Q2 2016 Results August 2nd, 2016

SAFE HARBOUR STATEMENT

This document, and in particular the section entitled 2016 Outlook, contains forward-looking statements. These statements may include terms
such as may, will, expect, could, should, intend, estimate, anticipate, believe, remain, on track, design, target, objective, goal,
forecast, projection, outlook, prospects, plan, or similar terms. Forward-looking statements are not guarantees of future performance.
Rather, they are based on the Groups 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: the Groups ability to
preserve and enhance the value of the Ferrari brand; the success of Ferraris Formula 1 racing team and the expenses the Group incurs for Formula
1 activities; the Groups ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the
Groups low volume strategy; the ability of Maserati, the Groups engine customer, to sell its planned volume of cars; changes in client preferences
and automotive trends; changes in the general economic environment and changes in demand for luxury goods, including high performance luxury
cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards; the Groups ability to successfully
carry out its growth strategy and, particularly, the Groups ability to grow its presence in emerging market countries; competition in the luxury
performance automobile industry; reliance upon a number of key members of executive management and employees; the performance of the
Groups dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and
raw materials; disruptions at the Groups manufacturing facilities in Maranello and Modena; the Groups ability to provide or arrange for adequate
access to financing for its dealers and clients; the performance of the Groups licensees for Ferrari-branded products; the Groups ability to protect
its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product
warranties; exchange rate fluctuations, interest rate changes, credit risk and other market risks; potential conflicts of interest due to director and
officer overlaps with the Groups largest shareholders and other factors discussed elsewhere in this document.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any
obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors
that could materially affect the Companys financial results, is included in the Companys reports and filings with the U.S. Securities and Exchange
Commission, the AFM and CONSOB.

Q2 2016 Results August 2nd, 2016 2

 A RECORD SECOND QUARTER

Shipments at 2,214 units, increased New key product launched and

by 8% vs. previous year (+155 units)
Solid performance of new models: the 488 GTB,
488 Spider and F12tdf
LaFerrari finished its limited series run
recent events
Recently unveiled open-top LaFerrari, details to be
provided at the Paris International Motor Show
Recently signed a sponsorship agreement with
Ray-Ban

Financial results Confirming 2016 guidance(2)

Net revenues grew 5.9% to 811 million Shipments: ~8,000 including supercars
Adjusted EBIT(1) of 156 million, 310 bps margin Net revenues: >3 billion
increase Adjusted EBITDA: 800 million
Adjusted net profit(1) up 35% to 104 million Net industrial debt(3): 730 million
Net industrial debt(1) at 763 million, better than
March 2016

ON THE WAY TO ANOTHER RECORD YEAR

Note: (1) Reconciliations to non-gaap financial measures are provided in the appendix
(2) Assuming FX consistent with current market conditions
Q2 2016 Results (3) Including an ordinary cash distribution to the holders of common shares August 2nd, 2016 3
 Q2 2016 HIGHLIGHTS

Q2'16 2,214 Q2'16 811

Shipments Net revenues
(units) Q2'15 (M) Q2'15
2,059 766

Total shipments up 8% driven by a 16% increase in V8, which was partially offset by a 22% Net revenues up 5.9% (+6.2% at constant currencies), all revenue lines positively contributing, in
decrease in V12: particular Cars and spare parts driven by positive volumes partially offset by mix:
Continuous strong sales of the new 488 GTB LaFerrari finished its limited series run Americas: 209 million (-12.7%) due to lower Greater China: 80 million (+60.6%) due to
and 488 Spider FF phasing out in line with plans sales of LaFerrari 488 family volume increase
F12tdf reaching global distribution GTC4Lusso, distribution will commence EMEA: 217 million (+6.5%) due to higher Rest of APAC: 84 million (-2.1%) due to mix,
F12berlinetta at its 5th year of in Q3 2016 shipments of 488 family and F12tdf performance affected by timing, with 488
commercialization continues to perform Spider and F12tdf having just arrived on the
better than expected market

Adjusted EBITDA(1) Q2'16 26.9% Adjusted EBIT(1) Q2'16 19.3%

217 156
(M and (M and
Q2'15 25.4% margin %) Q2'15 16.2%
margin %) 194 124

Adjusted EBITDA(1) grew by 12% primarily driven by higher volume and positive contribution Adjusted EBIT(1) margin increased by 310 bps driven by strong adjusted EBITDA(1) and lower D&A
from Sponsorship, commercial and brand as well as other supporting activities. mainly due to 458 family and LaFerrari phase-out
Adjusted EBITDA(1) excludes charges for Takata airbag inflator recalls.

Industrial free Q2'16 145 Net industrial Jun. 30, 2016 (763)
cash flow(1) debt(1)
(M) Q2'15 173 289 (M) Dec. 31, 2015 (797)

Industrial free cash flow(1) primarily driven by adjusted EBITDA(1), positive change of working Net industrial debt(1) reduced to 763 million primarily due to industrial free cash flow(1)
capital and timing effect of advances on the new open-top LaFerrari, partially offset by capex generation partially offset by 87 million cash distribution to holders of common shares and
and the first 2016 tax advance. 13 million dividends paid to NCI
Q2 2015 included one-time of 116 million.
Note: (1) reconciliations to non-gaap financial measures are provided in the appendix.
Q2 2016 Results August 2nd, 2016 4
Certain totals in the tables included in this document may not add due to rounding.
 Q2 2016 SHIPMENTS BY REGION(4)
Americas EMEA
(35% vs. 38% PY of total shipments) (43% vs. 40% PY of total shipments)
Americas shipments increased by approx. 0.5% EMEAs shipments increased by approx. 14%
USA Ferraris largest single market: growth supported by V8 UK flat shipments affected by timing with 488 Spider having just
models (488 GTB, 488 Spider and California T) and F12tdf offsetting arrived on the market and robust deliveries of 488 GTB and F12tdf
F12berlinetta at its 5th year of commercialization and LaFerrari that more than offsetting 458 family and FF phase-out
finished its limited series run Strong performance recorded in Germany and Italy as a result of the
Final deliveries of the strictly limited edition F60 America 488 family, California T and F12tdf. Other European countries, Africa
and Middle East expanded with a double-digit growth rate.

Greater China Rest of APAC

(7% vs. 6% PY of total shipments)
Greater Chinas shipments grew more than 25%
China mainland double digit growth thanks to the 488 family. The
F12tdf having just arrived on the market.
HK and Taiwan increase in shipments due to the contribution of
both V8 (488 family) and V12 (F12tdf and F12berlinetta) models
more than offsetting the 458 family and FF phase-out
(15% vs. 16% PY of total shipments)
Rest of APACs shipments in line with previous year
Japan shipments substantially in line with previous year
Australia performance affected by timing with 488 Spider and
F12tdf having just arrived on the market. 488 GTB only partially
offsetting the 458 family phase-out
Other APAC increased double-digit thanks to V8 models

Solid performance due to new models 488 GTB, 488 Spider and F12tdf
despite 458 family, FF and LaFerrari phase-out
Q2 2016 Results Note: (4) refer to notes to the presentation in the Appendix August 2nd, 2016 5
 NET REVENUES BRIDGE Q2 2015-2016

(M)
811
14 7
766 10 14
34
+5.9%
(+6.2% at constant currencies)
27
117
103
57 71

579 589

(5) (8)
Q2 2015 Cars and spare parts Engines (6) Sponsorship, Other Q2 2016
commercial and
(7)
brand

Cars and spare parts Engines Sponsorship, commercial and brand Other

10 million increase in Cars and spare parts due to higher volumes led by new models 488 GTB, 488 Spider, F12tdf, the
non-registered car FXX K and the limited edition F60 America, along with a higher contribution from personalization partially
offset by LaFerrari that finished its limited series run

14 million increase in Engines mainly attributable to higher rental revenues from other Formula 1 Teams, Maserati engines in
line with previous year

14 million increase in Sponsorship, commercial and brand mainly due to better championship ranking, higher sponsorship
revenues and positive contribution from brand related activities

Q2 2016 Results Note: refer to notes to the presentation in the Appendix August 2nd, 2016 6
 ADJUSTED EBIT(1) BRIDGE Q2 2015-2016
(M)

14 156
24 8
124 11 0

(25) Margin
Margin 19.3%
16.2%

Margin w/o
20.5% 21.5%
F X hedges
(41) (23)

Adj. EBIT Q2 Vol. Mix Ind. Costs / SG&A FX Other Adj. EBIT Q2
2015 R&D 2016
Adj. EBITDA Adj. EBITDA
194 217
25.4% 26.9%
Volume increase of approx. 230 cars (excluding LaFerrari) thanks to the newly launched 488 GTB, 488 Spider and F12tdf as
well as positive contribution from personalization
Negative mix impacted by LaFerrari that finished its limited series run and V8 slightly higher compared to the previous year
partially offset by the non-registered car FXX K and the limited edition F60 America
Industrial costs / R&D driven by lower D&A for 458 family and LaFerrari phase-out coupled with positive contribution from
industrial cost savings partially offset by F1 costs
SG&A costs flat with new store openings, new model launches and corporate costs offset by bad debt in Q2 2015
Positive impact on FX net of hedging mainly due to USD partially offset by GBP
Other, positive contribution from Sponsorship, commercial, brand as well as other supporting activities
Q2 2016 Results Note: (1) reconciliations to non-gaap financial measures are provided in the appendix August 2nd, 2016 7
 NET INDUSTRIAL DEBT BRIDGE(1) MAR 31, 2016 JUN 30, 2016

(M) Industrial FCF 145m

217
62
(782) (763)
(26)
7
(90) (100)
(51)

March 31, 2016 Adj. EBITDA Net working Tax paid Capex Other Cash distribution FX and other June 30, 2016
Net industrial capital and dividends Net industrial
debt paid debt

Industrial free cash flow(1) of 145 million driven by strong adjusted EBITDA(1) of 217 million, positive change of working capital and timing effect of
advances on the new open-top LaFerrari, partially offset by capex of 90 million and the first 2016 tax advance of 51 million

Net industrial debt(1) of 763 million, better than Q1 primarily due to industrial free cash flow(1) partially offset by 87 million cash distribution to
holders of common shares and 13 million dividends paid to NCI

Q2 2016 Results Note: (1) reconciliations to non-gaap financial measures are provided in the appendix August 2nd, 2016 8
The new limited-edition Sporting a 800 hp V12 The name and technical characteristics of
special series coupled with a 120 kW the new limited-edition special series to
already pre-sold electric motor, unleashing be unveiled at the
963 hp in total Paris International Motor Show
 Q2 2016 CLIENT RELATION ACTIVITIES

Ferrari Tribute to 1,000 Miglia, California T HS, USA test drive program
May 19th-22nd More than 2,500 test drives in 20 different locations
Ferrari tributes Mille Miglia to let prospects experience Ferrari and convert into
vintage cars race, giving 70 customers
customers the opportunity of
experiencing some of Italys most
beautiful cities and the warmth
and hospitality of smaller towns

Cavalcade Venice,
June 22nd-27th
100 Top customers from 35
countries worldwide driving through
the most enchanting locations
around Venice: the Dolomites, the
river Po and the wine routes

Driving the myth while enjoying the Ferrari lifestyle

Q2 2016 Results August 2nd, 2016 10
 Q2 2016 CORSE CLIENTI
FIA WEC XX programmes / F1 Clienti Ferrari Challenge Europe
6 Hours of Silverstone (UK), Apr 17 Mugello (ITA), Apr 26-27 round 1-3
LMGTE PRO XX: 31 (18 FXX K) F1: 17 Monza (ITA), Apr 1-3
1st and 2nd Ranked
Vallelunga (ITA), May 17-18 Mugello (ITA), Apr 29-May 1
6 Hours of Spa (B), May 7 XX: 30 (FXX K 11) F1: 6
LMGTE PRO Le Mans (FRA), Jun 15-18
1st Ranked FRD Shanghai (CHN), Jun 9-11
XX: 21 (FXX K 11) F1: 3 Ferrari Challenge North America
IMSA SSC round 2-4
12H Sebring, Mar 17-19 Wins in other FIA homologated Sonoma (USA), April 8-10
GTD Class GT series: 44
COTA (USA), May 13-15
1st Ranked (7 by 488 and 37 by 458 Italia)
Montreal (CAN), Jun 10-12
6H Watkins Glen, Jul 1-3
GTD Class
1st Ranked Ferrari Challenge Asia Pacific
round 2-3
Abu Dhabi (UAE), April 14-16
24 Heures du Mans
LMGTE Am, Jun 18-19 FRD Shanghai (CHN), Jun 9-11
1st Ranked
Average number of cars per round at the
3 Ferrari Challenge series: 36

Q2 2016 Results August 2nd, 2016 11

 Q2 2016 FERRARI BRAND AND STORE PRESENCE

Licensing activities
60 Licensing partners in 21 product categories
Ferrari Land PortAventura: opening announced for
April 7th, 2017

Ferrari Store
At the end of June 2016 managing 13 directly
operated stores and 25 franchised locations
(including 6 Ferrari Store Junior) in 17 markets
Ferrari Store Rome opened in July

Museums
More than 148,000 visitors in Q2 2016 between
Maranello and Modena
Opening of the new exhibition at Ferrari Museum
in Maranello : Ferraristi per sempre

Q2 2016 Results August 2nd, 2016 12

 CONFIRMING 2016 GUIDANCE

Guidance(2)

Shipments 8,000

Net revenues >3 billion

Adj. EBITDA 800 million

Net industrial debt 730 million(3)

Note: (2) Assuming FX consistent with current market conditions

Q2 2016 Results August 2nd, 2016 13
(3) Including an ordinary cash distribution to the holders of common shares
Q&A
Appendix
 NOTES TO THE PRESENTATION
1. reconciliations to non-gaap financial measures are
provided in the appendix
2. Assuming FX consistent with current market conditions
3. Including an ordinary cash distribution to the holders of
common shares
4. Shipments geographical breakdown
EMEA includes: Italy, UK, Germany, Switzerland, France,
Middle East (includes the United Arab Emirates, Saudi
Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait)
and Rest of EMEA (includes Africa and the other
European markets not separately identified);
Americas includes: United States of America, Canada,
Mexico, the Caribbean and Central and South America;
Greater China includes: China, Hong Kong and Taiwan;
Rest of APAC includes: Japan, Australia, Singapore,
Indonesia and South Korea
Q2 2016 Results
5. Includes the net revenues generated from shipments of
our cars, including any personalization revenue
generated on these cars and sales of spare parts
6. Includes the net revenues generated from the sale of
engines to Maserati for use in their cars, and the
revenues generated from the rental of engines to other
Formula 1 racing teams
7. Includes the net revenues earned by our Formula 1
racing team through sponsorship agreements and our
share of the Formula 1 World Championship
commercial revenues and net revenues generated
through the Ferrari brand, including merchandising,
licensing and royalty income
8. Primarily includes interest income generated by the
Ferrari Financial Services group and net revenues from
the management of the Mugello racetrack
August 2nd, 2016 16
 STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION
Product Line-Up (at least a new model launched every year)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

F430
F430 Spider
F430 Scuderia
California
Scuderia Spider 16M
458 Italia
458 Spider
V8

California 30
458 Speciale
California T
458 Speciale A
488 GTB
488 Spider
612 Scaglietti
Superamerica
599 GTB Fiorano
599 GTO
SA APERTA
FF
V12

F12berlinetta
F12tdf
GTC4Lusso
Supercars
LaFerrari
open-top LaFerrari
Q2 2016 Results August 2nd, 2016 17
Special series and one-offs not included
 GROUP SHIPMENTS

4,096 7,664 ~8,000

+8% 2,214 +11%
2,059 3,694 ~1,100
580 1,063
327
327 548 316 610 ~700
160
127 261
1,297 2,640 ~2,700
774
772 1,287

953 1,903 3,351 ~3,500

833 1,598

Q2 2015 Q2 2016 H1 2015 H1 2016 FY 2015 FY 2016E

EMEA Americas Greater China Rest of APAC

Q2 2016 Results Note: Graphs not to scale. Shipments including supercar LaFerrari August 2nd, 2016 18
 KEY PERFORMANCE METRICS

Q2 16 Q2 15 M, except as otherwise stated H1 16 H1 15

2,214 2,059 Worldwide shipments (units) 4,096 3,694

811 766 Net revenues 1,486 1,387

207 192 EBITDA ( 1) 385 348

217 194 Adjusted EBITDA ( 1) 395 354

146 122 EBIT 267 218

156 124 Adjusted EBIT ( 1) 277 224

5 8 Net financial expenses 14 6

141 114 Profit before taxes 253 212

44 38 Income tax expense 78 71

30.7% 33.5% Effective tax rate 30.8% 33.5%

97 76 Net profit 175 141

104 78 Adjusted net profit ( 1) 182 145

0.52 0.40 EPS 0.93 0.74

0.55 0.41 Adjusted EPS ( 1) 0.96 0.76

Note: (1) reconciliations to non-gaap financial measures are provided in the appendix.
Q2 2016 Results August 2nd, 2016 19
Certain totals in the tables included in this document may not add due to rounding.
 DEBT AND LIQUIDITY POSITION
Gross Debt Maturity Profile (M) Cash and Marketable Securities (M)
Cash Maturities
574 Jun. 30, Mar. 31, Adj.
139
500 (M) 2016 2016 FY 2015 ( 9) FY 2015 FY 2014
414 384
4 4 335 Euro 343 356 137 22 10
102 76 47 2
285
US Dollar 96 41 21 1 14
118 500
333 333 333 333 Chinese Yuan 73 99 106 106 74
167 Japanese Yen 29 24 41 41 27
Other Currencies 44 43 17 13 9
2016 2017 2018 2019 2020 2023 Total ( equivalent) 585 563 322 183 134
Term Loan Bond US Securitization Other Financial Liabilities

Net Cash/Net Industrial Debt (M) Net Industrial Debt (M)

Maintaining a Conservative Industrial Leverage Net Industrial Debt in line with EBITDA

At June 30 At March 31 At December 31

(M) 2016 2016 2015 2014
Gross Debt (2,483) (2,442) (2,260) (510)
(763)
Cash & Cash Equivalents 585 563 183 134
(1,898)
Deposits in FCA Cash Management Pools - - 139 942
(Net Debt)/Net Cash (1,898) (1,879) (1,938) 566
Funded Self-Liquidating Financial 1,135 1,097 1,141 1,061 1,135
Receivables Portfolio
(Net Industrial Debt)/Net Industrial Cash (763) (782) (797) 1,627
Undrawn Committed Credit Lines 500 500 500 -
Funded Self-liquidating
June 30, 2016 June 30, 2016
Total Available Liquidity 1,085 1,063 822 1,076 Financial
Net Debt Net Industrial Debt
Receivables Portfolio

Q2 2016 Results Note: (9) After settlement of deposits on FCA Group cash management pools and Financial liabilities with FCA August 2nd, 2016 20
 NON-GAAP FINANCIAL MEASURES
Operations are monitored through the use of
various Non-GAAP financial measures that
may not be comparable to other similarly
titled measures of other companies
Accordingly, investors and analysts should
exercise appropriate caution in comparing
these supplemental financial measures to
similarly titled financial measures reported by
other companies
We believe that these supplemental financial
measures provide comparable measures of
its financial performance which then facilitate
managements ability to identify operational
trends, as well as make decisions regarding
future spending, resource allocations and
other operational decisions
Q2 2016 Results
Non-GAAP financial measures
EBITDA is defined as net profit before income tax expense, net financial
expenses/(income) and depreciation and amortization. Adjusted EBITDA is defined as
EBITDA as adjusted for income and costs, which are significant in nature, but expected
to occur infrequently
Adjusted Earnings Before Interest and Taxes (Adjusted EBIT) represents EBIT as
adjusted for income and costs, which are significant in nature, but expected to occur
infrequently
Adjusted net profit represents net profit as adjusted for income and costs, which are
significant in nature, but expected to occur infrequently
Adjusted earning per share represents earning per share as adjusted for income and
costs, which are significant in nature, but expected to occur infrequently
Net Industrial Debt defined as Net Debt excluding the funded portion of the self-
liquidating financial receivables portfolio, is the primary measure to analyze our financial
leverage and capital structure, and is one of the key indicators used to measure our
financial position
Free Cash Flow and Free Cash Flow from Industrial Activities are two of managements
primary key performance indicators to measure the Groups performance. Free Cash
flow is defined as net cash generated from operations less cash flows used in investing
activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted
for the change in the self-liquidating financial receivables portfolio.
August 2nd, 2016 21
 RECONCILIATION OF NON-GAAP MEASURES: EBITDA

Q2 16 Q2 15 M, except as otherwise stated H1 16 H1 15

97 76 Net profit 175 141

44 38 Income tax expenses 78 71

5 8 Net financial expenses 14 6

61 70 Amortization and depreciation 118 130

207 192 EBITDA 385 348

Q2 2016 Results August 2nd, 2016 22

 RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBITDA

Q2 16 Q2 15 M, except as otherwise stated H1 16 H1 15

207 192 EBITDA 385 348

- 2 Expenses incurred in relation to IPO - 6

Charges for Takata airbag

10 - 10 -
inflator recalls

217 194 Adjusted EBITDA 395 354

Q2 2016 Results August 2nd, 2016 23

 RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBIT

Q2 16 Q2 15 M, except as otherwise stated H1 16 H1 15

146 122 EBIT 267 218

- 2 Expenses incurred in relation to IPO - 6

Charges for Takata airbag

10 - 10 -
inflator recalls

156 124 Adjusted EBIT 277 224

Q2 2016 Results August 2nd, 2016 24

 RECONCILIATION OF NON-GAAP MEASURES: ADJ. NET PROFIT

Q2 16 Q2 15 M, except as otherwise stated H1 16 H1 15

97 76 Net profit 175 141

Expenses incurred in relation to IPO

- 2 - 4
(net of tax effect)

Charges for Takata airbag

7 - 7 -
inflator recalls (net of tax effect)

104 78 Adjusted net profit 182 145

Q2 2016 Results August 2nd, 2016 25

 RECONCILIATION OF NON-GAAP MEASURES: ADJ. EPS

Q2 16 Q2 15 per common share H1 16 H1 15

0.52 0.40 EPS 0.93 0.74

Expenses incurred in relation to IPO

- 0.01 - 0.02
(net of tax effect)

Charges for Takata airbag

0.04 - 0.04 -
inflator recalls (net of tax effect)

0.55 0.41 Adjusted EPS 0.96 0.76

Q2 2016 Results Certain totals in the tables included in this document may not add due to rounding August 2nd, 2016 26
 RECONCILIATION OF NON-GAAP MEASURES:
FREE CASH FLOW AND FREE CASH FLOW
FROM INDUSTRIAL ACTIVITIES

Q2 16 Q2 15 M, except as otherwise stated H1 16 H1 15

204 353 Cash flow from operating activities 316 416

(90) (75) Cash flows used in investing activities (157) (152)

114 278 Free Cash Flow 159 264

Change in the self-liquidating

31 11 14 60
financial receivables portfolio
Free Cash Flow from Industrial
145 289 173 324
Activities ( 10)

Note: (10) Industrial free cash flow included in Q2 2015 Euro 116 million and in H1 2015 Euro 160 million one-time cash in-flow
Q2 2016 Results August 2nd, 2016 27
related to the reimbursement by Maserati of its inventory in China
 RECONCILIATION OF NON-GAAP MEASURES:
NET INDUSTRIAL DEBT

M, except as otherwise stated June 30, 2016 March 31, 2016 December 31, 2015

Net Industrial Debt (763) (782) (797)

Funded portion of the self-liquidating

1,135 1,097 1,141
financial receivables portfolio

Net Debt (1,898) (1,879) (1,938)

Financial liabilities with FCA Group - - (3)

Deposits in FCA Group cash management

- - 139
pools

Cash and cash equivalents 585 563 183

Gross Debt (2,483) (2,442) (2,257)

Q2 2016 Results August 2nd, 2016 28