Ferrari Announces “Record” Fiscal Results For 2012, Apple’s Eddy Cue Now On Board

Maranello, 7th November 2012 – The Ferrari board of directors met today under the chairmanship of Luca di Montezemolo to examine the company’s financial results for the first nine months of 2012.

As of September 30th, Ferrari has recorded unprecedented revenues of 1,764 million euro (+10 per cent) and numbers of cars delivered to the dealership network 5,267 (+6 per cent).

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

The company’s industrial net cash position reached almost 1 billion euro – an all-time record figure of 959 million euro – 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 euro 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 (+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 (+7 per cent) with 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 (-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 8 years old and have been lucky to be an owner for the past 5 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.