Ferrari N.V.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

at December 31, 2024 and 2023

At December 31,
Note 2024 2023
(€ thousand)
Assets
Goodwill 13 785,182 785,182
Intangible assets 14 1,545,664 1,419,699
Property, plant and equipment 15 1,828,784 1,575,200
Investments and other financial assets 16 80,822 67,671
Deferred tax assets 10 236,791 217,553
Total non-current assets 4,477,243 4,065,305
Inventories 17 1,088,194 948,514
Trade receivables 18 349,176 261,380
Receivables from financing activities 18 1,661,632 1,451,158
Tax receivables 18 15,918 11,616
Other current assets 18 137,763 130,228
Current financial assets 19 25,006 61,130
Cash and cash equivalents 32 1,742,214 1,121,981
Total current assets 5,019,903 3,986,007
Total assets 9,497,146 8,051,312

Equity and liabilities

Equity attributable to owners of the parent 3,533,946 3,060,888
Non-controlling interests 3 9,292 9,734
Total equity 20 3,543,238 3,070,622

Employee benefits 22 134,147 123,045

Provisions 23 206,212 187,276
Deferred tax liabilities 10 110,016 136,846
Debt 24 3,351,888 2,477,186
Other liabilities 25 1,106,221 1,022,967
Other financial liabilities 19 61,894 13,539
Trade payables 26 945,657 930,560
Tax payables 37,873 89,271
Total equity and liabilities 9,497,146 8,051,312

The accompanying notes are an integral part of the Consolidated Financial Statements.
 Ferrari N.V.
CONSOLIDATED STATEMENT OF CASH FLOWS
for the years ended December 31, 2024, 2023 and 2022

For the years ended December 31,

Note 2024 2023 2022
(€ thousand)
Cash and cash equivalents at the beginning of the year 32 1,121,981 1,388,901 1,344,146

Cash flows from operating activities:

Net profit 1,525,913 1,257,457 939,294
Income tax expense 10 363,043 344,897 238,472
Amortization and depreciation 14,15 666,777 662,305 546,225
Provision accruals 23 81,546 64,834 72,331
Result from investments (8,245) (6,137) (6,175)
Financial income 9 (147,100) (132,319) (83,858)
Financial expenses 9 145,895 147,334 133,474
Other non-cash expenses, net 32 91,909 79,813 46,653
Change in inventories 17 (157,526) (309,564) (153,890)
Change in trade receivables 18 (94,029) (33,381) (48,400)
Change in trade payables 26 7,672 43,277 103,981
Change in receivables from financing activities 27 (118,687) (107,247) (187,890)
Change in other operating assets and liabilities (20,045) 48,642 140,008
Finance income received 9 49,673 32,432 5,158
Finance costs paid 9 (50,354) (83,243) (37,351)
Income tax paid 10 (409,786) (292,463) (304,692)
Total cash flows from operating activities 1,926,656 1,716,637 1,403,340

Cash flows used in investing activities:

Investments in intangible assets 14 (506,874) (487,148) (456,894)
Investments in property, plant and equipment 15 (482,277) (381,762) (347,725)
Investments in joint ventures — — (1,367)
Proceeds from the sale of property, plant and equipment and intangible assets 14,15 2,041 2,458 578
Total cash flows used in investing activities (987,110) (866,452) (805,408)

Cash flows used in financing activities:

Proceeds from bonds and notes 24 496,145 — —
Repayments of bonds and notes 24 — (575,702) —
Proceeds from securitizations 24 340,499 151,217 218,924
Repayments of securitizations 24 (243,649) (49,611) (72,824)
Proceeds from borrowings from banks and other financial institutions 24 225,000 250,000 8,909
Repayments of borrowings from banks and other financial institutions 24 (104,690) (72,500) (55,000)
Proceeds from other debt 24 51,022 34,596 34,456
Repayments of other debt 24 (41,297) (35,566) (23,215)
Repayments of lease liabilities 24 (22,001) (17,691) (16,500)
Dividends paid to owners of the parent 20 (439,918) (328,631) (249,522)
Dividends paid to non-controlling interests 20 (4,788) (4,890) (2,266)
Share repurchases 20 (581,084) (460,629) (396,522)
Total cash flows used in financing activities (324,761) (1,109,407) (553,560)

Translation exchange differences 5,448 (7,698) 383

Total change in cash and cash equivalents 620,233 (266,920) 44,755

Cash and cash equivalents at the end of the year 32 1,742,214 1,121,981 1,388,901

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