n. 146 enacted by the Italian authorities, effective from October 22, 2021 and as amended
by the 2022 Italian budget law, replaces the previous Patent Box tax regime with a new one that provides a 110% \u201csuper tax
deduction\u201d for certain costs related to eligible intangible assets. The Decree provides for a specific transitional procedure
between the two regimes.
In the fourth quarter of 2020, Ferrari benefited from the measures introduced in Italy by art. 110 of the Law Decree
n. 104/2020, converted in the Law n. 126/2020, enacting \u201cUrgent measures to support and relaunch the economy\u201d, which
reopened the voluntary step up of tangible and intangible assets, with the application of a substitute tax at a rate of 3 percent.
In particular, Ferrari S.p.A. benefited from the one-time partial step-up of its trademark for tax purposes. The deferred tax
asset will be utilized over a 50-year period (following the introduction of the 2022 Italian budget law (Law 234/2021) which
provides for an extension from 18 years to 50 years of the amortization period for tax purposes for any trademarks and
goodwill that benefited from the step-up regime) and the substitute tax will be paid in three equal annual installments starting
in 2021.
The table below provides a reconciliation between actual income tax expense and the theoretical income tax
expense, calculated on the basis of the applicable corporate tax rate in effect in Italy, which was 24.0 percent for each of the
years ended December 31, 2022, 2021 and 2020.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Theoretical income tax expense
282,664
250,136
160,088
Tax effect on:
Permanent and other differences
(85,736)
(79,267)
(129,016)
Italian Regional Income Tax (IRAP)
39,446
32,422
22,662
Effect of changes in tax rates and tax regulations
553
633
800
Differences between foreign tax rates and the theoretical Italian tax rate and
tax holidays
1,945
2,077
1,734
Taxes relating to prior years
(1,274)
2,556
514
Withholding tax on earnings
875
539
1,373
Income tax expense
238,472
209,095
58,155
Effective tax rate
20.2%
20.1%
8.7%
The effective tax rate was 20.2 percent, 20.1 percent and 8.7 percent for the years ended December 31, 2022, 2021
and 2020, respectively. The increase in the effective tax rate from 8.7 percent in 2020 to 20.1 percent in 2021 was primarily
attributable to the tax benefits from the measures introduced in Italy by art. 110 of the Law Decree No. 104/2020, converted
in the Law n. 126/2020, enacting \u201cUrgent measures to support and relaunch the economy\u201d, which allowed Ferrari a one-time
partial step-up of its trademark for tax purposes resulting in a net tax benefit of \u20ac74,700\u00a0thousand in 2020 (as further
described above) and to a lesser extent, the effects of deductions for eligible research and development costs. The net benefit
from the step up is included within \u201cpermanent and other differences\u201d for 2020 in the tax rate reconciliation above. The
Patent Box benefit relating to 2022, 2021 and 2020 is included within \u201cpermanent and other differences\u201d in the tax rate
reconciliation above.
The Italian Regional Income Tax (\u201cIRAP\u201d) is only applicable to Italian entities and is calculated on a measure of
income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and
expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments.
IRAP is calculated using financial information prepared under Italian accounting standards. IRAP is applied on the tax base
at 3.9 percent for each of the years ended December 31, 2022, 2021 and 2020.
The analysis of deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Deferred tax assets:
To be recovered after 12 months
107,252
94,808
To be recovered within 12 months
96,130
73,949
203,382
168,757
Deferred tax liabilities:
To be realized after 12 months
(86,160)
(78,496)
To be realized within 12 months
(40,347)
(17,477)
(126,507)
(95,973)
Net deferred tax assets/(liabilities)
76,875
72,784
At December 31,
2020
Recognized\u00a0in
consolidated
income statement
Charged
to equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2021
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
90,663
12,712
\u2014
606
103,981
Deferred income
52,241
(606)
\u2014
\u2014
51,635
Employee benefits
2,931
\u2014
110
\u2014
3,041
Foreign currency exchange rate
differences
516
95
\u2014
(1)
610
Cash flow hedge reserve
\u2014
\u2014
8,455
\u2014
8,455
Inventory obsolescence
61,726
7,131
\u2014
250
69,107
Allowances for doubtful accounts
5,643
(474)
\u2014
9
5,178
Depreciation
17,551
7
\u2014
(3)
17,555
Trademark step-up
83,700
837
\u2014
\u2014
84,537
Patent box
27,902
37,791
\u2014
\u2014
65,693
Other
6,027
3,927
\u2014
4,374
14,328
Total deferred tax assets
348,900
61,420
8,565
5,235
424,120
Deferred tax liabilities arising on:
Depreciation
(7,550)
1,217
\u2014
(448)
(6,781)
Capitalization of development
costs
(264,087)
(47,349)
\u2014
(2)
(311,438)
Employee benefits
(844)
(209)
\u2014
\u2014
(1,053)
Foreign currency exchange rate
differences
(559)
33
\u2014
\u2014
(526)
Cash flow hedge reserve
(9,505)
\u2014
9,505
\u2014
\u2014
Tax on undistributed earnings
(15,861)
(1,543)
\u2014
\u2014
(17,404)
Other
(11,747)
(1,568)
\u2014
(819)
(14,134)
Total deferred tax liabilities
(310,153)
(49,419)
9,505
(1,269)
(351,336)
Total net deferred tax assets/
(liabilities)\u00a0
38,747
12,001
18,070
3,966
72,784
The decision to recognize deferred tax assets is made for each company in the Group by assessing whether the
conditions exist for the future recoverability of such assets by taking into account the basis of the most recent forecasts from
budgets and business plans.
Deferred taxes on the undistributed earnings of subsidiaries have not been recognized, except in cases where it is
probable the distribution will occur in the foreseeable future. At December 31, 2022, the aggregate amount of temporary
differences related to remaining distributable earnings of the Group\u2019s subsidiaries where deferred tax liabilities have not been
recognized amounted to \u20ac268,923\u00a0thousand (\u20ac186,806\u00a0thousand at December 31, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8yOTgvZnJhZzo5MTQwMTA2ODE4YjY0MTY2YTVlN2VhZjFiNzM4NDgxNS90ZXh0cmVnaW9uOjkxNDAxMDY4MThiNjQxNjZhNWU3ZWFmMWI3Mzg0ODE1XzQ4MTY_bd34f8c3-ecb4-41c1-8ccc-8a09f986274c": { "value": "
10. INCOME TAXES
Income tax expense is as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Current tax expense
269,924
218,540
120,115
Deferred tax benefit
(30,178)
(12,001)
(62,474)
Taxes relating to prior years
(1,274)
2,556
514
Total income tax expense
238,472
209,095
58,155
The Italian Group\u2019s entities participate in a group Italian tax consolidation under Ferrari N.V.
Income tax expense amounted to \u20ac238,472\u00a0thousand, \u20ac209,095\u00a0thousand and \u20ac58,155 thousand for the years ended
December 31, 2022, 2021 and 2020, respectively.
Income taxes for the years ended December 31, 2022, 2021 and 2020 benefited from the application of the Patent
Box tax regime, which provides tax benefits for companies that generate income through the use of intangible assets. Starting
in 2020 the Group has applied the Patent Box tax regime for the period from 2020 to 2024, in line with the tax regulations
applicable in Italy, and determined the income eligible for the Patent Box regime with recognition of the Patent Box tax
benefit in three equal annual installments.
The Law Decree (Decree) n. 146 enacted by the Italian authorities, effective from October 22, 2021 and as amended
by the 2022 Italian budget law, replaces the previous Patent Box tax regime with a new one that provides a 110% \u201csuper tax
deduction\u201d for certain costs related to eligible intangible assets. The Decree provides for a specific transitional procedure
between the two regimes.
In the fourth quarter of 2020, Ferrari benefited from the measures introduced in Italy by art. 110 of the Law Decree
n. 104/2020, converted in the Law n. 126/2020, enacting \u201cUrgent measures to support and relaunch the economy\u201d, which
reopened the voluntary step up of tangible and intangible assets, with the application of a substitute tax at a rate of 3 percent.
In particular, Ferrari S.p.A. benefited from the one-time partial step-up of its trademark for tax purposes. The deferred tax
asset will be utilized over a 50-year period (following the introduction of the 2022 Italian budget law (Law 234/2021) which
provides for an extension from 18 years to 50 years of the amortization period for tax purposes for any trademarks and
goodwill that benefited from the step-up regime) and the substitute tax will be paid in three equal annual installments starting
in 2021.
The table below provides a reconciliation between actual income tax expense and the theoretical income tax
expense, calculated on the basis of the applicable corporate tax rate in effect in Italy, which was 24.0 percent for each of the
years ended December 31, 2022, 2021 and 2020.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Theoretical income tax expense
282,664
250,136
160,088
Tax effect on:
Permanent and other differences
(85,736)
(79,267)
(129,016)
Italian Regional Income Tax (IRAP)
39,446
32,422
22,662
Effect of changes in tax rates and tax regulations
553
633
800
Differences between foreign tax rates and the theoretical Italian tax rate and
tax holidays
1,945
2,077
1,734
Taxes relating to prior years
(1,274)
2,556
514
Withholding tax on earnings
875
539
1,373
Income tax expense
238,472
209,095
58,155
Effective tax rate
20.2%
20.1%
8.7%
The effective tax rate was 20.2 percent, 20.1 percent and 8.7 percent for the years ended December 31, 2022, 2021
and 2020, respectively. The increase in the effective tax rate from 8.7 percent in 2020 to 20.1 percent in 2021 was primarily
attributable to the tax benefits from the measures introduced in Italy by art. 110 of the Law Decree No. 104/2020, converted
in the Law n. 126/2020, enacting \u201cUrgent measures to support and relaunch the economy\u201d, which allowed Ferrari a one-time
partial step-up of its trademark for tax purposes resulting in a net tax benefit of \u20ac74,700\u00a0thousand in 2020 (as further
described above) and to a lesser extent, the effects of deductions for eligible research and development costs. The net benefit
from the step up is included within \u201cpermanent and other differences\u201d for 2020 in the tax rate reconciliation above. The
Patent Box benefit relating to 2022, 2021 and 2020 is included within \u201cpermanent and other differences\u201d in the tax rate
reconciliation above.
The Italian Regional Income Tax (\u201cIRAP\u201d) is only applicable to Italian entities and is calculated on a measure of
income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and
expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments.
IRAP is calculated using financial information prepared under Italian accounting standards. IRAP is applied on the tax base
at 3.9 percent for each of the years ended December 31, 2022, 2021 and 2020.
The analysis of deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Deferred tax assets:
To be recovered after 12 months
107,252
94,808
To be recovered within 12 months
96,130
73,949
203,382
168,757
Deferred tax liabilities:
To be realized after 12 months
(86,160)
(78,496)
To be realized within 12 months
(40,347)
(17,477)
(126,507)
(95,973)
Net deferred tax assets/(liabilities)
76,875
72,784
At December 31,
2020
Recognized\u00a0in
consolidated
income statement
Charged
to equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2021
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
90,663
12,712
\u2014
606
103,981
Deferred income
52,241
(606)
\u2014
\u2014
51,635
Employee benefits
2,931
\u2014
110
\u2014
3,041
Foreign currency exchange rate
differences
516
95
\u2014
(1)
610
Cash flow hedge reserve
\u2014
\u2014
8,455
\u2014
8,455
Inventory obsolescence
61,726
7,131
\u2014
250
69,107
Allowances for doubtful accounts
5,643
(474)
\u2014
9
5,178
Depreciation
17,551
7
\u2014
(3)
17,555
Trademark step-up
83,700
837
\u2014
\u2014
84,537
Patent box
27,902
37,791
\u2014
\u2014
65,693
Other
6,027
3,927
\u2014
4,374
14,328
Total deferred tax assets
348,900
61,420
8,565
5,235
424,120
Deferred tax liabilities arising on:
Depreciation
(7,550)
1,217
\u2014
(448)
(6,781)
Capitalization of development
costs
(264,087)
(47,349)
\u2014
(2)
(311,438)
Employee benefits
(844)
(209)
\u2014
\u2014
(1,053)
Foreign currency exchange rate
differences
(559)
33
\u2014
\u2014
(526)
Cash flow hedge reserve
(9,505)
\u2014
9,505
\u2014
\u2014
Tax on undistributed earnings
(15,861)
(1,543)
\u2014
\u2014
(17,404)
Other
(11,747)
(1,568)
\u2014
(819)
(14,134)
Total deferred tax liabilities
(310,153)
(49,419)
9,505
(1,269)
(351,336)
Total net deferred tax assets/
(liabilities)\u00a0
38,747
12,001
18,070
3,966
72,784
The decision to recognize deferred tax assets is made for each company in the Group by assessing whether the
conditions exist for the future recoverability of such assets by taking into account the basis of the most recent forecasts from
budgets and business plans.
Deferred taxes on the undistributed earnings of subsidiaries have not been recognized, except in cases where it is
probable the distribution will occur in the foreseeable future. At December 31, 2022, the aggregate amount of temporary
differences related to remaining distributable earnings of the Group\u2019s subsidiaries where deferred tax liabilities have not been
recognized amounted to \u20ac268,923\u00a0thousand (\u20ac186,806\u00a0thousand at December 31, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMDEvZnJhZzphMmQxMTdmZjY0YTI0Mjk1OTE4ZWM0ZDMzMTM0OTM1ZS90ZXh0cmVnaW9uOmEyZDExN2ZmNjRhMjQyOTU5MThlYzRkMzMxMzQ5MzVlXzUxNA_3e64956a-5361-451f-ad6f-18a36e78b117": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2022, 2021 and 2020 amounted to \u20ac527,316 thousand, \u20ac483,747 thousand and \u20ac389,927
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2022, 2021 and 2020 the Group had an average number of employees of 4,691, 4,571 and 4,428, respectively.
Depreciation amounted to \u20ac259,849 thousand, \u20ac230,097 thousand and \u20ac217,952\u00a0thousand for the years ended
December 31, 2022, 2021 and 2020, respectively, and amortization amounted to \u20ac286,376 thousand, \u20ac225,892 thousand and
\u20ac208,685\u00a0thousand for the years ended December 31, 2022, 2021 and 2020, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMDEvZnJhZzphMmQxMTdmZjY0YTI0Mjk1OTE4ZWM0ZDMzMTM0OTM1ZS90ZXh0cmVnaW9uOmEyZDExN2ZmNjRhMjQyOTU5MThlYzRkMzMxMzQ5MzVlXzUxNQ_e668f33a-cc6a-4241-8e9e-9aba6d176052": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2022, 2021 and 2020 amounted to \u20ac527,316 thousand, \u20ac483,747 thousand and \u20ac389,927
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2022, 2021 and 2020 the Group had an average number of employees of 4,691, 4,571 and 4,428, respectively.
Depreciation amounted to \u20ac259,849 thousand, \u20ac230,097 thousand and \u20ac217,952\u00a0thousand for the years ended
December 31, 2022, 2021 and 2020, respectively, and amortization amounted to \u20ac286,376 thousand, \u20ac225,892 thousand and
\u20ac208,685\u00a0thousand for the years ended December 31, 2022, 2021 and 2020, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMDEvZnJhZzphMmQxMTdmZjY0YTI0Mjk1OTE4ZWM0ZDMzMTM0OTM1ZS90ZXh0cmVnaW9uOmEyZDExN2ZmNjRhMjQyOTU5MThlYzRkMzMxMzQ5MzVlXzUxNg_c4f2821a-1bef-4c73-8163-86ed812cbd29": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2022, 2021 and 2020 amounted to \u20ac527,316 thousand, \u20ac483,747 thousand and \u20ac389,927
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2022, 2021 and 2020 the Group had an average number of employees of 4,691, 4,571 and 4,428, respectively.
Depreciation amounted to \u20ac259,849 thousand, \u20ac230,097 thousand and \u20ac217,952\u00a0thousand for the years ended
December 31, 2022, 2021 and 2020, respectively, and amortization amounted to \u20ac286,376 thousand, \u20ac225,892 thousand and
\u20ac208,685\u00a0thousand for the years ended December 31, 2022, 2021 and 2020, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMDQvZnJhZzo0ZjBlMDM1ZmQ2NGY0YWJmOThiYmM1ZjkwNDIxZjUxNC90ZXh0cmVnaW9uOjRmMGUwMzVmZDY0ZjRhYmY5OGJiYzVmOTA0MjFmNTE0XzEwMDg_6995829b-a9e3-4c07-bf03-0213a9850251": { "value": "
12. EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of Ferrari by the weighted
average number of common shares issued and outstanding during the period.
The following table provides the amounts used in the calculation of basic earnings per share for the years ended
December 31, 2022, 2021 and 2020:
For the years ended December 31,
2022
2021
2020
Profit attributable to owners of the Company
\u20ac thousand
932,614
830,767
607,817
Weighted average number of common shares for basic earnings
per common share
thousand\u00a0
182,836
184,446
184,806
Basic earnings per common share\u00a0
\u20ac
5.11
4.50
3.29
Diluted earnings per share
For the years ended December 31, 2022, 2021 and 2020, the weighted average number of shares for diluted earnings
per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued
for the Group\u2019s equity incentive plans (assuming 100 percent of the target awards vested). See Note 21 \u201cShare-Based
Compensation\u201d for additional details related to the Group\u2019s equity incentive plans.
The following table provides the amounts used in the calculation of diluted earnings per share for the years ended
December 31, 2022, 2021 and 2020:
For the years ended December 31,
2022
2021
2020
Profit attributable to owners of the Company
\u20ac thousand
932,614
830,767
607,817
Weighted average number of common shares for diluted earnings
per common share
thousand\u00a0
183,072
184,722
185,379
Diluted earnings per common share
\u20ac
5.09
4.50
3.28
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMDQvZnJhZzo0ZjBlMDM1ZmQ2NGY0YWJmOThiYmM1ZjkwNDIxZjUxNC90YWJsZTpjZWEzZjRjN2NlMmE0ODA5OGYzMzI1MDE2OTJhZTNlNS90YWJsZXJhbmdlOmNlYTNmNGM3Y2UyYTQ4MDk4ZjMzMjUwMTY5MmFlM2U1XzQtMi0xLTEtMTQ5MzAz_7a08a966-bf91-46e8-822e-2e6fa8160b40": { "value": "5.11", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMDQvZnJhZzo0ZjBlMDM1ZmQ2NGY0YWJmOThiYmM1ZjkwNDIxZjUxNC90YWJsZTpkNmQxYjIzNGNiNzk0OWZkOGJkZGIyMWNhZjM3MjhkZS90YWJsZXJhbmdlOmQ2ZDFiMjM0Y2I3OTQ5ZmQ4YmRkYjIxY2FmMzcyOGRlXzQtMi0xLTEtMTQ5MzAz_a04a589d-2f1c-42d7-8535-3d28fbfd3c4d": { "value": "5.09", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMDcvZnJhZzo2NjFkMTY2YjQzOTM0YmUwODM2OWFiNzIzN2Q1Yjk1Mi90ZXh0cmVnaW9uOjY2MWQxNjZiNDM5MzRiZTA4MzY5YWI3MjM3ZDViOTUyXzI1NzU_89697e1e-7c9d-4fc4-9efe-7c4724a68aab": { "value": "
13. GOODWILL
At December\u00a031, 2022 and 2021 goodwill amounted to \u20ac785,182 thousand.
In accordance with IAS 36, goodwill is not amortized and is tested for impairment annually, or more frequently if
facts or circumstances indicate that the asset may be impaired. Impairment testing is performed by comparing the carrying
amount and the recoverable amount of the CGU. The recoverable amount of the CGU is the higher of its fair value less costs
of disposal and its value in use.
The assumptions used in this process represent management\u2019s best estimate for the period under consideration. The
estimate of the value in use of the CGU for purposes of performing the annual impairment test was based on the following
assumptions:
\u2022The expected future cash flows covering the period from 2023 through 2026 have been derived from the Ferrari
business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected capital
expenditure. These cash flows relate to the CGU in its condition when preparing the financial statements and
exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes
and sales mix used for estimating the future cash flows are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends for the CGU
over the period considered.
\u2022The expected future cash flows include a normalized terminal period used to estimate the future results beyond
the time period explicitly considered, which were calculated by using the specific medium/long-term growth
rate for the sector equal to 2.0 percent in 2022 (2.0 percent in 2021 and 2020).
\u2022The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 8.10 percent in 2022 (6.84 percent in 2021
and 6.83 percent in 2020). The WACC used reflects the current market assessment of the time value of money
for the period being considered and the risks specific to the CGU under consideration. The increase in the
WACC in 2022 compared to 2021 is primarily the result of central banks raising interest rates in several regions
where the Group operates, which has increased the risk free rate.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions.
14. INTANGIBLE ASSETS
Externally
acquired
development
costs
Development
costs
internally
generated
Patents,
concessions
and\u00a0licenses
Other
intangible
assets
Total
(\u20ac thousand)
Gross carrying amount at
January 1, 2021
1,803,993
760,333
237,597
50,276
2,852,199
Additions
261,457
101,682
17,151
4,537
384,827
Reclassifications
\u2014
\u2014
3,200
(3,200)
\u2014
Translation differences and other
movements
\u2014
\u2014
(59)
7
(52)
Balance at December 31, 2021
2,065,450
862,015
257,889
51,620
3,236,974
Additions
270,329
146,039
30,566
9,960
456,894
Divestitures
(962)
(350)
\u2014
\u2014
(1,312)
Reclassifications
\u2014
\u2014
2,924
(2,924)
\u2014
Translation differences and other
movements
\u2014
\u2014
\u2014
9
9
Balance at December 31, 2022
2,334,817
1,007,704
291,379
58,665
3,692,565
Accumulated amortization at
January 1, 2021
1,173,914
451,938
202,347
44,710
1,872,909
Amortization
146,664
47,808
29,495
1,925
225,892
Balance at December 31, 2021
1,320,578
499,746
231,842
46,635
2,098,801
Amortization
189,546
68,184
27,153
1,493
286,376
Balance at December 31, 2022
1,510,124
567,930
258,995
48,128
2,385,177
Carrying amount at:
January 1, 2021
630,079
308,395
35,250
5,566
979,290
December 31, 2021
744,872
362,269
26,047
4,985
1,138,173
December 31, 2022
824,693
439,774
32,384
10,537
1,307,388
Additions primarily relate to industrial tools needed for the production of cars and investments in car production
lines (including those for models to be launched in future years), personalization programs and engine assembly lines, as well
as investments for the ongoing construction of the new e-building (primarily in 2022), which will be used for the production
of battery electric vehicles (BEVs) and related batteries, and tracts of land adjacent to the facilities in Maranello as part of the
Group\u2019s expansion plans (primarily in 2021).
The following table summarizes the changes in the carrying amount of right-of-use assets for the year ended
December 31, 2022 and 2021:
Industrial\u00a0
buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac thousand)
Balance at January 1, 2021
25,574
5,041
29,127
59,742
Additions
3,987
1,409
7,745
13,141
Disposals
(2,780)
\u2014
(473)
(3,253)
Depreciation
(5,753)
(1,348)
(8,247)
(15,348)
Translation differences and other movements
585
(1,618)
509
(524)
Balance at January 1, 2022
21,613
3,484
28,661
53,758
Additions
4,854
510
13,485
18,849
Disposals
(1,495)
(6)
(93)
(1,594)
Depreciation
(5,933)
(1,223)
(9,677)
(16,833)
Translation differences and other movements
(67)
(9)
44
(32)
Balance at December 31, 2022
18,972
2,756
32,420
54,148
Amounts recognized in the income statement in relation to leases for the year ended December 31, 2022 and 2021
were as follows:
For the year ended December 31,
2022
2021
(\u20ac thousand)
Depreciation of right-of-use assets
16,833
15,348
Interest expense on lease liabilities
1,219
868
Variable lease payments not included in the measurement of lease liabilities
822
1,622
Expenses relating to short-term leases and leases of low-value assets
3,227
3,671
Total expenses recognized
22,101
21,509
For the year ended December\u00a031, 2022 depreciation of right-of-use assets amounted to \u20ac16,833 thousand and
interest expense on lease liabilities amounted to \u20ac1,219 thousand (\u20ac15,348 thousand and \u20ac868 thousand, respectively, for the
year ended December 31, 2021).
At December\u00a031, 2022, the Group had contractual commitments for the purchase of property, plant and equipment
amounting to \u20ac200,949 thousand (\u20ac73,681 thousand at December\u00a031, 2021). The increase in contractual commitments for the
purchase of property, plant and equipment at December 31, 2022 compared to December 31, 2020 is primarily related to
planned investments for the ongoing construction of the new e-building.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMTMvZnJhZzpkMGUzZGJkNzhmMmQ0YWM5OTVkMGYxNGYyMmYwMWE3Yy90ZXh0cmVnaW9uOmQwZTNkYmQ3OGYyZDRhYzk5NWQwZjE0ZjIyZjAxYTdjXzE0MTQ_af6c0888-7927-4c02-9891-303c78946ee3": { "value": "15. PROPERTY, PLANT AND EQUIPMENT
The following table summarizes the changes in the carrying amount of right-of-use assets for the year ended
December 31, 2022 and 2021:
Industrial\u00a0
buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac thousand)
Balance at January 1, 2021
25,574
5,041
29,127
59,742
Additions
3,987
1,409
7,745
13,141
Disposals
(2,780)
\u2014
(473)
(3,253)
Depreciation
(5,753)
(1,348)
(8,247)
(15,348)
Translation differences and other movements
585
(1,618)
509
(524)
Balance at January 1, 2022
21,613
3,484
28,661
53,758
Additions
4,854
510
13,485
18,849
Disposals
(1,495)
(6)
(93)
(1,594)
Depreciation
(5,933)
(1,223)
(9,677)
(16,833)
Translation differences and other movements
(67)
(9)
44
(32)
Balance at December 31, 2022
18,972
2,756
32,420
54,148
Amounts recognized in the income statement in relation to leases for the year ended December 31, 2022 and 2021
were as follows:
For the year ended December 31,
2022
2021
(\u20ac thousand)
Depreciation of right-of-use assets
16,833
15,348
Interest expense on lease liabilities
1,219
868
Variable lease payments not included in the measurement of lease liabilities
822
1,622
Expenses relating to short-term leases and leases of low-value assets
3,227
3,671
Total expenses recognized
22,101
21,509
For the year ended December\u00a031, 2022 depreciation of right-of-use assets amounted to \u20ac16,833 thousand and
interest expense on lease liabilities amounted to \u20ac1,219 thousand (\u20ac15,348 thousand and \u20ac868 thousand, respectively, for the
year ended December 31, 2021).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 \u2014
Leases. At December\u00a031, 2022 lease liabilities amounted to \u20ac57,423 thousand (\u20ac56,210\u00a0thousand at December 31, 2021).
Non-cancellable lease agreements
The future aggregate minimum lease payments under non-cancellable leases, primarily relating to the lease of stores
and industrial buildings, are as follows:
At December 31, 2022
Due within one
year
Due between one
and three years
Due between
three and five
years
Due beyond five
years
Total
(\u20ac thousand)
Future minimum lease payments under lease
agreements
16,178
19,775
11,886
12,785
60,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMTYvZnJhZzphMjg4NmUzMDFiZGI0ODgwYWU4MmJkZWI2OWQyMjMyZC90ZXh0cmVnaW9uOmEyODg2ZTMwMWJkYjQ4ODBhZTgyYmRlYjY5ZDIyMzJkXzEyMDI_722f8534-a3d6-417d-8f7e-3228f948840a": { "value": "
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Investments accounted for using the equity method
49,087
42,927
Other securities and financial assets
10,447
11,582
Total investments and other financial assets
59,534
54,509
Investments accounted for using the equity method
Changes in the carrying amount of investments accounted for using the equity method during the period were as
follows:
(\u20ac thousand)
Balance at January 1, 2021
34,663
Additions
1,285
Proportionate share of net profit for the year ended December 31, 2021
6,896
Proportionate share of remeasurement of defined benefit plans
83
Balance at December 31, 2021
42,927
Proportionate share of net profit for the year ended December 31, 2022
6,175
Proportionate share of remeasurement of defined benefit plans
(15)
Balance at December 31, 2022
49,087
The increase in inventories is mainly due to higher car volumes and the start of production of new models.
The amount of inventory write-downs recognized as an expense within cost of sales during 2022 was
\u20ac18,021\u00a0thousand (\u20ac9,392\u00a0thousand in 2021 and \u20ac21,155\u00a0thousand in 2020).
Changes in the provision for slow moving and obsolete inventories were as follows:
2022
2021
(\u20ac thousand)
At January 1,
102,098
96,707
Provision
18,021
9,392
Use and other changes
(9,156)
(4,001)
At December 31,
110,963
102,098
Trade receivables
The following table sets forth a breakdown of trade receivables by nature:
At December 31,
2022
2021
(\u20ac thousand)
Trade receivables due from:
Dealers
85,696
58,446
Sponsorship and commercial activities
42,981
29,666
Brand activities
24,213
23,902
Stellantis Group companies
19,184
23,737
Other
60,340
49,249
Total
232,414
185,000
Trade receivables due from dealers relate to receivables for the sale of cars across the dealer network and are
generally settled within 30 to 40 days from the date of invoice. The increase in trade receivables is mainly driven by higher
volumes of cars produced during the period.
Trade receivables due from Stellantis Group companies mainly relate to the sale of engines and car bodies to
Maserati S.p.A., which is controlled by the Stellantis Group. For additional information, see Note 28 \u201cRelated Party
Transactions\u201d.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship. Trade receivables due from brand activities relate to amounts receivable for licensing and
merchandising activities. The Group is not exposed to significant concentration of third party credit risk.
The following table sets forth a breakdown of trade receivables by currency:
At December 31,
2022
2021
(\u20ac thousand)
Trade receivables denominated in:
Euro
95,894
78,286
U.S. Dollar
108,369
84,590
Pound Sterling
8,178
3,908
Chinese Yuan
3,203
2,478
Japanese Yen
6,832
11,348
Other currencies
9,938
4,390
Total
232,414
185,000
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables during the year were as follows:
2022
2021
(\u20ac thousand)
At January 1,
25,984
28,312
Additional provisions
3,844
2,094
Utilizations
(1,579)
(1,835)
Releases
(2,522)
(2,741)
Other changes
73
154
At December 31,
25,800
25,984
Receivables from financing activities
Receivables from financing activities are as follows:
At December 31,
2022
2021
(\u20ac thousand)
Client financing
1,390,956
1,132,979
Dealer financing
9,041
10,989
Total receivables from financing activities
1,399,997
1,143,968
Receivables from financing activities relate to the financial services portfolio in the United States and are generally
secured on the title of cars or other guarantees.
Receivables from financing activities are shown net of an allowance for doubtful accounts determined on the basis
of insolvency risks, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within cost of sales in the consolidated
income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities during the year are as
follows:
2022
2021
(\u20ac thousand)
At January 1,
11,204
13,195
Additional provisions
3,064
2,737
Utilizations
(2,587)
(4,507)
Releases
(2,470)
(1,270)
Other changes
739
1,049
At December 31,
9,950
11,204
Client financing
Client financing relates to financing provided by the Group to Ferrari clients to finance their car acquisitions. During
2022 the average contractual duration at inception of such contracts was approximately 67 months (66 months in 2021) and
the weighted average interest rate was approximately 6.3 percent (approximately 5.2 percent in 2021). Receivables for client
financing are generally secured on the titles of the related cars or other personal guarantees.
Client financing relates entirely to financial services activities in the United States and is denominated in U.S.
Dollars.
Dealer financing
In 2022, the Group discontinued dealer financing with the exception of one existing long-term loan bearing a rate of
interest based on LIBOR plus a variable spread based on dealer\u2019s performance.
Other current assets
Other current assets are detailed as follows:
At December 31,
2022
2021
(\u20ac thousand)
Italian and foreign VAT credits
79,858
61,278
Prepayments
42,908
36,084
Other
30,417
24,862
Total other current assets
153,183
122,224
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2022, the Group had provided guarantees through third parties amounting to \u20ac224,630 thousand
(\u20ac226,878 thousand at December\u00a031, 2021), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation and (iii) customs authorities for duties on import
and export activities.
The analysis of receivables and other current assets by due date (excluding prepayments) is as follows:
At December 31, 2022
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
186,757
\u2014
\u2014
45,657
232,414
Receivables from financing activities
208,407
1,060,819
67,992
62,779
1,399,997
Client financing
207,186
1,052,999
67,992
62,779
1,390,956
Dealer financing
1,221
7,821
\u2014
\u2014
9,041
Current tax receivables
16,054
\u2014
\u2014
\u2014
16,054
Other current assets (excluding prepayments)
110,276
\u2014
\u2014
\u2014
110,276
Total
521,494
1,060,819
67,992
108,436
1,758,741
At December 31, 2021
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
137,694
70
\u2014
47,237
185,000
Receivables from financing activities
197,207
820,363
73,665
52,733
1,143,968
Client financing
196,018
810,563
73,665
52,733
1,132,979
Dealer financing
1,189
9,800
\u2014
\u2014
10,989
Current tax receivables
14,306
\u2014
\u2014
\u2014
14,306
Other current assets (excluding prepayments)
84,417
998
155
570
86,140
Total
433,624
821,431
73,820
100,540
1,429,414
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjIvZnJhZzphNDM4ZGIzN2I1NDc0YmQ4YTcxYWYwNDU4NjllMTIzZi90ZXh0cmVnaW9uOmE0MzhkYjM3YjU0NzRiZDhhNzFhZjA0NTg2OWUxMjNmXzM4NDM_8f6f6fda-fda7-4fd0-904d-c10742aae492": { "value": "18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETSTrade receivables
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables during the year were as follows:
2022
2021
(\u20ac thousand)
At January 1,
25,984
28,312
Additional provisions
3,844
2,094
Utilizations
(1,579)
(1,835)
Releases
(2,522)
(2,741)
Other changes
73
154
At December 31,
25,800
25,984
Receivables from financing activities
Receivables from financing activities are shown net of an allowance for doubtful accounts determined on the basis
of insolvency risks, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within cost of sales in the consolidated
income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities during the year are as
follows:
2022
2021
(\u20ac thousand)
At January 1,
11,204
13,195
Additional provisions
3,064
2,737
Utilizations
(2,587)
(4,507)
Releases
(2,470)
(1,270)
Other changes
739
1,049
At December 31,
9,950
11,204
Credit risk
Receivables from financing activities amounting to \u20ac1,399,997 thousand at December\u00a031, 2022 (\u20ac1,143,968
thousand at December\u00a031, 2021) are shown net of the allowance for doubtful accounts amounting to \u20ac9,950 thousand
(\u20ac11,204 thousand at December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac62,779 thousand of
receivables were overdue (\u20ac52,733 thousand at December\u00a031, 2021). Therefore, overdue receivables represent a minor
portion of receivables from financing activities.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees.
Trade receivables amounting to \u20ac232,414 thousand at December\u00a031, 2022 (\u20ac185,000 thousand at December\u00a031,
2021) are shown net of the allowance for doubtful accounts amounting to \u20ac25,800 thousand (\u20ac25,984 thousand at
December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac45,657 thousand of receivables were overdue
(\u20ac47,237 thousand at December\u00a031, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjIvZnJhZzphNDM4ZGIzN2I1NDc0YmQ4YTcxYWYwNDU4NjllMTIzZi90ZXh0cmVnaW9uOmE0MzhkYjM3YjU0NzRiZDhhNzFhZjA0NTg2OWUxMjNmXzM4NTQ_c8ab577e-f7ee-40a0-9fcd-756328844710": { "value": "
Other current assets
Other current assets are detailed as follows:
At December 31,
2022
2021
(\u20ac thousand)
Italian and foreign VAT credits
79,858
61,278
Prepayments
42,908
36,084
Other
30,417
24,862
Total other current assets
153,183
122,224
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2022, the Group had provided guarantees through third parties amounting to \u20ac224,630 thousand
(\u20ac226,878 thousand at December\u00a031, 2021), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation and (iii) customs authorities for duties on import
and export activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjUvZnJhZzoyZTE0MGQ0YTdiYTg0MmRkOTVmODBjMzgxZmFiYjlhZi90ZXh0cmVnaW9uOjJlMTQwZDRhN2JhODQyZGQ5NWY4MGMzODFmYWJiOWFmXzIzMjk_3a66135f-3a35-4404-bb07-4f7c8ff4c8ca": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
At December 31,
2022
2021
(\u20ac thousand)
Financial derivatives
80,233
11,565
Other financial assets
7,068
1,935
Current financial assets
87,301
13,500
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
The following table sets forth a breakdown of derivative assets and liabilities at December\u00a031, 2022 and 2021.
At December 31,
2022
2021
Positive\u00a0fair
value \u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedges:
Foreign currency derivatives
41,270
(16,976)
4,437
(34,973)
Commodities
5
(772)
182
(1,162)
Interest rate caps
36,771
\u2014
6,053
\u2014
Total cash flow hedges
78,046
(17,748)
10,672
(36,135)
Other foreign currency derivatives
2,187
(2,245)
893
(385)
Total
80,233
(19,993)
11,565
(36,520)
Foreign currency derivatives that do not meet the requirements to be recognized as cash flow hedges are presented
as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain
securitization agreements.
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based
on their fair value and notional amounts:
At December 31, 2022
At December 31, 2021
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
49,466
2,385,494
(17,588)
1,773,022
Pound Sterling
2,811
121,881
(2,343)
154,353
Japanese Yen
2,711
275,700
116
282,482
Swiss Franc
(991)
108,459
(2,754)
76,953
Chinese Yuan
2,702
176,062
(1,125)
91,248
Other(1)
3,541
131,319
(1,261)
108,822
Total amount
60,240
3,198,915
(24,955)
2,486,880
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2022 and 2021, substantially all derivative financial instruments had a maturity of twelve months
or less.
Cash flow hedges
The effects recognized in the consolidated income statement mainly relate to currency risk management and in
particular the exposure to fluctuations in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. Derivatives relating to foreign currency risk management are treated as cash flow hedges
where the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
The Group reclassified gains and losses, net of the related tax effects, from other comprehensive income/(loss) to the
consolidated income statement as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net revenues/(costs)
(75,749)
7,275
19,557
Income tax (expense)/benefit
21,134
(2,030)
(5,456)
Total recognized in the consolidated income statement
(54,615)
5,245
14,101
The ineffectiveness of cash flow hedges was not material for the years 2022, 2021 and 2020.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjUvZnJhZzoyZTE0MGQ0YTdiYTg0MmRkOTVmODBjMzgxZmFiYjlhZi90ZXh0cmVnaW9uOjJlMTQwZDRhN2JhODQyZGQ5NWY4MGMzODFmYWJiOWFmXzIzMzc_2f4edaaa-bb3e-456a-bd55-1e348ffff6f8": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
At December 31,
2022
2021
(\u20ac thousand)
Financial derivatives
80,233
11,565
Other financial assets
7,068
1,935
Current financial assets
87,301
13,500
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
The following table sets forth a breakdown of derivative assets and liabilities at December\u00a031, 2022 and 2021.
At December 31,
2022
2021
Positive\u00a0fair
value \u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedges:
Foreign currency derivatives
41,270
(16,976)
4,437
(34,973)
Commodities
5
(772)
182
(1,162)
Interest rate caps
36,771
\u2014
6,053
\u2014
Total cash flow hedges
78,046
(17,748)
10,672
(36,135)
Other foreign currency derivatives
2,187
(2,245)
893
(385)
Total
80,233
(19,993)
11,565
(36,520)
Foreign currency derivatives that do not meet the requirements to be recognized as cash flow hedges are presented
as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain
securitization agreements.
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based
on their fair value and notional amounts:
At December 31, 2022
At December 31, 2021
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
49,466
2,385,494
(17,588)
1,773,022
Pound Sterling
2,811
121,881
(2,343)
154,353
Japanese Yen
2,711
275,700
116
282,482
Swiss Franc
(991)
108,459
(2,754)
76,953
Chinese Yuan
2,702
176,062
(1,125)
91,248
Other(1)
3,541
131,319
(1,261)
108,822
Total amount
60,240
3,198,915
(24,955)
2,486,880
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2022 and 2021, substantially all derivative financial instruments had a maturity of twelve months
or less.
Cash flow hedges
The effects recognized in the consolidated income statement mainly relate to currency risk management and in
particular the exposure to fluctuations in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. Derivatives relating to foreign currency risk management are treated as cash flow hedges
where the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
The Group reclassified gains and losses, net of the related tax effects, from other comprehensive income/(loss) to the
consolidated income statement as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net revenues/(costs)
(75,749)
7,275
19,557
Income tax (expense)/benefit
21,134
(2,030)
(5,456)
Total recognized in the consolidated income statement
(54,615)
5,245
14,101
The ineffectiveness of cash flow hedges was not material for the years 2022, 2021 and 2020.
Financial market risks
Due to the nature of the Group\u2019s business, the Group is exposed to a variety of market risks, including foreign
currency exchange rate risk and to a lesser extent, interest rate risk and commodity price risk.
The Group\u2019s exposure to foreign currency exchange rate risk arises from the geographic distribution of the Group\u2019s
shipments, as the Group generally sells its models in the currencies of the various markets in which the Group operates, while
the Group\u2019s industrial activities are all based in Italy, and primarily denominated in Euro.
The Group\u2019s exposure to interest rate risk arises from the need to fund certain activities and the necessity to deploy
surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group\u2019s net profit/
(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.
The Group has in place various risk management policies, which primarily relate to foreign exchange and
commodity price, interest rate and liquidity risks. The Group\u2019s risk management policies permit derivatives to be used for
managing such risk exposures at risk. Counterparties to these agreements are major financial institutions. Derivative financial
instruments can only be executed for hedging purposes.
In particular, the Group used derivative financial instruments as cash flow hedges primarily for the purpose of
limiting the negative impact of foreign currency exchange rate fluctuations on forecasted transactions denominated in foreign
currencies. Accordingly, as a result of applying risk management policies with respect to foreign currency exchange
exposure, the Group\u2019s results of operations have not been fully exposed to fluctuations in foreign currency exchange rates.
However, despite these risk management policies and hedging transactions, sudden adverse movements in foreign currency
exchange rates could have a significant effect on the Group\u2019s earnings and cash flows.
The Group also enters into interest rate caps as required by certain of its securitization agreements.
Information on the fair value of derivative financial instruments held is provided in Note 19.
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2022, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 65 percent of the Group\u2019s net revenues (58
percent in 2021 and 58 percent in 2020).
\u2022The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2022, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 52 percent (51 percent in 2021 and 53 percent in 2020) of the total currency risk from
commercial activities. In 2022 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2021 and 2020 the Euro/Japanese Yen
exchange rate and the Euro/Pound Sterling exchange rate exceeded 10 percent) of the total currency risk from
commercial activities. Other significant exposures included the exchange rate between the Euro and the
following currencies: Swiss Franc, Canadian Dollar and Australian Dollar. None of these exposures, taken
individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate exposure for commercial
activities in 2022, 2021 and 2020. It is the Group\u2019s policy to use derivative financial instruments (primarily
forward currency contracts and currency options) to hedge up to 90 percent of the principal exposures to foreign
currency exchange risk, typically for a period of up to twelve months.
\u2022Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, China,
Hong Kong, Japan and Australia. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and
margins are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs
and profit as translated into Euro.
\u2022The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
The Group monitors its principal exposure to translation exchange risk, although the Group did not engage in any
specific hedging activities in relation to translation exchange risk for the periods presented.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within the net financial income/(expenses) line item or as cost of sales for charges arising
from financial services companies. The Group uses specific financial derivatives to hedge these exposures.
The impact of foreign currency exchange rate differences recorded within financial income/(expenses) for the year
ended December\u00a031, 2022, including the costs of hedging foreign currency exchange rate risk, amounted to net losses of
\u20ac25,923 thousand (net losses of \u20ac11,407 thousand and \u20ac27,029 thousand for the years ended December\u00a031, 2021 and 2020,
respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2022 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2022 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac174,550
thousand (\u20ac98,165 thousand at December\u00a031, 2021). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
Information on interest rate risk
The Group\u2019s exposure to interest rate risk, though less significant, arises from the need to fund financial services
activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing
or decreasing the Group\u2019s net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Group\u2019s most significant floating rate financial assets at December\u00a031, 2022 were cash and cash equivalents and
certain receivables from financing activities (related to client and dealer financing), while 42 percent of the Group\u2019s gross
debt bears floating rates of interest (37 percent at December 31, 2021). At December\u00a031, 2022, a decrease of 10 basis points
in interest rates on floating rate financial assets and debt, with all other variables held constant, would have resulted in a
decrease in profit before taxes of \u20ac303 thousand on an annual basis (a decrease of \u20ac486 thousand at December\u00a031, 2021). The
analysis is based on the assumption that floating rate financial assets and debt which expire during the projected 12-month
period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates.
Information on commodity price risk
The Group\u2019s exposure to commodity price risk, though much less significant than foreign exchange rate risk and
interest rate risk, arises from the need to use a variety of raw materials in the Group\u2019s operations, including aluminum and
precious metals such as palladium and rhodium. The Group monitors its exposure to commodity price risk and may hedge a
portion of such exposure through derivative financial instruments (primarily commodity swaps).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjUvZnJhZzoyZTE0MGQ0YTdiYTg0MmRkOTVmODBjMzgxZmFiYjlhZi90ZXh0cmVnaW9uOjJlMTQwZDRhN2JhODQyZGQ5NWY4MGMzODFmYWJiOWFmXzIzMzc_4148286a-6446-46a7-819a-ae440da21448": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
At December 31,
2022
2021
(\u20ac thousand)
Financial derivatives
80,233
11,565
Other financial assets
7,068
1,935
Current financial assets
87,301
13,500
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
The following table sets forth a breakdown of derivative assets and liabilities at December\u00a031, 2022 and 2021.
At December 31,
2022
2021
Positive\u00a0fair
value \u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedges:
Foreign currency derivatives
41,270
(16,976)
4,437
(34,973)
Commodities
5
(772)
182
(1,162)
Interest rate caps
36,771
\u2014
6,053
\u2014
Total cash flow hedges
78,046
(17,748)
10,672
(36,135)
Other foreign currency derivatives
2,187
(2,245)
893
(385)
Total
80,233
(19,993)
11,565
(36,520)
Foreign currency derivatives that do not meet the requirements to be recognized as cash flow hedges are presented
as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain
securitization agreements.
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based
on their fair value and notional amounts:
At December 31, 2022
At December 31, 2021
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
49,466
2,385,494
(17,588)
1,773,022
Pound Sterling
2,811
121,881
(2,343)
154,353
Japanese Yen
2,711
275,700
116
282,482
Swiss Franc
(991)
108,459
(2,754)
76,953
Chinese Yuan
2,702
176,062
(1,125)
91,248
Other(1)
3,541
131,319
(1,261)
108,822
Total amount
60,240
3,198,915
(24,955)
2,486,880
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2022 and 2021, substantially all derivative financial instruments had a maturity of twelve months
or less.
Cash flow hedges
The effects recognized in the consolidated income statement mainly relate to currency risk management and in
particular the exposure to fluctuations in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. Derivatives relating to foreign currency risk management are treated as cash flow hedges
where the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
The Group reclassified gains and losses, net of the related tax effects, from other comprehensive income/(loss) to the
consolidated income statement as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net revenues/(costs)
(75,749)
7,275
19,557
Income tax (expense)/benefit
21,134
(2,030)
(5,456)
Total recognized in the consolidated income statement
(54,615)
5,245
14,101
The ineffectiveness of cash flow hedges was not material for the years 2022, 2021 and 2020.
24. DEBT
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (*)
Translation
differences
Balance at
December
31, 2022
(\u20ac thousand)
Bonds and notes
1,487,110
\u2014
\u2014
3,209
\u2014
1,490,319
Asset-backed financing (Securitizations)
900,213
218,924
(72,824)
1,733
57,379
1,105,425
Borrowings from banks and other financial
institutions
154,419
8,909
(55,000)
560
4,277
113,165
Lease liabilities
56,210
\u2014
(16,500)
17,409
304
57,423
Other debt
32,059
34,456
(23,215)
\u2014
2,147
45,447
Total debt\u00a0
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
______________________________
(*) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
The breakdown of debt by nature and by maturity is as follows:
At December 31,
2022
2021
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
(\u20ac thousand)
Bonds and notes
394,628
646,306
449,385
1,490,319
9,239
1,028,686
449,185
1,487,110
Asset-backed financing (Securitizations)
422,736
682,689
\u2014
1,105,425
343,119
499,280
57,814
900,213
Borrowings from banks and other financial
institutions
100,665
12,500
\u2014
113,165
116,919
37,500
\u2014
154,419
Lease liabilities
15,917
29,446
12,060
57,423
14,783
29,732
11,695
56,210
Other debt
45,447
\u2014
\u2014
45,447
32,059
\u2014
\u2014
32,059
Total debt
979,393
1,370,941
461,445
2,811,779
516,119
1,595,198
518,694
2,630,011
(*) At December 31, 2022 the notes relating to the retail securitization program bore interest at a rate per annum equal to the aggregate of a synthetic base
rate substantially replicating the LIBOR plus a margin of 70 basis points and the notes relating to the leasing securitization program bore interest at a rate
per annum equal to the aggregate of SOFR plus a margin of 65 basis points.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742\u00a0thousand at December 31, 2021).
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Borrowing Entity
Currency
Amount
Outstanding at
December 31, 2022
Amount
Outstanding at
December 31, 2021
Maturity Date
(\u20ac thousand)
(\u20ac thousand)
Ferrari S.p.A.
EUR
37,500
62,500
June 2024
Ferrari Financial Services, Inc.
USD
75,665
61,919
April 2023
Ferrari S.p.A.
EUR
\u2014
30,000
January 2022
Total borrowings from banks and other financial
institutions
113,165
154,419
At December 31, 2022 the Group also had total committed credit lines available and undrawn amounting to \u20ac669
million and with maturities ranging from 2023 to 2025 (\u20ac676\u00a0million at December 31, 2021).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 \u2014
Leases. At December\u00a031, 2022 lease liabilities amounted to \u20ac57,423 thousand (\u20ac56,210\u00a0thousand at December 31, 2021).
Other debt
Other debt mainly relates to funding for operating and financing activities of the Group.
Liquidity risk
Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations and meet its
obligations. The main determinant of the Group\u2019s liquidity position is the cash generated by or used in operating and
investing activities.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an
adequate level of funds readily available. The main funding operations and investments in cash and marketable securities of
the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient
management of the Group\u2019s liquidity. The Group has established various policies which are managed or supervised centrally
by the treasury department with the purpose of optimizing the management of funds and reducing liquidity risk which
include:
\u2022centralizing liquidity management through the use of cash pooling arrangements
\u2022maintaining a conservative level of available liquidity
\u2022diversifying sources of funding
\u2022obtaining adequate credit lines
\u2022monitoring future liquidity requirements on the basis of business planning
Intercompany financing between Group entities is not restricted other than through the application of covenants
requiring that transactions with related parties be conducted at arm\u2019s length terms.
Details on the maturity profile of the Group\u2019s financial assets and liabilities and on the structure of derivative
financial instruments are provided in Notes 19 and 24. Details of the repayment of derivative financial instruments are
provided in Note 19.
To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group
has secured available undrawn committed credit lines, which amounted to \u20ac669 million and \u20ac676 million at December 31,
2022 and 2021.
The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed
credit lines), in addition to funds that will be generated from operating activities, will enable Ferrari to satisfy the
requirements of its investing activities and working capital needs fulfill its obligations to repay its debt and ensure an
appropriate level of operating and strategic flexibility. The Group therefore believes there is no significant risk of a lack of
liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjUvZnJhZzoyZTE0MGQ0YTdiYTg0MmRkOTVmODBjMzgxZmFiYjlhZi90ZXh0cmVnaW9uOjJlMTQwZDRhN2JhODQyZGQ5NWY4MGMzODFmYWJiOWFmXzIzMzc_e2be5185-441c-46e6-8fc1-27c78152338d": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
At December 31,
2022
2021
(\u20ac thousand)
Financial derivatives
80,233
11,565
Other financial assets
7,068
1,935
Current financial assets
87,301
13,500
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
The following table sets forth a breakdown of derivative assets and liabilities at December\u00a031, 2022 and 2021.
At December 31,
2022
2021
Positive\u00a0fair
value \u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedges:
Foreign currency derivatives
41,270
(16,976)
4,437
(34,973)
Commodities
5
(772)
182
(1,162)
Interest rate caps
36,771
\u2014
6,053
\u2014
Total cash flow hedges
78,046
(17,748)
10,672
(36,135)
Other foreign currency derivatives
2,187
(2,245)
893
(385)
Total
80,233
(19,993)
11,565
(36,520)
Foreign currency derivatives that do not meet the requirements to be recognized as cash flow hedges are presented
as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain
securitization agreements.
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based
on their fair value and notional amounts:
At December 31, 2022
At December 31, 2021
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
49,466
2,385,494
(17,588)
1,773,022
Pound Sterling
2,811
121,881
(2,343)
154,353
Japanese Yen
2,711
275,700
116
282,482
Swiss Franc
(991)
108,459
(2,754)
76,953
Chinese Yuan
2,702
176,062
(1,125)
91,248
Other(1)
3,541
131,319
(1,261)
108,822
Total amount
60,240
3,198,915
(24,955)
2,486,880
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2022 and 2021, substantially all derivative financial instruments had a maturity of twelve months
or less.
Cash flow hedges
The effects recognized in the consolidated income statement mainly relate to currency risk management and in
particular the exposure to fluctuations in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. Derivatives relating to foreign currency risk management are treated as cash flow hedges
where the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
The Group reclassified gains and losses, net of the related tax effects, from other comprehensive income/(loss) to the
consolidated income statement as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Net revenues/(costs)
(75,749)
7,275
19,557
Income tax (expense)/benefit
21,134
(2,030)
(5,456)
Total recognized in the consolidated income statement
(54,615)
5,245
14,101
The ineffectiveness of cash flow hedges was not material for the years 2022, 2021 and 2020.
24. DEBT
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (*)
Translation
differences
Balance at
December
31, 2022
(\u20ac thousand)
Bonds and notes
1,487,110
\u2014
\u2014
3,209
\u2014
1,490,319
Asset-backed financing (Securitizations)
900,213
218,924
(72,824)
1,733
57,379
1,105,425
Borrowings from banks and other financial
institutions
154,419
8,909
(55,000)
560
4,277
113,165
Lease liabilities
56,210
\u2014
(16,500)
17,409
304
57,423
Other debt
32,059
34,456
(23,215)
\u2014
2,147
45,447
Total debt\u00a0
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
______________________________
(*) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
The breakdown of debt by nature and by maturity is as follows:
At December 31,
2022
2021
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
(\u20ac thousand)
Bonds and notes
394,628
646,306
449,385
1,490,319
9,239
1,028,686
449,185
1,487,110
Asset-backed financing (Securitizations)
422,736
682,689
\u2014
1,105,425
343,119
499,280
57,814
900,213
Borrowings from banks and other financial
institutions
100,665
12,500
\u2014
113,165
116,919
37,500
\u2014
154,419
Lease liabilities
15,917
29,446
12,060
57,423
14,783
29,732
11,695
56,210
Other debt
45,447
\u2014
\u2014
45,447
32,059
\u2014
\u2014
32,059
Total debt
979,393
1,370,941
461,445
2,811,779
516,119
1,595,198
518,694
2,630,011
(*) At December 31, 2022 the notes relating to the retail securitization program bore interest at a rate per annum equal to the aggregate of a synthetic base
rate substantially replicating the LIBOR plus a margin of 70 basis points and the notes relating to the leasing securitization program bore interest at a rate
per annum equal to the aggregate of SOFR plus a margin of 65 basis points.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742\u00a0thousand at December 31, 2021).
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Borrowing Entity
Currency
Amount
Outstanding at
December 31, 2022
Amount
Outstanding at
December 31, 2021
Maturity Date
(\u20ac thousand)
(\u20ac thousand)
Ferrari S.p.A.
EUR
37,500
62,500
June 2024
Ferrari Financial Services, Inc.
USD
75,665
61,919
April 2023
Ferrari S.p.A.
EUR
\u2014
30,000
January 2022
Total borrowings from banks and other financial
institutions
113,165
154,419
At December 31, 2022 the Group also had total committed credit lines available and undrawn amounting to \u20ac669
million and with maturities ranging from 2023 to 2025 (\u20ac676\u00a0million at December 31, 2021).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 \u2014
Leases. At December\u00a031, 2022 lease liabilities amounted to \u20ac57,423 thousand (\u20ac56,210\u00a0thousand at December 31, 2021).
Other debt
Other debt mainly relates to funding for operating and financing activities of the Group.
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022financial market risk (principally relating to foreign currency exchange rates and to a lesser extent, interest rates
and commodity prices), as the Group operates internationally in different currencies;
\u2022liquidity risk, with particular reference to the availability of funds and access to the credit markets, should the
Group require them, and to financial instruments in general;
\u2022credit risk, arising from normal commercial relations with final clients and dealers, as well as the Group\u2019s
financing activities.
These risks could significantly affect the Group\u2019s financial position, results of operations and cash flows, and for
this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the
necessary action to mitigate them, primarily through the Group\u2019s operating and financing activities and if required, through
the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following section does not have any predictive value. In particular, the
sensitivity analysis on financial market risks does not reflect the complexity of the market or the reaction which may result
from any changes that are assumed to take place.
Financial market risks
Due to the nature of the Group\u2019s business, the Group is exposed to a variety of market risks, including foreign
currency exchange rate risk and to a lesser extent, interest rate risk and commodity price risk.
The Group\u2019s exposure to foreign currency exchange rate risk arises from the geographic distribution of the Group\u2019s
shipments, as the Group generally sells its models in the currencies of the various markets in which the Group operates, while
the Group\u2019s industrial activities are all based in Italy, and primarily denominated in Euro.
The Group\u2019s exposure to interest rate risk arises from the need to fund certain activities and the necessity to deploy
surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group\u2019s net profit/
(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.
The Group has in place various risk management policies, which primarily relate to foreign exchange and
commodity price, interest rate and liquidity risks. The Group\u2019s risk management policies permit derivatives to be used for
managing such risk exposures at risk. Counterparties to these agreements are major financial institutions. Derivative financial
instruments can only be executed for hedging purposes.
In particular, the Group used derivative financial instruments as cash flow hedges primarily for the purpose of
limiting the negative impact of foreign currency exchange rate fluctuations on forecasted transactions denominated in foreign
currencies. Accordingly, as a result of applying risk management policies with respect to foreign currency exchange
exposure, the Group\u2019s results of operations have not been fully exposed to fluctuations in foreign currency exchange rates.
However, despite these risk management policies and hedging transactions, sudden adverse movements in foreign currency
exchange rates could have a significant effect on the Group\u2019s earnings and cash flows.
The Group also enters into interest rate caps as required by certain of its securitization agreements.
Information on the fair value of derivative financial instruments held is provided in Note 19.
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2022, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 65 percent of the Group\u2019s net revenues (58
percent in 2021 and 58 percent in 2020).
\u2022The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2022, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 52 percent (51 percent in 2021 and 53 percent in 2020) of the total currency risk from
commercial activities. In 2022 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2021 and 2020 the Euro/Japanese Yen
exchange rate and the Euro/Pound Sterling exchange rate exceeded 10 percent) of the total currency risk from
commercial activities. Other significant exposures included the exchange rate between the Euro and the
following currencies: Swiss Franc, Canadian Dollar and Australian Dollar. None of these exposures, taken
individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate exposure for commercial
activities in 2022, 2021 and 2020. It is the Group\u2019s policy to use derivative financial instruments (primarily
forward currency contracts and currency options) to hedge up to 90 percent of the principal exposures to foreign
currency exchange risk, typically for a period of up to twelve months.
\u2022Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, China,
Hong Kong, Japan and Australia. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and
margins are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs
and profit as translated into Euro.
\u2022The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
The Group monitors its principal exposure to translation exchange risk, although the Group did not engage in any
specific hedging activities in relation to translation exchange risk for the periods presented.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within the net financial income/(expenses) line item or as cost of sales for charges arising
from financial services companies. The Group uses specific financial derivatives to hedge these exposures.
The impact of foreign currency exchange rate differences recorded within financial income/(expenses) for the year
ended December\u00a031, 2022, including the costs of hedging foreign currency exchange rate risk, amounted to net losses of
\u20ac25,923 thousand (net losses of \u20ac11,407 thousand and \u20ac27,029 thousand for the years ended December\u00a031, 2021 and 2020,
respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2022 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2022 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac174,550
thousand (\u20ac98,165 thousand at December\u00a031, 2021). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
Information on interest rate risk
The Group\u2019s exposure to interest rate risk, though less significant, arises from the need to fund financial services
activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing
or decreasing the Group\u2019s net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Group\u2019s most significant floating rate financial assets at December\u00a031, 2022 were cash and cash equivalents and
certain receivables from financing activities (related to client and dealer financing), while 42 percent of the Group\u2019s gross
debt bears floating rates of interest (37 percent at December 31, 2021). At December\u00a031, 2022, a decrease of 10 basis points
in interest rates on floating rate financial assets and debt, with all other variables held constant, would have resulted in a
decrease in profit before taxes of \u20ac303 thousand on an annual basis (a decrease of \u20ac486 thousand at December\u00a031, 2021). The
analysis is based on the assumption that floating rate financial assets and debt which expire during the projected 12-month
period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates.
Information on commodity price risk
The Group\u2019s exposure to commodity price risk, though much less significant than foreign exchange rate risk and
interest rate risk, arises from the need to use a variety of raw materials in the Group\u2019s operations, including aluminum and
precious metals such as palladium and rhodium. The Group monitors its exposure to commodity price risk and may hedge a
portion of such exposure through derivative financial instruments (primarily commodity swaps).
Liquidity risk
Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations and meet its
obligations. The main determinant of the Group\u2019s liquidity position is the cash generated by or used in operating and
investing activities.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an
adequate level of funds readily available. The main funding operations and investments in cash and marketable securities of
the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient
management of the Group\u2019s liquidity. The Group has established various policies which are managed or supervised centrally
by the treasury department with the purpose of optimizing the management of funds and reducing liquidity risk which
include:
\u2022centralizing liquidity management through the use of cash pooling arrangements
\u2022maintaining a conservative level of available liquidity
\u2022diversifying sources of funding
\u2022obtaining adequate credit lines
\u2022monitoring future liquidity requirements on the basis of business planning
Intercompany financing between Group entities is not restricted other than through the application of covenants
requiring that transactions with related parties be conducted at arm\u2019s length terms.
Details on the maturity profile of the Group\u2019s financial assets and liabilities and on the structure of derivative
financial instruments are provided in Notes 19 and 24. Details of the repayment of derivative financial instruments are
provided in Note 19.
To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group
has secured available undrawn committed credit lines, which amounted to \u20ac669 million and \u20ac676 million at December 31,
2022 and 2021.
The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed
credit lines), in addition to funds that will be generated from operating activities, will enable Ferrari to satisfy the
requirements of its investing activities and working capital needs fulfill its obligations to repay its debt and ensure an
appropriate level of operating and strategic flexibility. The Group therefore believes there is no significant risk of a lack of
liquidity.
Credit risk
Credit risk is the risk of economic loss arising from the failure to fully collect receivables. Credit risk encompasses
the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty.
The maximum credit risk to which the Group is theoretically exposed at December\u00a031, 2022 is represented by the
carrying amounts of the financial assets presented in the consolidated statement of financial position sheet and the nominal
value of the guarantees provided.
Dealers and clients are subject to a specific evaluation of their creditworthiness. Additionally, it is Group practice to
obtain financial guarantees against risks associated with credit granted for the purchase of cars and parts. These guarantees
are further strengthened, where possible, by retaining title on cars subject to financing agreements.
Credit positions of material significance are evaluated on an individual basis. Where objective evidence exists that
they are uncollectible, in whole or in part, specific write-downs are recognized. The amount of the write-down is based on an
estimate of the recoverable cash flows, the timing of those cash flows, the cost of recovery and the fair value of any
guarantees received.
Receivables from financing activities amounting to \u20ac1,399,997 thousand at December\u00a031, 2022 (\u20ac1,143,968
thousand at December\u00a031, 2021) are shown net of the allowance for doubtful accounts amounting to \u20ac9,950 thousand
(\u20ac11,204 thousand at December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac62,779 thousand of
receivables were overdue (\u20ac52,733 thousand at December\u00a031, 2021). Therefore, overdue receivables represent a minor
portion of receivables from financing activities.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees.
Trade receivables amounting to \u20ac232,414 thousand at December\u00a031, 2022 (\u20ac185,000 thousand at December\u00a031,
2021) are shown net of the allowance for doubtful accounts amounting to \u20ac25,800 thousand (\u20ac25,984 thousand at
December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac45,657 thousand of receivables were overdue
(\u20ac47,237 thousand at December\u00a031, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjUvZnJhZzoyZTE0MGQ0YTdiYTg0MmRkOTVmODBjMzgxZmFiYjlhZi90ZXh0cmVnaW9uOjJlMTQwZDRhN2JhODQyZGQ5NWY4MGMzODFmYWJiOWFmXzIzMjQ_be22fde3-a1a7-4881-a01a-bd180d986a97": { "value": "CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based
on their fair value and notional amounts:
At December 31, 2022
At December 31, 2021
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
49,466
2,385,494
(17,588)
1,773,022
Pound Sterling
2,811
121,881
(2,343)
154,353
Japanese Yen
2,711
275,700
116
282,482
Swiss Franc
(991)
108,459
(2,754)
76,953
Chinese Yuan
2,702
176,062
(1,125)
91,248
Other(1)
3,541
131,319
(1,261)
108,822
Total amount
60,240
3,198,915
(24,955)
2,486,880
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2022 and 2021, substantially all derivative financial instruments had a maturity of twelve months
or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzgwMzE_3b9a6a3b-c144-437b-b4d7-9750d07792f8": { "value": "
20. EQUITY
Share capital
At December\u00a031, 2022 and 2021 the fully paid up share capital of the Company was \u20ac2,573 thousand, consisting of
193,923,499 common shares and 63,349,112 special voting shares, all with a nominal value of \u20ac0.01. At December\u00a031, 2022,
the Company had 11,970,001 common shares and 5,199 special voting shares held in treasury, while at December\u00a031, 2021,
the Company had 10,080,103 common shares and 4,190 special voting shares. Shares in treasury include shares repurchased
under the Group\u2019s share repurchase program, which are recorded based on the transaction trade date. The increase in common
shares held in treasury primarily reflects the repurchase of shares by the Company through its share repurchase programs,
partially offset by shares assigned under the Group\u2019s equity incentive plans. At December\u00a031, 2022 and 2021 the Company
held in treasury 4.65 percent and 3.92 percent of the total issued share capital of the Company, respectively.(1)
______________________________________
(1)The percentage of shares held in treasury compared to total issued share capital remains substantially the same if calculated considering only common
shares held in treasury or if calculated considering common shares and special voting shares held in treasury.
The following table summarizes the changes in the number of outstanding common shares and outstanding special
voting shares of the Company for the years ended December 31, 2022 and 2021:
Common Shares
Special Voting
Shares
Total
Outstanding shares at December 31, 2020
184,747,890
63,346,922
248,094,812
Common shares repurchased under share repurchase program(1)
(1,167,592)
\u2014
(1,167,592)
Common shares assigned under equity incentive plans(2)
263,098
\u2014
263,098
Other changes(3)
\u2014
(2,000)
(2,000)
Outstanding shares at December 31, 2021
183,843,396
63,344,922
247,188,318
Common shares repurchased under share repurchase program(4)
(1,966,816)
\u2014
(1,966,816)
Common shares assigned under equity incentive plans(5)
76,918
\u2014
76,918
Other changes(3)
\u2014
(1,009)
(1,009)
Outstanding shares at December 31, 2022
181,953,498
63,343,913
245,297,411
_______________________________________.
(1)Includes shares repurchased under the share repurchase program between January 1, 2021 and December 31, 2021 based on the transaction trade
date, for a total consideration of \u20ac231,024\u00a0thousand, including transaction costs.
(2)On March 16, 2021, 356,571 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a
result of the vesting of certain performance share unit and retention restricted share unit awards. On March 17, 2021, the Company purchased 93,473
common shares, for a total consideration of \u20ac15,432\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in an over-the-counter transaction. See Note 21 \u201cShare-Based Compensation\u201d for
additional details relating to the Group\u2019s equity incentive plans.
(3)Relates to the deregistration of certain special voting shares under the Company\u2019s special voting shares term and conditions.
(4)Includes shares repurchased under the share repurchase program between January 1, 2022 and December 31, 2022 based on the transaction trade
date, for a total consideration of \u20ac384,869\u00a0thousand, including transaction costs.
(5)On March 16, 2022, 122,125 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a
result of the vesting of certain performance share unit and retention restricted share unit awards. On the same day, the Company purchased 56,517
common shares, for a total consideration of \u20ac10,365\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (\u201cSell to Cover\u201d) in a cross transaction. On May 25, 2022, 6,643 common shares, which were
previously held in treasury, were assigned to certain employees. On the same day, the Company purchased 3,185 common shares, for a total
consideration of \u20ac562\u00a0thousand, from a group of those employees who were assigned shares in order to cover the individual\u2019s taxable income as is
standard practice (\u201cSell to Cover\u201d) in a cross transaction. On December 2, 2022, 11,218 common shares, which were previously held in treasury,
were assigned to participants of the equity incentive plans. On the same day, the Company purchased, 3,366 common shares, for a total consideration
of \u20ac726\u00a0thousand, from a group of those employees who were assigned shares in order to cover the individual\u2019s taxable income as is standard practice
(\u201cSell to Cover\u201d) in a cross transaction. See Note 21 \u201cShare-Based Compensation\u201d for additional details relating to the Group\u2019s equity incentive
plans.
The loyalty voting structure
The purpose of the loyalty voting structure is to reward ownership of the Company\u2019s common shares and to promote
stability of the Company\u2019s shareholder base by granting long-term shareholders of the Company with special voting shares.
Following the separation of Ferrari from the Stellantis Group (previously referred to as Fiat Chrysler Automobiles N.V. or
FCA prior to the merger between FCA and Peugeot S.A. completed on January 16, 2021, which resulted in the creation of
Stellantis N.V.) in 2016, Exor N.V. (\u201cExor\u201d) and Piero Ferrari participate in the Company\u2019s loyalty voting program and,
therefore, effectively hold two votes for each of the common shares they hold. Investors who purchase common shares may
elect to participate in the loyalty voting program by registering their common shares in the loyalty share register and holding
them for three years. The loyalty voting program will be affected by means of the issue of special voting shares to eligible
holders of common shares. Each special voting share entitles the holder to exercise one vote at the Company\u2019s shareholder
meetings. Only a minimal dividend accrues to the special voting shares allocated to a separate special dividend reserve, and
the special voting shares do not carry any entitlement to any other reserve of the Group. The special voting shares have only
immaterial economic entitlements and, as a result, do not impact the Company\u2019s earnings per share calculation.
Retained earnings and other reserves
Retained earnings and other reserves includes:
\u2022a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2022 (\u20ac5,768,544 thousand at December\u00a031,
2021).
\u2022a legal reserve of 19 at December\u00a031, 2022 and \u20ac93 thousand at December\u00a031, 2021, determined in accordance
with Dutch law.
\u2022a treasury reserve of \u20ac1,244,045 thousand at December\u00a031, 2022 and \u20ac847,525 thousand at December\u00a031, 2021.
\u2022a share-based compensation reserve of \u20ac28,574 thousand at December\u00a031, 2022 and \u20ac28,379 thousand at
December\u00a031, 2021.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 13, 2022, a dividend distribution of \u20ac1.362 per outstanding common share was approved, corresponding to a total
distribution of \u20ac249,522\u00a0thousand, which was fully paid in 2022). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 15, 2021, a dividend distribution of \u20ac0.867 per common share was approved, corresponding to a total distribution of
\u20ac160,272\u00a0thousand (of which \u20ac160,101\u00a0thousand was paid in 2021). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2020, a dividend distribution of \u20ac1.13 per common share was approved, corresponding to a total distribution of
\u20ac208,765\u00a0thousand (of which \u20ac208,100\u00a0thousand was paid in 2020). The distribution was made from the retained earnings
reserve.
Other comprehensive income/(loss)
The following table presents other comprehensive income/(loss):
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Items that will not be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on remeasurement of defined benefit plans (1)
1,605
(463)
34
Total items that will not be reclassified to the consolidated income statement in subsequent
periods
1,605
(463)
34
Items that may be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on cash flow hedging instruments arising during the period
17,149
(56,855)
59,666
Losses/(Gains) on cash flow hedging instruments reclassified to the consolidated income
statement
75,749
(7,275)
(19,557)
Gains/(Losses) on cash flow hedging instruments
92,898
(64,130)
40,109
Exchange differences on translating foreign operations
9,798
14,229
(11,731)
Total items that may be reclassified to the consolidated income statement in subsequent periods
102,696
(49,901)
28,378
Total other comprehensive income/(loss)
104,301
(50,364)
28,412
Related tax impact
(25,002)
18,070
(11,290)
Total other comprehensive income/(loss), net of tax
79,299
(32,294)
17,122
__________________________
(1)Includes a loss of \u20ac15\u00a0thousand, a gain of \u20ac83\u00a0thousand and a loss of \u20ac4\u00a0thousand for the years ended December 31, 2022, 2021 and 2020,
respectively, related to the Group\u2019s proportionate share of the remeasurement of defined benefit plans of FFS GmbH, for which the Group holds a 49.9
percent interest.
Gains and losses on the remeasurement of defined benefit plans include actuarial gains and losses arising during the
period and are offset against the related net defined benefit liabilities.
The tax effects relating to other comprehensive income/(loss) are summarized in the following table:
For the years ended December 31,
2022
2021
2020
Pre-tax
balance
Related
tax
impact
Net
balance
Pre-tax
balance
Related
tax
impact
Net
balance
Pre-tax
balance
Related
tax
impact
Net
balance
(\u20ac thousand)
Gains/(Losses) on
remeasurement of defined
benefit plans
1,605
(376)
1,229
(463)
110
(353)
34
1
35
Gains/(Losses) on cash flow
hedging instruments
92,898
(24,626)
68,272
(64,130)
17,960
(46,170)
40,109
(11,291)
28,818
Exchange (losses)/gains on
translating foreign operations
9,798
\u2014
9,798
14,229
\u2014
14,229
(11,731)
\u2014
(11,731)
Total other comprehensive
(loss)/income
104,301
(25,002)
79,299
(50,364)
18,070
(32,294)
28,412
(11,290)
17,122
Transactions with non-controlling interests
With the exception of dividends paid to non-controlling interests, there were no transactions with non-controlling
interests for the years ended December\u00a031, 2022, 2021 or 2020.
Policies and processes for managing capital
The Group\u2019s objectives when managing capital are to create value for shareholders as a whole, safeguard business
continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory
economic return for its shareholders and guarantee economic access to external sources of funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzgwNDM_00933cf4-6e16-48a1-b8f7-604baf7e927c": { "value": "20. EQUITY
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 13, 2022, a dividend distribution of \u20ac1.362 per outstanding common share was approved, corresponding to a total
distribution of \u20ac249,522\u00a0thousand, which was fully paid in 2022). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 15, 2021, a dividend distribution of \u20ac0.867 per common share was approved, corresponding to a total distribution of
\u20ac160,272\u00a0thousand (of which \u20ac160,101\u00a0thousand was paid in 2021). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2020, a dividend distribution of \u20ac1.13 per common share was approved, corresponding to a total distribution of
\u20ac208,765\u00a0thousand (of which \u20ac208,100\u00a0thousand was paid in 2020). The distribution was made from the retained earnings
reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzgwNDg_2e7939a8-9405-4d46-9df8-aa488c09f8fa": { "value": "
Share capital
At December\u00a031, 2022 and 2021 the fully paid up share capital of the Company was \u20ac2,573 thousand, consisting of
193,923,499 common shares and 63,349,112 special voting shares, all with a nominal value of \u20ac0.01. At December\u00a031, 2022,
the Company had 11,970,001 common shares and 5,199 special voting shares held in treasury, while at December\u00a031, 2021,
the Company had 10,080,103 common shares and 4,190 special voting shares. Shares in treasury include shares repurchased
under the Group\u2019s share repurchase program, which are recorded based on the transaction trade date. The increase in common
shares held in treasury primarily reflects the repurchase of shares by the Company through its share repurchase programs,
partially offset by shares assigned under the Group\u2019s equity incentive plans. At December\u00a031, 2022 and 2021 the Company
held in treasury 4.65 percent and 3.92 percent of the total issued share capital of the Company, respectively.(1)
______________________________________
(1)The percentage of shares held in treasury compared to total issued share capital remains substantially the same if calculated considering only common
shares held in treasury or if calculated considering common shares and special voting shares held in treasury.
The following table summarizes the changes in the number of outstanding common shares and outstanding special
voting shares of the Company for the years ended December 31, 2022 and 2021:
Common Shares
Special Voting
Shares
Total
Outstanding shares at December 31, 2020
184,747,890
63,346,922
248,094,812
Common shares repurchased under share repurchase program(1)
(1,167,592)
\u2014
(1,167,592)
Common shares assigned under equity incentive plans(2)
263,098
\u2014
263,098
Other changes(3)
\u2014
(2,000)
(2,000)
Outstanding shares at December 31, 2021
183,843,396
63,344,922
247,188,318
Common shares repurchased under share repurchase program(4)
(1,966,816)
\u2014
(1,966,816)
Common shares assigned under equity incentive plans(5)
76,918
\u2014
76,918
Other changes(3)
\u2014
(1,009)
(1,009)
Outstanding shares at December 31, 2022
181,953,498
63,343,913
245,297,411
_______________________________________.
(1)Includes shares repurchased under the share repurchase program between January 1, 2021 and December 31, 2021 based on the transaction trade
date, for a total consideration of \u20ac231,024\u00a0thousand, including transaction costs.
(2)On March 16, 2021, 356,571 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a
result of the vesting of certain performance share unit and retention restricted share unit awards. On March 17, 2021, the Company purchased 93,473
common shares, for a total consideration of \u20ac15,432\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in an over-the-counter transaction. See Note 21 \u201cShare-Based Compensation\u201d for
additional details relating to the Group\u2019s equity incentive plans.
(3)Relates to the deregistration of certain special voting shares under the Company\u2019s special voting shares term and conditions.
(4)Includes shares repurchased under the share repurchase program between January 1, 2022 and December 31, 2022 based on the transaction trade
date, for a total consideration of \u20ac384,869\u00a0thousand, including transaction costs.
(5)On March 16, 2022, 122,125 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a
result of the vesting of certain performance share unit and retention restricted share unit awards. On the same day, the Company purchased 56,517
common shares, for a total consideration of \u20ac10,365\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (\u201cSell to Cover\u201d) in a cross transaction. On May 25, 2022, 6,643 common shares, which were
previously held in treasury, were assigned to certain employees. On the same day, the Company purchased 3,185 common shares, for a total
consideration of \u20ac562\u00a0thousand, from a group of those employees who were assigned shares in order to cover the individual\u2019s taxable income as is
standard practice (\u201cSell to Cover\u201d) in a cross transaction. On December 2, 2022, 11,218 common shares, which were previously held in treasury,
were assigned to participants of the equity incentive plans. On the same day, the Company purchased, 3,366 common shares, for a total consideration
of \u20ac726\u00a0thousand, from a group of those employees who were assigned shares in order to cover the individual\u2019s taxable income as is standard practice
(\u201cSell to Cover\u201d) in a cross transaction. See Note 21 \u201cShare-Based Compensation\u201d for additional details relating to the Group\u2019s equity incentive
plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1Xzk0_5edf8a63-22c7-4d7f-8385-4c895a7739ae": { "value": "2573000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzgwMzQ_5ba479d5-4113-487d-a6cc-265963837e68": { "value": "
Retained earnings and other reserves
Retained earnings and other reserves includes:
\u2022a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2022 (\u20ac5,768,544 thousand at December\u00a031,
2021).
\u2022a legal reserve of 19 at December\u00a031, 2022 and \u20ac93 thousand at December\u00a031, 2021, determined in accordance
with Dutch law.
\u2022a treasury reserve of \u20ac1,244,045 thousand at December\u00a031, 2022 and \u20ac847,525 thousand at December\u00a031, 2021.
\u2022a share-based compensation reserve of \u20ac28,574 thousand at December\u00a031, 2022 and \u20ac28,379 thousand at
December\u00a031, 2021.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 13, 2022, a dividend distribution of \u20ac1.362 per outstanding common share was approved, corresponding to a total
distribution of \u20ac249,522\u00a0thousand, which was fully paid in 2022). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 15, 2021, a dividend distribution of \u20ac0.867 per common share was approved, corresponding to a total distribution of
\u20ac160,272\u00a0thousand (of which \u20ac160,101\u00a0thousand was paid in 2021). The distribution was made from the retained earnings
reserve.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2020, a dividend distribution of \u20ac1.13 per common share was approved, corresponding to a total distribution of
\u20ac208,765\u00a0thousand (of which \u20ac208,100\u00a0thousand was paid in 2020). The distribution was made from the retained earnings
reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzU5MDg_bc4de0b9-7d75-4143-8d1f-44877f200a29": { "value": "1.362", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzYyNTE_6714c21e-7296-4f18-8e16-577094f5f909": { "value": "0.867", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzY1ODI_8892cace-fd92-41a5-b2a2-65745326d848": { "value": "1.13", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2020-01-01T00:00:00/2021-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMjgvZnJhZzo2ZDA2NjQ0NTViYmY0ZjIxOWZhZjM0OTNhNDg1YWQ0NS90ZXh0cmVnaW9uOjZkMDY2NDQ1NWJiZjRmMjE5ZmFmMzQ5M2E0ODVhZDQ1XzgwMzY_083187f6-49a5-4180-b62d-f88e04a8bd51": { "value": "
Policies and processes for managing capital
The Group\u2019s objectives when managing capital are to create value for shareholders as a whole, safeguard business
continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory
economic return for its shareholders and guarantee economic access to external sources of funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMzEvZnJhZzpjYjJjZTI5MGYxYzU0MjY4OGEwNjc2MWNiMTUwYWNmMi90ZXh0cmVnaW9uOmNiMmNlMjkwZjFjNTQyNjg4YTA2NzYxY2IxNTBhY2YyXzg4MTE_c60626a9-072c-485b-902d-849b229d361d": { "value": "
21. SHARE-BASED COMPENSATION
The Group has several equity incentive plans under which a combination of performance share units (\u201cPSUs\u201d) and
retention restricted share units (\u201cRSUs\u201d), which each represent the right to receive one Ferrari common share, have been
awarded to the Executive Chairman, the Chief Executive Officer (\u201cCEO\u201d), members of the Ferrari Leadership Team
(hereinafter also the \u201cFLT\u201d) and other key employees of the Group.
Equity Incentive Plan 2019-2021
In the first quarter of 2022, 68,013 2019-2021 PSU awards vested (representing 100 percent of the target PSU
awards) as a result of the achievement of the related performance conditions and 54,112 2019-2021 RSU awards vested upon
achievement of the related service conditions. As a result, 122,125 common shares, which were previously held in treasury,
were assigned to participants of the plan in the first quarter of 2022. There are no further awards outstanding for the Equity
Incentive Plan 2019-2021.
Equity Incentive Plan 2020-2022
Under the Equity Incentive Plan 2020-2022 approved in 2020, the Company awarded approximately 60\u00a0thousand
2020-2022 PSUs and approximately 48\u00a0thousand 2020-2022 RSUs to the Executive Chairman, members of the FLT and
other key employees of the Group. These PSUs and RSUs cover the three-year performance and service periods from 2020 to
2022 and vest in 2023.
2020-2022 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
i)TSR Target - 50 percent vest based on the achievement of the TSR ranking of Ferrari compared to an
industry specific Peer Group of eight;
ii)EBITDA Target - 30 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the business plan;
iii)Innovation Target - 20 percent vest based on the achievement of defined objectives for technological
innovation and the development of the new model pipeline over the performance period.
Each target is settled independently of the other targets.
In March 2023, 36,090 2020-2022 PSU awards are expected to vest (representing approximately 95 percent of the
target PSU awards) as a result of the achievement of the related performance conditions, and an equal number of common
shares held in treasury will be assigned to participants of the plan, following which there will be no further 2020-2022 PSU
awards outstanding.
2020-2022 RSU awards
In March 2023, 32,339 2020-2022 RSU awards are expected to vest as a result of the achievement of the related
service conditions, and an equal number of common shares held in treasury will be assigned to participants of the plan,
following which there will be no further 2020-2022 PSU awards outstanding.
Equity Incentive Plan 2021-2023
Under the Equity Incentive Plan 2021-2023 approved in 2021, the Company awarded approximately 50 thousand
2021-2023 PSUs and approximately 41 thousand 2021-2023 RSUs to the Executive Chairman, members of the FLT and
other key employees of the Group. These PSUs and RSUs cover the three-year performance and service periods from 2021 to
2023.
2021-2023 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
(i)TSR Target - 50 percent vest based on the achievement of the TSR ranking of Ferrari compared to an industry
specific Peer Group of eight;
(ii)EBITDA Target - 30 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
(iii)Innovation Target - 20 percent vest based on the achievement of defined objectives for technological innovation and
the development of the new model pipeline over the performance period.
Each target is settled independently of the other targets. The awards vest in 2024 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
2021-2023 RSU awards
The awards vest in 2024, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
Equity Incentive Plan 2022-2024
Under a new Equity Incentive Plan 2022-2024 approved in 2022, the Company awarded approximately 72\u00a0thousand
2022-2024 PSUs to the Executive Chairman, the CEO, the remaining members of the FLT and other employees of the Group,
and approximately 26\u00a0thousand 2022-2024 RSUs to members of the FLT and other employees of the Group. These PSUs and
RSUs cover the three-year performance and service periods from 2022 to 2024.
2022-2024 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
(i)TSR Target - 40 percent vest based on the achievement of the TSR ranking of Ferrari compared to an industry
specific Peer Group of eleven;
(ii)EBITDA Target - 40 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
(iii)ESG Target - 20 percent vest based on the achievement of defined objectives relating to environmental and social
factors. In particular, 50 percent of the ESG Target is based on the reduction of CO2 carbon emission and 50 percent
is based on the maintenance of the equity salary certification.
Each target is settled independently of the other targets. The awards vest in 2025 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
2022-2024 RSU awards
The awards vest in 2025, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
Supplemental information relating to the Equity Incentive Plan 2022-2024 is summarized below.
TSR Target
The number of 2022-2024 PSUs with a TSR Target that vest under the Equity Incentive Plan 2022-2024 is based on
the Company\u2019s TSR performance over the relevant performance period compared to an industry-specific Peer Group as
summarized below.
Ferrari TSR Ranking
% of Target Awards that Vest
1
175%
2
150%
3
125%
4
100%
5
75%
6
50%
>6
0%
The defined Peer Group (including the Company) for the TSR Target is presented below.
Ferrari
Aston Martin
Burberry
Estee Lauder
Hermes
Kering
LVMH
Mercedes Benz Group AG
Moncler
Prada
Richemont
EBITDA Target
The number of 2022-2024 PSUs with an EBITDA Target that vest under the Equity Incentive Plan 2022-2024 is
determined by comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan, as
summarized below.
Actual Adjusted EBITDA Compared to Business Plan
% of Awards that Vest
+15%
175%
+10%
150%
+5%
125%
Business Plan Target
100%
-5%
75%
<-5%
0%
Fair values and key assumptions
The fair value of the 2022-2024 PSU awards used for accounting purposes was measured at the grant date using a
Monte Carlo Simulation model. The fair value of the 2022-2024 RSU awards was measured using the share price at the grant
date adjusted for the present value of future distributions which the recipients will not receive during the vesting period.
The fair value of the PSUs and RSUs that were awarded under the Equity Incentive Plan 2022-2024, which is
determined based on actuarial calculations that apply certain assumptions and take into consideration the specific
characteristics of the awards granted, is summarized in the following table.
Equity Incentive Plan 2022-2024
PSUs
\u20ac200.13
RSUs
\u20ac201.20
The key assumptions utilized to calculate the grant-date fair values of the PSUs that were awarded under the Equity
Incentive Plan 2022-2024 are summarized below:
Equity Incentive Plan 2022-2024
Grant date share price
\u20ac205.20
Expected volatility
27.75%
Dividend yield
0.75%
Risk-free rate
0%
The expected volatility was based on the observed volatility of the defined Peer Group. The risk-free rate was based
on the iBoxx sovereign Eurozone yield.
Outstanding share awards
Changes to the outstanding number of PSU and RSU awards under all equity incentive plans of the Group are as
follows:
Outstanding PSU Awards
Outstanding RSU Awards
Total Outstanding Awards
Balance at January 1, 2021
414,839
159,063
573,902
Granted(1)
49,861
41,460
91,321
Forfeited
(19,775)
(13,048)
(32,823)
Vested
(292,753)
(63,814)
(356,567)
Balance at December 31, 2021
152,172
123,661
275,833
Granted(2)
72,373
26,574
98,947
Forfeited
(16,327)
(8,934)
(25,261)
Vested
(68,013)
(54,112)
(122,125)
Balance at December 31, 2022
140,205
87,189
227,394
_______________________________________
(1) Granted under the Equity Incentive Plan 2021-2023.
(2)Grander under the Equity Incentive Plan 2022-2024.
Other share awards
During 2022, the Company(1) awarded 15,271 share awards, which each represent the right to receive one Ferrari
common share, to certain employees, of which 6,643 share awards vested immediately at the grant date. At December 31,
2022, 6,628 share awards remained outstanding and will vest in 2023 and 2024, subject to the recipient\u2019s continued
employment with the Company at the time of vesting. The fair value of the awards was equal to \u20ac203, measured using the
share price at the grant date adjusted for the present value of future distributions which the recipients will not receive during
the vesting period.
Share-based compensation expense
For the years ended December\u00a031, 2022, 2021 and 2020, the Group recognized \u20ac16,172 thousand, \u20ac11,689\u00a0thousand
and \u20ac17,401\u00a0thousand, respectively, as share-based compensation expense and an increase to other reserves in equity in
relation to the PSU awards and RSU awards of the Group\u2019s equity incentive plans and other share-based awards to the
Group\u2019s employees. At December\u00a031, 2022, unrecognized compensation expense relating to the Group\u2019s equity incentive
plans amounted to \u20ac16,069 thousand and is expected to be recognized over the remaining vesting periods through 2024.
In 2022 and 2021 the Group also recognized share-based compensation expense of \u20ac4,688\u00a0thousand and
\u20ac2,206\u00a0thousand, respectively, as part of commercial agreements with certain suppliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMzcvZnJhZzo1NTYzZTZlMDg3Yjc0NjIwYjVmODZkYmNjMzQ3ZjlhMS90ZXh0cmVnaW9uOjU1NjNlNmUwODdiNzQ2MjBiNWY4NmRiY2MzNDdmOWExXzQ2MDM_4e48fa0b-9fdf-41ac-9c00-5b273333e404": { "value": "
22. EMPLOYEE BENEFITS
The Group\u2019s provisions for employee benefits are as follows:
At December 31,
2022
2021
(\u20ac thousand)
Present value of defined benefit obligations:
Italian employee severance indemnity (TFR)
15,142
18,430
Total present value of defined benefit obligations
15,142
18,430
Other provisions for employees
95,665
82,770
Total provisions for employee benefits
110,807
101,200
______________________________
(*) Relates to actuarial losses/(gains) from financial assumptions.
Amounts recognized in the consolidated income statement are as follows:
For the years ended December 31,
2022
2021
2020
TFR
Pension
plans
Total
TFR
Pension
plans
Total
TFR
Pension
plans
Total
(\u20ac thousand)
Current service cost
\u2014
\u2014
\u2014
6
\u2014
6
\u2014
\u2014
\u2014
Interest expense
22
\u2014
22
\u2014
\u2014
\u2014
25
\u2014
25
Past service adjustments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total recognized in the
consolidated income
statement
22
\u2014
22
6
\u2014
6
25
\u2014
25
Past service adjustments relate to gains recognized in the consolidated income statement due to plan amendments
and curtailments.
The discount rates used for the measurement of the Italian TFR obligation are based on yields of high-quality (AA-
rated) fixed income securities for which the timing and amounts of payments match the timing and amounts of the projected
benefit payments. For this plan, the single weighted average discount rate that reflects the estimated timing and amount of the
scheme future benefit payments for 2022 is equal to 3.8 percent (0.9 percent in 2021 and 0.4 percent in 2020). The average
duration of the Italian TFR is approximately 7 years. Retirement or employee leaving rates are developed to reflect actual and
projected Group experience and legal requirements for retirement in Italy.
Current service cost is recognized by function in cost of sales, selling, general and administrative costs or research
and development costs.
The expected future benefit payments for the defined benefit obligations as of December 31, 2022 are as follows:
TFR
(\u20ac thousand)
2023
1,740
2024
1,448
2025
1,458
2026
1,402
2027
1,518
2028 - 2032
6,019
Total
13,585
Warranty and recall campaigns
The provision for warranty and recall campaigns represents the best estimate of commitments given by the Group
for contractual, legal, or constructive obligations arising from product warranties given for a specified period of time.
Warranty and recall campaigns provisions are recognized upon shipment and estimated on the basis of the Group\u2019s past
experience and contractual terms. Related costs are recognized within cost of sales.
Legal proceedings and disputes
The provision for legal proceedings and disputes represents management\u2019s best estimate of the expenditures
expected to be required to settle or otherwise resolve legal proceedings and disputes. This class of claims relates to
allegations by contractual counterparties that the Group has violated the terms of the arrangements, including by terminating
the applicable relationships. Judgments in these proceedings may be issued in 2022 or beyond, although any such judgments
may remain subject to ongoing judicial review. While the outcome of these proceedings is uncertain, any losses in excess of
the provisions recorded are not expected to be material to the Group\u2019s financial condition or results of operations. Additions
to the provision for legal proceedings and disputes are recognized within other expenses, net.
Environmental and other risks
The provision for environmental and other risks primarily relates to environmental risks, including those relating to
emissions regulations, as well as to disputes and matters which are not subject to legal proceedings, including disputes with
suppliers, distributors, employees and other parties.
The following table presents where the additional provisions to environmental and other risks recognized for the
years ended December\u00a031, 2022, 2021 and 2020 were recorded within the consolidated income statement.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Recorded in the consolidated income statement within:
Cost of sales
15,616
10,562
6,352
Selling, general and administrative costs
1,562
1,744
1,174
Total
17,178
12,306
7,526
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zMzcvZnJhZzo1NTYzZTZlMDg3Yjc0NjIwYjVmODZkYmNjMzQ3ZjlhMS90ZXh0cmVnaW9uOjU1NjNlNmUwODdiNzQ2MjBiNWY4NmRiY2MzNDdmOWExXzQ2MTU_a3d8438d-9e63-4301-8785-a26743e9a8ba": { "value": "
22. EMPLOYEE BENEFITS
The Group\u2019s provisions for employee benefits are as follows:
At December 31,
2022
2021
(\u20ac thousand)
Present value of defined benefit obligations:
Italian employee severance indemnity (TFR)
15,142
18,430
Total present value of defined benefit obligations
15,142
18,430
Other provisions for employees
95,665
82,770
Total provisions for employee benefits
110,807
101,200
______________________________
(*) Relates to actuarial losses/(gains) from financial assumptions.
Amounts recognized in the consolidated income statement are as follows:
For the years ended December 31,
2022
2021
2020
TFR
Pension
plans
Total
TFR
Pension
plans
Total
TFR
Pension
plans
Total
(\u20ac thousand)
Current service cost
\u2014
\u2014
\u2014
6
\u2014
6
\u2014
\u2014
\u2014
Interest expense
22
\u2014
22
\u2014
\u2014
\u2014
25
\u2014
25
Past service adjustments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total recognized in the
consolidated income
statement
22
\u2014
22
6
\u2014
6
25
\u2014
25
Past service adjustments relate to gains recognized in the consolidated income statement due to plan amendments
and curtailments.
The discount rates used for the measurement of the Italian TFR obligation are based on yields of high-quality (AA-
rated) fixed income securities for which the timing and amounts of payments match the timing and amounts of the projected
benefit payments. For this plan, the single weighted average discount rate that reflects the estimated timing and amount of the
scheme future benefit payments for 2022 is equal to 3.8 percent (0.9 percent in 2021 and 0.4 percent in 2020). The average
duration of the Italian TFR is approximately 7 years. Retirement or employee leaving rates are developed to reflect actual and
projected Group experience and legal requirements for retirement in Italy.
Current service cost is recognized by function in cost of sales, selling, general and administrative costs or research
and development costs.
The expected future benefit payments for the defined benefit obligations as of December 31, 2022 are as follows:
TFR
(\u20ac thousand)
2023
1,740
2024
1,448
2025
1,458
2026
1,402
2027
1,518
2028 - 2032
6,019
Total
13,585
Warranty and recall campaigns
The provision for warranty and recall campaigns represents the best estimate of commitments given by the Group
for contractual, legal, or constructive obligations arising from product warranties given for a specified period of time.
Warranty and recall campaigns provisions are recognized upon shipment and estimated on the basis of the Group\u2019s past
experience and contractual terms. Related costs are recognized within cost of sales.
Legal proceedings and disputes
The provision for legal proceedings and disputes represents management\u2019s best estimate of the expenditures
expected to be required to settle or otherwise resolve legal proceedings and disputes. This class of claims relates to
allegations by contractual counterparties that the Group has violated the terms of the arrangements, including by terminating
the applicable relationships. Judgments in these proceedings may be issued in 2022 or beyond, although any such judgments
may remain subject to ongoing judicial review. While the outcome of these proceedings is uncertain, any losses in excess of
the provisions recorded are not expected to be material to the Group\u2019s financial condition or results of operations. Additions
to the provision for legal proceedings and disputes are recognized within other expenses, net.
Environmental and other risks
The provision for environmental and other risks primarily relates to environmental risks, including those relating to
emissions regulations, as well as to disputes and matters which are not subject to legal proceedings, including disputes with
suppliers, distributors, employees and other parties.
The following table presents where the additional provisions to environmental and other risks recognized for the
years ended December\u00a031, 2022, 2021 and 2020 were recorded within the consolidated income statement.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Recorded in the consolidated income statement within:
Cost of sales
15,616
10,562
6,352
Selling, general and administrative costs
1,562
1,744
1,174
Total
17,178
12,306
7,526
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNDMvZnJhZzo4M2FhZDVlMDg1MzA0NDBiYTA2MWVlNGYyNzVmYzdkMy90ZXh0cmVnaW9uOjgzYWFkNWUwODUzMDQ0MGJhMDYxZWU0ZjI3NWZjN2QzXzYwODQ_f7cc6b96-bc19-4819-a6f2-2703de9b4814": { "value": "
24. DEBT
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (*)
Translation
differences
Balance at
December
31, 2022
(\u20ac thousand)
Bonds and notes
1,487,110
\u2014
\u2014
3,209
\u2014
1,490,319
Asset-backed financing (Securitizations)
900,213
218,924
(72,824)
1,733
57,379
1,105,425
Borrowings from banks and other financial
institutions
154,419
8,909
(55,000)
560
4,277
113,165
Lease liabilities
56,210
\u2014
(16,500)
17,409
304
57,423
Other debt
32,059
34,456
(23,215)
\u2014
2,147
45,447
Total debt\u00a0
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
______________________________
(*) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
The breakdown of debt by nature and by maturity is as follows:
At December 31,
2022
2021
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
(\u20ac thousand)
Bonds and notes
394,628
646,306
449,385
1,490,319
9,239
1,028,686
449,185
1,487,110
Asset-backed financing (Securitizations)
422,736
682,689
\u2014
1,105,425
343,119
499,280
57,814
900,213
Borrowings from banks and other financial
institutions
100,665
12,500
\u2014
113,165
116,919
37,500
\u2014
154,419
Lease liabilities
15,917
29,446
12,060
57,423
14,783
29,732
11,695
56,210
Other debt
45,447
\u2014
\u2014
45,447
32,059
\u2014
\u2014
32,059
Total debt
979,393
1,370,941
461,445
2,811,779
516,119
1,595,198
518,694
2,630,011
(*) At December 31, 2022 the notes relating to the retail securitization program bore interest at a rate per annum equal to the aggregate of a synthetic base
rate substantially replicating the LIBOR plus a margin of 70 basis points and the notes relating to the leasing securitization program bore interest at a rate
per annum equal to the aggregate of SOFR plus a margin of 65 basis points.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742\u00a0thousand at December 31, 2021).
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Borrowing Entity
Currency
Amount
Outstanding at
December 31, 2022
Amount
Outstanding at
December 31, 2021
Maturity Date
(\u20ac thousand)
(\u20ac thousand)
Ferrari S.p.A.
EUR
37,500
62,500
June 2024
Ferrari Financial Services, Inc.
USD
75,665
61,919
April 2023
Ferrari S.p.A.
EUR
\u2014
30,000
January 2022
Total borrowings from banks and other financial
institutions
113,165
154,419
At December 31, 2022 the Group also had total committed credit lines available and undrawn amounting to \u20ac669
million and with maturities ranging from 2023 to 2025 (\u20ac676\u00a0million at December 31, 2021).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 \u2014
Leases. At December\u00a031, 2022 lease liabilities amounted to \u20ac57,423 thousand (\u20ac56,210\u00a0thousand at December 31, 2021).
Other debt
Other debt mainly relates to funding for operating and financing activities of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNDMvZnJhZzo4M2FhZDVlMDg1MzA0NDBiYTA2MWVlNGYyNzVmYzdkMy90ZXh0cmVnaW9uOjgzYWFkNWUwODUzMDQ0MGJhMDYxZWU0ZjI3NWZjN2QzXzYwODk_b86f1c1a-1fc6-4f04-9303-73a4cccfa351": { "value": "
24. DEBT
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (*)
Translation
differences
Balance at
December
31, 2022
(\u20ac thousand)
Bonds and notes
1,487,110
\u2014
\u2014
3,209
\u2014
1,490,319
Asset-backed financing (Securitizations)
900,213
218,924
(72,824)
1,733
57,379
1,105,425
Borrowings from banks and other financial
institutions
154,419
8,909
(55,000)
560
4,277
113,165
Lease liabilities
56,210
\u2014
(16,500)
17,409
304
57,423
Other debt
32,059
34,456
(23,215)
\u2014
2,147
45,447
Total debt\u00a0
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
______________________________
(*) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
The breakdown of debt by nature and by maturity is as follows:
At December 31,
2022
2021
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
(\u20ac thousand)
Bonds and notes
394,628
646,306
449,385
1,490,319
9,239
1,028,686
449,185
1,487,110
Asset-backed financing (Securitizations)
422,736
682,689
\u2014
1,105,425
343,119
499,280
57,814
900,213
Borrowings from banks and other financial
institutions
100,665
12,500
\u2014
113,165
116,919
37,500
\u2014
154,419
Lease liabilities
15,917
29,446
12,060
57,423
14,783
29,732
11,695
56,210
Other debt
45,447
\u2014
\u2014
45,447
32,059
\u2014
\u2014
32,059
Total debt
979,393
1,370,941
461,445
2,811,779
516,119
1,595,198
518,694
2,630,011
(*) At December 31, 2022 the notes relating to the retail securitization program bore interest at a rate per annum equal to the aggregate of a synthetic base
rate substantially replicating the LIBOR plus a margin of 70 basis points and the notes relating to the leasing securitization program bore interest at a rate
per annum equal to the aggregate of SOFR plus a margin of 65 basis points.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to
\u20ac44,085 thousand at December\u00a031, 2022 (\u20ac47,742\u00a0thousand at December 31, 2021).
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Borrowing Entity
Currency
Amount
Outstanding at
December 31, 2022
Amount
Outstanding at
December 31, 2021
Maturity Date
(\u20ac thousand)
(\u20ac thousand)
Ferrari S.p.A.
EUR
37,500
62,500
June 2024
Ferrari Financial Services, Inc.
USD
75,665
61,919
April 2023
Ferrari S.p.A.
EUR
\u2014
30,000
January 2022
Total borrowings from banks and other financial
institutions
113,165
154,419
At December 31, 2022 the Group also had total committed credit lines available and undrawn amounting to \u20ac669
million and with maturities ranging from 2023 to 2025 (\u20ac676\u00a0million at December 31, 2021).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 \u2014
Leases. At December\u00a031, 2022 lease liabilities amounted to \u20ac57,423 thousand (\u20ac56,210\u00a0thousand at December 31, 2021).
Other debt
Other debt mainly relates to funding for operating and financing activities of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNDkvZnJhZzo1NGUzOWVkZmIwNTA0MjE3YjY5NTExZDYzNjVhZjVjZi90ZXh0cmVnaW9uOjU0ZTM5ZWRmYjA1MDQyMTdiNjk1MTFkNjM2NWFmNWNmXzEyNDI_05169cba-75c7-4e85-9bf2-e2bd8ff57b92": { "value": "
25. OTHER LIABILITIES
An analysis of other liabilities is as follows:
At December 31,
2022
2021
(\u20ac thousand)
Deferred income
270,353
256,206
Advances and security deposits
451,166
240,696
Accrued expenses
98,535
80,787
Payables to personnel
55,789
53,712
Social security payables
26,498
24,660
Other
49,684
70,714
Total other liabilities
952,025
726,775
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac239,879
thousand at December\u00a031, 2022 and \u20ac218,982 thousand at December\u00a031, 2021, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2022, the Group expects to recognize in net revenues approximately \u20ac61\u00a0million in 2023, \u20ac56
million in 2024, \u20ac40\u00a0million in 2025 and \u20ac83\u00a0million in periods subsequent to 2025. Deferred income also includes amounts
collected under various other agreements, which are dependent upon the future performance of a service or other act of the
Group, and which are generally recognized in net revenues within the following year.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, primarily
Icona and limited edition models. The advances are recognized in net revenues when the cars are shipped. The increase
during 2022 primarily relates to advances received during for the Ferrari Daytona SP3 and the 812 Competizione A.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At January 1,
2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2022
(\u20ac thousand)
Maintenance and power warranty programs
218,982
100,710
(79,593)
(220)
239,879
Advances from customers
236,516
761,714
(551,885)
49
446,394
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac239,879
thousand at December\u00a031, 2022 and \u20ac218,982 thousand at December\u00a031, 2021, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2022, the Group expects to recognize in net revenues approximately \u20ac61\u00a0million in 2023, \u20ac56
million in 2024, \u20ac40\u00a0million in 2025 and \u20ac83\u00a0million in periods subsequent to 2025. Deferred income also includes amounts
collected under various other agreements, which are dependent upon the future performance of a service or other act of the
Group, and which are generally recognized in net revenues within the following year.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, primarily
Icona and limited edition models. The advances are recognized in net revenues when the cars are shipped. The increase
during 2022 primarily relates to advances received during for the Ferrari Daytona SP3 and the 812 Competizione A.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At January 1,
2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2022
(\u20ac thousand)
Maintenance and power warranty programs
218,982
100,710
(79,593)
(220)
239,879
Advances from customers
236,516
761,714
(551,885)
49
446,394
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNTUvZnJhZzowNjk1NjBjMDQ2ODk0ZjM5OGI4MjAzM2Y0NTQwNjVjYi90ZXh0cmVnaW9uOjA2OTU2MGMwNDY4OTRmMzk4YjgyMDMzZjQ1NDA2NWNiXzI4NzE_24e1d97b-cdb2-466d-8df3-a2b3d2bd976b": { "value": "
27. FAIR VALUE MEASUREMENT
IFRS 13 \u2014 Fair Value Measurement establishes a three level hierarchy for the inputs to the valuation techniques
used to measure fair value by giving the highest priority to quoted prices (unadjusted) in active markets for identical assets
and liabilities (level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to
measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In
those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest
level input that is significant to the entire measurement.
Levels used in the hierarchy are as follows:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities that the Group can
access at the measurement date.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the assets or
liabilities, either directly or indirectly.
Level 3 inputs are unobservable inputs for the assets and liabilities.
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy for financial assets and liabilities that are measured at fair value
on a recurring basis at December\u00a031, 2022 and 2021:
At December 31, 2022
Note
Level 1
Level 2
Level 3
Total
(\u20ac thousand)
Investments and other financial assets - Liberty Media Shares
16
9,954
\u2014
\u2014
9,954
Current financial assets
19
\u2014
80,233
\u2014
80,233
Total assets
9,954
80,233
\u2014
90,187
Other financial liabilities
19
\u2014
19,993
\u2014
19,993
Total liabilities
\u2014
19,993
\u2014
19,993
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNTgvZnJhZzpjZTlhMzNlYzliMmI0OTlhYjlmZjFlNzU1YzkyZTk1Ny90ZXh0cmVnaW9uOmNlOWEzM2VjOWIyYjQ5OWFiOWZmMWU3NTVjOTJlOTU3XzQ2NTQ_1b6e29d1-930b-42bb-9b8b-2944f86bed13": { "value": "
28. RELATED PARTY TRANSACTIONS
Pursuant to IAS 24, the related parties of Ferrari include Exor N.V., and together with its subsidiaries the Exor
Group, as well as all entities and individuals capable of exercising control, joint control or significant influence over the
Group and its subsidiaries. Related parties also include companies over which the Exor Group is capable of exercising
control, joint control or significant influence, including Stellantis N.V., and together with its subsidiaries the Stellantis Group,
(previously referred to as Fiat Chrysler Automobiles N.V., FCA or FCA Group, which changed its name to Stellantis as a
result of the merger with Peugeot S.A. in January 2021) and CNH Industrial N.V. and its subsidiaries, as well as joint
ventures and associates of Ferrari. In addition, members of the Ferrari Board of Directors and executives with strategic
responsibilities and their families are also considered related parties.
The Group carries out transactions with related parties on commercial terms that are normal in the respective
markets, considering the characteristics of the goods or services involved. Transactions carried out by the Group with these
related parties are primarily of a commercial nature and, in particular, these transactions relate to:
Transactions with Stellantis Group companies
\u2022the sale of engines to Maserati S.p.A. (\u201cMaserati\u201d);
\u2022the purchase of engine components for the use in the production of Maserati engines from FCA US LLC;
\u2022transactions with Stellantis Group companies, mainly relating to a technical cooperations agreement with the aim to
enhance the quality and competitiveness of their respective products while reducing costs and investments, to
services provided by Stellantis Group companies, including human resources, payroll, tax and the procurement of
insurance coverage, as well as to sponsorship revenues received.
Transactions with Exor Group companies (excluding Stellantis Group companies)
\u2022the Group incurs rental costs from Iveco S.p.A., a company belonging to Iveco Group, related to the rental of trucks
used by the Formula 1 racing team;
\u2022the Group earns sponsorship revenue from Iveco S.p.A.
Transactions with other related parties
\u2022the purchase of components for Formula 1 racing cars from COXA S.p.A.;
\u2022consultancy services provided by HPE S.r.l.;
\u2022sponsorship agreement relating to Formula 1 activities with Ferretti S.p.A.;
\u2022sale of cars to certain members of the Board of Directors of Ferrari N.V. and Exor.
In accordance with IAS 24, transactions with related parties also include compensation to Directors and managers
with strategic responsibilities.
The amounts of transactions with related parties recognized in the consolidated income statement are as follows:
For the years ended December 31,
2022
2021
2020
Net
revenues
Costs(1)
Net
financial
expenses
Net
revenues
Costs(1)
Net
financial
expenses
Net
revenues
Costs(1)
Net
financial
expenses
(\u20ac thousand)
Stellantis Group companies
Maserati
78,946
2,989
\u2014
119,083
2,428
\u2014
100,389
2,981
\u2014
FCA US LLC
14
14,861
\u2014
\u2014
18,465
\u2014
\u2014
13,323
\u2014
Other Stellantis Group companies
10,953
5,950
2,696
11,799
6,238
2,103
9,102
6,057
2,207
Total Stellantis Group companies
89,913
23,800
2,696
130,882
27,131
2,103
109,491
22,361
2,207
Exor Group companies (excluding
the Stellantis Group)
282
1,611
\u2014
281
1,014
1
150
1,665
2
Other related parties
3,088
14,121
1
795
15,143
2
549
12,977
10
Total transactions with related
parties
93,283
39,532
2,697
131,958
43,288
2,106
110,190
37,003
2,219
Total for the Ferrari Group
5,095,254
3,098,475
49,616
4,270,894
2,434,198
33,257
3,459,790
2,040,925
49,092
______________________________
(1)Costs include cost of sales, selling, general and administrative costs and other expenses/(income), net.
Non-financial assets and liabilities originating from related party transactions are as follows:
At December 31,
2022
2021
Trade\u00a0
receivables
Trade\u00a0
payables
Other
current
assets
Other
liabilities
Trade\u00a0
receivables
Trade\u00a0
payables
Other
current
assets
Other
liabilities
(\u20ac thousand)
Stellantis Group companies
Maserati
17,458
4,806
\u2014
2,246
23,267
3,994
\u2014
6,454
FCA US LLC
10
4,637
\u2014
\u2014
\u2014
3,275
\u2014
\u2014
Other Stellantis Group companies
700
1,978
111
1,063
470
3,075
121
1,074
Total Stellantis Group companies
18,168
11,421
111
3,309
23,737
10,344
121
7,528
Exor Group companies (excluding the Stellantis
Group)
343
418
68
73
382
1
8
5
Other related parties
673
3,341
499
504
144
3,276
998
1,065
Total transactions with related parties
19,184
15,180
678
3,886
24,263
13,621
1,127
8,598
Total for the Ferrari Group
232,414
902,968
153,183
952,025
185,000
797,832
122,224
726,775
The aggregate compensation to Directors of Ferrari N.V. for year ended December 31, 2022 was \u20ac7,660 thousand
(\u20ac6,668 thousand in 2021 and \u20ac8,151 thousand in 2020), inclusive of the following:
\u2022\u20ac5,650 thousand for salary and other short-term benefits (\u20ac5,445 thousand in 2021 and \u20ac624 thousand in 2020);
\u2022\u20ac230 thousand for pension benefits (there were no pension benefits in 2021 or 2020), and
\u2022\u20ac1,780 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans and other
share-based payments, (\u20ac1,223 thousand in 2021 and \u20ac7,527 thousand in 2020). See Note 21 \u201cShare-based
compensation\u201d for additional information related to the Company\u2019s equity incentive plans. There was no equity-
settled compensation for Non-Executive Directors for the years ended December 31, 2022, 2021 and 2020.
The aggregate compensation for members of the FLT (excluding the CEO) in 2022 was \u20ac33,935 thousand (\u20ac18,728
thousand in 2021 and \u20ac14,199 thousand in 2020), inclusive of the following:
\u2022\u20ac28,084 thousand for salary and short-term incentives (\u20ac14,088 thousand in 2021 and \u20ac8,707 thousand in 2020);
\u2022\u20ac5,176 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans (\u20ac4,241
thousand in 2021 and \u20ac5,270 thousand in 2020); and
\u2022\u20ac675 thousand for pension contributions (\u20ac399 thousand in 2021).
In response to the healthcare crisis caused by the COVID-19 pandemic, the Board of Directors pledged their full
cash compensation from April 2020 to the end of 2020 to help fund Company initiatives to support the communities in which
Ferrari operates, with the Ferrari Leadership Team donating 25 percent of their salaries for the same period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNTgvZnJhZzpjZTlhMzNlYzliMmI0OTlhYjlmZjFlNzU1YzkyZTk1Ny90ZXh0cmVnaW9uOmNlOWEzM2VjOWIyYjQ5OWFiOWZmMWU3NTVjOTJlOTU3XzQ2NDY_6a5fc2f9-5daf-4157-a96d-9169bdf6fa56": { "value": "
Emoluments to Directors and Key Management
The fees of the Directors of Ferrari N.V. are as follows:
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Directors of Ferrari N.V.
7,660
6,668
8,151
The aggregate compensation to Directors of Ferrari N.V. for year ended December 31, 2022 was \u20ac7,660 thousand
(\u20ac6,668 thousand in 2021 and \u20ac8,151 thousand in 2020), inclusive of the following:
\u2022\u20ac5,650 thousand for salary and other short-term benefits (\u20ac5,445 thousand in 2021 and \u20ac624 thousand in 2020);
\u2022\u20ac230 thousand for pension benefits (there were no pension benefits in 2021 or 2020), and
\u2022\u20ac1,780 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans and other
share-based payments, (\u20ac1,223 thousand in 2021 and \u20ac7,527 thousand in 2020). See Note 21 \u201cShare-based
compensation\u201d for additional information related to the Company\u2019s equity incentive plans. There was no equity-
settled compensation for Non-Executive Directors for the years ended December 31, 2022, 2021 and 2020.
The aggregate compensation for members of the FLT (excluding the CEO) in 2022 was \u20ac33,935 thousand (\u20ac18,728
thousand in 2021 and \u20ac14,199 thousand in 2020), inclusive of the following:
\u2022\u20ac28,084 thousand for salary and short-term incentives (\u20ac14,088 thousand in 2021 and \u20ac8,707 thousand in 2020);
\u2022\u20ac5,176 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans (\u20ac4,241
thousand in 2021 and \u20ac5,270 thousand in 2020); and
\u2022\u20ac675 thousand for pension contributions (\u20ac399 thousand in 2021).
In response to the healthcare crisis caused by the COVID-19 pandemic, the Board of Directors pledged their full
cash compensation from April 2020 to the end of 2020 to help fund Company initiatives to support the communities in which
Ferrari operates, with the Ferrari Leadership Team donating 25 percent of their salaries for the same period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNjEvZnJhZzplYTFkOGJiZjZlOWE0YWM2YTc5NjVkODExMDQwYzExZS90ZXh0cmVnaW9uOmVhMWQ4YmJmNmU5YTRhYzZhNzk2NWQ4MTEwNDBjMTFlXzk0Ng_06bb0591-09e4-42ac-b75a-a1866ff23c00": { "value": "
29. COMMITMENTS
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contain
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions.
Arrangements with sponsors
Certain of the Group\u2019s sponsorship contracts include terms whereby the Group is obligated to purchase a minimum
quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these supplier and sponsorship arrangements at December\u00a031, 2022
were as follows:
At December 31, 2022
Due within one
year
Due between one
and three years
Due between
three and five
years
Due beyond five
years
Total
(\u20ac thousand)
Minimum purchase obligations
54,964
12,445
3,311
\u2014
70,720
Non-cancellable lease agreements
The future aggregate minimum lease payments under non-cancellable leases, primarily relating to the lease of stores
and industrial buildings, are as follows:
At December 31, 2022
Due within one
year
Due between one
and three years
Due between
three and five
years
Due beyond five
years
Total
(\u20ac thousand)
Future minimum lease payments under lease
agreements
16,178
19,775
11,886
12,785
60,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNjEvZnJhZzplYTFkOGJiZjZlOWE0YWM2YTc5NjVkODExMDQwYzExZS90ZXh0cmVnaW9uOmVhMWQ4YmJmNmU5YTRhYzZhNzk2NWQ4MTEwNDBjMTFlXzk0OA_5516d980-b3c6-4ff4-aafc-e4f7680f2b87": { "value": "
29. COMMITMENTS
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contain
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions.
Arrangements with sponsors
Certain of the Group\u2019s sponsorship contracts include terms whereby the Group is obligated to purchase a minimum
quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these supplier and sponsorship arrangements at December\u00a031, 2022
were as follows:
At December 31, 2022
Due within one
year
Due between one
and three years
Due between
three and five
years
Due beyond five
years
Total
(\u20ac thousand)
Minimum purchase obligations
54,964
12,445
3,311
\u2014
70,720
Non-cancellable lease agreements
The future aggregate minimum lease payments under non-cancellable leases, primarily relating to the lease of stores
and industrial buildings, are as follows:
At December 31, 2022
Due within one
year
Due between one
and three years
Due between
three and five
years
Due beyond five
years
Total
(\u20ac thousand)
Future minimum lease payments under lease
agreements
16,178
19,775
11,886
12,785
60,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNjQvZnJhZzo2MjI3Y2EwOTIxMDg0YzFjYTgxZmE0N2ZjMWRhMWMxMy90ZXh0cmVnaW9uOjYyMjdjYTA5MjEwODRjMWNhODFmYTQ3ZmMxZGExYzEzXzE0Nzk1_0ead9b21-ebb9-41a5-813a-fb38497fb46c": { "value": "
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2022, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 65 percent of the Group\u2019s net revenues (58
percent in 2021 and 58 percent in 2020).
\u2022The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2022, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 52 percent (51 percent in 2021 and 53 percent in 2020) of the total currency risk from
commercial activities. In 2022 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2021 and 2020 the Euro/Japanese Yen
exchange rate and the Euro/Pound Sterling exchange rate exceeded 10 percent) of the total currency risk from
commercial activities. Other significant exposures included the exchange rate between the Euro and the
following currencies: Swiss Franc, Canadian Dollar and Australian Dollar. None of these exposures, taken
individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate exposure for commercial
activities in 2022, 2021 and 2020. It is the Group\u2019s policy to use derivative financial instruments (primarily
forward currency contracts and currency options) to hedge up to 90 percent of the principal exposures to foreign
currency exchange risk, typically for a period of up to twelve months.
\u2022Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, China,
Hong Kong, Japan and Australia. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and
margins are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs
and profit as translated into Euro.
\u2022The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
The Group monitors its principal exposure to translation exchange risk, although the Group did not engage in any
specific hedging activities in relation to translation exchange risk for the periods presented.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within the net financial income/(expenses) line item or as cost of sales for charges arising
from financial services companies. The Group uses specific financial derivatives to hedge these exposures.
The impact of foreign currency exchange rate differences recorded within financial income/(expenses) for the year
ended December\u00a031, 2022, including the costs of hedging foreign currency exchange rate risk, amounted to net losses of
\u20ac25,923 thousand (net losses of \u20ac11,407 thousand and \u20ac27,029 thousand for the years ended December\u00a031, 2021 and 2020,
respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2022 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2022 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac174,550
thousand (\u20ac98,165 thousand at December\u00a031, 2021). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNjQvZnJhZzo2MjI3Y2EwOTIxMDg0YzFjYTgxZmE0N2ZjMWRhMWMxMy90ZXh0cmVnaW9uOjYyMjdjYTA5MjEwODRjMWNhODFmYTQ3ZmMxZGExYzEzXzE0Nzkz_6908dfdd-e514-4fa8-a59d-569cd60e7d29": { "value": "
Credit risk
Credit risk is the risk of economic loss arising from the failure to fully collect receivables. Credit risk encompasses
the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty.
The maximum credit risk to which the Group is theoretically exposed at December\u00a031, 2022 is represented by the
carrying amounts of the financial assets presented in the consolidated statement of financial position sheet and the nominal
value of the guarantees provided.
Dealers and clients are subject to a specific evaluation of their creditworthiness. Additionally, it is Group practice to
obtain financial guarantees against risks associated with credit granted for the purchase of cars and parts. These guarantees
are further strengthened, where possible, by retaining title on cars subject to financing agreements.
Credit positions of material significance are evaluated on an individual basis. Where objective evidence exists that
they are uncollectible, in whole or in part, specific write-downs are recognized. The amount of the write-down is based on an
estimate of the recoverable cash flows, the timing of those cash flows, the cost of recovery and the fair value of any
guarantees received.
Receivables from financing activities amounting to \u20ac1,399,997 thousand at December\u00a031, 2022 (\u20ac1,143,968
thousand at December\u00a031, 2021) are shown net of the allowance for doubtful accounts amounting to \u20ac9,950 thousand
(\u20ac11,204 thousand at December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac62,779 thousand of
receivables were overdue (\u20ac52,733 thousand at December\u00a031, 2021). Therefore, overdue receivables represent a minor
portion of receivables from financing activities.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees.
Trade receivables amounting to \u20ac232,414 thousand at December\u00a031, 2022 (\u20ac185,000 thousand at December\u00a031,
2021) are shown net of the allowance for doubtful accounts amounting to \u20ac25,800 thousand (\u20ac25,984 thousand at
December\u00a031, 2021). After considering the allowance for doubtful accounts, \u20ac45,657 thousand of receivables were overdue
(\u20ac47,237 thousand at December\u00a031, 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmI4ZDJkZjIyZDk1NDQ5MDJiMDljZDU0ZTU2ZGZjM2I4L3NlYzpiOGQyZGYyMmQ5NTQ0OTAyYjA5Y2Q1NGU1NmRmYzNiOF8zNzAvZnJhZzplY2JkY2VhZDhjZGQ0NzA4YmY5YTEzY2VkZmE5MmQzZi90ZXh0cmVnaW9uOmVjYmRjZWFkOGNkZDQ3MDhiZjlhMTNjZWRmYTkyZDNmXzExODM_96d3c908-12d4-4436-ac43-ed60c3db12f2": { "value": "
31. ENTITY-WIDE DISCLOSURES
The following table presents an analysis of net revenues by geographic location of the Group\u2019s customers for the
years ended December 31, 2022 and 2021, including the effects of foreign currency hedge transactions. Revenues by
geography presented for material individual countries are not necessarily correlated to shipments of cars as certain countries
include revenues from sponsorship and commercial activities relating to Ferrari\u2019s participation in the Formula 1 World
Championship.
For the years ended December 31,
2022
2021
2020
(\u20ac thousand)
Italy
379,898
409,992
322,573
Rest of EMEA
2,045,888
1,869,864
1,634,515
of which UK
536,280
457,060
484,701
of which Germany
430,380
367,087
280,191
Americas (1)
1,407,790
1,097,904
883,228
of which United States of America
1,198,834
930,316
747,373
Mainland China, Hong Kong and Taiwan
621,407
332,971
191,907
Rest of APAC (2)
640,271
560,163
427,567
Total net revenues
5,095,254
4,270,894
3,459,790
______________________________
(1)Americas includes the United States of America, Canada, Mexico, the Caribbean and of Central and South America.
(2)Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.
The following table presents an analysis of non-current assets other than financial instruments and deferred tax
assets by geographic location:
At December\u00a031,
2022
2021
Property,
plant and
equipment
Goodwill
Intangible
assets
Property,
plant and
equipment
Goodwill
Intangible
assets
(\u20ac thousand)
Italy
1,418,846
785,182
1,307,127
1,322,257
785,182
1,137,910
Rest of EMEA
4,830
\u2014
\u2014
5,597
\u2014
\u2014
Americas (1)
27,233
\u2014
\u2014
16,003
\u2014
\u2014
Mainland China, Hong Kong and Taiwan
4,598
\u2014
\u2014
5,898
\u2014
\u2014
Rest of APAC (2)
2,318
\u2014
261
3,410
\u2014
263
Total
1,457,825
785,182
1,307,388
1,353,165
785,182
1,138,173