Ferrari N.V. Provides Update on Share Buyback Program
Marinello (Italy) – Ferrari N.V. (NYSE/EXM: RACE), renowned for its luxury performance cars, is pleased to announce updates regarding its €250 million share buyback initiative. This program is part of a broader strategy that aims to execute approximately €2 billion by 2026. The initiative was first introduced during the 2022 Capital Markets Day and is structured in multiple phases, with the current phase being the Fifth Tranche.
Overview of the Fifth Tranche Purchases
In this Fifth Tranche, Ferrari has made significant investments in common shares, acquiring them on both the Euronext Milan (EXM) and the New York Stock Exchange (NYSE). The daily transactions have been carefully documented, ensuring transparency and accountability throughout the buyback process.
Key Statistics
As of August 30, 2024, Ferrari has reported the following figures from this tranche:
- Acquired 28,700 common shares at an average price of €437.3247, resulting in a total investment of €12,551,220.16.
- On the NYSE, 4,916 shares were purchased at an average price of $488.0668, totaling $2,399,336.34.
This detailed data underscores the company's commitment to enhancing shareholder value and maintaining a strong capital framework.
Summary of the Total Share Buyback Program
Since the launch of this ambitious multi-year share buyback program on July 1, 2022, Ferrari has successfully acquired a total of 3,534,255 shares from both the EXM and NYSE. The total expenditure for these transactions has reached approximately €999,193,901.46, demonstrating the company's proactive approach to delivering value to its investors.
Performance Highlights
As of the end of August 2024, Ferrari holds a treasury of 14,358,359 common shares, which accounts for about 5.59% of its total issued share capital. This reflects a well-considered strategy for share management in line with its financial planning.
Looking Ahead: Future Expectations and Strategic Direction
Ferrari is eager to maintain this positive momentum as it aims to further optimize its capital allocation. The company's ongoing commitment to its buyback program highlights its focus on enhancing shareholder value while adapting to market conditions and pursuing sustainable growth.
Accessing Detailed Information
Ferrari has made a comprehensive overview of its buyback activities available on its corporate website, specifically in the Buyback Programs section. This resource provides stakeholders with detailed insights into specific transactions and the strategic framework that guides these activities.
Frequently Asked Questions
What is the purpose of the share buyback program?
The share buyback program is designed to enhance shareholder value and improve the company’s capital structure by decreasing the number of shares in circulation.
How much does Ferrari plan to invest in the buyback program?
Ferrari has set aside approximately €2 billion for the multi-year buyback program, with €250 million allocated for the most recent tranche.
What have been the recent purchase statistics?
As of August 30, 2024, Ferrari has purchased a total of 28,700 shares under the latest tranche, investing €12,551,220.16 in the process.
What percentage of total shares does Ferrari hold in treasury?
Currently, Ferrari holds 14,358,359 common shares in treasury, which constitutes about 5.59% of the total issued share capital.
Where can detailed transaction information be found?
Detailed information regarding the buyback program can be found on Ferrari’s corporate website, particularly in the Buyback Programs section.
