Ferrari Annual Report 2005: strong increases in revenues and profits
Maranello, March 2nd 2006
The Ferrari S.p.A. Board of Directors, chaired by Luca di Montezemolo, met today to review the balance sheet for the financial year ended 31st December 2005.
The very positive figures included here do not include any Maserati business as Ferrari split from the Trident during 2005.
Ferrari's three main areas of business - road cars, competition cars and brand development - yielded a significant increase in revenues from ¿1,175 million in 2004 to ¿1,289 million in 2005. This 9.7% increase is due in great part to the success of the F430 and 612 Scaglietti models, and to the sales of the company's two limited edition cars, the Superamerica and the FXX.
The trading profit of ¿157 million, a significant increase of 13.8% over the previous financial year, can be attributed principally to the rise in sales revenues and to efficiency gains which were partially offset by the negative impact of the euro-dollar exchange rates (around one third of Ferrari's revenues are in fact in dollars).
Ferrari has returned to a positive net financial position with a balance of ¿13 million.
A total of 5,409 cars were delivered to their owners also, an increase of 8.7% over the previous year. North America, where deliveries increased by 7.6% on 2004, Europe (+11.5%) and the new or developing markets, such as the Middle East (+41.5%) and South America (+35.5%) all played an important role in the results. Thanks to a new network of 12 dealerships in China's most important regions, Ferrari also delivered 96 cars to its joint venture there, doubling the 2004 figure.
A total of ¿219 million - or 17% of turnover - was assigned to non-Formula 1 Investments and Research and Development and resulted in the creation of the new models launched in the course of the year - the F430 Spider, the Superamerica and the FXX - and the development of the just-unveiled 599 GTB Fiorano.
Lastly, Ferrari's brand development continued thanks to its licensing contracts and the opening of new Ferrari Stores (Las Vegas, Shanghai, Hangzhou, Milan). Returns from this area have tripled in the last five years and now represent a significant source of income for the company.
After the Board Meeting, Ferrari President Luca di Montezemolo declared: "Economically and in terms of new markets and product success, it was an extraordinary year. In fact, our trading profit increased by almost 14%, a significant leap by any standards."
Summary of the main figures for year 2005:
Car deliveries to end clients: 5,409 cars vs 4,975 in 2004 (+8.7%)
Consolidated turnover: ¿1,289 million with respect to ¿1,175 million in 2004 (+9.7%)
Trading Profit: ¿157 million vs ¿138 million in 2004 (+13.8%)
Net financial position: +13 million Euros vs -160 million Euros in 2004
Investments and Research and Development: ¿219 million, 17% of turnover (¿260 million in 2004 or 22.1% of revenues)
Employees: 2,803 as of December 31st 2005
The Ferrari S.p.A. Board of Directors, chaired by Luca di Montezemolo, met today to review the balance sheet for the financial year ended 31st December 2005.
The very positive figures included here do not include any Maserati business as Ferrari split from the Trident during 2005.
Ferrari's three main areas of business - road cars, competition cars and brand development - yielded a significant increase in revenues from ¿1,175 million in 2004 to ¿1,289 million in 2005. This 9.7% increase is due in great part to the success of the F430 and 612 Scaglietti models, and to the sales of the company's two limited edition cars, the Superamerica and the FXX.
The trading profit of ¿157 million, a significant increase of 13.8% over the previous financial year, can be attributed principally to the rise in sales revenues and to efficiency gains which were partially offset by the negative impact of the euro-dollar exchange rates (around one third of Ferrari's revenues are in fact in dollars).
Ferrari has returned to a positive net financial position with a balance of ¿13 million.
A total of 5,409 cars were delivered to their owners also, an increase of 8.7% over the previous year. North America, where deliveries increased by 7.6% on 2004, Europe (+11.5%) and the new or developing markets, such as the Middle East (+41.5%) and South America (+35.5%) all played an important role in the results. Thanks to a new network of 12 dealerships in China's most important regions, Ferrari also delivered 96 cars to its joint venture there, doubling the 2004 figure.
A total of ¿219 million - or 17% of turnover - was assigned to non-Formula 1 Investments and Research and Development and resulted in the creation of the new models launched in the course of the year - the F430 Spider, the Superamerica and the FXX - and the development of the just-unveiled 599 GTB Fiorano.
Lastly, Ferrari's brand development continued thanks to its licensing contracts and the opening of new Ferrari Stores (Las Vegas, Shanghai, Hangzhou, Milan). Returns from this area have tripled in the last five years and now represent a significant source of income for the company.
After the Board Meeting, Ferrari President Luca di Montezemolo declared: "Economically and in terms of new markets and product success, it was an extraordinary year. In fact, our trading profit increased by almost 14%, a significant leap by any standards."
Summary of the main figures for year 2005:
Car deliveries to end clients: 5,409 cars vs 4,975 in 2004 (+8.7%)
Consolidated turnover: ¿1,289 million with respect to ¿1,175 million in 2004 (+9.7%)
Trading Profit: ¿157 million vs ¿138 million in 2004 (+13.8%)
Net financial position: +13 million Euros vs -160 million Euros in 2004
Investments and Research and Development: ¿219 million, 17% of turnover (¿260 million in 2004 or 22.1% of revenues)
Employees: 2,803 as of December 31st 2005
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