Ferrari Announces Voting Results From Its Annual General Meeting

Rhea-AI Summary

Ferrari N.V. announced positive results from its Annual General Meeting, including approval of 2023 Annual Accounts, a dividend of Euro 2.443 per share, re-election of directors, and authorization for share repurchase. Shareholders also approved the Remuneration Report and amendments to the Remuneration Policy.

Positive

• Shareholders approved the 2023 Annual Accounts and expressed positive advice on the Remuneration Report 2023.
• A cash dividend of Euro 2.443 per outstanding common share was approved, totaling approximately Euro 440 million.
• The dividend will be paid on May 3, 2024, with the record date set for April 23, 2024, and shares quoted ex-dividend from April 22, 2024.
• John Elkann and Benedetto Vigna were elected as executive directors of Ferrari, while other directors were re-elected.
• The AGM renewed delegations to the Board of Directors for issuing common shares and repurchasing up to 10% of the Company's shares.
• Deloitte Accountants B.V. was re-appointed as the Company's independent auditor for the financial year 2024.

Negative

• None.

Maranello (Italy), 17 April 2024 - Ferrari N.V. (“Ferrari” or the “Company”) (NYSE/EXM: RACE) announced today that all resolutions proposed to Shareholders at the Ferrari’s Annual General Meeting of Shareholders (the “AGM”) held today in Amsterdam, the Netherlands, were passed.

The Shareholders approved the 2023 Annual Accounts, expressed a positive advice with respect to the Remuneration Report 2023 and approved a dividend in cash¹ of Euro 2.443 per outstanding common share, totalling approximately Euro 440 million. The outstanding common shares will be quoted ex-dividend from April 22, 2024. The record date for the dividend will be April 23, 2024 on both EXM and NYSE and the dividend on the outstanding common shares will be paid on May 3, 2024. Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official European Central Bank EUR/USD exchange rate of April 17, 2024.

The AGM re-appointed all Ferrari directors standing for election. John Elkann and Benedetto Vigna were elected as executive directors of Ferrari. Piero Ferrari, Delphine Arnault, Francesca Bellettini, Eduardo H. Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco, Adam Keswick and Michelangelo Volpi were elected as non-executive directors of Ferrari.

The AGM renewed the existing delegations to the Board of Directors of the Company of the authority to issue common shares (for a period of 18 months from the date of the AGM), to grant rights to subscribe for common shares and to limit or exclude pre-emptive rights for common shares (for a period of 18 months from the date of the AGM), subject to certain maximum amount thresholds.

The Shareholders approved the amendment of the Remuneration Policy of the Board of Directors to align it with new legislation.

Furthermore, the AGM renewed, for a period of 18 months from the date of the AGM, the existing authorization of the Board of Directors to repurchase up to a maximum of 10% of the Company’s common shares issued as of the date of the AGM. Pursuant to the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum and minimum price thresholds.

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[1] The coupon number of the dividend is 9 (nine).

The Shareholders also re-appointed Deloitte Accountants B.V. as the Company’s independet auditor for the financial year 2024.

The Shareholders further approved the awards of (rights to subscribe for) common shares in the capital of the Company to the executive directors.

Details of the resolutions submitted to the AGM are available on the Company’s corporate website at https://www.ferrari.com/en-EN/corporate.

This press release contains forward-looking statements. These statements are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: volatility and deterioration of capital and financial markets, including possibility of new Eurozone sovereign debt crisis, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, weather, floods, earthquakes or other natural disasters, changes in government regulation, production difficulties, including capacity and supply constraints and many other risks and uncertainties, including global economic conditions, macro events, pandemics and conflicts, including the ongoing conflict between Russia and Ukraine and the more recent hostilities between Israel and Hamas, most of which are outside of the Group’s control.

Attachment

• FNV AGM PR 17.4.2024 ENG

FAQ

What dividend was approved per outstanding common share at Ferrari's AGM?

A dividend of Euro 2.443 per outstanding common share was approved at Ferrari's AGM.

When will the dividend on outstanding common shares be paid?

The dividend on outstanding common shares will be paid on May 3, 2024.

Who were elected as executive directors of Ferrari at the AGM?

John Elkann and Benedetto Vigna were elected as executive directors of Ferrari at the AGM.

Which company was re-appointed as the independent auditor for Ferrari for the financial year 2024?

Deloitte Accountants B.V. was re-appointed as the independent auditor for Ferrari for the financial year 2024.

What authority was renewed by the AGM for the Board of Directors regarding share repurchase?

The AGM renewed the authority for the Board of Directors to repurchase up to a maximum of 10% of the Company's common shares.