Very Positive Ferrari First Quarter Growth

MARANELLO, Italy, May 10, 2012 /PRNewswire/ -- The Board of Directors of Ferrari S.p.A. met today under the chairmanship of Luca di Montezemolo to examine the company's accounts for the first quarter of 2012.

On March 31st, Ferrari recorded a string of excellent results: revenues rose to 556.1 million euro (+13.2 per cent) and 1,733 cars were delivered to the dealership network, an increase of 11.5 per cent on the same period last year.  

These results are the fruit of the success of the 12-cylinder FF and the continuing popularity of the 8-cylinder models, most notably the Ferrari California, which is the company's best-selling GT, and the coupe and spider versions of the 458 which top the sports car segment.

One hundred per cent of Ferraris are personalised by their owners who, since the start of 2012, have also been able to avail of the innovative Tailor Made programme, which allows each client to tailor their own bespoke car using an extensive variety of unique and exclusive materials, colours and finishes, with the assistance of a specialist team.

The F12berlinetta, the most powerful and high performance Prancing Horse car ever built and the first in a new generation of V12s, made no contribution to these results as deliveries will not commence until the second part of the year.

Trading profit grew by 13.4 per cent to 60.5 million euro, while net profits rose by 17.2 per cent (42.1 million euro).

Ferrari's industrial net cash position on March 31st was the strongest in its history at over 860 million euro. This was achieved despite keeping product investment extremely high and thanks to a net cash flow for the first quarter of 152 million euro.

The one-make series of the Prancing Horse, the Ferrari Challenge, is also proving to be very successful with the 2012 racing season starting with 100 458 Challenge cars on the tracks in North America, Europe and Asia-Pacific.

In terms of sales, the US remains Ferrari's most important market recording growth of 16 per cent even after the excellent figures recorded in 2011.

Sales in Europe were also very positive with excellent results in the United Kingdom (+31 per cent, 177 cars delivered) and in Germany (up 24 per cent). Italy is the exception to this trend with sales of 121 cars, down 65 compared to the first quarter 2011 as a result of the economic situation and the local government's recent financial initiatives.

In the Far East, after a record 2011, the Greater China market (China, Hong Kong and Taiwan) continued to grow with 154 cars delivered in the first quarter. On May 18th, a major new Ferrari exhibition will open at the Shanghai Expo in China where a 1,000 square metre space will host some of our most iconic road models as well as Formula 1 cars. The display will also feature simulators and interactive points where visitors can learn about Ferrari's history and the Maranello campus.

The Middle East also delivered extremely significant results with sales this first quarter up by 23 per cent and 81 cars delivered.

"After an extraordinary 2011, starting the year with all the economic indicators on the rise is very satisfying indeed," declared Ferrari's Chairman, Luca di Montezemolo. "We have a complete new model range brimming with technological innovations, and which deliver significant reductions in fuel consumption and emissions, down by 30 per cent on average." He continued: "At the end of the year, we'll also be unveiling the new Enzo, a limited series model and our first ever hybrid car."

Brand activities (retail, wholesale, licensing and e-commerce) are up by 10 per cent overall: there are now 50 Ferrari Stores worldwide, including a new store in Madrid which opens officially at the end of May.

Ferrari also retains its leadership in online activities with over 8 million friends on Facebook and almost one million on Google+.

SOURCE Ferrari