The Ferrari Board of Directors, chaired by Luca di Montezemolo, met today to examine the company’s financial results for the first nine months of the year.
All economic indicators point to the continuation of the positive trend of the early months of 2011, indicating that this will be a truly extraordinary year in Ferrari history despite of the uncertainty of the world economy.
On September 30th, revenues reached the record figure of 1,605 million euro, an increase of 18.9%, while a total of 5,165 (+12.3%)cars were delivered to the network.
Industrial cash flow was excellent too and, in the space of just nine months, reached a level unprecedented in Ferrari history: 240 million euro (before dividend distribution) were generated in that period even after the company increased its investment and Research and Development by more than 5% to 211 million euro.
Ferrari’s net cash industrial as of September 30th stood at 669 million euro, confirming Ferrari’s outstanding self-financing capabilities.
The company continues to invest heavily in services for employees (such as medical checkups for all the family, free school books, summer camps, loans and mortgages at reduced rates), initiatives worth steadily 3 million euro.
On September 30th, Ferrari recorded trading profit of 212 million euro (+ 10.9%).
The Board also noted Sergio Pininfarina’s decision to step down from it for personal reasons and co-opted Richard Keith Palmer, CFO of Fiat S.p.A. and C FO Chrysler, take his place.
Commenting on Mr Pininfarina’s decision, Chairman Montezemolo declared: “I fully understand Sergio Pininfarina’s reasons and I’m really sorry. We have been very good friends for a very long time. On my own behalf and that of the Board and everyone at Ferrari, I would like to express the enormous debt of gratitude we owe to him. He is an exceptional man who linked his name to some of the most beautiful models of our history. I can guarantee my good friend Sergio that we will continue to work with Pininfarina in the same spirit of commitment and collaboration that always characterised our relationship.”
With regard to sales on our various markets, growth in the USA (including Canada e CSA) continues (+14.5%) with 1,436 cars delivered.
In Greater China (China, Taiwan and Hong Kong), we have now exceeded the 500-car mark with 542 cars delivered. This means that Greater China is now very firmly Ferrari’s second largest market worldwide.
Middle East is growing too with sales up 23% and Australia there has been an increase of over 17%.
Good results in Europe with Germany up to 503 cars (+15.1%) and Great Britain grows of 21% with 384 cars delivered.