2012 was Ferrari’s best ever year, but the Italian carmaker decided that production records are not that good for the brand. This resulted in a management shift, with Ferrari reducing the number of cars sold to maintain a high level of exclusivity and increase their value in time.
Last year’s (2013) results confirm that the strategy worked, as Ferrari posted record turnover, profits and finances last year despite selling fewer cars than in 2012. The Maranello-based sports car manufacturer delivered 6,922 vehicles in 2013, 5.4 percent less than the year before. However, revenues rose by 5 percent, reaching an unprecedented €2.3 billion ($3.16 billion).
End-of-year trading profits reached a record €363.5 million (+8.3 per cent), while net profits exceeded €246 million (+5.4 per cent). Return on Sales (RoS) rose to 15.6 percent, which Ferrari says is on a par with the very best performing companies in the luxury sector.
The financial results are impressive considering that Ferrari made investments of €337 million in 2013, including Research and Development. The investments were completely self-financed thanks in great part to Ferrari’s net financial position of €1.36 billion ($1.87 billion) last year, the best ever in the company’s history.
“We wanted to maintain a high level of exclusivity, designing amazing products such as the LaFerrari, the 458 Speciale and the just launched California T, the result of significant investment in product and technological innovation,” said Ferrari President Luca di Montezemolo.
The United States remained the brand’s No. 1 market with 2,035 deliveries (+9 percent), followed by Greater China (People’s Republic of China, Hong Kong and Taiwan) with 700 deliveries. The UK overtook Germany as Europe’s leading Ferrari market with 677 deliveries. German customers bought 652 Ferraris last year, about 100 less than in 2012. With 205 orders, the company’s home market of Italy now makes up less than 3 percent of Ferrari’s global sales.
By Dan Mihalascu
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