Ferrari Group PLC
Annual Report
2024
Page 2 of 139
CONTENTS
COMPANY INFORMATION .......................................................................................................................................................................................... 3
STRATEGIC REPORT .................................................................................................................................................................................................... 4
CORPORATE GOVERNANCE REPORT ........................................................................................................................................................................ 21
NON-EXECUTIVE DIRECTOR’S REPORT ..................................................................................................................................................................... 34
DIRECTORS’ REPORT ................................................................................................................................................................................................ 36
REMUNERATION REPORT ......................................................................................................................................................................................... 43
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FERRARI GROUP PLC ...................................................................................................... 46
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2024 ................................................................................................ 61
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024 ............................................ 62
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2024 ................................................................................................. 63
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024 .................................................................................... 65
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS OF DECEMBER 31, 2024 ................................................................................................. 66
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................................................ 67
REPORTING STANDARDS AND BASIS OF PREPARATION ......................................................................................................................................................................................................... 67
1. REVENUES AND SEGMENTS INFORMATION................................................................................................................................................................................................... 88
2. OTHER INCOME ...................................................................................................................................................................................................................................... 91
3. PURCHASE OF GOODS .............................................................................................................................................................................................................................. 91
4. COST FOR SERVICES ................................................................................................................................................................................................................................. 91
5. PERSONNEL COSTS .................................................................................................................................................................................................................................. 92
6. OTHER OPERATING COSTS ........................................................................................................................................................................................................................ 92
7. FINANCE INCOME ................................................................................................................................................................................................................................... 93
8. FINANCE EXPENSES ................................................................................................................................................................................................................................. 93
9. EXCHANGE GAIN / (LOSSES) ...................................................................................................................................................................................................................... 93
10. RESULT FROM INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD ...................................................................................................................................................... 94
11. INCOME TAXES ....................................................................................................................................................................................................................................... 94
12. EARNINGS PER SHARE AND DIVIDENDS ........................................................................................................................................................................................................ 95
13. GOODWILL ............................................................................................................................................................................................................................................ 96
14. INTANGIBLE ASSETS ................................................................................................................................................................................................................................. 97
15. PROPERTY, PLANT AND EQUIPMENT ........................................................................................................................................................................................................... 98
16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES ............................................................................................................................................................................................... 99
17. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD ........................................................................................................................................................................ 100
18. NON-CURRENT RECEIVABLES .................................................................................................................................................................................................................. 101
19. OTHER NON-CURRENT ASSETS................................................................................................................................................................................................................. 101
20. TRADE RECEIVABLES .............................................................................................................................................................................................................................. 102
21. CURRENT ASSETS .................................................................................................................................................................................................................................. 102
22. OTHER CURRENT RECEIVABLES ................................................................................................................................................................................................................ 103
23. CASH AND CASH EQUIVALENTS ................................................................................................................................................................................................................ 103
24. SHARE CAPITAL .................................................................................................................................................................................................................................... 104
25. NON-CONTROLLING INTERESTS ............................................................................................................................................................................................................... 105
26. RESERVES ............................................................................................................................................................................................................................................ 105
27. EMPLOYEE BENEFITS ............................................................................................................................................................................................................................. 106
28. PROVISIONS FOR RISK AND CHARGES ........................................................................................................................................................................................................ 107
29. NON-CURRENT BORROWINGS ................................................................................................................................................................................................................. 107
30. CURRENT BORROWINGS AND BANK OVERDRAFTS ........................................................................................................................................................................................ 107
31. TRADE PAYABLES .................................................................................................................................................................................................................................. 108
32. OTHER CURRENT LIABILITIES................................................................................................................................................................................................................... 108
33. CURRENT TAX RECEIVABLES AND PAYABLES ................................................................................................................................................................................................ 109
34. COMMITMENTS AND GUARANTEES .......................................................................................................................................................................................................... 109
35. AUDITOR’S REMUNERATION ................................................................................................................................................................................................................... 109
36. THIRD PARTY ASSETS ............................................................................................................................................................................................................................. 110
37. CONTINGENT LIABILITIES ........................................................................................................................................................................................................................ 110
38. RELATED PARTIES .................................................................................................................................................................................................................................. 112
39. DERIVATIVES FINANCIAL INSTRUMENTS ..................................................................................................................................................................................................... 115
40. FINANCIAL ASSETS AND LIABILITIES ........................................................................................................................................................................................................... 115
41. FINANCIAL RISK MANAGEMENT AND OTHER RISK......................................................................................................................................................................................... 117
42. ALTERNATIVE PERFORMANCE MEASURES ................................................................................................................................................................................................. 120
43. POST BALANCE SHEET EVENTS ................................................................................................................................................................................................................. 122
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Company Information
Company Ferrari Group PLC
Company registration number: 12614552
Directors:
- Mr. Corrado Deiana Executive Director
- Mr. Marco Deiana, Executive Director
- Mrs. Maria Isabella la Forgia Executive Director
- Mr. Alessandro Nicolò Ugo Executive Director
- Mrs. Monica Belfiore Non-Executive Director – appointed on February 13
th
, 2025
- Mrs. Maria Rita Megre de Sousa Coutinho Non-Executive Director – appointed on February 13
th
, 2025
- Mr. Nigel Richard Paxman Non-Executive Director – appointed on February 13
th
, 2025
- Mrs. Leslie Anais Serrero Non-Executive Director – appointed on February 13
th
, 2025
Company Secretary:
- Mr. Antonio Giuliano Castagnetti appointed on February 9
th
, 2024
Registered office: 1 Wrights Lane, London, W8 5RY, United Kingdom
Current auditor: Deloitte LLP
1 New Street Square, London (UK), EC4A 3HQ
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Strategic Report
The board of directors of Ferrari Group PLC (the Board, and each Director a Director) present the strategic
report of Ferrari Group PLC (the Company) and its subsidiaries (the Group or Ferrari Group) for the financial
year ended at 31 December 2024.
The annual financial statements are prepared adopting the going concern principles. See Directors report
and Reporting standards and basis of preparation for details.
Main Activities
Ferrari Group is a global leader in the worldwide shipment of luxury goods. With over 60 years of experience,
knowledge of markets and customs procedures and the continuous innovation in security systems, the
Ferrari Group is now an extensive group of companies with branches and offices throughout the world.
Established in 1959 as a customs broker and forwarding company in Italy, the Ferrari Group is today a global
network operator with revenues of €348.8 million for the financial year ended 31 December 2024. The
Ferrari Group is now a major player in the logistics network which services luxury goods, products and high-
end events. The customers of the Group include global luxury brands, high-end watchmakers, jewellery
manufacturers and distributors, diamond dealers, precious stone producers and private clients.
The Group services customers throughout the luxury goods value chain and specifically focuses on the
following primary activities:
- Freight forwarding: the fast and secure delivery of luxury goods through different airfreight carriers
for valuable and vulnerable cargo;
- Custom solution: the handling of procedures involved in the shipping of high-value products
throughout the world including providing country-specific expertise, customs consultancy services
and solutions;
- Ground transportation, warehousing and logistic services: the transportation of luxury goods on land
through a fleet of armoured and non-armoured vehicles and the safe storage of those goods; and
- Special services: offering bespoke services across the logistics value chain including security for luxury
goods at red-carpet events, the assembly of goods, after sales services and stocktaking and other
services which includes packaging items, kitting and wrapping goods and preparing components for
production.
As a result, the Group provides integrated services to connect hard luxury brands with their customers by
working in cooperation with clients to provide bespoke solutions.
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Market overview
The Ferrari Group operates in the personal luxury goods market by way of serving clients in the hard luxury
sector (with specific focus on watches and high-end jewellery). As such, growth dynamics of these sectors
significantly impact business operations and the Group’s growth, thus representing the main reference
market of the Group. It is, however, important to distinguish the luxury market from the luxury logistics
market as whilst both are subject to similar secular trends, some of the growth dynamics are different, with
luxury logistics market growing at a faster rate than the luxury market.
The requirement for secure transportation services in the luxury sector is linked to the need to bridge the
gap between the manufacturing sites of the high-end luxury brands, largely located in Europe (European
luxury brands represent 74% of the global value of all products in this category), to the demand mostly
coming from countries such as the United States of America and China.
The future growth of the personal luxury market could be driven by the following factors:
- Increasing number and geographical dispersion of high-net-worth individuals (HNWI) and
ultrahigh-net-worth individuals (UHNWI);
- New luxury generations are spending more than older generations;
- Acceleration of E-Commerce;
- Luxury goods adopting new business models;
- Asia driving the next wave of growth;
- Luxury goods becoming financial assets and investments.
There are several industry trends which are shaping the luxury logistics market:
- Sustainability: Sustainability has become a significant focus for luxury brands and end consumers,
who are increasingly conscious of the environmental impact of logistics operations. Luxury logistics
providers are implementing eco-friendly practices and adopting sustainable supply chain strategies
to respond to this trend.
- Flexibility and personalisation: Luxury brands increasingly seek personalised and customised
logistics services that respond to the need of modern-day luxury consumers, who require speed,
flexibility and a more tailored approach.
- Technology and tracking: The integration of technology has transformed luxury logistics operations.
Advanced inventory management systems, track and trace solutions, and real-time data analytics
enable efficient supply chain management and provide transparency throughout the logistics
process.
- Strategic partnerships and collaborations: Luxury brands entering into more long-term
collaborations and strategic partnerships with their suppliers and services providers, joining forces
to develop a source of competitive advantage.
- Increasing weight of fulfillment outsourcing: The post-Covid-19 pandemic boom of e-commerce
massively increased the complexity of logistics for luxury brands. Thus, brands have strongly
increased their share of outsourcing for warehouses and fulfillment centre management.
- Rise of value-added services: Luxury players increasingly demand a range of value-added services.
These include quality control inspections, repairs and servicing, luxury product authentication and
in-home delivery and installation services.
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Competitive positioning and landscape
The Group considers itself as a luxury secure logistics specialist within the broader secure logistics space. In
particular, the luxury watches and jewelry sector is a niche with few operators, a limited number of
shipments, high goods value and significant complexities in custom procedures. Competitive landscape of
the secure logistics industry for high-value luxury.
The main groups of competitors of the Group can be summarised as follows:
- Luxury Secure Logistics Specialists: recognised by customers as the best option for security and
reliability. They are specialised on luxury and operate globally with a mix of own subsidiaries and
partner networks.
- Non-Luxury Secure Logistics Specialists: Have cash management as core business, but also offer
secure shipment for jewels and watches – they guarantee a good level of service but less tailored
to the luxury industry.
- Local Secure Logistics Specialists: specialised players with a regional focus, they offer an acceptable
level of service for same-region shipments, but fall behind in service completeness and flexibility.
- Global Logistics Generalists: a residual option for most luxury companies. They do not offer the
same level of security, reliability, or insurance coverage, since their operating model is built for
volume shipment.
Strategy and business model
The Group has an ambitious growth strategy which is based on increasing top line opportunities and
maximising efficiency savings. This strategy is based on four key value creation drivers: (i) increasing the
Share of Wallet, (ii) regional expansion, (iii) growing new customer segments and (iv) improving margins
across the Group. It is noted that these four drivers are interconnected, whereby each driver depends on
and mutually strengthens the others, forming a cohesive approach to growth of the Group. For instance,
the increase of Share of Wallet, growth in new segments related to e-commerce and improvement of
margins across the group partly depend on the ability of the Group to realise regional expansion, as regional
expansion allows the Group to open a new network to be utilised by existing customers, attract new clients
and work more efficiently.
With its growth strategy, the Group intends to take its proven and scalable business model, which is based
on an “asset light” structure with high margin and high barriers to entry to further develop its top line
revenues. In doing so, the Group intends to utilise its existing long-term client relationships, win new clients,
and diversify its existing customer base which comprises primarily traditional hard luxury goods brands, to
include e-commerce players in the luxury goods sector. The Ferrari Group operates a differentiated business
model, which leverages the Group’s distinct value proposition and bespoke services to clients. The Ferrari
Group’s business model encompasses sufficient operational flexibility which allows the Group to cater to
the complex transportation requirements of its customers which inevitably arise when dealing with the
transportation and storage of hard luxury goods globally. The key aspect of the Group’s service offering is
to provide integrated services to connect hard luxury brands with their customers. In order to do this, the
Group works in close cooperation with its clients to provide bespoke solutions which are based on the
Group’s niche expertise in the hard luxury logistics sector.
The Group operates a dynamic revenue and pricing model. The Group revenues are driven by three main
volume parameters: number of shipments (units), shipments taxable weight (kg), and value of goods
shipped per shipments (Euro). As a logistics service provider, the Group has limited fixed costs and these
are factored into the overall pricing structure of the Group. Group costs include shipping costs (air freight
costs, land transportation costs), packing materials and personnel costs. The “asset light” nature of the
Group’s structure ensures that limited capital is needed to support logistics infrastructure. The Group
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maintains a cash position that allows for flexibility in grasping business opportunities worldwide, such as
the opening of new locations or entering into new partnerships in show or events that require short-term
investments.
In this way the Group’s business model is set up in a manner which ensures a high profit margin whilst
maintaining a low capital expenditure model. In particular, the Group is able to optimise route networks
across its customer base through key transport routes which allows the Group to offset inflationary
pressures with variable cost. As a result, only minimal up-front investments are needed to service new
locations and customers. Through linking customer fees to the value of the goods being transported, the
Group is able to remain well-insulated from external inflationary pressures. This model, while having its
roots in the international transport sector, is highly scalable. This factor has allowed the Ferrari Group to
expand its business by offering a number of ancillary services (i.e., ad-hoc special and other services) to the
core business. This approach allows the Group to offer complete services across the hard luxury logistics
value chain as a “one-stop-shop” provider of luxury deliveries worldwide.
The Group sees its strategy as leveraging existing knowhow and expertise and applying it to new and
lucrative sectors and new services. It also seeks to increase the Share of Wallet with existing clients, expand
the scope of services provided and explore new locations. The approach of identifying efficiencies seeks to
ensure that profit margins continue to increase.
The Group seeks to integrate the four strategic value creation drivers with the overall ESG development
plans of the Group. A successful realisation of the Group’s growth strategy will result in an increase of
shipments, which will inevitably result in additional greenhouse gas emission. The challenge for the Group
will be to realise its growth in a way that would least affect its carbon footprint. However, some of the key
initiatives aimed at improving the Group’s margins, may also contribute to the achievement of the Group’s
overall ESG development plans. For example, the digital transformation of the Group and automation of
shipment handling should contribute to the implementation of the Group’s paperless policy. Improvements
in workforce management could also help reduce energy use in the premises of the Group. Furthermore,
the ESG development plans will allow the Group to offer its customers more sustainable transportation
options, which aids customers in managing their own Scope 3 emissions. This in turn may help the Group
increase its Share of Wallet and attract new customers.
Environmental, Social and Governance
The Group is aware of the environmental, social and economic impacts that its operations have in the
locations in which it operates and seeks to ensure compliance with ESG principles to a high ethical standard.
To this end, the Group has adopted a sustainability plan for the years 2022 to 2026 which covers a wide
range of ESG items including environmental, human resources, supplier and customer engagement, and
ethics and governance matters (the Sustainability Plan).
The Sustainability Plan voluntarily contributes to the achievement of nine of the seventeen United Nations’
Sustainable Development Goals (SDGs), namely SDGs 3, 5, 7, 8, 9, 10, 12, 13 and 16. These nine SDGs have
been linked to the following three (3) pillars that represent the macro-areas on which the Group has an
impact. As the Group works towards the alignment of its corporate reporting package to the Corporate
Sustainability Reporting Directive (‘CSRD’), it is reviewing its Sustainability Plan and finalizing quantitative
targets. Furthermore, the Board of Directors is committed to upholding its responsibilities under Section
172 of the Companies Act 2006 as outlined in the ‘Section 172 Companies Act 2006 Statement’.
The Sustainability Plan is the primary strategy adopted by the Board for the purposes of defining the
Group’s ESG commitments and reporting on the development of its ESG framework. The Sustainability Plan
incorporates ESG criteria to reduce the Group’s carbon footprint, improve the sustainability of its
operations and support green initiatives in the logistics sector. The Sustainability Plan is supplemented by
Page 8 of 139
specific ESG related polices adopted by the Board which cover the Group’s Code of Ethics, the Group
suppliers code of conduct (Suppliers’ Code of Conduct), anti-harassment, equal opportunities, anti-bribery
and environmental and sustainable procurement policies. These specific policies apply to the Group as a
whole and in all the jurisdictions in which the Group operates.
Currently, in addition to these Group policies covering specific ESG related matters, individual Group
Companies have separate environmental and social policies containing more specific rules and procedures
with regard to ESG matters. Such local policies are largely dictated by specific ESG considerations and
regulations in the jurisdictions in which the relevant Group Companies operate. In the future, the Group
intends to transition from its current separate environmental and social policies for individual Group
Companies to the adoption of a Group-wide ESG policy. While such Group-wide ESG policy will not be able
to cater for specific ESG considerations in each relevant jurisdiction, this strategic shift reflects the Group’s
aim to integrate environmental, social and governance considerations into its overall business framework,
aligning its practices and processes with sustainable and responsible principles to drive positive impacts
across all aspects of the Group’s operations. This also means that for certain jurisdictions the Group-wide
ESG policy might set more ambitious targets than strictly required by the laws of such jurisdictions.
The Group intends to adopt an ESG model which is embedded across the Group’s value chain. The ESG
model would therefore seek to cover each step of the logistics service line from origin, transit, warehousing
and final destination deliveries. The Group is in the process of launching the following specific initiatives in
relation to reducing its Scope 1, 2 and 3 GHG emissions:
● Electric vehicles: the launch of a procurement programme to increase the share of electric vehicles on
the armoured truck fleet of the Group;
● Emission compensation: establishing contractual agreements to purchase compensation emissions at
a Group level;
● Sustainable fuel: further expanding the Group’s arrangements under the sustainable air fuel program;
● Solar panels: installation of solar panels at Group Company premises where renovation activities are
ongoing;
● Low-carbon energy sourcing: updating contractual arrangements with energy providers to increase the
share of clean energy use in all countries where the Group operates with a phase-in approach; and
● Energy efficiency: reducing energy use in all premises through energy efficiency investments including
in lighting systems and heating, ventilation and air-conditioning with a phase-in approach.
In addition to the initiatives described above, the Group intends to identity and determine specific short-
term ESG environmental and social best practices. From an environmental perspective the Group intends
to increase energy use through low-carbon energy sources in eligible premises whereas from a social
perspective it intends to improve the performance review system in place. By adopting these best practices
outlined above, the Group seeks to substantially enhance its existing ESG strategies in a manner that is
consistent with the growth strategy of the Group and that meets client demands and expectations, whilst
it finalizes it alignment to CSRD and finalizes quantitative targets.
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Environmental (contributing to SDGs 7, 9, 12 and 13)
As part of the Group’s commitment to environmental responsibility and compliance with the Streamlined
Energy and Carbon Reporting (‘SECR’) framework, the Group has been collecting information on its energy
consumption and carbon emissions. Although the Group qualifies as an unquoted low energy organisation
which has consumed less than 40MWh in the UK during the period in respect of which the report is
prepared (in 2024 the UK premises of the Group consumed less than 5MWh in total), the total energy
consumption and the total Scope 1 and 2 carbon emissions will be disclosed in the Group’s 2024 Annual
Sustainability Report, which will be published by the end of June 2025.
The Group’s environmental objectives foresee (i) the reduction of negative environmental impacts, in terms
of associated GHG emissions and waste generated, through monitoring tools and internal dashboards, as
well as increased energy efficiency (contributing to the Group’s ESG goals 2 and 4), (ii) obtaining
environmental certifications (contributing to the Group’s ESG goal 3), and (iii) formalising procedures and
implementation of digitised systems aimed at reducing paper usage (contributing to the Group’s ESG goal
1).
Social (contributing to SDGs 3, 5, 8 and 10)
The Group’s social objectives foresee (i) investing in employees’ well-being, health and safety (contributing
to the Group’s ESG goals 5 and 6), and (ii) promoting diversity and inclusion with the aim to attract and
retain talent (contributing to the Group’s ESG goals 5 and 6).
Governance (contributing to SDG 16)
The Group’s governance objectives foresee fostering a corporate culture aimed to promote ethical
behaviour, with respect of people and shared norms of behaviour, and reduce the risks related to potential
corruption episodes (contributing to the Group’s ESG goal 7).
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Business review and key performance indicators
Financial Key performance indicators
Euro/000
FY2024
FY2023
Revenues
348,756
333,036
Adjusted EBITDA
92,381
90,025
Adjusted EBITDA Margin %
26.5%
27.0%
Profit for the year
57,297
56,900
Net Working Capital
35,101
36,253
Net Financial Position
86,992
72,578
The alternative performance measures have been defined and reconciled in note 42.
Business review
The table below shows the economic data for the financial year 2024 and comparative data for 2023:
Amounts in € thousand
FY2024
% of
Revenues
FY2023
% of
Revenues
Revenues
348,756
100.0%
333,036
100.0%
Other income
6,110
1.8%
4,197
1.3%
Purchase of goods
(5,772)
-1.7%
(5,517)
-1.7%
Costs for services
(145,261)
-41.7%
(142,437)
-42.8%
Personnel costs
(107,388)
-30.8%
(97,299)
-29.2%
Impairment of trade receivables
(382)
-0.1%
(813)
-0.2%
Other operating costs
(3,682)
-1.1%
(4,401)
-1.3%
EBITDA
92,381
26.5%
86,766
26.1%
- Listing costs
-
0.0%
3,259
1.0%
Adjusted EBITDA
92,381
26.5%
90,025
27.0%
Provision for risks
(1,837)
-0.5%
(145)
0.0%
Depreciation and Amortisation
(17,355)
-5.0%
(13,632)
-4.1%
Operating Profit
73,189
21.0%
72,989
21.9%
Finance income
1,672
0.5%
1,238
0.4%
Finance expenses
(1,656)
-0.5%
(2,314)
-0.7%
Exchange losses
(1,233)
-0.4%
(802)
-0.2%
Result from investments accounted for using the
equity method
834
0.2%
951
0.3%
Profit before taxes
72,806
20.9%
72,062
21.6%
Income taxes
(15,509)
-4.4%
(15,162)
-4.6%
Profit for the year
57,297
16.4%
56,900
17.1%
Revenues
Revenues increased by €15.7 million, or 4.7%, from €333.0 million for the year ended 31 December 2023
to €348.8 million for the year ended 31 December 2024. The increase was primarily due to the increase in
the total value of the goods transported and the total weight of transported goods, as well as the
optimisation and expansion of the route network.
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The following table sets forth the Group’s revenues by service for the year ended 31 December 2024 and
the year ended 31 December 2023:
Amounts in Euro/000
FY2024
%
FY2023
%
International Services
230,484
66.1%
221,981
66.7%
Domestic Services
57,443
16.5%
50,780
15.2%
Warehouse & Logistics Services
22,293
6.4%
18,414
5.5%
Special and other services
38,536
11.0%
41,861
12.6%
Total Revenues
348,756
100.0%
333,036
100.0%
International Services
International Services represent the Group’s largest service by revenues. International Services recorded
revenues of €230.5 million for the year ended 31 December 2024, or 66.1% of total revenues, compared to
€222.0 million, or 66.7% of total revenues, for the year ended 31 December 2023, representing an increase
of €8.5 million, or 3.8%. Such increase was mainly due to the increase in the average value of the goods
transported and the total weight of transported goods, as well as the optimisation and expansion of the
route network.
Domestic Services
Domestic Services represent the second largest service by revenues. Domestic Services recorded revenues
of €57.4 million for the year ended 31 December 2024, or 16.5% of total revenues, compared to €50.8
million, or 15.2% of total revenues, for the year ended 31 December 2023, representing an increase of €6.6
million, or 13.1%. Such increase was mainly due to the increase in volumes of International Services, which
positively impacted domestic activity, particularly in Dubai, the United States, Italy, France and Germany,
as the Group’s full-service offering allows it to combine and cross-sell its different services to its customers.
Warehouse & Logistics Services
Warehouse & Logistics Services represent the fourth largest service by revenues. Warehouse & Logistics
Services recorded revenues of €22.3 million for the year ended 31 December 2024, or 6.4% of total
revenues, compared to €18.4 million, or 5.5% of total revenues, for the year ended 31 December 2023,
representing an increase of €3.9 million, or 21.2%. Such increase was mainly due to the Group’s decision to
increase its provision of warehouses and security vaults, especially in the Netherlands, in order to meet its
customers’ growing demand for secured storage facilities, to streamline its supply chain and to keep
inventory closer to its customers.
Special and other services
Special and other services represent the third largest service by revenues. Special and other services
recorded revenues of €38.5 million for the year ended 31 December 2024, or 11.0% of total revenues,
compared to €41.9 million, or 12.6% of total revenues, for the period ended 31 December 2023,
representing a decrease of €3.3 million, or 7.9%. Such decrease was mainly due to the decrease demand by
customers for tailored services, such as hand-carry and white glove services, as well as the decrease in
private events, fairs, shows and other special services.
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Revenue by geography
The following table sets forth the Group’s revenues by geography for the year ended 31 December 2024
and the year ended 31 December 2023:
Amounts in Euro/000
FY2024
FY2023
Europe
216,310
204,158
Asia
75,012
76,365
NAM & Brazil
56,215
53,651
Rest of the world
47,024
40,453
Intercompany elimination
(45,806)
(41,591)
Total Revenues
348,756
333,036
Europe
Europe represents the Group’s largest geographic segment in terms of revenues. Europe recorded
revenues of €216.3 million for the year ended 31 December 2024 compared to €204.2 million for the year
ended 31 December 2023, representing an increase of €12.1 million, or 6.0%. Such increase was mainly
due to the increased volume of goods transported on behalf of the Group’s major customers with
production centres and suppliers in Italy, Switzerland and France. In addition, the increase was due to the
higher revenues generated by Ferrari Logistics Netherland B.V. and Ferrari Logistics Germany GmbH, which
was the result of the operational ramp-up and the investments made in the Netherlands and Germany,
respectively, to increase the volume services provided to the customers in these countries.
Asia
Asia represents the Group’s second largest geographic segment in terms of revenues. Asia recorded
revenues of €75.0 million for the year ended 31 December 2024 compared to €76.4 million for the year
ended 31 December 2023, representing a decrease of €1.4 million, or 1.8%. Such decrease was mainly due
to the decreased volume of services provided by the Company’s subsidiaries, in particular Ferrari Logistic
(Asia) Ltd. and Ferrari Logistics China Ltd., to the existing customers. The decrease in the services provided
by Ferrari Logistic (Asia) Ltd. and by Ferrari Logistics China Ltd. was partially due to the general contraction
of the Chinese market.
North America and Brazil
North America and Brazil represent the Group’s third largest geographic segment in terms of revenues.
North America and Brazil recorded revenues of €56.2 million for the year ended 31 December 2024
compared to €53.7 million for the year ended 31 December 2023, representing an increase of €2.5 million,
or 4.8%. The increase was due to the increased volume of services provided to both existing and new
customers in the geographical area, particularly in the United States through Ferrari Express Inc and in
Brazil through Ferrari Express Logistica e Transporte do Brasil LTDA.
Rest of the world
The geographic area covering the rest of the world represents the Group’s fourth largest geographic
segment in terms of revenues and recorded revenues of €47.0 million for the year ended 31 December
2024 compared to €40.5 million for the year ended 31 December 2023, representing an increase of €6.5
million, or 16.2%. Such increase was mainly due to increased volume of services sold to global costumers
and local customers, particularly in Dubai (UAE) through Ferrari Logistics Middle East FZE – UAE and in
South Africa through Ferrari Logistics Southern Africa Ltd., which the Group includes in the geographic area
covering the rest of the world.
Page 13 of 139
Costs of services increased by €2.9 million, or 2.0%, from €142.4 million for the year ended 31 December
2023 to €145.3 million for the year ended 31 December 2024. Such increase was primarily due to an
increase in shipping costs of €2.7 million, which was partially offset by a decrease in legal and administrative
consultancy fees of €1.6 million. Shipping costs increased due to the increase in value of the goods being
shipped and in the number of shipments provided by the Group to meet its customers’ growing demand,
while legal and administrative consultancy fees decreased due to listing costs amounting to €3.3 million for
the year ended 31 December 2023 not being repeated in the same period in 2024 as they are borne by the
parent company (Deiana Holding Limited). Shipping costs as a percentage of revenues decreased from
35.2% for the year ended 31 December 2023 compared to 34.4% for the year ended 31 December 2024
due to the reduction in airfreight occurred in 2024 and the Group’s ability to consolidate more shipments.
Personnel costs increased by €10.1 million, or 10.4%, from €97.3 million for the year ended 31 December
2023 to €107.4 million for the year ended 31 December 2024. Such increase was primarily due to the
increase in the number of full-time employees hired during the year ended 31 December 2024 to
accommodate the growth in the Group’s operations and assist in the digital transformation of the Group.
Adjusted EBITDA increased by €2.4 million or 2.6%, from €90.0 million for the year ended 31 December
2023 to €92.4 million for the year ended 31 ended 2024. Such increase was due to the increase in the
Group’s revenues. The Adjusted EBITDA Margin decreased from 27.0% for the year ended 31 December
2023 to 26.5% for the year ended 31 December 2024 due to a more than proportionate increase in
Personnel Cost, partially compensated by a less than proportionate increase in Cost for Services.
Depreciation and amortisation increased by €3.7 million from €13.6 million for the year ended 31 December
2023 to €17.4 million for the year ended 31 December 2024.
Such increase resulted primarily from (i) an increase in depreciation of the right-of-use assets as a result of
the Group’s procurement of new contracts for offices and warehouses, particularly in Italy, the Netherlands,
Switzerland, Germany, the United States and China, and (ii) an increase in depreciation of property, plant
and equipment as a result of the improvement made to the new offices and warehouses listed above and
new investments in other tangible assets.
Finance income increased by €0.5 million, from €1.2 million for the year ended 31 December 2023 to €1.7
million for the year ended 31 December 2024. Such increase was primarily due to an increase in bank
deposits and to the fair value adjustment of the Group’s investments in mutual funds.
Finance expenses decreased by €0.7 million, from €2.3 million for the year ended 31 December 2023
to €1.7 million for the year ended 31 December 2024. Such decrease of €1.0 million, or 76.9%, Such
decrease is primarily due to the increase of the net financial position of the Group.
Income tax expense amount to €15.5 million for the year ended 31 December 2024, compared to €15.2
million for the year ended 31 December 2023, representing an increase of €0.3 million. Such increase is
mainly due to the increase in profit before taxes and to a different split of the Group profit among countries
with a different tax rate.
Based on the foregoing, the Group’s profit was €57.3 million for the year ended 31 December 2024
compared to a profit of €56.9 million for the year ended 31 December 2023, representing an increase of
€0.4 million.
Page 14 of 139
Net Working Capital
Net Working Capital is defined as current assets less current liabilities adjusted for current assets, cash and
cash equivalents, current borrowings and bank overdraft and current lease liabilities.
Euro/000
FY2024
FY2023
Total current assets
216,207
208,074
Less:
- Cash & cash equivalents
(115,799)
(98,777)
- Current assets
(8,946)
(6,654)
Total current assets (excluding current financial assets)
91,462
102,643
Total Current Liabilities
(68,867)
(77,133)
Less:
- Current borrowings and bank overdraft
772
883
- Current lease liabilities
11,734
9,860
Total current liabilities (excluding current financial liabilities)
(56,361)
(66,390)
Net Working Capital
35,101
36,253
Net Working Capital decreased by €1.2 million, or 3.2%, from €36.3 million for the year ended 31 December
2023 to €35.1million for the year ended 31 December 2024. The decrease was primarily due to the
decrease in trade receivables of €15.3 million due to the reduction in days sales outstanding.
Page 15 of 139
Net financial position
The Group uses Net Financial position as a key performance indicator. The Net Financial position calculated
as the sum of total financial liabilities, and non-current trade and other payables, net of cash and cash
equivalents and current financial assets. The composition of Net Financial Indebtedness (or funds in case
of liquidity surplus) is determined in accordance with ESMA Recommendations contained in Guidelines 32-
382-1138 of 4 March 2021.
The Group believes that Net Financial position is useful to monitor the level of net liquidity and financial
resources available to the Group.
Amount in Euro 000
As at
December
31, 2024
As at
December
31, 2023
A
Cash
115,799
98,777
B
Other current financial assets
8,946
6,654
C
Liquidity (A+B)
124,745
105,431
D
Current financial debt
(including debt instruments, but excluding current portion
of non-current financial debt)
239
205
E
Current portion of non-current
financial debt (accrued interest)
12,267
10,538
F
Current financial indebtedness (D + E)
12,506
10,743
G
Net current funds (C – F)
112,239
94,688
H
Non-current financial debt
(excluding current portion and debt instruments)
25,247
22,110
I
Non-current financial indebtedness (H)
25,247
22,110
J
Total funds (G - I)
86,992
72,578
Total funds increased by €14.4 million from €72.6 million of liquidity surplus as of 31 December 2023 to
€87.0 million as of 31 December 2024. Such increase was primarily due to the increase in cash and cash
equivalents of €17.0 million.
Current financial indebtedness increased by €1.8 million, from €10.7 million as of 31 December 2023 to
€12.5 million as of 31 December 2024. Such increase was primarily due to new lease liabilities generated
by new lease and rental contracts entered into in Italy, the Netherlands, Switzerland, Germany, the United
States and China. The increase in lease liabilities was partially offset by lease payments made during the
period.
Non-current financial indebtedness increased by €3.1 million, from €22.1 million as of 31 December 2023
to €25.2 million as of 31 December 2024. Such increase was primarily due to new lease liabilities generated
by new lease and rental contracts entered into in Italy, the Netherlands, Switzerland, Germany, the United
States and China. The increase in lease liabilities was partially offset by lease payments made during the
period.
The Company, as the Group’s parent, has no bank loans. The main outstanding mortgages and bank loans
are entered into at a local level by the Company’s subsidiaries are typically denominated in the local
currency of their countries of operation and used to cover short-term financing needs. The debt
instruments representing such borrowings have customary terms and conditions. None of the Group’s
borrowings are subject to financial covenants.
Page 16 of 139
Principal risks and uncertainties
Risk assessment and principal risks
The following is a brief description of the key material risk factors specific to the Company and its Group.
In making the selection, the Group has considered circumstances such as the probability of the risk
materialising on the basis of the current state of affairs, the potential impact which the materialisation of
the risk could have on the Group’s business, financial condition, results of operations and prospects, and
the attention that management would, on the basis of current expectations, have to devote to these risks
if they were to materialise:
Risks relating to legal, regulatory, environmental and taxation matters
The physical effects of climate change
As at the reporting date, the Group has not yet experienced any physical effects of climate change.
However, given the broad and global scope of its operations and its susceptibility to global macroeconomic
trends, the Group is vulnerable to the physical effects of climate change, such as shifts in weather patterns
and world ecosystems, which could adversely affect the infrastructure and delivery routes used by the
Group. Acute physical effects of climate change, such as droughts, floods, extreme precipitation, wildfires
and extreme temperature changes could, among others, damage the Group’s infrastructures, cause IT
systems to short-circuits, and make airports and motorways inaccessible.
The realisation of any of these physical effects of climate change could affect the Group’s supply chain and
employee safety, as well as hinder the Group in the performance of its services, which could have a material
adverse effect on the Group’s business, financial condition, results of operation or prospects.
Please refer to the paragraph “Environmental, Social and Governance” on page 7.
Claims, investigations and other legal proceedings in the ordinary course of business
In the ordinary course of business, the Group may be subject to claims, private actions, investigations and
various other legal proceedings by customers, employees, suppliers, competitors, government agencies or
others. The results of any such litigation, investigation or other legal proceedings are inherently
unpredictable and expensive. Any claims against the Group, whether meritorious or not, could be time
consuming, result in costly litigation or damage to the Group’s reputation, require significant management
time, and divert significant resources. If any legal proceedings were to be determined adversely to the
Group, or the Group were to enter into a settlement agreement, it could be exposed to limits on its ability
to operate its business or significant monetary damages, especially if the Group fails to maintain sufficient
insurance coverage for legal claims and considering the high value of the goods handled by the Group in its
ordinary course of business. This could materially and adversely affect the Group’s business, financial
condition, results of operations or prospects.
The Company has also adopted a code of ethics (the Code of Ethics) in respect of the reporting and
regulation of anti-bribery and corruption, and further anti-money laundering obligations of Directors and
the Company’s employees. The Group has already invested in trainings for its employees by third parties
regarding sanctions and ESG/sustainability, but intends to enhance the awareness within the organisation.
Page 17 of 139
Risks relating to the industry and to the market in which the Group operates
Competitive landscape
The Group operates in a narrow section of the market (logistics services relating to luxury goods) in which
there are few operators, a limited number of shipments, high value goods and significant complexities in
customs procedures (as compared to the wider market of international shipping, where other large
international companies are active). It is possible that pricing policies that might be employed by other
operators or possible developments and technical innovations (that enable other operators to provide
higher value-added services) could result in a loss of customers in favour of the Group’s competitors, with
a reduction in demand for the Group’s services and a consequent negative impact on the Group’s business,
financial condition, results of operations or prospects.
These situations are managed through a price reduction strategy aimed at acquiring market share,
regardless of its success. The Group might be unable to match such aggressive price reductions. While its
competitors may attempt to gain an advantage through aggressive pricing, the Group focuses on preserving
the value and quality of its services while continuously innovating to stay ahead in the market.
Adverse changes due to international presence
The Group is exposed to risks associated with changes in conditions in the countries in which it operates,
with particular reference to the economic, political, fiscal and regulatory conditions of these countries.
Due to the highly technical nature of customs regulations, the Group might fail to detect a change in
legislation or to provide the required adjustments in its systems of operation in the relevant countries in a
timely manner. The same applies to the fiscal component of the customs regulations, such as fiscal
representation in countries where this service is provided.
Political disruptions may also cause changes in the trade agreements among countries, which may result in
changes to customs regulation, which may have an impact on the business of the Group.
Geopolitical and macro-economic uncertainties, including trade wars, tariffs, recession, inflation, adverse
credit markets and exchange rate fluctuations, could decrease the demand for deliveries to affected
jurisdictions, which might adversely impact the profitability of investments made by the Group in its
operations, or relationships with local partners, in the relevant locations.
The Group also faces the risk of adverse changes in local laws and regulations in which the Group operates,
including changes in areas such as trade which has the opportunity to impact the business through the
introduction of new barriers and customs requirements.
The Group mitigates this risk by having international operations in Europe, Asia, North America, Brazil and
Africa. The Group operates in more than 60 countries in three ways: (i) by directly or indirectly owned
subsidiaries; (ii) by an associated joint venture with a local partner; and (iii) by way of contractual business
relationships with local partners. Consequently, global macroeconomic factors could adversely affect the
Group’s results of operations, financial condition or prospects.
The Group also stays informed about changes in regulations that may impact its operations with the help
of external legal counsels across jurisdictions, and closely monitors its compliance with industry regulations,
international trade laws, and security standards. It has set up periodic audits of sanctions and AML policies.
The Group has appointed specific compliance officers in Italy, the UK, France, the United Arab Emirates,
and the APAC region, who are responsible for monitoring the Group’s compliance with its stated AML
policies.
Furthermore, the Group, in connections with the changes in legislations and custom regulations, provides
regular training to employees and specific training is provided at the time of any new employee is on-
boarded into the Group.
Page 18 of 139
Risks relating to the Group’s business operations
Security and data breaches
The Group carries out its activities by using IT systems which, by their nature, are exposed to several
operational risks. These operational risks include interruptions of work or connectivity, programming
errors, platform instability, equipment failures, interface bugs, telecommunications or electrical network
outages, illegal conduct by third parties and exceptional events which, should they occur, may affect the
proper functioning of the systems, lead to unauthorised access and/or use of customer data, forcing the
Group to slow down, suspend or discontinue its business.
The Group’s IT systems are constantly at risk of security breaches and attacks by unauthorised third parties.
In the event of an attack, any attempted or actual unauthorised access to IT systems could harm customers'
perception of the safety of the Group's infrastructure, IT systems and software and could lead to the loss
of customers, including significant customers and/or expose the Group to possible disputes, litigation and
claims for compensation. Each of these may have consequent negative effects on the Group's image and
reputation as well as on its business, financial condition, results of operations or prospects.
Any misappropriation or unlawful use of such information, loss of data or disclosure of confidential and/or
proprietary information or tampering with such information, could also result in a violation of the Group's
internal guidelines on personal data protection.
The occurrence of these events could cause a slowdown or interruption in the Group's activities and
services, as well as the loss, unauthorised access or use, and/or destruction of the Group’s data, which may
result in disruption for the Group’s customers, possible claims for damages and/or claims for the payment
of penalties.
The Group ensures the effectiveness of its cybersecurity initiatives, policies and procedures through its
information security management system certified to ISO27001 standard. In addition, a third-party security
operations centre monitors for cyber anomalies 24 hours a day and seven days a week.
Internal risk management and control systems
The Group’s risk management policies, procedures and practices are integrated into the structure of the
Group. Accordingly, a discussion of the Group’s risk management policies, procedures, and practices begins
with an overview of the Group’s organisational structure and the individuals with oversight responsibility
with respect to the various divisions within the Group. Responsibility for overseeing compliance and risk
management, together with implementation of any compliance programs may sit with the Directors,
relevant general manager or sole director of each subsidiary where applicable. These individuals have
extensive professional industry experience and sound knowledge of the Group’s processes and risk
management framework.
The Group is aware that setting up risk management and internal audit functions is crucial for ensuring the
security, efficiency, and compliance of the Group’s operations. Currently, the Group is developing risk
mitigation strategies and action plans, including periodical reviews of security measures and contingency
plans (with the help of an internal security manager) and of insurance coverage (with the help of reputable
international brokers such as Willis Towers Watson and AON).
Page 19 of 139
The Group also stays informed about changes in regulations that may impact its operations with the help
of external legal counsels across jurisdictions, and closely monitors its compliance with industry regulations,
international trade laws, and security standards. It has set up periodic audits of sanctions and AML policies.
In order to obtain and maintain its insurance coverage and various certifications, the Group undergoes a
thorough audit of its risk mitigation strategies both at the time of obtaining the relevant certification. The
Group must also set up and maintain a legal register of activities. The periodic audit of the Group’s facilities
across jurisdictions is performed by reputable third-party providers.
In order to manage supply chain risks, the Group has established a resilient supply chain to minimize
disruptions, with alternative transportation routes, emergency response plans, and disaster recovery
procedures. The Group has implemented a due diligence process, whereby suppliers are vetted and
assessed throughout.
The Group is considering several steps for the enhancement of its risk management and the effective
establishment of a formal internal audit function, and is currently selecting an external counsel to assist
with this process. The Group intends to clearly define the objectives and scope of both the risk management
and internal audit functions, and determine the specific areas within the logistics operations that need to
be addressed (such as security, compliance, operational efficiency, and financial integrity). The Group is
also considering appointing a Chief Internal Audit Manager and enhancing the efficiency of its reporting
lines to the Group’s executive management team (the Executive Management Team) or the Board. In
addition, the Group wants to develop a periodic audit plan that outlines the areas and processes to be
audited, including financial controls, operational processes, compliance, and security measures, prioritising
audit activities based on risk assessments and the criticality of high-value goods in the Group’s logistics
operations. To this end, the Group intends to conduct a comprehensive formal risk assessment and
mapping specific to the Group operations, identifying potential risks related to the transportation, handling,
and storage of high-value goods and customs brokerage activities. The Group intends to implement audit
procedures, including testing controls, reviews of processes, and verification of compliance with policies
and regulations. In accordance with these procedures, the Executive Management Team and the Board will
be provided with regular and detailed reports, highlighting findings, recommendations, and areas requiring
improvement. Implementation of the audit recommendations shall be monitored and it shall be verified
that corrective actions have been taken.
The Group is aware that enhancing investment in technology and tools that facilitate risk assessment, data
analysis, and audit procedures is paramount to an effective internal audit process. For example, the Group
already uses Thomson Reuters for a comprehensive sanction ownership check. The digital transformation
of the Group will also allow more consistency of systems in the Group and facilitate controls.
Risks relating to the Group’s financial position
Foreign exchange rate
The Group is exposed to risks related to changes in currency exchange rates due to the international nature
of the Group’s business. A significant portion of the Group’s business is conducted by subsidiaries in
currencies other than the euro, including CHF, USD, HKD, AED, GBP, INR and CNY. Accordingly, the Group’s
results of operations are subject to currency effects, primarily currency translation exposure. The results of
operations, assets and liabilities of these subsidiaries must be translated into euro at each balance sheet
date. As a result, changes in the relevant exchange rates between the euro and other currencies to which
the Group is exposed, particularly the CHF, USD, HKD, AED, GBP, INR and CNY, may significantly affect the
Page 20 of 139
Group’s reported results over the period under review and could materially affect its reported results of
operations and the value of its assets and liabilities in future periods.
The Group further earns revenue and incurs expenses in currencies other than the euro. Net currency
exposure from revenue or expenses denominated in foreign currencies arises to the extent that the Group
does not incur corresponding expenses or revenue in the same foreign currencies. The Group hedges
currency transaction risks by offsetting opposing cash flows (natural hedging), and does not use derivative
hedges. These efforts may have a material adverse effect on the Group’s business, financial condition,
results of operations or prospects.
Inflation
The Group could be considered indirect/fixed costs. This includes mainly the costs for labour, insurance
expenses, and legal and administrative consultancy fees. Such costs could increase due to inflation. Such
increases in indirect/fixed costs can only be reflected in the prices which the Group charges its customers,
once the agreements with the customers are being renegotiated. The terms of customer contracts differ
per customer. Direct quotations and requests for quotations are used to determine the tariffs, generally
for a term of three to five years. While it is possible to negotiate different tariffs with customers during this
period, and while customers have not been particularly opposed to account for inflation in the prices, the
Group might choose not to do so, in order to maintain a continuous relationship with the customer,
especially when the variation in rates is insignificant. While the Group has strong negotiation capabilities
concerning increased costs and it ensures that its margins are sufficiently strong to handle temporary
increases in costs, the Group cannot guarantee that it would be able to negotiate an appropriate price
increase with customers. In some jurisdictions, the Group might be compelled to keep its prices competitive
to avoid losing market share to regional or local competitors.
Until such time, or depending on the outcome of contract negotiations with the Group’s customers for a
longer period, the Group will have to bear the burden of cost increases due to inflation, in the form of
higher operating costs and expenses. Such delay in the increase of prices due to rising costs can result in
reduced profitability, and, therefore, have a material and adverse effect on the Group’s business, financial
condition, results of operations or prospects.
The risk described above would be especially relevant for the Group’s operations in jurisdictions with
mandatory rules for the annual review of salaries linked to inflation, where inflation compensating
measures are typically provided for in employment contracts. In order to attract and maintain workers in
countries where regular salary reviews are common practice, competition for skilled workers is high and
people are relatively more likely to change jobs and seek new professional opportunities, inflation
compensation measures are also adopted, even in the absence of specific legal requirements.
****************
Page 21 of 139
Corporate Governance Report
The Company acknowledges the importance of good corporate governance and therefore voluntarily
applies the Dutch Corporate Governance Code of 20 December 2022 (Dutch Governance Code), the full
text of which can be found on https://www.mccg.nl/. The Company fully endorses the underlying principles
of the Dutch Governance Code and complies with relevant best practice provisions of the Dutch
Governance Code in a manner consistent with and proportionate to the size, risks and complexity of the
Group’s operations. The Dutch Governance Code has applied since Admission in February 2025 and the
Group is still fully embedding the principles and developing its responses to the provisions. Deviations from
any of the principles and best practice provisions of the Code are explained under the section “Compliance
with the Dutch Governance Code” in this Corporate Governance Report, in accordance with the Dutch
Governance Code’s “comply or explain” principle. Substantial changes in the Company’s corporate
governance structure and in the Company’s compliance with the Dutch Governance Code, if any, will be
dealt with at the annual general meeting of the Company (General Meeting) held each year within six (6)
months after the end of the Company’s financial year (Annual General Meeting) as a separate item.
This Annual Report for the financial year ended on 31 December 2024 also includes the information that
the Company is required to disclose pursuant to the Dutch Decree on the content of the Board Report
(Besluit inhoud bestuursverslag).
Governance overview
The Company is a public limited company registered in England and Wales with the legal name Ferrari
Group PLC. The Company is the holding company of the Ferrari Group. The Board is responsible for the
continuity of the Company and its subsidiaries. The Directors are responsible for the Company’s affairs and
have the authority to oversee the day-to-day management, formulate strategies and policies, and set and
implement the Company’s objectives. The Directors focus on sustainable long-term value creation for the
Company and the Group Companies, thereby considering the interests of all its subsidiaries and how Group-
wide strategies and policies contribute to the interest of each subsidiary and the interest of the Group as a
whole over the long term. The non-executive Directors (Non-Executive Directors) shall in particular have
regard to and supervise the manner in which the executive Directors (Executive Directors) implement the
sustainable long-term value creation strategy and regularly discuss the strategy, the implementation of the
strategy and the principal risks associated with it.
The Board and Executive Management Team
The Board is comprised of four Executive Directors and four Non-Executive Directors. The principal duties
of the Board are to provide the Company’s strategic leadership, to determine the fundamental
management policies of the Company and to oversee the performance of the Company’s business. The
Executive Directors are primarily charged with the Company's day-to-day operations and the Non-Executive
Directors are primarily charged with the supervision of the performance of the duties of the Directors. In
performing their duties, Directors are required to act in the best interests of the Company and shall be
guided by the interest of the Company and the business connected with it. The Board is the principal
decision-making body for all matters that are significant to the Company, whether in terms of their
strategic, financial or reputational implications. The Board has final authority to decide on all issues save
for those which are specifically reserved to a General Meeting by law or by the Company’s articles of
association (the Articles of Association).
Page 22 of 139
The Board has adopted rules governing its principles and best practices, division of tasks and responsibilities
between the members of the Board, description of specific responsibilities for the chair of the Board and
further details on procedures for holding meetings, decision making and overall functioning of the Board,
including maintaining internal governance arrangements, processes and mechanisms that are consistent,
well-integrated and conducive to the alignment of the respective business objectives, strategies and risk
management framework of the Company and its Group (the Board Rules).
Pursuant to the Board Rules, each Executive Director shall retire from office at the annual General Meeting
in each calendar year after his or her appointment and may be reappointed for any number of subsequent
terms. Each Non-Executive Director shall retire from office at the annual General Meeting in each calendar
year after his or her appointment and may be reappointed for a maximum of eleven (11) subsequent one-
year terms.
Day-to-day operating decisions are made by the Executive Management Team. The Executive Management
Team of the Group consists of six members, including the Executive Directors, who each oversee a specific
aspect of the business.
During the financial year 2024, the Board comprised only of the current Executive Directors. As of the
admission to listing and trading of all the ordinary shares in the capital of the Company with a nominal value
of €1.00 each (Ordinary Shares) on Euronext Amsterdam on 13 February 2025 (the Admission), four Non-
Executive Directors have been appointed to the Board, all of whom are independent within the meaning of
the Dutch Governance Code. As at the date of this report, the Board is comprised as follows:
Name
Age
Nationality
Position
Date of initial
appointment
Term
Marco Deiana
54
Italian
Executive Director, Chief
Executive Officer
29 April 2021
One year
Corrado Deiana
48
Italian
Executive Director, Chief
Operating Officer
Europe
29 April 2021
One year
Alessandro Nicolo’ Ugo
44
Italian
Executive Director,
Group Chief Financial
Officer
20 May 2020
One year
Maria Isabella La Forgia
44
Italian
Executive Director,
Group General Counsel
29 April 2021
One year
Nigel Richard Paxman
66
United Kingdom
Non-Executive Director,
chair of the Board
13 February
2025
One year
Monica Belfiore
44
Italian
Non-Executive Director
13 February
2025
One year
Leslie A. Serrero
50
French
Non-Executive Director
13 February
2025
One year
Maria Rita Megre de Sousa
Coutinho
50
Portuguese
Non-Executive Director
13 February
2025
One year
Antonio Giuliano Castagnetti
64
Italian
Company Secretary
9 February
2024
One year
Page 23 of 139
Biographical details of the Directors
Marco Deiana – Executive Director
Marco Deiana is the CEO of the Company. He joined the Group as an employee in the operations
department (export/import) of Ferrari S.p.A. in 2000, when he was still a student at the University of Pavia.
He served as a customs broker in the customs department of Ferrari S.p.A. from 2004 to 2006, and from
2006 to 2010, Marco Deiana served as the chief financial officer of Ferrari S.p.A., leading its Administration
and Accounting department. By 2010, he ascended to the position of CEO of Ferrari S.p.A., where he
steered the development and expansion of the Group. In 2016, Marco Deiana was appointed as CEO of
Ferrari Group LTD, the former holding company of the Group. He has been registered in the Italian national
register of customs brokers (Albo Doganalisti) since 2006 and has been on the Italian national register of
freight forwarders (Albo Autotrasportatori) since 2008. He also received a master’s degree in Economics
and Business Administration from the University of Pavia, Italy in 2000.
Corrado Deiana – Executive Director
Corrado Deiana is currently the Chief Operating Officer Europe of the Company. He joined the Group in
2002, immediately before completing his studies. He started his career in Italy as a sales executive and
customs broker. He then became more involved in the international dimensions of the business, overseeing
commercial relationships with global luxury groups, and splitting his time among Paris, Lugano, and
Monaco. In 2010, he was appointed president of the Swiss branch, Ferrari Expéditions S.A. in Lugano. He
also assumed the role of president at the French branch, Ferrari Expéditions SA in Paris — a position he
continues to hold today. Corrado Deiana received a master’s degree in Political Science from University of
Alessandria, Italy in 2003.
Alessandro Nicolo’ Ugo – Executive Director
Alessandro Nicolo’ Ugo, who is currently the Group Chief Financial Officer of the Company, joined the
Group in 2016 as the executive director of Ferrari Group LTD. Alessandro Nicolo’ Ugo began his professional
career as a junior auditor at Baker Tilly Consulaudit in Italy. In subsequent years, he worked independently,
offering management consulting services. At that time, the Group was one of Alessandro Nicolo’ Ugo’s
clients. This collaboration eventually led to him joining the Group on a permanent basis in 2016 as director.
Alessandro Nicolo’ Ugo received an Economic and Business administration degree from Università di
Genova, Italy in 2003. He further attended the IFAF School of finance in Milan, Italy, from where he
graduated in 2004.
Maria Isabella La Forgia – Executive Director
Maria Isabella La Forgia, who currently serves as Group General Counsel of the Company, joined the Group
in 2018 as head of the legal department. On 29 April 2021, she was appointed to her role as Executive
Director. Before joining the Group, Maria Isabella La Forgia was senior associate at the law firms Gianni
Origoni Grippo and Partners in London, UK, between 2004 and 2007 and at Macchi di Cellere Gangemi, in
Rome, Italy, from 2007 to 2018. She received a law degree with the distinction cum laude from Università
degli Studi di Bari, Italy in 2003. She also completed an LLM with merit at the London School of Economics
and Political Science in London, UK in 2005 and was admitted to the Italian bar in 2007. She was admitted
as a solicitor of England and Wales in April 2024.
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Nigel Richard Paxman – Non-Executive Director
Nigel Richard Paxman, who serves as Non-Executive Director and chair of the Board, is an experienced
senior executive in the insurance and risk management industry. He began his career as a Specialist Specie
Underwriter at Lloyd’s of London in 1986, later becoming Syndicate Head Underwriter from 1997 to 2001.
Following the syndicate’s merger in 2001, he transitioned to Malca-Amit Group, where he held senior
management roles from 2002 and was appointed CEO in 2008, a position he held until 2020. Since 2020,
he has served as Chief Operating Officer at Lloyd’s insurance brokerage. In addition to his executive roles,
he was a Non-Executive Director of MALCAN Insurance Ltd (Guernsey) between 2009 and 2025 and was a
board member of the World Diamond Council from 2013 to 2020. He completed seven modules at the
Chartered Insurance Institute between 1977 and 1982. His educational background includes studies at
Wycliffe College.
Monica Belfiore – Non-Executive Director
Monica Belfiore, who serves as Non-Executive Director, has experience in the financial sector. Prior to
joining the Company, she worked for Deloitte & Touche S.p.A. as a senior auditor from 2005 to 2013. From
September 2013 until April 2014, she worked at Ferrero UK Ltd as a sales controlling manager. She then
joined Mast Jägermeister UK Ltd as commercial finance manager, where she worked for two years. Since
2016, Monica Belfiore has been working at Giorgio Armani Retail Srl, where she was appointed as the head
of finance in September 2021. Monica Belfiore received her master’s degree in economics from the
University of Turin in 2005.
Leslie A. Serrero – Non-Executive Director
Leslie Serrero, who serves as Non-Executive Director, is an experienced international senior executive in
the high-end luxury sector. She started out as a management trainee at Groupe Louise Dreyfus from 1996
to 1997, followed by a position as strategic planning attaché for Groupe Lagardere in 1998. Between 1998
and 2001, Leslie Serrero was a financial analyst and six sigma consultant at General Electric, GXS. She
continued her career as project leader at The Boston Consulting Group from 2003 to 2009. In 2009 Leslie
Serrero was appointed executive vice president – strategic marketing at Lacoste S.A. and in 2012 she made
the switch into the high-end luxury sector as chief marketing officer of LVMH / Christian Dior Couture,
before becoming managing director of LVMH / Fendi France in 2019. Since 2022, Leslie Serrero is active as
international managing director of Casa Komos Brands Group. She also held various board seats since 2017.
Leslie Serrero graduated with honours in management from the Université Paris IX Dauphine in Paris,
France in 1995 and received an MA in business administration from ESSEC Graduate School of Business in
Cergy Pontoise, France in 1997, before obtaining her MBA from Harvard Business School in 2003.
Maria Rita Megre de Sousa Coutinho – Non-Executive Director
Maria Rita Megre de Sousa Coutinho, or Rita Sousa Coutinho, who serves as Non-Executive Director, has
more than 25 years of professional work experience. During her corporate experience as an executive, she
led several departments (such as marketing, commercial, strategic projects, operations, and business
development), and business units (such as e-commerce, food, and non-food retail operations) at retailers
such as Jeronimo Martins Group, Casino Groupe, and Walmart. She is Founder and CEO of Categorical
World, and she is a non-executive board member at Banco CTT SA, Americanas SA, and Fairtrade
International. She is also a member of the International Advisory Board of Catolica Lisbon. Rita Sousa
Coutinho graduated in Management and Business Administration at Catolica Lisbon School of Business &
Economics, Portugal in 1997, obtained her MBA from INSEAD in 2001 and participated at the Advanced
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Management Program in 2012 as well as at the Women on Boards – Succeeding as a Corporate Director
Program in 2016, both from Harvard Business School.
Board committees
For the financial year ended 31 December 2024 the Board did not have any committees. In connection
with, and as from, the Admission, the Board has established an audit committee, a remuneration
committee and a selection and nomination committee, consisting of Non-Executive Directors only. Each
committee is subject to its own terms of reference approved and adopted by the Board, copies of which
are published on the Corporate Policies page on the Company’s website. Details on the committees are set
out below.
Audit Committee
The audit committee prepares the Board's decision-making on the supervision of the integrity and quality
of the Company's financial and sustainability reporting and the effectiveness of the Company's internal risk
management and control systems as referred to in best practice provisions 1.2.1 through 1.2.3 (inclusive)
of the Dutch Governance Code.
The audit committee comprises of three Non-Executive Directors: Monica Belfiore, as chairperson of the
audit committee, Nigel Richard Paxman and Leslie A. Serrero. All members, including the chairperson of
the audit committee, meet the requirements of members of the committee pursuant to the terms of
reference of the audit committee.
Remuneration Committee
The remuneration committee advises the Board in relation to its responsibilities regarding the
determination of the remuneration of Directors. The remuneration committee is tasked with submitting a
clear and understandable proposal to the Board concerning the remuneration policy to be adopted. The
remuneration report should describe, in a transparent manner, inter alia: (i) how the remuneration policy
has been implemented in the previous financial year; (ii) how the implementation of the remuneration
policy contributes to sustainable long-term value creation of the Company; and (iii) the pay ratios within
the Company and its business and, if applicable, any changes in these ratios in comparison with the previous
financial year.
The remuneration committee is chaired by Maria Rita Megre de Sousa Coutinho and its members are
Monica Belfiore and Nigel Richard Paxman. All members, including the chairperson of the remuneration
committee, meet the requirements of members of the committee pursuant to the terms of reference of
the remuneration committee.
Selection and Nomination Committee
The selection and nomination committee assists the Board in reviewing the size and composition of the
Board and proposes appointments and reappointments. It periodically assesses the functioning of
individual Directors and is also responsible for drawing up plans for the succession of Directors.
The selection and nomination committee is chaired by Leslie A. Serrero and its members are Maria Rita
Megre de Sousa Coutinho and Monica Belfiore. All members, including the chairperson of the selection and
nomination committee, meet the requirements of members of the committee pursuant to the terms of
reference of the selection and nomination committee.
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The General Meeting
The Company holds at least one General Meeting each year, within a period of six months following the
end of a financial year. The notice of a General Meeting will state the time, date and place of the meeting
and the general nature of the business to be dealt with, and whether the meeting will be held as a physical
meeting or hybrid meeting. An annual General Meeting shall be called by at least 21 clear days’ notice.
Subject to the provisions of the UK Companies Act, all other General Meetings may be called by at least 14
clear days’ notice.
The UK Companies Act requires the Board, if it receives a written requisition from shareholder(s)
representing at least 5% of the paid up share capital of the Company which carries the right of voting at
General Meetings (Requisitioners) to, within 21 days, call a General Meeting of shareholders or a meeting
of the holders of that class of shares, as applicable, to be held as soon as practicable and in any event not
later than 28 days after the date of the notice convening the meeting. The requisition must state the
business to be considered at the meeting, must be signed by or on behalf of the Requisitioners, and must
be submitted to the Company’s registered office.
Under the Articles of Association, all resolutions at General Meetings must be decided on a poll, unless the
chair of the meeting decides otherwise. On a poll, each shareholder presents in person or by proxy is
entitled to one vote for each Ordinary Share held in the name of the shareholder on record at the relevant
record date of the meeting. An ordinary resolution proposed at a General Meeting requires the approval
by a simple majority of the voting rights represented in person or by proxy at the meeting, unless the UK
Companies Act or the Articles of Association require otherwise.
Internal controls and risk management
The Board has overall responsibility for the Group’s system of internal controls and risk management. The
Directors believe that the Group has internal control systems in place appropriate to the size and nature of
the business. The internal risk management and control systems are further described on page 16
(paragraph “Principal risks and uncertainties”), including a description of the main risks the Company is
facing.
Conflicts of interest and related party transactions
Conflicts of interest
Conflicts of interest are governed by both the UK Companies Act and the Dutch Governance Code. The
Articles of Association in combination with the Board Rules (available on the Company’s website
(www.ferrarigroup.net) provide for rules and measures applicable to the Board to ensure compliance with
both sets of rules and to prevent conflicts of interest between the Directors and the Company.
Each of the Directors has a duty to avoid conflicts of interest with the Company and to disclose the nature
and extent of any such interest to the Board. If a situation (a Relevant Situation) arises in which a Director
has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of
the Company but which does not arise in relation to a transaction or arrangement with the Company, the
Director must declare the nature and extent of his or her interest to the other Directors and the Directors
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(other than the Director, and any other Director with a similar interest, who shall not be counted in the
quorum at the meeting and shall not vote on the resolution) or a committee thereof may: (i) if the Relevant
Situation arises from the appointment or proposed appointment of a person as a Director of the Company,
resolve to authorise the appointment of the Director and the Relevant Situation on such terms as they may
determine; and (ii) if the Relevant Situation arises in other circumstances, resolve to authorise the Relevant
Situation and the continuing performance by the Director of his or her duties on such terms as they may
determine. If a Director is in any way, directly or indirectly, interested in a proposed or an existing
transaction or arrangement with the Company, he or she must declare the nature and extent of that
interest to the other Directors.
Similarly, the Dutch Governance Code requires the Directors to avoid any form of conflict of interest with
the Company and the Directors and to immediately report any (potential) conflict of interest to the Chair
under provision of all relevant information.
In the financial year ended on 31 December 2024, there were no material transactions made in which there
was a conflict of interest.
Between the end of the financial year and the date of this report, a conflict may have arisen between the
interests of (i) each of Marco Deiana and Corrado Deiana as the shareholders of Deiana Holding Limited
and as Executive Directors; and (ii) the interests of Alessandro Nicolo’ Ugo and Maria Isabella La Forgia as
directors of Deiana Holding Limited and as Executive Directors, when entering into the relationship
agreement, as further described under section “Relationship Agreement” on page 28. Best practice
provisions 2.7.3 ad 2.7.4 of the Dutch Governance Code have been complied with in relation to the material
transaction in which there are conflicts of interest that took place in the financial year ended 31 December
2024 up to the date of this report.
Related party transactions
Neither the Dutch nor the UK rules on related party transactions mandatorily apply to the Company. The
Company has adopted a written related party transaction policy. The related party transaction policy in the
governing English language, as well as the Board Rules in the governing English language, are available on
the Company’s website (www.ferrarigroup.net).
The Company acknowledges the importance of ensuring that related party transactions shall be at arm’s
length and shall be dealt with in accordance with the applicable legal framework. As such, the related party
transaction policy sets out rules on related party transactions that are the reflection of (a) the Dutch
statutory provisions on related party transactions, which section implements the provisions regarding
related party transactions of Directive (EU) 2017/828 as regards the encouragement of long-term
shareholder engagement and (b) best practice provision 2.7.5 of the Dutch Governance Code as regards
transactions of material significance to the Company and/or the related party. The related party transaction
policy provides that material transactions between the Company (or a subsidiary of the Company) and a
related party require prior approval of the Non-Executive Directors, including a vote in favour of such
approval by a majority of the Non-Executive Directors who are independent within the meaning of the
Dutch Governance Code participating in the deliberations and decision-making regarding the approval of
such transaction. Transactions (i) having as scope the provision of services and (ii) the value of which is less
than €50,000 will in any event not require such prior approval. For the purpose hereof, the value shall have
to be determined, in the light of the OECD Transfer Pricing Guidelines’ principles, as the sum of (i) direct
costs of the employed human resources to render such service, (ii) forfeited indirect costs and G&A
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expenses in the amount of an additional 10% of the direct costs as above and (iii) an additional net cost
plus mark up of 5% applied to the sum of the costs under points (i) and (ii).
In the financial year ended 31 December 2024, the Company or its subsidiaries have not entered into any
material related party transactions. Between the end of the financial year and the date of this report, the
following material related party transaction took place.
Relationship Agreement
The Company entered into the relationship agreement with Deiana Holding Limited on 6 February 2025
(Relationship Agreement). The Relationship Agreement regulates the ongoing relationship between the
Company and Deiana Holding Limited.
Under the Relationship Agreement, for so long as Deiana Holding Limited and/or any member of its group
holds in aggregate between them (i) more than twenty (20) per cent. of the Ordinary Shares, Deiana
Holding Limited shall be entitled to nominate for appointment two Non-Executive Directors; and (ii) twenty
(20) per cent. or less, but more than ten (10) per cent., Deiana Holding Limited shall only be entitled to
nominate for appointment one Non-Executive Director. Deiana Holding Limited has the right to remove
any director that it has appointed at any time.
The Relationship Agreement contains undertakings from Deiana Holding Limited, that, among other things,
it will and procure that each of its affiliates will: (i) conduct transactions and arrangements with the
Company and the Group on an arm’s length basis and on normal commercial terms; (ii) not take any action
that would have the effect of preventing the Company or the Group from complying with its obligations
under the EU Market Abuse Regulation or the Dutch Governance Code; (iii) not take any actions which are
intended to preclude or inhibit the Company or the Group from acting independently from Deiana Holding
Limited and its affiliates; and (iv) not propose or procure the proposal of any shareholder resolution which
is intended or appears to circumvent the EU Market Abuse Regulation or the Dutch Governance Code.
Under the Relationship Agreement, the Company has agreed to cooperate with Deiana Holding Limited in
relation to any sale of a block of Ordinary Shares constituting ten (10) per cent or more of the Ordinary
Shares held by Deiana Holding Limited from time to time. For so long as Deiana Holding Limited has
appointed Directors on the Board or it holds ten (10) per cent. or more of the Ordinary Shares, Deiana
Holding Limited shall not be entitled to execute any disposal or transfer of Ordinary Shares except in a
manner that is reasonably designed to minimise disruption in the underlying price of the Ordinary Shares.
Deiana Holding Limited has also agreed to be subject to a lock-up arrangement pursuant to which it
undertakes that it will not directly or indirectly dispose of its Ordinary Shares for a period of 365 days from
the Admission.
The Relationship Agreement provides that any director appointed to the Board by Deiana Holding Limited
shall be entitled to fully participate in proceedings of the Board. In the event that any matter arises which
does or could, in the reasonable opinion of the audit committee, give rise to a potential conflict between
any member of the Group on the one hand and Deiana Holding Limited or any of its subsidiaries on the
other hand, such matter must be approved by the Non-Executive Directors, including a vote in favour of
such approval by a majority of the Non-Executive Directors who are independent withing the meaning of
the Dutch Governance Code participating in the deliberations and decision-making regarding the approval
of such matter.
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Subject to legal and regulatory requirements, for so long as Deiana Holding Limited holds or controls,
directly or indirectly, not less than twenty (20) per cent. of the Ordinary Shares or Deiana Holding Limited
has significant influence in relation to the Company, Deiana Holding Limited has the right to be supplied
with certain financial information concerning the Company and the Group provided that such information
is required by Deiana Holding Limited for the purposes of any reporting requirements (including, without
limitation, accounting and tax reporting).
Subject to certain exceptions, the Relationship Agreement will terminate on the earlier of (i) the Ordinary
Shares ceasing to be admitted to trading on Euronext Amsterdam or (ii) the aggregate issued share capital
of the Company owned or controlled (directly or indirectly) by Deiana Holding Limited or any of its
subsidiaries falls below ten (10) per cent. Any information provided to Deiana Holding Limited or any of the
Directors it appoints to the Board will be subject to customary confidentiality obligations contained in the
Relationship Agreement. Any term, covenant, representation, warranty or condition in the Relationship
Agreement, including in relation to the lock-up arrangement, may be waived by the party to the
Relationship Agreement benefiting of such term, covenant, representation, warranty or condition by a
notice signed by such party waiving compliance. The Relationship Agreement is governed by the laws of
England and Wales.
Best practice provision 2.7.5 of the Dutch Governance Code has been complied with in relation to the
material related party transaction that took place in the financial year ended 31 December 2024 up to the
date of this report.
Diversity and inclusion policy
The Company has adopted a diversity and inclusion policy in February 2025, in respect, inter alia, of specific
diversity targets to promote diversity within the Board, including striving for a more gender-balanced Board
such that at least one-third of the Executive Directors and 40% of the Non-Executive Directors will comprise
of the underrepresented gender by the end of 2025. The diversity and inclusion policy is published on the
Corporate Policies page on the Company’s website.
The Group considers diversity as a key strength for a successful business. The Group seeks to promote
diversity and eliminate any type of discrimination and strives to ensure equal opportunities for all
employees in all organisational activities, regardless of age, disability, gender, sexual orientation marital or
civil partner status, respecting the wide range of race, ethnicities, colour, religion or belief, nationality and
cultural backgrounds present in the Group. The Group’s efforts to achieve the set targets are further
described in the “Social and governance” section of the Group’s ESG strategy on page 9.
Culture, values and code of conduct
The Company also adopted a code of conduct in February 2025, which sets out the principles and ethical
values to which the Group abides in carrying out its activities, and of which it claims the most rigorous
observance of all parties to which this code of conduct applies. The code of conduct can be found on the
Corporate Policies page on the Company’s website and extends to the subsidiaries of the Company, and
applies to their employees, including temporary staff and people who are working with the Group on a
contractual basis, persons who hold managerial positions with the Group, those who cooperate or
collaborate with the Group and anyone who has a commercial relationship with the Group.
The Board monitors the effectiveness of and compliance with the code of conduct, on the part of both itself
and the employees of the Group. The Group sanctions violations of the code of conduct, in compliance with
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the provisions in force concerning employment relationships. Compliance with the principles of the code
of conduct constitutes an essential element of the contractual obligations undertaken by all those who
have business relationships with the Group. As a result, the violation of the provisions of this Code of
Conduct shall constitute breach of contract, with all the legal consequences with regard to the termination
of the contract and the resulting compensation for damage caused.
Sustainable long-term value creation
A detailed explanation of the Board’s view on sustainable long-term value creation and the strategy for its
realization, also describing which contributions were made to sustainable long-term value creation in the
past financial year, as well as both the short-term and long-term developments are included in the Strategic
Report on pages 6 - 7 - 8 (paragraphs “Strategy” and “Environmental, Social and Governance”).
Anti-takeover measures
The Company currently has no anti-takeover measures in place.
In control statement
In accordance with best practice provision 1.4.3 of the Dutch Governance Code, the Board states that:
i. the report provides sufficient insights into any failures in the effectiveness of the internal risk
management and control systems;
ii. the aforementioned systems provide reasonable assurance that the financial reporting does
not contain any material inaccuracies;
iii. based on the current state of affairs, it is justified that the financial reporting is prepared on a
going concern basis; and
iv. the report provides information on those material risks and uncertainties that are relevant to
the expectation of the Company’s continuity for a period of 12 months after the preparation
of this report.
With reference to Section 5:25c paragraph 2 sub c of the Dutch Financial Supervision Act, and based
on the audit of the financial statements by the external auditor, the Board states that, to the best of
their knowledge:
i. the financial statements as included in this report provide a true and fair representation of the
assets, liabilities and the financial position as at 31 December 2024, as well as the profit for the
financial year 2024 of the Company and the companies included in the consolidation; and
ii. the Annual Report provides a true representation of the situation on 31 December 2024 and
the course of business at the Company and at companies included in the consolidation for the
financial year 2024 and the Annual Report includes a description of the material risks the
Company faces.
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Compliance with the Dutch Governance Code
The Company acknowledges the importance of good corporate governance. The Company fully endorses
the underlying principles of the Dutch Governance Code and applies the Dutch Governance Code as the
guiding principles for its corporate governance policy. The Company complies with relevant best practice
provisions of the Dutch Governance Code. The current deviations from the Dutch Governance Code are
noted below, including an explanation for each deviation:
• Best practice provision 1.3 of the Dutch Governance Code: Given the size of the Company and the
functioning of its corporate bodies, the Board does not consider it opportune at this stage to
appoint an internal auditor or to set up a separate audit department. However, this is remedied by
certain financial and operational audit activities carried out by internal and/or external parties
(other than the statutory audit by the Independent Auditors) on an ad hoc basis. The Group is
considering several steps for the enhancement of its risk management and the effective
establishment of a formal internal audit function, and is currently selecting an external counsel to
assist with this process.
• Best practice provision 2.2.4 of the Dutch Governance Code: The Company does not have a
retirement schedule as referred to in best practice provision 2.2.4 of the Dutch Governance Code,
because the Articles of Association provide for a term of office of members of the Board for a
period of approximately one year after appointment, such period expiring on the day the first
annual General Meeting is held in the following calendar year. As the Company is incorporated
under the laws of England and Wales, the Company also follows certain common UK governance
practices, one of which is the reappointment of its Directors at each annual General Meeting. In
light of this term of office, the Company does not have a retirement schedule in place.
• Best practice provision 5.1.1 of the Dutch Governance Code: As of 6 February 2025, the Board is
comprised of four (4) Executive Directors and four (4) independent Non-Executive Directors,
thereby deviating from best practice provision 5.1.1 of the Dutch Governance Code. The Company
intends to comply with this best practice provision as soon as practicable, by appointing an
additional Non-Executive Director. As at the date of this report, the Company is in active discussions
with a candidate for the position of Non-Executive Director who is expected to be independent
within the meaning of the Dutch Governance Code.
Corporate Governance Statement
Pursuant to the Dutch Decree on the Content of the Board Report, the Company is required to publish a
statement concerning its approach to corporate governance and compliance with the Dutch Governance
Code. The information required to be included in this statement can be found in the following sections of
this Annual Report:
• The information concerning compliance with the Dutch Governance Code is set out under the
section “Compliance with the Dutch Governance Code” in this Corporate Governance Report.
• The information concerning the Company’s internal risk management and control systems relating
to the financial reporting process is set out under the section “Principal risks and uncertainties” of
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the Strategic Report and the sections “Audit committee” and “Internal controls and risk
management” in this Corporate Governance Report.
• The information concerning the functioning of the general meeting and its powers and rights is set
out under the section “The General Meeting” in this Corporate Governance Report.
• The information concerning the composition and functioning of the Board and its committees is
set out under the sections “The Board and Executive Management Team” and “Board committees”
in this Corporate Governance Report.
• The information concerning the Company’s diversity and inclusion policy is set out under the
section “Diversity and inclusion policy” in this Corporate Governance Report.
• The information concerning the inclusion of the information required by the Dutch Decree on
Article 10 of the Takeover Directive is set out under the section “Anti-takeover measures” in this
Corporate Governance Report.
S172 Statement within our Annual Report 2024
The Board follows a structured approach to governance, underpinned by formally defined responsibilities
for both the Board and its committees. Internally defined strategic thresholds help determine which
matters are escalated for Board-level input or approval.
Each Director approaches decision-making with integrity and the intention of advancing the long-term
success of the Group for the benefit of shareholders, whilst having regard to factors set out below. In doing
so, they give due consideration to various key factors, including but not limited to:
The likely consequences of any decision in the long term; Considering and embedding anticipated long-
term impact and consequences of decisions, particularly focusing on securing and ensuring an efficient
handling of luxury goods is key to decision making. The “delivering, solving and evolving” approach is central
to the governance of the business and how the Directors view their responsibilities to the Group and all
stakeholders.
The interests of the Group’s employees; The Board acknowledges the importance of preserving the interests
of the Group’s employees by (i) Ensuring the preservation of global interests by periodically reviewing the
key Group policies applicable to all 2,082 employees of which 1,514 Men and 568 Women; (ii) ensuring
regional interests are considered and preserved through periodical meetings with key representatives of
each region (Country Managers).
The need to foster the company’s business relationships with suppliers, customers and others; The Board
recognizes the importance of building strong relationships with its suppliers, customers and key stakeholders
and engages with them throughout events, periodical and recurring meetings.
In promoting the success of the Group, Directors consider and have regard to the impact of the company’s
operations on the community and the environment; The Board has approved a Group Environmental policy
aimed to limit the environmental impact of the business, wherever feasibly possible, and maintain
awareness of the aspects of the Group’s operations that can have an impact on the environments-
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The desirability of the company maintaining a reputation for high standards of business conduct; Reviewing
on a periodical basis the Group’s Anti-Bribery Policy, Code of Ethics and Suppliers Code of Conduct supports
the Board in ensuring high standards are maintained both within the Group and throughout its business
relationships.
Directors also acknowledge the need to act fairly with members of the Group, whilst promoting the success
of the company.
In 2025, the new Board of Directors, is working on refining its strategy in line with these requirements and
the factors outlined below. To ensure that S172 considerations are embedded within the operations, the
Group has ensured regular Board discussions focused on long-term value creation and transparent
reporting through the ESG annual disclosure (forthcoming, Sustainability Annual Report 2024) and
operational performance metrics.
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Non-Executive Director’s report
As the Non-Executive Directors were appointed in 2025, conditional upon the Admission, the Company had
no non-executive directors or supervisory board during the financial year ended 31 December 2024.
Therefore, this Non-Executive Director’s report cannot render account of any supervision by the Non-
Executive Directors conducted in the financial year ended 31 December 2024, as referred to in best practice
provision 2.3.11 of the Dutch Governance Code. For the avoidance of doubt, the Dutch Governance Code
did not apply to the Company during the financial year ended 31 December 2024.
With a view to maintaining supervision of the Company, the Non-Executive Directors regularly discuss the
Company’s long-term business plans, the implementation of such plans and the risks associated with such
plans with the Executive Directors.
Details of the current composition of the Board, including the Non-Executive Directors, are set out in the
section “The Board and Executive Management Team” on page 21.
Supervision by the Non-Executive Directors
The responsibilities of the Non-Executive Directors include supervising the manner in which the Board
implements the sustainable long-term value creation strategy and discussing on a regular basis the strategy,
the implementation of the strategy and the principal risks associated with it, whereby the Board as a whole
should be engaged early on in formulating the strategy for realising sustainable long-term value creation.
The Board may allocate certain specific responsibilities to one or more individual Directors or to a
committee comprised of eligible Directors. In this respect, the Board has allocated certain specific
responsibilities to the audit committee, the remuneration committee and the selection and nomination
committee.
Meetings of the Board and its committees
Non-Executive Directors are expected to (remotely or physically) attend Board meetings and the meetings
of the committees of which they are members. If a Non-Executive Director is frequently absent at such
meetings, he or she shall be held accountable by the Board.
The Non-executive Directors did not attend any Board meetings or meetings of any committees of the
Board in the financial year ended 31 December 2024, as their appointment and the establishment of the
committees took place in 2025.
Independence of the Non-Executive Directors
The best practice provisions 2.1.7 – 2.1.9 of the Dutch Governance Code provide certain independence
requirements for the composition of the Board and individual Non-Executive Directors. The composition of
the Board shall be such that the Non-Executive Directors are able to operate independently and critically
vis-à-vis one another, the Executive Directors and any particular interests involved. The Dutch Governance
Code provides seven criteria for determining the independence of Non-Executive Directors. At most one
Non-Executive Director should meet any of the criteria referred to in best practice provision 2.1.8(i)-(v), the
total number of Non-Executive Directors to whom the criteria referred to in best practice provision 2.1.8(i)-
(vii) apply, should account for less than half of the total number of Non-Executive Directors, and for each
shareholder holding more than 10% of the Ordinary Shares, there may be at most one affiliated Non-
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Executive Director, as referred to in best practice provision 2.1.8(vi) and (vii). In addition, the chairperson
of the Board should be independent within the meaning of the Dutch Governance Code.
The Board considers all Non-Executive Directors independent within the meaning of the Dutch Governance
Code. Therefore, in the opinion of the Non-Executive Directors, the independence requirements referred
to in best practice provision 2.1.7 – 2.1.9 have been fulfilled.
Evaluation of the Board
In accordance with the Dutch Governance Code and the Board Rules, the Board evaluates at least annually
– outside the presence of the Executive Directors – the functioning of the Board, its committees and the
functioning of the individual Directors. The Non-Executive Directors discuss the conclusions of such
evaluations, and identify aspects where the Directors require further training or education. Each Director
must be able to express their views confidentially during such evaluation. When performing the annual
evaluation, the Non-Executive Directors at least consider:
• substantive aspects, conduct and culture, the mutual interaction and collaboration, and the
interaction with the Executive Directors;
• lessons learned from recent events; and
• the desired profile, composition, competency and expertise of the Board.
The evaluation takes place periodically under the supervision of an external expert.
As the Non-Executive Directors were appointed after the end of the financial year ended on 31 December
2024, the Non-Executive Directors have not yet performed such evaluation.
Internal audit function
In deviation of principle 1.3 of the Dutch Governance Code, the Company has not appointed an internal
auditor or set up a separate audit department for the performance of the internal audit function, given the
size of the Company and the functioning of its corporate bodies. Please refer to the section “Compliance
with the Dutch Governance Code” for more information about this deviation of the Dutch Governance Code,
and to the section “Internal risk management and control systems” of the Strategic Report included in this
Annual Report for more information on the Group’s considerations regarding the effective establishment
of a formal internal audit function.
Page 36 of 139
Directors’ Report
The directors present their report together with the Consolidated financial statements for the Ferrari Group
for the period ended at December 31, 2024.
Results and dividends
Pursuant to English law and the Articles of Association, the distribution of profits will take place following
the adoption of the Company’s annual accounts by a General Meeting, from which the Company will
determine whether such distribution is permitted. A General Meeting may approve distributions to the
shareholders, whether from profits or from its freely distributable reserves, only insofar as its shareholders’
equity exceeds the sum of the paid-up and called-up share capital plus the reserves required to be
maintained by English law or pursuant to the Articles of Association. Under the Articles of Association, the
Board is given the authority to declare dividends subject to the provisions of the UK Companies Act and
may, subject to certain restrictions, set a record date for a dividend or other distribution. No dividend shall
exceed the amount recommended by the Board.
The Consolidated statement of comprehensive income shows a net profit of Euro 57,297 thousand (Euro
56,900 thousand in 2023) and a total comprehensive income for the period of Euro 62,463 thousand (Euro
55,461 thousand in 2023).
No interim dividend was declared during the year and the Directors recommend a final dividend for the
year ended 31 December 2024 equal to Euro 25,000,000 (Euro 25,000,000 for the year ended 31 December
2023).
Environment and sustainability
As part of the Group’s commitment to environmental responsibility and compliance with the Streamlined
Energy and Carbon Reporting (‘SECR’) framework, the Group has been collecting information on its energy
consumption and carbon emissions. Although the Group qualifies as an low energy organisation which has
consumed less than 40MWh in the UK during the period in respect of which the report is prepared.
Directors
The following Directors have held office during the financial year ended 31 December 2024:
- Mr. Corrado Deiana
- Mr. Marco Deiana
- Mrs. Maria Isabella la Forgia
- Mr. Alessandro Nicolò Ugo
As from the Admission, on 13 February 2025, the Company appointed four Non-Executive Directors. The
current composition of the Board is set out in the section “The Board and Executive Management Team” in
the Corporate Governance Report of this Annual Report.
As at 31 December 2024, other than as disclosed below under section “Major shareholders” of this
Director’s Report, none of the Directors nor the Executive Management Team have a direct or indirect
Page 37 of 139
interest in the Ordinary Shares (including beneficial interests and interests of persons connected with the
Directors or members of the Executive Management Team).
Directors indemnities
There were no director indemnities provisions in the year.
Major shareholders
As at 31 December 2024, Deiana Holding Limited was the sole shareholder of the Company and held 100%
of the Company’s issued ordinary share capital.
Following the offering for sale by Deiana Holding Limited of part of its shareholding in the Company and
the start of trading in the Ordinary Shares on Euronext Amsterdam on 13 February 2025, the shareholdings
in the Company have changed. The following table sets out (i) the shareholders of the Company as at 31
December 2024 and (ii) the shareholders of the Company which, to the Company’s knowledge, directly or
indirectly have a notifiable interest in the Company’s capital and voting rights within the meaning of the
Dutch Financial Supervision Act as at April 28, 2025.
Amount of share capital
owned as at
December 31, 2024
Amount of share capital
owned as at
April 28, 2025
Shareholder
Number of
Ordinary Shares
%
holding
Number of
Ordinary Shares
%
holding
Deiana Holding Limited
77,045,804
100%
65,147,380
71.36%
Alecta Tjänstepension Ömsesidigt
-
-
3,054,615
3.35%
Other Shareholders
-
-
22,798,005
25.29%
Total number of Ordinary shares
77,045,804
100%
91,300,000
100%
Marco Deiana and Corrado Deiana each hold 50% of the issued share capital of Deiana Holding Limited.
They do not serve as directors on the board of Deiana Holding Limited. Marco Deiana and Corrado Deiana
are both part of the founding family of the Group and have been involved in the business of the Group in
some capacity for over 20 years. In relation to the Group, Marco Deiana serves as the CEO of the Group
and Corrado Deiana serves as COO Europe of the Group, and each of them is an Executive Director of the
Company.
Financial risk management
The financial risk management objectives and policies and the exposure to financial risk can be found in
note 41 of the consolidated financial statements.
Political Donations
The Group did not make any political donations in the financial period.
Future Developments
Particulars of any important events affecting the Company that have occurred since the end of the financial
year and an indication of likely future developments in the business of the Company are described on note
“42. Post Balance sheet events” and are incorporated into this report by reference.
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Subsidiaries Outside of the UK
Details of the Company’s subsidiaries are set out in the paragraph “Scope of consolidation” on page 70.
The Company has no branches outside of the UK.
Post Balance sheet events
Following 31 December 2024, a redenomination, consolidation and subdivision of the share capital of the
Company was implemented pursuant to a resolution of 29 January 2025, so that the currency denomination
of the Ordinary Shares is reflected in euro ahead of the Admission.
On 29 January 2025, Ferrari Group PLC and the parent company (Deiana Holding Limited) passed
resolutions to implement a redenomination, consolidation and subdivision of the share capital of the
Company as follows:
• GBP 77,045,804 Ordinary Shares were redenominated at a prevailing exchange rate determined in
accordance with the UK Companies Act from GBP 1.00 to Euro 1.1844;
• the Company issued a bonus share with a nominal value of €46,949.7424, for the purposes of
ensuring that the redenomination resulted in a whole number of Ordinary Shares;
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• the share capital of the Company (including the bonus share) was consolidated into 1 ordinary share
with a nominal value of €91,300,000; and
• the share capital of the Company was subdivided from 1 ordinary share with a nominal value of Euro
91,300,000 into 91,300,000 Ordinary Shares with a nominal value of €1.00 each.
On 13 February 2025, all Ordinary Shares were admitted to listing and trading on Euronext Amsterdam,
and Deiana Holding Limited offered 22,825,000 Ordinary Shares, with an additional 3,327,620 Ordinary
Shares after settlement of the over-allotment option granted to the underwriters to the offering.
In connection with the Admission, the Company updated its governance structure, by appointing four new
Non-Executive Directors, establishing an audit committee, a remuneration committee and a selection and
nomination committee, and adopting new Articles of Association, Board rules, committee charters and
various policies, which are published in the Company’s website (www.ferrarigroup.net).
For additional information please refer to “43. Post Balance sheet events” included in the Notes.
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Directors’ responsibilities statement
The directors are responsible for preparing the Annual Report and the financial statements in accordance
with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law
the directors have elected to prepare the group consolidated financial statements in accordance with UK
adopted international accounting standards and IFRS as adopted by EU, and the parent company financial
statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law), including FRS 101 “Reduced Disclosure Framework”. Under
company law the directors must not approve the financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the company and of the profit or loss of the company for
that period.
In preparing the consolidated financial statements, International Accounting Standard 1 requires that
directors:
• properly select and apply accounting policies;
• present information, including accounting policies, in a manner that provides relevant, reliable,
comparable and understandable information;
• provide additional disclosures when compliance with the specific requirements of the financial
• reporting framework are insufficient to enable users to understand the impact of particular
transactions, other events and conditions on the entity’s financial position and financial
• performance; and
• make an assessment of the company’s ability to continue as a going concern.
In preparing the parent company financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and accounting estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the company’s transactions and disclose with reasonable accuracy at any time the financial position
of the company and enable them to ensure that the financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information
included on the company’s website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Responsibility statement
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the relevant financial reporting framework,
give a true and fair view of the assets, liabilities, financial position and profit or loss of the company
and the undertakings included in the consolidation taken as a whole;
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• the Strategic Report and the Directors’ Report include a fair review of the development and
performance of the business and the position of the company and the undertakings included in the
consolidation taken as a whole, together with a description of the principal risks and uncertainties
that they face; and
• the annual report and financial statements, taken as a whole, are fair, balanced and understandable
and provide the information necessary for shareholders to assess the company’s position and
performance, business model and strategy.
****************
This responsibility statement was approved by the board of directors on April 30, 2025 and is signed on its
behalf by:
Mr. Marco Deiana Mr. Alessandro Nicolò Ugo
Executive Director (CEO) Executive Director (CFO)
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Auditors
The Company’s independent auditor is Deloitte LLP of 1 New Street Square, London EC4A 3HQ. Deloitte
LLP is registered to carry out audit work by the Institute of Chartered Accountants in England and Wales.
Deloitte LLP were appointed as external auditors for the year ended 31 December 2024.
Statement as to disclosure of information to auditors
Each of the persons who is a director at the date of approval of this annual report confirms that:
• so far as the director is aware, there is no relevant audit information of which the company’s
auditors are unaware; and
• the director has taken all the steps that he/she ought to have taken as a director in order to make
himself/herself aware of any relevant audit information and to establish that the company’s
auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the
Companies Act 2006.
Website pubblication
The Directors are responsible for ensuring the Annual Report and Financial Statements are made available
on a website. Financial statements are published on the Group’s websites, in accordance with legislation in
the United Kingdom and the Netherlands governing the preparation and dissemination of financial
statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the
Group’s websites is the responsibility of the Directors. The Directors’ responsibility also extends to the
ongoing integrity of the financial statements contained therein.
****************
This report was approved by the board of directors on April 30, 2025 and signed on behalf of the board by:
Mr. Marco Deiana Mr. Alessandro Nicolò Ugo
Executive Director (CEO) Executive Director (CFO)
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Remuneration report
This remuneration report offers insights into the remuneration provided to the Executive Directors and
Non-Executive Directors as required by Dutch Corporate Governance Code 2:135b BW. Prior to the
Admission, the Company was not required to adopt a remuneration policy. Consequently, the Company did
not have a remuneration policy in the financial year ended 31 December 2024. In compliance with section
439A of the UK Companies Act and the applicable provisions of the Dutch Governance Code, the Company’s
new directors’ remuneration policy will be submitted for shareholder approval at the annual General
Meeting to be held in 2025.
Directors’ remuneration policy
The Company has considered the remuneration principles that it should apply to Directors to ensure these
principles are appropriate for the listed company environment. The Company’s remuneration policy will be
designed to provide a remuneration framework that will:
• attract, motivate and retain executives and senior management to deliver the Company’s strategic
goals and create sustainable long-term shareholder value;
• incentivise strong financial performance and reward the delivery of the Company’s business plan
and key strategic goals; and
• adhere to principles of good corporate governance and appropriate risk management.
Remuneration of Executive Directors
Pursuant to the Company’s intended remuneration policy, the remuneration of Executive Directors will
comprise of the following fixed and variable components:
• a fixed base salary. Base salaries are reviewed annually in the context of both Company and
individual performance, and pay and conditions of the broader employee population more
generally;
• a pension contribution and benefits such as life assurance and private medical insurance;
• a short-term variable annual cash bonus. Bonuses are determined by the remuneration committee
on the basis of individual performance and the Company’s performance against financial, strategic
and risk-related measures; and
• a long-term variable incentive plan, in the form of share-based awards. The Company has not yet
established a long-term incentive plan, but its intention is to introduce a share-based long-term
incentive plan following the Admission.
Each Executive Director entered into a service agreement with the Company on 4 February 2025,
conditional upon the Admission.
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Base salary
With effect from the Admission, each Executive Director will be entitled to receive a fixed base salary per
annum in the following amounts.
Name
Base salary per annum (€)
Marco Deiana
440,000
Corrado Deiana
290,000
Alessandro Nicolo’ Ugo
400,000
Maria Isabella La Forgia
240,000
Employee Bonus Scheme
For the financial year 2024 the Group has adopted a discretionary bonus scheme for employees within the
Group in certain senior managerial positions, including chief operating officers and senior managers with a
global role (the Employee Bonus Scheme). The amount of the bonus under the Employee Bonus Scheme
amounts to a percentage of the consolidated profits of the Company for the relevant year after deduction
of interest, tax and expenses as shown in the audited consolidated profit and loss account of the Company,
provided that a certain threshold has been reached. The relevant percentage is determined by the Board
on a discretionary basis per employee who is entitled to participate in the Employee Bonus Scheme.
Each Executive Director will continue to be eligible to participate in the Employee Bonus Scheme with the
following percentages:
Name
Percentage under the Employee Bonus
Scheme
Marco Deiana
0.10%
Corrado Deiana
0.10%
Alessandro Nicolo’ Ugo
0.10%
Maria Isabella La Forgia
0.07%
Long-term incentive plan
Following the Admission, each Executive Director will be eligible to participate in any long-term incentive
plan that the Company may establish for its executives and other key employees, whereby the
entitlement of the Executive Directors will in any case not exceed the following percentages of their fixed
base salary per annum:
Name
Maximum entitlement under any long-term
incentive plan as % of the fixed base salary per
annum
Marco Deiana
100%
Corrado Deiana
100%
Alessandro Nicolo’ Ugo
50%
Maria Isabella La Forgia
25%
Such percentages are subject to periodic review, as will be further specified in the Company’s remuneration
policy and therefore may increase from time to time.
Other benefits
Each Executive Director receives the benefit of private medical insurance. Each Executive Director is also
entitled to participate in the Group’s pension scheme, which includes the receipt of annual employer
contributions on behalf of each Executive Director.
Furthermore, in case of termination of their employment, the Executive Directors are not entitled to any
benefits. However, under their service agreements, the Executive Directors are entitled to twelve months’
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prior notice to terminate their employment. The Company may at its sole discretion pay their fixed base
salary in lieu of the notice period, either as a lump sum or as monthly payments.
Remuneration of Non-Executive Directors
As from the Admission, each Non-Executive Director is entitled to a gross annual fee of €40,000, provided
that the chair of the Board shall be entitled to a gross annual fee of €50,000. Each Non-Executive Director
is also entitled to reimbursement of reasonable and properly documented expenses. The Non-Executive
Directors will not receive any variable remuneration such as awards in respect of Ordinary Shares.
Furthermore, in the case of termination of office, the Non-Executive Directors shall not be entitled to any
benefits.
Further details on the remuneration of Executive and Non-Executive Directors, including the technical
features of any long-term incentive plan, will be included in the Company’s remuneration policy submitted
for shareholder approval at the annual General Meeting to be held in 2025.
Board remuneration for the financial year ended 31 December 2024
The remuneration for the Directors paid by the Group for the financial year ended 31 December 2024 is
set out below.
Name
Base salary (€)
Cash bonus
Pension
contributions (£)
Fringe benefits
Total
Marco Deiana
30,000
-
-
-
30,000
The Group did not pay any of the other Directors any remuneration for the financial year ended 31
December 2024, because those other Directors were not employed by the Group. Instead, Alessandro
Nicolo’ Ugo and Maria Isabella La Forgia were employed and remunerated by Deiana Holding Limited, while
Corrado Deiana only received financial compensation by means of dividends distributed to him by the
Selling Shareholder.
As the Non-Executive Directors were appointed with effect from the Admission, the Group did not pay any
of the Non-Executive Directors any remuneration for the financial year ended 31 December 2024.
****************
The remuneration report was approved by the Board on April 30, 2025.
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Independent Auditor’s report to the members of Ferrari Group PLC
Report on the audit of the financial statements
1. Opinion
In our opinion:
• the financial statements of Ferrari Group PLC (the ‘Parent Company’) and its subsidiaries (the ‘Group’)
give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31
December 2024 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with United Kingdom
adopted international accounting standards and IFRS Accounting Standards as adopted by the
European Union;
• the Parent Company financial statements have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 101
“Reduced Disclosure Framework” applicable in the UK and Republic of Ireland; and
• the financial statements have been prepared in accordance with the requirements of the Companies
Act 2006.
We have audited the financial statements which comprise:
• the consolidated income statement;
the consolidated statement of comprehensive income;
• the consolidated and parent company statements of financial position;
• the consolidated and parent company statements of changes in equity;
• the consolidated statement of cash flows;
• the consolidated material accounting policy information;
• the parent company statement of accounting policies; and
• the related consolidated notes 1 to 43 and parent company notes 1 to 16.
The financial reporting framework that has been applied in the preparation of the Group financial
statements is applicable law, United Kingdom adopted international accounting standards and IFRS
Accounting Standards as adopted by the European Union. The financial reporting framework that has been
applied in the preparation of the Parent Company financial statements is applicable law and United
Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (United Kingdom
Generally Accepted Accounting Practice).
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2. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK))
and applicable law. Our responsibilities under those standards are further described in the
auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group and the Parent Company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK including the
Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
3. Summary of our audit approach
Key audit matters
This was the first year of our appointment as auditor. The key audit matters that we
identified were:
• Cut-off of revenue recognition; and
• Classification of the potential liability in relation to the legal investigation.
Materiality
The materiality that we used for the Group financial statements was €4.0m, which
was determined on the basis of 5.5% of profit before tax (“PBT”).
Scoping
We identified each legal entity as a component and scoped in components for
procedures on one or more classes of transactions, account balances or disclosures.
These components contribute 99% of revenue, 99% of profit before tax and 97% of
net assets to the group.
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis
of accounting in the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the Group’s and Parent Company’s ability to continue to
adopt the going concern basis of accounting included:
• obtaining an understanding of the relevant controls around the budgeting and forecasting process
used in the preparation of the going concern analysis and disclosures;
• evaluating the Group’s existing access to sources of financing, including existing debt and financing
facilities;
• testing the accuracy of management’s models, including agreement to the most recent Board
approved budgets and forecasts;
• assessing the reasonableness of the assumptions used in the Group’s strategic business plan
Page 48 of 139
approved by the Board;
• challenging the key assumptions underpinning these forecasts by:
o reading analyst reports, industry data and other external information and comparing these
with management’s estimates;
o evaluating the historical accuracy of forecasts prepared by management;
o considering potential macro-economic impacts on the forecasts as a consequence of the
current geo-political environment; and assessing the sensitivity of the headroom to key
assumptions; and
• assessing the appropriateness of the Group’s disclosure concerning the going concern basis.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the Group's and Parent
Company’s ability to continue as a going concern for a period of at least twelve months from when the
financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in
the relevant sections of this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the financial statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to fraud) that we identified. These
matters included those which had the greatest effect on: the overall audit strategy; the allocation
of resources in the audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
5.1 Cut-off of revenue recognition
Key audit matter
description
The Group recognised €348.8 million of revenue in the year ended 31 December
2024 (2023: €333.0 million), relating to international and national forwarding and
transport services, and warehousing and storage solutions.
Forwarding and transport revenue is recognised at the point that delivery to the
customer is completed, with limited judgement or complexity involved as this is
when the performance obligation has been met under IFRS 15 ‘Revenue Contracts
with Customers’. However, there is a significant volume of revenue recognised
during the last 15 days of the financial year, due to seasonal peaks in demands.
We therefore identified a key audit matter relating to the risk that, whether due to
error or fraud, revenue was not recognised in the same period as the performance
obligation was met, or was recognised during the year when no performance
obligation existed.
The accounting policy for revenue is disclosed on page 76 and segment information
is disclosed in note 1 to the financial statements.
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How the scope of our
audit responded to the
key audit matter
We have performed the following audit procedures in respect of this key audit
matter:
• Understood the revenue recognition process and obtained an understanding of
the relevant review controls;
• Performed testing on a sample of sales transactions, focused on the last 15
days of the financial year and first 15 days of the next financial year, inspecting
supporting documentation to determine if the transactions were recorded in
the correct financial year;
• Assessed manual adjustments made to revenue and traced them to
appropriate audit evidence in order to evaluate whether revenue was recorded
in the appropriate accounting period;
• Tested credits notes issued to customers after the financial year end to
appropriate evidence in order to determine if they are valid and that revenue
was appropriately recorded; and
• Challenged the revenue recognition accounting policy and application in
accordance with IFRS 15.
Key observations
Based on the procedures performed, we are satisfied that revenue has been
recognised appropriately for the financial year ended 31 December 2024.
5.2 Classification of the potential liability in relation to the legal investigation
Key audit matter
description
On 29 August 2024, an Italian subsidiary of the Group, Ferrari S.p.A., received a
preventive seizure order for €8.5 million related to an investigation by Italian
authorities into alleged customs duty and VAT evasion.
The investigation stems from the alleged smuggling of luxury watches by former
employees in 2020 and 2021. The €8.5 million has been seized by the Italian
authorities, where the amount will be held until the investigation is complete;
management have therefore reclassified this money as other non-current asset on
the consolidated balance sheet, see note 19.
The authorities have noted that the legal investigation could result in total financial
exposure to Ferrari S.p.A. of €14.7 million, for which the seized cash of €8.5 million
would be used as partial settlement.
There is judgement regarding the classification of the potential liability due to the
uncertain outcome of the investigation, with reference to IAS 37 ‘Provisions,
Contingent Liabilities and Contingent Assets’. Following legal advice, the directors
have determined that an adverse outcome is not probable and therefore does not
meet the recognition criteria for a provision. Therefore, the total potential liability
has been disclosed as a contingent liability in note 37. This is also disclosed as a
critical accounting judgement on page 86.
Given the level of judgement involved, we have identified the classification of the
potential liability as a key audit matter.
How the scope of our
audit responded to the
key audit matter
To respond to this key audit matter, we completed the following procedures:
• Obtained an understanding of the relevant controls around managing and
assessing the impact of the case;
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• Assessed and challenged the legal advice obtained in relation to the probability
of Ferrari S.p.A.’s ability to defend the case;
• Assessed the facts and circumstances of the case with reference to IAS 37;
• Involved Italian legal specialists to support our audit considerations with
reference to the reasonableness of the legal advice issued by Ferrari's S.p.A.
lawyers (referred to in the previous point);
• Involved fraud specialists to support our risk assessment and challenge our
proposed audit procedures;
• Challenged the classification of the liability and associated disclosure in the
financial statements.
Key observations
Based on the procedures performed, we are satisfied that potential liability in
relation to the legal investigation has been recognised appropriately as a
contingent liability as at 31 December 2024, and that the seized cash has been
classified appropriately as a non-current asset on the balance sheet.
6. Our application of materiality
6.1 Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable
that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We
use materiality both in planning the scope of our audit work and in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole
as follows:
Group financial statements
Parent Company financial statements
Materiality
€4.0m
€2.0.m
Basis for
determining
materiality
5.5% of profit before tax of €73m
Parent Company materiality was based on
net assets and capped at 50% of Group
materiality (<0.1% of net assets).
Rationale for
the benchmark
applied
Profit before tax is a key metric for users
of the financial statements and reflects
the manner in which business
performance is reported and assessed by
external users of the financial statement
following the recent listing of the Parent
Company on Euronext Amsterdam.
The Parent Company holds the Group’s
investments and is not profit driven. Net
assets are of most relevance to the users
of the financial statements.
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6.2 Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in
aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements
as a whole.
Group financial statements
Parent Company financial statements
Performance
materiality
70% of Group materiality
70% of Parent Company materiality
Basis and
rationale for
determining
performance
materiality
In determining performance materiality, we considered the following factors:
- the current financial year being Deloitte UK LLP’s first year auditing the Group and
Parent Company financial statements;
- our risk assessment, including our understanding of the entity and its overall
control environment;
- our assessment of the potential for uncorrected misstatements in the current year;
- the disaggregated nature of the Group and the likelihood of an individually
material error; and
- consideration of the post financial year-end initial public offering.
6.3 Error reporting threshold
We agreed with the Audit Committee that we would report to the Committee all audit differences in excess
of €0.2m, as well as differences below that threshold that, in our view, warranted reporting on qualitative
grounds. We also report to the Audit Committee on disclosure matters that we identified when assessing
the overall presentation of the financial statements.
7. Our application of materiality
7.1 Identification and scoping of components
The Group operates across five continents with the largest footprints being in Europe, Asia, North America
and the Middle East. Our audit was scoped by obtaining an understanding of the Group and its
environment, including Group-wide controls, and assessing the risks of material misstatement at the Group
and entity levels. We developed our audit plan by assessing the qualitative and quantitative risk
characteristics of each significant classes of transactions, account balances and disclosures.
We identified the components of the Group to be the individual legal entities, which are the lowest level at
which management prepares financial information that is included in the Financial Statements. We
considered the relative contribution of each entity within the group to the consolidated financial statement
line items to determine which entities would be subject to audit procedures. The components in our audit
scope, where procedures were applied on one or more classes of transactions or account balance,
contribute 99% of revenue, 99% of profit before tax and 97% of net assets of the Group.
Page 52 of 139
At a Group level, we also applied audit procedures on the consolidation and performed analytical review
procedures on entities and other account balances that were not subject to direct audit procedures.
7.2 Our consideration of the control environment
The Group uses a number of different IT systems across the components and the control environment is
predominantly automated. We involved our IT specialists to obtain an understanding of the general IT
controls relating to the financial systems relevant to the audit, as well as the general ledger system
migrations in certain entities. We identified a number of control deficiencies and improvements.
Management are aware of the requirement to invest in enhancing technology across the Group, as
referenced in the Internal risk management and control systems section of the Strategic Report on page
16.
We obtained an understanding of relevant controls over revenue business processes, the financial close
and the reporting process including reviews of judgements and estimates. We did not place reliance on
controls at any entity this year, performing a fully substantive audit approach, as the control environment
continues to mature. As reported in the in the Internal risk management and control systems section of the
Strategic Report, the Group are considering the required steps to enhance its risk management and internal
controls.
Where control deficiencies and improvements were identified in our audit work these were reported to
management and the Audit Committee as appropriate.
7.3 Our consideration of climate-related risks
In planning our audit, we considered the potential impact of climate change on the Group’s business and
financial statements. The Group continues to develop its assessment of and response to potential impacts
of environmental, social and governance “ESG” related risks including climate change, as outlined in the
Strategic Report. We have engaged with both the central finance and sustainability functions to gain an
understanding of the Group’s assessment of, and the process undertaken to both identify and quantify, the
Group’s ESG risks.
Based on the work performed to date, management do not expect any material climate change related
financial impact on the business. We have performed an independent climate-based risk assessment to
consider the potential impact of climate change on the Group’s financial statements incorporating both
business specific knowledge and wider industry awareness. We read the climate-related disclosures
included within the Annual Report and considered whether they are materially consistent other
information included within the Annual Report and with our knowledge obtained in the audit.
7.4 Working with other auditors
The UK audit team within Deloitte LLP led the group audit, working closely with Deloitte Italy. The UK team
sent detailed instructions to the Italian team, setting out the collaborative approach both teams would
adopt in identifying risks of material misstatement, the scoping of account balances, classes of transactions
and disclosures, and the required audit testing approach. The instructions also set out the audit procedures
to be performed directly by the UK team and our involvement in the direction, review and supervision of
the Italian team’s work.
Page 53 of 139
Deloitte LLP was involved in the audit work performed by Deloitte Italy through a combination of the formal
audit instructions, directing and supervising the team throughout the audit, reviewing their work, and
discussing matters relating to additional procedures to be performed in order to comply with UK standards
and methodology. The nature, timing, and extent of our involvement in their work was tailored based on
the nature and circumstances of the engagement.
Our work with Deloitte Italy included (1) in-person and virtual two-way communications and interactions;
(2) discussion and challenge of the risk assessment; (3) reviews of the historical audit working papers and
Q3 2024 testing performed; (4) joint-collaboration on the international site visits in the UAE, USA, France,
Italy and Switzerland, where we completed work on the design and implementation of controls, held
meetings with management, completed walkthroughs of the revenue process, and met with local auditors
where applicable; (5) involvement of UK IT and tax specialists; (6) participation in planning and close
meetings, and (7) direction, supervision and reviews of the year-end audit testing.
8. Other information
The other information comprises the information included in the annual report, other than the financial
statements and our auditor’s report thereon. The directors are responsible for the other information
contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit,
or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
9. Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for
such internal control as the directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group’s and the Parent
Company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the Group or
the Parent Company or to cease operations, or have no realistic alternative but to do so.
Page 54 of 139
10. Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
11. Extent to which the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
11.1 Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance including
the design of the Group’s remuneration policies, key drivers for directors’ remuneration, bonus
levels and performance targets;
• results of our enquiries of management, lawyers, the directors and the audit committee about their
own identification and assessment of the risks of irregularities, including those that are specific to
the Group’s sector;
• any matters we identified having obtained and reviewed the Group’s documentation of their
policies and procedures relating to:
o identifying, evaluating and complying with laws and regulations and whether they were aware
of any instances of non-compliance;
o detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud (refer to Notes 19 and 37 for further detail of the legal
investigation);
o the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations;
• the matters discussed among the audit engagement team and relevant internal specialists,
including IT and forensic specialists regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud.
Page 55 of 139
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following area: cut-off of
revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific
procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the group operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of
material amounts and disclosures in the financial statements. The key laws and regulations we considered
in this context included the UK Companies Act, Italian Legislative Decree 231/2001 and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statements but compliance with which may be fundamental to the Group’s ability to operate or
to avoid a material penalty. These included the Group’s environmental regulations.
11.2 Audit response to risks identified
As a result of performing the above, we identified cut-off of revenue recognition and the classification of
the potential liability in relation to the legal investigation as key audit matters related to the potential risks
of fraud or non-compliance with laws and regulations. The key audit matters section of our report explains
these matters in more detail and also describes the specific procedures we performed in response to those
key audit matters.
In addition to the above, our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on
the financial statements;
• enquiring of management, the audit committee and external legal counsel concerning actual and
potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance;
• in addressing the risk of fraud through management override of controls, testing the
appropriateness of journal entries and other adjustments; assessing whether the judgements
made in making accounting estimates are indicative of a potential bias; and evaluating the business
rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement
team members including internal specialists, and remained alert to any indications of fraud or non-
compliance with laws and regulations throughout the audit.
Page 56 of 139
Report on the audit of the financial statements
12. Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal
requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and their
environment obtained in the course of the audit, we have not identified any material misstatements in the
Strategic Report or the Directors’ Report.
13. Matters on which we are required to report by exception
13.1 Adequacy of explanations received and accounting records
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not received all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Parent Company, or returns adequate for
our audit have not been received from branches not visited by us; or
• the Parent Company financial statements are not in agreement with the accounting records and
returns.
We have nothing to report in respect of these matters.
13.2 Directors’ remuneration
Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of
directors’ remuneration have not been made.
We have nothing to report in respect of this matter.
14. Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s
members those matters we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
Page 57 of 139
As required by the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on
the specification of a single electronic reporting format (“ESEF RTS”) the annual financial report has been
prepared in European Single Electronic Format (“ESEF”). This auditor’s report provides no assurance over
whether the ESEF prepared annual financial report has been prepared in compliance with the ESEF RTS. We
have been engaged to provide assurance on whether the ESEF prepared annual financial report has been
prepared in compliance with the ESEF RTS and have reported separately to the members on this.
Tim Grogan, BSc FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
30 April 2025
Page 58 of 139
Independent auditor’s reasonable assurance report to the members of Ferrari Group PLC on the
compliance of Electronic Format Annual Financial Report with the European Single Electronic Format
Regulatory Technical Standard (‘ESEF RTS’).
Report on compliance with the requirements for iXBRL mark up (‘tagging’) of consolidated financial
statements included in the Electronic Format Annual Financial Report.
We have undertaken a reasonable assurance engagement on the iXBRL mark up of consolidated financial
statements for the year ended 31 December 2024 of Ferrari Group PLC (the “company”) included in the
ESEF-prepared Annual Financial Report prepared by the company.
Opinion
In our opinion, the consolidated financial statements for the year ended 31December 2024 of the Company
included in the ESEF-prepared Annual Financial Report, are marked up, in all material respects, in
compliance with ESEF RTS.
The directors’ responsibility for the Electronic Format Annual Financial Report prepared in compliance with
ESEF RTS.
The directors are responsible for preparing the Electronic Format Annual Financial Report. This
responsibility includes:
• the selection and application of appropriate iXBRL tags using judgement where necessary;
• ensuring consistency between digitised information and the consolidated financial statements
presented in human-readable format; and
• the design, implementation and maintenance of internal control relevant to the application of ESEF
RTS.
Our independence and quality control
We have complied with the independence and other ethical requirements of Financial Reporting Council’s
(the ‘FRC’s’) Ethical Standard as applied to listed public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
We apply International Standard on Quality Monitoring 1 (ISQM) and, accordingly, maintain a
comprehensive system of quality control including documented policies and procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Our responsibility
Our responsibility is to express an opinion on whether the iXBRL mark up of consolidated financial
statements complies in all material respects with ESEF RTS based on the evidence we have obtained. We
conducted our reasonable assurance engagement in accordance with International Standard on Assurance
Engagements (UK) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial
Information (‘ISAE (UK) 3000’) issued by the FRC.
A reasonable assurance engagement in accordance with ISAE (UK) 3000 involves performing procedures to
obtain reasonable assurance about the compliance of the mark up of the consolidated financial statements
with the ESEF RTS. The nature, timing and extent of procedures selected depend on the practitioner's
judgement, including the assessment of the risks of material departures from the requirements set out in
ESEF RTS, whether due to fraud or error. Our reasonable assurance engagement consisted primarily of:
Page 59 of 139
• obtaining an understanding of the iXBRL mark-up process, including internal control over the mark
up process relevant to the engagement;
• reconciling the marked up data with the audited consolidated financial statements of the company
dated 31 December 2024;
• evaluating the appropriateness of the company’s mark up of the consolidated financial statements
using the iXBRL mark-up language;
• evaluating the appropriateness of the company’s use of iXBRL elements selected from a generally
accepted taxonomy and the creation of extension elements where no suitable element in the generally
accepted taxonomy has been identified; and
• evaluating the use of anchoring in relation to the extension elements.
In this report we do not express an audit opinion, review conclusion or any other assurance conclusion on
the consolidated financial statements. Our audit opinion relating to the consolidated financial statements
of the company for the year ended 31 December 2024 is set out in our Independent Auditor’s Report dated
30 April 2025.
Use of our report
Our report is made solely to the Company’s members, as a body, in accordance with ISAE (UK) 3000. Our
work has been undertaken so that we might state to the company those matters we are required to state
to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company and the company’s members as a body for our
work, this report, or for the conclusions we have formed.
Tim Grogan, BSc FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
30 April 2025
Page 60 of 139
Ferrari Group PLC
Consolidated Financial Statements
as of and for the year ended
December 31, 2024
Page 61 of 139 Consolidated Income Statement for the year ended December 31, 2024 | |||
Amounts in € thousand | Notes | For the year ended December 31, | |
2024 | 2023 | ||
Revenues | 1 | ||
Other income | 2 | ||
Purchase of goods | 3 | ( | ( |
Costs for services | 4 | ( | ( |
Personnel costs | 5 | ( | ( |
Depreciation and Amortisation | 14-16 | ( | ( |
Impairment of trade receivables | 20 | ( | ( |
Provision for risks | 28 | ( | ( |
Other operating costs | 6 | ( | ( |
Operating Profit | |||
Finance income | 7 | ||
Finance expenses | 8 | ( | ( |
Exchange losses | 9 | ( | ( |
Result from investments accounted for using the equity method | 10 | ||
Profit before taxes | |||
Income taxes | 11 | ( | ( |
Profit for the year | |||
Attributable to: | |||
- Shareholders of the parent company | |||
- Non-controlling interests | |||
Earnings per ordinary share: | |||
- basic and diluted (in Euro) | 12 |
The accompanying notes are an integral part of the Consolidated financial statements.
Consolidated Statement of Comprehensive Income as of and for the year | |||
ended December 31, 2024 | |||
Amounts in € thousand | Notes | For the year ended December 31, | |
2024 | 2023 | ||
Profit for the year | |||
Other comprehensive income / (loss) | |||
- Items that may be subsequently reclassified to the statement of profit and loss | |||
Foreign exchange differences on translation of foreign | 26 | ( | |
operations | |||
- Items that will not be subsequently reclassified to the statement of profit and loss | |||
Remeasurement of net defined benefit liability | 27 | ||
Tax effect on remeasurement of net defined benefit | ( | ( | |
liability | |||
Net actuarial gain from defined benefit plans | |||
Total other comprehensive income/(loss) for the year net | ( | ||
of tax | |||
Total comprehensive income for the year | |||
Attributable to: | |||
Shareholders of the parent company | |||
Non-controlling interests | Page 62 of 139 |
The accompanying notes are an integral part of the Consolidated financial statements.
Page 63 of 139 Consolidated Statement of Financial Position as of December 31, 2024 | |||
As of | As of | ||
Amounts in € thousand | Notes | December | December |
31, 2024 | 31, 2023 | ||
Assets | |||
Non-current assets | |||
Goodwill | 13 | ||
Intangible assets | 14 | ||
Property plant and equipment | 15 | ||
Right-of-use assets | 16 | ||
Investments accounted for using the equity method | 17 | ||
Non-current receivables | 18 | ||
Other non-current assets | 19 | ||
Deferred tax assets | 11 | ||
Total Non-current assets | |||
Current assets | |||
Inventories | |||
Trade receivables | 20 | ||
Current assets | 21 | ||
Other current receivables | 22 | ||
Current tax receivables | 33 | ||
Cash and cash equivalents | 23 | ||
Total Current assets | |||
TOTAL ASSETS |
Consolidated Statement of Financial Position as of December 31, 2024 | |||
(continued) | |||
As of | As of | ||
Amounts in € thousand | Notes | December | December |
31, 2024 | 31, 2023 | ||
Share capital | 24 | ||
Other reserves | 26 | ||
Retained Earnings | 26 | ||
Equity attributable to owners of the parent | |||
Equity attributable to non-controlling interests | 25 | ||
Total Equity | |||
Liabilities | |||
Non-current liabilities | |||
Employee benefits | 27 | ||
Provisions for risk and charges | 28 | ||
Deferred tax liabilities | 11 | ||
Non-current borrowings | 29 | ||
Non-current lease liabilities | 16 | ||
Total Non-current liabilities | |||
Current liabilities | |||
Current borrowings and bank overdrafts | 30 | ||
Current lease liabilities | 16 | ||
Trade payables | 31 | ||
Other current liabilities | 32 | ||
Current tax payables | 33 | ||
Total Current liabilities | |||
TOTAL EQUITY AND LIABILITIES | Page 64 of 139 |
The accompanying notes are an integral part of the Consolidated financial statements.
****************
This report was approved by the board of directors on April 30, 2025 and signed on behalf of the board by:
Mr. Marco Deiana Mr. Alessandro Nicolò Ugo
Executive Director (CEO) Executive Director (CFO)
Ferrari Group PLC Ferrari Group PLC
Registered Number 12614552 Registered Number 12614552
Page 65 of 139 Consolidated Statement of Cash Flows for the year ended December 31, 2024 | ||
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Operating activities | ||
Profit for the year | ||
Income taxes | ||
Depreciation and Amortisation | ||
Impairment of trade receivables net of use of reversal | ( | |
Increase in provision for risks | ||
Finance income | ( | ( |
Finance expenses | ||
Exchange losses | ||
Result from investments accounted for using the equity method | ( | ( |
(Gain)/Loss from the disposal of assets | ( | |
Difference between employee benefit contributions and the employee benefit charge | ||
Change in inventories | ( | |
Change in trade receivables | ||
Change in trade payables | ( | |
Change in other current assets | ( | ( |
Change in current assets and other current receivables | ( | |
Change in other current liabilities | ( | ( |
Payment for deposit included in other non-current assets | ( | |
Other non-cash operating items | ( | |
Payment of provisions for risks and charges | ( | ( |
Income taxes paid | ( | ( |
Net cash flows from operating activities | ||
Investing activities | ||
Payment for Investments for property, plant and equipment | ( | ( |
Proceeds from disposal of property, plant and equipment | ||
Payment for Investments for intangible assets | ( | ( |
Payment for other non-current assets | ( | ( |
Proceeds from disposal of other non-current assets | ||
Payment for non-current receivables | ( | ( |
Interest received | ||
Net cash flows used in investing activities | ( | ( |
Financing activities | ||
Proceeds from borrowings | ||
Repayments for borrowings | ( | ( |
Repayment of principal on lease liabilities | ( | ( |
Interest paid | ( | ( |
Dividends paid to Group shareholders | ( | ( |
Dividends paid to Non-Controlling Interests | ( | ( |
Net cash flows used in financing activities | ( | ( |
Translation exchange difference on cash and cash equivalents | ( | |
Net increase in cash and cash equivalents | ||
Cash and cash equivalents at the beginning of the year | ||
Cash and cash equivalents at the end of the year |
The accompanying notes are an integral part of the Consolidated financial statements.
Page 66 of 139 Consolidated Statement of Changes in Equity as of December 31, 2024 | ||||||||
Reserve for | Equity | |||||||
Currency | remeasure | Equity | attributable | |||||
Amount in € thousand | Notes | Share | Retained | translatio | ment of | attributable Total | to Non- | |
Capital | earnings | n reserve | defined | Equity | to owners of | controlling | ||
benefit | the parent | interests | ||||||
plans | ||||||||
As of December 31, 2022 | 24-26 | |||||||
Profit for the year | ||||||||
Other comprehensive income/(Loss) | ( | ( | ( | ( | ||||
Total Comprehensive income/(loss) | ( | |||||||
Dividends | ( | ( | ( | ( | ||||
As of December 31, 2023 | 24-26 | |||||||
Profit for the year | ||||||||
Other comprehensive income | ||||||||
Total Comprehensive income | ||||||||
Dividends | ( | ( | ( | ( | ||||
As of December 31, 2024 | 24-26 |
The accompanying notes are an integral part of the Consolidated financial statements.
****************
This report was approved by the board of directors on April 30, 2025 and signed on behalf of the board by:
Mr. Marco Deiana Mr. Alessandro Nicolò Ugo
Executive Director (CEO) Executive Director (CFO)
Page 67 of 139
Notes to the Consolidated Financial Statements
Reporting standards and basis of preparation
Page 68 of 139
International Accounting Standards (IFRS/IAS) | IASB Effective Date - | UK & UE adopted effective |
periods commencing on | Date - periods commencing | |
Amendments to IAS 1 Presentation of Financial Statements | or after | on or after |
• Non-current Liabilities with Covenants | ||
• Deferral of Effective Date Amendment (published 15 July 2020) | 1 January 2024 | 1 January 2024 |
• Classification of Liabilities as Current or Non-Current | ||
(Amendments to IAS 1) (published 23 January 2020) | ||
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) | 1 January 2024 | 1 January 2024 |
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7 | 1 January 2024 | 1 January 2024 |
Page 69 of 139
International Accounting Standards (IFRS/IAS) | IASB Effective Date - | EU adopted effective |
periods commencing on or | Date - periods | |
after | commencing on or | |
after | ||
Lack of Exchangeability (Amendment to IAS 21) | 1 January 2025 | 1 January 2025 |
Contracts Referencing Nature Dependent Electricity – Amendments | 1 January 2026 | Not yet endorsed |
to IFRS 9 and IFRS 7 (issued on 18 December 2024) | ||
Annual Improvements Volume 11 (issued on 18 July 2024) | 1 January 2026 | Not yet endorsed |
Amendments to the Classification and Measurement of Financial | ||
Instruments – Amendments to IFRS 9 and IFRS 7 (issued on 30 May | 1 January 2026 | Not yet endorsed |
2024) | ||
IFRS 18 Presentation and Disclosure in Financial Statements (issued | 1 January 2027 | Not yet endorsed |
on 9 April 2024) | ||
IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued | 1 January 2027 | Not yet endorsed |
on 9 May 2024) |
Page 70 of 139
Page 71 of 139
Page 72 of 139
Page 73 of 139
Company | Country and | Full year 2024 | Full year 2023 | ||
principle place | |||||
of business | Role | % of interest | Role | % of interest | |
Ferrari Group PLC | UK | Parent Company | 100.00% | Parent Company | 100.00% |
SUBSIDIARIES | |||||
Ferrari S.p.A. | Italy | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Expéditions S.A. | Switzerland | Subsidiary | 100.00% | Subsidiary | 100.00% |
SW System S.r.l. | Italy | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Expedition France S.a.S. | France | Subsidiary | 99.87% | Subsidiary | 99.87% |
Ferrari Global Services S.a.S. | France | Subsidiary | 99.87% | Subsidiary | 99.87% |
Ferrari Sécuritè France S.a.S. | France | Subsidiary | 99.87% | Subsidiary | 99.87% |
Ferrari Divisione Vigilanza Speciale S.r.l. | Italy | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Germany GMBH | Germany | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Belgium BVBA | Belgium | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistic (Asia) Ltd. | Honk Kong | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Singapore Pte. Ltd. | Singapore | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics (Asia) Limitada (Macao) | Macau | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Japan K.K. | Japan | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Express S.L. | Spain | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Asia (Thailand) Ltd. | Thailand | Subsidiary | 71.54% | Subsidiary | 71.54% |
Ferrari Logistics Southern Africa Ltd. | South Africa | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Group Portugal S.A. | Portugal | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Investment Holding PTE | Singapore | Subsidiary | 100.00% | Subsidiary | 100.00% |
AF Ferrari Secure Logitech PVT Ltd (India) | India | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics (Korea) Co. Ltd | Korea | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Middle East FZE – UAE | Dubai | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Clearing and Forwarding LLC | Dubai | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Security and Vaulting DMCC LLC | Dubai | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Ireland Ltd | Ireland | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Netherland BV | Netherlands | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Express Logistica e Transporte do Brazil Ltda | Brazil | Subsidiary | 50.00% | Subsidiary | 50.00% |
Ferrari Express Inc. | USA | Subsidiary | 50.00% | Subsidiary | 50.00% |
Ferrari Group Netherlands BV | Netherlands | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Express Canada Inc. | Canada | Subsidiary | 50.00% | Subsidiary | 50.00% |
Grupo Ferrari Sociedade Unipessoal Limitada | Macau | Subsidiary | 100.00% | Subsidiary | 100.00% |
Modi Corporation Ltd. | Thailand | Subsidiary | 46.00% | Subsidiary | 46.00% |
Ferrari Logistics China Ltd. | China | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari China Diamond Ltd. | China | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics (Malaysia) SDN BHD | Malaysia | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics (Hong Kong) Ltd. | Honk Kong | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari BPM S.a.r.l. | Switzerland | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Hainan Ltd. | China | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Group Trading Ltd. | Honk Kong | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics Botswana Proprietary Ltd. | Botswana | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Protéction S.a.S. | France | Subsidiary | 51.00% | Subsidiary | 51.00% |
FG Logistics Ltd. | UK | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Logistics (Australia) Pty Ltd. | Australia | Subsidiary | 100.00% | Subsidiary | 100.00% |
Ferrari Trading (Shanghai) Ltd. | China | Subsidiary | 100.00% | Subsidiary | 100.00% |
F Security LLC | USA | Subsidiary | 50.00% | n.a. | n.a. |
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (ASSOCIATES) | |||||
Ferrari Express Ltd. | UK | Associate | 50.00% | Associate | 50.00% |
Bin Yousef Luxury | Qatar | Associate | 49.00% | Associate | 49.00% |
Bcube Luxury BV (under liquidation) | Netherlands | Associate | 40.00% | Associate | 40.00% |
CDS S.r.l. | Italy | Associate | 25.00% | Associate | 25.00% |
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Currency | Country | Code | Spot rate | Average | Spot rate | Average |
Dec. 31, 2024 | 2024 | Dec. 31, 2023 | 2023 | |||
Swiss Franc | Switzerland | CHF | 0.941 | 0.953 | 0.926 | 0.972 |
US Dollar | United States | USD | 1.039 | 1.082 | 1.105 | 1.081 |
Hong Kong Dollar | Hong Kong | HKD | 8.069 | 8.445 | 8.631 | 8.465 |
Renminbi (Yuan) | China | CNY | 7.583 | 7.788 | 7.851 | 7.660 |
Won Sud | South Korea | KRW | 1,532.150 | 1,475.400 | 1,433.660 | 1,412.880 |
Dirham | UAE | AED | 3.815 | 3.975 | 4.058 | 3.971 |
Yen | Japan | JPY | 163.060 | 163.852 | 156.330 | 151.990 |
Indian Rupee | India | INR | 88.934 | 90.556 | 91.905 | 89.300 |
Pounds | UK | GBP | 0.829 | 0.847 | 0.869 | 0.870 |
Singapore Dollar | Singapore | SGD | 1.416 | 1.446 | 1.459 | 1.452 |
Rand | South Africa | ZAR | 19.619 | 19.830 | 20.348 | 19.955 |
Baht | Thailand | THB | 35.676 | 38.181 | 37.973 | 37.631 |
Ringgit | Malaysia | MYR | 4.645 | 4.950 | 5.078 | 4.932 |
Real | Brazil | BRL | 6.425 | 5.828 | 5.362 | 5.401 |
Australian Dollar | Australia | AUD | 1.677 | 1.640 | 1.626 | 1.629 |
Pula | Botswana | BWP | 14.490 | 14.657 | 14.812 | 14.443 |
Canadian Dollar | Canada | CAD | 1.495 | 1.482 | 1.464 | 1.460 |
Taiwan Dollar | Taiwan | TWD | 34.057 | 34.748 | 33.874 | 33.698 |
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Property, plant and equipment | Depreciation rate |
Lands | No depreciation |
Buildings | 5% |
Leasehold improvements | Over the life of the lease or the estimated useful life of the assets, |
Other tangible assets | whichever is shorter |
(including technical installations and machinery, | Straight line basis using the percentage rate provided by the local |
Industrial and commercial equipment and other tangible assets). | subsidiary (10%-20%) |
Page 80 of 139
Intangible Assets | Amortization method |
Other intangible assets | 20% |
Intellectual property rights | 20% |
Concessions, licenses and similar rights | 10%-20% |
Intangible assets under constructions | Not amortized |
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Notes to the Consolidated Financial Statements
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Revenues | 348,756 | 333,036 |
Total Revenues | 348,756 | 333,036 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
International services | 230,484 | 221,980 |
Domestic Services | 57,443 | 50,781 |
Warehouse & Logistics Services | 22,293 | 18,414 |
Special and other services | 38,536 | 41,861 |
Total Revenues | 348,756 | 333,036 |
Page 89 of 139
Europe | Asia | NAM | Rest of | Intercompany | Consolidated | |
Amount in € thousand | & Brazil | the world | elimination | |||
2024 | 2024 | 2024 | 2024 | 2024 | 2024 | |
Revenues | 216,310 | 75,012 | 56,215 | 47,024 | (45,806) | 348,756 |
Adjusted EBITDA | 59,417 | 12,256 | 6,852 | 13,535 | 321 | 92,381 |
Depreciation & Amortisation | (17,355) | |||||
Provision for risks | (1,837) | |||||
Finance income | 1,672 | |||||
Finance expenses | (1,656) | |||||
Exchange losses | (1,233) | |||||
Result from investments accounted for using the equity method | 834 | |||||
Profit before taxes | 72,806 | |||||
Europe | Asia | NAM | Rest of | Intercompany | Consolidated | |
Amount in € thousand | & Brazil | the world | elimination | |||
2023 | 2023 | 2023 | 2023 | 2023 | 2023 | |
Revenues | 204,158 | 76,365 | 53,651 | 40,453 | (41,591) | 333,036 |
Adjusted EBITDA | 50,272 | 18,153 | 10,069 | 11,602 | (70) | 90,025 |
Listing costs | (3,259) | |||||
Depreciation & Amortisation | (13,632) | |||||
Provision for risks | (145) | |||||
Finance income | 1,238 | |||||
Finance expenses | (2,314) | |||||
Exchange losses | (802) | |||||
Result from investments accounted for using the equity method | 951 | |||||
Profit before taxes | 72,062 |
Page 90 of 139
Amounts in €/000 | For the year ended December 31, | ||
2024 | 2023 | ||
Europe | 203,386 | 191,748 | |
of which UK | - | - | |
of which Italy | 63,682 | 63,737 | |
of which Switzerland | 61,158 | 61,289 | |
of which France | 31,401 | 29,503 | |
Asia | 58,347 | 61,182 | |
of which Hong Kong | 19,609 | 20,959 | |
of which China | 15,761 | 17,613 | |
of which Singapore | 6,793 | 8,185 | |
NAM & Brazil | 47,516 | 45,269 | |
of which USA | 43,124 | 41,344 | |
of which Brazil | 3,611 | 2,793 | |
Rest of world | 39,507 | 34,837 | |
of which UAE | 26,056 | 23,819 | |
of which India | 7,376 | 7,605 | |
Total Revenues | 348,756 | 333,036 |
Amounts in €/000 | As of | As of |
December 31, 2024 | December 31, 2023 | |
Europe | 45,032 | 33,604 |
of which UK | 11,562 | 2,919 |
of which Italy | 10,210 | 9,712 |
of which France | 5,899 | 4,763 |
of which Switzerland | 5,256 | 4,655 |
of which Germany | 5,229 | 4,763 |
Asia | 12,168 | 12,890 |
of which Hong Kong | 4,134 | 4,665 |
of which Mainland China | 3,687 | 3,650 |
of which Singapore | 1,926 | 1,865 |
of which South Korea | 1,145 | 1,324 |
NAM & Brazil | 12,448 | 10,733 |
of which USA | 11,528 | 9,877 |
Rest of world | 2,030 | 1,497 |
of which UAE | 841 | 814 |
of which Australia | 584 | 33 |
of which India | 274 | 294 |
of which Botswana | 199 | 251 |
Total non-current assets | ||
(other than financial instruments and deferred tax assets) | 71,678 | 58,724 |
Page 91 of 139
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Public grant | 1,457 | 2,121 |
Reversal of trade receivable impairment | 1,725 | 379 |
Insurance refunds | 771 | 407 |
Capital Gain | 293 | 205 |
Other | 1,864 | 1,085 |
Total Other Income | 6,110 | 4,197 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Fuel | 2,588 | 2,296 |
Packaging | 1,350 | 1,189 |
Goods | 794 | 987 |
Consumables | 702 | 747 |
Stationery | 338 | 298 |
Total Purchase of goods | 5,772 | 5,517 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Shipping costs | 119,907 | 117,164 |
Insurance expenses | 9,582 | 7,932 |
Legal and administrative consultancy fees | 5,649 | 7,275 |
Utilities and other office expenses | 4,204 | 5,526 |
Other motor vehicle expenses | 5,919 | 4,540 |
Total Costs for services | 145,261 | 142,437 |
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Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Salaries and wages | 86,575 | 78,346 |
Social contributions and pension plans | 17,142 | 15,303 |
Other personnel costs | 3,671 | 3,650 |
Total Personnel costs | 107,388 | 97,299 |
Unit | As of December 31, | |
2024 | 2023 | |
Europe | 981 | 930 |
Asia | 761 | 730 |
NAM | 199 | 176 |
Rest of the world | 143 | 124 |
Total employees | 2,084 | 1,960 |
Average FTE for the year | 2,022 | 1,859 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Sundries Expenses | 1,073 | 2,109 |
Office Supplies and other office expenses | 1,114 | 1,154 |
Other taxes and penalties | 505 | 821 |
Losses on trade receivables | 761 | 40 |
Gifts, hospitality and donations | 229 | 277 |
Total Other Operating expenses | 3,682 | 4,401 |
Page 93 of 139
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Interest from bank deposit | 1,662 | 1,055 |
Investments in mutual funds - Fair values adjustments | 10 | 183 |
Total Finance income | 1,672 | 1,238 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Expense of repurchase of usufruct of shares | - | 1,032 |
Bank interest expenses | 34 | 362 |
Interest expense related to lease liabilities | 1,131 | 734 |
Bank accounts interests | 174 | 161 |
Other interest and other financial expenses | 317 | 25 |
Total Finance expenses | 1,656 | 2,314 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Exchange gain | 1,211 | 452 |
Exchange (losses) | (2,444) | (1,254) |
Total Exchange (losses) | (1,233) | (802) |
Page 94 of 139
Amounts in € thousand | % | % | For the year ended December 31, | |
in 2024 | in 2023 | 2024 | 2023 | |
Ferrari Express Ltd. | 50% | 50% | 621 | 718 |
Bcube Luxury B.V. | 40% | 40% | - | - |
CDS S.r.l. | 25% | 25% | (44) | 17 |
Bin Yousef Luxury Cargo | 49% | 49% | 257 | 216 |
Result from investments accounted for using the equity method | 834 | 951 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Current Tax expense | 15,377 | 14,927 |
Deferred Tax expense | 132 | 235 |
Total Income taxes | 15,509 | 15,162 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Profit before tax | 72,806 | 72,062 |
Tax using the Company’s domestic tax rate of 25.0% (25.0% in FY2023) | 18,202 | 18,016 |
Differences in overseas tax rates | (2,825) | (3,089) |
Total current tax expense | 15,377 | 14,927 |
Origination and reversal of temporary differences | 132 | 235 |
Total Deferred tax expense | 132 | 235 |
Total Income taxes | 15,509 | 15,162 |
Page 95 of 139
Amounts in € thousand | As of | Effects on | Effects on | As of |
December | December | |||
31, 2023 | P&L | OCI | 31, 2024 | |
Deferred Tax assets on provision and funds | 429 | 34 | - | 463 |
Other | 547 | 13 | 12 | 571 |
Total Deferred tax assets | 976 | 47 | 12 | 1,034 |
Investments accounted for using equity method | (1,719) | (207) | - | (1,926) |
Employee benefits | (41) | 12 | (4) | (33) |
Temporary differences on Capital gains | (26) | 8 | - | (18) |
Other Deferred tax liabilities | (117) | 9 | (14) | (122) |
Total Deferred tax liabilities | (1,903) | (179) | (18) | (2,099) |
12. Earnings per share and dividends
Basic and Diluted earnings per share are calculated by dividing the profit for the year attributable to the
shareholders of the Company by the weighted average number of ordinary shares (basic and diluted)
outstanding of the Company.
Diluted earnings per share is equal to basic earnings per share as there were no potentially dilutive
instruments for the periods presented.
The following table summarizes the amounts used to calculate basic and diluted earnings per share:
Amounts in Euro | For the year ended December 31, | |
Profit attributable to shareholders of the Parent Company for basic | 2024 | 2023 |
55,461,699 | 52,888,003 | |
and diluted | ||
No of shares as of 31 December 2024 - £ 1 each | 77,045,804 | 77,045,804 |
Earnings per Share basic and diluted as of reporting date | 0.72 | 0.69 |
Diluted earnings per share is equal to basic earnings per share as there were no potentially dilutive
instruments for the periods presented. Shares are in GB pounds as at 31 December 2024 and were
renominated in Euro after the reporting period.
The dividends paid in the year relates to the 2023 year-end dividend. Euro 19,544 thousand was paid to
Group shareholders. The remaining 2023 dividend remains unpaid and is held as a dividend payable of Euro
5,456 thousand to Deiana Holding Limited (see note 32).
Page 96 of 139
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Ferrari Logistics Germany | 117 | 117 |
Ferrari DVS | 144 | 144 |
Ferrari S.p.A. | 823 | 823 |
AF Secure Ferrari India | 161 | 161 |
Ferrari Logistics China | 271 | 271 |
Ferrari Logistics Malaysia | 389 | 389 |
Ferrari Logistics Hong Kong | 512 | 512 |
Goodwill | 2,417 | 2,417 |
Page 97 of 139
Intellectual | Concessions, | Other | Total | |
Amounts in € thousand | property | licenses and | intangible | Intangible |
rights | similar rights | assets | assets | |
Historical cost | ||||
Balance as of December 31, 2022 | 225 | 169 | 968 | 1,362 |
Additions | - | - | 2,990 | 2,990 |
+/- reclassification | - | - | 145 | 145 |
Exchange difference and other changes | - | - | 4 | 4 |
Balance as of December 31, 2023 | 225 | 169 | 4,107 | 4,501 |
Additions | 6 | 1 | 4,097 | 4,104 |
Exchange difference and other changes | - | - | 134 | 134 |
Balance as of December 31, 2024 | 231 | 170 | 8,338 | 8,739 |
Accumulated amortization | ||||
Balance as of December 31, 2022 | (91) | (145) | (655) | (891) |
Amortization | (42) | (9) | (76) | (127) |
Balance as of December 31, 2023 | (133) | (154) | (731) | (1,018) |
Amortization | (37) | (9) | (84) | (130) |
Balance as of December 31, 2024 | (170) | (163) | (815) | (1,148) |
Carrying amount at: | ||||
December 31, 2023 | 92 | 15 | 3,376 | 3,483 |
December 31, 2024 | 61 | 7 | 7,523 | 7,591 |
Page 98 of 139
Technical | Industrial | Total | ||||
Lands and | installations | and | Leasehold | Other | Property | |
Amounts in € thousand | buildings | and | commercial | improvements | tangible | Plant |
machinery | equipment | assets | and | |||
Equipment | ||||||
Historical cost | ||||||
Balance as of January 1, 2023 | 6,208 | 2,704 | 3,601 | 3,587 | 21,374 | 37,474 |
Additions | - | 369 | 547 | 1,772 | 6,811 | 9,499 |
Disposals | - | (7) | - | (7) | (881) | (895) |
+/- reclassification | - | 48 | - | (314) | (140) | (406) |
+/- Other exchange rate | (198) | 16 | (43) | (86) | (319) | (630) |
Balance as of December 31, 2023 | 6,010 | 3,130 | 4,105 | 4,952 | 26,845 | 45,042 |
Additions | - | 364 | 508 | 2,719 | 4,988 | 8,579 |
Disposals | - | (8) | (15) | (35) | (486) | (544) |
+/- reclassification | - | 974 | - | 700 | (1,674) | - |
+/- Other exchange rate | 352 | 87 | 108 | 92 | 833 | 1,472 |
Balance as of December 31, 2024 | 6,362 | 4,547 | 4,706 | 8,428 | 30,506 | 54,549 |
Accumulated depreciation | ||||||
Balance as of January 1, 2023 | (2,402) | (2,047) | (2,091) | (1,388) | (13,867) | (21,795) |
+Yearly Depreciation | (181) | (308) | (187) | (447) | (2,965) | (4,088) |
- Disposal | - | 7 | - | 5 | 840 | 852 |
+/- reclassification | - | 95 | - | 129 | 37 | 261 |
+/- Other exchange rate | 83 | (8) | 5 | 25 | 208 | 313 |
Balance as of December 31, 2023 | (2,500) | (2,261) | (2,273) | (1,676) | (15,747) | (24,457) |
+Yearly Depreciation | (185) | (381) | (195) | (766) | (3,578) | (5,105) |
- Disposal | - | - | 15 | - | 161 | 176 |
+/- reclassification | - | - | - | (54) | 54 | - |
+/- Other exchange rate | (160) | 8 | 21 | (87) | (330) | (548) |
Balance as of December 31, 2024 | (2,845) | (2,634) | (2,432) | (2,583) | (19,441) | (29,934) |
Carrying amount at: | ||||||
December 31, 2023 | 3,510 | 869 | 1,832 | 3,276 | 11,098 | 20,585 |
December 31, 2024 | 3,517 | 1,913 | 2,274 | 5,845 | 11,065 | 24,615 |
Page 99 of 139
Land and | Plant and | Commercial and | Other | ||
Amounts in €/000 | Building | machinery | industrial | tangible | Total |
equipment | assets | ||||
Historical cost | |||||
Balance as of December 31, 2023 | 54,712 | 11 | 163 | 7,665 | 62,551 |
Additions | 14,610 | - | - | 1,914 | 16,524 |
Disposals | (86) | - | - | - | (86) |
Exchange difference and other changes | 586 | - | - | 1 | 589 |
Balance as of December 31, 2024 | 69,822 | 11 | 163 | 9,580 | 79,576 |
Accumulated depreciation | |||||
Balance as of December 31, 2023 | (26,298) | (4) | (124) | (5,447) | (31,873) |
Depreciation | (11,062) | (2) | (26) | (1,030) | (12,120) |
Exchange difference and other changes | (167) | - | - | (4) | (171) |
Balance as of December 31, 2024 | (37,527) | (6) | (150) | (6,481) | (44,164) |
Carrying amount at: | |||||
December 31, 2023 | 28,414 | 7 | 39 | 2,218 | 30,678 |
December 31, 2024 | 32,295 | 5 | 13 | 3,099 | 35,412 |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Non-current lease liabilities | 24,606 | 21,171 |
Current lease liabilities | 11,734 | 9,860 |
Total lease liabilities | 36,340 | 31,031 |
Amounts in € thousand | For the year ended December 31, | |
2024 | 2023 | |
Lease and rental | 2,013 | 2,116 |
Total lease and rental | 2,013 | 2,116 |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Opening balance | 31,031 | 23,014 |
Additions due to new leases and renewals | 16,524 | 17,757 |
Principal repayment of lease liabilities | (11,545) | (9,145) |
Lease cancellations | (86) | (473) |
Other movements (exchange difference) | 416 | (122) |
Closing Balance | 36,340 | 31,031 |
Page 100 of 139
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
within 1 year | 11,734 | 9,860 |
1 y < x < 5 y | 23,720 | 20,491 |
over 5 y | 886 | 680 |
Total lease liabilities | 36,340 | 31,031 |
Country & | % | % | ||
Name | Principle place | December | December | Principal activity |
of business | 2024 | 2023 | ||
Ferrari Express Ltd. | UK | 50% | 50% | Freight transport |
Bcube Luxury B.V. | Netherland | 40% | 40% | Freight transport |
CDS S.r.l. | Italy | 25% | 25% | Freight transport |
Bin Yousef Luxury Cargo | Qatar | 49% | 49% | Freight transport |
Amounts in € thousand | Ferrari | Bcube | CDS | Bin Youssef |
Express Ltd. | Luxury B.V. | S.r.l. | Luxury | |
Non-current assets | 1,124 | - | 631 | 3 |
Current assets | 7,228 | 10 | 4,231 | 486 |
Non-current financial liabilities | - | - | (221) | - |
Current financial liabilities | - | - | (682) | - |
Current liabilities | (3,639) | (5) | (2,745) | (1,084) |
Amounts in € thousand | Ferrari | Bcube | CDS | Bin Youssef |
Express Ltd. | Luxury B.V. | S.r.l. | Luxury | |
Revenue | 18,876 | - | 9,583 | 1,738 |
Profit / (loss) for the year and total | 1,242 | (26) | 152 | 524 |
comprehensive income |
Page 101 of 139
Adjustment to "shareholders' equity" | |||||
Carrying amount | Exchange | Carrying amount | |||
Amounts in € thousand | as of | Profit/(loss) | Dividends | difference | as of |
December 31, 2023 | December 31, 2024 | ||||
Ferrari Express Ltd. | 4,259 | 621 | - | 218 | 5,098 |
Bcube Luxury B.V. | 306 | - | - | - | 306 |
CDS S.r.l. | 346 | (44) | - | 3 | 305 |
Bin Youssef Luxury | 349 | 257 | (225) | 30 | 411 |
Total | 5,260 | 834 | (225) | 251 | 6,120 |
Amounts in € thousand | As of | As of |
December | December | |
31, 2024 | 31, 2023 | |
Non-current tax receivables | 1,643 | 1,561 |
Non-current receivables from personnel | 371 | 70 |
Non-current receivables from others | 73 | 89 |
Non-current receivables | 2,087 | 1,720 |
Bank | |||||||
deposit | Rental | Investments | Other | Carnet | Investments | Other | |
(maturity | Deposit | in mutual | Deposits | IATA | in Other | non-current | |
date over | funds | deposit | Companies | assets | |||
1 year) | |||||||
January 1, 2023 | 1,729 | 1,989 | 1,698 | 903 | 547 | 46 | 6,912 |
Increase (+) | 1,356 | 578 | - | 70 | 59 | 10 | 2,073 |
Decrease (-) | (1,224) | (537) | - | (336) | (415) | - | (2,512) |
Fair value adjustment (+/-) | - | - | 183 | - | - | - | 183 |
Other (+/-) | (69) | (240) | (68) | 191 | (47) | - | (233) |
December 31, 2023 | 1,792 | 1,790 | 1,813 | 828 | 144 | 56 | 6,423 |
Increase (+) | 1,367 | 353 | 1,863 | 9,598 | 14 | 13,195 | |
Decrease (-) | (902) | (95) | - | (1,268) | (149) | - | (2,414) |
Fair value adjustment (+/-) | - | - | 8 | - | - | - | 8 |
Other (+/-) | 2,618 | 1 | (2,465) | 32 | 5 | - | 191 |
December 31, 2024 | 4,875 | 2,049 | 1,219 | 9,190 | - | 70 | 17,403 |
Page 102 of 139
Amounts in € thousand | As of December | As of December |
31, 2024 | 31, 2023 | |
Trade receivables | 82,255 | 99,511 |
Loss allowance | (6,040) | (8,058) |
Trade receivables | 76,215 | 91,453 |
Amounts in € thousand | Loss Allowance |
Balance as of January 1, 2023 | 8,088 |
Provisions (+) | 813 |
Utilizations (-) | (608) |
Release (-) | (379) |
Translation effects (+/-) | 144 |
Balance as of December 31, 2023 | 8,058 |
Provisions (+) | 382 |
Utilizations (-) | (757) |
Release (-) | (1,688) |
Translation effects (+/-) | 45 |
Balance as of December 31, 2024 | 6,040 |
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Europe | 47,264 | 62,448 |
Asia | 11,406 | 10,952 |
NAM & Brazil | 9,074 | 10,640 |
Rest of word | 8,471 | 7,413 |
Trade receivables | 76,215 | 91,453 |
21. Current assets
The following table provides a detail for current assets:
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Bank deposit | 8,946 | 6,654 |
Current assets | 8,946 | 6,654 |
Page 103 of 139
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Accrued income and deferred expenses | 4,184 | 3,802 |
Other receivables (advances or other) | 5,760 | 2,382 |
Receivables towards tax authorities for VAT | 1,953 | 1,605 |
Customs advances for VAT and duties | 1,464 | 1,305 |
Guarantee deposits towards Dubai Court | - | 973 |
Other receivables towards tax authorities | 110 | 804 |
Receivables towards personnel and directors | 1,225 | 108 |
Other current receivables | 14,696 | 10,979 |
23. Cash and cash equivalents
Cash and cash equivalents refer to current account deposits held at banks:
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Bank and postal accounts | 115,567 | 98,465 |
Cash and cash equivalents | 232 | 312 |
Cash and cash equivalents | 115,799 | 98,777 |
The item comprises cash and cash equivalents recognised in the financial statements of the consolidated
companies. There are no restrictions to the use of cash and cash equivalents.
Page 104 of 139
No. of | As of | No. of | As of | |
December | December | |||
Shares | 31, 2024 | Shares | 31, 2023 | |
Amounts in € thousand | Amounts in € thousand | |||
Issued and fully paid | ||||
At 1st January | 77,046 | 85,843 | 77,046 | 85,843 |
New issues of share capital | - | - | - | - |
At December 31 | 77,046 | 85,843 | 77,046 | 85,843 |
Issued and Unpaid | ||||
At 1st January | - | - | - | - |
New issues of share capital | - | - | - | - |
At December 31 | - | - | - | - |
Total Issued share capital | 77,046 | 85,843 | 77,046 | 85,843 |
Page 105 of 139
Shareholders' Equity attributable to | Profit attributable to the | |||
non-controlling interests | non-controlling interests | |||
as of December | as of December | For the year ended | ||
Entity | 31, 2024 | 31,2023 | December 31, | December 31, |
2024 | 2023 | |||
Ferrari Express Inc. | 9,530 | 9,014 | 1,063 | 3,440 |
Ferrari Express Logistica e Transporte do Brasil LTDA | 1,040 | 668 | 603 | 408 |
Ferrari Canada Inc. | 338 | 313 | 25 | (0) |
Ferrari Logistics Asia (Thailand) Ltd. | 1,057 | 827 | 165 | 71 |
Modi Corporations Ltd. | 2 | 2 | (1) | (3) |
Ferrari Expeditions France S.A. | 13 | 14 | 1 | 3 |
Ferrari Global Services | 1 | 1 | 0 | 0 |
Ferrari Securitè France | 1 | 0 | 0 | 0 |
Ferrari Protection | 7 | 194 | (21) | 93 |
Total | 11,989 | 11,033 | 1,835 | 4,012 |
Page 106 of 139
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Employee benefits | 2,543 | 2,415 |
Total Employee benefits | 2,543 | 2,415 |
The table below shows changes in Employee benefits occurred in the TFR defined benefit obligations: | ||
Amounts in € thousand | Employee benefits | |
Balance as of December 31, 2023 | 2,415 | |
+ Current service costs | 486 | |
+ Interests costs | 54 | |
(-) Benefits paid | (396) | |
+/(-) Actuarial gain and losses | (16) | |
+/(-) Exchange rate differences | 0 | |
Balance as of December 31, 2024 | 2,543 |
As of | As of | |
December | December | |
31, 2024 | 31, 2023 | |
Discount rate | 2.93% | 3.60% |
Mortality table | ISTAT tables | ISTAT tables |
Inflation rate | 2.00% | 2.30% |
Turnover rate | 5.00% | 5.00% |
Amounts in € thousand | Annual discount | Annual inflation | Annual turnover | |||
rate | rate | rate | ||||
+0.25% | -0.25% | +0.25% | -0.25% | +1.00% | -1.00% | |
Employee benefits - December 31, 2024 | 2,514 | 2,571 | 2,563 | 2,522 | 2,544 | 2,540 |
Employee benefits - December 31, 2023 | 2,324 | 2,379 | 2,372 | 2,332 | 2,355 | 2,347 |
Page 107 of 139
Provision | Provision | Provision | Provision | Provision | Non-Current | ||
related to | related to | for legal | related to | for storage | Provisions | ||
personnel | risk with | expenses | onerous | - Germany | Other risks | for risk and | |
bonus and | Customers | for claims | contracts | Law | charges | ||
claims | & Vendors | ||||||
December 31, 2023 | 159 | 35 | 107 | 40 | 36 | 624 | 1,001 |
Increase (+) | 1,829 | 8 | - | - | - | - | 1,837 |
Utilizations (-) | - | (45) | - | (40) | (4) | - | (89) |
Releases (-) | - | - | - | - | - | (37) | (37) |
Translation effects (+/-) | 40 | 2 | (2) | - | - | (20) | 20 |
December 31, 2024 | 2,028 | - | 105 | - | 32 | 567 | 2,732 |
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Non-current portion of bank Loans | 641 | 939 |
Total Non-Current borrowings | 641 | 939 |
30. Current borrowings and bank overdrafts
The following table shows the detail of “Current borrowings and bank overdrafts”:
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Current portion of Bank Loans | 533 | 678 |
Bank overdrafts | 239 | 205 |
Total Current borrowings and bank overdrafts | 772 | 883 |
The following table shows the detail of the changes in bank loans:
As of | As of | |
Amounts in € thousand | December | December |
31 2024 | 31 2023 | |
Opening balance as of January 1 | 1,617 | 9,122 |
+ Proceeds | 223 | 209 |
- Repayments | (737) | (7,479) |
+/- Foreign currency exchange | 71 | (235) |
Balance at reporting date | 1,174 | 1,617 |
Debt covenants
None of Ferrari Group’s borrowings are subject to financial covenants.
Page 108 of 139
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Trade payables | 27,791 | 30,966 |
Total Trade payables | 27,791 | 30,966 |
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Europe | 18,656 | 21,480 |
Asia | 2,764 | 2,814 |
NAM & Brazil | 3,962 | 4,935 |
Rest of word | 2,409 | 1,737 |
Trade payables | 27,791 | 30,966 |
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Payables towards Customs for duties and VAT | 8,973 | 10,438 |
Payables towards personnel (salary, holiday, bonus etc.) | 5,006 | 7,627 |
Other payables and advances from customers | 1,998 | 2,490 |
Due to Tax authorities for other taxes | 2,485 | 2,006 |
Accrued expenses and deferred income | 2,208 | 2,095 |
Payables towards Social institution | 1,834 | 1,844 |
Dividend payables towards non-controlling interests | 187 | 171 |
Damage to repay | 423 | 38 |
Dividend payables towards Deiana Holding Limited | 5,456 | - |
Other current liabilities | 28,570 | 26,709 |
Page 109 of 139
Amounts in € thousand | As of | As of |
December | December | |
31, 2024 | 31, 2023 | |
Current tax receivables | 486 | - |
Current tax payables | - | (8,715) |
Net current tax receivable/(debt) | 486 | (8,715) |
Auditor Fee | FY2024 |
Euro/000 | |
Fees for audit of the Group's annual financial statement | 860 |
Fees for audit of the Parent Company's annual financial statement | 25 |
Total Audit Fees | 885 |
Fees to the Group’s Auditor and their associates for other services: | |
- Audit related services | 600 |
- Other assurance services | 75 |
Total Non-Audit Fees | 675 |
Total Audit Remuneration | 1,560 |
Page 110 of 139
Page 111 of 139
Page 112 of 139
Related Parties | Relationship | Country | Main business/activity |
Bcube Luxury BV | Associate company | Netherland | Freight shipping |
CDS S.r.l. | Associate company | Italy | Freight shipping |
Ferrari Express Ltd | Associate company | UK | Freight shipping |
Bin Yousef Luxury Cargo | Associate company | Qatar | Freight shipping |
Ferrari Logistics SAM | Shareholders in common | Monaco | Freight shipping |
Regency Ltd | Shareholders in common | UK | Freight shipping |
All Marks S.r.l. | Shareholders in common | Italy | Hallmarking |
DMC S.p.A. | Shareholders in common | Italy | Real estate |
Deiana Holding Limited | Parent company of Ferrari Group | UK | Holding |
PLC | |||
Pelican Real Estate Co. | Subsidiary of Deiana Holding Ltd | USA | Real estate |
Deiana Group Immobiliare S.r.l. | Subsidiary of Deiana Holding Ltd | Italy | Real estate |
Ferrari Immogroup S.A. | Subsidiary of Deiana Holding Ltd | Switzerland | Real estate |
Deiana Group Immobilier France S.a.s. | Subsidiary of Deiana Holding Ltd | France | Real estate |
Deiana Real Estate España SLU. | Subsidiary of Deiana Holding Ltd | Spain | Real estate |
Deiana Group RE (Hong Kong) Ltd | Subsidiary of Deiana Holding Ltd | Hong Kong | Real estate |
Grosvenor Underwriting Ltd | Subsidiary of Deiana Holding Ltd | Guernsey | Insurance |
Deiana Group Finance Ltd | Subsidiary of Deiana Holding Ltd | Ireland | Financing |
Deiana Group Management System S.r.l. | Subsidiary of Deiana Holding Ltd | Italy | Accounting & Finance |
Corrado Deiana | Shareholders of Deiana Holding Ltd | ||
Marco Deiana | Shareholders of Deiana Holding Ltd | ||
Dario Dino Ferrari | Shareholders of Ferrari Express Inc. | ||
Stephen Grief | Shareholders of Ferrari Express Ltd. | ||
Miranda Ferrari | Other relationship | ||
Elena Tartara | Close Family member |
Page 113 of 139
Related Parties | Other financial | Trade | Other assets | Other financial | Trade | Other liabilities |
assets | liabilities | |||||
Amount in € thousand | Current and | Receivables | Current | Current and | Payables | Current |
non-current | non-current | |||||
CDS S.r.l. | - | 0 | - | - | (670) | - |
Ferrari Logistics SAM | - | 616 | - | - | (874) | - |
Ferrari Express Ltd | - | 2,164 | - | - | (2,187) | - |
Bcube Luxury BV | - | 19 | - | - | - | - |
Bin Youssef Luxury (Qatar) | - | 151 | - | - | (264) | - |
All Marks | - | 1 | - | - | - | - |
Deiana Holding Limited | - | 516 | - | - | (333) | (5,456) |
Deiana Group Immobiliare S.r.l. | - | 2 | - | - | (411) | - |
Deiana Group Immobilier France | - | - | 150 | - | - | - |
Ferrari Immogroup S.A. | - | 5 | - | - | (10) | - |
Pelican Real Estate | - | - | 47 | - | - | - |
Grosvenor Underwriting Ltd | - | - | 362 | - | - | - |
Total Receivables/(Payables) | - | 3,474 | 559 | - | (4,749) | (5,456) |
Related Parties | Income | Costs | ||||
Amount in € thousand | Revenues | Other Income | Financial | For services | Other operating | Financial |
CDS S.r.l. | - | - | - | (1,358) | - | - |
Ferrari Logistics SAM | 1,148 | 6 | - | (1,839) | - | - |
Ferrari Express Ltd | 2,784 | 2 | - | (3,389) | - | - |
Bin Youssef Luxury (Qatar) | 314 | 68 | - | (707) | - | - |
All Marks | 1 | 4 | - | - | - | - |
Deiana Holding Limited | - | 511 | - | (39) | - | - |
Deiana Group Immobiliare S.r.l. | - | 4 | - | (497) | (3) | (71) |
Deiana Group Immobilier France | - | - | - | - | - | (32) |
Deiana Group Management System | - | 2 | - | - | - | - |
S.r.l. | ||||||
Ferrari Immogroup S.A. | - | - | - | (83) | (17) | (30) |
Pelican Real Estate | - | - | - | - | (7) | (44) |
Grosvenor Underwriting Ltd | - | 288 | - | (2,964) | - | - |
Total Income/(Expenses) | 4,247 | 885 | - | (10,876) | (27) | (177) |
Page 114 of 139
Related Parties | Other financial | Trade | Other assets | Other financial | Trade | Other liabilities |
assets | liabilities | |||||
Amount in € thousand | Current and | Receivables | Current | Current and | Payables | Current |
non-current | non-current | |||||
CDS S.r.l. | - | 1 | - | - | (627) | - |
Ferrari Logistics SAM | - | 380 | - | - | (319) | - |
Ferrari Express Ltd | - | 2,020 | - | - | (2,372) | - |
Bcube Luxury BV | - | 18 | - | - | - | - |
Bin Yousef Luxury Cargo | - | 388 | - | - | (51) | - |
All Marks | - | 52 | - | - | - | - |
Deiana Holding Limited | - | 13,578 | - | - | (452) | (84) |
Deiana Group Management System S.r.l. | - | 3 | - | - | - | - |
Deiana Group Immobiliare S.r.l. | - | 2 | - | - | (504) | - |
Deiana Group Immobilier France | - | 91 | - | - | - | - |
Deiana Group RE (Hong Kong) Ltd | - | 2 | - | - | - | - |
Ferrari Immogroup S.A. | - | 5 | - | - | (15) | - |
Grosvenor Underwriting Ltd | - | - | 300 | - | - | - |
Total Receivables/(Payables) | - | 16,540 | 300 | - | (4,340) | (84) |
Related Parties | Income | Costs | ||||
Amount in € thousand | Revenues | Other | Financial | For services | Other operating | Financial |
Income | ||||||
CDS S.r.l. | - | - | - | (1,347) | - | - |
Ferrari Logistics SAM | 814 | 10 | - | (1,341) | - | - |
Ferrari Express Ltd | 2,631 | 646 | - | (3,988) | (3) | - |
Bin Yousef Luxury Cargo | 216 | 49 | - | (784) | - | - |
All Marks | 3 | 4 | - | (8) | (43) | - |
Deiana Holding Limited | - | - | - | (4) | (1) | (4) |
Deiana Group Immobiliare S.r.l. | - | - | - | - | - | (56) |
Deiana Group Immobilier France | - | - | - | - | - | (37) |
Deiana Group Management System S.r.l. | - | 3 | - | - | - | - |
Ferrari Immogroup S.A. | - | - | - | - | - | (37) |
Pelican Real Estate | - | - | - | - | - | (47) |
DMC S.p.A. | - | - | - | - | - | (1) |
Grosvenor Underwriting Ltd | - | - | - | (2,829) | - | - |
Miranda Ferrari | - | - | - | - | - | (1,032) |
Total Income/(Expenses) | 3,664 | 712 | - | (10,301) | (47) | (1,214) |
Amounts in € thousand | Non-current | Current | Total |
Lease Liabilities | Lease Liabilities | Lease Liabilities | |
Deiana Group Immobiliare S.r.l. | 2,317 | 1,603 | 3,920 |
Ferrari Immogroup S.A. | 1,942 | 669 | 2,611 |
Deiana Group Immobilier France | 2,288 | 386 | 2,674 |
Pelican Real Estate | 1,539 | 233 | 1,772 |
Total | 8,086 | 2,891 | 10,977 |
Page 115 of 139
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
Marco Deiana | 30 | 30 |
Total | 30 | 30 |
Page 116 of 139
December 31, 2024 | Note | Financial assets and liabilities | Amortized | Fair value level | |||||||
Amounts in € thousand | FVPL | FVOCI | cost | Total | 1 | 2 | 3 | ||||
Non-current receivables | 18 | - | - | 2,087 | 2,087 | - | - | - | |||
Other non-current assets | 19 | 1,219 | - | 16,184 | 17,403 | - | 1,219 | - | |||
Trade receivables | 20 | - | - | 76,215 | 76,215 | - | - | - | |||
Current assets | 21 | - | - | 8,946 | 8,946 | - | - | - | |||
Other current receivables | 22 | - | - | 11,014 | 11,014 | - | - | - | |||
Cash and cash equivalents | 23 | - | - | 115,799 | 115,799 | - | - | - | |||
Total Financial Assets | 1,219 | - | 230,245 | 231,464 | - | 1,219 | - | ||||
Non-current borrowings | 29 | - | - | 641 | 641 | - | - | - | |||
Non-current lease liabilities | 16 | - | - | 24,606 | 24,606 | - | - | - | |||
Current borrowings and bank overdrafts | 30 | - | - | 772 | 772 | - | - | - | |||
Current lease liabilities | 16 | - | - | 11,734 | 11,734 | - | - | - | |||
Trade payables | 31 | - | - | 27,791 | 27,791 | - | - | - | |||
Other current liabilities | 32 | - | - | 28,006 | 28,006 | - | - | - | |||
Total Financial Liabilities | - | - | 93,550 | 93,550 | - | - | - | ||||
December 31, 2023 | Note | Financial assets and liabilities | Amortised | Fair value level | |||||||
Amount in € thousand | FVPL | FVOCI | Total | 1 | 2 | 3 | |||||
cost | |||||||||||
Non-current receivables | 18 | - | - | 1,720 | 1,720 | - | - | - | |||
Other non-current assets | 19 | 1,813 | - | 4,610 | 6,423 | - | 1,813 | - | |||
Trade receivables | 20 | - | - | 91,453 | 91,453 | - | - | - | |||
Current assets | 21 | - | - | 6,654 | 6,654 | - | - | - | |||
Other current receivables | 22 | - | - | 7,599 | 7,599 | - | - | - | |||
Cash and cash equivalents | 23 | - | - | 98,777 | 98,777 | - | - | - | |||
Total Financial Assets | 1,813 | - | 210,813 | 212,626 | - | 1,813 | - | ||||
Non-current borrowings | 29 | - | - | 939 | 939 | - | - | - | |||
Non-current lease liabilities | 16 | - | - | 21,171 | 21,171 | - | - | - | |||
Current borrowings and bank overdrafts | 30 | - | - | 883 | 883 | - | - | - | |||
Current lease liabilities | 16 | - | - | 9,860 | 9,860 | - | - | - | |||
Trade payables | 31 | - | - | 30,966 | 30,966 | - | - | - | |||
Current tax payables | 33 | - | - | 8,715 | 8,715 | - | - | - | |||
Other current liabilities | 3 | - | - | 26,233 | 26,233 | - | - | - | |||
Total Financial liabilities | - | - | 98,767 | 98,767 | - | - | - |
Page 117 of 139
Page 118 of 139
Page 119 of 139
As of | As of | |
Amounts in € thousand | December | December |
31, 2024 | 31, 2023 | |
within 1 year | 68,303 | 76,657 |
1 y < x < 5 y | 24,327 | 21,430 |
over 5 y | 920 | 680 |
Financial Liabilities | 93,550 | 98,767 |
Amounts in € thousand | As of | As of |
December | December | |
31, 2024 | 31, 2023 | |
Current borrowings and bank overdrafts | 772 | 883 |
Current lease liabilities | 11,734 | 9,860 |
Trade payables | 27,791 | 30,966 |
Current tax payables | - | 8,715 |
Other current liabilities | 28,006 | 26,233 |
Financial Liabilities within 1 year | 68,303 | 76,657 |
Amounts in € thousand | As of | As of |
December | December | |
31, 2024 | 31, 2023 | |
Non-current borrowings | 641 | 939 |
Non-current lease liabilities | 23,720 | 20,491 |
Financial Liabilities within 1 y < x < 5 y | 24,327 | 21,430 |
Amounts in € thousand | As of | As of |
December | December | |
31, 2024 | 31, 2023 | |
Non-current lease liabilities | 920 | 680 |
Financial Liabilities within over 5 y | 920 | 680 |
Page 120 of 139
42. Alternative Performance Measures
Adjusted EBITDA and Adjusted EBITDA Margin
The Group uses Adjusted EBITDA and Adjusted EBITDA Margin to understand and assess the Group’s
underlying operating performance. Management believes that these non-IFRS measures are useful because
they exclude items that management believes are not indicative of the Group’s underlying operating
performance, and allow management to view operating trends, perform analytical comparisons and
benchmark performance between periods.
Adjusted EBITDA is calculated as profit before taxes excluding finance income, finance expenses,
depreciation and amortisation, provision for risks, exchange losses, results from investments accounted for
using the equity method adjusted for gains and expenses, that are significant in nature and management
considers not reflective of underlying operating activities (listing costs)..
Adjusted EBITDA Margin is calculated as the ratio of Adjusted EBITDA to revenues of the applicable period.
.
Below are reported the reconciliation table for the year ended 31 December 2024 and 2023:
Amounts in € thousand | FY2024 | % of | FY2023 | % of |
Revenues | Revenues | |||
Profit before taxes | 72,806 | 20.9% | 72,062 | 21.6% |
Financial income | (1,672) | -2.3% | (1,238) | -1.7% |
Financial expenses | 1,656 | 2.3% | 2,314 | 3.2% |
Exchange losses | 1,233 | 1.7% | 802 | 1.1% |
Result from investments accounted for using the equity method | (834) | -1.1% | (951) | -1.3% |
Depreciation and Amortization | 17,355 | 5.0% | 13,632 | 4.1% |
Provision for risks | 1,837 | 0.5% | 145 | 0.0% |
Listing costs | - | 0.0% | 3,259 | 1.0% |
Adjusted EBITDA | 92,381 | 26.5% | 90,025 | 27.0% |
Net working capital
Net Working Capital is defined as current assets less current liabilities adjusted for current assets, cash and
cash equivalents, current borrowings and bank overdraft and current lease liabilities.
The Directors consider the Net Working Capital a helpful measure of performance, in order to measure the
Group's liquidity, its cash flow trends and its overall financial health. Below are reported the reconciliation
table for the year ended 31 December 2024 and 2023:
Euro/000 | FY2024 | FY2023 |
Total current assets | 216,207 | 208,074 |
Less: | ||
- Cash & cash equivalents | (115,799) | (98,777) |
- Current assets | (8,946) | (6,654) |
Total current assets (excluding current financial assets) | 91,462 | 102,643 |
Total Current Liabilities | (68,867) | (77,133) |
Less: | ||
- Current borrowings and bank overdraft | 772 | 883 |
- Current lease liabilities | 11,734 | 9,860 |
Total current liabilities (excluding current financial liabilities) | (56,361) | (66,390) |
Net Working Capital | 35,101 | 36,253 |
Page 121 of 139
Net Financial position
The Group uses Net Financial position as a key performance indicator. The Net Financial position calculated
as the sum of total financial liabilities, and non-current trade and other payables, net of cash and cash
equivalents and current financial assets.
The Directors consider the Net Financial indebtedness (or funds in case of liquidity surplus) is useful to
assess liquidity, solvency, and the group's ability to invest or meet financial obligations, which is essential
for making informed strategic and operational decisions.
The composition of Net Financial Indebtedness is determined in accordance with ESMA Recommendations
contained in Guidelines 32-382-1138 of 4 March 2021.
Below are reported the table for the year ended 31 December2024 and 2023:
As at | As at | ||
Amount in Euro 000 | December | December | |
31, 2024 | 31, 2023 | ||
A | Cash | 115,799 | 98,777 |
B | Other current financial assets | 8,946 | 6,654 |
C Liquidity (A+B) | 124,745 | 105,431 | |
D (including debt instruments, but excluding current portion | Current financial debt | 239 | 205 |
of non-current financial debt) | |||
E | Current portion of non-current | 12,267 | 10,538 |
financial debt (accrued interest) | |||
F | Current financial indebtedness (D + E) | 12,506 | 10,743 |
G | Net current funds (C – F) | 112,239 | 94,688 |
H | Non-current financial debt | 25,247 | 22,110 |
(excluding current portion and debt instruments) | |||
I Non-current financial indebtedness (H) | 25,247 | 22,110 | |
J | Total funds (G - I) | 86,992 | 72,578 |
Page 122 of 139
Page 123 of 139
Separate Financial Statement (Parent Only)
Ferrari Group PLC
Separate Financial Statement
as of and for the year ended
December 31, 2024
Page 124 of 139
Contents
- Statement of Financial Position (Parent Only) 125
- Statement of Changes in Equity (Parent Only) 127
- Notes to the Separate Financial Statements 128
Page 125 of 139
Statement of Financial Position (Parent Only)
Amounts in € thousand
Notes
As of
As of
December
31, 2024
December
31, 2023
Assets
Non-current assets
Intangible assets
1
8,624
4,791
Property, plant and equipment
462
-
Right-of-use assets
1,380
-
Investments in subsidiaries & associated companies
2
86,449
86,449
Non-current receivables
3
12,178
14,309
Total Non-current assets
109,093
105,549
Current assets
Receivables
4
37,126
36,392
Current tax receivables
11
698
359
Other current receivables
2,994
1,772
Cash and cash equivalents
5
38,919
18,980
Total Current assets
79,737
57,503
TOTAL ASSETS
188,830
163,052
Share capital
6
85,843
85,843
Other reserves
7
8,544
5,128
Retained earnings
7
71,823
52,762
Total Shareholders' Equity
166,210
143,733
Liabilities
Non-current liabilities
Non-current lease liabilities
1,233
-
Non-current payables
8
3,997
3,822
Total Non-current liabilities
5,230
3,822
Current liabilities
Current lease liabilities
208
-
Trade and other payables
9
8,415
9,128
Other current liabilities
10
8,767
190
Current tax payables
11
-
6,179
Total Current liabilities
17,390
15,497
TOTAL EQUITY AND LIABILITIES
188,830
163,052
The accompanying notes are an integral part of the Separate financial statements.
Page 126 of 139
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has
not prepared its own Income statement of comprehensive income in these financial statements.
The profit after tax of the Parent Company for the year was Euro 44,061 thousand (Euro 50,289 thousand in 2023).
****************
This report was approved by the board of directors on April 30, 2025 and signed on behalf of the board by:
Mr. Marco Deiana Mr. Alessandro Nicolò Ugo
Executive Director (CEO) Executive Director (CFO)
Ferrari Group PLC Ferrari Group PLC
Registered Number 12614552 Registered Number 12614552
Page 127 of 139
Statement of Changes in Equity (Parent Only)
Amounts in € thousand
Share
Capital
Retained
earnings
Currency
Translation
Reserve
Total
Equity
As of December 31, 2022
85,843
22,473
4,840
113,156
Profit for the year
-
50,289
-
50,289
Foreign currency exchange differences
-
-
288
288
Dividends
-
(20,000)
-
(20,000)
As of December 31, 2023
85,843
52,762
5,128
143,733
Profit for the year
-
44,061
-
44,061
Foreign currency exchange differences
-
-
3,416
3,416
Dividends
-
(25,000)
-
(25,000)
As of December 31, 2024
85,843
71,823
8,544
166,210
The accompanying notes are an integral part of the Separate financial statements.
Page 128 of 139
Notes to the Separate Financial Statement
Basis of preparation of financial statements
Ferrari Group PLC is a public limited company, limited by shares.
The Parent Company financial statements of Ferrari Group Plc (the Company) have been prepared in
accordance with Financial Reporting Standard 100 Application of Financial Reporting Requirements and
Financial Reporting Standard 101 Reduced Disclosure Framework, and as required by the UK Companies
Act 2006. The financial statements are prepared under the historical cost convention as modified for
financial instruments that are measured at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Company takes into account the characteristics of the asset or liability if market
participants would take those characteristics into account when pricing the asset or liability at the
measurement date. Fair value for measurement and/or disclosure purposes in these Financial Statements
is determined on such a basis.
Disclosure exemptions adopted
In preparing these financial statements, the Company has taken advantage of all disclosure exemptions
conferred by FRS 101. Therefore, these financial statements do not include:
• certain comparative information as otherwise required by UK-adopted international accounting
standards;
• certain disclosures regarding the Company’s capital;
• a statement of cash flows;
• the effect of future accounting standards not yet adopted;
• the disclosure of the remuneration of key management personnel; and
• disclosure of related party transactions with other wholly owned members of the Group headed
by Ferrari Group Plc.
In addition, and in accordance with FRS 101, further disclosure exemptions have been adopted as
equivalent disclosures are included in the consolidated financial statements of Ferrari Group Plc.
These financial statements do not include certain disclosures in respect of:
• business combinations;
• financial instruments (other than certain disclosures required as a result of recording financial
instruments at fair value);
• fair value measurement (other than certain disclosures required as a result of recording financial
instruments at fair value); and
• impairment of assets.
Page 129 of 139
Material accounting policies
New standards and amendments effective from January 1, 2024
The material accounting policies adopted in the preparation of the Parent company's annual financial
statements for the year ended 31 December 2024 are consistent with those followed in the preparation of
the Parent company’s annual financial statements for the year ended 31 December 2023.
In the current year, the Group has applied amendments to IFRS Accounting Standards issued by the
International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period
that begins on or after 1 January 2024. Their adoption has not had any material impact on the disclosures
or on the amounts reported in these financial statements
International Accounting Standards (IFRS/IAS)
IASB Effective Date - periods
commencing on or after
EU & UK adopted effective
Date - periods commencing
on or after
Amendments to IAS 1 Presentation of Financial Statements
• Non-current Liabilities with Covenants
• Deferral of Effective Date Amendment (published 15 July
2020)
• Classification of Liabilities as Current or Non-Current
(Amendments to IAS 1) (published 23 January 2020)
1 January 2024
1 January 2024
Lease Liability in a Sale and Leaseback (Amendments to IFRS
16)
1 January 2024
1 January 2024
Supplier Finance Arrangements (Amendments to IAS 7 and
IFRS 7
1 January 2024
1 January 2024
The Parent company currently prepares its financial statements in accordance with UK adopted
international accounting standards and IFRS as adopted by the EU. Therefore, the relevant effective dates
are the EU and UK effective dates. A brief summary of the changes to accounting standards is provided
below.
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
The amendments aim to promote consistency in applying the requirements by helping companies
determine whether, in the statement of financial position, debt and other liabilities with an uncertain
settlement date should be classified as current (due or potentially due to be settled within one year) or
non-current.
Non-current Liabilities with Covenants (Amendments to IAS 1)
The amendments clarify how conditions with which an entity must comply within twelve months after the
reporting period affect the classification of a liability.
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
The amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that
satisfy the requirements in IFRS 15 to be accounted for as a sale.
Page 130 of 139
Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. The Company has adequate financial resources. As at 31
December 2024, it has cash and cash equivalents of €38.9m (2023: €19.0 million), net assets of €188.8m
(2023: €163.1) and net current assets of €62.3m (2023: €42.0). Based on the information reported above,
the Directors are satisfied that the Company has adequate resources, to continue in operational existence
for the foreseeable future, thus they continue to adopt the going concern basis of accounting when
preparing the financial statements.
Income taxes
Income taxes include all the taxes calculated on the income of the company.
Current and deferred tax are recognised in income statement, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case, the current and deferred
taxes are also recognised in other comprehensive income or directly in equity respectively.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in income statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
end of the reporting period;
Intangible assets
Intangible assets acquired separately from a business are capitalized at cost. Intangible assets acquired as
part of a business combination are capitalized separately from goodwill if the fair value can be measured
reliably on initial recognition.
The carrying value of intangible assets are reviewed for impairment on an annual basis for events or
changes in circumstances that indicate that the carrying value may not be recoverable.
Intangible assets are stated at cost or fair value on recognition less accumulated amortization and any
impairment in value. The gains or losses recognised in income statement arising from the derecognition of
intangible assets are measured as the difference between net disposal proceeds and the carrying amount
of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually.
Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing
the amortisation method or period. Intangible asset is derecognised on disposal, or when no future
economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an
intangible asset, measured as the difference between the net disposal proceeds and the carrying amount
of the asset, are recognised in income statement when the asset is derecognised.
Intangible Assets
Amortization method
Trademark
10%
Intangible assets under constructions
Not amortized
Page 131 of 139
Impairment of property, plant and equipment, right-of-use and intangible assets with a finite useful live
At each reporting date or in the presence of impairment indicators, the Company reviews the carrying
amounts of its property, plant and equipment, right-of-use assets and intangible assets to determine
whether there is any indication that those assets have suffered an impairment loss.
Factors considered important that could trigger an impairment review of property, plant and equipment,
right-of-use and intangible assets include, but are not limited to, the following:
- significant underperformance relative to the historical or projected future operating results;
- significant changes in the manner of the use of the acquired assets or the strategy of the overall
business; and
- significant negative industry or economic trends.
If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of
the impairment loss (if any). Where the asset does not generate cash flows that are independent from
other assets, the Company estimates the recoverable amount of the cash-generating unit to which the
asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are
also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of
cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in income statement, unless the relevant asset is carried at
a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent
that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is
recognised in income statement.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is
recognised immediately in income statement to the extent that it eliminates the impairment loss which has
been recognised for the asset in prior years. Any increase in excess of this amount is treated as a revaluation
increase.
Investments in subsidiaries and associated companies
Investments in subsidiary and associated companies are recorded at purchase cost, in accordance with IAS
27. The value is adjusted, if needed, for impairment losses in accordance with IAS 36.
Any impairment loss is determined on the basis of the recoverable value determined by the cash flows that
the investment will prospectively produce.
Page 132 of 139
Financial assets
Presentation
Current financial assets include trade receivables, other current assets and cash and cash equivalents.
Non-current financial assets include investments in subsidiaries and associated companies as well as
long-term receivables.
Measurement
Financial assets are initially recognised at the fair value of the consideration paid. After the initial recording,
the financial assets are measured in relation to their use.
The classification of financial assets depends on the business model within which the financial instruments
are held and their contractual cash flow characteristics, relevant to determining whether they are to be
measured at amortised cost or fair value.
In particular, the Company measures its financial assets at amortised cost if both the following conditions
have been met:
- the asset is held within a business model whose objective is the collection of the contractual cash
flows; and
- the contractual conditions give rise to cash flows that are solely payments of principal and interest.
Financial assets that meet the following conditions are subsequently measured at fair value through other
comprehensive income (FVTOCI):
- the financial asset is held within a business model whose objective is achieved through the
collection of the contractual cash flows and the sale of the financial assets; and
- the contractual terms of the financial asset give rise, on specific dates, to cash flows representing
solely payments of principal and interest.
Financial assets at fair value through other comprehensive income mainly include equity investments which
the entity intends to hold for the foreseeable future and has irrevocably elected to classify them as such
upon initial recognition.
On a residual basis, all other financial assets are designated at fair value through income statement (FVTPL).
Financial assets in currencies other than the functional currency are accounted for in Euro at the spot
exchange rate on the transaction date and subsequently translated at the reporting date exchange rate
with unrealised exchange differences recorded in income statement.
Derecognition
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the
asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership
of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and
rewards of ownership and continues to control the transferred asset, the Company recognizes its retained
interest in the asset and an associated liability for any obligations created or retained. If the Company
retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company
continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds
received.
Page 133 of 139
On derecognition of a financial asset measured at amortized cost, the difference between the asset’s
carrying amount and the sum of the consideration received and receivable is recognized in profit and loss.
In addition, on derecognition of an investment in a debt instrument classified as FVOCI, the cumulative gain
or loss previously accumulated in the investment revaluation reserve within other comprehensive
income/(loss) is reclassified to income statement.
Impairment of financial assets
The Company recognizes a loss allowance for expected credit losses on investments in debt instruments
that are measured at amortized cost or at FVOCI, trade receivables and other receivables. The amount of
expected credit losses is updated at each reporting date to reflect changes in credit risk since initial
recognition of the respective financial instrument.
The Company always recognizes lifetime expected credit losses (ECL) for trade receivables and other
receivables. The expected credit losses on these financial assets are estimated using a provision matrix
based on the Company’s historical credit loss experience, adjusted for factors that are specific to the
debtors, general economic conditions and an assessment of both the current as well as the forecast
direction of conditions at the reporting date, including time value of money where appropriate.
Receivables
Receivables are amounts due from subsidiaries and associated companies for services provided in the
ordinary course of business. Receivables are recognized initially at fair value and subsequently measured
at amortized cost using the effective interest rate method, less any loss allowances.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term deposits.
Short-term deposits are defined as deposits with an initial maturity of three months or less.
Financial liabilities
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity
instrument.
- Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity
after deducting all of its liabilities. Equity instruments issued by the Group (such as ordinary shares)
are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s
own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized
in income statement on the purchase, sale, issue or cancellation of the Company’s own equity
instruments.
- Financial liabilities
Financial liabilities include borrowings, lease liabilities, trade and other payables. Financial liabilities
are initially recognized at fair value net of transaction costs. Subsequent to initial recognition,
financial liabilities are recognized using the amortized cost, using the effective interest rate. The
Page 134 of 139
Company derecognizes financial liabilities when obligations are discharged, cancelled, or expired.
The difference between the consideration paid to derecognize the financial liability and its carrying
amount is recognized in income statement.
Critical accounting judgements and key sources of estimation uncertainty
There are no critical accounting judgements and key sources of estimation uncertainty that have relevant
impacts on the Separate Financial Statements as at 31 December 2024.
Page 135 of 139
1. Intangible assets
The following table show the changes for intangible assets during the year:
Amounts in € thousand
Trademark
Intangible
assets under
construction
Total
Intangible
assets
Historical cost
Balance as of December 31, 2023
2,356
2,919
5,275
Additions
-
3,891
3,891
Exchange difference and other changes
(17)
187
170
Balance as of December 31, 2024
2,339
6,997
9,336
Accumulated amortization
Balance as of December 31, 2023
(484)
-
(484)
Amortization
(248)
-
(248)
Exchange difference and other changes
20
-
20
Balance as of December 31, 2024
(712)
-
(712)
Carrying amount at:
December 31, 2023
1,872
2,919
4,791
December 31, 2024
1,627
6,997
8,624
The “Intangible assets” refers to the investments in:
• Group Trademark for Euro 1,627 thousand (Euro 1,872 as at December 31, 2023) and;
• Intangible assets related to the Digital transformation project for Euro 6,997 thousand (Euro 2,919
as at December 31, 2023). The asset arising from the digital transformation project is an asset
under construction and therefore not amortised.
Page 136 of 139
2. Investments in subsidiaries and associated companies
The following table shows the detail of investments in subsidiaries and associated companies:
Subsidiary
Total Value
Country of
incorporation
Principal
activities
% Ordinary
shares
% Voting
power
Ferrari S.p.A.
28,767
Italy
Freight transport
100%
100%
Ferrari Expeditions S.A.
18,693
Switzerland
Freight transport
100%
100%
Ferrari Expeditions France S.A.
13,130
France
Freight transport
99.87%
99.87%
Ferrari Logistics (Asia) Ltd.
10,127
Hong Kong
Freight transport
100%
100%
Ferrari Logistics Middle East – UAE
4,491
UAE
Freight transport
100%
100%
Ferrari Logistics Germany GMBH
2,014
Germany
Freight transport
100%
100%
Ferrari Express S.L.
2,013
Spain
Freight transport
100%
100%
Ferrari Logistics Hong Kong
1,707
Hong Kong
Freight transport
100%
100%
Ferrari Logistics Japan K.K.
1,231
Japan
Freight transport
100%
100%
Ferrari Express Inc.
869
USA
Freight transport
50%
50%
Ferrari Logistics Asia (Thailand) Ltd.
590
Thailand
Freight transport
100%
100%
Ferrari Logistics Malaysia
540
Malaysia
Freight transport
100%
100%
AF Ferrari Secura Logitec Pvt India
522
India
Freight transport
100%
100%
Ferrari Belgium BVBA
414
Belgium
Freight transport
100%
100%
Ferrari Logistics (Korea) Co. Ltd
250
South Korea
Freight transport
100%
100%
Grupo Ferrari Macao
110
China
Freight transport
100%
100%
Ferrari Group Portugal SA
50
Portugal
Freight transport
100%
100%
SW System S.r.l.
26
Italy
IT Services
100%
100%
Ferrari BPM S.a.r.l.
19
Switzerland
Freight transport
100%
100%
Ferrari Logistics Ireland
11
Ireland
Freight transport
100%
100%
Ferrari Logistics Netherland
10
Netherland
Freight transport
100%
100%
Ferrari Group Netherland
9
Netherland
Freight transport
100%
100%
Ferrari Group Trading
9
Hong Kong
Procurement
100%
100%
FG Logistics Ltd
1
UK
Freight transport
100%
100%
Ferrari Macao
0
China
Freight transport
100%
100%
Ferrari Logistics Southern Africa (PTY) Ltd
0
South Africa
Freight transport
100%
100%
Ferrari Investment Holding Pte Ltd
0
Singapore
Sub-holding
100%
100%
Total Investments in subsidiaries
85,602
Ferrari Express Limited (UK)
509
UK
Freight transport
50%
50%
Bcube Luxury BV
306
Netherland
Freight transport
40%
40%
Bin Yousef Luxury Cargo
31
Qatar
Freight transport
49%
49%
Total Investments in associated companies
846
Total Investments in subsidiaries
and associated companies
86,449
3. Non-current receivables
The following table shows the changes on Long-term receivables during 2024:
Amounts in € thousand
December
Increase
Repayments
Other
December
31, 2023
(+)
(-)
+/(-)
31, 2024
Other Receivables towards Subsidiaries
12,680
1,926
(3,345)
584
11,845
Other Receivables towards Parent Company
1,598
877
(2,545)
70
-
Other Receivables towards others
-
300
-
10
310
Deposit
31
-
(8)
-
23
Non-current receivables
14,309
3,103
(5,898)
664
12,178
Page 137 of 139
4. Trade and other receivables
The following table shows the trade receivables balance at the reporting date:
Amounts in € thousand
As at
December
31, 2024
As at
December
31, 2023
Trade and other receivables towards subsidiaries
and associated companies
37,126
36,392
5. Cash and cash equivalents
Cash and cash equivalents refer to current account deposits held at banks:
Amounts in € thousand
As at
December
As at
December
31, 2024
31, 2023
Bank and postal accounts
38,919
18,980
Cash and cash equivalents
38,919
18,980
There are no restrictions to the use of cash and cash equivalents.
6. Share capital
On December 31, 2024, share capital is wholly subscribed and paid and amounts to Euro 85,843 thousand
and it is divided into 77,045,804 shares (Euro 85,843 thousand, consisting of 77,045,804 shares as of
December 31, 2023).
Table below, shows a reconciliation between the number of ordinary shares as of December 31, 2024 and
2023:
No. of
As of
December
No. of
As of
December
Shares
31, 2024
Shares
31, 2023
Amounts in € thousand
Amounts in € thousand
Issued and fully paid
At 1st January
77,046
85,843
77,046
85,843
New issues of share capital
-
-
-
-
At December 31
77,046
85,843
77,046
85,843
All issued share capital is classified as equity.
On 29 January 2025, Ferrari Group PLC and the parent company (Deiana Holding Limited) passed
resolutions to implement a redenomination, consolidation and subdivision of the share capital of the
Company as follows:
• GBP 77,045,804 Ordinary Shares were redenominated at a prevailing exchange rate determined in
accordance with the UK Companies Act from GBP 1.00 to Euro 1.1844;
• the Company issued a bonus share with a nominal value of €46,949.7424, for the purposes of
ensuring that the redenomination resulted in a whole number of Ordinary Shares;
• the share capital of the Company (including the bonus share) was consolidated into 1 ordinary share
with a nominal value of €91,300,000; and
Page 138 of 139
the share capital of the Company was subdivided from 1 ordinary share with a nominal value of Euro
91,300,000 into 91,300,000 Ordinary Shares with a nominal value of €1.00 each.
7. Reserves
Reserves amount to Euro 80,367 thousand as of December 31, 2024 (Euro 57,890 thousand as of December
31, 2023) are detailed as the following table:
Amounts in € thousand
As at
December
As at
December
31, 2024
31, 2023
Retained earnings
71,823
52,762
Foreign currency translation reserve
8,544
5,128
Total reserves
80,367
57,890
Retained earnings includes the net result of the year and the net results of past years, net of dividends paid
to the parent company.
Foreign currency translation reserve represents the accumulated effects on shareholders' equity and on
the result for the period arising from the conversion into the functional currency (Euro) of the foreign
currencies.
All the reserves changes are reported in the above reported Statement of changes in equity.
8. Non-current payables
The following table shows the changes for non-current payables during the year:
Amounts in € thousand
December
Increase
Reimbursements
Other
December
31, 2023
(+)
(-)
(+/-)
31, 2024
Amounts due to subsidiaries
3,822
-
(9)
184
3,997
9. Trade and other payables
The caption includes the amounts due for supplies for production and services received. The Company does
not have any reverse factoring and/or supplier financing transactions with its suppliers.
Amounts in € thousand
December
31, 2024
December
31, 2023
Trade and other payables towards subsidiaries and associated companies
4,492
5,742
Trade and other payables towards third parties
3,923
3,386
Total trade and other payables
8,415
9,128
Page 139 of 139
10. Other current liabilities
The following table provides a breakdown for other current liabilities:
Amounts in € thousand
As at
December
As at
December
31, 2024
31, 2023
Dividend payables towards Parent Company
5,456
-
Deferred income
2,876
-
Payables towards Subsidiaries for damage to repay
423
-
Accrued expenses
-
101
Other payables
12
89
Other current liabilities
8,767
190
11. Current tax receivables and payables
The following table shows the balance of current tax receivables and payables as of December 31, 2024:
Amounts in € thousand
As at
December
As at
December
31, 2024
31, 2023
Current tax payables
-
(6,179)
Current tax receivables
698
359
Net current tax debt
698
(5,820)
12. Personnel
The average number of employees employed by the Company during the year was of 6 units (5 units in
2023). All employees are general and administration employees.
Amounts in € thousand
For the year ended December 31,
2024
2023
Salaries and wages
478
252
Social contributions and pension plans
64
40
Total Personnel costs
542
292
13. Audit remuneration
The Fees for audit of the Parent Company's annual financial statement amount to Euro 25 thousand (Euro
10 thousand in 2023 - paid and payable to the predecessor auditor).
14. Commitments and guarantees
The parent company Ferrari Group PLC on October 28, 2024, signed a patronage letter valid from October
31, 2024 to October 31, 2025 for the mandatory insurance cover required by the Italian customs for the
import/export operations up to a maximum of Euro 56,000 thousand.
15. Contingent liabilities
The Company had no contingent liabilities as of December 31, 2024 and 2023.
16. Derivatives financial instruments
The Company has not entered any derivative contracts.