Under the chairmanship of Luca di Montezemolo, the Ferrari board of directors met to examine the company’s financial results for the first time in 9 months of 2012 and they were pleased to have recorded an unprecedented revenue of over 1.7 billion Euros – a 10% rise as well as 6% increase in the number of cars delivered to dealership network at 5,267 units as at 30th September 2012.
Ferrari’s trading profits have thus risen significantly, experiencing almost a 10% hike to 232.8 million Euros, while net profits grew almost 8% to 152.4 million and the company’s industrial net cash position reached almost 1 billion euro – an all-time record figure of 959 million euro – despite continuing commitment to maintaining an extremely high level of investment in product development. Ferrari also chalked up a net cash flow of 251 million euro in the first nine months of the year.
The product mix was excellent with their V12 models leading the pack in terms of sales which were up by 22% due to the success of the FF. This was followed by their V8 models, particularly the Ferrari California 30 and the 458 Spider.
The racing GT2 and GT3 versions of the 458 Italia took the titles in their respective categories last weekend in the GT Open Championship after having already won the FIA World Endurance Championship beating competition from the world’s leading manufacturers.
The United States of America was second to none becoming confirmed as Ferrari’s largest market taking 26% of Ferrari’s total sales after delivery of 1,354 cars with a growth of 16%.
The United Kingdom saw record sales of 504 Ferraris, a rather large increase of 37%, while Germany saw steady continuous growth of a little over 9% with 534 cars delivered, consolidating its position as the largest European market.
In the Far East, the positive trend in the Chinese market continued with a steady 7% increase per annum with 566 cars delivered, while Japan saw deliveries of 214 cars, an increase of 20%. Results from the Middle East were in line with the excellent figures obtained in 2011, with 274 cars delivered.
However, sales in Italy were severely down having only delivered 238 cars in the first nine months of 2012 – a reduction of almost 50% compared to the same period in 2011.
“These results confirm Ferrari’s excellent performance in practically all of the 60 nations in which it is present despite the continuing economic climate. Once again the exception is Italy where we have witnessed a drop partly due to the economic crisis, but also to a hostile environment for luxury goods which have long been, and continue to be, an important resource for the country,” said Luca di Montezemolo who then announced the addition of a new Ferrari board member. “I am delighted that Eddy Cue, one of the main driving forces behind Apple’s range of revolutionary products, has now joined our board. His huge experience in the dynamic, innovative world of the Internet will be of great assistance to us”
Eddie Cue is Apple’s Senior Vice President Internet Software and Services and oversees Apple’s industry-leading content stores including the iTunes Store, the revolutionary App Store and the iBookstore, as well as Siri, Maps, iAd and Apple’s innovative iCloud services. He is a 23-year Apple veteran and played a major role in creating the Apple online store in 1998, the iTunes Music Store in 2003 and the App Store in 2008. He earned a bachelor’s degree in Computer Science and Economics at Duke University.
“I am pleased and proud to become a member of the board. I have personally dreamed of owning a Ferrari since I was 8 years old and have been lucky to be an owner for the past 5 years. I continue to be awed by the world-class design and engineering that only Ferrari can do,” said Eddie Cue, commenting on his nomination to the board.
Ferrari’s Brand-related activities (licensing retail and e-commerce) continue to grow. Revenues from the online store are up 32 per cent while those generated by licenses were up 20 per cent, with Puma proving particularly robust. Ferrari also recently signed an agreement with Mondo TV for the production and distribution of The Drakers, an original animated series for young viewers that is inspired by the world of Ferrari.
