Exhibit 99.1
	Ferrari N.V.

Interim Report

At and for the three and nine months ended September 30,2017

____________________________________________________________________________________________________

CONTENTS

	Page
BOARD OF DIRECTORS	1
INDEPENDENT AUDITORS	1
CERTAIN DEFINED TERMS	1
INTRODUCTION	2
NOTE ON PRESENTATION	2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Highlights	3
Forward-Looking Statements	6
Non-GAAP Financial Measures	8
Results of Operations	11
Liquidity and Capital Resources	22
2017 Outlook revised upward	30
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017
Interim Consolidated Income Statement	F-1
Interim Consolidated Statement of Comprehensive Income	F-2
Interim Consolidated Statement of Financial Position	F-3
Interim Consolidated Statement of Cash Flows	F-4
Interim Consolidated Statement of Changes in Equity	F-5
Notes to the Interim Condensed Consolidated Financial Statements	F-6

BOARD OF DIRECTORS

Chairman and Chief Executive Officer

Sergio Marchionne

Directors

John Elkann

Piero Ferrari

Delphine Arnault

Louis C. Camilleri

Giuseppina Capaldo

Eduardo H. Cue

Sergio Duca

Lapo Elkann

Amedeo Felisa

Maria Patrizia Grieco

Adam Keswick

Elena Zambon

INDEPENDENT AUDITORS

Ernst & Young S.p.A.

CERTAIN DEFINED TERMS

In this report, unless otherwise specified, the terms “we,” “our,” “us,” the “Group,” the “Company” and “Ferrari” refer to Ferrari N.V., individually or together with its subsidiaries, as the context may require. References to “Ferrari N.V.” refer to the registrant (formerly named FE New N.V.) following completion of the Separation and to the registrant's predecessor (formerly named New Business Netherlands N.V.), prior to completion of the Separation. References to “FCA” or “FCA Group” refer to Fiat Chrysler Automobiles N.V., together with its subsidiaries and its predecessor prior to the completion of the merger of Fiat S.p.A. with and into FCA on October 12, 2014 (at which time Fiat Investments N.V. was named Fiat Chrysler Automobiles N.V. or FCA) ,or any one of them, as the context may require. References to “Fiat” refer solely to Fiat S.p.A., the predecessor of FCA. References to the “Separation” refer to the series of transactions through which the Ferrari business was separated from FCA as described under “Note on Presentation”.

Therefore, the interim condensed consolidated financial statements at and for the three and nine months ended September 30, 2017 (the “Interim Condensed Consolidated Financial Statements”) included in this interim report (the “Interim Report”) refer to Ferrari N.V., together with its subsidiaries.

1

INTRODUCTION

The Interim Condensed Consolidated Financial Statements at and for the three and nine months ended September 30, 2017 included in this Interim Report have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and in accordance with IFRS as endorsed by the European Union, and in particular, in compliance with IAS 34 - Interim Financial Reporting. The accounting principles applied are consistent with those used for the preparation of the annual consolidated financial statements for the year ended December 31, 2016 (the “Annual Consolidated Financial Statements”), except as otherwise stated in “New standards and amendments effective from January 1, 2017” in the notes to the Interim Condensed Consolidated Financial Statements.

The Group’s financial information in this Interim Report is presented in Euro except that, in some instances, information is presented in U.S. Dollars. All references in this report to “Euro” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all references to “U.S. Dollars,” “U.S. Dollar,” “U.S.$” and “$” refer to the currency of the United States of America (or “United States”).

Certain totals in the tables included in this Interim Report may not add due to rounding.

The financial data in “Results of Operations” is presented in millions of Euro, while the percentages presented are calculated using the underlying figures in thousands of Euro.

This Interim Report is unaudited.

NOTE ON PRESENTATION

Basis of Preparation of the Interim Condensed Consolidated Financial Statements

As explained in Note 1 to the Interim Condensed Consolidated Financial Statements, on October 29, 2014, FCA announced its intention to separate Ferrari S.p.A. from FCA (the “Separation”). The Separation occurred through a series of transactions including (i) an intra-group restructuring that resulted in our acquisition of the assets and business of Ferrari North Europe Limited and the transfer by FCA of its 90 percent shareholding in Ferrari S.p.A. to us, (ii) the transfer of Piero Ferrari’s 10 percent shareholding in Ferrari S.p.A. to us, (iii) the initial public offering of our common shares, and (iv) the distribution, following the initial public offering, of FCA’s remaining interest in us to its shareholders. The transactions referred to in (i) and (ii), which are defined in Note 1 of the Interim Condensed Consolidated Financial Statements as the “Restructuring”, were completed in October 2015 and have been accounted for in the Interim Condensed Consolidated Financial Statements as though they had occurred effective January 1, 2015. The initial public offering of our common shares was completed on October 21, 2015 when our shares were admitted to listing on the New York Stock Exchange, as a result of which FCA had 80 percent ownership. The remaining steps of the Separation were completed between January 1 and January 3, 2016, through two consecutive demergers followed by a merger under Dutch law. As part of the Separation, a new entity, FE New N.V., was created. Pursuant to the demergers the shares in Ferrari N.V. held by FCA were ultimately transferred to FE New N.V., with FE New N.V. issuing shares in its capital to the shareholders of FCA. In connection with the demergers, the mandatory convertible security holders of FCA also received shares in FE New N.V. On completion of the Separation, Ferrari N.V. was merged with and into FE New N.V. and FE New N.V. was renamed Ferrari N.V. On January 4, 2017 we also completed the listing of our common shares on the Mercato Telematico Azionario, the stock exchange managed by Borsa Italiana.

This Interim Report refers to Ferrari N.V. (formerly named FE New N.V.) following the Separation and to Ferrari N.V.'s predecessor (formerly named New Business Netherlands N.V.) prior to the completion of the Separation.

2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Highlights

Consolidated Income Statement Data

	For the three months ended September 30,		For the nine months ended September 30,
	2017	2016	2017	2016
	(€ million, except per share data)
Net revenues	836	783	2,577	2,269
EBIT	202	172	581	439
Profit before taxes	194	161	556	414
Net profit	141	113	401	288
Net profit attributable to:
Owners of the parent	140	113	400	288
Non-controlling interests	1	—	1	—
Basic and diluted earnings per common share (in Euro) (1)	0.74	0.59	2.11	1.52
Dividend paid per common share (in Euro)	—	—	—	—
Distribution paid per common share (in Euro) (2) (3)	0.64	0.46	0.64	0.46

_____________________________

(1) See Note 14 “Earnings per Share” to the Interim Condensed Consolidated Financial Statements for the calculation of basic and diluted earnings per common share.

(2) Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders on April 14, 2017, a cash distribution of €0.635 per common share was approved, corresponding to a total distribution of €120 million. The distribution is made from the share premium reserve which is a distributable reserve under Dutch law. In May 2017 the Company paid €115 million of the distribution and the remaining balance was paid in July 2017.

(3) Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders on April 15, 2016, the Company paid a cash distribution of €0.46 per common share in May 2016, corresponding to a total distribution of €87 million. The distribution was made from the share premium reserve which is a distributable reserve under Dutch law.

3

Consolidated Statement of Financial Position Data

	At September 30,	At December 31,
	2017	2016
	(€ million)
Cash and cash equivalents	619	458
Total assets	4,074	3,850
Debt	1,798	1,848
Total equity	650	330
Equity attributable to owners of the parent	646	325
Non-controlling interests	4	5
Share capital	3	3
Common shares issued and outstanding (in thousands of shares)	188,954	188,923

Other Statistical Information

Shipments

(Number of cars and % of total cars)	For the three months ended September 30,						For the nine months ended September 30,
	2017	%		2016	%		2017	%		2016	%
EMEA
UK	158	7.7	%	154	7.8	%	666	10.4	%	618	10.2	%
Germany	201	9.8	%	200	10.1	%	560	8.8	%	514	8.5	%
Italy	105	5.1	%	85	4.3	%	343	5.4	%	282	4.6	%
Switzerland	95	4.6	%	79	4.0	%	281	4.4	%	245	4.0	%
France	81	4.0	%	66	3.3	%	266	4.2	%	217	3.6	%
Middle East (1)	78	3.8	%	99	5.0	%	233	3.7	%	305	5.0	%
Rest of EMEA (2)	185	9.1	%	176	8.9	%	589	9.1	%	581	9.6	%
Total EMEA	903	44.1	%	859	43.4	%	2,938	46.0	%	2,762	45.5	%
Americas (3)	736	36.0	%	701	35.4	%	2,078	32.6	%	1,998	32.9	%
China, Hong Kong and Taiwan (on a combined basis)	152	7.4	%	180	9.1	%	453	7.1	%	496	8.2	%
Rest of APAC (4)	255	12.5	%	238	12.1	%	912	14.3	%	818	13.4	%
Total	2,046	100.0	%	1,978	100.0	%	6,381	100.0	%	6,074	100.0	%

_____________________________

(1)    Middle East mainly includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait.

(2)     Rest of EMEA includes Africa and the other European markets not separately identified.

(3)    Americas includes the United States of America, Canada, Mexico, the Caribbean and Central and South America.

(4)    Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia and South Korea.

Average number of employees for the period

	For the three months ended September 30,		For the nine months ended September 30,
	2017	2016	2017	2016
Average number of employees for the period	3,375	3,129	3,339	3,085

4

Equity incentive plan

Following the approval of the equity incentive plan by the Board of Directors on March 1, 2017, on April 14, 2017 the Shareholders approved an award to the Chief Executive Officer under the Company’s equity incentive plan applicable to all Group Executive Council (“GEC”) members and key leaders of the Company. Under the Company’s equity incentive plan, a total number of approximately 687 thousand performance share units (“PSUs”) and a total number of approximately 119 thousand restricted share units (“RSUs”)have been awarded. The grants of the PSUs and the RSUs, which each represent the right to receive one common share of the Company, cover a five-year performance period from 2016 to 2020, consistent with the Company’s strategic horizon.

See Note 22 “Share-based compensation” to the Interim Condensed Consolidated Financial Statements for additional details.

5

Forward-Looking Statements

Statements contained in this report, particularly those regarding our possible or assumed future performance are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may,” “will,” “expect,” “could,” “should,” “intend,” “estimate,” “anticipate,” “believe,” “outlook,” “continue,” “remain,” “on track,” “design,” “target,” “objective,” “goal,” “plan” and similar expressions are used to identify forward-looking statements. These forward-looking statements reflect the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. These factors include, without limitation:

• our ability to preserve and enhance the value of the Ferrari brand;

• the success of our Formula 1 racing team and the expenses we incur for our Formula 1 activities;

• our ability to keep up with advances in high performance car technology and to make appealing designs for our new models;

• the challenges and costs of integrating hybrid technology more broadly into our car portfolio over time;

• our ability to preserve our relationship with the automobile collector and enthusiast community;

• our low volume strategy;

• the ability of Maserati, our engine customer, to sell its planned volume of cars;

• changes in client preferences and automotive trends;

• changes in the general economic environment and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile;

• the impact of increasingly stringent fuel economy, emission and safety standards, including the cost of compliance, and any required changes to our products;

• our ability to successfully carry out our growth strategy and, particularly, our ability to grow our presence in emerging market countries;

• our ability to service and refinance our debt;

• competition in the luxury performance automobile industry;

• reliance upon a number of key members of executive management and employees, and the ability of our current management team to operate and manage effectively;

• the performance of our dealer network on which we depend for sales and services;

• increases in costs, disruptions of supply or shortages of components and raw materials;

• disruptions at our manufacturing facilities in Maranello and Modena;

• our ability to provide or arrange for adequate access to financing for our dealers and clients, and associated risks;

• the performance of our licensees for Ferrari-branded products;

• our ability to protect our intellectual property rights and to avoid infringing on the intellectual property rights of others;

• product recalls, liability claims and product warranties;

• our continued compliance with customs regulations of various jurisdictions;

• labor relations and collective bargaining agreements;

• exchange rate fluctuations, interest rate changes, credit risk and other market risks;

• changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we operate;

• our ability to ensure that our employees, agents and representatives comply with applicable law and regulations;

• the adequacy of our insurance coverage to protect us against potential losses;

6

• potential conflicts of interest due to director and officer overlaps with our largest shareholders;

• our ability to maintain the functional and efficient operation of our information technology systems; and

• other factors discussed elsewhere in this document.

We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly any forward-looking statements.

7

Non-GAAP Financial Measures

We monitor and evaluate our operating and financial performance using several non-GAAP financial measures including: EBITDA, Adjusted EBITDA, Adjusted EBIT, Adjusted Net Profit, Adjusted Basic and Diluted Earnings per Common Share, Net Debt, Net Industrial Debt, Free Cash Flow and Free Cash Flow from Industrial Activities, as well as a number of financial metrics measured on a constant currency basis. We believe that these non-GAAP financial measures provide useful and relevant information regarding our performance and our ability to assess our financial performance and financial position. They also provide us with comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. While similar measures are widely used in the industry in which we operate, the financial measures we use may not be comparable to other similarly titled measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.

EBITDA and Adjusted EBITDA

EBITDA is defined as net profit before income tax expense, net financial expenses and depreciation and amortization. Adjusted EBITDA is defined as EBITDA as adjusted for income and costs, which are significant in nature, but expected to occur infrequently. EBITDA is presented by management to aid investors in their analysis of the performance of the Group and to assist investors in the comparison of the Group’s performance with that of other companies. Adjusted EBITDA is presented to demonstrate how the underlying business has performed prior to the impact of the adjusted items, which may obscure underlying performance and impair comparability of results between periods. The following table sets forth the calculation of EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2017 and 2016, and provides a reconciliation of these non-GAAP measures to net profit.

	For the three months ended September 30,		For the nine months ended September 30,
	2017	2016	2017	2016
	(€ million)
Net profit	141	113	401	288
Income tax expense	53	48	155	126
Net financial expenses	8	11	25	25
Amortization and depreciation	64	62	197	180
EBITDA	266	234	778	619
Charges for Takata airbag inflator recalls	—	—	—	10
Adjusted EBITDA	266	234	778	629

Adjusted EBIT

Adjusted EBIT represents EBIT as adjusted for income and costs, which are significant in nature, but expected to occur infrequently. We present such information in order to present how the underlying business has performed prior to the impact of such items, which may obscure underlying performance and impair comparability of results between the periods. The following table sets forth the calculation of Adjusted EBIT for the three and nine months ended September 30, 2017 and 2016.

	For the three months ended September 30,		For the nine months ended September 30,
	2017	2016	2017	2016
	(€ million)
EBIT	202	172	581	439
Charges for Takata airbag inflator recalls	—	—	—	10
Adjusted EBIT	202	172	581	449

8

Adjusted Net Profit

Adjusted Net Profit represents net profit as adjusted for income and costs, which are significant in nature, but expected to occur infrequently. We present such information in order to present how the underlying business has performed prior to the impact of such items, which may obscure underlying performance and impair comparability of results between the periods. The following table sets forth the calculation of Adjusted Net Profit for the three and nine months ended September 30, 2017 and 2016.

	For the three months ended September 30,		For the nine months ended September 30,
	2017	2016	2017	2016
	(€ million)		(€ million)
Net profit	141	113	401	288
Charges for Takata airbag inflator recalls (net of tax effect)	—	—	—	7
Adjusted Net Profit	141	113	401	295

Adjusted Basic and Diluted Earnings per Common Share

Adjusted Basic and Diluted Earnings per Common Share represents earnings per share, as adjusted for income and costs (net of tax effect), which are significant in nature, but expected to occur infrequently. We present such information in order to present how the underlying business has performed prior to the impact of such items, which may obscure underlying performance and impair comparability of results between the periods. The following table sets forth the calculation of Adjusted Basic and Diluted Earnings per Common Share for the three and nine months ended September 30, 2017 and 2016.

		For the three months ended September 30,		For the nine months ended September 30,
		2017	2016	2017	2016
Net profit attributable to owners of the Company	€ million	140	113	400	288
Changes for Takata airbag inflator recalls (net of tax effect)	€ million	—	—	—	7
Adjusted net profit attributable to owners of the Company	€ million	140	113	400	295
Weighted average number of common shares	thousand	188,954	188,923	188,951	188,923
Adjusted basic earnings per common share	€	0.74	0.59	2.11	1.56
Weighted average number of common shares for diluted earnings per common share	thousand	189,759	188,923	189,759	188,923
Adjusted diluted earnings per common share (1)	€	0.74	0.59	2.11	1.56

(1) For the three and nine months ended September 30, 2017 the weighted average number of shares for diluted earnings per share was increased to take into consideration the theoretical effect of (i) the potential common shares that would be issued under the Company's equity incentive plan applicable to all GEC members and key leaders of the Company and (ii) the potential common shares that would be issued for the Non-Executive Directors compensation agreement.

Net Debt and Net Industrial Debt

Net Industrial Debt is the primary measure used by us to analyze our financial leverage and capital structure, and is one of the key indicators, together with Net Debt, we use to measure our financial position. These measures are presented by management to aid investors in their analysis of the Group's financial position and financial performance and to compare the Group's financial position and financial performance with that of other companies. Net Industrial Debt is defined as total debt less cash and cash equivalents, further adjusted to exclude the funded portion of the self-liquidating financial receivables portfolio, which is the portion of our receivables from financing activities that we fund with external debt or intercompany loans. The following table sets forth a reconciliation of Net Debt and Net Industrial Debt at September 30,2017 and December 31,2016.

9

	At September 30,		At December 31,
	2017		2016
	(€ million)
Cash and cash equivalents	619		458
Financial liabilities with third parties	(1,798	)	(1,848	)
Net Debt	(1,179	)	(1,390	)
Funded portion of the self-liquidating financial receivables portfolio	694		737
Net Industrial Debt	(485	)	(653	)

Free Cash Flow and Free Cash Flow from Industrial Activities

Free Cash Flow and Free Cash Flow from Industrial Activities are two of our primary key performance indicators to measure the Group’s performance. These measures are presented by management to aid investors in their analysis of the Group's financial performance and to compare the Group's financial performance with that of other companies. Free Cash Flow is defined as cash flows from operating activities less cash flows used in investing activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted for the change in the self-liquidating financial receivables portfolio, which is the change in our receivables from financing activities. The following table sets forth our Free Cash Flow and Free Cash Flow from Industrial Activities for the nine months ended September 30, 2017 and 2016.

	For the nine months ended September 30,
	2017		2016
	(€ million)
Cash flows from operating activities	507		566
Cash flows used in investing activities	(239	)	(232	)
Free Cash Flow	268		334
Change in the self-liquidating financial receivables portfolio	47		17
Free Cash Flow from Industrial Activities	315		351

Cash flows used in investing activities for the nine months ended September 30, 2017 are net of €8 million proceeds from exercising the Delta Topco option.

Constant Currency Information

The “Results of Operations” discussion below includes information about our net revenues on a constant currency basis. We use this information to assess how the underlying business has performed independent of fluctuations in foreign currency exchange rates. We calculate constant currency by applying the prior-period average foreign currency exchange rates to current period financial data expressed in local currency in which the relevant financial statements are denominated, in order to eliminate the impact of foreign currency exchange rate fluctuations (see Note 5 “Other Information” to the Interim Condensed Consolidated Financial Statements, included in this Interim Report, for information on the foreign currency exchange rates applied). Although we do not believe that these measures are a substitute for GAAP measures, we do believe that such results excluding the impact of currency fluctuations year-on-year provide additional useful information to investors regarding the operating performance on a local currency basis.

For example, if a U.S. entity with a U.S. Dollar functional currency recorded net revenues of $100 million for the nine months ended September 30, 2017 and 2016, we would have reported €89.8 million in net revenues for the nine months ended September 30, 2017 (using the nine months ended September 30, 2017 average exchange rate of 1.1140) or a €0.2 million increase over the €89.6 million reported for the nine months ended September 30, 2016 (using the nine months ended September 30, 2016 average exchange rate of 1.1162). The constant currency presentation would translate the nine months ended September 30, 2017 net revenues using the nine months ended September 30, 2016 foreign currency exchange rates, and therefore indicate that the underlying net revenues on a constant currency basis were unchanged period-on-period.

10

Results of Operations

Three months ended September 30, 2017 compared to three months ended September 30, 2016

The following is a discussion of the results of operations for the three months ended September 30,2017 compared to the three months ended September 30,2016. The discussion of certain line items includes a presentation of such line items as a percentage of net revenues for the respective periods presented, to facilitate period-to-period comparisons.

	For the three months ended September 30,
	2017		Percentage of net revenues		2016		Percentage of net revenues
	(€ million, except percentages)
Net revenues	836		100.0	%	783		100.0	%
Cost of sales	396		47.4	%	396		50.5	%
Selling, general and administrative costs	91		10.8	%	77		9.8	%
Research and development costs	147		17.6	%	137		17.5	%
Other expenses, net	1		0.1	%	1		0.2	%
Result from investments	1		0.1	%	—		—	%
EBIT	202		24.2	%	172		22.0	%
Net financial expenses	(8	)	(1.0	)%	(11	)	(1.4	)%
Profit before taxes	194		23.2	%	161		20.6	%
Income tax expense	53		6.4	%	48		6.1	%
Net profit	141		16.8	%	113		14.5	%

Net revenues

	For the three months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
Cars and spare parts (1)	605	72.4	%	537	68.5	%	68		12.7	%
Engines (2)	88	10.5	%	97	12.4	%	(9	)	(9.8	)%
Sponsorship, commercial and brand (3)	124	14.8	%	125	16.0	%	(1	)	(1.3	)%
Other (4)	19	2.3	%	24	3.1	%	(5	)	(18.8	)%
Total net revenues	836	100.0	%	783	100.0	%	53		6.7	%

_____________________________

(1) Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts.

(2) Includes the net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams.

(3) Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income.

(4) Primarily includes interest income generated by the Ferrari Financial Services activities and net revenues from the management of the Mugello racetrack.

Net revenues for the three months ended September 30,2017 were €836 million, an increase of €53 million, or 6.7 percent (an increase of 9.3 percent on a constant currency basis, mainly due to US Dollar weakening versus Euro), from €783 millionfor the three months ended September 30,2016.

The increase in net revenues, including the positive impact of foreign currency hedging instruments, was attributable to the combination of (i) a €68 million increase in cars and spare parts net revenues, partially offset by (ii) a €9 million decrease in engines net revenues, (iii) a €1 million decrease in sponsorship, commercial and brand net revenues, and (iv) a €5 million decrease in other net revenues.

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Cars and spare parts

Net revenues generated from cars and spare parts were €605 millionfor the three months ended September 30,2017, an increase of €68 million, or 12.7 percent, from €537 millionfor the three months ended September 30,2016. The increase was attributable to an €58 million increase in net revenues from range and special series cars and spare parts and a €10 million increase in net revenues from supercars and limited edition cars.

The €58 million increase in net revenues from range and special series cars and spare parts was principally attributable to an increase in shipments of approximately 55 cars (excluding the LaFerrari Aperta) and positive mix, along with a greater contribution from personalization programs and pricing increases. Shipments of V12 range and special series models increased by approximately 25 percent, primarily attributable to our first shipments in EMEA of the newly launched 812 Superfast and shipments of the GTC4Lusso, partially offset by the phase-out of the F12berlinetta and the F12tdf finishing its limited series run. Shipments of V8 range and special series models experienced a few units decrease substantially due to the phase-out of the California T, substantially offset by an increase in shipments of the GTC4Lusso T and the 488 family.

The €58 million increase in net revenues from range and special series cars and spare parts was related to a €58 million increase in EMEA, while net revenues from range and special series cars and spare parts from Americas, Rest of APAC and China, Hong Kong and Taiwan (on a combined basis) were substantially in line with the prior year.

The €58 million increase in EMEA net revenues from range and special series cars and spare parts was primarily attributable to an increase in shipments and a greater contribution from personalization programs. The increase in shipments was driven by a double-digit growth in Italy, France and Switzerland, as well as single-digit growth in the UK and Germany. The increase in shipments primarily related to the 488 and GTC4Lusso families, as well as our first shipments of the newly launched 812 Superfast, partially offset by the phase-outs of the F12berlinetta and the California T, as well as the F12tdf finishing its limited series run. Net revenues in the Middle East decreased as a result of a reallocation of shipments due to tough market conditions in the region.

Americas net revenues from range and special series cars and spare parts were substantially in line with the prior year, as positive volume impact and contribution from our personalization programs were substantially offset by negative mix, driven by the F12tdf finishing its limited series run, and negative foreign currency exchange impact. Positive volume was driven by the 488 family and the GTC4Lusso, partially offset by the phase-out of the F12berlinetta and California T, with the GTC4Lusso T and 812 Superfast yet to arrive on the market.

Rest of APAC net revenues from range and special series cars and spare parts were substantially in line with the prior year, as an increase in Japan was substantially offset by a decrease in Australia while other Rest of APAC was in line with the prior year. An increase in shipments of the GTCLusso was partially offset by the phase out of the F12berlinetta and the F12tdf finishing its limited series run.

China, Hong Kong and Taiwan (on a combined basis) net revenues from range and special series cars and spare parts were substantially in line with the prior year, as an increase in China, driven by shipments of the GTC4Lusso family, was substantially offset by a slowdown in Hong Kong as the new dealership became fully operational in the third quarter of 2017.

The €10 million increase in net revenues from supercars and limited edition cars was attributable to shipments of the LaFerrari Aperta, partially offset by a decrease in shipments due to the non-registered racing car FXX K completing its limited series run in 2016.

Engines

Net revenues generated from engines were €88 millionfor the three months ended September 30,2017, a decrease of €9 million, or 9.8 percent, from €97 millionfor the three months ended September 30,2016. The €9 million decrease was mainly attributable to a decrease in net revenues from the rental of engines to Formula 1 racing teams due to the termination of a rental agreement with one of the teams, and a slight decrease in net revenues generated from the sale of engines to Maserati due to a different production schedule.

Sponsorship, commercial and brand

Net revenues generated from sponsorship, commercial agreements and brand management activities were €124 millionfor the three months ended September 30,2017, a decrease of €1 million, or 1.3 percent, from €125 millionfor the three months ended September 30,2016. The decrease was primarily related to a lower Formula 1 championship ranking in 2016 compared

12

to 2015, partially offset by an increase in sponsorship and brand related revenues.

Other

Othernet revenues were €19 millionfor the three months ended September 30,2017, a decrease of 5 million, or 18.8 percent, from €24 millionfor the three months ended September 30,2016, primarily due to the deconsolidation of the financial services business in Europe since November 2016 following the sale of a majority stake in FFS GmbH to FCA Bank.

Cost of sales

	For the three months ended September 30,
	2017	Percentage of net revenues		2016	Percentage of net revenues
	(€ million, except percentages)
Cost of sales	396	47.4	%	396	50.5	%

Cost of sales for the three months ended September 30,2017 and 2016 was €396 million. As a percentage of net revenues, cost of sales was 47.4 percent for the three months ended September 30,2017 compared to 50.5 percent for the three months ended September 30, 2016.

Cost of sales was in line with previous year mainly due to (i) increased costs of €10 million driven by an increase in volume and personalization programs, and (ii) an increase in production costs, including amortization and depreciation, of €1 million, offset by (iii) a decrease in costs of €11 million driven by lower Maserati engine volumes, due to a different production schedule, and lower costs relating to supporting activities.

Selling, general and administrative costs

	For the three months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
Selling, general and administrative costs	91	10.8	%	77	9.8	%	14	18.3	%

Selling, general and administrative costs for the three months ended September 30,2017 were €91 million, an increase of €14 million, or 18.3 percent, from €77 millionfor the three months ended September 30,2016. As a percentage of net revenues, selling, general and administrative costs were 10.8 percentfor the three months ended September 30,2017 compared to 9.8 percentfor the three months ended September 30,2016.

The increase in selling, general and administrative costs was primarily attributable to (i) costs related to initiatives for Ferrari's 70th anniversary and (ii) share-based compensation expense related to the approved equity incentive plan, partially offset by (iii) a decrease in costs due to the deconsolidation of FFS GmbH since November 2016.

13

Research and development costs

	For the three months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
Amortization of capitalized development costs	23	2.8	%	26	3.3	%	(3	)	(9.0	)%
Research and development costs expensed during the period	124	14.8	%	111	14.2	%	13		11.0	%
Research and development costs	147	17.6	%	137	17.5	%	10		7.3	%

Research and development costs for the three months ended September 30,2017 were €147 million, an increase of €10 million, or 7.3 percent, from €137 millionfor the three months ended September 30,2016. As a percentage of net revenues, research and development costs were 17.6 percentfor the three months ended September 30,2017 compared to 17.5 percentfor the three months ended September 30,2016.

The increase in research and development costs during the period of €10 million was primarily driven by research and development expenses to support the innovation of our product range and components, in particular, in relation to hybrid technology, partially offset by lower research and development costs for Formula 1 activities and a decrease in amortization of capitalized development costs.

Other expenses, net

	For the three months ended September 30,
	2017	2016
	(€ million, except percentages)
Other expenses, net	1	1

Other expenses, net for the three months ended September 30,2017 included other expenses of €2 million, mainly related to indirect taxes, partially offset by other income of €1 million, mainly related to rental income and gains on disposals of property, plant equipment.    

Other expenses, net for the three months ended September 30,2016 included other expenses of €3 million, mainly related to €2 million of miscellaneous expenses and €1 million related to indirect taxes, partially offset by a €2 million gain on disposals of property, plant and equipment.

EBIT

	For the three months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
EBIT	202	24.2	%	172	22.0	%	30	17.3	%

EBIT for the three months ended September 30,2017 was €202 million, an increase of €30 million, or 17.3 percent, from €172 millionfor the three months ended September 30,2016.

The increase in EBIT was primarily attributable to (i) positive volume impact of €14 million, (ii) positive product mix, including pricing increases, of €23 million, (iii) positive net foreign currency exchange impact of €3 million (including positive €24 million relating to foreign currency hedging instruments), and (iv) €14 million from other supporting activities, partially offset by (v) an increase of selling, general and administrative costs of €14 million and (vi) an increase in research and development costs of €10 million.

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The positive volume impact of €14 million was attributable to an increase in shipments of approximately 55 cars (excluding the LaFerrari Aperta), driven by the 488 and GTC4Lusso families, as well as a positive contribution from our personalization programs. The positive product mix of €23 million was primarily attributable to the LaFerrari Aperta and pricing increases. These positive effects on mix were partially offset by a decrease in shipments of the non-registered racing car FXX K completing its limited series run in 2016.

Net financial expenses

	For the three months ended September 30,				Increase/(Decrease)
	2017		2016		2017 vs. 2016
	(€ million, except percentages)
Net financial expenses	(8	)	(11	)	3	(26.5	)%

Net financial expenses for the three months ended September 30,2017 were €8 million compared to €11 millionfor the three months ended September 30,2016.

The decrease in net financial expenses was primarily attributable to a decrease in interest expenses on bank borrowings driven by voluntary and scheduled payments on the Term Loan, partially offset by net foreign exchange losses.

Income tax expense

	For the three months ended September 30,		Increase/(Decrease)
	2017	2016	2017 vs. 2016
	(€ million, except percentages)
Income tax expense	53	48	5	11.4	%

Income tax expense for the three months ended September 30,2017 was €53 million, an increase of €5 million, or 11.4 percent, from €48 millionfor the three months ended September 30,2016. The increase in income tax expense was primarily attributable to an increase in profit before taxes, partially offset by the combined effect of a reduction in the corporate income tax rate from 27.5 percent to 24.0 percent, effective from 2017, as well as the effect of deductions related to eligible research and development costs and depreciation of fixed assets, in accordance with tax regulations in Italy.

The effective tax rate (net of IRAP) was 23.9 percent for the three months ended September 30,2017 compared to 26.9 percent for the three months ended September 30,2016.

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Nine months ended September 30, 2017 compared to nine months ended September 30, 2016

The following is a discussion of the results of operations for the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016. The discussion of certain line items includes a presentation of such line items as a percentage of net revenues for the respective periods presented, to facilitate period-to-period comparisons.

	For the nine months ended September 30,
	2017		Percentage of net revenues		2016		Percentage of net revenues
	(€ million, except percentages)
Net revenues	2,577		100.0	%	2,269		100.0	%
Cost of sales	1,252		48.7	%	1,151		50.7	%
Selling, general and administrative costs	255		9.9	%	231		10.2	%
Research and development costs	482		18.7	%	442		19.5	%
Other expenses, net	9		0.3	%	6		0.2	%
Result from investments	2		0.1	%	—		—	%
EBIT	581		22.6	%	439		19.4	%
Net financial expenses	(25	)	(1.0	)%	(25	)	(1.1	)%
Profit before taxes	556		21.6	%	414		18.3	%
Income tax expense	155		6.0	%	126		5.6	%
Net profit	401		15.6	%	288		12.7	%

Net revenues

	For the nine months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
Cars and spare parts(1)	1,855	72.0	%	1,607	70.8	%	248		15.5	%
Engines(2)	292	11.3	%	225	9.9	%	67		29.6	%
Sponsorship, commercial and brand(3)	370	14.4	%	360	15.9	%	10		2.6	%
Other(4)	60	2.3	%	77	3.4	%	(17	)	(22.7	)%
Total net revenues	2,577	100.0	%	2,269	100.0	%	308		13.5	%

_________________________________

(1) Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts.

(2) Includes the net revenues generated from the sale of engines to Maserati for use in their cars and the revenues generated from the rental of engines to other Formula 1 racing teams.

(3) Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income.

(4) Primarily includes interest income generated by the Ferrari Financial Services activities and net revenues from the management of the Mugello racetrack.

Net revenues for the nine months ended September 30, 2017 were €2,577 million, an increase of €308 million, or 13.5 percent (an increase of 13.8 percent on a constant currency basis), from €2,269 million for the nine months ended September 30, 2016.

The increase in net revenues, including the positive impact of foreign currency hedging instruments, was attributable to the combination of (i) a €248 million increase in cars and spare parts net revenues, (ii) a €67 million increase in engines net revenues, and (iii) an €10 million increase in sponsorship, commercial and brand net revenues, partially offset by (iv) a €17 million decrease in other net revenues.

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Cars and spare parts

Net revenues generated from cars and spare parts were €1,855 million for the nine months ended September 30, 2017, an increase of €248 million, or 15.5 percent, from €1,607 million for the nine months ended September 30, 2016. The increase was attributable to a €231 million increase in net revenues from range and special series cars and spare parts and a €17 million increase in net revenues from supercars and limited edition cars.

The €231 million increase in net revenues from range and special series cars and spare parts was principally attributable to an increase in shipments of approximately 280 cars (excluding the LaFerrari and the LaFerrari Aperta) and positive mix, along with a greater contribution from personalization programs and pricing increases. Shipments of V12 range and special series models increased by approximately 37 percent, primarily attributable to an increase in shipments of the GTC4Lusso, as well as our first shipments of the newly launched 812 Superfast, partially offset by the phase-outs of the F12berlinetta and the FF, as well as the F12tdf finishing its limited series run. Shipments of V8 range and special series models decreased by 2%, driven by the phase-out of the California T, partially offset by an increase in shipments of the 488 family and the GTC4Lusso T.

The €231 million increase in net revenues from range and special series cars and spare parts was composed of increases in all four of our major geographical markets, including (i) a €129 million increase in EMEA, (ii) a €61 million increase in Americas, (iii) a €32 million increase in Rest of APAC, and (iv) a €9 million increase in China, Hong Kong and Taiwan (on a combined basis).

The €129 million increase in EMEA net revenues was primarily attributable to an increase in shipments and a greater contribution from personalization programs. The increase in shipments was driven by double-digit growth in shipments in Italy, France, Switzerland and Germany, as well as single-digit growth in the UK. The increase in shipments was primarily related to the 488 and GTC4Lusso families, as well as our first shipments of the newly launched 812 Superfast, partially offset by the phase-outs of the F12berlinetta and California T, as well as the F12tdf finishing its limited series run. A decrease in net revenues in the Middle East was primarily a result of a reallocation of shipments due to tough market conditions in the region.

The €61 million increase in Americas net revenues was primarily attributable to positive volume and mix, along with a greater contribution from our personalization programs. In particular, the positive volume was driven by the 488 family and the GTC4Lusso, partially offset by the phase-outs of the California T, the F12berlinetta and the FF.

The €32 million increase in Rest of APAC net revenues was primarily attributable to increases in Japan and other Rest of APAC, and to a lesser extent in Australia. The increase in Japan was primarily driven by positive volume and mix, partially offset by negative foreign currency exchange impact. The increase in other Rest of APAC was primarily attributable to an increase in shipments, driven by the 488 and GTC4Lusso families. Shipments also increased in Australia, driven by the GTC4Lusso, with the 812 Superfast yet to arrive on the market.

The €9 million increase in China, Hong Kong and Taiwan (on a combined basis) net revenues was primarily attributable to positive mix, driven by the 488 and GTC4Lusso families, partially offset by a slowdown in Hong Kong as the new dealership became fully operational in the third quarter of 2017.

The €17 million increase in net revenues from supercars and limited edition cars was attributable to shipments of the LaFerrari Aperta, partially offset by a decrease in shipments due to the end of the LaFerrari lifecycle in 2016, as well as the non-registered racing car FXX K and the strictly limited edition F60 America completing their limited series run in 2016.

Engines

Net revenues generated from engines were €292 million for the nine months ended September 30, 2017, an increase of €67 million, or 29.6 percent, from €225 million for the nine months ended September 30, 2016. The increase of €67 million was mainly attributable to an increase in net revenues generated from the sale of engines to Maserati, driven by an increase in the number of engines shipped in the first nine months of 2017 compared to the first nine months of 2016, partially offset by a decrease in net revenues from the rental of engines to Formula 1 racing teams due to the termination of a rental agreement by one of the teams.

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Sponsorship, commercial and brand

Net revenues generated from sponsorship, commercial agreements and brand management activities were €370 million for the nine months ended September 30, 2017, an increase of €10 million, or 2.6 percent, from €360 million for the nine months ended September 30, 2016. The increase was primarily related to an increase in net revenues from sponsorship and brand activities, partially offset by a lower Formula 1 championship ranking in 2016 compared to 2015.

Other

Other net revenues were €60 million for the nine months ended September 30, 2017, a decrease of €17 million, or 22.7 percent, from €77 million for the nine months ended September 30, 2016, primarily due to the deconsolidation of the financial services business in Europe since November 2016 following the sale of a majority stake in FFS GmbH to FCA Bank.

Cost of sales

	For the nine months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
Cost of sales	1,252	48.7	%	1,151	50.7	%	101	8.8	%

Cost of sales for the nine months ended September 30, 2017 was €1,252 million, an increase of €101 million, or 8.8 percent, from €1,151 million for the nine months ended September 30, 2016. As a percentage of net revenues, cost of sales was 48.7 percent for the nine months ended September 30, 2017 compared to 50.7 percent for the nine months ended September 30, 2016.

The increase in cost of sales was primarily attributable to (i) increased costs of €50 million driven by an increase in production volumes of engines for Maserati and costs for supporting activities, (ii) increased costs of €44 million driven by an increase in volumes and personalization programs, and (iii) an increase in production costs, including amortization and depreciation, of €7 million.

Selling, general and administrative costs

	For the nine months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
Selling, general and administrative costs	255	9.9	%	231	10.2	%	24	10.1	%

Selling, general and administrative costs for the nine months ended September 30, 2017 were €255 million, an increase of €24 million, or 10.1 percent, from €231 million for the nine months ended September 30, 2016. As a percentage of net revenues, selling, general and administrative costs were 9.9 percent for the nine months ended September 30, 2017 compared to 10.2 percent for the nine months ended September 30, 2016.

The increase in selling, general and administrative costs was primarily attributable to (i) share-based compensation expense related to the approved equity incentive plan, (ii) costs related to initiatives for Ferrari's 70th anniversary, and (iii) costs related to new directly operated Ferrari stores, partially offset by (iv) the effect of costs in 2016 relating to the former CEO's retirement package and (v) a decrease in costs due to the deconsolidation of FFS GmbH since November 2016.

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Research and development costs

	For the nine months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
Amortization of capitalized development costs	78	3.0	%	76	3.3	%	2	3.8	%
Research and development costs expensed during the period	404	15.7	%	366	16.2	%	38	10.1	%
Research and development costs	482	18.7	%	442	19.5	%	40	9.0	%

Research and development costs for the nine months ended September 30, 2017 were €482 million, an increase of €40 million, or 9.0 percent, from €442 million for the nine months ended September 30, 2016. As a percentage of net revenues, research and development costs were 18.7 percent for the nine months ended September 30, 2017 compared to 19.5 percent for nine months ended September 30, 2016.

The increase in research and development costs during the period of €40 million was primarily driven by research and development expenses to support the innovation of our product range and components, in particular, in relation to hybrid technology as well as expenses in connection with Formula 1 developments, as well as amortization of capitalized development costs.

Other expenses, net

	For the nine months ended September 30,		Increase/(Decrease)
	2017	2016	2017 vs. 2016
	(€ million, except percentages)
Other expenses, net	9	6	3	50.0	%

Other expenses, net for the nine months ended September 30, 2017 included other expenses of €15 million, which mainly related to provisions, indirect taxes and miscellaneous expenses, partially offset by other income of €6 million, which mainly related to rental income, gains on disposals of property, plant and equipment and miscellaneous income.

Other expenses, net for the nine months ended September 30, 2016 included other expenses of €11 million, mainly related to provisions, indirect taxes and miscellaneous expenses, partially offset by other income of €5 million, which mainly related to gains on disposals of property, plant and equipment, rental income and miscellaneous income.

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Result from investments

Result from investments of €2 million for the nine months ended September 30, 2017 relates to the Group’s proportionate share of FFS GmbH's net profit. The Group sold a majority stake in FFS GmbH to FCA Bank on November 7, 2016.

EBIT

	For the nine months ended September 30,						Increase/(Decrease)
	2017	Percentage of net revenues		2016	Percentage of net revenues		2017 vs. 2016
	(€ million, except percentages)
EBIT	581	22.6	%	439	19.4	%	142	32.1	%

EBIT for the nine months ended September 30, 2017 was €581 million, an increase of €142 million, or 32.1 percent, from €439 million for the nine months ended September 30, 2016.

The increase in EBIT was primarily attributable to (i) positive volume impact of €47 million, (ii) positive product mix, including pricing increases, of €80 million, (iii) positive net foreign currency exchange impact of €67 million (including positive €75 million relating to foreign currency hedging instruments), and (iv) €12 million from other supporting activities, partially offset by (v) an increase in research and development costs of €40 million, and (vi) an increase in selling, general and administrative costs of €24 million.

The positive volume impact of €47 million was attributable to an increase in total shipments of approximately 280 cars (excluding the LaFerrari and LaFerrari Aperta), driven by the 488 and GTC4Lusso families, as well as a positive contribution from our personalization programs. The positive product mix of €80 million was primarily attributable to the LaFerrari Aperta, as well as an increase in shipments of our V12 range and special series models, driven by the GTC4Lusso and our first shipments of the newly launched 812 Superfast. These positive effects on mix were partially offset by a decrease in shipments of the LaFerrari, which completed its lifecycle in 2016, as well as the non-registered racing car FXX K and the strictly limited edition F60 America completing their limited series run in 2016.

Net financial expenses

	For the nine months ended September 30,
	2017		2016
	(€ million, except percentages)
Net financial expenses	(25	)	(25	)

Net financial expenses for the nine months ended September 30, 2017 and 2016 were €25 million.

An increase in net foreign exchange losses was offset by (i) financial income of €3 million related to the Delta Topco option, (ii) a gain of €2 million on the fair value measurement of the Series C Liberty Formula One shares (“Liberty Shares”) subsequent to initial recognition at cost, and (iii) a decrease in interest expenses on bank borrowings driven by voluntary and scheduled payments on the Term Loan and the full repayment of the Bridge Loan in March 2016.

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Income tax expense

	For the nine months ended September 30,		Increase/(Decrease)
	2017	2016	2017 vs. 2016
	(€ million, except percentages)
Income tax expense	155	126	29	23.5	%

Income tax expense for the nine months ended September 30, 2017 was €155 million, an increase of €29 million, or 23.5 percent, from €126 million for the nine months ended September 30, 2016. The increase in income tax expense was primarily attributable to an increase in profit before taxes, partially offset by the combined effect of a reduction in the corporate income tax rate from 27.5 percent to 24.0 percent, effective from 2017, as well as the effect of deductions related to eligible research and development costs and depreciation of fixed assets, in accordance with tax regulations in Italy.

The effective tax rate (net of IRAP) was 24.4 percent for the nine months ended September 30, 2017 compared to 26.8 percent for the nine months ended September 30, 2016.

21

Liquidity and Capital Resources

Liquidity Overview

We require liquidity in order to meet our obligations and fund our business. Short-term liquidity is required to purchase raw materials, parts and components for car production, and to fund selling, administrative, research and development, and other expenses. In addition to our general working capital and operational needs, we expect to use cash for capital expenditures to support our existing and future products. We make capital investments mainly in Italy, for initiatives to introduce new products, enhance manufacturing efficiency, improve capacity, and for maintenance and environmental compliance. Our capital expenditures in 2017 are expected to be between €380 million to €400 million, in connection with the timing of research and development expenditure to support product range and components innovation for hybrid technology. We plan to fund our capital expenditure primarily with cash generated from our operating activities.

Our business and results of operations depend on our ability to achieve certain minimum car shipment volumes. We have significant fixed costs and therefore, changes in our car shipment volumes can have a significant effect on profitability and liquidity. We believe that our cash generation together with our current liquidity will be sufficient to meet our obligations and fund our business and capital expenditures.

See the “Net Debt and Net Industrial Debt” section below for further details relating to the Group's liquidity.    

Cyclical Nature of Our Cash Flows

Our working capital is subject to month to month fluctuations due to, among others, production volumes, activity of our financial services portfolio, timing of tax payments and capital expenditure. In particular, our inventory levels increase in the periods leading up to launches of new models, during the phase out of prior models and at the end of the second quarter when our inventory levels are higher to support the summer plant shutdown.

The payment of taxes also affects our working capital. Since 2016, Ferrari is a standalone tax group and we pay our taxes in two advances. In 2016, we made an initial payment in the second quarter and a second payment in the fourth quarter. In the second quarter of 2017, we paid the remaining balance of 2016 taxes as well as the first advance in relation to 2017 taxes. The second advance in relation to 2017 taxes will be made in the fourth quarter of 2017.

Our capital expenditure requirements are, among others, influenced by the timing of the launch of new models and, in particular, our development costs peak in periods when we develop a significant number of new models to renew or refresh our product range. Going forward, our capital expenditure will also be influenced by research and development expenditure to support product range and components innovation for hybrid technology. Capital expenditure is also influenced by the timing of research and development costs for our Formula 1 activities, for which expenditure is generally higher in the first and last quarter of the year.

We tend to generally receive payment for cars (other than those for which we provide dealer financing or those whose invoices are sold to a factor) between 30 and 40 days after the car is shipped while we tend to pay most suppliers between 90 and 105 days after we receive the raw materials or components. We maintain sufficient inventory of raw materials and components to ensure continuity of our production lines but delivery of most raw materials and components takes place monthly or more frequently in order to minimize inventories. The manufacture of one of our cars typically takes between 30 and 45 days, depending on the level of automation of the relevant production line, and the car is generally shipped to our dealers three to six days following the completion of production, although to ensure prompt deliveries in certain regions we may warehouse cars in local markets for longer periods of time. As a result, we tend to receive payment for cars shipped before we are required to make payment for the raw material and components used in manufacturing the cars.

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Cash Flows

The following table summarizes the cash flows from/(used in) operating, investing and financing activities for the nine months ended September 30, 2017 and 2016. For additional details of our cash flows, see our Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report.

	For the nine months ended September 30,
	2017		2016
	(€ million)
Cash and cash equivalents at beginning of the period	458		183
Cash flows from operating activities	507		566
Cash flows used in investing activities	(239	)	(232	)
Cash flows (used in)/from financing activities	(99	)	(25	)
Translation exchange differences	(8	)	(1	)
Total change in cash and cash equivalents	161		308
Cash and cash equivalent at the end of the period included within assets held for sale	—		(9	)
Cash and cash equivalents at end of the period	619		482

Operating Activities - Nine Months Ended September 30, 2017

Our cash flows from operating activities for the nine months ended September 30, 2017 were €507 million, primarily the result of:

(i) profit before taxes of €556 million adjusted for €197 million for depreciation and amortization expense, €30 million related to other net non-cash expenses, result from investments and net gains on disposals of property, plant and equipment, €25 million related to net finance costs and €21 million in provision accruals, partially offset by

(ii) €96 million related to cash absorbed from net working capital, driven by cash absorbed from inventories of €55 million in line with projected volume growth, and cash absorbed from trade payables of €41 million due to seasonality and the scheduled summer shutdown;

(iii) €47 million related to cash absorbed from receivables from financing activities;

(iv) €40 million relating to cash absorbed by the change in other operating assets and liabilities, primarily attributable to the release of advances on the LaFerrari Aperta and prepaid expenses, partially offset by the increase in genuine maintenance;

(v) €28 million of net finance costs paid; and

(vi) €111 million of income taxes paid.

Operating Activities - Nine Months Ended September 30, 2016

Our cash flows from operating activities for the nine months ended September 30, 2016 were €566 million, primarily the result of:

(i) profit before taxes of €414 million adjusted for €180 million for depreciation and amortization expense, €36 million in provisions recognised, €25 million related to net finance costs, and €8 million related to other net non-cash income and net gain on disposals of property, plant and equipment, intangible assets and investment properties;

(ii) €77 million relating to cash generated by the net change in other operating assets and liabilities, primarily attributable to advances received in relation to the LaFerrari Aperta;

(iii) €75 million related to cash absorbed from net working capital, primarily driven by an increase in trade receivables of €103 million and an increase in inventories of €6 million, partially offset by an increase in trade payables of €34 million;

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(iv) €17 million related to cash absorbed by the increase in receivables from financing activities, primarily driven by an increase in our financial receivables portfolio in the United States and foreign currency exchange impact;

(v) €20 million of net finance costs paid; and

(vi) income taxes paid of €62 million.

Investing Activities - Nine Months Ended September 30, 2017

Our cash flows used in investing activities for the nine months ended September 30, 2017 were €239 million and were comprised of (i) €122 million of additions to property, plant and equipment, primarily related to the plant and machinery for new models and assets under construction; and (ii) €128 million of additions to intangible assets, mainly related to externally acquired and internally generated development costs, partially offset by (iii) €8 million proceeds from exercising the Delta Topco option and (iv) €3 million of proceeds from disposal of property, plant and equipment. For a detailed analysis of additions to property, plant and equipment and intangible assets see “Capital Expenditures.”

Investing Activities - Nine Months Ended September 30, 2016

Our cash flows used in investing activities for the nine months ended September 30, 2016 were €232 million and were comprised of (i) €125 million of additions to intangible assets, mainly related to externally acquired and internally generated development costs; and (ii) €111 million of additions to property, plant and equipment, related primarily to the plant and machinery relating to new models, partially offset by proceeds from the sale of property, plant and equipment and intangible assets of €4 million. For a detailed analysis of additions to property, plant and equipment and intangible assets see “Capital Expenditures.”

Financing Activities - Nine Months Ended September 30, 2017

For the nine months ended September 30, 2017, net cash used in financing activities was €99 million, primarily the result of:

(i) €120 million cash distribution of reserves;

(ii) €100 million repayment of the Term Loan;

(iii) €11 million related to the net change in other debt; and

(iv) €1 million of dividends paid to non-controlling interests, partially offset by

(v) €126 million of proceeds net of repayments related to our revolving securitization programs in the U.S., and

(vi) €7 million related to the net change in other bank borrowings.

Financing Activities - Nine Months Ended September 30, 2016

For the nine months ended September 30, 2016, our cash flows used in financing activities were €25 million, primarily the result of:

(i) €500 million related to the full repayment of the Bridge Loan;

(ii) €300 million related to a partial prepayment of the Term Loan;

(iii) €87 million cash distribution of reserves;

(iv) €16 million dividend paid to non-controlling interests;

24

(v) €3 million of net repayments of other bank borrowings; and

(vi) €4 million related to the settlement of financial liabilities with FCA.

These cash outflows were partially offset by:

(i) €491 million of net proceeds related to the issuance of notes;

(ii) €224 million of proceeds net of repayments related to a revolving securitization program in the U.S.;

(iii) €139 million in proceeds from the settlement of the deposits in FCA Group cash management pools;

(iv) €30 million related to net change in other debt; and

(v) €1 million of proceeds from the share premium contribution made by FCA in connection with the Restructuring.

Capital Expenditures

Capital expenditures are defined as cash outflows that result in additions to property, plant and equipment and intangible assets. Capital expenditures for the nine months ended September 30, 2017 were €250 million and €236 million for the nine months ended September 30, 2016.

The following table sets forth a breakdown of capital expenditures by category for each of the nine months ended September 30, 2017 and 2016:

	For the nine months ended September 30,
	2017	2016
	(€ million)
Intangible assets
Externally acquired and internally generated development costs	119	109
Patents, concessions and licenses	7	8
Other intangible assets	2	8
Total intangible assets	128	125
Property, plant and equipment
Industrial buildings	3	5
Plant, machinery and equipment	52	57
Other assets	6	4
Advances and assets under construction	61	45
Total property, plant and equipment	122	111
Total capital expenditures	250	236

Intangible assets

Our capital expenditures in intangible assets were €128 million and €125 million for the nine months ended September 30, 2017 and 2016, respectively, the most significant component of which relates to externally acquired and internally generated development costs and information technologies costs. In particular, we make such investments to support the development of our current and future product offering. The capitalized development costs primarily include materials costs and personnel expenses relating to engineering, design and development focused on content enhancement of existing cars and new models. We constantly invest in product development to ensure we can quickly and efficiently respond to market demand and/or technological breakthroughs and in order to maintain our position at the top of the luxury performance sports cars market.

For the nine months ended September 30, 2017 we invested €119 million in externally acquired and internally generated development costs, of which €77 million relates to the development of models to be launched in future years and €42 million primarily relates to the development of range and special series cars and components.

25

For the nine months ended September 30, 2016 we invested €109 million in externally acquired and internally generated development costs, of which €66 million relates to the development of models to be launched in future years and €43 million primarily relates to the development of range and special series cars and components.

Investment in other intangible assets mainly relates to costs recognized for the implementation of software.

Property, plant and equipment

Our capital expenditures in property, plant and equipment were €122 million and €111 million for the nine months ended September 30, 2017 and 2016, respectively.

Our most significant investments generally relate to plant, machinery and equipment, and in particular to our car production and engine assembly lines. Investments in plant, machinery and equipment amounted to €52 million and €57 million for the nine months ended September 30, 2017 and 2016, respectively.

For the nine months ended September 30, 2017 investments in plant, machinery and equipment of €52 million were composed of €40 million related to investments in industrial tooling needed for the production of cars, €9 million related to our personalization programs, and €3 million related to engine assembly lines.

For the nine months ended September 30, 2016 investments in plant, machinery and equipment of €57 million were composed of €23 million related to investments in car production lines, €11 million related to engine assembly lines, €3 million of investments related to our personalization programs, and the residual amount was principally related to industrial tools needed for the production of cars.

Advances and assets under construction, which amounted to €61 million and €45 million for the nine months ended September 30, 2017 and 2016 respectively, primarily related to investments in industrial tools needed for the production of new models.

Net Debt and Net Industrial Debt

Net Industrial Debt is the primary measure used by us to analyze our financial leverage and capital structure, and is one of the key indicators, together with Net Debt, we use to measure our financial position. These measures are presented by management to aid investors in their analysis of the Group's financial position and financial performance and to compare the Group's financial position and financial performance with that of other companies. Net Industrial Debt is defined as total debt less cash and cash equivalents, further adjusted to exclude the funded portion of the self-liquidating financial receivables portfolio, which is the portion of our receivables from financing activities that we fund with external debt or intercompany loans. The following table sets forth a reconciliation of Net Debt and Net Industrial Debt at September 30,2017 and December 31,2016.

	At September 30,		At December 31,
	2017		2016
	(€ million)
Cash and cash equivalents	619		458
Total liquidity	619		458
Term Loan	(694	)	(800	)
Other borrowings from banks	(40	)	(37	)
Bond	(497	)	(498	)
Securitizations	(551	)	(486	)
Other debt	(16	)	(27	)
Total debt	(1,798	)	(1,848	)
Net Debt	(1,179	)	(1,390	)
Funded portion of the self-liquidating financial receivables portfolio	694		737
Net Industrial Debt	(485	)	(653	)

26

Cash and cash equivalents

Cash and cash equivalents amounted to €619 millionat September 30,2017 compared to €458 millionat December 31,2016. See “Free Cash Flow from Industrial Activities” and “Cash Flows” for further details.

Approximately 72% of our cash and cash equivalents were denominated in Euro at September 30, 2017. Our cash and cash equivalents denominated in currencies other than the Euro are available mostly to Ferrari S.p.A. and certain subsidiaries which operate in areas other than the United States and Europe. Cash held in such countries may be subject to transfer restrictions depending on the jurisdictions in which these subsidiaries operate. In particular, cash held in China (including in foreign currencies), which amounted to €66 million at September 30, 2017 (€48 million at December 31, 2016), is subject to certain repatriation restrictions and may only be repatriated as dividends. Based on our review, we do not currently believe that such transfer restrictions have an adverse impact on our ability to meet our liquidity requirements.

The following table sets forth an analysis of the currencies in which our cash and cash equivalents were denominated at the dates presented.

	At September 30,	At December 31,
	2017	2016
	(€ million)
Euro	443	318
U.S. Dollar	60	16
Chinese Yuan	57	58
Japanese Yen	31	37
Other currencies	28	29
Total	619	458

Cash collected from the settlement of receivables or lines of credit pledged as collateral is subject to certain restrictions regarding its use and is principally applied to repay principal and interest of the funding. Such cash amounted to €22 million at September 30, 2017 (€19 million at December 31, 2016).

Total available liquidity

Total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines) at September 30,2017 was €1,119 million (€958 millionat December 31,2016).

The following table summarizes our total available liquidity:

	At September 30,	At December 31,
	2017	2016
	(€ million)
Cash and cash equivalents	619	458
Undrawn committed credit lines	500	500
Total available liquidity	1,119	958

The undrawn committed credit lines relates to a revolving credit facility. See “The Facility” below for further details.

The Facility

On November 30, 2015, the Company, as borrower and guarantor, and certain other members of the Group, as borrowers, entered into a €2.5 billion facility with a syndicate of ten banks (the “Facility”). The Facility comprises a bridge loan of €500 million (the “Bridge Loan”), a term loan of €1,500 million (the “Term Loan”) and a revolving credit facility of €500 million (the “RCF”).

In December 2015 the Bridge Loan and Term Loan were fully drawn down for the purposes of repaying financial liabilities with FCA, including the FCA Note that originated as a result of the Restructuring. At December 31, 2015, the Bridge

27

Loan was fully drawn down by the Company, whilst €1,425 million of the Term Loan was drawn down by the Company and the remaining €75 million was drawn down by Ferrari Financial Services Inc.

In March 2016 the Bridge Loan was subsequently fully repaid using primarily the proceeds from the bond (see “Bond” below).

The Company made voluntary prepayments of €600 million on the Term Loan, paying €300 million in September 2016 and €300 million in December 2016. Also in December 2016, the Company and FFS Inc made mandatory scheduled payments of €92 million and $9 million, respectively.

In June 2017, the Company and FFS Inc made mandatory scheduled payments on the Term Loan of €92 million and $9 million, respectively.

At September 30, 2017 and at December 31, 2016 the RCF was undrawn. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Group.

Other borrowings from banks

Other borrowings from banks mainly relate to financial liabilities of FFS Inc to support the financial services operations, and in particular €30 million (€24 million at December 31, 2016) relating to a $100 million U.S. Dollar denominated credit facility that was entered into on November 17, 2015, the proceeds of which were fully drawn down in 2015 and used to repay financial liabilities with FCA in the United States. The credit facility was renewed in December 2016 for an additional 12 months. Other borrowings from banks also includes €10 million at September 30, 2017 (€13 million at December 31, 2016) relating to various short and medium term credit facilities, which are primarily related to investments in research and development.

Bond

On March 16, 2016, the Company issued a 1.5 percent coupon bond due 2023, having a principal of €500 million. The bond was issued at a discount for an issue price of 98.977 percent, resulting in net proceeds of €490.7 million after the debt discount and issuance costs. The net proceeds were used, together with additional cash held by the Company, to fully repay the €500 million Bridge Loan under the Facility. The bond is unrated and was admitted to trading on the regulated market of the Irish Stock Exchange. The amount outstanding at September 30, 2017 includes accrued interest of €4.1 million (€5.9 million at December 31, 2016).

Securitizations

In 2016 and 2017 FFS Inc has pursued a strategy of self-financing, further reducing dependency on intercompany funding and increasing the portion of self-liquidating debt with various securitization transactions.

On January 19, 2016, FFS Inc entered into a revolving securitization program for funding of up to $250 million by pledging retail financial receivables in the United States as collateral. On December 16, 2016 the funding limit of the program was increased to $275 million and on July 14, 2017, the funding limit of the program was increased to $325 million. The notes bear interest at a rate per annum equal to the aggregate of LIBOR plus a margin of 70 basis points. In 2016, proceeds from the first sale of financial receivables were $242 million and were primarily used to repay intercompany loans. As of September 30, 2017 total proceeds from the sales of financial receivables were $325 million. The securitization agreement requires the maintenance of an interest rate cap.

On October 20, 2016, FFS Inc entered into a revolving securitization program for funding of up to $200 million by pledging leasing financial receivables in the United States as collateral. On April 21, 2017 the funding limit of the program was increased to $225 million and this amount was confirmed in the renewal of the program occurred on September 21, 2017. The notes currently bear interest at a rate per annum equal to the aggregate of LIBOR plus a margin of 65 basis points. In 2016, proceeds from the first sale of financial receivables were $175 million and were primarily used to repay the $150 million U.S. Dollar denominated credit facility. As of September 30, 2017 total proceeds from the sales of financial receivables were $218 million. The securitization agreement requires the maintenance of an interest rate cap.

On December 28, 2016, FFS Inc entered into a revolving securitization program for funding of up to $120 million by pledging credit lines to Ferrari customers secured by personal vehicle collections and personal guarantees in the United States as collateral. The notes bear interest at a rate per annum equal to the aggregate of LIBOR plus a margin of 150 basis points. In 2016, proceeds from the first sale of financial receivables were $64 million and were primarily used to partially repay the $100

28

million U.S. Dollar denominated credit facility. As of September 30, 2017 total proceeds from the sales of financial receivables were $107 million. The securitization agreement does not require an interest rate cap.

Cash collected from the settlement of receivables or lines of credit pledged as collateral is subject to certain restrictions regarding its use and is principally applied to repay principal and interest of the funding. Such cash amounted to €22 million at September 30, 2017 (€19 million at December 31, 2016).

Free Cash Flow and Free Cash Flow from Industrial Activities

Free Cash Flow and Free Cash Flow from Industrial Activities are two of our primary key performance indicators to measure the Group’s performance. These measures are presented by management to aid investors in their analysis of the Group's financial performance and to compare the Group's financial performance with that of other companies. Free Cash Flow is defined as cash flows from operating activities less cash flows used in investing activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted for the change in the self-liquidating financial receivables portfolio, which is the change in our receivables from financing activities. The following table sets forth our Free Cash Flow and Free Cash Flow from Industrial Activities for the nine months ended September 30,2017 and 2016.

	For the nine months ended September 30,
	2017		2016
	(€ million)
Cash flows from operating activities	507		566
Cash flows used in investing activities	(239	)	(232	)
Free Cash Flow	268		334
Change in the self-liquidating financial receivables portfolio	47		17
Free Cash Flow from Industrial Activities	315		351

Cash flows used in investing activities for the nine months ended September 30, 2017 are net of €8 million proceeds from exercising the Delta Topco option.

Free Cash Flow for the nine months ended September 30,2017 was €268 million, a decrease of €66 million compared to €334 million for the nine months ended September 30, 2016. For an explanation of the drivers in Free Cash Flow see “Cash Flows” above.

Free Cash Flow from Industrial Activities for the nine months ended September 30, 2017 was €315 million, a decrease of €36 million compared to €351 million for the nine months ended September 30, 2016. The decrease in Free Cash Flow from Industrial Activities was primarily attributable to tax payments (settlement of remaining balance of 2016 taxes and the first advance in relation to 2017 taxes), and a lack of contribution from advances for the LaFerrari Aperta, partially offset by an increase in Adjusted EBITDA.

29

2017 Outlook revised upward

•Shipments: ~8,400 including supercars

• Net revenues: ~€3.4 billion (up from > €3.3 billion)

• Adjusted EBITDA: ~€1 billion (up from > €950 million)

• Net Industrial Debt : <€500 million (down from ~ €500 million)

30

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

CONTENTS

	Page
Interim Consolidated Income Statement	F-1
Interim Consolidated Statement of Comprehensive Income	F-2
Interim Consolidated Statement of Financial Position	F-3
Interim Consolidated Statement of Cash Flows	F-4
Interim Consolidated Statement of Changes in Equity	F-5
Notes to the Interim Condensed Consolidated Financial Statements	F-6

FERRARI N.V.

INTERIM CONSOLIDATED INCOME STATEMENT

for the three and nine months ended September 30,2017 and 2016

(Unaudited)

		For the three months ended September 30,				For the nine months ended September 30,
	Note	2017		2016		2017		2016
		(€ thousand)
Net revenues	6	835,915		783,487		2,576,957		2,269,551
Cost of sales	7	395,710		395,876		1,251,626		1,149,902
Selling, general and administrative costs	8	90,585		76,574		254,795		231,332
Research and development costs	9	147,339		137,315		482,286		442,342
Other expenses, net	10	588		1,223		8,864		6,082
Result from investments	11	596		—		1,809		—
EBIT		202,289		172,499		581,195		439,893
Net financial expenses	12	(8,097	)	(11,022	)	(24,910	)	(24,996	)
Profit before taxes		194,192		161,477		556,285		414,897
Income tax expense	13	53,650		48,159		155,760		126,128
Net profit		140,542		113,318		400,525		288,769
Net profit attributable to:
Owners of the parent		140,146		112,856		399,750		287,836
Non-controlling interests		396		462		775		933
Basic and diluted earnings per common share (€)	14	0.74		0.59		2.11		1.52

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

F-1

FERRARI N.V.

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the three and nine months ended September 30, 2017 and 2016

(Unaudited)

		For the three months ended September 30,				For the nine months ended September 30,
	Note	2017		2016		2017		2016
		(€ thousand)
Net profit		140,542		113,318		400,525		288,769
Items that may be reclassified to the consolidated income statement in subsequent periods:
(Losses)/Gains on cash flow hedging instruments	21	(4,290	)	15,278		43,381		77,785
Exchange differences on translating foreign operations	21	(4,923	)	(529	)	(15,572	)	(674	)
Related tax impact	21	1,197		(4,798	)	(12,103	)	(24,409	)
Total items that may be reclassified to the consolidated income statement in subsequent periods		(8,016	)	9,951		15,706		52,702
Total other comprehensive (loss)/income, net of tax	21	(8,016	)	9,951		15,706		52,702
Total comprehensive income		132,526		123,269		416,231		341,471
Total comprehensive income attributable to:
Owners of the parent		132,198		122,850		415,795		340,812
Non-controlling interests		328		419		436		659

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

F-2

FERRARI N.V.

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

at September 30, 2017 and at December 31, 2016

(Unaudited)

	Note	At September 30, 2017	At December 31, 2016
		(€ thousand)
Assets
Goodwill		785,182	785,182
Intangible assets	15	392,301	354,394
Property, plant and equipment	16	683,799	669,283
Investments and other financial assets	17	29,566	33,935
Deferred tax assets	13	109,863	119,357
Total non-current assets		2,000,711	1,962,151
Inventories	18	363,912	323,998
Trade receivables	19	239,410	243,977
Receivables from financing activities	19	748,123	790,377
Current tax receivables	19	2,716	1,312
Other current assets	19	77,552	53,729
Current financial assets	20	22,129	16,276
Cash and cash equivalents		618,874	457,784
Total current assets		2,072,716	1,887,453
Total assets		4,073,427	3,849,604
Equity and liabilities
Equity attributable to owners of the parent		645,861	324,995
Non-controlling interests		4,028	4,810
Total equity	21	649,889	329,805
Employee benefits		98,602	91,024
Provisions	23	212,053	215,227
Deferred tax liabilities	13	12,394	13,111
Debt	24	1,798,313	1,848,041
Other liabilities	25	663,642	656,275
Other financial liabilities	20	1,772	39,638
Trade payables	26	543,002	614,888
Current tax payables		93,760	41,595
Total equity and liabilities		4,073,427	3,849,604

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

F-3

FERRARI N.V.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

for the nine months ended September 30,2017 and 2016

(Unaudited)

	For the nine months ended September 30,
	2017		2016 (*)
	(€ thousand)
Cash and cash equivalents at beginning of the period	457,784		182,753
Cash flows from operating activities:
Profit before taxes	556,285		414,897
Amortization and depreciation	196,900		180,457
Provision accruals	21,901		35,547
Result from investments	(1,809	)	—
Net finance costs	24,910		24,996
Other non-cash expenses/(income)	34,469		11,043
Net gains on disposals of property, plant and equipment	(2,379	)	(2,933	)
Change in inventories	(54,917	)	(5,712	)
Change in trade receivables	(417	)	(103,034	)
Change in trade payables	(40,895	)	33,734
Change in receivables from financing activities	(47,116	)	(16,582	)
Change in other operating assets and liabilities	(40,364	)	77,130
Finance income received	3,652		2,066
Finance costs paid	(31,937	)	(22,924	)
Income tax paid	(110,548	)	(61,501	)
Total	507,735		567,184
Cash flows used in investing activities:
Investments in property, plant and equipment	(122,040	)	(110,709	)
Investments in intangible assets	(127,850	)	(124,945	)
Proceeds from disposals of property, plant and equipment	2,425		3,544
Proceeds from exercising the Delta Topco option	8,307		—
Total	(239,158	)	(232,110	)
Cash flows used in financing activities:
Repayment of Term Loan	(99,670	)	(300,000	)
Repayment of Bridge Loan	—		(500,000	)
Net change in other borrowings from banks	6,617		(3,336	)
Proceeds from securitizations net of repayments	126,066		224,109
Proceeds from bond	—		490,729
Net change in deposits in cash management pools and financial liabilities with FCA Group	—		134,928
Net change in other debt	(10,873	)	29,935
Change in equity	—		1,384
Cash distribution of reserves	(119,985	)	(86,905	)
Dividends paid to non-controlling interest	(1,218	)	(16,394	)
Total	(99,063	)	(25,550	)
Translation exchange differences	(8,424	)	(1,321	)
Total change in cash and cash equivalents	161,090		308,203
Cash and cash equivalents at the end of the period included within assets held for sale	—		(8,567	)
Cash and cash equivalents at end of the period	618,874		482,389

(*) Starting from 2017, the Company has disclosed separately finance income received and finance costs paid on the interim consolidated statement of cash flows. The comparative information for the nine

months ended September 30, 2016 has been reclassified accordingly. This did not affect any of the sub-totals presented on the interim consolidated statement of cash flows.

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

F-4

FERRARI N.V.

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

for the nine months ended September 30,2017 and 2016

(Unaudited)

	Share capital	Retained earnings and other reserves		Cash flow hedge reserve		Currency translation differences	Remeasurement of defined benefit plans		Equity attributable to owners of the parent		Non-controlling interests	Total
	(€ thousand)
At December 31, 2015	3,778	(12,127	)	(52,923	)	42,571	(6,422	)	(25,123	)	5,720	(19,403	)
Net profit	—	287,836		—