Ferrari's Middle East sales up 39%

Sports carmaker Ferrari sold 264 cars in the first half of this year, registering an increase of 39 per cent.

Ferrari recorded excellent results confirmed by all of the main economic indicators: trading profit jumped by 22 per cent to 176 million euros, while net profits hit 116.2 million euros, a boost of 20 per cent.

Revenues rose to 1,177 million euro, a rise of 7.1 per cent.

A total of 3,767 homologated cars were delivered to the dealership network, an increase of 2.8 per cent, a slower rate of growth compared to Q1. The company’s industrial net cash position, however, is the best ever recorded:  1,220 million euro with very high investment into its products and a net cash flow, generated in the first half of the year, of 189 million euro.

These figures are the result of consistently successful sales right across the range. Of the 8-cylinders, the California 30 and the 458 Spider continue to achieve positive results, while in the 12-cylinder sector, sales of the FF remain consistently strong while the F12berlinetta is yielding very good results too. Its engine, in fact, won Ferrari the Best Performance Engine of the Year award for the third consecutive year after the 458’s V8 double achievement (it was second this year). 

Ferrari’s board also met under the chairmanship of Luca di Montezemolo where the board highlighted the first results of Ferrari’s strategic decision to reduce output: while the effect of said move on volumes will become clearer in the second half of the year, it is already being felt in smaller growth in volumes than in Q1 which are being matched by a significant increase in both trading and net profits.

US business continues to grow (+9 per cent) with 1,048 homologated cars delivered (this area includes Canada). Despite Ferrari’s decision to reduce sales, short-term forecasts suggest that there will be a slight increase over the next few months to avoid lengthening the waiting list to over two years.
In Europe, Great Britain has become Ferrari’s leading European market (+6 per cent, 415 cars delivered), temporarily outdoing Germany which, with 388 deliveries (+1 per cent), matches its 2012 figures. No surprises from Italy where sales continue to fall, with 116 cars delivered, a figure that accounts for just  3 per cent of total volumes. 

There has been something of a slowdown in Greater China (People’s Republic of China, Hong Kong and Taiwan) after years of exponential growth. Just under 350 cars were sold – 50 fewer than last year. This drop was mainly due to Farrari’s decision to decrease deliveries to Hong Kong, a market which had grown strongly in recent times, and fears of a tightening up of taxes on luxury goods.

“Once again in the first six months of 2013, Ferrari has recorded excellent results. Two months ago, we took a strategic decision the effects of which will be felt more clearly over the next six months. However, that move is already beginning to make its mark,” said Luca di Montezemolo.

“An increase of just over 2 per cent in volumes has been matched by 20 per cent growth in EBIT which is and will remain our primary objective along with maintaining the exclusivity and value of our cars over time.”