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Ferrari’s
Board of Directors, chaired
by Luca di Montezemolo,
today analysed the first
quarter results for 2009.
Despite the current
international economic
climate, which has hit the
automotive sector in
particular, Ferrari’s
figures were in line with
the record levels reached in
2008.
Turnover for
the first three months was
441 million euro compared to
455.7 million euro over the
same period in 2008. The
first quarter closed with a
trading profit of 54 million
euro compared to last year’s
59 million euro. These
results reflect the
introduction of new models,
in particular the success of
the Ferrari California and
the Scuderia Spider 16M, the
constant growth in
activities linked to the
brand (e-commerce,
licensing, merchandising and
retail) and the company’s
continuing efforts to
maximise efficiency.
The Board of
Directors also examined
developments related to
recent decisions taken by
the Federation
Internationale de
l’Automobile during an
extraordinary meeting of the
World Motor Sport Council on
29 April 2009. Although this
meeting was originally
called only to examine a
disciplinary matter, the
decisions taken mean that,
for the first time ever in
Formula 1, the 2010 season
will see the introduction of
two different sets of
regulations based on
arbitrary technical rules
and economic parameters.
"The Board
considers that if this is
the regulatory framework for
Formula 1 in the future,
then the reasons underlying
Ferrari’s uninterrupted
participation in the World
Championship over the last
60 years – the only
constructor to have taken
part ever since its
inception in 1950 – would
come to a close," said the
statement issued this
afternoon in Maranello.
"The Board
also expressed its
disappointment about the
methods adopted by the FIA
in taking decisions of such
a serious nature and its
refusal to effectively reach
an understanding with
constructors and teams," the
press release continued. "The
rules of governance that
have contributed to the
development of Formula 1
over the last 25 years have
been disregarded, as have
the binding contractual
obligations between Ferrari
and the FIA itself regarding
the stability of the
regulations. The same rules
for all teams, stability of
regulations, the continuity
of the FOTA’s endeavours to
methodically and
progressively reduce costs,
and governance of Formula 1
are the priorities for the
future. If these
indispensable principles are
not respected and if the
regulations adopted for 2010
will not change, then
Ferrari does not intend to
enter its cars in the next
Formula 1 World
Championship.
"Ferrari
trusts that its many fans
worldwide will understand
that this difficult decision
is coherent with the Scuderia’s
approach to motor sport and
to Formula 1 in particular,
always seeking to promote
its sporting and technical
values. The Chairman of the
Board of Directors was
mandated to evaluate the
most suitable ways and
methods to protect the
company’s interests," the
statement concluded.
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