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Ferrari 2007 Results
From Ferrari SpA Press Release
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 2007.
All of the main economic indicators were up significantly with the result that Ferrari ended the year with record-breaking results, unprecedented even in our long and successful history. A year beautifully topped off by our seventh Constructors? World title in nine years in Formula 1 and our sixth Drivers? title in the last eight years of the World Championship.
Ferrari's revenues (turnover) increased from the 1,447 million euros recorded in 2006 to 1,668 million euros in 2007, a jump of 15.3%, thanks in great part to brilliant sales of the F430 and 599 GTB Fiorano.
Our trading profit of 266 million euros represents a massive 45.4% increase on last year?s figure and brings our ROS (Return on Sales) up to 16% compared to 12.6% in 2006. This major increase comes despite the fall in the value of the dollar, a currency in which around 30% of our sales are made.
The exceptional results obtained were predominantely thanks to increased sales volumes and efficiency measures which were partly offset by increased investment in Research and Development.
Ferrari recorded a positive net financial position of 299 million euros, a significant improvement on the 2006 figure of 213 million euros (+40.4%).
A total of 6,465 road cars (i.e. non-track use cars) were delivered to end clients, an increase of 14% on 2006.
We have been receiving very positive signals from all of our markets too. In fact, we recorded unprecedented levels of growth in the emerging markets. Sales to the Asia-Pacific region rose by 47.2% on last year's figure while the Middle East was up by 32.3%. The trend was positive too, however, on more traditional markets such as the United States (+7.7%), Great Britain (+8.2%) and Germany (+5.9%).
A total of 299 million euros was allocated for Investments and Research and Development (not including Formula 1). This is a 29% increase on 2006 and the equivalent of 18% of the company?s revenues. The investments concerned future model development, the building of the new company restaurant as well as the new production lines facility designed by Frenchman Jean Nouvel, an addition that continues Ferrari's tradition of collaborating with top international architects. Both facilities will be officially opened within the next few months.
Summary of the main figures for 2007: Sales to end clients: 6,465 cars homologated for road use, as compared to 5,671 in 2006 (+14%).
Consolidated turnover: 1,668 million euros with respect to 1,447 in 2006 (+15.3%).
Trading Profit: 266 million euros as compared to 183 million in 2006 (+45.4%).
Net financial position: +299 million euros compared to +213 million euros in 2006.