Ferrari N : Report

Ferrari N.V.

2021 ANNUAL REPORT

TABLE OF CONTENTS
	Page
Board Report
Board of Directors and Auditors	3
Letter from the Chairman and Chief Executive Officer	4
Certain Defined Terms and Note on Presentation	6
Forward-Looking Statements	7
Selected Financial and Other Data	9
Creating Value for Our Shareholders	11
Risk Factors	12
Overview	37
Industry Overview	38
Overview of Our Business	41
COVID-19 Pandemic Update	73
Financial Overview	76
Subsequent Events and 2022 Outlook	104
Major Shareholders	106
Corporate Governance	108
Non Financial Statement	132
Risk Management Process and Internal Control Systems	187
Remuneration of Directors	201
Financial Statements
Consolidated Financial Statements and Notes at December 31, 2021	226
Consolidated Income Statement	227
Consolidated Statement of Comprehensive Income	228
Consolidated Statement of Financial Position	229
Consolidated Statement of Cash Flows	230
Consolidated Statement of Changes in Equity	231
Notes to the Consolidated Financial Statements	232
Company Financial Statements and Notes at December 31, 2021	296
Income Statement / Statement of Comprehensive Income	297
Statement of Financial Position	298
Statement of Cash Flows	299
Statement of Changes in Equity	300
Notes to the Company Financial Statements	301
Other information	325
Other information	325
Independent Auditor's Report	327

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Board of Directors and Auditors

Board of Directors

Executive Chairman

John Elkann

Acting Chief Executive Officer

Benedetto Vigna

Vice Chairman

Piero Ferrari

Directors

Delphine Arnault

Francesca Bellettini

Eddy Cue

Sergio Duca

John Galantic

Maria Patrizia Grieco

Adam Keswick

Independent Auditors

Ernst & Young Accountants LLP

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Letter from the Chairman and the Chief Executive Officer

Dear Stakeholders,

2021 was a pivotal year for Ferrari. It was a year of continuity and renewal, with innovation and growth as its themes, in line with our strategic objectives of brand exclusivity, product excellence, staying true to our racing DNA and achieving carbon neutrality by 2030.

Our annual financial results, with a double-digit growth across all main financial indicators and exceeding our guidance, proved once again the soundness of our business model. Last year the Group delivered 11,115 cars, recorded net revenues of Euro 4,271 million and an exceptional EBITDA margin at a record level of 35.9%. Beyond these figures there was an outstanding order intake, which we managed in line with our strategy to pursue a controlled growth and to preserve brand exclusivity.

Everything we revealed to the world in 2021 demonstrates our leadership in technology, design and driving experience. We have the broadest, most innovative, and most beautiful range of cars ever offered our customers, from the revolutionary aerodynamics of the 812 Competizione, the exhilarating 296 GTB featuring our latest hybrid powertrain combining a V6 turbo and electric motor, and the evocative Ferrari Daytona SP3, our latest limited edition Icona.

When you buy a Ferrari you also join a vibrant, passionate community, and we focused on creating memorable, unique and authentic experiences for our clients on road, on track and in person. We marked Cavalcade's 10th anniversary with a very special event in Sicily for Classiche and Moderne drivers, and we restarted our Tributi and Corse Clienti activities, culminating in the Finali Mondiali at Mugello - all in full compliance with COVID-19 regulations.

We also brought our brand into exciting new territories: we launched our first fashion collection - a range that truly reflects our excellence in quality and design - and we have begun to give our stores a fresh new look to complement our merchandise. We reopened and revitalised our Cavallino restaurant while retaining its heritage.

On the track, this was our best ever season in GT racing, with Ferrari winning the Drivers' and Manufacturers' World titles in the FIA World Endurance Championship and victory at 24 Hours of Le Mans. We also announced our eagerly-awaited return to the top class of such Championship in 2023 with our Le Mans Hypercar (LMH) programme. We have attracted a passionate new audience with the Ferrari Esports Series, gaining 35,000 participants across Europe. With five podium places and a third in the constructor standings, the Formula One season produced some encouraging signs - we're focusing our energy on the 2022 challenge, confident that the Scuderia has the best pair of drivers on the grid in Charles Leclerc and Carlos Sainz.

Amidst our achievements, we continue in our unwavering pursuit of reaching carbon neutrality by 2030, addressing

• in addition to our electrification journey - both direct and indirect emissions with a focus on energy and materials. As a further step forward in this process, in 2021 we calculated our carbon footprint considering the emissions related to all the Group activities over our entire value chain. Our calculation, based on GHG protocol methodology, has been certified according ISO 14064 requirements by a third-party player and allowed us to determine priority areas for action.

Our founder said, "Ferrari is made above all by people." Last year, as ever, it was essential that we continued to invest in training for our workers, care for their wellbeing and value the wonderful diversity of talent in our company. Our efforts were rewarded in 2021 by Equal Salary certification for the second consecutive year in Italy, and the first time in the United States.

We have also refined our company's organisational structure to foster innovation, optimise processes and increase collaboration, both internally and with our partners. By promoting internal talent and through the appointment of some key strategic external hires, we have enhanced our agility and are ready to seize the opportunities ahead.

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The process of growing and learning together has always underpinned our success. In 2022 we celebrate our 75th Anniversary since the opening of the Maranello factory as a single, formidable team, ready to embrace all the exciting challenges and rewards that the future will hold.

February 25, 2022

John Elkann	Benedetto Vigna
Chairman	CEO

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