ITALY: Ferrari posts record numbers
Ferrari has posted record results in its best ever trading period in the company's 66-year history.
Chairman Luca di Montezemolo said that all the main economic indicators exceeded the previous records set in 2008 despite a much poorer world economic backdrop.
The brand sold 7,318 road cars in 2012, up 4.5% on 2011, while revenues of EUR2.43bn (US$3.24bn) were up 8%.
Trading profit jumped 12.1% to EUR350m (US$467m) with net profits coming in at just under EUR244m, (US$326m), up 17.8%.
The company made significant investments over the last 12 months which including research and development, which rose from EUR280m (US$374m) in 2011 to EUR324.3m (US$433.4m), an investment that was completely self-financed thanks to the company's consistent cash flow generation.
di Montezemolo said: "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. 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 and Canada with deliveries there exceeding the 2,000-car mark for the first time (2,058), an increase of 14.6%.
Deliveries in the UK rose 20.4% to 673 cars and by 17.4% in Switzerland (357). Germany (750 cars, +8.2%).
At home in Italy, however, sales dropped 318 cars, a 46% decrease on 2011. Deliveries in the Middle East and Africa continued upwards with an increase of 4.5% to 556.
China, including Hong Kong and Taiwan, retained its position as the second largest market with a record 784 cars delivered, up 4%.
The results delivered by brand-related activities, retail, Licensing and e-commerce, which underwent reorganisation in 2012, showed a 40% increase in operating margin to over EUR50m (US$66.8m).
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