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1. BACKGROUND AND BASIS OF PREPARATION
Background
Ferrari is among the world\u2019s leading luxury brands. The activities of Ferrari N.V. (herein referred to as \u201cFerrari\u201d or
the \u201cCompany\u201d and together with its subsidiaries the \u201cGroup\u201d) and its subsidiaries are focused on the design, engineering,
production and sale of luxury performance sports cars. The cars are designed, engineered and produced in Maranello and
Modena, Italy and sold in approximately 60 markets worldwide through a network of 178 authorized dealers operating 196
points of sale. The Ferrari brand is licensed to a selected number of producers and retailers of luxury and lifestyle goods, with
Ferrari branded merchandise also sold through a network of 14 Ferrari-owned directly operated stores and 2 franchised stores
(as of December\u00a031, 2023), as well as on Ferrari\u2019s website. To facilitate the sale of new and pre-owned cars, the Group
provides various forms of financing to clients, as well as to dealers in certain territories, directly or through cooperation or
other agreements with financial institutions. Ferrari also participates in the Formula 1 World Championship through its team
Scuderia Ferrari and the World Endurance Championship through its Ferrari endurance teams. Ferrari\u2019s racing activities are a
core element of Ferrari marketing and promotional activities, as well as an important source of innovation to support the
technological advancement of Ferrari\u2019s product portfolio.
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 22 , 2024.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-392": { "value": "
1. BACKGROUND AND BASIS OF PREPARATION
Background
Ferrari is among the world\u2019s leading luxury brands. The activities of Ferrari N.V. (herein referred to as \u201cFerrari\u201d or
the \u201cCompany\u201d and together with its subsidiaries the \u201cGroup\u201d) and its subsidiaries are focused on the design, engineering,
production and sale of luxury performance sports cars. The cars are designed, engineered and produced in Maranello and
Modena, Italy and sold in approximately 60 markets worldwide through a network of 178 authorized dealers operating 196
points of sale. The Ferrari brand is licensed to a selected number of producers and retailers of luxury and lifestyle goods, with
Ferrari branded merchandise also sold through a network of 14 Ferrari-owned directly operated stores and 2 franchised stores
(as of December\u00a031, 2023), as well as on Ferrari\u2019s website. To facilitate the sale of new and pre-owned cars, the Group
provides various forms of financing to clients, as well as to dealers in certain territories, directly or through cooperation or
other agreements with financial institutions. Ferrari also participates in the Formula 1 World Championship through its team
Scuderia Ferrari and the World Endurance Championship through its Ferrari endurance teams. Ferrari\u2019s racing activities are a
core element of Ferrari marketing and promotional activities, as well as an important source of innovation to support the
technological advancement of Ferrari\u2019s product portfolio.
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 22 , 2024.
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:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-394": { "value": "Ferrari N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-395": { "value": "Ferrari N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-396": { "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 22 , 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-397": { "value": "
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).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-398": { "value": "
2. MATERIAL 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 its operating profit before
interest and taxes which is named operating profit (EBIT). Operating profit (EBIT) distinguishes between the profit before
taxes arising from operating items and those arising from financing activities. Operating profit (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. Starting in 2023, the Company also disaggregates financial income
and financial expense in the consolidated income statement, as already reported in the related note disclosures. This
information was previously presented on a net basis in the consolidated income statement and on a gross basis in the related
note disclosures.
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. Starting in 2023, the Company also
disaggregates proceeds and repayments of debt (securitizations, banks and other financial institutions, other debt) in the
consolidated statement of cash flows, as already reported in the related debt note disclosures. This information was
previously presented on a net basis in the consolidated statement of cash flows and on a gross basis in the related debt note
disclosures.
New standards and amendments effective from January\u00a01, 2023
The following new standards and amendments effective from January 1, 2023 were adopted by the Group for the
preparation of these Consolidated Financial Statements.
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. There was no effect 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. Certain accounting policy
disclosures were updated a result of 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. There was no
effect 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. There was no effect
from the adoption of these amendments.
In December 2021, the IASB issued 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. There was
no effect from the adoption of these amendments.
In June 2020, the IASB issued amendments to IFRS 4 \u2014 Insurance Contracts which defer the expiry date of the
temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. There was no effect
from the adoption of these amendments.
In May 2023, the IASB issued amendments to IAS 12 \u2014 Income taxes: International Tax Reform \u2013 Pillar Two
Model Rules, to clarify the application of IAS 12 \u2014 Income taxes to income taxes arising from tax law enacted or
substantively enacted to implement the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive
Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The amendments
introduce: (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules, which was effective immediately upon issuance of the amendment, and (ii)
disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to
Pillar Two income taxes arising from that legislation, particularly before the effective date of the Pillar Two model rules,
which apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or
before December\u00a031, 2023. The Group started applying the mandatory temporary exception to accounting for deferred taxes
arising from the Pillar Two model rules on its effective date.
The Pillar Two model rules introduce a minimum effective taxation of 15 percent on a jurisdictional basis for
multinational enterprise groups and large-scale domestic groups with annual revenues of at least \u20ac750 million in their
consolidated financial statements in at least two of the four prior fiscal years. Many countries where the Group operates have
enacted domestic tax legislation for the Pillar Two model rules that are effective from January 1, 2024, including Italy, the
Netherlands, France, Germany, Japan, Switzerland and the UK. The Group did not recognize any tax expense or liability
relating to Pillar Two in 2023 as the legislation was not in effect at the reporting date. The Pillar Two model rules are
complex and management is in the process of assessing and determining its impact on the Group, if any, and based on the
information available to date, management does not expect any material impacts for the Group as a result of the legislation.
New standards, amendments and interpretations not yet effective
The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2024 or
subsequent years are listed below:
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 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.
In May 2023, the IASB issued amendments to IAS 7 \u2014 Statement of Cash Flows and IFRS 7 \u2014 Financial
Instruments: Disclosures: Supplier Finance Arrangements, that introduce new disclosure requirements to enhance the
transparency and usefulness of the information provided by entities about supplier finance arrangements and are intended to
assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash
flows and exposure to liquidity risk. The amendments are effective on or after January 1, 2024. The Group is evaluating the
potential impact from the adoption of these amendments.
In August 2023, the IASB issued amendments to IAS 21 \u2014 The Effects of Changes in Foreign Exchange Rates:
Lack of Exchangeability, to clarify how an entity has to apply a consistent approach to assessing whether a currency is
exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide.
These amendments are effective on or after January 1, 2025. 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 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.
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:
2023
2022
2021
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.0814
1.1050
1.0530
1.0666
1.1827
1.1326
Pound Sterling
0.8699
0.8691
0.8528
0.8869
0.8596
0.8403
Swiss Franc
0.9717
0.9260
1.0047
0.9847
1.0811
1.0331
Japanese Yen
151.8540
156.3300
138.0274
140.6600
129.8767
130.3800
Chinese Yuan
7.6568
7.8509
7.0788
7.3582
7.6282
7.1947
Australian Dollar
1.6283
1.6263
1.5167
1.5693
1.5749
1.5615
Singapore Dollar
1.4521
1.4591
1.4512
1.4300
1.5891
1.5279
Canadian Dollar
1.4595
1.4642
1.3695
1.4440
1.4826
1.4393
Hong Kong Dollar
8.4663
8.6314
8.2451
8.3163
9.1932
8.8333
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, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. 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
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 consolidated 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 consolidated 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 consolidated 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 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).
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. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and receivables from financing activities that are within the scope of IFRS 16, the Group applies the
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.
For all other receivables from financing activities, the Group applies the general approach, which requires the
application of a three-stage model to assess whether there has been a significant increase in credit risk on the financial
instrument since initial recognition. Based on an internal analysis performed by management, the loss allowance calculated
for such receivables is not materially different if calculated using the general approach or the simplified approach.
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
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.
Receivables 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. Receivables from financing activities are generally secured on the title of cars or other guarantees.
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 financial receivables 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 trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
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:
\u2022 the 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.);
\u2022 the 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
\u2022 the 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 relating to recall campaigns.
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. The advances are recognized in net revenues when the cars are shipped or the services
provided.
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 in connection with our participation in racing competitions are generally
recognized ratably over the contract term as the customer benefits from the service throughout the service period. Revenues
from sponsorship agreements that contain variable consideration based on the performance of the Group\u2019s racing teams 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 balance sheet 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 consolidated 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.
Imposta Regionale sulle Attivit\u00e0 Produttive (\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, 2023, 2022 and
2021.
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 consolidated 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.
For additional disclosures required by IFRS 8, see Note 31 \u201cEntity-Wide Disclosures\u201d.
Use of estimates and judgments
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
adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in
which the changes are made, or prospectively in future periods.
The most significant estimates that could be exposed to the management judgment are described below.
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.
Recall campaigns
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. Considering the
nature of the recall campaigns, in certain circumstances management may exercise judgment in determining the related
provisions. The estimated future costs of these actions are based primarily on historical experience 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 and the estimates are periodically reviewed during the year. Due to the uncertainty and potential volatility of these
estimated factors, changes in the assumptions used could affect the results of operations.
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 property, plant and equipment.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2023 and December 31, 2022. As required
by IFRS, an annual impairment test must be performed for goodwill, which may require management to exercise judgment in
determining expected future cash flows. Based on the impairment test performed by management, 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, including those that may be caused by regulatory developments or climate-related matters. For additional
information relating to the goodwill test performed, see 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, 2023 and December\u00a031, 2022, the Group\u2019s
intangible assets amounted to \u20ac1,419,699 thousand and \u20ac1,307,388 thousand, respectively (of which \u20ac1,369,895 thousand
and \u20ac1,264,467 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac1,575,200 thousand and \u20ac1,457,825 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs of \u20ac448,380 thousand and \u20ac416,368 thousand
for the years ended December\u00a031, 2023 and 2022, respectively. These costs were capitalized in accordance with the criteria in
IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (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 specific to business initiatives underlying the Group\u2019s business plans, and
(iii) the Company has the intention to complete the development and the ability to use the related intangible assets.
Management may use judgment in distinguishing between research phases and development phases, including as a result of
regulatory developments. For the years ended December\u00a031, 2023, 2022 and 2021, no impairment indicators were identified
and the Group did not recognize any impairment charges for non-current assets with definite useful lives.
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, which may require management to use judgment. 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.
Other areas requiring estimates in the preparation of the consolidated financial statements include the following:
revenue recognition, product warranty liabilities, recoverability of goodwill, recoverability of non-current assets with definite
useful lives, share-based compensation, litigation and contingent liabilities, and current and deferred taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-399": { "value": "
The consolidated statement of cash flows is presented using the indirect method. Starting in 2023, the Company also
disaggregates proceeds and repayments of debt (securitizations, banks and other financial institutions, other debt) in the
consolidated statement of cash flows, as already reported in the related debt note disclosures. This information was
previously presented on a net basis in the consolidated statement of cash flows and on a gross basis in the related debt note
disclosures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-401": { "value": "
New standards and amendments effective from January\u00a01, 2023
The following new standards and amendments effective from January 1, 2023 were adopted by the Group for the
preparation of these Consolidated Financial Statements.
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. There was no effect 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. Certain accounting policy
disclosures were updated a result of 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. There was no
effect 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. There was no effect
from the adoption of these amendments.
In December 2021, the IASB issued 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. There was
no effect from the adoption of these amendments.
In June 2020, the IASB issued amendments to IFRS 4 \u2014 Insurance Contracts which defer the expiry date of the
temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. There was no effect
from the adoption of these amendments.
In May 2023, the IASB issued amendments to IAS 12 \u2014 Income taxes: International Tax Reform \u2013 Pillar Two
Model Rules, to clarify the application of IAS 12 \u2014 Income taxes to income taxes arising from tax law enacted or
substantively enacted to implement the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive
Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The amendments
introduce: (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules, which was effective immediately upon issuance of the amendment, and (ii)
disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to
Pillar Two income taxes arising from that legislation, particularly before the effective date of the Pillar Two model rules,
which apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or
before December\u00a031, 2023. The Group started applying the mandatory temporary exception to accounting for deferred taxes
arising from the Pillar Two model rules on its effective date.
The Pillar Two model rules introduce a minimum effective taxation of 15 percent on a jurisdictional basis for
multinational enterprise groups and large-scale domestic groups with annual revenues of at least \u20ac750 million in their
consolidated financial statements in at least two of the four prior fiscal years. Many countries where the Group operates have
enacted domestic tax legislation for the Pillar Two model rules that are effective from January 1, 2024, including Italy, the
Netherlands, France, Germany, Japan, Switzerland and the UK. The Group did not recognize any tax expense or liability
relating to Pillar Two in 2023 as the legislation was not in effect at the reporting date. The Pillar Two model rules are
complex and management is in the process of assessing and determining its impact on the Group, if any, and based on the
information available to date, management does not expect any material impacts for the Group as a result of the legislation.
New standards, amendments and interpretations not yet effective
The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2024 or
subsequent years are listed below:
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 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.
In May 2023, the IASB issued amendments to IAS 7 \u2014 Statement of Cash Flows and IFRS 7 \u2014 Financial
Instruments: Disclosures: Supplier Finance Arrangements, that introduce new disclosure requirements to enhance the
transparency and usefulness of the information provided by entities about supplier finance arrangements and are intended to
assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash
flows and exposure to liquidity risk. The amendments are effective on or after January 1, 2024. The Group is evaluating the
potential impact from the adoption of these amendments.
In August 2023, the IASB issued amendments to IAS 21 \u2014 The Effects of Changes in Foreign Exchange Rates:
Lack of Exchangeability, to clarify how an entity has to apply a consistent approach to assessing whether a currency is
exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide.
These amendments are effective on or after January 1, 2025. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-400": { "value": "
New standards and amendments effective from January\u00a01, 2023
The following new standards and amendments effective from January 1, 2023 were adopted by the Group for the
preparation of these Consolidated Financial Statements.
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. There was no effect 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. Certain accounting policy
disclosures were updated a result of 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. There was no
effect 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. There was no effect
from the adoption of these amendments.
In December 2021, the IASB issued 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. There was
no effect from the adoption of these amendments.
In June 2020, the IASB issued amendments to IFRS 4 \u2014 Insurance Contracts which defer the expiry date of the
temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. There was no effect
from the adoption of these amendments.
In May 2023, the IASB issued amendments to IAS 12 \u2014 Income taxes: International Tax Reform \u2013 Pillar Two
Model Rules, to clarify the application of IAS 12 \u2014 Income taxes to income taxes arising from tax law enacted or
substantively enacted to implement the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive
Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The amendments
introduce: (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules, which was effective immediately upon issuance of the amendment, and (ii)
disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to
Pillar Two income taxes arising from that legislation, particularly before the effective date of the Pillar Two model rules,
which apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or
before December\u00a031, 2023. The Group started applying the mandatory temporary exception to accounting for deferred taxes
arising from the Pillar Two model rules on its effective date.
The Pillar Two model rules introduce a minimum effective taxation of 15 percent on a jurisdictional basis for
multinational enterprise groups and large-scale domestic groups with annual revenues of at least \u20ac750 million in their
consolidated financial statements in at least two of the four prior fiscal years. Many countries where the Group operates have
enacted domestic tax legislation for the Pillar Two model rules that are effective from January 1, 2024, including Italy, the
Netherlands, France, Germany, Japan, Switzerland and the UK. The Group did not recognize any tax expense or liability
relating to Pillar Two in 2023 as the legislation was not in effect at the reporting date. The Pillar Two model rules are
complex and management is in the process of assessing and determining its impact on the Group, if any, and based on the
information available to date, management does not expect any material impacts for the Group as a result of the legislation.
New standards, amendments and interpretations not yet effective
The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2024 or
subsequent years are listed below:
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 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.
In May 2023, the IASB issued amendments to IAS 7 \u2014 Statement of Cash Flows and IFRS 7 \u2014 Financial
Instruments: Disclosures: Supplier Finance Arrangements, that introduce new disclosure requirements to enhance the
transparency and usefulness of the information provided by entities about supplier finance arrangements and are intended to
assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash
flows and exposure to liquidity risk. The amendments are effective on or after January 1, 2024. The Group is evaluating the
potential impact from the adoption of these amendments.
In August 2023, the IASB issued amendments to IAS 21 \u2014 The Effects of Changes in Foreign Exchange Rates:
Lack of Exchangeability, to clarify how an entity has to apply a consistent approach to assessing whether a currency is
exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide.
These amendments are effective on or after January 1, 2025. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-402": { "value": "
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 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.
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:
2023
2022
2021
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.0814
1.1050
1.0530
1.0666
1.1827
1.1326
Pound Sterling
0.8699
0.8691
0.8528
0.8869
0.8596
0.8403
Swiss Franc
0.9717
0.9260
1.0047
0.9847
1.0811
1.0331
Japanese Yen
151.8540
156.3300
138.0274
140.6600
129.8767
130.3800
Chinese Yuan
7.6568
7.8509
7.0788
7.3582
7.6282
7.1947
Australian Dollar
1.6283
1.6263
1.5167
1.5693
1.5749
1.5615
Singapore Dollar
1.4521
1.4591
1.4512
1.4300
1.5891
1.5279
Canadian Dollar
1.4595
1.4642
1.3695
1.4440
1.4826
1.4393
Hong Kong Dollar
8.4663
8.6314
8.2451
8.3163
9.1932
8.8333
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, 2023 and 2022 was as follows:
At December 31, 2023
At December 31, 2022
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%
Ferrari Lifestyle North America, Inc. (3)(4)
USA
Retail
100%
\u2014%
100%
\u2014%
_____________________________
(1)New Business 33 S.p.A. was consolidated by the Group starting in 2022, which is when it started operational activities.
(2)Shareholding held by Ferrari Financial Services Inc.
(3)Shareholding held by Ferrari North America Inc.
(4)Effective as of January 12, 2024, the company changed its name from 410 Park Display, Inc to Ferrari Lifestyle North America, Inc.
Non-controlling interests
The non-controlling interests at December\u00a031, 2023 and 2022 and the net profit attributable to non-controlling
interests for the years ended December\u00a031, 2023, 2022 and 2021 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,
2023
2022
(\u20ac thousand)
Equity attributable to non-controlling interests
9,734
9,630
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Net profit attributable to non-controlling interests
5,409
6,680
2,369
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:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-403": { "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 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-405": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-404": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-406": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-407": { "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:
2023
2022
2021
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.0814
1.1050
1.0530
1.0666
1.1827
1.1326
Pound Sterling
0.8699
0.8691
0.8528
0.8869
0.8596
0.8403
Swiss Franc
0.9717
0.9260
1.0047
0.9847
1.0811
1.0331
Japanese Yen
151.8540
156.3300
138.0274
140.6600
129.8767
130.3800
Chinese Yuan
7.6568
7.8509
7.0788
7.3582
7.6282
7.1947
Australian Dollar
1.6283
1.6263
1.5167
1.5693
1.5749
1.5615
Singapore Dollar
1.4521
1.4591
1.4512
1.4300
1.5891
1.5279
Canadian Dollar
1.4595
1.4642
1.3695
1.4440
1.4826
1.4393
Hong Kong Dollar
8.4663
8.6314
8.2451
8.3163
9.1932
8.8333
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-408": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-409": { "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, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-410": { "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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-411": { "value": "
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-412": { "value": "
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-413": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-414": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-415": { "value": "
Leases
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 consolidated 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 consolidated 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 consolidated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-416": { "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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-418": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-417": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-421": { "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).
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. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and receivables from financing activities that are within the scope of IFRS 16, the Group applies the
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.
For all other receivables from financing activities, the Group applies the general approach, which requires the
application of a three-stage model to assess whether there has been a significant increase in credit risk on the financial
instrument since initial recognition. Based on an internal analysis performed by management, the loss allowance calculated
for such receivables is not materially different if calculated using the general approach or the simplified approach.
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
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.
Receivables 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. Receivables from financing activities are generally secured on the title of cars or other guarantees.
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 financial receivables 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 trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-420": { "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).
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. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and receivables from financing activities that are within the scope of IFRS 16, the Group applies the
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.
For all other receivables from financing activities, the Group applies the general approach, which requires the
application of a three-stage model to assess whether there has been a significant increase in credit risk on the financial
instrument since initial recognition. Based on an internal analysis performed by management, the loss allowance calculated
for such receivables is not materially different if calculated using the general approach or the simplified approach.
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
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.
Receivables 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. Receivables from financing activities are generally secured on the title of cars or other guarantees.
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 financial receivables 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 trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-419": { "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).
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. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and receivables from financing activities that are within the scope of IFRS 16, the Group applies the
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.
For all other receivables from financing activities, the Group applies the general approach, which requires the
application of a three-stage model to assess whether there has been a significant increase in credit risk on the financial
instrument since initial recognition. Based on an internal analysis performed by management, the loss allowance calculated
for such receivables is not materially different if calculated using the general approach or the simplified approach.
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
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.
Receivables 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. Receivables from financing activities are generally secured on the title of cars or other guarantees.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "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).
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. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and receivables from financing activities that are within the scope of IFRS 16, the Group applies the
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.
For all other receivables from financing activities, the Group applies the general approach, which requires the
application of a three-stage model to assess whether there has been a significant increase in credit risk on the financial
instrument since initial recognition. Based on an internal analysis performed by management, the loss allowance calculated
for such receivables is not materially different if calculated using the general approach or the simplified approach.
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
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.
Receivables 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. Receivables from financing activities are generally secured on the title of cars or other guarantees.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-426": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-425": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-424": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-427": { "value": "
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of financial receivables 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 trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-428": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-429": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-431": { "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.
Cash held in some countries may be subject to transfer restrictions. In particular, cash held in China (including in
currencies other than the Chinese Yuan), which amounted to \u20ac81,337 thousand at December 31, 2023 (\u20ac96,726 thousand at
December 31, 2022 ), is subject to certain repatriation restrictions and may only be repatriated as a repayment of payables or
debt, or as dividends or capital distributions. The Group does not believe that such transfer restrictions have any adverse
impacts on its ability to meet its liquidity requirements.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085 thousand at December\u00a031, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-432": { "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.
32. CASH AND CASH EQUIVALENTS AND NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS
Cash and cash equivalents
The following table presents cash and cash equivalents:
At December 31,
2023
2022
(\u20ac thousand)
Cash and bank balances
1,121,981
1,388,901
Cash and cash equivalents
1,121,981
1,388,901
At December\u00a031, 2023 , cash and cash equivalents included \u20ac50,000\u00a0thousand relating to a time deposit held with a
recognized international financial institution, which originated in November 2023 and matures in February 2024 and an
investment in money market funds of \u20ac50,069\u00a0thousand with an AAAm rating. At December\u00a031, 2022, cash and cash
equivalents included \u20ac100,000\u00a0thousand relating to a time deposit held with a recognized international financial institution,
which originated in December 2022 and matured in March 2023. At both December 31, 2023 and 2022, the remaining cash
and bank balances were held in bank current accounts.
At December 31, 2023, 80 percent of our cash and cash equivalents were denominated in Euro (at December 31,
2022, 85 percent). The Group\u2019s cash and cash equivalents denominated in currencies other than the Euro are available mostly
to Ferrari S.p.A. and certain subsidiaries which operate in areas other than the Eurozone.
The following table sets forth an analysis of the currencies in which the Group\u2019s cash and cash equivalents were
denominated at December\u00a031, 2023 and 2022.
At December 31,
2023
2022
(\u20ac thousand)
Euro
894,509
1,181,354
U.S. Dollar
96,663
70,261
Chinese Yuan
80,716
95,835
Pound Sterling
19,706
9,453
Other currencies
30,387
31,998
Total
1,121,981
1,388,901
Cash held in some countries may be subject to transfer restrictions. In particular, cash held in China (including in
currencies other than the Chinese Yuan), which amounted to \u20ac81,337 thousand at December 31, 2023 (\u20ac96,726 thousand at
December 31, 2022 ), is subject to certain repatriation restrictions and may only be repatriated as a repayment of payables or
debt, or as dividends or capital distributions. The Group does not believe that such transfer restrictions have any adverse
impacts on its ability to meet its liquidity requirements.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085 thousand at December\u00a031, 2022).
For information relating to the credit risk with respect to cash and cash equivalents, see note 30 \u201cQualitative and
Quantitative Information on Financial Risks\u201d.
Notes to the consolidated statement of cash flows
Other non-cash expenses, net primarily includes equity-settled share-based compensation, allowances for doubtful
accounts of trade receivables and provisions for slow moving and obsolete inventories.
For information relating to the financing cash flows relating to debt, see Note 24 \u201cDebt\u201d .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-434": { "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:
\u2022 the 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.);
\u2022 the 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
\u2022 the 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 relating to recall campaigns.
Recall campaigns
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. Considering the
nature of the recall campaigns, in certain circumstances management may exercise judgment in determining the related
provisions. The estimated future costs of these actions are based primarily on historical experience 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 and the estimates are periodically reviewed during the year. Due to the uncertainty and potential volatility of these
estimated factors, changes in the assumptions used could affect the results of operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-433": { "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:
\u2022 the 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.);
\u2022 the 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
\u2022 the 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-435": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-436": { "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. The advances are recognized in net revenues when the cars are shipped or the services
provided.
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 in connection with our participation in racing competitions are generally
recognized ratably over the contract term as the customer benefits from the service throughout the service period. Revenues
from sponsorship agreements that contain variable consideration based on the performance of the Group\u2019s racing teams 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-437": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-440": { "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 balance sheet 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 consolidated 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.
Imposta Regionale sulle Attivit\u00e0 Produttive (\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, 2023, 2022 and
2021.
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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-439": { "value": "
Taxes
Deferred taxes are accounted using the balance sheet 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 consolidated 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-438": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-441": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-442": { "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.
For additional disclosures required by IFRS 8, see Note 31 \u201cEntity-Wide Disclosures\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-445": { "value": "
Use of estimates and judgments
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
adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in
which the changes are made, or prospectively in future periods.
The most significant estimates that could be exposed to the management judgment are described below.
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.
Recall campaigns
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. Considering the
nature of the recall campaigns, in certain circumstances management may exercise judgment in determining the related
provisions. The estimated future costs of these actions are based primarily on historical experience 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 and the estimates are periodically reviewed during the year. Due to the uncertainty and potential volatility of these
estimated factors, changes in the assumptions used could affect the results of operations.
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 property, plant and equipment.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2023 and December 31, 2022. As required
by IFRS, an annual impairment test must be performed for goodwill, which may require management to exercise judgment in
determining expected future cash flows. Based on the impairment test performed by management, 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, including those that may be caused by regulatory developments or climate-related matters. For additional
information relating to the goodwill test performed, see 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, 2023 and December\u00a031, 2022, the Group\u2019s
intangible assets amounted to \u20ac1,419,699 thousand and \u20ac1,307,388 thousand, respectively (of which \u20ac1,369,895 thousand
and \u20ac1,264,467 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac1,575,200 thousand and \u20ac1,457,825 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs of \u20ac448,380 thousand and \u20ac416,368 thousand
for the years ended December\u00a031, 2023 and 2022, respectively. These costs were capitalized in accordance with the criteria in
IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (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 specific to business initiatives underlying the Group\u2019s business plans, and
(iii) the Company has the intention to complete the development and the ability to use the related intangible assets.
Management may use judgment in distinguishing between research phases and development phases, including as a result of
regulatory developments. For the years ended December\u00a031, 2023, 2022 and 2021, no impairment indicators were identified
and the Group did not recognize any impairment charges for non-current assets with definite useful lives.
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, which may require management to use judgment. 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.
Other areas requiring estimates in the preparation of the consolidated financial statements include the following:
revenue recognition, product warranty liabilities, recoverability of goodwill, recoverability of non-current assets with definite
useful lives, share-based compensation, litigation and contingent liabilities, and current and deferred taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-444": { "value": "
Use of estimates and judgments
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
adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in
which the changes are made, or prospectively in future periods.
The most significant estimates that could be exposed to the management judgment are described below.
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.
Recall campaigns
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. Considering the
nature of the recall campaigns, in certain circumstances management may exercise judgment in determining the related
provisions. The estimated future costs of these actions are based primarily on historical experience 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 and the estimates are periodically reviewed during the year. Due to the uncertainty and potential volatility of these
estimated factors, changes in the assumptions used could affect the results of operations.
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 property, plant and equipment.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2023 and December 31, 2022. As required
by IFRS, an annual impairment test must be performed for goodwill, which may require management to exercise judgment in
determining expected future cash flows. Based on the impairment test performed by management, 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, including those that may be caused by regulatory developments or climate-related matters. For additional
information relating to the goodwill test performed, see 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, 2023 and December\u00a031, 2022, the Group\u2019s
intangible assets amounted to \u20ac1,419,699 thousand and \u20ac1,307,388 thousand, respectively (of which \u20ac1,369,895 thousand
and \u20ac1,264,467 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac1,575,200 thousand and \u20ac1,457,825 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs of \u20ac448,380 thousand and \u20ac416,368 thousand
for the years ended December\u00a031, 2023 and 2022, respectively. These costs were capitalized in accordance with the criteria in
IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (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 specific to business initiatives underlying the Group\u2019s business plans, and
(iii) the Company has the intention to complete the development and the ability to use the related intangible assets.
Management may use judgment in distinguishing between research phases and development phases, including as a result of
regulatory developments. For the years ended December\u00a031, 2023, 2022 and 2021, no impairment indicators were identified
and the Group did not recognize any impairment charges for non-current assets with definite useful lives.
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, which may require management to use judgment. 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.
Other areas requiring estimates in the preparation of the consolidated financial statements include the following:
revenue recognition, product warranty liabilities, recoverability of goodwill, recoverability of non-current assets with definite
useful lives, share-based compensation, litigation and contingent liabilities, and current and deferred taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-443": { "value": "Use of estimates and judgmentsThe 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 adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in which the changes are made, or prospectively in future periods.The most significant estimates that could be exposed to the management judgment are described below.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.Recall campaignsThe 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. Considering the nature of the recall campaigns, in certain circumstances management may exercise judgment in determining the related provisions. The estimated future costs of these actions are based primarily on historical experience 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 and the estimates are periodically reviewed during the year. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could affect the results of operations.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 property, plant and equipment.GoodwillThe Group\u2019s goodwill amounted to \u20ac785,182 thousand at December 31, 2023 and December 31, 2022. As required by IFRS, an annual impairment test must be performed for goodwill, which may require management to exercise judgment in determining expected future cash flows. Based on the impairment test performed by management, 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, including those that may be caused by regulatory developments or climate-related matters. For additional information relating to the goodwill test performed, see 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, 2023 and December\u00a031, 2022, the Group\u2019s intangible assets amounted to \u20ac1,419,699 thousand and \u20ac1,307,388 thousand, respectively (of which \u20ac1,369,895 thousand and \u20ac1,264,467 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to \u20ac1,575,200 thousand and \u20ac1,457,825 thousand, respectively. The Group makes significant investments for the development of its existing and future product portfolio, and capitalized development costs of \u20ac448,380 thousand and \u20ac416,368 thousand for the years ended December\u00a031, 2023 and 2022, respectively. These costs were capitalized in accordance with the criteria in IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (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 specific to business initiatives underlying the Group\u2019s business plans, and (iii) the Company has the intention to complete the development and the ability to use the related intangible assets. Management may use judgment in distinguishing between research phases and development phases, including as a result of regulatory developments. For the years ended December\u00a031, 2023, 2022 and 2021, no impairment indicators were identified and the Group did not recognize any impairment charges for non-current assets with definite useful lives.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 compliance date extensions, to exemptions from zero emission vehicle production requirements, which may require management to use judgment. 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.Other areas requiring estimates in the preparation of the consolidated financial statements include the following: revenue recognition, product warranty liabilities, recoverability of goodwill, recoverability of non-current assets with definite useful lives, share-based compensation, litigation and contingent liabilities, and current and deferred taxes.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-447": { "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, 2023 and 2022 was as follows:
At December 31, 2023
At December 31, 2022
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%
Ferrari Lifestyle North America, Inc. (3)(4)
USA
Retail
100%
\u2014%
100%
\u2014%
_____________________________
(1)New Business 33 S.p.A. was consolidated by the Group starting in 2022, which is when it started operational activities.
(2)Shareholding held by Ferrari Financial Services Inc.
(3)Shareholding held by Ferrari North America Inc.
(4)Effective as of January 12, 2024, the company changed its name from 410 Park Display, Inc to Ferrari Lifestyle North America, Inc.
Non-controlling interests
The non-controlling interests at December\u00a031, 2023 and 2022 and the net profit attributable to non-controlling
interests for the years ended December\u00a031, 2023, 2022 and 2021 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,
2023
2022
(\u20ac thousand)
Equity attributable to non-controlling interests
9,734
9,630
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Net profit attributable to non-controlling interests
5,409
6,680
2,369
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-446": { "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, 2023 and 2022 was as follows:
At December 31, 2023
At December 31, 2022
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%
Ferrari Lifestyle North America, Inc. (3)(4)
USA
Retail
100%
\u2014%
100%
\u2014%
_____________________________
(1)New Business 33 S.p.A. was consolidated by the Group starting in 2022, which is when it started operational activities.
(2)Shareholding held by Ferrari Financial Services Inc.
(3)Shareholding held by Ferrari North America Inc.
(4)Effective as of January 12, 2024, the company changed its name from 410 Park Display, Inc to Ferrari Lifestyle North America, Inc.
Non-controlling interests
The non-controlling interests at December\u00a031, 2023 and 2022 and the net profit attributable to non-controlling
interests for the years ended December\u00a031, 2023, 2022 and 2021 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,
2023
2022
(\u20ac thousand)
Equity attributable to non-controlling interests
9,734
9,630
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Net profit attributable to non-controlling interests
5,409
6,680
2,369
The non-controlling interests in FICTS are not considered to be significant to the Group for the periods presented in
these Consolidated Financial Statements.
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Investments accounted for using the equity method
55,200
49,087
Other securities and financial assets
12,471
10,447
Total investments and other financial assets
67,671
59,534
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 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
Proportionate share of net profit for the year ended December 31, 2023
6,137
Proportionate share of remeasurement of defined benefit plans and other movements
(24)
Balance at December 31, 2023
55,200
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in Ferrari Financial
Services GmbH (\u201cFFS GmbH\u201d), a German entity that offers retail client financing in certain markets in EMEA (primarily the
UK, Germany and Switzerland). FFS GmbH is the Group\u2019s partnership with CA Auto Bank S.p.A. (\u201cCA Auto Bank\u201d,
formerly FCA Bank S.p.A., \u201cFCA Bank\u201d), which, following the sale by the Stellantis Group of its 50 percent ownership
interest in FCA Bank to Cr\u00e9dit Agricole Consumer Finance S.A. (\u201cCACF\u201d) in April 2023, is now fully owned by CACF.
Investments accounted for using the equity method also relate to the Group\u2019s investment in FS China Limited, a joint venture
formed in China in 2021 to manage certain lifestyle activities in the local market, which is at the early stage of its activities.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2023 and 2022 is
presented below:
At December 31,
2023
2022
(\u20ac thousand)
Assets
Non-current assets
3,566
3,685
Receivables from financing activities
1,187,535
1,037,350
Other current assets
29,590
2,637
Cash and cash equivalents
21,275
19,123
Total assets
1,241,966
1,062,795
Equity and liabilities
Equity
108,134
94,914
Debt
999,206
868,652
Other liabilities
134,626
99,229
Total equity and liabilities
1,241,966
1,062,795
For the year ended December 31,
2023
2022
2021
(\u20ac thousand)
Net revenues
66,446
52,100
46,103
Cost of sales
37,198
22,943
16,971
Selling, general and administrative costs
9,314
8,923
8,565
Other expenses/(income), net
1,574
1,116
2,730
Profit before taxes
18,360
19,118
17,837
Income tax expense
5,147
5,336
4,045
Net profit
13,213
13,782
13,792
Other securities and financial assets
Other securities and financial assets primarily include Liberty Media Corporation (Series C Formula One Group
Common Stock) shares (the \u201cLiberty Media Shares\u201d) of Liberty Media Corporation (the group responsible for the promotion
of the Formula 1 World Championship), which are measured at fair value and amounted to \u20ac10,519 thousand at
December\u00a031, 2023 (\u20ac9,954 thousand at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-448": { "value": "
Non-controlling interests
The non-controlling interests at December\u00a031, 2023 and 2022 and the net profit attributable to non-controlling
interests for the years ended December\u00a031, 2023, 2022 and 2021 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,
2023
2022
(\u20ac thousand)
Equity attributable to non-controlling interests
9,734
9,630
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Net profit attributable to non-controlling interests
5,409
6,680
2,369
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-450": { "value": "
4. NET REVENUES
Net revenues are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Revenues from:
Cars and spare parts (1)
5,119,181
4,321,120
3,552,838
Sponsorship, commercial and brand (1)
571,759
498,861
450,860
Engines
126,748
155,342
189,432
Other
152,458
119,931
77,764
Total net revenues
5,970,146
5,095,254
4,270,894
_____________________________
(1) Starting in 2023, sponsorship revenues relating to the Group\u2019s WEC and other racing activities are presented within sponsorship, commercial and
brand as a result of the increased relevance of those activities for the Ferrari brand in 2023, primarily in connection with the return of Ferrari to the
top-tier \u201cHypercar\u201d category of the FIA WEC after 50 years. As a result, sponsorship revenues from WEC and other racing activities of
\u20ac20,362\u00a0thousand and \u20ac20,281\u00a0thousand for the years ended December 31, 2022 and 2021, respectively, which were previously presented within cars
and spare parts as they were treated as incidental to the sale of our track cars, have been reclassified retrospectively to sponsorship, commercial and
brand to conform to the current presentation.
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 2023, 2022 and
2021 amounted to \u20ac99,661\u00a0thousand, \u20ac69,389\u00a0thousand and \u20ac55,043\u00a0thousand, respectively.
OTHER LIABILITIES
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac262,644
thousand at December\u00a031, 2023 and \u20ac239,879 thousand at December\u00a031, 2022, 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, 2023, the Group expects to recognize in net revenues approximately \u20ac62 million in 2024, \u20ac57
million in 2025, \u20ac48 million in 2026 and \u20ac95 million in periods subsequent to 2026. 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.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, mainly
for our Icona, limited edition and Special Series models, as well as certain Range models in selected markets. The advances
are recognized in net revenues when the cars are shipped. The increase during 2023 primarily relates to advances received
during the year for the Purosangue and the Roma Spider.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At December
31, 2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2023
(\u20ac thousand)
Maintenance and power warranty programs
239,879
112,362
(89,617)
20
262,644
Advances from customers
446,394
990,468
(925,406)
(831)
510,625
At December
31, 2021
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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-449": { "value": "
4. NET REVENUES
Net revenues are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Revenues from:
Cars and spare parts (1)
5,119,181
4,321,120
3,552,838
Sponsorship, commercial and brand (1)
571,759
498,861
450,860
Engines
126,748
155,342
189,432
Other
152,458
119,931
77,764
Total net revenues
5,970,146
5,095,254
4,270,894
_____________________________
(1) Starting in 2023, sponsorship revenues relating to the Group\u2019s WEC and other racing activities are presented within sponsorship, commercial and
brand as a result of the increased relevance of those activities for the Ferrari brand in 2023, primarily in connection with the return of Ferrari to the
top-tier \u201cHypercar\u201d category of the FIA WEC after 50 years. As a result, sponsorship revenues from WEC and other racing activities of
\u20ac20,362\u00a0thousand and \u20ac20,281\u00a0thousand for the years ended December 31, 2022 and 2021, respectively, which were previously presented within cars
and spare parts as they were treated as incidental to the sale of our track cars, have been reclassified retrospectively to sponsorship, commercial and
brand to conform to the current presentation.
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 2023, 2022 and
2021 amounted to \u20ac99,661\u00a0thousand, \u20ac69,389\u00a0thousand and \u20ac55,043\u00a0thousand, respectively.
The following table presents an analysis of net revenues by geographic location of the Group\u2019s customers for the
years ended December 31, 2023 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,
2023
2022
2021
(\u20ac thousand)
Italy
442,760
379,898
409,992
Rest of EMEA
2,428,783
2,045,888
1,869,864
of which UK
625,930
536,280
457,060
of which Germany
493,930
430,380
367,087
Americas (1)
1,762,530
1,407,790
1,097,904
of which United States of America
1,535,772
1,198,834
930,316
Mainland China, Hong Kong and Taiwan
583,760
621,407
332,971
of which Mainland China
479,882
533,724
249,275
Rest of APAC (2)
752,313
640,271
560,163
Total net revenues
5,970,146
5,095,254
4,270,894
______________________________
(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.
Revenues in the Netherlands, the Company\u2019s country of domicile, for the years ended December 31, 2023, 2022 and
2021 amounted to \u20ac68,605\u00a0thousand, \u20ac56,748\u00a0thousand and \u20ac41,892\u00a0thousand, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-452": { "value": "
5. COST OF SALES
Cost of sales in 2023, 2022 and 2021 amounted to \u20ac2,995,877 thousand, \u20ac2,648,953 thousand and \u20ac2,080,613
thousand, respectively, consisting mainly of the cost of materials, components and labor related to the manufacturing and
distribution of cars and spare parts. Cost of sales also include depreciation and amortization, insurance, transportation costs,
and warranty and product-liability related costs, as well as production costs for engines sold to Maserati and engines rented to
other Formula 1 racing teams.
Interest and other financial expenses from financial services activities included within cost of sales in 2023, 2022
and 2021 amounted to \u20ac60,808 thousand, \u20ac27,145 thousand and \u20ac16,639 thousand, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-451": { "value": "
5. COST OF SALES
Cost of sales in 2023, 2022 and 2021 amounted to \u20ac2,995,877 thousand, \u20ac2,648,953 thousand and \u20ac2,080,613
thousand, respectively, consisting mainly of the cost of materials, components and labor related to the manufacturing and
distribution of cars and spare parts. Cost of sales also include depreciation and amortization, insurance, transportation costs,
and warranty and product-liability related costs, as well as production costs for engines sold to Maserati and engines rented to
other Formula 1 racing teams.
Interest and other financial expenses from financial services activities included within cost of sales in 2023, 2022
and 2021 amounted to \u20ac60,808 thousand, \u20ac27,145 thousand and \u20ac16,639 thousand, respectively.
6. SELLING, GENERAL AND ADMINISTRATIVE COSTS
Selling, general and administrative costs are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Selling costs
236,443
226,988
168,466
General and administrative costs
226,137
200,986
179,558
Total selling, general and administrative costs
462,580
427,974
348,024
Selling costs consist 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 indirect marketing costs incurred mainly through the
Formula 1 racing team, Scuderia Ferrari.
General and administrative costs consist mainly of administration and other general expenses that are not directly
attributable to manufacturing, sales or research and development activities, including for personnel and the continuous
development of the Group\u2019s digital infrastructure.
7. RESEARCH AND DEVELOPMENT COSTS
Research and development costs are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Research and development costs expensed during the year
538,903
517,842
573,632
Amortization of capitalized development costs
342,656
257,730
194,472
Total research and development costs
881,559
775,572
768,104
Research and development costs expensed during the period primarily relate to research and development activities
for Formula 1 racing as well as development activities to support the innovation of our product portfolio and components, in
particular, in relation to electric and other new technologies. 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, 2022 and, to a lesser extent, for the year
December\u00a031, 2023 are recognized net of technology-related government incentives.
8. OTHER EXPENSES, NET
Other expenses, net are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Other income
10,958
12,446
8,105
Other expenses
29,856
33,994
13,666
Total other expenses, net
18,898
21,548
5,561
Other expenses mainly related to indirect taxes, provisions, and other miscellaneous expenses and other income
mainly related to rental income, gains on the disposal of property, plant and equipment and other miscellaneous income.
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.
11. OTHER INFORMATION BY NATURE
Personnel costs in 2023 , 2022 and 2021 amounted to \u20ac575,215 thousand , \u20ac527,316 thousand and \u20ac483,747
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2023, 2022 and 2021 the Group had an average number of employees of is 4,960, 4,691 and 4,571, respectively.
Depreciation amounted to \u20ac290,204 thousand, \u20ac259,849 thousand and \u20ac230,097\u00a0thousand for the years ended
December 31, 2023, 2022 and 2021, respectively, and amortization amounted to \u20ac372,101 thousand, \u20ac286,376 thousand and
\u20ac225,892\u00a0thousand for the years ended December 31, 2023, 2022 and 2021, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-453": { "value": "
6. SELLING, GENERAL AND ADMINISTRATIVE COSTS
Selling, general and administrative costs are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Selling costs
236,443
226,988
168,466
General and administrative costs
226,137
200,986
179,558
Total selling, general and administrative costs
462,580
427,974
348,024
Selling costs consist 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 indirect marketing costs incurred mainly through the
Formula 1 racing team, Scuderia Ferrari.
General and administrative costs consist mainly of administration and other general expenses that are not directly
attributable to manufacturing, sales or research and development activities, including for personnel and the continuous
development of the Group\u2019s digital infrastructure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-454": { "value": "
7. RESEARCH AND DEVELOPMENT COSTS
Research and development costs are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Research and development costs expensed during the year
538,903
517,842
573,632
Amortization of capitalized development costs
342,656
257,730
194,472
Total research and development costs
881,559
775,572
768,104
Research and development costs expensed during the period primarily relate to research and development activities
for Formula 1 racing as well as development activities to support the innovation of our product portfolio and components, in
particular, in relation to electric and other new technologies. 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, 2022 and, to a lesser extent, for the year
December\u00a031, 2023 are recognized net of technology-related government incentives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "
8. OTHER EXPENSES, NET
Other expenses, net are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Other income
10,958
12,446
8,105
Other expenses
29,856
33,994
13,666
Total other expenses, net
18,898
21,548
5,561
Other expenses mainly related to indirect taxes, provisions, and other miscellaneous expenses and other income
mainly related to rental income, gains on the disposal of property, plant and equipment and other miscellaneous income.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-456": { "value": "
8. OTHER EXPENSES, NET
Other expenses, net are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Other income
10,958
12,446
8,105
Other expenses
29,856
33,994
13,666
Total other expenses, net
18,898
21,548
5,561
Other expenses mainly related to indirect taxes, provisions, and other miscellaneous expenses and other income
mainly related to rental income, gains on the disposal of property, plant and equipment and other miscellaneous income.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-455": { "value": "
8. OTHER EXPENSES, NET
Other expenses, net are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Other income
10,958
12,446
8,105
Other expenses
29,856
33,994
13,666
Total other expenses, net
18,898
21,548
5,561
Other expenses mainly related to indirect taxes, provisions, and other miscellaneous expenses and other income
mainly related to rental income, gains on the disposal of property, plant and equipment and other miscellaneous income.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-465": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Investments accounted for using the equity method
55,200
49,087
Other securities and financial assets
12,471
10,447
Total investments and other financial assets
67,671
59,534
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 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
Proportionate share of net profit for the year ended December 31, 2023
6,137
Proportionate share of remeasurement of defined benefit plans and other movements
(24)
Balance at December 31, 2023
55,200
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in Ferrari Financial
Services GmbH (\u201cFFS GmbH\u201d), a German entity that offers retail client financing in certain markets in EMEA (primarily the
UK, Germany and Switzerland). FFS GmbH is the Group\u2019s partnership with CA Auto Bank S.p.A. (\u201cCA Auto Bank\u201d,
formerly FCA Bank S.p.A., \u201cFCA Bank\u201d), which, following the sale by the Stellantis Group of its 50 percent ownership
interest in FCA Bank to Cr\u00e9dit Agricole Consumer Finance S.A. (\u201cCACF\u201d) in April 2023, is now fully owned by CACF.
Investments accounted for using the equity method also relate to the Group\u2019s investment in FS China Limited, a joint venture
formed in China in 2021 to manage certain lifestyle activities in the local market, which is at the early stage of its activities.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2023 and 2022 is
presented below:
At December 31,
2023
2022
(\u20ac thousand)
Assets
Non-current assets
3,566
3,685
Receivables from financing activities
1,187,535
1,037,350
Other current assets
29,590
2,637
Cash and cash equivalents
21,275
19,123
Total assets
1,241,966
1,062,795
Equity and liabilities
Equity
108,134
94,914
Debt
999,206
868,652
Other liabilities
134,626
99,229
Total equity and liabilities
1,241,966
1,062,795
For the year ended December 31,
2023
2022
2021
(\u20ac thousand)
Net revenues
66,446
52,100
46,103
Cost of sales
37,198
22,943
16,971
Selling, general and administrative costs
9,314
8,923
8,565
Other expenses/(income), net
1,574
1,116
2,730
Profit before taxes
18,360
19,118
17,837
Income tax expense
5,147
5,336
4,045
Net profit
13,213
13,782
13,792
Other securities and financial assets
Other securities and financial assets primarily include Liberty Media Corporation (Series C Formula One Group
Common Stock) shares (the \u201cLiberty Media Shares\u201d) of Liberty Media Corporation (the group responsible for the promotion
of the Formula 1 World Championship), which are measured at fair value and amounted to \u20ac10,519 thousand at
December\u00a031, 2023 (\u20ac9,954 thousand at December 31, 2022).
18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
Current receivables and other current assets are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Trade receivables
261,380
232,414
Receivables from financing activities
1,451,158
1,399,997
Current tax receivables
11,616
16,054
Other current assets
130,228
153,183
Total
1,854,382
1,801,648
Trade receivables
The following table sets forth a breakdown of trade receivables by nature:
At December 31,
2023
2022
(\u20ac thousand)
Trade receivables due from:
Dealers
122,177
85,696
Sponsorship and commercial activities
32,357
42,981
Brand activities
30,587
24,213
Stellantis Group companies
20,398
19,184
Other
55,861
60,340
Total
261,380
232,414
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.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship and the World Endurance Championship. Trade receivables due from brand activities relate
to amounts receivable for licensing and merchandising activities. 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. The
contract with Maserati ended in December 2023. For additional information, see Note 28 \u201cRelated Party Transactions\u201d.
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,
2023
2022
(\u20ac thousand)
Trade receivables denominated in:
Euro
118,104
95,894
U.S. Dollar
118,233
108,369
Pound Sterling
6,096
8,178
Chinese Yuan
5,099
3,203
Japanese Yen
7,230
6,832
Other currencies
6,618
9,938
Total
261,380
232,414
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:
2023
2022
(\u20ac thousand)
At January 1
25,800
25,984
Additional provisions
2,767
3,844
Utilizations
(1,845)
(1,579)
Releases
(1,280)
(2,522)
Other changes
(24)
73
At December 31
25,418
25,800
Receivables from financing activities
Receivables from financing activities are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Client financing
1,451,158
1,390,956
Dealer financing
\u2014
9,041
Total receivables from financing activities
1,451,158
1,399,997
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 and additional provisions
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:
2023
2022
(\u20ac thousand)
At January 1
9,950
11,204
Additional provisions
6,423
3,064
Utilizations
(3,509)
(2,587)
Releases
(1,327)
(2,470)
Other changes
(372)
739
At December 31
11,165
9,950
Client financing
Client financing relates to financing provided by the Group to Ferrari clients to finance their car acquisitions. During
2023 the average contractual duration at inception of such contracts was approximately 67 months (67 months in 2022) and
the weighted average interest rate was approximately 7.8 percent (approximately 6.3 percent in 2022). 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, which was fully collected in 2023.
Other current assets
Other current assets are detailed as follows:
At December 31,
2023
2022
(\u20ac thousand)
Italian and foreign VAT credits
65,529
79,858
Prepayments
53,846
42,908
Other
10,853
30,417
Total other current assets
130,228
153,183
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2023, the Group had provided guarantees through third parties amounting to \u20ac236,910 thousand
(\u20ac224,630 thousand at December\u00a031, 2022), 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 (excluding prepayments) by due date is as follows:
At December 31, 2023
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
225,445
\u2014
\u2014
35,935
261,380
Receivables from financing activities (1)
223,841
1,076,552
68,736
82,029
1,451,158
Current tax receivables
11,616
\u2014
\u2014
\u2014
11,616
Other current assets (excluding prepayments)
76,382
\u2014
\u2014
\u2014
76,382
Total
537,284
1,076,552
68,736
117,964
1,800,536
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 (1)
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
_____________________________
(1) Excluding interest generated on these receivables.
Overdue amounts represent receivables and other current assets where payments are past their due date.
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Financial derivatives
55,562
80,233
Other financial assets
5,568
7,068
Current financial assets
61,130
87,301
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, 2023 and 2022.
At December 31,
2023
2022
Positive\u00a0fair
value\u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedge:
Currency swaps
34,542
(10,170)
41,270
(16,976)
Interest rate caps
17,407
\u2014
36,771
\u2014
Commodities
\u2014
(174)
5
(772)
Total Cash flow hedges
51,949
(10,344)
78,046
(17,748)
Other foreign exchange derivatives
3,613
(3,195)
2,187
(2,245)
Current financial assets/(liabilities)
55,562
(13,539)
80,233
(19,993)
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, 2023
At December 31, 2022
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
32,069
2,515,057
49,466
2,385,494
Pound Sterling
(678)
145,216
2,811
121,881
Japanese Yen
14,086
392,343
2,711
275,700
Swiss Franc
(3,660)
106,911
(991)
108,459
Chinese Yuan
915
141,493
2,702
176,062
Other(1)
(709)
153,207
3,541
131,319
Total amount
42,023
3,454,227
60,240
3,198,915
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2023 and 2022, 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,
2023
2022
2021
(\u20ac thousand)
Net revenues/(costs)
48,393
(75,749)
7,275
Income tax (expense)/benefit
(13,502)
21,134
(2,030)
Total recognized in the consolidated income statement
34,891
(54,615)
5,245
The ineffectiveness of cash flow hedges was not material for the years 2023, 2022 and 2021.
24. DEBT
The following table provides a breakdown of debt by nature and split between current and non-current.
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
514,597
651,876
1,166,473
422,736
682,689
1,105,425
Bonds and notes
\u2014
903,673
903,673
394,628
1,095,691
1,490,319
Borrowings from banks and other financial
institutions
166,763
124,167
290,930
100,665
12,500
113,165
Lease liabilities
16,450
56,597
73,047
15,917
41,506
57,423
Other debt
43,063
\u2014
43,063
45,447
\u2014
45,447
Total debt
740,873
1,736,313
2,477,186
979,393
1,832,386
2,811,779
The following tables present the change in debt, indicating separately financing cash flows and other movements.
Financing cash flows
Other movements
Balance at
December
31, 2022
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2023
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,105,425
151,217
(49,611)
445
(41,003)
1,166,473
Bonds and notes
1,490,319
\u2014
(575,702)
(10,944)
\u2014
903,673
Borrowings from banks and other financial
institutions
113,165
250,000
(72,500)
2,891
(2,626)
290,930
Lease liabilities
57,423
\u2014
(17,691)
34,448
(1,133)
73,047
Other debt
45,447
34,596
(35,566)
\u2014
(1,414)
43,063
Total debt\u00a0
2,811,779
435,813
(751,070)
26,840
(46,176)
2,477,186
Financing cash flows
Other movements
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
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
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
____________________________
(1) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Contractual undiscounted cash flows
The following tables present the contractual maturities (contractual undiscounted cash flows, including interest) of
the Group\u2019s debt based on relevant maturity groupings.
Contractual cash flows at December 31, 2023
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2023 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
542,960
390,256
277,783
\u2014
1,210,999
1,166,473
Bonds and notes
11,714
458,619
14,850
460,106
945,289
903,673
Borrowings from banks and other financial institutions
172,441
83,047
46,813
\u2014
302,301
290,930
Lease liabilities
17,934
12,571
28,131
22,316
80,952
73,047
Other debt
43,063
\u2014
\u2014
\u2014
43,063
43,063
Total debt
788,112
944,493
367,577
482,422
2,582,604
2,477,186
Contractual cash flows at December 31, 2022
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2022 (*)
(\u20ac thousand)
Bonds and notes
400,475
14,700
668,777
464,648
1,548,600
1,490,319
Asset-backed financing (Securitizations)
439,919
408,462
283,786
\u2014
1,132,167
1,105,425
Borrowings from banks and other financial institutions
117,349
\u2014
\u2014
\u2014
117,349
113,165
Lease liabilities
16,178
11,373
20,289
12,785
60,625
57,423
Other debt
45,447
\u2014
\u2014
\u2014
45,447
45,447
Total debt
1,019,368
434,535
972,852
477,433
2,904,188
2,811,779
(*)\u00a0 \u00a0 As reported in the consolidated statement of financial position
Asset-backed financing (Securitizations)
As a means of diversifying its sources of funds, the Group sells certain of its receivables originated by its financial
services activities in the United States through asset-backed financing or securitization programs (the terms asset-backed
financing and securitization programs are used synonymously throughout this document), without transferring the risks
typically associated with the related receivables. As a result, the receivables sold through securitization programs are still
consolidated until collection from the customer. The securitization agreements for both programs require the maintenance of
an interest rate cap.
The following table presents information relating to the revolving securitization programs.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2023
Amount
Outstanding at
December 31, 2022
Maturity Date
($ million)
($ million)
($ million)
Retail (1)
975
977
896
December 2024
Leasing (1)
400
312
283
November 2025
Total asset-backed financing (Securitizations)
1,375
1,289
1,179
(1) At December 31, 2023 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 70 basis points.
(2) Excluding accrued interest.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085\u00a0thousand at December 31, 2022).
Bonds and notes
2023 Bond
On March 16, 2023 the Company fully repaid the 2023 Bond for a total consideration of \u20ac390,374\u00a0thousand
(including accrued interest). The bond was previously issued on March 16, 2016, for a principal amount of \u20ac500\u00a0million at a
coupon of 1.5 percent and due on March 2023. Following a cash tender offer, in July 2019 the Company executed the partial
repurchase of these notes for an aggregate nominal amount of \u20ac115,395\u00a0thousand. The amount outstanding at December 31,
2022 was \u20ac388,947\u00a0thousand including accrued interest of \u20ac4,567\u00a0thousand.
2025 Bond
On May 27, 2020 the Company issued 1.5 percent coupon notes due May 2025 (\u201c2025 Bond\u201d), having a principal of
\u20ac650\u00a0million. The notes were issued at a discount for an issue price of 98.898 percent, resulting in net proceeds of \u20ac640,073
thousand, after related expenses, and a yield to maturity of 1.732 percent. The bond was admitted to trading on the regulated
market of Euronext Dublin. Following a cash tender offer, in July 2023, the Group accepted for purchase valid tenders of the
2025 Bond for an aggregate nominal amount of \u20ac199,037 thousand and at a purchase price of \u20ac191,097 thousand, resulting in
gains of \u20ac7,940 thousand, which were recognized within financial income. The repurchases were settled in July 2023. The
amount outstanding of the 2025 Bond at December\u00a031, 2023 was \u20ac453,027\u00a0thousand, including accrued interest of
\u20ac4,097\u00a0thousand (\u20ac650,923\u00a0thousand, including accrued interest of \u20ac5,818\u00a0thousand at December 31, 2022).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain US institutional investors, each having a
principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand and the yields to maturity on
an annual basis equal the nominal coupon rates of the notes. The 2029 Notes and the 2031 Notes are primarily used for
general corporate purposes, including the funding of capital expenditures.
The amount outstanding of the 2029 Notes at December\u00a031, 2023 was \u20ac150,218\u00a0thousand, including accrued interest
of \u20ac700\u00a0thousand (\u20ac150,135\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2022). The amount
outstanding of the 2031 Notes at December\u00a031, 2023 was \u20ac150,246\u00a0thousand, including accrued interest of \u20ac794\u00a0thousand
(\u20ac150,178\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2022).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain US institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2023 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2023
was \u20ac150,182\u00a0thousand, including accrued interest of \u20ac587\u00a0thousand (\u20ac150,136\u00a0thousand, including accrued interest of
\u20ac577\u00a0thousand at December 31, 2022).
The aforementioned bonds and notes impose covenants on Ferrari including: (i) negative pledge clauses which
require that, in case any security interest upon assets of Ferrari is granted in connection with other notes or debt securities
with the consent of Ferrari are, or are intended to be, listed, such security should be equally and ratably extended to the
outstanding notes, subject to certain permitted exceptions; (ii) pari passu clauses, under which the notes rank and will rank
pari passu with all other present and future unsubordinated and unsecured obligations of Ferrari; (iii) events of default for
failure to pay principal or interest or comply with other obligations under the notes with specified cure periods or in the event
of a payment default or acceleration of indebtedness or in the case of certain bankruptcy events; and (iv) other clauses that are
customarily applicable to debt securities of issuers with a similar credit standing. A breach of these covenants may require the
early repayment of the notes. At December\u00a031, 2023 and 2022, Ferrari was in compliance with the covenants of the notes.
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Amount Outstanding at December 31,
Borrowing Entity
Currency
2023
2022
Maturity Date
(\u20ac thousand)
Ferrari N.V. (1)
EUR
130,224
\u2014
January 2026
Ferrari N.V. (1)
EUR
75,040
\u2014
March 2026
Ferrari Financial Services, Inc. (2)
USD
73,153
75,665
April 2024
Ferrari S.p.A. (3)
EUR
12,513
37,500
June 2024
Total borrowings from banks and other financial
institutions
290,930
113,165
(1) Amortized term loans bearing an average interest of 4.663 percent as of December, 31 2023.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 75 basis points.
(3)An amortized term loan bearing fixed interest at 0.118 percent.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2023 lease liabilities amounted to \u20ac73,047 thousand (\u20ac57,423\u00a0thousand at December 31, 2022).
Other debt
Other debt mainly relates to US based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2023, the Group had total committed credit lines available and undrawn amounting to \u20ac600 million
and with maturities ranging from 2024 to 2026 (\u20ac669\u00a0million at December 31, 2022).
26. TRADE PAYABLES
Trade payables of \u20ac930,560 thousand at December\u00a031, 2023 (\u20ac902,968 thousands at December 31, 2022) are
entirely due within one year. The carrying amount of trade payables is considered to be equivalent to their fair 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, 2023 and 2022 :
At December 31, 2023
Note
Level 1
Level 2
Level 3
Total
(\u20ac thousand)
Investments and other financial assets
16
11,982
\u2014
\u2014
11,982
Current financial assets
19
\u2014
55,562
\u2014
55,562
Total assets
11,982
55,562
\u2014
67,544
Other financial liabilities
19
\u2014
13,539
\u2014
13,539
Total liabilities
\u2014
13,539
\u2014
13,539
At December 31, 2022
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
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
There were no transfers between fair value hierarchy levels for the periods presented.
The fair value of current financial assets and other financial liabilities relates to derivative financial instruments and
is based on a standard accepted valuation model. The fair value of foreign currency forward, currency options and commodity
swap is measured by taking into consideration primarily the appropriate corroborated market-based currency forward rate,
commodity price and currency implied volatility at the balance sheet date. The fair value of interest rate derivative is
measured by taking into consideration primarily the appropriate corroborated market-based interest rates curve at the balance
sheet date.
The par value of cash and cash equivalents usually approximates fair value due to the short maturity of these
instruments, which consist primarily of current bank accounts.
Assets and liabilities not measured at fair value on a recurring basis
For financial instruments represented by short-term receivables and payables, for which the present value of future
cash flows does not differ significantly from carrying value, the Group assumes that carrying value is a reasonable
approximation of the fair value. In particular, the carrying amount of current receivables and other current assets and of trade
payables and other liabilities approximates their fair value.
The following table presents the carrying amount and fair value for the most relevant categories of financial assets
and financial liabilities not measured at fair value on a recurring basis:
At December 31,
2023
2022
Note
Carrying
amount
Fair value
Carrying
amount
Fair value
(\u20ac thousand)
Receivables from financing activities
18
1,451,158
1,451,158
1,399,997
1,399,997
\u00a0 \u00a0 Client financing
1,451,158
1,451,158
1,390,956
1,390,956
\u00a0 \u00a0 Dealer financing
\u2014
\u2014
9,041
9,041
Total
1,451,158
1,451,158
1,399,997
1,399,997
Debt
24
2,477,186
2,462,716
2,811,779
2,770,633
The Group has determined that the carrying amount of the majority of its debt approximates its fair value since
either (i) the interest payable on the debt is close to current market rates, and/or (ii) the debt is of a short-term nature. The
only exception is the Group's debt that is publicly listed for which the fair value is based on quoted market prices.
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022 financial 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;
\u2022 liquidity 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;
\u2022 credit risk, arising from normal commercial relations with dealers, sponsors, licensees and final clients, 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:
\u2022 Where 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 2023, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 60 percent of the Group\u2019s net revenues (65
percent in 2022 and 58 percent in 2021).
\u2022 The 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 2023, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 57 percent (52 percent in 2022 and 51 percent in 2021) of the total currency risk from
commercial activities. In 2023 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2022 and 2021 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: Pound Sterling, Swiss Franc, Australian Dollar and Canadian Dollar. None of these
exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate
exposure for commercial activities in 2023, 2022 and 2021 (apart from Pound Sterling in 2022 and 2021).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, 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.
\u2022 The 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.
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 financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
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 transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2023, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac20,197 thousand (net losses of \u20ac25,923 thousand and \u20ac11,407 thousand for the years ended December\u00a031, 2022
and 2021, 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 2023 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, 2023 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 \u20ac191,355
thousand (\u20ac174,550 thousand at December\u00a031, 2022). 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, 2023 were cash and cash equivalents and
certain receivables from client financing activities, while 58 percent of the Group\u2019s gross debt bears floating rates of interest
(42 percent at December\u00a031, 2022). At December\u00a031, 2023, an increase of 25 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
\u20ac565 thousand on an annual basis (a decrease of \u20ac303 thousand at December\u00a031, 2022 for a decrease of 10 basis points in
interest rates). 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:
\u2022 centralizing liquidity management through the use of cash pooling arrangements
\u2022 maintaining a conservative level of available liquidity
\u2022 obtaining adequate credit lines and diversifying sources of funding
\u2022 maintaining a portfolio of high-quality liquid assets
\u2022 monitoring 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 \u20ac600 million and \u20ac669 million at December\u00a031,
2023 and 2022 respectively.
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 31, 2023 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, clients and, in general, Ferrari\u2019s business partners 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, as well as certain sponsorships and licensees. 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 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. Receivables from financing activities amounting to
\u20ac1,451,158 thousand at December\u00a031, 2023 (\u20ac1,399,997 thousand at December\u00a031, 2022) are shown net of the allowance for
doubtful accounts amounting to \u20ac11,165 thousand (\u20ac9,950 thousand at December\u00a031, 2022). After considering the allowance
for doubtful accounts, \u20ac82,029 thousand of receivables were overdue (\u20ac62,779 thousand at December\u00a031, 2022). Therefore,
overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac261,380 thousand at December\u00a031, 2023 (\u20ac232,414 thousand at December\u00a031,
2022) are shown net of the allowance for doubtful accounts amounting to \u20ac25,418 thousand (\u20ac25,800 thousand at
December\u00a031, 2022). After considering the allowance for doubtful accounts, \u20ac35,935 thousand of receivables were overdue
(\u20ac45,657 thousand at December\u00a031, 2022).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to Money Market Funds, instead, the invested amounts in any specific fund must not exceed 10% of the par
value of such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they
are held with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure that there is sufficient cash to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
The following table presents information relating to the short term credit rating of the Group\u2019s cash and cash
equivalents:
At December 31,
2023
2022
P-1 / A-1 / Aaa-mf / AAAm (1)
6%
1%
P-2 / A-2
92%
98%
P-3 / A-3 / Not rated
2%
1%
_______________________________
(1) Aaa-mf (Moody\u2019s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody\u2019s) and A-ratings (S&P Global Ratings) refer to the
short-term rating of the financial institutions with whom the Group deposits cash in current accounts or other short-term instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-466": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-464": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-463": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-462": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-461": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-460": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-459": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Foreign exchange gains
91,019
78,674
37,860
Interest income
25,813
4,150
1,579
Other financial income
15,487
1,034
3,560
Financial income
132,319
83,858
42,999
Foreign exchange losses
111,216
104,597
49,267
Interest expenses
29,258
25,489
23,669
Other financial expenses
6,860
3,388
3,320
Financial expenses
147,334
133,474
76,256
Financial expenses, net
15,015
49,616
33,257
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest
expenses on debt.
Financial income primarily relates to foreign exchange gains, interest income on cash and cash equivalents and for
2023, also to gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond
due in 2025. For additional information see Note 24 \u201cDebt\u201d.
Interest and other financial income, and interest expenses and other financial charges, from financial services
activities are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": "
10. INCOME TAXES
Income tax expense is as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Current tax expense
347,162
269,924
218,540
Deferred tax benefit
(4,541)
(30,178)
(12,001)
Taxes relating to prior years
2,276
(1,274)
2,556
Total income tax expense
344,897
238,472
209,095
The Italian Group\u2019s entities participate in a group Italian tax consolidation under Ferrari N.V.
Income tax expense amounted to \u20ac344,897 thousand, \u20ac238,472 thousand and \u20ac209,095 thousand for the years ended
December 31, 2023 , 2022 and 2021, respectively.
Income taxes for the years ended December 31, 2023, 2022 and 2021 benefited from the application of the Patent
Box tax regime by Article 1, par. 37-45 of Law No. 190 of December 23, 2014, as amended and supplemented from time to
time, which provides tax benefits for companies that generate income through the use of intangible assets. Starting in 2020
the Group has implemented the Patent Box tax regime, covering the period from 2020 to the conclusion of this regime in
2024, with the recognition of the associated tax benefit distributed over 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 also outlines a transitional procedure for the
coexistence of both regimes during their applicable periods.
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, 2023, 2022 and 2021.
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Profit before taxes
1,602,354
1,177,766
1,042,231
Theoretical income tax rate
24.0%
24.0%
24.0%
Theoretical income tax expense
384,565
282,664
250,136
Tax effect on:
Permanent and other differences
(95,836)
(85,736)
(79,267)
Italian Regional Income Tax (IRAP)
48,912
39,446
32,422
Effect of changes in tax rates and tax regulations
961
553
633
Differences between foreign tax rates and the theoretical Italian tax rate and
tax holidays
2,156
1,945
2,077
Taxes relating to prior years
2,276
(1,274)
2,556
Withholding tax on earnings
1,863
875
539
Income tax expense
344,897
238,472
209,095
Effective tax rate
21.5%
20.2%
20.1%
The effective tax rate was 21.5 percent, 20.2 percent and 20.1 percent for the years ended December 31, 2023, 2022
and 2021, respectively. The Patent Box benefit relating to 2023, 2022 and 2021 is included within \u201cpermanent and other
differences\u201d in the tax rate reconciliation above.
Imposta Regionale sulle Attivit\u00e0 Produttive (\u201cIRAP\u201d) (current and deferred) in 2023 and 2022 amounted to \u20ac48,912
thousand and \u20ac39,446 thousand, respectively. IRAP 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, 2023, 2022 and 2021.
The analysis of deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022, is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Deferred tax assets:
To be recovered after 12 months
128,110
107,252
To be recovered within 12 months
89,443
96,130
217,553
203,382
Deferred tax liabilities:
To be realized after 12 months
(100,865)
(86,160)
To be realized within 12 months
(35,981)
(40,347)
(136,846)
(126,507)
Net deferred tax assets
80,707
76,875
The movements in deferred income tax assets and liabilities during the year, without taking into consideration the
offsetting of balances within the same tax jurisdiction, are as follows:
At December 31,
2022
Recognized\u00a0in
consolidated
income statement\u00a0
Charged
to\u00a0equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2023
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
120,279
11,121
\u2014
\u2014
131,400
Deferred income
51,635
\u2014
\u2014
\u2014
51,635
Employee benefits
2,665
\u2014
(52)
\u2014
2,613
Foreign currency exchange rate
differences
3,439
388
\u2014
\u2014
3,827
Inventory obsolescence
100,835
19,305
\u2014
(220)
119,920
Allowances for doubtful accounts
5,223
(166)
\u2014
3
5,060
Depreciation
17,533
264
\u2014
(15)
17,782
Trademark step-up
85,374
(6,696)
\u2014
\u2014
78,678
Patent box
78,381
15,887
\u2014
\u2014
94,268
Other
14,844
2,149
\u2014
(2,560)
14,433
Total deferred tax assets
480,208
42,252
(52)
(2,792)
519,616
Deferred tax liabilities arising on:
Depreciation
(5,057)
1,507
\u2014
92
(3,458)
Capitalization of development
costs
(355,574)
(29,683)
\u2014
\u2014
(385,257)
Employee benefits
(1,510)
26
\u2014
\u2014
(1,484)
Foreign currency exchange rate
differences
(1,160)
(1,520)
\u2014
\u2014
(2,680)
Cash flow hedge reserve
(16,171)
\u2014
6,403
\u2014
(9,768)
Tax on undistributed earnings
(10,578)
(8,281)
\u2014
\u2014
(18,859)
Other
(13,283)
240
\u2014
(4,360)
(17,403)
Total deferred tax liabilities
(403,333)
(37,711)
6,403
(4,268)
(438,909)
Total net deferred tax assets/
(liabilities)\u00a0
76,875
4,541
6,351
(7,060)
80,707
At December 31,
2021
Recognized\u00a0in
consolidated
income statement
Charged
to equity\u00a0
Translation
differences
and other
changes \u00a0
At December 31,
2022
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
103,981
16,556
\u2014
(258)
120,279
Deferred income
51,635
\u2014
\u2014
\u2014
51,635
Employee benefits
3,041
\u2014
(376)
\u2014
2,665
Foreign currency exchange rate
differences
610
2,830
\u2014
(1)
3,439
Cash flow hedge reserve
8,455
\u2014
(8,455)
\u2014
\u2014
Inventory obsolescence
69,107
31,648
\u2014
80
100,835
Allowances for doubtful accounts
5,178
50
\u2014
(5)
5,223
Depreciation
17,555
(15)
\u2014
(7)
17,533
Trademark step-up
84,537
837
\u2014
\u2014
85,374
Patent box
65,693
12,688
\u2014
\u2014
78,381
Other
14,328
575
\u2014
(59)
14,844
Total deferred tax assets
424,120
65,169
(8,831)
(250)
480,208
Deferred tax liabilities arising on:
Depreciation
(6,781)
2,076
\u2014
(352)
(5,057)
Capitalization of development
costs
(311,438)
(44,134)
\u2014
(2)
(355,574)
Employee benefits
(1,053)
(457)
\u2014
\u2014
(1,510)
Foreign currency exchange rate
differences
(526)
(634)
\u2014
\u2014
(1,160)
Cash flow hedge reserve
\u2014
\u2014
(16,171)
\u2014
(16,171)
Tax on undistributed earnings
(17,404)
6,826
\u2014
\u2014
(10,578)
Other
(14,134)
1,332
\u2014
(481)
(13,283)
Total deferred tax liabilities
(351,336)
(34,991)
(16,171)
(835)
(403,333)
Total net deferred tax assets/
(liabilities)\u00a0
72,784
30,178
(25,002)
(1,085)
76,875
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, 2023, 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 \u20ac251,029\u00a0thousand (\u20ac268,923\u00a0thousand at December 31, 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-468": { "value": "
The analysis of deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022, is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Deferred tax assets:
To be recovered after 12 months
128,110
107,252
To be recovered within 12 months
89,443
96,130
217,553
203,382
Deferred tax liabilities:
To be realized after 12 months
(100,865)
(86,160)
To be realized within 12 months
(35,981)
(40,347)
(136,846)
(126,507)
Net deferred tax assets
80,707
76,875
The movements in deferred income tax assets and liabilities during the year, without taking into consideration the
offsetting of balances within the same tax jurisdiction, are as follows:
At December 31,
2022
Recognized\u00a0in
consolidated
income statement\u00a0
Charged
to\u00a0equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2023
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
120,279
11,121
\u2014
\u2014
131,400
Deferred income
51,635
\u2014
\u2014
\u2014
51,635
Employee benefits
2,665
\u2014
(52)
\u2014
2,613
Foreign currency exchange rate
differences
3,439
388
\u2014
\u2014
3,827
Inventory obsolescence
100,835
19,305
\u2014
(220)
119,920
Allowances for doubtful accounts
5,223
(166)
\u2014
3
5,060
Depreciation
17,533
264
\u2014
(15)
17,782
Trademark step-up
85,374
(6,696)
\u2014
\u2014
78,678
Patent box
78,381
15,887
\u2014
\u2014
94,268
Other
14,844
2,149
\u2014
(2,560)
14,433
Total deferred tax assets
480,208
42,252
(52)
(2,792)
519,616
Deferred tax liabilities arising on:
Depreciation
(5,057)
1,507
\u2014
92
(3,458)
Capitalization of development
costs
(355,574)
(29,683)
\u2014
\u2014
(385,257)
Employee benefits
(1,510)
26
\u2014
\u2014
(1,484)
Foreign currency exchange rate
differences
(1,160)
(1,520)
\u2014
\u2014
(2,680)
Cash flow hedge reserve
(16,171)
\u2014
6,403
\u2014
(9,768)
Tax on undistributed earnings
(10,578)
(8,281)
\u2014
\u2014
(18,859)
Other
(13,283)
240
\u2014
(4,360)
(17,403)
Total deferred tax liabilities
(403,333)
(37,711)
6,403
(4,268)
(438,909)
Total net deferred tax assets/
(liabilities)\u00a0
76,875
4,541
6,351
(7,060)
80,707
At December 31,
2021
Recognized\u00a0in
consolidated
income statement
Charged
to equity\u00a0
Translation
differences
and other
changes \u00a0
At December 31,
2022
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
103,981
16,556
\u2014
(258)
120,279
Deferred income
51,635
\u2014
\u2014
\u2014
51,635
Employee benefits
3,041
\u2014
(376)
\u2014
2,665
Foreign currency exchange rate
differences
610
2,830
\u2014
(1)
3,439
Cash flow hedge reserve
8,455
\u2014
(8,455)
\u2014
\u2014
Inventory obsolescence
69,107
31,648
\u2014
80
100,835
Allowances for doubtful accounts
5,178
50
\u2014
(5)
5,223
Depreciation
17,555
(15)
\u2014
(7)
17,533
Trademark step-up
84,537
837
\u2014
\u2014
85,374
Patent box
65,693
12,688
\u2014
\u2014
78,381
Other
14,328
575
\u2014
(59)
14,844
Total deferred tax assets
424,120
65,169
(8,831)
(250)
480,208
Deferred tax liabilities arising on:
Depreciation
(6,781)
2,076
\u2014
(352)
(5,057)
Capitalization of development
costs
(311,438)
(44,134)
\u2014
(2)
(355,574)
Employee benefits
(1,053)
(457)
\u2014
\u2014
(1,510)
Foreign currency exchange rate
differences
(526)
(634)
\u2014
\u2014
(1,160)
Cash flow hedge reserve
\u2014
\u2014
(16,171)
\u2014
(16,171)
Tax on undistributed earnings
(17,404)
6,826
\u2014
\u2014
(10,578)
Other
(14,134)
1,332
\u2014
(481)
(13,283)
Total deferred tax liabilities
(351,336)
(34,991)
(16,171)
(835)
(403,333)
Total net deferred tax assets/
(liabilities)\u00a0
72,784
30,178
(25,002)
(1,085)
76,875
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, 2023, 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 \u20ac251,029\u00a0thousand (\u20ac268,923\u00a0thousand at December 31, 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-471": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2023 , 2022 and 2021 amounted to \u20ac575,215 thousand , \u20ac527,316 thousand and \u20ac483,747
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2023, 2022 and 2021 the Group had an average number of employees of is 4,960, 4,691 and 4,571, respectively.
Depreciation amounted to \u20ac290,204 thousand, \u20ac259,849 thousand and \u20ac230,097\u00a0thousand for the years ended
December 31, 2023, 2022 and 2021, respectively, and amortization amounted to \u20ac372,101 thousand, \u20ac286,376 thousand and
\u20ac225,892\u00a0thousand for the years ended December 31, 2023, 2022 and 2021, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-470": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2023 , 2022 and 2021 amounted to \u20ac575,215 thousand , \u20ac527,316 thousand and \u20ac483,747
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2023, 2022 and 2021 the Group had an average number of employees of is 4,960, 4,691 and 4,571, respectively.
Depreciation amounted to \u20ac290,204 thousand, \u20ac259,849 thousand and \u20ac230,097\u00a0thousand for the years ended
December 31, 2023, 2022 and 2021, respectively, and amortization amounted to \u20ac372,101 thousand, \u20ac286,376 thousand and
\u20ac225,892\u00a0thousand for the years ended December 31, 2023, 2022 and 2021, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-469": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2023 , 2022 and 2021 amounted to \u20ac575,215 thousand , \u20ac527,316 thousand and \u20ac483,747
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2023, 2022 and 2021 the Group had an average number of employees of is 4,960, 4,691 and 4,571, respectively.
Depreciation amounted to \u20ac290,204 thousand, \u20ac259,849 thousand and \u20ac230,097\u00a0thousand for the years ended
December 31, 2023, 2022 and 2021, respectively, and amortization amounted to \u20ac372,101 thousand, \u20ac286,376 thousand and
\u20ac225,892\u00a0thousand for the years ended December 31, 2023, 2022 and 2021, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-472": { "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, 2023, 2022 and 2021:
For the years ended December 31,
2023
2022
2021
Profit attributable to owners of the Company
\u20ac thousand
1,252,048
932,614
830,767
Weighted average number of common shares for basic earnings
per common share
thousand\u00a0
181,220
182,836
184,446
Basic earnings per common share\u00a0
\u20ac
6.91
5.11
4.50
Diluted earnings per share
For the years ended December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021:
For the years ended December 31,
2023
2022
2021
Profit attributable to owners of the Company
\u20ac thousand
1,252,048
932,614
830,767
Weighted average number of common shares for diluted earnings
per common share
thousand\u00a0
181,511
183,121
184,771
Diluted earnings per common share
\u20ac
6.90
5.09
4.50
The following table provides a reconciliation from the weighted average number of common shares for basic
earnings per share to the weighted average number of common shares for diluted earnings per share.
For the years ended December 31,
Number of shares
2023
2022
2021
Weighted average number of common shares for basic earnings per share
181,220
182,836
184,446
Adjustments for calculation of diluted earnings per share:
\u00a0 Share-based compensation
291
285
325
Weighted average number of common shares for diluted earnings per share
181,511
183,121
184,771
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-473": { "value": "6.91", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-474": { "value": "6.90", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-476": { "value": "
13. GOODWILL
At December\u00a031, 2023 and 2022 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:
\u2022 The expected future cash flows covering the period from 2024 through 2027 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 consolidated financial
statements and exclude the estimated cash flows that might arise from restructuring plans or other structural
changes. Expected 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.
\u2022 The 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 2023 (2.0 percent in 2022 and 2021).
\u2022 The 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 9.21 percent in 2023 (8.10 percent in 2022
and 6.84 percent in 2021). 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 between 2021 and 2023 is primarily the result of a higher risk free rate driven by central banks raising
interest rates in several regions where the Group operates, as well as a higher equity risk premium driven by
market factors and conditions.
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
Intangible assets are as follows:
Externally
acquired
development
costs
Development
costs
internally
generated
Patents,
concessions
and\u00a0licenses
Other
intangible
assets
Total
(\u20ac thousand)
Gross carrying amount 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
Additions
272,975
175,405
23,849
14,919
487,148
Divestitures
\u2014
\u2014
\u2014
(2,564)
(2,564)
Reclassifications
\u2014
5,558
3,399
(3,399)
5,558
Translation differences and other
movements
\u2014
(296)
(42)
167
(171)
Balance at December 31, 2023
2,607,792
1,188,371
318,585
67,788
4,182,536
Accumulated amortization 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
Amortization
250,033
92,623
27,923
1,522
372,101
Reclassification
\u2014
5,558
(4,283)
4,283
5,558
Translation differences and other
movements
\u2014
\u2014
(7)
8
1
Balance at December 31, 2023
1,760,157
666,111
282,628
53,941
2,762,837
Carrying amount at:
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
December 31, 2023
847,635
522,260
35,957
13,847
1,419,699
Additions were primarily attributable to externally acquired and internally generated development costs relating to
existing and new models.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-475": { "value": "
13. GOODWILL
At December\u00a031, 2023 and 2022 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:
\u2022 The expected future cash flows covering the period from 2024 through 2027 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 consolidated financial
statements and exclude the estimated cash flows that might arise from restructuring plans or other structural
changes. Expected 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.
\u2022 The 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 2023 (2.0 percent in 2022 and 2021).
\u2022 The 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 9.21 percent in 2023 (8.10 percent in 2022
and 6.84 percent in 2021). 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 between 2021 and 2023 is primarily the result of a higher risk free rate driven by central banks raising
interest rates in several regions where the Group operates, as well as a higher equity risk premium driven by
market factors and conditions.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-477": { "value": "
14. INTANGIBLE ASSETS
Intangible assets are as follows:
Externally
acquired
development
costs
Development
costs
internally
generated
Patents,
concessions
and\u00a0licenses
Other
intangible
assets
Total
(\u20ac thousand)
Gross carrying amount 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
Additions
272,975
175,405
23,849
14,919
487,148
Divestitures
\u2014
\u2014
\u2014
(2,564)
(2,564)
Reclassifications
\u2014
5,558
3,399
(3,399)
5,558
Translation differences and other
movements
\u2014
(296)
(42)
167
(171)
Balance at December 31, 2023
2,607,792
1,188,371
318,585
67,788
4,182,536
Accumulated amortization 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
Amortization
250,033
92,623
27,923
1,522
372,101
Reclassification
\u2014
5,558
(4,283)
4,283
5,558
Translation differences and other
movements
\u2014
\u2014
(7)
8
1
Balance at December 31, 2023
1,760,157
666,111
282,628
53,941
2,762,837
Carrying amount at:
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
December 31, 2023
847,635
522,260
35,957
13,847
1,419,699
Additions were primarily attributable to externally acquired and internally generated development costs relating to
existing and new models.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-479": { "value": "
15. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are as follows:
Land
Industrial
buildings
Plant,
machinery
and
equipment
Other
assets
Advances
and assets
under
construction
Total
(\u20ac thousand)
Gross carrying amount at
December 31, 2021
50,056
486,677
2,766,723
233,094
318,900
3,855,450
Additions
8,287
10,155
154,008
26,479
167,645
366,574
Divestitures
\u2014
(3,805)
(15,388)
(6,018)
(154)
(25,365)
Reclassifications
73,631
4,691
165,210
4,322
(247,854)
\u2014
Translation differences and other movements
16
334
(19)
796
77
1,204
Balance at December 31, 2022
131,990
498,052
3,070,534
258,673
238,614
4,197,863
Additions
2,014
29,948
113,282
36,416
242,155
423,815
Divestitures
\u2014
(12,935)
(40,270)
(25,030)
(369)
(78,604)
Reclassifications
17,235
9,132
62,236
(2,303)
(88,603)
(2,303)
Translation differences and other movements
(10)
(1,050)
(49)
(2,511)
(5)
(3,625)
Balance at December 31, 2023
151,229
523,147
3,205,733
265,245
391,792
4,537,146
Accumulated amortization at December
31, 2021
\u2014
201,845
2,141,624
158,816
\u2014
2,502,285
Depreciation
\u2014
19,405
216,661
23,783
\u2014
259,849
Divestitures
\u2014
(1,983)
(14,921)
(5,921)
\u2014
(22,825)
Translation differences
\u2014
109
(39)
659
\u2014
729
Balance at December 31, 2022
\u2014
219,376
2,343,325
177,337
\u2014
2,740,038
Depreciation
\u2014
21,654
243,633
24,917
\u2014
290,204
Divestitures
\u2014
(8,338)
(39,322)
(18,401)
\u2014
(66,061)
Translation differences and other movements
\u2014
(624)
(15)
(1,596)
\u2014
(2,235)
Balance at December 31, 2023
\u2014
232,068
2,547,621
182,257
\u2014
2,961,946
Carrying amount at:
December 31, 2021
50,056
284,832
625,099
74,278
318,900
1,353,165
\u00a0 of which right-of use assets under IFRS 16
\u2014
21,613
3,484
28,661
\u2014
53,758
December 31, 2022
131,990
278,676
727,209
81,336
238,614
1,457,825
\u00a0 of which right-of use assets under IFRS 16
\u2014
18,972
2,756
32,420
\u2014
54,148
December 31, 2023
151,229
291,079
658,112
82,988
391,792
1,575,200
\u00a0 of which right-of use assets under IFRS 16
\u2014
22,971
3,396
41,888
\u2014
68,255
Additions primarily relate to investments for car production and engine assembly lines (including those for models
to be launched in future years), industrial tools needed for the production of cars and personalization programs, as well as
investments for the ongoing construction of the new e-building (which will be used primarily for the production of battery
electric vehicles (BEVs) and related components) and the new paint shop.
The following table summarizes the changes in the carrying amount of right-of-use assets for the year ended
December 31, 2023 and 2022:
Industrial\u00a0
buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac thousand)
Balance at December 31, 2021
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
Additions
16,746
2,069
23,238
42,053
Disposals
(4,597)
\u2014
(3,008)
(7,605)
Depreciation
(7,933)
(1,402)
(10,254)
(19,589)
Translation differences and other movements
(217)
(27)
(508)
(752)
Balance at December 31, 2023
22,971
3,396
41,888
68,255
Amounts recognized in the consolidated income statement in relation to leases for the year ended December 31,
2023 and 2022 were as follows:
For the year ended December 31,
2023
2022
2021
(\u20ac thousand)
Depreciation of right-of-use assets
19,589
16,833
15,348
Interest expense on lease liabilities
1,450
1,219
868
Variable lease payments not included in the measurement of lease liabilities
1,213
822
1,622
Expenses relating to short-term leases and leases of low-value assets
2,842
3,227
3,671
Total expenses recognized
25,094
22,101
21,509
For the year ended December\u00a031, 2023 depreciation of right-of-use assets amounted to \u20ac19,589 thousand and
interest expense on lease liabilities amounted to \u20ac1,450 thousand (\u20ac16,833 thousand and \u20ac1,219 thousand, respectively, for
the year ended December 31, 2022 and \u20ac15,348 thousand and \u20ac868 thousand respectively, for the year ended December 31,
2021).
At December\u00a031, 2023, the Group had contractual commitments for the purchase of property, plant and equipment
amounting to \u20ac115,330 thousand ( \u20ac200,949 thousand at December\u00a031, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-478": { "value": "
15. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are as follows:
The following table summarizes the changes in the carrying amount of right-of-use assets for the year ended
December 31, 2023 and 2022:
Industrial\u00a0
buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac thousand)
Balance at December 31, 2021
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
Additions
16,746
2,069
23,238
42,053
Disposals
(4,597)
\u2014
(3,008)
(7,605)
Depreciation
(7,933)
(1,402)
(10,254)
(19,589)
Translation differences and other movements
(217)
(27)
(508)
(752)
Balance at December 31, 2023
22,971
3,396
41,888
68,255
Amounts recognized in the consolidated income statement in relation to leases for the year ended December 31,
2023 and 2022 were as follows:
For the year ended December 31,
2023
2022
2021
(\u20ac thousand)
Depreciation of right-of-use assets
19,589
16,833
15,348
Interest expense on lease liabilities
1,450
1,219
868
Variable lease payments not included in the measurement of lease liabilities
1,213
822
1,622
Expenses relating to short-term leases and leases of low-value assets
2,842
3,227
3,671
Total expenses recognized
25,094
22,101
21,509
For the year ended December\u00a031, 2023 depreciation of right-of-use assets amounted to \u20ac19,589 thousand and
interest expense on lease liabilities amounted to \u20ac1,450 thousand (\u20ac16,833 thousand and \u20ac1,219 thousand, respectively, for
the year ended December 31, 2022 and \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 - Leases. At
December\u00a031, 2023 lease liabilities amounted to \u20ac73,047 thousand (\u20ac57,423\u00a0thousand at December 31, 2022).
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Investments accounted for using the equity method
55,200
49,087
Other securities and financial assets
12,471
10,447
Total investments and other financial assets
67,671
59,534
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 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
Proportionate share of net profit for the year ended December 31, 2023
6,137
Proportionate share of remeasurement of defined benefit plans and other movements
(24)
Balance at December 31, 2023
55,200
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in Ferrari Financial
Services GmbH (\u201cFFS GmbH\u201d), a German entity that offers retail client financing in certain markets in EMEA (primarily the
UK, Germany and Switzerland). FFS GmbH is the Group\u2019s partnership with CA Auto Bank S.p.A. (\u201cCA Auto Bank\u201d,
formerly FCA Bank S.p.A., \u201cFCA Bank\u201d), which, following the sale by the Stellantis Group of its 50 percent ownership
interest in FCA Bank to Cr\u00e9dit Agricole Consumer Finance S.A. (\u201cCACF\u201d) in April 2023, is now fully owned by CACF.
Investments accounted for using the equity method also relate to the Group\u2019s investment in FS China Limited, a joint venture
formed in China in 2021 to manage certain lifestyle activities in the local market, which is at the early stage of its activities.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2023 and 2022 is
presented below:
At December 31,
2023
2022
(\u20ac thousand)
Assets
Non-current assets
3,566
3,685
Receivables from financing activities
1,187,535
1,037,350
Other current assets
29,590
2,637
Cash and cash equivalents
21,275
19,123
Total assets
1,241,966
1,062,795
Equity and liabilities
Equity
108,134
94,914
Debt
999,206
868,652
Other liabilities
134,626
99,229
Total equity and liabilities
1,241,966
1,062,795
For the year ended December 31,
2023
2022
2021
(\u20ac thousand)
Net revenues
66,446
52,100
46,103
Cost of sales
37,198
22,943
16,971
Selling, general and administrative costs
9,314
8,923
8,565
Other expenses/(income), net
1,574
1,116
2,730
Profit before taxes
18,360
19,118
17,837
Income tax expense
5,147
5,336
4,045
Net profit
13,213
13,782
13,792
Other securities and financial assets
Other securities and financial assets primarily include Liberty Media Corporation (Series C Formula One Group
Common Stock) shares (the \u201cLiberty Media Shares\u201d) of Liberty Media Corporation (the group responsible for the promotion
of the Formula 1 World Championship), which are measured at fair value and amounted to \u20ac10,519 thousand at
December\u00a031, 2023 (\u20ac9,954 thousand at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-480": { "value": "
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
The composition of investments and other financial assets is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Investments accounted for using the equity method
55,200
49,087
Other securities and financial assets
12,471
10,447
Total investments and other financial assets
67,671
59,534
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 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
Proportionate share of net profit for the year ended December 31, 2023
6,137
Proportionate share of remeasurement of defined benefit plans and other movements
(24)
Balance at December 31, 2023
55,200
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in Ferrari Financial
Services GmbH (\u201cFFS GmbH\u201d), a German entity that offers retail client financing in certain markets in EMEA (primarily the
UK, Germany and Switzerland). FFS GmbH is the Group\u2019s partnership with CA Auto Bank S.p.A. (\u201cCA Auto Bank\u201d,
formerly FCA Bank S.p.A., \u201cFCA Bank\u201d), which, following the sale by the Stellantis Group of its 50 percent ownership
interest in FCA Bank to Cr\u00e9dit Agricole Consumer Finance S.A. (\u201cCACF\u201d) in April 2023, is now fully owned by CACF.
Investments accounted for using the equity method also relate to the Group\u2019s investment in FS China Limited, a joint venture
formed in China in 2021 to manage certain lifestyle activities in the local market, which is at the early stage of its activities.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2023 and 2022 is
presented below:
At December 31,
2023
2022
(\u20ac thousand)
Assets
Non-current assets
3,566
3,685
Receivables from financing activities
1,187,535
1,037,350
Other current assets
29,590
2,637
Cash and cash equivalents
21,275
19,123
Total assets
1,241,966
1,062,795
Equity and liabilities
Equity
108,134
94,914
Debt
999,206
868,652
Other liabilities
134,626
99,229
Total equity and liabilities
1,241,966
1,062,795
For the year ended December 31,
2023
2022
2021
(\u20ac thousand)
Net revenues
66,446
52,100
46,103
Cost of sales
37,198
22,943
16,971
Selling, general and administrative costs
9,314
8,923
8,565
Other expenses/(income), net
1,574
1,116
2,730
Profit before taxes
18,360
19,118
17,837
Income tax expense
5,147
5,336
4,045
Net profit
13,213
13,782
13,792
Other securities and financial assets
Other securities and financial assets primarily include Liberty Media Corporation (Series C Formula One Group
Common Stock) shares (the \u201cLiberty Media Shares\u201d) of Liberty Media Corporation (the group responsible for the promotion
of the Formula 1 World Championship), which are measured at fair value and amounted to \u20ac10,519 thousand at
December\u00a031, 2023 (\u20ac9,954 thousand at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-482": { "value": "
Other securities and financial assets
Other securities and financial assets primarily include Liberty Media Corporation (Series C Formula One Group
Common Stock) shares (the \u201cLiberty Media Shares\u201d) of Liberty Media Corporation (the group responsible for the promotion
of the Formula 1 World Championship), which are measured at fair value and amounted to \u20ac10,519 thousand at
December\u00a031, 2023 (\u20ac9,954 thousand at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": "
17. INVENTORIES
Inventories are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Raw materials
203,247
142,430
Semi-finished goods
229,791
145,459
Finished goods
515,476
386,773
Total inventories
948,514
674,662
The increase in inventories is mainly due to higher car volumes, the start of production of new models and enriched
product mix, as well as higher raw materials to protect the Group's delivery plans.
The amount of inventory write-downs recognized as an expense within cost of sales during 2023 was
\u20ac20,822\u00a0thousand (\u20ac18,021\u00a0thousand in 2022 and \u20ac9,392\u00a0thousand in 2021).
Changes in the provision for slow moving and obsolete inventories were as follows:
2023
2022
(\u20ac thousand)
At January 1,
110,963
102,098
Provision
20,822
18,021
Utilizations and other changes
(8,357)
(9,156)
At December 31,
123,428
110,963
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "value": "
18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
Current receivables and other current assets are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Trade receivables
261,380
232,414
Receivables from financing activities
1,451,158
1,399,997
Current tax receivables
11,616
16,054
Other current assets
130,228
153,183
Total
1,854,382
1,801,648
Trade receivables
The following table sets forth a breakdown of trade receivables by nature:
At December 31,
2023
2022
(\u20ac thousand)
Trade receivables due from:
Dealers
122,177
85,696
Sponsorship and commercial activities
32,357
42,981
Brand activities
30,587
24,213
Stellantis Group companies
20,398
19,184
Other
55,861
60,340
Total
261,380
232,414
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.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship and the World Endurance Championship. Trade receivables due from brand activities relate
to amounts receivable for licensing and merchandising activities. 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. The
contract with Maserati ended in December 2023. For additional information, see Note 28 \u201cRelated Party Transactions\u201d.
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,
2023
2022
(\u20ac thousand)
Trade receivables denominated in:
Euro
118,104
95,894
U.S. Dollar
118,233
108,369
Pound Sterling
6,096
8,178
Chinese Yuan
5,099
3,203
Japanese Yen
7,230
6,832
Other currencies
6,618
9,938
Total
261,380
232,414
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:
2023
2022
(\u20ac thousand)
At January 1
25,800
25,984
Additional provisions
2,767
3,844
Utilizations
(1,845)
(1,579)
Releases
(1,280)
(2,522)
Other changes
(24)
73
At December 31
25,418
25,800
Receivables from financing activities
Receivables from financing activities are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Client financing
1,451,158
1,390,956
Dealer financing
\u2014
9,041
Total receivables from financing activities
1,451,158
1,399,997
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 and additional provisions
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:
2023
2022
(\u20ac thousand)
At January 1
9,950
11,204
Additional provisions
6,423
3,064
Utilizations
(3,509)
(2,587)
Releases
(1,327)
(2,470)
Other changes
(372)
739
At December 31
11,165
9,950
Client financing
Client financing relates to financing provided by the Group to Ferrari clients to finance their car acquisitions. During
2023 the average contractual duration at inception of such contracts was approximately 67 months (67 months in 2022) and
the weighted average interest rate was approximately 7.8 percent (approximately 6.3 percent in 2022). 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, which was fully collected in 2023.
Other current assets
Other current assets are detailed as follows:
At December 31,
2023
2022
(\u20ac thousand)
Italian and foreign VAT credits
65,529
79,858
Prepayments
53,846
42,908
Other
10,853
30,417
Total other current assets
130,228
153,183
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2023, the Group had provided guarantees through third parties amounting to \u20ac236,910 thousand
(\u20ac224,630 thousand at December\u00a031, 2022), 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 (excluding prepayments) by due date is as follows:
At December 31, 2023
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
225,445
\u2014
\u2014
35,935
261,380
Receivables from financing activities (1)
223,841
1,076,552
68,736
82,029
1,451,158
Current tax receivables
11,616
\u2014
\u2014
\u2014
11,616
Other current assets (excluding prepayments)
76,382
\u2014
\u2014
\u2014
76,382
Total
537,284
1,076,552
68,736
117,964
1,800,536
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 (1)
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
_____________________________
(1) Excluding interest generated on these receivables.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "
18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
Current receivables and other current assets are as follows:
Trade 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:
2023
2022
(\u20ac thousand)
At January 1
25,800
25,984
Additional provisions
2,767
3,844
Utilizations
(1,845)
(1,579)
Releases
(1,280)
(2,522)
Other changes
(24)
73
At December 31
25,418
25,800
Receivables from financing activities
Receivables from financing activities are shown net of an allowance for doubtful accounts and additional provisions
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:
2023
2022
(\u20ac thousand)
At January 1
9,950
11,204
Additional provisions
6,423
3,064
Utilizations
(3,509)
(2,587)
Releases
(1,327)
(2,470)
Other changes
(372)
739
At December 31
11,165
9,950
Credit risk
Receivables from financing activities amounting to
\u20ac1,451,158 thousand at December\u00a031, 2023 (\u20ac1,399,997 thousand at December\u00a031, 2022) are shown net of the allowance for
doubtful accounts amounting to \u20ac11,165 thousand (\u20ac9,950 thousand at December\u00a031, 2022). After considering the allowance
for doubtful accounts, \u20ac82,029 thousand of receivables were overdue (\u20ac62,779 thousand at December\u00a031, 2022). Therefore,
overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac261,380 thousand at December\u00a031, 2023 (\u20ac232,414 thousand at December\u00a031,
2022) are shown net of the allowance for doubtful accounts amounting to \u20ac25,418 thousand (\u20ac25,800 thousand at
December\u00a031, 2022). After considering the allowance for doubtful accounts, \u20ac35,935 thousand of receivables were overdue
(\u20ac45,657 thousand at December\u00a031, 2022).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to Money Market Funds, instead, the invested amounts in any specific fund must not exceed 10% of the par
value of such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they
are held with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure that there is sufficient cash to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
The following table presents information relating to the short term credit rating of the Group\u2019s cash and cash
equivalents:
At December 31,
2023
2022
P-1 / A-1 / Aaa-mf / AAAm (1)
6%
1%
P-2 / A-2
92%
98%
P-3 / A-3 / Not rated
2%
1%
_______________________________
(1) Aaa-mf (Moody\u2019s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody\u2019s) and A-ratings (S&P Global Ratings) refer to the
short-term rating of the financial institutions with whom the Group deposits cash in current accounts or other short-term instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "value": "
Other current assets
Other current assets are detailed as follows:
At December 31,
2023
2022
(\u20ac thousand)
Italian and foreign VAT credits
65,529
79,858
Prepayments
53,846
42,908
Other
10,853
30,417
Total other current assets
130,228
153,183
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2023, the Group had provided guarantees through third parties amounting to \u20ac236,910 thousand
(\u20ac224,630 thousand at December\u00a031, 2022), 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 (excluding prepayments) by due date is as follows:
At December 31, 2023
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
225,445
\u2014
\u2014
35,935
261,380
Receivables from financing activities (1)
223,841
1,076,552
68,736
82,029
1,451,158
Current tax receivables
11,616
\u2014
\u2014
\u2014
11,616
Other current assets (excluding prepayments)
76,382
\u2014
\u2014
\u2014
76,382
Total
537,284
1,076,552
68,736
117,964
1,800,536
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 (1)
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
_____________________________
(1) Excluding interest generated on these receivables.
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "value": "
Other current assets
Other current assets are detailed as follows:
At December 31,
2023
2022
(\u20ac thousand)
Italian and foreign VAT credits
65,529
79,858
Prepayments
53,846
42,908
Other
10,853
30,417
Total other current assets
130,228
153,183
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2023, the Group had provided guarantees through third parties amounting to \u20ac236,910 thousand
(\u20ac224,630 thousand at December\u00a031, 2022), 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 (excluding prepayments) by due date is as follows:
At December 31, 2023
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
225,445
\u2014
\u2014
35,935
261,380
Receivables from financing activities (1)
223,841
1,076,552
68,736
82,029
1,451,158
Current tax receivables
11,616
\u2014
\u2014
\u2014
11,616
Other current assets (excluding prepayments)
76,382
\u2014
\u2014
\u2014
76,382
Total
537,284
1,076,552
68,736
117,964
1,800,536
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 (1)
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
_____________________________
(1) Excluding interest generated on these receivables.
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Financial derivatives
55,562
80,233
Other financial assets
5,568
7,068
Current financial assets
61,130
87,301
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, 2023 and 2022.
At December 31,
2023
2022
Positive\u00a0fair
value\u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedge:
Currency swaps
34,542
(10,170)
41,270
(16,976)
Interest rate caps
17,407
\u2014
36,771
\u2014
Commodities
\u2014
(174)
5
(772)
Total Cash flow hedges
51,949
(10,344)
78,046
(17,748)
Other foreign exchange derivatives
3,613
(3,195)
2,187
(2,245)
Current financial assets/(liabilities)
55,562
(13,539)
80,233
(19,993)
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, 2023
At December 31, 2022
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
32,069
2,515,057
49,466
2,385,494
Pound Sterling
(678)
145,216
2,811
121,881
Japanese Yen
14,086
392,343
2,711
275,700
Swiss Franc
(3,660)
106,911
(991)
108,459
Chinese Yuan
915
141,493
2,702
176,062
Other(1)
(709)
153,207
3,541
131,319
Total amount
42,023
3,454,227
60,240
3,198,915
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2023 and 2022, 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,
2023
2022
2021
(\u20ac thousand)
Net revenues/(costs)
48,393
(75,749)
7,275
Income tax (expense)/benefit
(13,502)
21,134
(2,030)
Total recognized in the consolidated income statement
34,891
(54,615)
5,245
The ineffectiveness of cash flow hedges was not material for the years 2023, 2022 and 2021.
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022 financial 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;
\u2022 liquidity 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;
\u2022 credit risk, arising from normal commercial relations with dealers, sponsors, licensees and final clients, 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:
\u2022 Where 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 2023, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 60 percent of the Group\u2019s net revenues (65
percent in 2022 and 58 percent in 2021).
\u2022 The 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 2023, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 57 percent (52 percent in 2022 and 51 percent in 2021) of the total currency risk from
commercial activities. In 2023 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2022 and 2021 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: Pound Sterling, Swiss Franc, Australian Dollar and Canadian Dollar. None of these
exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate
exposure for commercial activities in 2023, 2022 and 2021 (apart from Pound Sterling in 2022 and 2021).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, 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.
\u2022 The 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.
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 financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
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 transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2023, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac20,197 thousand (net losses of \u20ac25,923 thousand and \u20ac11,407 thousand for the years ended December\u00a031, 2022
and 2021, 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 2023 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, 2023 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 \u20ac191,355
thousand (\u20ac174,550 thousand at December\u00a031, 2022). 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, 2023 were cash and cash equivalents and
certain receivables from client financing activities, while 58 percent of the Group\u2019s gross debt bears floating rates of interest
(42 percent at December\u00a031, 2022). At December\u00a031, 2023, an increase of 25 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
\u20ac565 thousand on an annual basis (a decrease of \u20ac303 thousand at December\u00a031, 2022 for a decrease of 10 basis points in
interest rates). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Financial derivatives
55,562
80,233
Other financial assets
5,568
7,068
Current financial assets
61,130
87,301
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, 2023 and 2022.
At December 31,
2023
2022
Positive\u00a0fair
value\u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedge:
Currency swaps
34,542
(10,170)
41,270
(16,976)
Interest rate caps
17,407
\u2014
36,771
\u2014
Commodities
\u2014
(174)
5
(772)
Total Cash flow hedges
51,949
(10,344)
78,046
(17,748)
Other foreign exchange derivatives
3,613
(3,195)
2,187
(2,245)
Current financial assets/(liabilities)
55,562
(13,539)
80,233
(19,993)
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, 2023
At December 31, 2022
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
32,069
2,515,057
49,466
2,385,494
Pound Sterling
(678)
145,216
2,811
121,881
Japanese Yen
14,086
392,343
2,711
275,700
Swiss Franc
(3,660)
106,911
(991)
108,459
Chinese Yuan
915
141,493
2,702
176,062
Other(1)
(709)
153,207
3,541
131,319
Total amount
42,023
3,454,227
60,240
3,198,915
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2023 and 2022, 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,
2023
2022
2021
(\u20ac thousand)
Net revenues/(costs)
48,393
(75,749)
7,275
Income tax (expense)/benefit
(13,502)
21,134
(2,030)
Total recognized in the consolidated income statement
34,891
(54,615)
5,245
The ineffectiveness of cash flow hedges was not material for the years 2023, 2022 and 2021.
24. DEBT
The following table provides a breakdown of debt by nature and split between current and non-current.
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
514,597
651,876
1,166,473
422,736
682,689
1,105,425
Bonds and notes
\u2014
903,673
903,673
394,628
1,095,691
1,490,319
Borrowings from banks and other financial
institutions
166,763
124,167
290,930
100,665
12,500
113,165
Lease liabilities
16,450
56,597
73,047
15,917
41,506
57,423
Other debt
43,063
\u2014
43,063
45,447
\u2014
45,447
Total debt
740,873
1,736,313
2,477,186
979,393
1,832,386
2,811,779
The following tables present the change in debt, indicating separately financing cash flows and other movements.
Financing cash flows
Other movements
Balance at
December
31, 2022
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2023
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,105,425
151,217
(49,611)
445
(41,003)
1,166,473
Bonds and notes
1,490,319
\u2014
(575,702)
(10,944)
\u2014
903,673
Borrowings from banks and other financial
institutions
113,165
250,000
(72,500)
2,891
(2,626)
290,930
Lease liabilities
57,423
\u2014
(17,691)
34,448
(1,133)
73,047
Other debt
45,447
34,596
(35,566)
\u2014
(1,414)
43,063
Total debt\u00a0
2,811,779
435,813
(751,070)
26,840
(46,176)
2,477,186
Financing cash flows
Other movements
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
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
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
____________________________
(1) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Contractual undiscounted cash flows
The following tables present the contractual maturities (contractual undiscounted cash flows, including interest) of
the Group\u2019s debt based on relevant maturity groupings.
Contractual cash flows at December 31, 2023
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2023 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
542,960
390,256
277,783
\u2014
1,210,999
1,166,473
Bonds and notes
11,714
458,619
14,850
460,106
945,289
903,673
Borrowings from banks and other financial institutions
172,441
83,047
46,813
\u2014
302,301
290,930
Lease liabilities
17,934
12,571
28,131
22,316
80,952
73,047
Other debt
43,063
\u2014
\u2014
\u2014
43,063
43,063
Total debt
788,112
944,493
367,577
482,422
2,582,604
2,477,186
Contractual cash flows at December 31, 2022
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2022 (*)
(\u20ac thousand)
Bonds and notes
400,475
14,700
668,777
464,648
1,548,600
1,490,319
Asset-backed financing (Securitizations)
439,919
408,462
283,786
\u2014
1,132,167
1,105,425
Borrowings from banks and other financial institutions
117,349
\u2014
\u2014
\u2014
117,349
113,165
Lease liabilities
16,178
11,373
20,289
12,785
60,625
57,423
Other debt
45,447
\u2014
\u2014
\u2014
45,447
45,447
Total debt
1,019,368
434,535
972,852
477,433
2,904,188
2,811,779
(*)\u00a0 \u00a0 As reported in the consolidated statement of financial position
Asset-backed financing (Securitizations)
As a means of diversifying its sources of funds, the Group sells certain of its receivables originated by its financial
services activities in the United States through asset-backed financing or securitization programs (the terms asset-backed
financing and securitization programs are used synonymously throughout this document), without transferring the risks
typically associated with the related receivables. As a result, the receivables sold through securitization programs are still
consolidated until collection from the customer. The securitization agreements for both programs require the maintenance of
an interest rate cap.
The following table presents information relating to the revolving securitization programs.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2023
Amount
Outstanding at
December 31, 2022
Maturity Date
($ million)
($ million)
($ million)
Retail (1)
975
977
896
December 2024
Leasing (1)
400
312
283
November 2025
Total asset-backed financing (Securitizations)
1,375
1,289
1,179
(1) At December 31, 2023 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 70 basis points.
(2) Excluding accrued interest.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085\u00a0thousand at December 31, 2022).
Bonds and notes
2023 Bond
On March 16, 2023 the Company fully repaid the 2023 Bond for a total consideration of \u20ac390,374\u00a0thousand
(including accrued interest). The bond was previously issued on March 16, 2016, for a principal amount of \u20ac500\u00a0million at a
coupon of 1.5 percent and due on March 2023. Following a cash tender offer, in July 2019 the Company executed the partial
repurchase of these notes for an aggregate nominal amount of \u20ac115,395\u00a0thousand. The amount outstanding at December 31,
2022 was \u20ac388,947\u00a0thousand including accrued interest of \u20ac4,567\u00a0thousand.
2025 Bond
On May 27, 2020 the Company issued 1.5 percent coupon notes due May 2025 (\u201c2025 Bond\u201d), having a principal of
\u20ac650\u00a0million. The notes were issued at a discount for an issue price of 98.898 percent, resulting in net proceeds of \u20ac640,073
thousand, after related expenses, and a yield to maturity of 1.732 percent. The bond was admitted to trading on the regulated
market of Euronext Dublin. Following a cash tender offer, in July 2023, the Group accepted for purchase valid tenders of the
2025 Bond for an aggregate nominal amount of \u20ac199,037 thousand and at a purchase price of \u20ac191,097 thousand, resulting in
gains of \u20ac7,940 thousand, which were recognized within financial income. The repurchases were settled in July 2023. The
amount outstanding of the 2025 Bond at December\u00a031, 2023 was \u20ac453,027\u00a0thousand, including accrued interest of
\u20ac4,097\u00a0thousand (\u20ac650,923\u00a0thousand, including accrued interest of \u20ac5,818\u00a0thousand at December 31, 2022).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain US institutional investors, each having a
principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand and the yields to maturity on
an annual basis equal the nominal coupon rates of the notes. The 2029 Notes and the 2031 Notes are primarily used for
general corporate purposes, including the funding of capital expenditures.
The amount outstanding of the 2029 Notes at December\u00a031, 2023 was \u20ac150,218\u00a0thousand, including accrued interest
of \u20ac700\u00a0thousand (\u20ac150,135\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2022). The amount
outstanding of the 2031 Notes at December\u00a031, 2023 was \u20ac150,246\u00a0thousand, including accrued interest of \u20ac794\u00a0thousand
(\u20ac150,178\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2022).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain US institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2023 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2023
was \u20ac150,182\u00a0thousand, including accrued interest of \u20ac587\u00a0thousand (\u20ac150,136\u00a0thousand, including accrued interest of
\u20ac577\u00a0thousand at December 31, 2022).
The aforementioned bonds and notes impose covenants on Ferrari including: (i) negative pledge clauses which
require that, in case any security interest upon assets of Ferrari is granted in connection with other notes or debt securities
with the consent of Ferrari are, or are intended to be, listed, such security should be equally and ratably extended to the
outstanding notes, subject to certain permitted exceptions; (ii) pari passu clauses, under which the notes rank and will rank
pari passu with all other present and future unsubordinated and unsecured obligations of Ferrari; (iii) events of default for
failure to pay principal or interest or comply with other obligations under the notes with specified cure periods or in the event
of a payment default or acceleration of indebtedness or in the case of certain bankruptcy events; and (iv) other clauses that are
customarily applicable to debt securities of issuers with a similar credit standing. A breach of these covenants may require the
early repayment of the notes. At December\u00a031, 2023 and 2022, Ferrari was in compliance with the covenants of the notes.
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Amount Outstanding at December 31,
Borrowing Entity
Currency
2023
2022
Maturity Date
(\u20ac thousand)
Ferrari N.V. (1)
EUR
130,224
\u2014
January 2026
Ferrari N.V. (1)
EUR
75,040
\u2014
March 2026
Ferrari Financial Services, Inc. (2)
USD
73,153
75,665
April 2024
Ferrari S.p.A. (3)
EUR
12,513
37,500
June 2024
Total borrowings from banks and other financial
institutions
290,930
113,165
(1) Amortized term loans bearing an average interest of 4.663 percent as of December, 31 2023.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 75 basis points.
(3)An amortized term loan bearing fixed interest at 0.118 percent.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2023 lease liabilities amounted to \u20ac73,047 thousand (\u20ac57,423\u00a0thousand at December 31, 2022).
Other debt
Other debt mainly relates to US based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2023, the Group had total committed credit lines available and undrawn amounting to \u20ac600 million
and with maturities ranging from 2024 to 2026 (\u20ac669\u00a0million at December 31, 2022).
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022 financial 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;
\u2022 liquidity 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;
\u2022 credit risk, arising from normal commercial relations with dealers, sponsors, licensees and final clients, 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:
\u2022 Where 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 2023, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 60 percent of the Group\u2019s net revenues (65
percent in 2022 and 58 percent in 2021).
\u2022 The 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 2023, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 57 percent (52 percent in 2022 and 51 percent in 2021) of the total currency risk from
commercial activities. In 2023 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2022 and 2021 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: Pound Sterling, Swiss Franc, Australian Dollar and Canadian Dollar. None of these
exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate
exposure for commercial activities in 2023, 2022 and 2021 (apart from Pound Sterling in 2022 and 2021).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, 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.
\u2022 The 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.
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 financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
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 transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2023, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac20,197 thousand (net losses of \u20ac25,923 thousand and \u20ac11,407 thousand for the years ended December\u00a031, 2022
and 2021, 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 2023 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, 2023 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 \u20ac191,355
thousand (\u20ac174,550 thousand at December\u00a031, 2022). 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, 2023 were cash and cash equivalents and
certain receivables from client financing activities, while 58 percent of the Group\u2019s gross debt bears floating rates of interest
(42 percent at December\u00a031, 2022). At December\u00a031, 2023, an increase of 25 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
\u20ac565 thousand on an annual basis (a decrease of \u20ac303 thousand at December\u00a031, 2022 for a decrease of 10 basis points in
interest rates). 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:
\u2022 centralizing liquidity management through the use of cash pooling arrangements
\u2022 maintaining a conservative level of available liquidity
\u2022 obtaining adequate credit lines and diversifying sources of funding
\u2022 maintaining a portfolio of high-quality liquid assets
\u2022 monitoring 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 \u20ac600 million and \u20ac669 million at December\u00a031,
2023 and 2022 respectively.
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 31, 2023 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, clients and, in general, Ferrari\u2019s business partners 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, as well as certain sponsorships and licensees. 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 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. Receivables from financing activities amounting to
\u20ac1,451,158 thousand at December\u00a031, 2023 (\u20ac1,399,997 thousand at December\u00a031, 2022) are shown net of the allowance for
doubtful accounts amounting to \u20ac11,165 thousand (\u20ac9,950 thousand at December\u00a031, 2022). After considering the allowance
for doubtful accounts, \u20ac82,029 thousand of receivables were overdue (\u20ac62,779 thousand at December\u00a031, 2022). Therefore,
overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac261,380 thousand at December\u00a031, 2023 (\u20ac232,414 thousand at December\u00a031,
2022) are shown net of the allowance for doubtful accounts amounting to \u20ac25,418 thousand (\u20ac25,800 thousand at
December\u00a031, 2022). After considering the allowance for doubtful accounts, \u20ac35,935 thousand of receivables were overdue
(\u20ac45,657 thousand at December\u00a031, 2022).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to Money Market Funds, instead, the invested amounts in any specific fund must not exceed 10% of the par
value of such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they
are held with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure that there is sufficient cash to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
The following table presents information relating to the short term credit rating of the Group\u2019s cash and cash
equivalents:
At December 31,
2023
2022
P-1 / A-1 / Aaa-mf / AAAm (1)
6%
1%
P-2 / A-2
92%
98%
P-3 / A-3 / Not rated
2%
1%
_______________________________
(1) Aaa-mf (Moody\u2019s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody\u2019s) and A-ratings (S&P Global Ratings) refer to the
short-term rating of the financial institutions with whom the Group deposits cash in current accounts or other short-term instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Financial derivatives
55,562
80,233
Other financial assets
5,568
7,068
Current financial assets
61,130
87,301
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, 2023 and 2022.
At December 31,
2023
2022
Positive\u00a0fair
value\u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedge:
Currency swaps
34,542
(10,170)
41,270
(16,976)
Interest rate caps
17,407
\u2014
36,771
\u2014
Commodities
\u2014
(174)
5
(772)
Total Cash flow hedges
51,949
(10,344)
78,046
(17,748)
Other foreign exchange derivatives
3,613
(3,195)
2,187
(2,245)
Current financial assets/(liabilities)
55,562
(13,539)
80,233
(19,993)
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, 2023
At December 31, 2022
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
32,069
2,515,057
49,466
2,385,494
Pound Sterling
(678)
145,216
2,811
121,881
Japanese Yen
14,086
392,343
2,711
275,700
Swiss Franc
(3,660)
106,911
(991)
108,459
Chinese Yuan
915
141,493
2,702
176,062
Other(1)
(709)
153,207
3,541
131,319
Total amount
42,023
3,454,227
60,240
3,198,915
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2023 and 2022, 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,
2023
2022
2021
(\u20ac thousand)
Net revenues/(costs)
48,393
(75,749)
7,275
Income tax (expense)/benefit
(13,502)
21,134
(2,030)
Total recognized in the consolidated income statement
34,891
(54,615)
5,245
The ineffectiveness of cash flow hedges was not material for the years 2023, 2022 and 2021.
24. DEBT
The following table provides a breakdown of debt by nature and split between current and non-current.
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
514,597
651,876
1,166,473
422,736
682,689
1,105,425
Bonds and notes
\u2014
903,673
903,673
394,628
1,095,691
1,490,319
Borrowings from banks and other financial
institutions
166,763
124,167
290,930
100,665
12,500
113,165
Lease liabilities
16,450
56,597
73,047
15,917
41,506
57,423
Other debt
43,063
\u2014
43,063
45,447
\u2014
45,447
Total debt
740,873
1,736,313
2,477,186
979,393
1,832,386
2,811,779
The following tables present the change in debt, indicating separately financing cash flows and other movements.
Financing cash flows
Other movements
Balance at
December
31, 2022
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2023
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,105,425
151,217
(49,611)
445
(41,003)
1,166,473
Bonds and notes
1,490,319
\u2014
(575,702)
(10,944)
\u2014
903,673
Borrowings from banks and other financial
institutions
113,165
250,000
(72,500)
2,891
(2,626)
290,930
Lease liabilities
57,423
\u2014
(17,691)
34,448
(1,133)
73,047
Other debt
45,447
34,596
(35,566)
\u2014
(1,414)
43,063
Total debt\u00a0
2,811,779
435,813
(751,070)
26,840
(46,176)
2,477,186
Financing cash flows
Other movements
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
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
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
____________________________
(1) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Contractual undiscounted cash flows
The following tables present the contractual maturities (contractual undiscounted cash flows, including interest) of
the Group\u2019s debt based on relevant maturity groupings.
Contractual cash flows at December 31, 2023
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2023 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
542,960
390,256
277,783
\u2014
1,210,999
1,166,473
Bonds and notes
11,714
458,619
14,850
460,106
945,289
903,673
Borrowings from banks and other financial institutions
172,441
83,047
46,813
\u2014
302,301
290,930
Lease liabilities
17,934
12,571
28,131
22,316
80,952
73,047
Other debt
43,063
\u2014
\u2014
\u2014
43,063
43,063
Total debt
788,112
944,493
367,577
482,422
2,582,604
2,477,186
Contractual cash flows at December 31, 2022
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2022 (*)
(\u20ac thousand)
Bonds and notes
400,475
14,700
668,777
464,648
1,548,600
1,490,319
Asset-backed financing (Securitizations)
439,919
408,462
283,786
\u2014
1,132,167
1,105,425
Borrowings from banks and other financial institutions
117,349
\u2014
\u2014
\u2014
117,349
113,165
Lease liabilities
16,178
11,373
20,289
12,785
60,625
57,423
Other debt
45,447
\u2014
\u2014
\u2014
45,447
45,447
Total debt
1,019,368
434,535
972,852
477,433
2,904,188
2,811,779
(*)\u00a0 \u00a0 As reported in the consolidated statement of financial position
Asset-backed financing (Securitizations)
As a means of diversifying its sources of funds, the Group sells certain of its receivables originated by its financial
services activities in the United States through asset-backed financing or securitization programs (the terms asset-backed
financing and securitization programs are used synonymously throughout this document), without transferring the risks
typically associated with the related receivables. As a result, the receivables sold through securitization programs are still
consolidated until collection from the customer. The securitization agreements for both programs require the maintenance of
an interest rate cap.
The following table presents information relating to the revolving securitization programs.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2023
Amount
Outstanding at
December 31, 2022
Maturity Date
($ million)
($ million)
($ million)
Retail (1)
975
977
896
December 2024
Leasing (1)
400
312
283
November 2025
Total asset-backed financing (Securitizations)
1,375
1,289
1,179
(1) At December 31, 2023 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 70 basis points.
(2) Excluding accrued interest.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085\u00a0thousand at December 31, 2022).
Bonds and notes
2023 Bond
On March 16, 2023 the Company fully repaid the 2023 Bond for a total consideration of \u20ac390,374\u00a0thousand
(including accrued interest). The bond was previously issued on March 16, 2016, for a principal amount of \u20ac500\u00a0million at a
coupon of 1.5 percent and due on March 2023. Following a cash tender offer, in July 2019 the Company executed the partial
repurchase of these notes for an aggregate nominal amount of \u20ac115,395\u00a0thousand. The amount outstanding at December 31,
2022 was \u20ac388,947\u00a0thousand including accrued interest of \u20ac4,567\u00a0thousand.
2025 Bond
On May 27, 2020 the Company issued 1.5 percent coupon notes due May 2025 (\u201c2025 Bond\u201d), having a principal of
\u20ac650\u00a0million. The notes were issued at a discount for an issue price of 98.898 percent, resulting in net proceeds of \u20ac640,073
thousand, after related expenses, and a yield to maturity of 1.732 percent. The bond was admitted to trading on the regulated
market of Euronext Dublin. Following a cash tender offer, in July 2023, the Group accepted for purchase valid tenders of the
2025 Bond for an aggregate nominal amount of \u20ac199,037 thousand and at a purchase price of \u20ac191,097 thousand, resulting in
gains of \u20ac7,940 thousand, which were recognized within financial income. The repurchases were settled in July 2023. The
amount outstanding of the 2025 Bond at December\u00a031, 2023 was \u20ac453,027\u00a0thousand, including accrued interest of
\u20ac4,097\u00a0thousand (\u20ac650,923\u00a0thousand, including accrued interest of \u20ac5,818\u00a0thousand at December 31, 2022).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain US institutional investors, each having a
principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand and the yields to maturity on
an annual basis equal the nominal coupon rates of the notes. The 2029 Notes and the 2031 Notes are primarily used for
general corporate purposes, including the funding of capital expenditures.
The amount outstanding of the 2029 Notes at December\u00a031, 2023 was \u20ac150,218\u00a0thousand, including accrued interest
of \u20ac700\u00a0thousand (\u20ac150,135\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2022). The amount
outstanding of the 2031 Notes at December\u00a031, 2023 was \u20ac150,246\u00a0thousand, including accrued interest of \u20ac794\u00a0thousand
(\u20ac150,178\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2022).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain US institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2023 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2023
was \u20ac150,182\u00a0thousand, including accrued interest of \u20ac587\u00a0thousand (\u20ac150,136\u00a0thousand, including accrued interest of
\u20ac577\u00a0thousand at December 31, 2022).
The aforementioned bonds and notes impose covenants on Ferrari including: (i) negative pledge clauses which
require that, in case any security interest upon assets of Ferrari is granted in connection with other notes or debt securities
with the consent of Ferrari are, or are intended to be, listed, such security should be equally and ratably extended to the
outstanding notes, subject to certain permitted exceptions; (ii) pari passu clauses, under which the notes rank and will rank
pari passu with all other present and future unsubordinated and unsecured obligations of Ferrari; (iii) events of default for
failure to pay principal or interest or comply with other obligations under the notes with specified cure periods or in the event
of a payment default or acceleration of indebtedness or in the case of certain bankruptcy events; and (iv) other clauses that are
customarily applicable to debt securities of issuers with a similar credit standing. A breach of these covenants may require the
early repayment of the notes. At December\u00a031, 2023 and 2022, Ferrari was in compliance with the covenants of the notes.
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Amount Outstanding at December 31,
Borrowing Entity
Currency
2023
2022
Maturity Date
(\u20ac thousand)
Ferrari N.V. (1)
EUR
130,224
\u2014
January 2026
Ferrari N.V. (1)
EUR
75,040
\u2014
March 2026
Ferrari Financial Services, Inc. (2)
USD
73,153
75,665
April 2024
Ferrari S.p.A. (3)
EUR
12,513
37,500
June 2024
Total borrowings from banks and other financial
institutions
290,930
113,165
(1) Amortized term loans bearing an average interest of 4.663 percent as of December, 31 2023.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 75 basis points.
(3)An amortized term loan bearing fixed interest at 0.118 percent.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2023 lease liabilities amounted to \u20ac73,047 thousand (\u20ac57,423\u00a0thousand at December 31, 2022).
Other debt
Other debt mainly relates to US based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2023, the Group had total committed credit lines available and undrawn amounting to \u20ac600 million
and with maturities ranging from 2024 to 2026 (\u20ac669\u00a0million at December 31, 2022).
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:
\u2022 centralizing liquidity management through the use of cash pooling arrangements
\u2022 maintaining a conservative level of available liquidity
\u2022 obtaining adequate credit lines and diversifying sources of funding
\u2022 maintaining a portfolio of high-quality liquid assets
\u2022 monitoring 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 \u20ac600 million and \u20ac669 million at December\u00a031,
2023 and 2022 respectively.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Financial derivatives
55,562
80,233
Other financial assets
5,568
7,068
Current financial assets
61,130
87,301
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, 2023 and 2022.
At December 31,
2023
2022
Positive\u00a0fair
value\u00a0
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac thousand)
Cash flow hedge:
Currency swaps
34,542
(10,170)
41,270
(16,976)
Interest rate caps
17,407
\u2014
36,771
\u2014
Commodities
\u2014
(174)
5
(772)
Total Cash flow hedges
51,949
(10,344)
78,046
(17,748)
Other foreign exchange derivatives
3,613
(3,195)
2,187
(2,245)
Current financial assets/(liabilities)
55,562
(13,539)
80,233
(19,993)
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, 2023
At December 31, 2022
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
32,069
2,515,057
49,466
2,385,494
Pound Sterling
(678)
145,216
2,811
121,881
Japanese Yen
14,086
392,343
2,711
275,700
Swiss Franc
(3,660)
106,911
(991)
108,459
Chinese Yuan
915
141,493
2,702
176,062
Other(1)
(709)
153,207
3,541
131,319
Total amount
42,023
3,454,227
60,240
3,198,915
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2023 and 2022, 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,
2023
2022
2021
(\u20ac thousand)
Net revenues/(costs)
48,393
(75,749)
7,275
Income tax (expense)/benefit
(13,502)
21,134
(2,030)
Total recognized in the consolidated income statement
34,891
(54,615)
5,245
The ineffectiveness of cash flow hedges was not material for the years 2023, 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
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, 2023
At December 31, 2022
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
32,069
2,515,057
49,466
2,385,494
Pound Sterling
(678)
145,216
2,811
121,881
Japanese Yen
14,086
392,343
2,711
275,700
Swiss Franc
(3,660)
106,911
(991)
108,459
Chinese Yuan
915
141,493
2,702
176,062
Other(1)
(709)
153,207
3,541
131,319
Total amount
42,023
3,454,227
60,240
3,198,915
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2023 and 2022, substantially all derivative financial instruments had a maturity of twelve months
or less.
Cash flow hedges", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "value": "CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
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, 2023
At December 31, 2022
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
32,069
2,515,057
49,466
2,385,494
Pound Sterling
(678)
145,216
2,811
121,881
Japanese Yen
14,086
392,343
2,711
275,700
Swiss Franc
(3,660)
106,911
(991)
108,459
Chinese Yuan
915
141,493
2,702
176,062
Other(1)
(709)
153,207
3,541
131,319
Total amount
42,023
3,454,227
60,240
3,198,915
______________________________
(1)Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
At December\u00a031, 2023 and 2022, substantially all derivative financial instruments had a maturity of twelve months
or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "
20. EQUITY
Share capital
At December\u00a031, 2023 and 2022 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, 2023 ,
the Company had 13,505,409 common shares and 16,240 special voting shares held in treasury, while at December\u00a031, 2022,
the Company had 11,970,001 common shares and 5,199 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, 2023 and 2022 the Company
held in treasury 5.26 percent and 4.65 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, 2023 and 2022:
Common Shares
Special Voting
Shares
Total
Outstanding shares at December 31, 2021
183,843,396
63,344,922
247,188,318
Common shares repurchased under share repurchase program (1)
(1,966,816)
\u2014
(1,966,816)
Common shares assigned under equity incentive plans (2)
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
Common shares repurchased under share repurchase program(4)
(1,630,171)
\u2014
(1,630,171)
Common shares assigned under equity incentive plans (5)
94,763
\u2014
94,763
Other changes (3)
\u2014
(11,041)
(11,041)
Outstanding shares at December 31, 2023
180,418,090
63,332,872
243,750,962
_______________________________________.
(1) 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.
(2) 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.
(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, 2023 and December 31, 2023 based on the transaction trade
date, for a total consideration of \u20ac460,629\u00a0thousand (including Sell to Cover as described below), including transaction costs.
(5) On March 15, 2023, 80,305 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 15, 2023, the Company purchased 34,671
common shares, for a total consideration of \u20ac8,448\u00a0thousand, from a group of 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 July 17, 2023 the Company assigned 49,129 shares related to
commercial agreements with certain suppliers and other shares awards. 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:
\u2022 a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2023 (\u20ac5,768,544 thousand at December\u00a031,
2022).
\u2022 a legal reserve of \u20ac46 thousand at December\u00a031, 2023 and \u20ac19 thousand at December\u00a031, 2022, determined in
accordance with Dutch law.
\u2022 a treasury reserve of \u20ac1,704,673 thousand at December\u00a031, 2023 and \u20ac1,244,045 thousand at December\u00a031,
2022.
\u2022 a share-based compensation reserve of \u20ac38,106 thousand at December\u00a031, 2023 and \u20ac28,574 thousand at
December\u00a031, 2022.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 14, 2023, a dividend distribution of \u20ac1.810 per outstanding common share was approved, corresponding to a total
distribution of \u20ac328,631\u00a0thousand, which was fully paid in 2023). 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 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.
Other comprehensive income/(loss)
The following table presents other comprehensive income/(loss):
For the years ended December 31,
2023
2022
2021
(\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)
221
1,605
(463)
Total items that will not be reclassified to the consolidated income statement in subsequent
periods
221
1,605
(463)
Items that may be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on cash flow hedging instruments arising during the period
22,109
17,149
(56,855)
(Gains)/Losses on cash flow hedging instruments reclassified to the consolidated income
statement
(48,393)
75,749
(7,275)
(Losses)/Gains on cash flow hedging instruments
(26,284)
92,898
(64,130)
Exchange differences on translating foreign operations
(6,323)
9,798
14,229
Total items that may be reclassified to the consolidated income statement in subsequent periods
(32,607)
102,696
(49,901)
Total other comprehensive (loss)/income
(32,386)
104,301
(50,364)
Related tax impact
6,351
(25,002)
18,070
Total other comprehensive (loss)/income, net of tax
(26,035)
79,299
(32,294)
__________________________
(1) Includes a loss of \u20ac30\u00a0thousand, a loss of \u20ac15\u00a0thousand and a gain of \u20ac83\u00a0thousand for the years ended December 31, 2023, 2022 and 2021,
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,
2023
2022
2021
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
221
(52)
169
1,605
(376)
1,229
(463)
110
(353)
(Losses)/Gains on cash flow
hedging instruments
(26,284)
6,403
(19,881)
92,898
(24,626)
68,272
(64,130)
17,960
(46,170)
Exchange (losses)/gains on
translating foreign operations
(6,323)
\u2014
(6,323)
9,798
\u2014
9,798
14,229
\u2014
14,229
Total other comprehensive
(loss)/income
(32,386)
6,351
(26,035)
104,301
(25,002)
79,299
(50,364)
18,070
(32,294)
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, 2023, 2022 or 2021.
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:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "value": "
20. EQUITY
Share capital
At December\u00a031, 2023 and 2022 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, 2023 ,
the Company had 13,505,409 common shares and 16,240 special voting shares held in treasury, while at December\u00a031, 2022,
the Company had 11,970,001 common shares and 5,199 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, 2023 and 2022 the Company
held in treasury 5.26 percent and 4.65 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, 2023 and 2022:
Common Shares
Special Voting
Shares
Total
Outstanding shares at December 31, 2021
183,843,396
63,344,922
247,188,318
Common shares repurchased under share repurchase program (1)
(1,966,816)
\u2014
(1,966,816)
Common shares assigned under equity incentive plans (2)
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
Common shares repurchased under share repurchase program(4)
(1,630,171)
\u2014
(1,630,171)
Common shares assigned under equity incentive plans (5)
94,763
\u2014
94,763
Other changes (3)
\u2014
(11,041)
(11,041)
Outstanding shares at December 31, 2023
180,418,090
63,332,872
243,750,962
_______________________________________.
(1) 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.
(2) 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.
(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, 2023 and December 31, 2023 based on the transaction trade
date, for a total consideration of \u20ac460,629\u00a0thousand (including Sell to Cover as described below), including transaction costs.
(5) On March 15, 2023, 80,305 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 15, 2023, the Company purchased 34,671
common shares, for a total consideration of \u20ac8,448\u00a0thousand, from a group of 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 July 17, 2023 the Company assigned 49,129 shares related to
commercial agreements with certain suppliers and other shares awards. 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:
\u2022 a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2023 (\u20ac5,768,544 thousand at December\u00a031,
2022).
\u2022 a legal reserve of \u20ac46 thousand at December\u00a031, 2023 and \u20ac19 thousand at December\u00a031, 2022, determined in
accordance with Dutch law.
\u2022 a treasury reserve of \u20ac1,704,673 thousand at December\u00a031, 2023 and \u20ac1,244,045 thousand at December\u00a031,
2022.
\u2022 a share-based compensation reserve of \u20ac38,106 thousand at December\u00a031, 2023 and \u20ac28,574 thousand at
December\u00a031, 2022.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 14, 2023, a dividend distribution of \u20ac1.810 per outstanding common share was approved, corresponding to a total
distribution of \u20ac328,631\u00a0thousand, which was fully paid in 2023). 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 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.
Other comprehensive income/(loss)
The following table presents other comprehensive income/(loss):
For the years ended December 31,
2023
2022
2021
(\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)
221
1,605
(463)
Total items that will not be reclassified to the consolidated income statement in subsequent
periods
221
1,605
(463)
Items that may be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on cash flow hedging instruments arising during the period
22,109
17,149
(56,855)
(Gains)/Losses on cash flow hedging instruments reclassified to the consolidated income
statement
(48,393)
75,749
(7,275)
(Losses)/Gains on cash flow hedging instruments
(26,284)
92,898
(64,130)
Exchange differences on translating foreign operations
(6,323)
9,798
14,229
Total items that may be reclassified to the consolidated income statement in subsequent periods
(32,607)
102,696
(49,901)
Total other comprehensive (loss)/income
(32,386)
104,301
(50,364)
Related tax impact
6,351
(25,002)
18,070
Total other comprehensive (loss)/income, net of tax
(26,035)
79,299
(32,294)
__________________________
(1) Includes a loss of \u20ac30\u00a0thousand, a loss of \u20ac15\u00a0thousand and a gain of \u20ac83\u00a0thousand for the years ended December 31, 2023, 2022 and 2021,
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,
2023
2022
2021
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
221
(52)
169
1,605
(376)
1,229
(463)
110
(353)
(Losses)/Gains on cash flow
hedging instruments
(26,284)
6,403
(19,881)
92,898
(24,626)
68,272
(64,130)
17,960
(46,170)
Exchange (losses)/gains on
translating foreign operations
(6,323)
\u2014
(6,323)
9,798
\u2014
9,798
14,229
\u2014
14,229
Total other comprehensive
(loss)/income
(32,386)
6,351
(26,035)
104,301
(25,002)
79,299
(50,364)
18,070
(32,294)
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, 2023, 2022 or 2021.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-494": { "value": "
20. EQUITY
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 14, 2023, a dividend distribution of \u20ac1.810 per outstanding common share was approved, corresponding to a total
distribution of \u20ac328,631\u00a0thousand, which was fully paid in 2023). 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 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": "
Share capital
At December\u00a031, 2023 and 2022 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, 2023 ,
the Company had 13,505,409 common shares and 16,240 special voting shares held in treasury, while at December\u00a031, 2022,
the Company had 11,970,001 common shares and 5,199 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, 2023 and 2022 the Company
held in treasury 5.26 percent and 4.65 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, 2023 and 2022:
Common Shares
Special Voting
Shares
Total
Outstanding shares at December 31, 2021
183,843,396
63,344,922
247,188,318
Common shares repurchased under share repurchase program (1)
(1,966,816)
\u2014
(1,966,816)
Common shares assigned under equity incentive plans (2)
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
Common shares repurchased under share repurchase program(4)
(1,630,171)
\u2014
(1,630,171)
Common shares assigned under equity incentive plans (5)
94,763
\u2014
94,763
Other changes (3)
\u2014
(11,041)
(11,041)
Outstanding shares at December 31, 2023
180,418,090
63,332,872
243,750,962
_______________________________________.
(1) 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.
(2) 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.
(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, 2023 and December 31, 2023 based on the transaction trade
date, for a total consideration of \u20ac460,629\u00a0thousand (including Sell to Cover as described below), including transaction costs.
(5) On March 15, 2023, 80,305 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 15, 2023, the Company purchased 34,671
common shares, for a total consideration of \u20ac8,448\u00a0thousand, from a group of 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 July 17, 2023 the Company assigned 49,129 shares related to
commercial agreements with certain suppliers and other shares awards. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": "1.810", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-499": { "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" } }, "f-500": { "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" } }, "f-501": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": "
21. SHARE-BASED COMPENSATION
Equity incentive plans
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 2020-2022
In the first quarter of 2023, 36,090 2020-2022 PSU awards vested (representing 95 percent of the target PSU
awards) as a result of the achievement of the related performance conditions and 32,339 2020-2022 RSU awards vested upon
achievement of the related service conditions. As a result, 68,429 common shares, which were previously held in treasury,
were assigned to participants of the plan in the first quarter of 2023. There are no further awards outstanding for the Equity
Incentive Plan 2020-2022.
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 of the awards 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 of the awards 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 of the awards 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.
In March 2024, 41,338 2021-2023 PSU awards are expected to vest (representing approximately 122 percent of the
target PSU awards) as a result of the achievement of the related performance conditions (described above) 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 2021-2023 PSU awards outstanding.
2021-2023 RSU awards
In March 2024, 29,550 2021-2023 RSU awards are expected to vest as a result of the achievement of the related
service condition, which is the recipient\u2019s continued employment with the Company at the time of vesting, 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 2021-2023 RSU awards outstanding.
Equity Incentive Plan 2022-2024
Under the 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 of the awards 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 of the awards 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 of the awards 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 emissions and
50 percent is based on the maintenance of the equal 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.
Equity Incentive Plan 2023-2025
Under the Equity Incentive Plan 2023-2025 approved in 2023, the Company awarded approximately 58\u00a0thousand
2023-2025 PSUs to the Executive Chairman, the CEO, the remaining members of the FLT and other employees of the Group,
and approximately 22\u00a0thousand 2023-2025 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 2023 to 2025.
2023-2025 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
(i) TSR Target - 40 percent of the awards 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 of the awards 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 of the awards 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 emissions and
50 percent is based on the maintenance of the equal salary certification.
Each target is settled independently of the other targets. The awards vest in 2026 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
2023-2025 RSU awards
The awards vest in 2026, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
Supplemental information relating to the Equity Incentive Plan 2023-2025 is summarized below.
TSR Target
The number of 2023-2025 PSUs with a TSR Target that vest under the Equity Incentive Plan 2023-2025 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 2023-2025 PSUs with an EBITDA Target that vest under the Equity Incentive Plan 2023-2025 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 PSUs and RSUs that were awarded under the Equity Incentive Plan 2023-2025, 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 2023-2025
PSUs
\u20ac236.30
RSUs
\u20ac253.76
The fair value of the 2023-2025 PSU awards was measured at the grant date using a Monte Carlo Simulation model.
The fair value of the 2023-2025 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 key assumptions utilized to calculate the grant-date fair values of the PSUs that were awarded under the Equity
Incentive Plan 2023-2025 are summarized below:
Equity Incentive Plan 2023-2025
Grant date share price
\u20ac259.60
Expected volatility
27.9%
Dividend yield
0.75%
Risk-free rate
2.90%
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.
Broad-based employee share ownership plan
In November 2023 the Company announced that it would launch a broad-based employee share ownership plan in
the early months of 2024 under which each employee will be given the option to become a shareholder of the Company,
receiving a one-off grant of shares worth up to a maximum of approximately \u20ac2\u00a0thousand. If the employee holds the shares
for at least 36 months, the Company will grant them an additional tranche of shares worth up to 15 percent of the value of the
first allocation.
Other share-based compensation
During 2022, the Company 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. In 2023 6,838 share
awards vested and 1,309 share awards were forfeited. At December 31, 2023, 481 share awards remained outstanding and
will vest in 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 per award, 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 Company also provides share-based payments for services received as part of commercial agreements with
certain suppliers.
Outstanding share awards
The following table presents the changes to the outstanding share awards under the Group\u2019s share-based payment
arrangements:
PSU Awards
RSU Awards
Other Awards
Total Outstanding
Awards
Balance at December 31, 2021
152,172
123,661
\u2014
275,833
Granted
72,373
26,574
64,048
162,995
Forfeited
(16,327)
(8,934)
\u2014
(25,261)
Vested
(68,013)
(54,112)
(6,643)
(128,768)
Balance at December 31, 2022
140,205
87,189
57,405
284,799
Granted
58,381
21,939
63,217
143,537
Forfeited
(8,117)
(3,544)
(1,309)
(12,970)
Vested
(36,090)
(32,339)
(55,614)
(124,043)
Balance at December 31, 2023
154,379
73,245
63,699
291,323
Share-based compensation expense
The following table presents the share based compensation expense recognized for the years ended December\u00a031,
2023, 2022 and 2021, as well as the unrecognized share-based compensation at December\u00a031, 2023, 2022 and 2021.
For the years ended\u00a0 December 31,
2023
2022
2021
(\u20ac thousand)
Equity incentive plans and other share-
based awards
15,154
16,172
11,689
Broad-based employee share ownership
plan
10,222
\u2014
\u2014
Commercial agreements with suppliers
4,563
4,688
2,206
Total share-based compensation
expense
29,939
20,860
13,895
At December 31,
2023
2022
2021
(\u20ac thousand)
Unrecognized share-based
compensation expense
12,954
16,069
11,082
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": "
22. EMPLOYEE BENEFITS
The Group\u2019s provisions for employee benefits are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Present value of defined benefit obligations:
Italian employee severance indemnity (TFR)
13,903
15,142
Total present value of defined benefit obligations
13,903
15,142
Other provisions for employees
109,142
95,665
Total provisions for employee benefits
123,045
110,807
Defined contribution plans
The Group recognizes the cost for defined contribution plans over the period in which the employee renders service
and classifies this by function in cost of sales, selling, general and administrative costs and research and development costs.
The total income statement expense for defined contributions plans in the years ended December\u00a031, 2023, 2022 and 2021
was \u20ac18,832 thousand, \u20ac16,944 thousand and \u20ac15,729 thousand, respectively.
Defined benefit obligations
Italian employee severance indemnity (TFR)
Trattamento di fine rapporto or \u201cTFR\u201d relates to the amounts that employees in Italy are entitled to receive when
they leave the company and is calculated based on the period of employment and the taxable earnings of each employee.
Under certain conditions the entitlement may be partially advanced to an employee during the employee\u2019s working life.
The Italian legislation regarding this scheme was amended by Law 296 of 27\u00a0December 2006 and subsequent
decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are
obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to
supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be
managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to
supplementary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts
recorded in the provision for employee severance pay retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the provision
for employee severance indemnity in Italy consists of the residual obligation for TFR until December\u00a031, 2006. This is an
unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future
revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the
associated cost, being the required contributions to the pension funds, over the period in which the employee renders service.
The following table summarizes the changes in the defined benefit obligations relating to the TFR liability:
Total
Amounts at December 31, 2021
18,430
Included in the consolidated income statement
22
Included in other comprehensive income/loss (*)
(1,605)
Other
(1,705)
\u00a0 Benefits paid
(1,731)
\u00a0 Other changes
26
Amounts at December 31, 2022
15,142
Included in the consolidated income statement
518
Included in other comprehensive income/loss (*)
(221)
Other
(1,536)
\u00a0 Benefits paid
(1,536)
\u00a0 Other changes
\u2014
Amounts at December 31, 2023
13,903
______________________________
(*)\u00a0 \u00a0 Relates to actuarial losses/(gains) from financial assumptions.
Amounts recognized in the consolidated income statement relating to the TFR liability are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Current service cost\u00a0
\u2014
\u2014
6
Interest expense\u00a0
518
22
\u2014
Total recognized in the consolidated income statement
518
22
6
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 2023 is equal to 4.1 percent (3.8 percent in 2022 and 0.9 percent in 2021 ). The average
duration of the Italian TFR was approximately 6 years at December\u00a031, 2023 (7 years and 8 years at December 31, 2022 and
2021, respectively). 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\u00a031, 2023 are as follows:
TFR
(\u20ac thousand)
2024
1,464
2025
1,507
2026
1,451
2027
1,647
2028
1,214
2029 - 2033
5,826
Total
13,109
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
At December\u00a031,
2023
2022
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
(\u20ac thousand)
Impact on defined benefit obligation
(778)
868
(904)
1,013
The above sensitivity analysis is based on an assumed change in the discount rate while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When
calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method has been
applied as when calculating the defined benefit liability recognized in the statement of the financial position.
Other provisions for employees
Other provisions for employees consist of the expected future amounts payable to employees in connection with
other remuneration schemes, which are not subject to actuarial valuation, including long-term bonus plans.
At December\u00a031, 2023 , other provisions for employees comprised short-term bonus benefits amounting to \u20ac105,043
thousand (\u20ac92,463 thousand at December\u00a031, 2022) and other benefits amounting to \u20ac4,099 thousand (\u20ac3,202 thousand at
December\u00a031, 2022), primarily relating to jubilee benefits granted to certain employees by the Group in the event of
achieving 30 years of service.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": "
22. EMPLOYEE BENEFITS
The Group\u2019s provisions for employee benefits are as follows:
At December 31,
2023
2022
(\u20ac thousand)
Present value of defined benefit obligations:
Italian employee severance indemnity (TFR)
13,903
15,142
Total present value of defined benefit obligations
13,903
15,142
Other provisions for employees
109,142
95,665
Total provisions for employee benefits
123,045
110,807
Defined contribution plans
The Group recognizes the cost for defined contribution plans over the period in which the employee renders service
and classifies this by function in cost of sales, selling, general and administrative costs and research and development costs.
The total income statement expense for defined contributions plans in the years ended December\u00a031, 2023, 2022 and 2021
was \u20ac18,832 thousand, \u20ac16,944 thousand and \u20ac15,729 thousand, respectively.
Defined benefit obligations
Italian employee severance indemnity (TFR)
Trattamento di fine rapporto or \u201cTFR\u201d relates to the amounts that employees in Italy are entitled to receive when
they leave the company and is calculated based on the period of employment and the taxable earnings of each employee.
Under certain conditions the entitlement may be partially advanced to an employee during the employee\u2019s working life.
The Italian legislation regarding this scheme was amended by Law 296 of 27\u00a0December 2006 and subsequent
decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are
obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to
supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be
managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to
supplementary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts
recorded in the provision for employee severance pay retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the provision
for employee severance indemnity in Italy consists of the residual obligation for TFR until December\u00a031, 2006. This is an
unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future
revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the
associated cost, being the required contributions to the pension funds, over the period in which the employee renders service.
The following table summarizes the changes in the defined benefit obligations relating to the TFR liability:
Total
Amounts at December 31, 2021
18,430
Included in the consolidated income statement
22
Included in other comprehensive income/loss (*)
(1,605)
Other
(1,705)
\u00a0 Benefits paid
(1,731)
\u00a0 Other changes
26
Amounts at December 31, 2022
15,142
Included in the consolidated income statement
518
Included in other comprehensive income/loss (*)
(221)
Other
(1,536)
\u00a0 Benefits paid
(1,536)
\u00a0 Other changes
\u2014
Amounts at December 31, 2023
13,903
______________________________
(*)\u00a0 \u00a0 Relates to actuarial losses/(gains) from financial assumptions.
Amounts recognized in the consolidated income statement relating to the TFR liability are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Current service cost\u00a0
\u2014
\u2014
6
Interest expense\u00a0
518
22
\u2014
Total recognized in the consolidated income statement
518
22
6
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 2023 is equal to 4.1 percent (3.8 percent in 2022 and 0.9 percent in 2021 ). The average
duration of the Italian TFR was approximately 6 years at December\u00a031, 2023 (7 years and 8 years at December 31, 2022 and
2021, respectively). 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\u00a031, 2023 are as follows:
TFR
(\u20ac thousand)
2024
1,464
2025
1,507
2026
1,451
2027
1,647
2028
1,214
2029 - 2033
5,826
Total
13,109
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
At December\u00a031,
2023
2022
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
(\u20ac thousand)
Impact on defined benefit obligation
(778)
868
(904)
1,013
The above sensitivity analysis is based on an assumed change in the discount rate while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When
calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method has been
applied as when calculating the defined benefit liability recognized in the statement of the financial position.
Other provisions for employees
Other provisions for employees consist of the expected future amounts payable to employees in connection with
other remuneration schemes, which are not subject to actuarial valuation, including long-term bonus plans.
At December\u00a031, 2023 , other provisions for employees comprised short-term bonus benefits amounting to \u20ac105,043
thousand (\u20ac92,463 thousand at December\u00a031, 2022) and other benefits amounting to \u20ac4,099 thousand (\u20ac3,202 thousand at
December\u00a031, 2022), primarily relating to jubilee benefits granted to certain employees by the Group in the event of
achieving 30 years of service.
23. PROVISIONS
Movements in provisions are as follows:
At December
31, 2022
Additional
provisions
Utilization
Releases
Translation
differences
Reclassification
and other
movements
At December
31, 2023
(\u20ac thousand)
Warranty and recall
campaigns provision
126,069
63,325
(50,573)
(7,751)
(572)
\u2014
130,498
Legal proceedings and
disputes
12,062
239
(2,833)
(1,879)
(74)
(35)
7,480
Environmental and
other risks
42,563
26,526
(4,627)
(15,626)
(730)
1,192
49,298
Total provisions
180,694
90,090
(58,033)
(25,256)
(1,376)
1,157
187,276
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 2023 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, 2023, 2022 and 2021 were recorded within the consolidated income statement.
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Recorded in the consolidated income statement within:
Cost of sales
25,128
15,616
10,562
Selling, general and administrative costs
1,398
1,562
1,744
Total
26,526
17,178
12,306
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-505": { "value": "
23. PROVISIONS
Movements in provisions are as follows:
At December
31, 2022
Additional
provisions
Utilization
Releases
Translation
differences
Reclassification
and other
movements
At December
31, 2023
(\u20ac thousand)
Warranty and recall
campaigns provision
126,069
63,325
(50,573)
(7,751)
(572)
\u2014
130,498
Legal proceedings and
disputes
12,062
239
(2,833)
(1,879)
(74)
(35)
7,480
Environmental and
other risks
42,563
26,526
(4,627)
(15,626)
(730)
1,192
49,298
Total provisions
180,694
90,090
(58,033)
(25,256)
(1,376)
1,157
187,276
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 2023 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, 2023, 2022 and 2021 were recorded within the consolidated income statement.
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Recorded in the consolidated income statement within:
Cost of sales
25,128
15,616
10,562
Selling, general and administrative costs
1,398
1,562
1,744
Total
26,526
17,178
12,306
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, 2023
were as follows:
At December 31, 2023
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
24,071
9,031
3,000
\u2014
36,102
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-508": { "value": "
24. DEBT
The following table provides a breakdown of debt by nature and split between current and non-current.
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
514,597
651,876
1,166,473
422,736
682,689
1,105,425
Bonds and notes
\u2014
903,673
903,673
394,628
1,095,691
1,490,319
Borrowings from banks and other financial
institutions
166,763
124,167
290,930
100,665
12,500
113,165
Lease liabilities
16,450
56,597
73,047
15,917
41,506
57,423
Other debt
43,063
\u2014
43,063
45,447
\u2014
45,447
Total debt
740,873
1,736,313
2,477,186
979,393
1,832,386
2,811,779
The following tables present the change in debt, indicating separately financing cash flows and other movements.
Financing cash flows
Other movements
Balance at
December
31, 2022
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2023
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,105,425
151,217
(49,611)
445
(41,003)
1,166,473
Bonds and notes
1,490,319
\u2014
(575,702)
(10,944)
\u2014
903,673
Borrowings from banks and other financial
institutions
113,165
250,000
(72,500)
2,891
(2,626)
290,930
Lease liabilities
57,423
\u2014
(17,691)
34,448
(1,133)
73,047
Other debt
45,447
34,596
(35,566)
\u2014
(1,414)
43,063
Total debt\u00a0
2,811,779
435,813
(751,070)
26,840
(46,176)
2,477,186
Financing cash flows
Other movements
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
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
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
____________________________
(1) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Contractual undiscounted cash flows
The following tables present the contractual maturities (contractual undiscounted cash flows, including interest) of
the Group\u2019s debt based on relevant maturity groupings.
Contractual cash flows at December 31, 2023
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2023 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
542,960
390,256
277,783
\u2014
1,210,999
1,166,473
Bonds and notes
11,714
458,619
14,850
460,106
945,289
903,673
Borrowings from banks and other financial institutions
172,441
83,047
46,813
\u2014
302,301
290,930
Lease liabilities
17,934
12,571
28,131
22,316
80,952
73,047
Other debt
43,063
\u2014
\u2014
\u2014
43,063
43,063
Total debt
788,112
944,493
367,577
482,422
2,582,604
2,477,186
Contractual cash flows at December 31, 2022
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2022 (*)
(\u20ac thousand)
Bonds and notes
400,475
14,700
668,777
464,648
1,548,600
1,490,319
Asset-backed financing (Securitizations)
439,919
408,462
283,786
\u2014
1,132,167
1,105,425
Borrowings from banks and other financial institutions
117,349
\u2014
\u2014
\u2014
117,349
113,165
Lease liabilities
16,178
11,373
20,289
12,785
60,625
57,423
Other debt
45,447
\u2014
\u2014
\u2014
45,447
45,447
Total debt
1,019,368
434,535
972,852
477,433
2,904,188
2,811,779
(*)\u00a0 \u00a0 As reported in the consolidated statement of financial position
Asset-backed financing (Securitizations)
As a means of diversifying its sources of funds, the Group sells certain of its receivables originated by its financial
services activities in the United States through asset-backed financing or securitization programs (the terms asset-backed
financing and securitization programs are used synonymously throughout this document), without transferring the risks
typically associated with the related receivables. As a result, the receivables sold through securitization programs are still
consolidated until collection from the customer. The securitization agreements for both programs require the maintenance of
an interest rate cap.
The following table presents information relating to the revolving securitization programs.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2023
Amount
Outstanding at
December 31, 2022
Maturity Date
($ million)
($ million)
($ million)
Retail (1)
975
977
896
December 2024
Leasing (1)
400
312
283
November 2025
Total asset-backed financing (Securitizations)
1,375
1,289
1,179
(1) At December 31, 2023 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 70 basis points.
(2) Excluding accrued interest.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085\u00a0thousand at December 31, 2022).
Bonds and notes
2023 Bond
On March 16, 2023 the Company fully repaid the 2023 Bond for a total consideration of \u20ac390,374\u00a0thousand
(including accrued interest). The bond was previously issued on March 16, 2016, for a principal amount of \u20ac500\u00a0million at a
coupon of 1.5 percent and due on March 2023. Following a cash tender offer, in July 2019 the Company executed the partial
repurchase of these notes for an aggregate nominal amount of \u20ac115,395\u00a0thousand. The amount outstanding at December 31,
2022 was \u20ac388,947\u00a0thousand including accrued interest of \u20ac4,567\u00a0thousand.
2025 Bond
On May 27, 2020 the Company issued 1.5 percent coupon notes due May 2025 (\u201c2025 Bond\u201d), having a principal of
\u20ac650\u00a0million. The notes were issued at a discount for an issue price of 98.898 percent, resulting in net proceeds of \u20ac640,073
thousand, after related expenses, and a yield to maturity of 1.732 percent. The bond was admitted to trading on the regulated
market of Euronext Dublin. Following a cash tender offer, in July 2023, the Group accepted for purchase valid tenders of the
2025 Bond for an aggregate nominal amount of \u20ac199,037 thousand and at a purchase price of \u20ac191,097 thousand, resulting in
gains of \u20ac7,940 thousand, which were recognized within financial income. The repurchases were settled in July 2023. The
amount outstanding of the 2025 Bond at December\u00a031, 2023 was \u20ac453,027\u00a0thousand, including accrued interest of
\u20ac4,097\u00a0thousand (\u20ac650,923\u00a0thousand, including accrued interest of \u20ac5,818\u00a0thousand at December 31, 2022).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain US institutional investors, each having a
principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand and the yields to maturity on
an annual basis equal the nominal coupon rates of the notes. The 2029 Notes and the 2031 Notes are primarily used for
general corporate purposes, including the funding of capital expenditures.
The amount outstanding of the 2029 Notes at December\u00a031, 2023 was \u20ac150,218\u00a0thousand, including accrued interest
of \u20ac700\u00a0thousand (\u20ac150,135\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2022). The amount
outstanding of the 2031 Notes at December\u00a031, 2023 was \u20ac150,246\u00a0thousand, including accrued interest of \u20ac794\u00a0thousand
(\u20ac150,178\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2022).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain US institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2023 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2023
was \u20ac150,182\u00a0thousand, including accrued interest of \u20ac587\u00a0thousand (\u20ac150,136\u00a0thousand, including accrued interest of
\u20ac577\u00a0thousand at December 31, 2022).
The aforementioned bonds and notes impose covenants on Ferrari including: (i) negative pledge clauses which
require that, in case any security interest upon assets of Ferrari is granted in connection with other notes or debt securities
with the consent of Ferrari are, or are intended to be, listed, such security should be equally and ratably extended to the
outstanding notes, subject to certain permitted exceptions; (ii) pari passu clauses, under which the notes rank and will rank
pari passu with all other present and future unsubordinated and unsecured obligations of Ferrari; (iii) events of default for
failure to pay principal or interest or comply with other obligations under the notes with specified cure periods or in the event
of a payment default or acceleration of indebtedness or in the case of certain bankruptcy events; and (iv) other clauses that are
customarily applicable to debt securities of issuers with a similar credit standing. A breach of these covenants may require the
early repayment of the notes. At December\u00a031, 2023 and 2022, Ferrari was in compliance with the covenants of the notes.
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Amount Outstanding at December 31,
Borrowing Entity
Currency
2023
2022
Maturity Date
(\u20ac thousand)
Ferrari N.V. (1)
EUR
130,224
\u2014
January 2026
Ferrari N.V. (1)
EUR
75,040
\u2014
March 2026
Ferrari Financial Services, Inc. (2)
USD
73,153
75,665
April 2024
Ferrari S.p.A. (3)
EUR
12,513
37,500
June 2024
Total borrowings from banks and other financial
institutions
290,930
113,165
(1) Amortized term loans bearing an average interest of 4.663 percent as of December, 31 2023.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 75 basis points.
(3)An amortized term loan bearing fixed interest at 0.118 percent.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2023 lease liabilities amounted to \u20ac73,047 thousand (\u20ac57,423\u00a0thousand at December 31, 2022).
Other debt
Other debt mainly relates to US based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2023, the Group had total committed credit lines available and undrawn amounting to \u20ac600 million
and with maturities ranging from 2024 to 2026 (\u20ac669\u00a0million at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "value": "
24. DEBT
The following table provides a breakdown of debt by nature and split between current and non-current.
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
514,597
651,876
1,166,473
422,736
682,689
1,105,425
Bonds and notes
\u2014
903,673
903,673
394,628
1,095,691
1,490,319
Borrowings from banks and other financial
institutions
166,763
124,167
290,930
100,665
12,500
113,165
Lease liabilities
16,450
56,597
73,047
15,917
41,506
57,423
Other debt
43,063
\u2014
43,063
45,447
\u2014
45,447
Total debt
740,873
1,736,313
2,477,186
979,393
1,832,386
2,811,779
The following tables present the change in debt, indicating separately financing cash flows and other movements.
Financing cash flows
Other movements
Balance at
December
31, 2022
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2023
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,105,425
151,217
(49,611)
445
(41,003)
1,166,473
Bonds and notes
1,490,319
\u2014
(575,702)
(10,944)
\u2014
903,673
Borrowings from banks and other financial
institutions
113,165
250,000
(72,500)
2,891
(2,626)
290,930
Lease liabilities
57,423
\u2014
(17,691)
34,448
(1,133)
73,047
Other debt
45,447
34,596
(35,566)
\u2014
(1,414)
43,063
Total debt\u00a0
2,811,779
435,813
(751,070)
26,840
(46,176)
2,477,186
Financing cash flows
Other movements
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
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
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
____________________________
(1) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Contractual undiscounted cash flows
The following tables present the contractual maturities (contractual undiscounted cash flows, including interest) of
the Group\u2019s debt based on relevant maturity groupings.
Contractual cash flows at December 31, 2023
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2023 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
542,960
390,256
277,783
\u2014
1,210,999
1,166,473
Bonds and notes
11,714
458,619
14,850
460,106
945,289
903,673
Borrowings from banks and other financial institutions
172,441
83,047
46,813
\u2014
302,301
290,930
Lease liabilities
17,934
12,571
28,131
22,316
80,952
73,047
Other debt
43,063
\u2014
\u2014
\u2014
43,063
43,063
Total debt
788,112
944,493
367,577
482,422
2,582,604
2,477,186
Contractual cash flows at December 31, 2022
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2022 (*)
(\u20ac thousand)
Bonds and notes
400,475
14,700
668,777
464,648
1,548,600
1,490,319
Asset-backed financing (Securitizations)
439,919
408,462
283,786
\u2014
1,132,167
1,105,425
Borrowings from banks and other financial institutions
117,349
\u2014
\u2014
\u2014
117,349
113,165
Lease liabilities
16,178
11,373
20,289
12,785
60,625
57,423
Other debt
45,447
\u2014
\u2014
\u2014
45,447
45,447
Total debt
1,019,368
434,535
972,852
477,433
2,904,188
2,811,779
(*)\u00a0 \u00a0 As reported in the consolidated statement of financial position
Asset-backed financing (Securitizations)
As a means of diversifying its sources of funds, the Group sells certain of its receivables originated by its financial
services activities in the United States through asset-backed financing or securitization programs (the terms asset-backed
financing and securitization programs are used synonymously throughout this document), without transferring the risks
typically associated with the related receivables. As a result, the receivables sold through securitization programs are still
consolidated until collection from the customer. The securitization agreements for both programs require the maintenance of
an interest rate cap.
The following table presents information relating to the revolving securitization programs.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2023
Amount
Outstanding at
December 31, 2022
Maturity Date
($ million)
($ million)
($ million)
Retail (1)
975
977
896
December 2024
Leasing (1)
400
312
283
November 2025
Total asset-backed financing (Securitizations)
1,375
1,289
1,179
(1) At December 31, 2023 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 70 basis points.
(2) Excluding accrued interest.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085\u00a0thousand at December 31, 2022).
Bonds and notes
2023 Bond
On March 16, 2023 the Company fully repaid the 2023 Bond for a total consideration of \u20ac390,374\u00a0thousand
(including accrued interest). The bond was previously issued on March 16, 2016, for a principal amount of \u20ac500\u00a0million at a
coupon of 1.5 percent and due on March 2023. Following a cash tender offer, in July 2019 the Company executed the partial
repurchase of these notes for an aggregate nominal amount of \u20ac115,395\u00a0thousand. The amount outstanding at December 31,
2022 was \u20ac388,947\u00a0thousand including accrued interest of \u20ac4,567\u00a0thousand.
2025 Bond
On May 27, 2020 the Company issued 1.5 percent coupon notes due May 2025 (\u201c2025 Bond\u201d), having a principal of
\u20ac650\u00a0million. The notes were issued at a discount for an issue price of 98.898 percent, resulting in net proceeds of \u20ac640,073
thousand, after related expenses, and a yield to maturity of 1.732 percent. The bond was admitted to trading on the regulated
market of Euronext Dublin. Following a cash tender offer, in July 2023, the Group accepted for purchase valid tenders of the
2025 Bond for an aggregate nominal amount of \u20ac199,037 thousand and at a purchase price of \u20ac191,097 thousand, resulting in
gains of \u20ac7,940 thousand, which were recognized within financial income. The repurchases were settled in July 2023. The
amount outstanding of the 2025 Bond at December\u00a031, 2023 was \u20ac453,027\u00a0thousand, including accrued interest of
\u20ac4,097\u00a0thousand (\u20ac650,923\u00a0thousand, including accrued interest of \u20ac5,818\u00a0thousand at December 31, 2022).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain US institutional investors, each having a
principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand and the yields to maturity on
an annual basis equal the nominal coupon rates of the notes. The 2029 Notes and the 2031 Notes are primarily used for
general corporate purposes, including the funding of capital expenditures.
The amount outstanding of the 2029 Notes at December\u00a031, 2023 was \u20ac150,218\u00a0thousand, including accrued interest
of \u20ac700\u00a0thousand (\u20ac150,135\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2022). The amount
outstanding of the 2031 Notes at December\u00a031, 2023 was \u20ac150,246\u00a0thousand, including accrued interest of \u20ac794\u00a0thousand
(\u20ac150,178\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2022).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain US institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2023 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2023
was \u20ac150,182\u00a0thousand, including accrued interest of \u20ac587\u00a0thousand (\u20ac150,136\u00a0thousand, including accrued interest of
\u20ac577\u00a0thousand at December 31, 2022).
The aforementioned bonds and notes impose covenants on Ferrari including: (i) negative pledge clauses which
require that, in case any security interest upon assets of Ferrari is granted in connection with other notes or debt securities
with the consent of Ferrari are, or are intended to be, listed, such security should be equally and ratably extended to the
outstanding notes, subject to certain permitted exceptions; (ii) pari passu clauses, under which the notes rank and will rank
pari passu with all other present and future unsubordinated and unsecured obligations of Ferrari; (iii) events of default for
failure to pay principal or interest or comply with other obligations under the notes with specified cure periods or in the event
of a payment default or acceleration of indebtedness or in the case of certain bankruptcy events; and (iv) other clauses that are
customarily applicable to debt securities of issuers with a similar credit standing. A breach of these covenants may require the
early repayment of the notes. At December\u00a031, 2023 and 2022, Ferrari was in compliance with the covenants of the notes.
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Amount Outstanding at December 31,
Borrowing Entity
Currency
2023
2022
Maturity Date
(\u20ac thousand)
Ferrari N.V. (1)
EUR
130,224
\u2014
January 2026
Ferrari N.V. (1)
EUR
75,040
\u2014
March 2026
Ferrari Financial Services, Inc. (2)
USD
73,153
75,665
April 2024
Ferrari S.p.A. (3)
EUR
12,513
37,500
June 2024
Total borrowings from banks and other financial
institutions
290,930
113,165
(1) Amortized term loans bearing an average interest of 4.663 percent as of December, 31 2023.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 75 basis points.
(3)An amortized term loan bearing fixed interest at 0.118 percent.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2023 lease liabilities amounted to \u20ac73,047 thousand (\u20ac57,423\u00a0thousand at December 31, 2022).
Other debt
Other debt mainly relates to US based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2023, the Group had total committed credit lines available and undrawn amounting to \u20ac600 million
and with maturities ranging from 2024 to 2026 (\u20ac669\u00a0million at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-506": { "value": "
24. DEBT
The following table provides a breakdown of debt by nature and split between current and non-current.
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
514,597
651,876
1,166,473
422,736
682,689
1,105,425
Bonds and notes
\u2014
903,673
903,673
394,628
1,095,691
1,490,319
Borrowings from banks and other financial
institutions
166,763
124,167
290,930
100,665
12,500
113,165
Lease liabilities
16,450
56,597
73,047
15,917
41,506
57,423
Other debt
43,063
\u2014
43,063
45,447
\u2014
45,447
Total debt
740,873
1,736,313
2,477,186
979,393
1,832,386
2,811,779
The following tables present the change in debt, indicating separately financing cash flows and other movements.
Financing cash flows
Other movements
Balance at
December
31, 2022
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2023
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,105,425
151,217
(49,611)
445
(41,003)
1,166,473
Bonds and notes
1,490,319
\u2014
(575,702)
(10,944)
\u2014
903,673
Borrowings from banks and other financial
institutions
113,165
250,000
(72,500)
2,891
(2,626)
290,930
Lease liabilities
57,423
\u2014
(17,691)
34,448
(1,133)
73,047
Other debt
45,447
34,596
(35,566)
\u2014
(1,414)
43,063
Total debt\u00a0
2,811,779
435,813
(751,070)
26,840
(46,176)
2,477,186
Financing cash flows
Other movements
Balance at
December
31, 2021
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
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
2,630,011
262,289
(167,539)
22,911
64,107
2,811,779
____________________________
(1) Other changes in lease liabilities relates entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Contractual undiscounted cash flows
The following tables present the contractual maturities (contractual undiscounted cash flows, including interest) of
the Group\u2019s debt based on relevant maturity groupings.
Contractual cash flows at December 31, 2023
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2023 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
542,960
390,256
277,783
\u2014
1,210,999
1,166,473
Bonds and notes
11,714
458,619
14,850
460,106
945,289
903,673
Borrowings from banks and other financial institutions
172,441
83,047
46,813
\u2014
302,301
290,930
Lease liabilities
17,934
12,571
28,131
22,316
80,952
73,047
Other debt
43,063
\u2014
\u2014
\u2014
43,063
43,063
Total debt
788,112
944,493
367,577
482,422
2,582,604
2,477,186
Contractual cash flows at December 31, 2022
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2022 (*)
(\u20ac thousand)
Bonds and notes
400,475
14,700
668,777
464,648
1,548,600
1,490,319
Asset-backed financing (Securitizations)
439,919
408,462
283,786
\u2014
1,132,167
1,105,425
Borrowings from banks and other financial institutions
117,349
\u2014
\u2014
\u2014
117,349
113,165
Lease liabilities
16,178
11,373
20,289
12,785
60,625
57,423
Other debt
45,447
\u2014
\u2014
\u2014
45,447
45,447
Total debt
1,019,368
434,535
972,852
477,433
2,904,188
2,811,779
(*)\u00a0 \u00a0 As reported in the consolidated statement of financial position
Asset-backed financing (Securitizations)
As a means of diversifying its sources of funds, the Group sells certain of its receivables originated by its financial
services activities in the United States through asset-backed financing or securitization programs (the terms asset-backed
financing and securitization programs are used synonymously throughout this document), without transferring the risks
typically associated with the related receivables. As a result, the receivables sold through securitization programs are still
consolidated until collection from the customer. The securitization agreements for both programs require the maintenance of
an interest rate cap.
The following table presents information relating to the revolving securitization programs.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2023
Amount
Outstanding at
December 31, 2022
Maturity Date
($ million)
($ million)
($ million)
Retail (1)
975
977
896
December 2024
Leasing (1)
400
312
283
November 2025
Total asset-backed financing (Securitizations)
1,375
1,289
1,179
(1) At December 31, 2023 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 70 basis points.
(2) Excluding accrued interest.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085\u00a0thousand at December 31, 2022).
Bonds and notes
2023 Bond
On March 16, 2023 the Company fully repaid the 2023 Bond for a total consideration of \u20ac390,374\u00a0thousand
(including accrued interest). The bond was previously issued on March 16, 2016, for a principal amount of \u20ac500\u00a0million at a
coupon of 1.5 percent and due on March 2023. Following a cash tender offer, in July 2019 the Company executed the partial
repurchase of these notes for an aggregate nominal amount of \u20ac115,395\u00a0thousand. The amount outstanding at December 31,
2022 was \u20ac388,947\u00a0thousand including accrued interest of \u20ac4,567\u00a0thousand.
2025 Bond
On May 27, 2020 the Company issued 1.5 percent coupon notes due May 2025 (\u201c2025 Bond\u201d), having a principal of
\u20ac650\u00a0million. The notes were issued at a discount for an issue price of 98.898 percent, resulting in net proceeds of \u20ac640,073
thousand, after related expenses, and a yield to maturity of 1.732 percent. The bond was admitted to trading on the regulated
market of Euronext Dublin. Following a cash tender offer, in July 2023, the Group accepted for purchase valid tenders of the
2025 Bond for an aggregate nominal amount of \u20ac199,037 thousand and at a purchase price of \u20ac191,097 thousand, resulting in
gains of \u20ac7,940 thousand, which were recognized within financial income. The repurchases were settled in July 2023. The
amount outstanding of the 2025 Bond at December\u00a031, 2023 was \u20ac453,027\u00a0thousand, including accrued interest of
\u20ac4,097\u00a0thousand (\u20ac650,923\u00a0thousand, including accrued interest of \u20ac5,818\u00a0thousand at December 31, 2022).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain US institutional investors, each having a
principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand and the yields to maturity on
an annual basis equal the nominal coupon rates of the notes. The 2029 Notes and the 2031 Notes are primarily used for
general corporate purposes, including the funding of capital expenditures.
The amount outstanding of the 2029 Notes at December\u00a031, 2023 was \u20ac150,218\u00a0thousand, including accrued interest
of \u20ac700\u00a0thousand (\u20ac150,135\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2022). The amount
outstanding of the 2031 Notes at December\u00a031, 2023 was \u20ac150,246\u00a0thousand, including accrued interest of \u20ac794\u00a0thousand
(\u20ac150,178\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2022).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain US institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2023 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2023
was \u20ac150,182\u00a0thousand, including accrued interest of \u20ac587\u00a0thousand (\u20ac150,136\u00a0thousand, including accrued interest of
\u20ac577\u00a0thousand at December 31, 2022).
The aforementioned bonds and notes impose covenants on Ferrari including: (i) negative pledge clauses which
require that, in case any security interest upon assets of Ferrari is granted in connection with other notes or debt securities
with the consent of Ferrari are, or are intended to be, listed, such security should be equally and ratably extended to the
outstanding notes, subject to certain permitted exceptions; (ii) pari passu clauses, under which the notes rank and will rank
pari passu with all other present and future unsubordinated and unsecured obligations of Ferrari; (iii) events of default for
failure to pay principal or interest or comply with other obligations under the notes with specified cure periods or in the event
of a payment default or acceleration of indebtedness or in the case of certain bankruptcy events; and (iv) other clauses that are
customarily applicable to debt securities of issuers with a similar credit standing. A breach of these covenants may require the
early repayment of the notes. At December\u00a031, 2023 and 2022, Ferrari was in compliance with the covenants of the notes.
Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions.
Amount Outstanding at December 31,
Borrowing Entity
Currency
2023
2022
Maturity Date
(\u20ac thousand)
Ferrari N.V. (1)
EUR
130,224
\u2014
January 2026
Ferrari N.V. (1)
EUR
75,040
\u2014
March 2026
Ferrari Financial Services, Inc. (2)
USD
73,153
75,665
April 2024
Ferrari S.p.A. (3)
EUR
12,513
37,500
June 2024
Total borrowings from banks and other financial
institutions
290,930
113,165
(1) Amortized term loans bearing an average interest of 4.663 percent as of December, 31 2023.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 75 basis points.
(3)An amortized term loan bearing fixed interest at 0.118 percent.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2023 lease liabilities amounted to \u20ac73,047 thousand (\u20ac57,423\u00a0thousand at December 31, 2022).
Other debt
Other debt mainly relates to US based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2023, the Group had total committed credit lines available and undrawn amounting to \u20ac600 million
and with maturities ranging from 2024 to 2026 (\u20ac669\u00a0million at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "value": "
25. OTHER LIABILITIES
An analysis of other liabilities is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Advances for supplies and services
516,096
451,166
Deferred income
295,683
270,353
Accrued expenses
100,305
98,535
Payables to personnel
44,880
55,789
Social security payables
25,857
26,498
Other
40,146
49,684
Total other liabilities
1,022,967
952,025
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac262,644
thousand at December\u00a031, 2023 and \u20ac239,879 thousand at December\u00a031, 2022, 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, 2023, the Group expects to recognize in net revenues approximately \u20ac62 million in 2024, \u20ac57
million in 2025, \u20ac48 million in 2026 and \u20ac95 million in periods subsequent to 2026. 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.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, mainly
for our Icona, limited edition and Special Series models, as well as certain Range models in selected markets. The advances
are recognized in net revenues when the cars are shipped. The increase during 2023 primarily relates to advances received
during the year for the Purosangue and the Roma Spider.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At December
31, 2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2023
(\u20ac thousand)
Maintenance and power warranty programs
239,879
112,362
(89,617)
20
262,644
Advances from customers
446,394
990,468
(925,406)
(831)
510,625
At December
31, 2021
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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-510": { "value": "
25. OTHER LIABILITIES
An analysis of other liabilities is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Advances for supplies and services
516,096
451,166
Deferred income
295,683
270,353
Accrued expenses
100,305
98,535
Payables to personnel
44,880
55,789
Social security payables
25,857
26,498
Other
40,146
49,684
Total other liabilities
1,022,967
952,025
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac262,644
thousand at December\u00a031, 2023 and \u20ac239,879 thousand at December\u00a031, 2022, 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, 2023, the Group expects to recognize in net revenues approximately \u20ac62 million in 2024, \u20ac57
million in 2025, \u20ac48 million in 2026 and \u20ac95 million in periods subsequent to 2026. 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.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, mainly
for our Icona, limited edition and Special Series models, as well as certain Range models in selected markets. The advances
are recognized in net revenues when the cars are shipped. The increase during 2023 primarily relates to advances received
during the year for the Purosangue and the Roma Spider.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At December
31, 2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2023
(\u20ac thousand)
Maintenance and power warranty programs
239,879
112,362
(89,617)
20
262,644
Advances from customers
446,394
990,468
(925,406)
(831)
510,625
At December
31, 2021
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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-509": { "value": "
25. OTHER LIABILITIES
An analysis of other liabilities is as follows:
At December 31,
2023
2022
(\u20ac thousand)
Advances for supplies and services
516,096
451,166
Deferred income
295,683
270,353
Accrued expenses
100,305
98,535
Payables to personnel
44,880
55,789
Social security payables
25,857
26,498
Other
40,146
49,684
Total other liabilities
1,022,967
952,025
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "value": "
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac262,644
thousand at December\u00a031, 2023 and \u20ac239,879 thousand at December\u00a031, 2022, 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, 2023, the Group expects to recognize in net revenues approximately \u20ac62 million in 2024, \u20ac57
million in 2025, \u20ac48 million in 2026 and \u20ac95 million in periods subsequent to 2026. 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.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, mainly
for our Icona, limited edition and Special Series models, as well as certain Range models in selected markets. The advances
are recognized in net revenues when the cars are shipped. The increase during 2023 primarily relates to advances received
during the year for the Purosangue and the Roma Spider.
Changes in the Group\u2019s contract liabilities for maintenance and power warranties, and advances from customers,
were as follows:
At December
31, 2022
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2023
(\u20ac thousand)
Maintenance and power warranty programs
239,879
112,362
(89,617)
20
262,644
Advances from customers
446,394
990,468
(925,406)
(831)
510,625
At December
31, 2021
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:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "value": "
26. TRADE PAYABLES
Trade payables of \u20ac930,560 thousand at December\u00a031, 2023 (\u20ac902,968 thousands at December 31, 2022) are
entirely due within one year. The carrying amount of trade payables is considered to be equivalent to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-516": { "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, 2023 and 2022 :
At December 31, 2023
Note
Level 1
Level 2
Level 3
Total
(\u20ac thousand)
Investments and other financial assets
16
11,982
\u2014
\u2014
11,982
Current financial assets
19
\u2014
55,562
\u2014
55,562
Total assets
11,982
55,562
\u2014
67,544
Other financial liabilities
19
\u2014
13,539
\u2014
13,539
Total liabilities
\u2014
13,539
\u2014
13,539
At December 31, 2022
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
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
There were no transfers between fair value hierarchy levels for the periods presented.
The fair value of current financial assets and other financial liabilities relates to derivative financial instruments and
is based on a standard accepted valuation model. The fair value of foreign currency forward, currency options and commodity
swap is measured by taking into consideration primarily the appropriate corroborated market-based currency forward rate,
commodity price and currency implied volatility at the balance sheet date. The fair value of interest rate derivative is
measured by taking into consideration primarily the appropriate corroborated market-based interest rates curve at the balance
sheet date.
The par value of cash and cash equivalents usually approximates fair value due to the short maturity of these
instruments, which consist primarily of current bank accounts.
Assets and liabilities not measured at fair value on a recurring basis
For financial instruments represented by short-term receivables and payables, for which the present value of future
cash flows does not differ significantly from carrying value, the Group assumes that carrying value is a reasonable
approximation of the fair value. In particular, the carrying amount of current receivables and other current assets and of trade
payables and other liabilities approximates their fair value.
The following table presents the carrying amount and fair value for the most relevant categories of financial assets
and financial liabilities not measured at fair value on a recurring basis:
At December 31,
2023
2022
Note
Carrying
amount
Fair value
Carrying
amount
Fair value
(\u20ac thousand)
Receivables from financing activities
18
1,451,158
1,451,158
1,399,997
1,399,997
\u00a0 \u00a0 Client financing
1,451,158
1,451,158
1,390,956
1,390,956
\u00a0 \u00a0 Dealer financing
\u2014
\u2014
9,041
9,041
Total
1,451,158
1,451,158
1,399,997
1,399,997
Debt
24
2,477,186
2,462,716
2,811,779
2,770,633
The Group has determined that the carrying amount of the majority of its debt approximates its fair value since
either (i) the interest payable on the debt is close to current market rates, and/or (ii) the debt is of a short-term nature. The
only exception is the Group's debt that is publicly listed for which the fair value is based on quoted market prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "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, 2023 and 2022 :
At December 31, 2023
Note
Level 1
Level 2
Level 3
Total
(\u20ac thousand)
Investments and other financial assets
16
11,982
\u2014
\u2014
11,982
Current financial assets
19
\u2014
55,562
\u2014
55,562
Total assets
11,982
55,562
\u2014
67,544
Other financial liabilities
19
\u2014
13,539
\u2014
13,539
Total liabilities
\u2014
13,539
\u2014
13,539
At December 31, 2022
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
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
There were no transfers between fair value hierarchy levels for the periods presented.
The fair value of current financial assets and other financial liabilities relates to derivative financial instruments and
is based on a standard accepted valuation model. The fair value of foreign currency forward, currency options and commodity
swap is measured by taking into consideration primarily the appropriate corroborated market-based currency forward rate,
commodity price and currency implied volatility at the balance sheet date. The fair value of interest rate derivative is
measured by taking into consideration primarily the appropriate corroborated market-based interest rates curve at the balance
sheet date.
The par value of cash and cash equivalents usually approximates fair value due to the short maturity of these
instruments, which consist primarily of current bank accounts.
Assets and liabilities not measured at fair value on a recurring basis
For financial instruments represented by short-term receivables and payables, for which the present value of future
cash flows does not differ significantly from carrying value, the Group assumes that carrying value is a reasonable
approximation of the fair value. In particular, the carrying amount of current receivables and other current assets and of trade
payables and other liabilities approximates their fair value.
The following table presents the carrying amount and fair value for the most relevant categories of financial assets
and financial liabilities not measured at fair value on a recurring basis:
At December 31,
2023
2022
Note
Carrying
amount
Fair value
Carrying
amount
Fair value
(\u20ac thousand)
Receivables from financing activities
18
1,451,158
1,451,158
1,399,997
1,399,997
\u00a0 \u00a0 Client financing
1,451,158
1,451,158
1,390,956
1,390,956
\u00a0 \u00a0 Dealer financing
\u2014
\u2014
9,041
9,041
Total
1,451,158
1,451,158
1,399,997
1,399,997
Debt
24
2,477,186
2,462,716
2,811,779
2,770,633
The Group has determined that the carrying amount of the majority of its debt approximates its fair value since
either (i) the interest payable on the debt is close to current market rates, and/or (ii) the debt is of a short-term nature. The
only exception is the Group's debt that is publicly listed for which the fair value is based on quoted market prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "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.
The fair value of current financial assets and other financial liabilities relates to derivative financial instruments and
is based on a standard accepted valuation model. The fair value of foreign currency forward, currency options and commodity
swap is measured by taking into consideration primarily the appropriate corroborated market-based currency forward rate,
commodity price and currency implied volatility at the balance sheet date. The fair value of interest rate derivative is
measured by taking into consideration primarily the appropriate corroborated market-based interest rates curve at the balance
sheet date.
The par value of cash and cash equivalents usually approximates fair value due to the short maturity of these
instruments, which consist primarily of current bank accounts.
Assets and liabilities not measured at fair value on a recurring basis
For financial instruments represented by short-term receivables and payables, for which the present value of future
cash flows does not differ significantly from carrying value, the Group assumes that carrying value is a reasonable
approximation of the fair value. In particular, the carrying amount of current receivables and other current assets and of trade
payables and other liabilities approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "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,
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
\u2022 the sale of engines to Maserati S.p.A. (\u201cMaserati\u201d);
\u2022 the purchase of engine components for the use in the production of Maserati engines from FCA US LLC;
\u2022 transactions 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 Stellantis Group companies for the periods presented include transactions with FCA Bank until
April 1, 2023. Following the sale by the Stellantis Group of its 50 percent ownership interest in FCA Bank to Cr\u00e9dit Agricole
Consumer Finance S.A., FCA Bank (which was renamed CA Auto Bank) is now fully owned by Cr\u00e9dit Agricole Consumer
Finance S.A. and is no longer a related party of Ferrari.
Transactions with Exor Group companies (excluding Stellantis Group companies)
\u2022 the 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;
\u2022 the Group earns sponsorship revenue from Iveco S.p.A.
Transactions with other related parties
\u2022 the purchase of components for Formula 1 racing cars from COXA S.p.A.;
\u2022 consultancy services provided by HPE S.r.l.;
\u2022 sponsorship agreement relating to Formula 1 activities with Ferretti S.p.A.;
\u2022 sale 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,
2023
2022
2021
Net
revenues
Costs(1)
Financial
expenses,
net
Net
revenues
Costs(1)
Financial
expenses,
net
Net
revenues
Costs(1)
Financial
expenses,
net
(\u20ac thousand)
Stellantis Group companies
Maserati
50,391
2,091
\u2014
78,946
2,989
\u2014
119,083
2,428
\u2014
FCA US LLC
\u2014
6,803
\u2014
14
14,861
\u2014
\u2014
18,465
\u2014
Other Stellantis Group companies
11,489
6,280
1,032
10,953
5,950
2,696
11,799
6,238
2,103
Total Stellantis Group companies
61,880
15,174
1,032
89,913
23,800
2,696
130,882
27,131
2,103
Exor Group companies (excluding
the Stellantis Group)
281
1,615
3
282
1,611
\u2014
281
1,014
1
Other related parties
2,237
15,000
\u2014
3,088
14,121
1
795
15,143
2
Total transactions with related
parties
64,398
31,789
1,035
93,283
39,532
2,697
131,958
43,288
2,106
Total for the Group
5,970,146
3,477,355
15,015
5,095,254
3,098,475
49,616
4,270,894
2,434,198
33,257
______________________________
(1)Costs include cost of sales, selling, general and administrative costs and other expenses, net.
Non-financial assets and liabilities originating from related party transactions are as follows:
At December 31,
2023
2022
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
19,681
3,696
\u2014
\u2014
17,458
4,806
\u2014
2,246
FCA US LLC
11
771
\u2014
\u2014
10
4,637
\u2014
\u2014
Other Stellantis Group companies
588
1,858
6
704
700
1,978
111
1,063
Total Stellantis Group companies
20,280
6,325
6
704
18,168
11,421
111
3,309
Exor Group companies (excluding the Stellantis
Group)
\u2014
392
214
218
343
418
68
73
Other related parties
118
2,726
\u2014
51
673
3,341
499
504
Total transactions with related parties
20,398
9,443
220
973
19,184
15,180
678
3,886
Total for the Group
261,380
930,560
130,228
1,022,967
232,414
902,968
153,183
952,025
At December\u00a031, 2023 there were no financial assets or financial liabilities with related parties (current financial
receivables of \u20ac4,364\u00a0thousand and other financial payables of \u20ac429\u00a0thousand at December 31, 2022).
Emoluments to Directors and Key Management
The fees of the Directors of Ferrari N.V. are as follows:
For the years ended December 31,
2023
2022
2021
(\u20ac thousand)
Directors of Ferrari N.V.
9,791
7,660
6,668
The aggregate compensation to Directors of Ferrari N.V. for year ended December 31, 2023 was \u20ac9,791 thousand
(\u20ac7,660 thousand in 2022 and \u20ac6,668 thousand in 2021), inclusive of the following:
\u2022 \u20ac6,688 thousand for salary and other short-term benefits, including short-term incentives (\u20ac5,650 thousand in 2022
and \u20ac5,445 thousand in 2021);
\u2022 \u20ac230 thousand for pension benefits (\u20ac230 thousand in 2022 and there were no pension benefits in 2021), and
\u2022 \u20ac2,873 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans and other
share-based payments, (\u20ac1,780 thousand in 2022 and \u20ac1,223 thousand in 2021). 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, 2023, 2022 and 2021.
The aggregate compensation for members of the FLT (excluding the CEO) in 2023 was \u20ac39,131 thousand ( \u20ac33,935
thousand in 2022 and \u20ac18,728 thousand in 2021), inclusive of the following:
\u2022 \u20ac34,107 thousand for salary and other short-term benefits, including short-term incentives (\u20ac28,084 thousand in
2022 and \u20ac14,088 thousand in 2021);
\u2022 \u20ac4,479 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans (\u20ac5,176
thousand in 2022 and \u20ac4,241 thousand in 2021); and
\u2022 \u20ac545 thousand for pension contributions (\u20ac675 thousand in 2022 and \u20ac399 thousand in 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-517": { "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,
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
\u2022 the sale of engines to Maserati S.p.A. (\u201cMaserati\u201d);
\u2022 the purchase of engine components for the use in the production of Maserati engines from FCA US LLC;
\u2022 transactions 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 Stellantis Group companies for the periods presented include transactions with FCA Bank until
April 1, 2023. Following the sale by the Stellantis Group of its 50 percent ownership interest in FCA Bank to Cr\u00e9dit Agricole
Consumer Finance S.A., FCA Bank (which was renamed CA Auto Bank) is now fully owned by Cr\u00e9dit Agricole Consumer
Finance S.A. and is no longer a related party of Ferrari.
Transactions with Exor Group companies (excluding Stellantis Group companies)
\u2022 the 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;
\u2022 the Group earns sponsorship revenue from Iveco S.p.A.
Transactions with other related parties
\u2022 the purchase of components for Formula 1 racing cars from COXA S.p.A.;
\u2022 consultancy services provided by HPE S.r.l.;
\u2022 sponsorship agreement relating to Formula 1 activities with Ferretti S.p.A.;
\u2022 sale 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-519": { "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,
2023
2022
2021
(\u20ac thousand)
Directors of Ferrari N.V.
9,791
7,660
6,668
The aggregate compensation to Directors of Ferrari N.V. for year ended December 31, 2023 was \u20ac9,791 thousand
(\u20ac7,660 thousand in 2022 and \u20ac6,668 thousand in 2021), inclusive of the following:
\u2022 \u20ac6,688 thousand for salary and other short-term benefits, including short-term incentives (\u20ac5,650 thousand in 2022
and \u20ac5,445 thousand in 2021);
\u2022 \u20ac230 thousand for pension benefits (\u20ac230 thousand in 2022 and there were no pension benefits in 2021), and
\u2022 \u20ac2,873 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans and other
share-based payments, (\u20ac1,780 thousand in 2022 and \u20ac1,223 thousand in 2021). 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, 2023, 2022 and 2021.
The aggregate compensation for members of the FLT (excluding the CEO) in 2023 was \u20ac39,131 thousand ( \u20ac33,935
thousand in 2022 and \u20ac18,728 thousand in 2021), inclusive of the following:
\u2022 \u20ac34,107 thousand for salary and other short-term benefits, including short-term incentives (\u20ac28,084 thousand in
2022 and \u20ac14,088 thousand in 2021);
\u2022 \u20ac4,479 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans (\u20ac5,176
thousand in 2022 and \u20ac4,241 thousand in 2021); and
\u2022 \u20ac545 thousand for pension contributions (\u20ac675 thousand in 2022 and \u20ac399 thousand in 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "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, 2023
were as follows:
At December 31, 2023
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
24,071
9,031
3,000
\u2014
36,102
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-520": { "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, 2023
were as follows:
At December 31, 2023
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
24,071
9,031
3,000
\u2014
36,102
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "value": "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-523": { "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:
\u2022 Where 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 2023, the total trade flows exposed
to foreign currency exchange rate risk amounted to the equivalent of 60 percent of the Group\u2019s net revenues (65
percent in 2022 and 58 percent in 2021).
\u2022 The 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 2023, the value
of commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for
approximately 57 percent (52 percent in 2022 and 51 percent in 2021) of the total currency risk from
commercial activities. In 2023 the commercial activities exposed to the Euro/Chinese Renminbi exchange rate
and the Euro/Japanese Yen exchange rate exceeded 10 percent (in 2022 and 2021 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: Pound Sterling, Swiss Franc, Australian Dollar and Canadian Dollar. None of these
exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign currency exchange rate
exposure for commercial activities in 2023, 2022 and 2021 (apart from Pound Sterling in 2022 and 2021).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, 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.
\u2022 The 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.
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 financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
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 transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2023, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac20,197 thousand (net losses of \u20ac25,923 thousand and \u20ac11,407 thousand for the years ended December\u00a031, 2022
and 2021, 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 2023 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, 2023 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 \u20ac191,355
thousand (\u20ac174,550 thousand at December\u00a031, 2022). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-524": { "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 31, 2023 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, clients and, in general, Ferrari\u2019s business partners 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, as well as certain sponsorships and licensees. 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 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. Receivables from financing activities amounting to
\u20ac1,451,158 thousand at December\u00a031, 2023 (\u20ac1,399,997 thousand at December\u00a031, 2022) are shown net of the allowance for
doubtful accounts amounting to \u20ac11,165 thousand (\u20ac9,950 thousand at December\u00a031, 2022). After considering the allowance
for doubtful accounts, \u20ac82,029 thousand of receivables were overdue (\u20ac62,779 thousand at December\u00a031, 2022). Therefore,
overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac261,380 thousand at December\u00a031, 2023 (\u20ac232,414 thousand at December\u00a031,
2022) are shown net of the allowance for doubtful accounts amounting to \u20ac25,418 thousand (\u20ac25,800 thousand at
December\u00a031, 2022). After considering the allowance for doubtful accounts, \u20ac35,935 thousand of receivables were overdue
(\u20ac45,657 thousand at December\u00a031, 2022).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to Money Market Funds, instead, the invested amounts in any specific fund must not exceed 10% of the par
value of such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they
are held with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure that there is sufficient cash to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
The following table presents information relating to the short term credit rating of the Group\u2019s cash and cash
equivalents:
At December 31,
2023
2022
P-1 / A-1 / Aaa-mf / AAAm (1)
6%
1%
P-2 / A-2
92%
98%
P-3 / A-3 / Not rated
2%
1%
_______________________________
(1) Aaa-mf (Moody\u2019s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody\u2019s) and A-ratings (S&P Global Ratings) refer to the
short-term rating of the financial institutions with whom the Group deposits cash in current accounts or other short-term instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-525": { "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, 2023 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,
2023
2022
2021
(\u20ac thousand)
Italy
442,760
379,898
409,992
Rest of EMEA
2,428,783
2,045,888
1,869,864
of which UK
625,930
536,280
457,060
of which Germany
493,930
430,380
367,087
Americas (1)
1,762,530
1,407,790
1,097,904
of which United States of America
1,535,772
1,198,834
930,316
Mainland China, Hong Kong and Taiwan
583,760
621,407
332,971
of which Mainland China
479,882
533,724
249,275
Rest of APAC (2)
752,313
640,271
560,163
Total net revenues
5,970,146
5,095,254
4,270,894
______________________________
(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.
Revenues in the Netherlands, the Company\u2019s country of domicile, for the years ended December 31, 2023, 2022 and
2021 amounted to \u20ac68,605\u00a0thousand, \u20ac56,748\u00a0thousand and \u20ac41,892\u00a0thousand, respectively.
The following table presents an analysis of non-current assets other than financial instruments and deferred tax
assets by geographic location:
At December\u00a031,
2023
2022
Property,
plant and
equipment
Goodwill
Intangible
assets
Property,
plant and
equipment
Goodwill
Intangible
assets
(\u20ac thousand)
Italy
1,532,516
785,182
1,419,447
1,418,846
785,182
1,307,127
Rest of EMEA
5,388
\u2014
\u2014
4,830
\u2014
\u2014
Americas (1)
29,701
\u2014
\u2014
27,233
\u2014
\u2014
Mainland China, Hong Kong and Taiwan
3,100
\u2014
\u2014
4,598
\u2014
\u2014
Rest of APAC (2)
4,495
\u2014
252
2,318
\u2014
261
Total
1,575,200
785,182
1,419,699
1,457,825
785,182
1,307,388
______________________________
(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:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-526": { "value": "
32. CASH AND CASH EQUIVALENTS AND NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS
Cash and cash equivalents
The following table presents cash and cash equivalents:
At December 31,
2023
2022
(\u20ac thousand)
Cash and bank balances
1,121,981
1,388,901
Cash and cash equivalents
1,121,981
1,388,901
At December\u00a031, 2023 , cash and cash equivalents included \u20ac50,000\u00a0thousand relating to a time deposit held with a
recognized international financial institution, which originated in November 2023 and matures in February 2024 and an
investment in money market funds of \u20ac50,069\u00a0thousand with an AAAm rating. At December\u00a031, 2022, cash and cash
equivalents included \u20ac100,000\u00a0thousand relating to a time deposit held with a recognized international financial institution,
which originated in December 2022 and matured in March 2023. At both December 31, 2023 and 2022, the remaining cash
and bank balances were held in bank current accounts.
At December 31, 2023, 80 percent of our cash and cash equivalents were denominated in Euro (at December 31,
2022, 85 percent). The Group\u2019s cash and cash equivalents denominated in currencies other than the Euro are available mostly
to Ferrari S.p.A. and certain subsidiaries which operate in areas other than the Eurozone.
The following table sets forth an analysis of the currencies in which the Group\u2019s cash and cash equivalents were
denominated at December\u00a031, 2023 and 2022.
At December 31,
2023
2022
(\u20ac thousand)
Euro
894,509
1,181,354
U.S. Dollar
96,663
70,261
Chinese Yuan
80,716
95,835
Pound Sterling
19,706
9,453
Other currencies
30,387
31,998
Total
1,121,981
1,388,901
Cash held in some countries may be subject to transfer restrictions. In particular, cash held in China (including in
currencies other than the Chinese Yuan), which amounted to \u20ac81,337 thousand at December 31, 2023 (\u20ac96,726 thousand at
December 31, 2022 ), is subject to certain repatriation restrictions and may only be repatriated as a repayment of payables or
debt, or as dividends or capital distributions. The Group does not believe that such transfer restrictions have any adverse
impacts on its ability to meet its liquidity requirements.
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
\u20ac31,820 thousand at December\u00a031, 2023 (\u20ac44,085 thousand at December\u00a031, 2022).
For information relating to the credit risk with respect to cash and cash equivalents, see note 30 \u201cQualitative and
Quantitative Information on Financial Risks\u201d.
Notes to the consolidated statement of cash flows
Other non-cash expenses, net primarily includes equity-settled share-based compensation, allowances for doubtful
accounts of trade receivables and provisions for slow moving and obsolete inventories.
For information relating to the financing cash flows relating to debt, see Note 24 \u201cDebt\u201d .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-527": { "value": "
33. SUBSEQUENT EVENTS
The Group has evaluated subsequent events through February 22, 2024, which is the date the Consolidated Financial
Statements were authorized for issuance, and identified the following matters:
Under the common share repurchase program, from January 1, 2024 to February 16, 2024 the Company purchased
an additional 187,642 common shares for total consideration of \u20ac60.9\u00a0million. At February 16, 2024, the Company held in
treasury an aggregate of 13,693,051 common shares.
On February 22, 2024, the Board of Directors of Ferrari N.V. recommended to the Company\u2019s shareholders that the
Company declare a dividend of \u20ac2.443 per common share, totaling approximately \u20ac440\u00a0million. The proposal is subject to the
approval of the Company\u2019s shareholders at the Annual General Meeting to be held on April 17, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "value": "Further information on the
Group\u2019s liquidity is provided in the \u201cLiquidity and Capital Resources\u201d section of this Annual Report. Based on this
information the Company deems the going concern assumption adequate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }