Ferrari posts record sales despite economic uncertainty

Global economic waters are far from calm, but Ferrari has managed to steer clear of the turmoil. The Italian automaker has released sales figures for the first six months of 2012, and they’re impressive by any measure.

Revenues for the first half of the year are up nearly 12 percent, and net profits have risen 10 percent to over $130 million. The 3,664 cars delivered so far this year—a 7.4 percent increase over the same period in 2011—are largely responsible for this boosted bottom line, although Ferrari reports that sales of licensed products are booming as well.

Ferrari cites the U.S., U.K. and German markets as key drivers of the company’s sales growth, although Asian and the Middle Eastern sales are up as well.

One blot on Ferrari’s otherwise remarkable ledger was the automaker’s home country, Italy. The combination of economic austerity and new taxes imposed since the Euro crisis nearly halved Italian sales compared to the first half of 2011.

Read the full release below for all the details.

Record results for Ferrari in first half of 2012

Revenues of 1,208 million euro (+11.9%)

3,664 cars delivered (+7.4%)

Trading profits of 152.2 million euro (+13%)

Net profits of 100.8 million euro (+10%)

Best-ever industrial net cash: 895 million euro

United States (+17%), UK (+43%) and Germany (+18%) driving growth.

Maranello, 13th September 2012 – The Board of Directors of Ferrari S.p.A. met today under the chairmanship of Luca di Montezemolo to examine the company’s financial results for the first six months of 2012.

As of June 30th, Ferrari once again registered a record in revenues and in the numbers of cars delivered. Revenues reached 1,208 million euro (+11.9 per cent), while a total of 3,664 homologated road cars were delivered to dealerships, an increase of 7.4 per cent.

Trading profits rose 13 per cent to 152.2 million euro, while net profits hit 100.8 million, an increase of 10 per cent.

The company’s industrial net cash position as of June 30th reached a new record figure of 895 million euro with extremely high investments in product development. The net cash flow for H1 was 203 million euro before dividends.

These results are the fruit of the continuing success of Ferrari’s 8-cylinder models, particularly the new Ferrari California 30 - where ‘30’ represents the 30 extra horse power and 30 kg lower weight - and the 458 Spider, the engine of which received the Best Performance Engine of the Year award for the second year running. In the 12-cylinder range, FF sales are strong while the new F12berlinetta has yet to make any impact on results as deliveries do not begin until the autumn. That said, the new model has been the subject of public and critical acclaim, taking a number of awards, such as the Auto Bild Design Award.

The personalisation programmes, which cover 100 per cent of alls cars produced, continue to enjoy huge success. The exclusive new Tailor Made programme has also captured the imagination of clients, a selected number of whom have been able to create their own truly unique Ferraris in terms of materials and trim.

Sales in the USA remain buoyant, with an increase of 17 per cent to 851 cars, and continues to be Ferrari’s largest market, accounting for 23 per cent of worldwide sales.

Record results too from the UK where sales rose by 43 per cent with 393 cars delivered. There were also significant results from Germany (+18 per cent) and Switzerland (+17 per cent), nations where the FF is proving most popular.

In the Far East, Greater China (China, Hong Kong and Taiwan) has consolidated its growth levels with almost 400 cars delivered (+10 per cent). Markets in the Middle East continue to expand with 190 cars delivered in H1 (+7 per cent).

The figures for Italy, however, are in marked contrast to this extremely positive overall picture. As a result of the financial crisis and the introduction of new taxes, sales there dropped to 187 cars, a drop of164 compared to the first half of 2011.

“These results, achieved against a still highly challenging international economic backdrop, are first and foremost a reward for our constant and significant investment into technological innovation. The completely new range we are now in a position to offer clients across the globe means we can look forward to ending 2012 having improved still further on last year’s financial performance,” commented Chairman Luca di Montezemolo. “Over the coming months, we will be focusing hard on a revolutionary new road car and on the last races in a Formula 1 World Championship that looks set to be both thrilling and hard-fought to the very last.”

Returning to the H1 results, there was again positive news from the Brand division: Ferrari’s retail activities continue to grow (up by 4 per cent), while the number of Ferrari Stores is also on the increase with recent openings in Madrid, Munich and Rio de Janeiro, bringing the total worldwide to 52. The Abu Dhabi Theme Park continues its on-going success.

On the licensing front, Puma performed well, while Hublot made an excellent start in the luxury products segment. Lastly, the sponsorship agreement between Scuderia Ferrari and Santander has been extended to 2017.

Ferrari’s online activities continue their very positive trend with e-commerce revenues up by 24 per cent, while visitors to the Ferrari.com web site rose by 22 per cent. Our social networking results were equally impressive with 9.3 million friends on Facebook with expectations of reaching the 10-million mark in the near future.

By Graham Kozak