Ferrari holds firm during world economic crisis

Ferrari Scuderia Spider 16m

The Ferrari S.p.A Board of Directors met today under the chairmanship of Luca di Montezemolo to examine the end of year results for 2009.

Ferrari leads sports car segment in tough times

Even though the luxury sports car market suffered an average reduction of 35% in 2009, Ferrari recorded only slightly lower results than in 2008, the most financially successful year in the Prancing Horse’s entire history. A total of 6,250 cars were delivered to end clients (-5%) with a confirmed growth in emerging countries and a controlled contraction in certain of our more mature markets. The sharply contracting market made Ferrari’s market share grow across the board with an average increase worldwide of 10 percentage points, garnering it leadership of the sports car segment.

These results were reached thanks to the completion of the range and in particular with the extraordinary success of the Ferrari California for which 60% of the customers are new Ferraristi.

The most recent car, the Ferrari 458 Italia, deliveries of which only just started, made no contribution to the 2009 figures, but it has already obtained exceptionally positive reviews and prestigious awards all around the world.

Consolidated revenues at the end of 2009 stood at 1,778 million euro (-7%) with an operating profit of 245 million euro, compared to 341 million euro last year. Ferrari recorded a ROS (Return on Sales) for 2009 of 13.8%. The variation of the operating result is due to the negative effects of volumes and product mix (both of which were extremely positive in 2008) as well as unfavourable exchange rates. The weakness of the US dollar has a major impact since over 30% of sales are made in this currency.

Comments