Ferrari has posted record revenues for the first nine months of the year and, while the rest of the industry ponders a gloomy economic situation, the Italian supercar maker reckons that all the indicators point to a “truly exceptional year” in the company’s history.
Revenues reached a record EUR1.6bn, an increase of 18.9%, with 5,165 cars delivered through the global dealer network, up 12%.
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Industrial cash flow was also in the fast lane and, in the space of nine months, reached a level unprecedented in Ferrari history: EUR240m was generated in the period even after the company increased its investment and research and development by more than 5% to EUR211m.
The company said it continues to invest heavily in services for employees, such as medical checks for families, free school books, summer camps, loans and mortgages at reduced rates.
At the end of September Ferrari recorded trading profit of EUR212m, up 11%.
The board agreed to Sergio Pininfarina’s decision to step down for personal reasons and co-opted Richard Keith Palmer, CFO of Fiat SpA and CFO of Chrysler, to take his place.
Sales grew in the US by 14.5% to 1,436 deliveries and Ferrari exceeded the 500-car mark for the first time in China, Taiwan and Hong Kong which makes the greater China region the company’s second largest market worldwide.
Germany grew 15% to 503 cars and the UK was up 21% with 384.
Brand activities have also had a positive effect on finances and there are now 50 Ferrari stores worldwide while licensing continues to add high profile companies to its list of partners, such as the agreement signed with Hublot for high end watches.
Ferrari.com is now available in seven languages including Chinese, the online store continues to grow as does the number of social network subscribers: the brand’s Facebook page now has 5.5m friends.
