Ferrari Announces Records Results and Apple’s Eddie Cue joins the Board

Written by Cheryl Tay on . Posted in Cheryl Tay News | Latest Industry News

  • REVENUES OF €1,764 MILLION (+10%)
  • 5,267 ROAD CARS DELIVERED (+6%)
  • TRADING PROFITS OF €232.8 MILLION (+9.6%)
  • NET PROFITS €152.4 MILLION (+7.6%)
  • BEST-EVER INDUSTRIAL NET CASH: €959 MILLION
  • EXCELLENT SALES IN US (+16%), UK (+37%),
  • GERMANY (+9%), AND JAPAN (+20%)
  • EDDY CUE OF APPLE JOINS BOARD

The Ferrari board of directors met on Thursday under the chairmanship of Luca di Montezemolo to examine the company’s financial results for the first nine months of 2012.

As of 30 September, Ferrari has recorded unprecedented revenues of 1,764 million Euros, an increase of 10 per cent, and 5,267 cars delivered to the dealership network, an increase of 6 per cent.

Trading profits increased by 9.6 per cent to 232.8 million Euros, while net profits grew 7.6 per cent to 152.4 million Euros.

The company’s industrial net cash position reached almost 1 billion Euros – an all-time record figure of 959 million Euros – despite continuing commitment to maintaining an extremely high level of investment in product development. Ferrari also chalked up a net cash flow of 251 million Euros in the first nine months of the year.

The product mix was excellent with 12-cylinder model sales up 22 per cent thanks to the success of the FF and the 8-cylinder models, particularly the Ferrari California 30 and the 458 Spider. The racing GT2 and GT3 versions of the 458 Italia took the titles in their respective categories last weekend in the GT Open Championship after having already won the FIA World Endurance Championship beating competition from the world’s leading manufacturers.

The USA confirmed its position as Ferrari’s largest market internationally with 26 per cent of total sales after delivery of 1,354 cars with a growth of 16 per cent.

The UK market saw record sales of 504 cars, a leap of 37 per cent, while Germany saw continued growth of 9 per cent with 534 cars delivered, consolidating its position as the largest European market.

In the Far East, the positive trend in Greater China continued with a 7 per cent growth and 566 cars delivered, while Japan saw deliveries of 214 cars, an increase of 20 per cent. Results from the Middle East were in line with the excellent figures obtained in 2011, with 274 cars delivered.

Sales in Italy, as in the previous two quarters, were down with 238 cars delivered in the first nine months of 2012, a decline of 49 per cent.

“These results confirm Ferrari’s excellent performance in practically all of the 60 nations in which it is present despite the continuing economic climate. Once again the exception is Italy where we have witnessed a drop partly due to the economic crisis, but also to a hostile environment for luxury goods which have long been, and continue to be, an important resource for the country,” said Luca di Montezemolo who then announced the addition of a new Ferrari board member. “I am delighted that Eddy Cue, one of the main driving forces behind Apple’s range of revolutionary products, has now joined our board. His huge experience in the dynamic, innovative world of the Internet will be of great assistance to us”

Eddie Cue is Apple’s Senior Vice President Internet Software and Services and oversees Apple’s industry-leading content stores including the iTunes Store, the revolutionary App Store and the iBookstore, as well as Siri, Maps, iAd and Apple’s innovative iCloud services. He is a 23-year Apple veteran and played a major role in creating the Apple online store in 1998, the iTunes Music Store in 2003 and the App Store in 2008. He earned a bachelor’s degree in Computer Science and Economics at Duke University.

“I am pleased and proud to become a member of the board. I have personally dreamed of owning a Ferrari since I was eight years old and have been lucky to be an owner for the past five years. I continue to be awed by the world-class design and engineering that only Ferrari can do,” said Eddie Cue, commenting on his nomination to the board.

Ferrari’s brand-related activities (licensing retail and e-commerce) continue to grow. Revenues from the online store are up 32 per cent while those generated by licenses were up 20 per cent, with Puma proving particularly robust. Ferrari also recently signed an agreement with Mondo TV for the production and distribution of The Drakers, an original animated series for young viewers that is inspired by the world of Ferrari.

Visits to Ferrari.com were also up by 20 per cent, while Facebook has almost 10 millions fans and views on the Ferrari YouTube channel have exceeded 20 million.

Cheryl Tay

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Singapore’s only female full-time motoring and motorsports photojournalist. Independent automotive consultant and prominent local motorsports personality Cheryl Tay is uniquely passionate about all things cars and motorsports. She also has a strong passion to share her interest and knowledge, hence having a dream to become the ‘Oprah Winfrey of cars and motorsports’ and create a multimedia platform for her sharing. - A female in a male-dominated world, Cheryl Tay is Singapore’s only female full-time motoring journalist and motorsports blogger and she regularly writes for prominent titles in Singapore, Asia and internationally. (See full list of titles that Cheryl Tay writes for here.)

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