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After the first three quarters of
the year Ferrari is well on course for its
best ever results; revenues has
reached a record figure of 1,605 million
euro, a year-on-year increase of 18.9
percent, while a total of 5,165 cars, up
12.3 percent, delivered. |
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The
Ferrari Board of Directors, chaired by Luca di
Montezemolo, met yesterday to examine the company’s
financial results for the first nine months of the year.
Ferrari stated: "All economic indicators point to the
continuation of the positive trend of the early months
of 2011, indicating that this will be a truly
extraordinary year in Ferrari history despite of the
uncertainty of the world economy."
On September 30th, revenues reached the record figure of 1,605
million euro, a year-on-year increase of 18.9%, while a
total of 5,165 (+12.3%) cars were delivered to the network. Industrial cash flow was strong too and, in the
space of just nine months, reached a level unprecedented
in Ferrari history: 240 million euro (before dividend
distribution) were generated in that period even after
the company increased its investment and Research and Development by
more than 5% to 211 million euro.
Ferrari’s net cash
industrial as of September 30th stood at 669
million euro, confirming Ferrari’s self-financing
capabilities. On September 30th, Ferrari recorded trading profit of
212 million euro (+ 10.9%).
The company continues to invest heavily in
services for employees (such as medical
checkups for all the family, free school books, summer
camps, loans and mortgages at reduced rates),
initiatives worth steadily 3 million euro.
The Board also noted Sergio Pininfarina’s decision to
step down from it for personal reasons and co-opted
Richard Keith Palmer, CFO of Fiat S.p.A. and CFO
Chrysler, take his place. Commenting on Mr Pininfarina’s
decision, Chairman Montezemolo declared: “I fully
understand Sergio Pininfarina’s reasons and I’m really
sorry. We have been very good friends for a very long
time. On my own behalf and that of the Board and
everyone at Ferrari, I would like to express the
enormous debt of gratitude we owe to him. He is an
exceptional man who linked his name to some of the most
beautiful models of our history. I can guarantee my good
friend Sergio that we will continue to work with
Pininfarina in the same spirit of commitment and
collaboration that always characterised our
relationship.”
With regard to sales on our various markets, growth in the USA
(including Canada) continues (+14.5%) with 1,436 cars
delivered. In Greater China (China, Taiwan and Hong
Kong), Ferrari now exceeded the 500-car mark with 542
cars delivered. This means that Greater China is now
very firmly Ferrari’s second largest market worldwide. Middle
East is growing too with sales up 23% and Australia
there has been an increase of over 17%. Good results in
Europe with Germany up to 503 cars (+15.1%) and Great Britain grows of 21% with 384 cars delivered.
The
was also positive input in the Q3 results from the
brand's retail, licensing and online activities,
including the Ferrari
Store which now numbers 50 worldwide. Ferrari's
website is now available in 7 languages including
Chinese while the online store is up 30%.
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