Ferrari official balance sheet released

Official balance sheet results released Maranello, 8th May 2001 -- The Board of Shareholders of Ferrari S.p.A. today met and approved the Consolidated results of the Group (Ferrari and Maserati) as of December 31, 2000. The year 2000 allowed...

Official balance sheet results released

Maranello, 8th May 2001 -- The Board of Shareholders of Ferrari S.p.A. today met and approved the Consolidated results of the Group (Ferrari and Maserati) as of December 31, 2000.

The year 2000 allowed Ferrari S.p.A. to achieve the two goals set at the beginning of the 90s: win back the Formula One Drivers' and Constructors' world titles, and obtain excellent commercial results through products aimed at satisfying the needs and tastes of clients in the new Millennium, creating value despite of the investment made in relaunching the Maserati marque. These investments, in fact, involve the complete renewal and expansion of the production plant, as well as the development of new models and restructuring the worldwide dealership network.

As regards the main economical and financial results, the global sales turnover totalled 893.3 million: an increase of 17.9% over 1999's results.

The consolidated operating profit amounted to 45.6 million, almost double last year's figure (23.5 million), with a return on turnover up to 5.1% compared to 3.1% in 1999.

Income before tax amounted to 18.2 million, a figure over double that of the 7.8 million declared in 1999.

78.6 million was ploughed back into the business - 17.4 million more than in 1999 -- and enabled the Group to self-finance product, customers services and production process development programmes.

The net financial position at the end of the year amounted to 130.9 million compared with 49 million in the previous year.

Total investments, in both tangible and intangible assets, and research and development funds (the latter funded entirely from the Profit and Loss account) amounted to 127.5 million, in line with the previous year.

The first months of 2001 have seen Ferrari set new records, thanks in part to the ongoing success of the 360 Modena, while Maserati has confirmed its positive sales trend in the build up to the launch of the new Spider which is due this autumn. In addition, initiatives aimed specifically at clients are enjoying considerable success, both in terms of profits and customer satisfaction. In particular:

- Options from the personalisation programme - Carrozzeria Scaglietti for Ferrari and Officine Alfieri Maserati for Maserati are specified on 83% of Ferraris and around 80% of Maseratis sold; The insurance and financial services now cover a growing number of markets; The involvement of customers in motorsports activities in the worldwide Challenge championships; Royalties from sales relating to the Trademark (Ferrari Idea) amounted to 19 million.

At the end of the meeting, the President of Ferrari, Luca di Montezemolo, said: "2000 was a most satisfactory year, both in terms of our racing successes and the commercial and financial results attained. We are now in a very important year, in which it will not be easy to equal those results. The commitment of the whole Company is at its highest level with Ferrari and with Maserati which, later this year, will launch a completely new model -- the Spider -- and is currently preparing for its return to America, a key market, in January 2002."

<pre> REFERENCE DATA

Major market sales in 2000 (to the final customer)

Ferrari

USA-Canada 1.111 Germany 608 UK 462 Italy 418 Japan 277 Switzerland 231 France 199 Belgium 105 Spain 84 Australia 75

Maserati Germany 461 UK 331 Italy 272 Japan 160 Switzerland 168 France 132 Belgium 57 Spain 45 Australia 64

Total units sold worldwide: 6,099 (Ferrari 4,072, Maserati 2,027), up +14% over the 5,313 units sold to customers in 1999.

The Ferrari 2001 range includes: - 456M GT and GTA - 550 Maranello - 360 Modena - 360 Spider - 360 Modena Challenge - 550 Barchetta Pininfarina (please note: special series, 448 models in production until November 2001, all of them already sold.)

The Maserati 2001 range includes: - 3200 GT and GTA - 3200 GT Assetto Corsa

Ferrari's dealership network consists of over 300 outlets in 43 countries (90% of cars produced are exported). The number of markets in which Maserati is present increased from 29 in 1999 to 36 at the end of 2000, with about 210 sales outlets (87% of the cars are exported).

-FOSA

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Series Formula 1
Teams Ferrari