Ferrari: The 2015 Initial Public Offering Ferrari Forecast (millions of euro, except as noted) Assumptions 2014 2015 2016 2017 2018 2019 Growth in Cars Shipped 3.6% 7.0% 5.0% 4.0% 4.0% 3.0% Growth in Revenue/Car 5.0% 5.0% 5.0% 5.0% 5.0% Growth in Engine Revenue 3.0% 3.0% 3.0% 3.0% 3.0% Growth in Other Revenue 3.0% 6.0% 6.0% 6.0% 6.0% Operating Margin-Cars 12.5% 13.0% 13.5% 14.0% 14.0% 14.0% Operating Margin-Engines 9.1% 10.0% 10.0% 10.0% 10.0% 10.0% Operating Margin-All Other Revenue 24.9% 25.0% 27.0% 28.0% 30.0% 30.0% Net Working Capital Turnover 1.9 2.0 2.1 2.2 2.2 2.2 Net Fixed Asset Turnover 3.2 3.2 3.3 3.5 3.7 3.8 Deprec & Amort/PPE 34% 34% 34% 34% 34% 34% Financial Forecast Car Shipments (000s) 7.26 7.76 8.15 8.48 8.82 9.08 Avg Revenue per Car (Euro 000s) 268 281 295 310 326 342 Car Revenue 1,944 2,184 2,408 2,629 2,871 3,105 Engine Revenue 311 320 330 340 350 361 All other Revenue 507 523 554 587 623 660 Total Revenue 2,762 3,027 3,292 3,556 3,844 4,126 Operating Profit-Cars 243 284 325 368 402 435 Operating Profit-Engines 28 32 33 34 35 36 Operating Profit-All Other Revenue 126 131 150 164 187 198 Total Operating Profit 398 447 508 567 624 669 Net Working Capital 1,425 1,513 1,568 1,617 1,747 1,875 Net PP&E and Int. Assets 851 932 998 1,016 1,039 1,086 Dep & Amort 289 317 339 345 353 369