Ferrari announced its consolidated net revenues and preliminary results for the fourth quarter and twelve months ended December 31, 2015
Shipments totaled 7,664 units in 2015, up 6% from the previous year. This performance was driven by a 17% increase in sales of the 8 cylinder models (V8), led by California T, 458 Speciale A and the newly launched 488 GTB. Shipments of the 12 cylinder models (V12) were down 24% as the F12berlinetta and the FF are respectively in their 4th and 5th year of commercialization, and the F12tdf shipments started in December 2015.
EMEA4, Americas4 and Rest of APAC experienced sound year-on-year growth of 2%, 7% and 26% respectively. Greater China4 contracted by 10% year-on-year, but showed a +7% upturn for the three months ended December 31, 2015, thanks to the introduction of the 488 GTB.
Net revenues for FY 2015 were Euro 2,854 million, an increase of Euro 92 million or 3% (-3% at constant currencies) from FY 2014. Higher net revenues in Cars and spare parts (Euro 136 million, +7%) were partially offset by a decrease in Engines (Euro 92 million, -30%).
Adjusted EBIT1 was Euro 473 million, up Euro 69 million (+17%) from FY 2014. This was the effect of higher volumes for the California T, 458 Speciale A, the newly launched 488 GTB and a positive margin contribution from our personalization programs. The increase was also supported by a positive foreign exchange contribution of Euro 41 million, mainly due to U.S. dollar and Great Britain pound appreciation and partially offset by Japanese yen.
The mix effect had a slightly negative contribution of Euro 6 million due to the higher proportion of V8 versus V12 in FY 2015 compared to FY 2014. Selling, general and administrative costs grew by Euro 15 million due to our continued focus on directly operated retail stores, corporate costs and F1 racing activities. Research and development costs and industrial costs increased by Euro 3 million attributable to the 2016 development of the power unit for F1 racing activity partially offset by a lower R&D on road cars (primarily R&D and product D&A of 458 family) and efficiencies on production costs.
As a result of the items described above, net profit for FY 2015 was Euro 290 million, up Euro 25 million (+9%).
Free Cash Flow1 for the twelve months ended December 31, 2015 was Euro 390 million, primarily driven by a strong increase in cash from operating activities. Free Cash Flow1 included the following one-time cash inflows: the sale of investment properties; the reimbursement of the financing of inventory related to the establishment of the Maserati standalone business in China; and the sale of the financial assets portfolios of certain Financial Services Companies (FFS S.p.A. and FFS KK) in connection with the additional steps taken to maximize the effects of the cooperation agreements in Europe and in Japan; partially offset by the one-time extra bonus payment in December to all Ferrari employees.
Net Debt1 at December 31, 2015 was Euro 1,938 million, compared to a Net Cash1 position of Euro 566 million at December 31, 2014. This was a result of the capital reorganization in connection with our IPO and the spin-off from Fiat Chrysler Automobiles N.V. (FCA), partially offset by the strong Free Cash Flow1 generation.
