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2012 financial results reveal best year in Ferrari history

Maranello, 18 February – In 2012 Ferrari posted records results in its best ever trading period in the company’s 66-year history. This fact was confirmed when the Ferrari Board of Directors met today under the chairmanship of Luca di Montezemolo to examine the company’s end-of-year results.

All the main economic indicators exceeded the previous records set in 2008 despite a much poorer world economic backdrop.

A total of 7,318 road cars were delivered to the dealership network in 2012 (+4.5 per cent on 2011), while revenues of 2.433 billion euro (up 8 per cent) were recorded.

Trading profit jumped by 12.1 per cent to 350 million euro, with net profits coming in at just under 244 million euro (+17.8 per cent) and ROS (Return on Sales) of 14.4 per cent which is very much on a par with the top companies in the luxury sector.

The company made significant investments over the last 12 months which, including Research and Development, amounted to 324.3 million euro (up from 280 million euro in 2011). This investment was completely self-financed thanks to the company’s consistent cash flow generation, a fact confirmed by its industrial net cash position for 2012 of over one billion euro.

“We are all enormously proud of ending the year with these kinds of results despite the unfavourable economic backdrop in many European nations, and the distinctly hostile one in Italy,” declared Chairman Luca di Montezemolo. “The credit for this goes to the men and women in Ferrari, the strength of the brand, a very complete and highly innovative range, and our gradual expansion into automotive markets worldwide.”

The 2012 results are in line with the company’s geographical sales distribution plan which is divided into equal parts between America, Asia and Europe, including the Middle East. To further boost its presence on the various markets, Ferrari has reorganised its commercial network so that it now has four coordination centres: America, Europe and the Middle East, Greater China, Far East.

Ferrari enjoyed record sales in the USA in 2012 with deliveries there exceeding the 2,000-car mark for the first time (2,058), an increase of 14.6 per cent (Canada included).

Europe performed very impressively with deliveries in Great Britain up by 20.4 per cent (673 cars), and by 17.4 per cent in Switzerland (357). Germany (750 cars, +8.2 per cent) confirmed its position as Ferrari’s most important market in Europe, while other main Countries in the area ended the year in line with 2011.

Results from Italy couldn’t have been more different: despite performing better than the average in a sector that registered a 60 per cent drop in sales in 2012, Ferrari ended the year with 318 cars delivered to dealerships, a 46 per cent decrease on the 2011 figure.

The positive trend in the Middle East and Africa continued with an increase of 4.5 per cent with deliveries of cars rising to 556.

Greater China (People’s Republic of China, Hong Kong and Taiwan) retained its position as the second largest market with a record 784 cars delivered (+4 per cent), just under 500 of which went to China. Japan, a long-established Ferrari market, made a significant return to double-figure growth (+ 14.4 per cent), with 302 cars delivered.

The results delivered by brand-related activities (Retail, Licensing and e-commerce), which underwent reorganisation in 2012, were excellent too, showing a 40 per cent increase in operating margin to over 50 million euro.

Retail results were up 5 per cent, thanks also to a new interior design concept which will be extended to the 50 Ferrari Stores around the world.

Growth was impressive too in licensing (+22 per cent), while e-commerce revenues were in excess of seven million euro (+31 per cent). Ferrari enjoys a particularly extensive presence on the various web channels and social networking sites, having recently passed the 10 million fan mark on Facebook.

On the sponsorship front, the Scuderia welcomed its first Chinese partner, Weichai Power, whose parent company, the Weichai Group, is one of China’s largest conglomerates. Ferrari also strengthened its links with other companies that lead the world in their respective sectors, including Hublot, Kaspersky Lab and TNT.

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Ferrari Magazine

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