First quarter results: more revenues and net profit. Record financial position.
Maranello, 16th May
Montezemolo: “More profit but even more investiments in both our product and Formula One”
“We want to keep total production of the cars in our range under the 7,000 mark once again this year whilst strengthening our economic results. This target poses an even greater challenge in the light of the very substantial investments we are making in both our product and Formula One where an exceptional effort, financially as well, is required to bridge the gap with our competitors.”
Chairman Luca di Montezemolo declared at the end of the board that has reviewed the results of the first quarter of 2014.
Revenues leaped by 12.5% to 620 million euro despite a 6% drop in the number ofroad cars delivered: with total of 1,699, 100 less than last year.
Net profits rose 5% to over 57 million euro, while trading profit equalled last year’s excellent 80 million euro.
The first quarter of 2014 also confirmed Ferrari’s ability to generate strong cash flows, with a net industrial financial position just shy of one and a half billion euro at March 31st. This 1,487 million has reached an unprecedented level in the company’s history and its growth has been such that this figure has practically doubled in the course of the last two years.
Markets wise USA (+8%) and UK (+3%) continue to growth. Japan almost doubled and Italy started top grow again.
Very good results on the digital world Facebook page now has 16.5 million fans and Ferrari official YouTube channel has had 40 million views.