Ferrari N.V. (NYSE:RACE) Q2 2019 Earnings Conference Call - Final Transcript
Aug 02, 2019 • 09:00 am ET
Antonio Picca Piccon
was EUR14 million for the quarter, as the net result of more favorable market rates, partially mitigated by the hedges in place.
Moving to Page Nine. Industrial free cash flow for the quarter was EUR139 million driven by the adjusted EBITDA growth. The positive cash impact generated by the Patent Box benefit and the residual collection of initial advances on the Ferrari Monza SP1 and SP2, which more than offset a slightly negative change in working capital. We are accelerating our investment through the year, in line with our guidance, with capital expenditure for the quarter reaching EUR173 million.
Net industrial debt as of the end of June was EUR353 million versus EUR192 million as of the end of March. The increase was due to the cash impact of the EUR195 million dividend distribution and of the EUR99 million of share repurchases executed in the second quarter of 2019, which more than offset the positive industrial free cash flow. Lease liability as per IFRS 16 were little changed in totaling EUR63 million as of the end of the quarter.
Turning to Page 10. As Louis highlighted before, we confirm our 2019 guidance approaching the high end of the range on all metrics and currently prevailing exchange rates. Thanks to the accelerated pace of collection of the initial advances of the Ferrari Monza SP1 and SP2, the industrial free cash flow generation for 2019 is now expected to exceed EUR550 million, with an unchanged capital expenditure profile of approximately EUR750 million skewed to the last part of the year.
With that, I'd like to turn the call over to Nicoletta.
Thank you, Antonio. We are now ready to start the Q&A session.