Ferrari board of directors: trading profit up by 10% Industrial cash flow strongly positive in the first six months

The 458 Italia and the 599 GTO both highly successful
USA and China record double figure growth in the first six months visitors doubled in the first half of the year

Maranello, 27th July – The Board of Directors of Ferrari met today, chaired by Luca di Montezemolo, to examine the results of the second quarter of 2010.

Ferrari recorded revenues of 488 million Euro (8.6% up on the second quarter of last year), confirming a sustained rate of growth that has been helped by the sales of the Ferrari California and great success for the the 458 Italia and the 599 GTO, and by further developments in the personalisation programme. The number of cars delivered to the dealer network in the second quarter of this year was 2.6% up on the same period of 2009, at 1,615 units.

Increased income for the period, combined with continuous improvements to internal efficiency, meant that Ferrari recorded trading profit of 77 million Euros, a significant increase of 10%.

Over the first six months, Ferrari recorded revenues of 903 million Euros (compared to 891 in the same period of 2009). 3,200 cars were delivered to dealers, 2% more than in the same period of 2009. Trading profit for the first six months came to 116 million Euros, compared to 124 million Euros in the first half of 2009. The impact of a less favourable mix, especially in the first three months of the year, was only partly compensated by improvements in efficiency.
The industrial cash flow for the first half of the year has been extremely positive recording 124 million Euros.

As far as the markets are concerned, the U.S.A. has shown first good signs of recovery, with Ferrari seeing 10% growth. China has continued to grow at over 20%, a figure that is likely to rise further still in coming months.

2010 is proving to have a very positive trend after 2009 results that were stable.

Brand development activities in the areas of internet, licensing and retail are also continuing. The launch of the website in Chinese and the renewal of certain sections of the site, including the Formula One section, have practically doubled the number of visitors and page views over the first six months of 2010 and revenues from the Ferrari Store online grew by 40%. Ferrari’s social networking has also been a source of great satisfaction, with the official Ferrari Group on Facebook, in existence for just over a year, recently registering over a million fans.

Results from the retail and licensing world have been good too. Ferrari stores have recorded a growth of 40%, thanks in part to the opening of new locations, such as the ones in New York in Park Avenue and Johannesburg. Licensing activities have seen the renewal of important partnerships with prestige brands like Mattel for models and Acer for electronics.