Ferrari Board of Directors meeting 2008-10-27

Maranello - The Board of Directors of Ferrari SpA met today under the chairmanship of Luca di Montezemolo, to examine the third quarter results. Ferrari recorded 450 million euros in revenues (up 22.3% year-over-year), and a trading profit of 79...

Maranello - The Board of Directors of Ferrari SpA met today under the chairmanship of Luca di Montezemolo, to examine the third quarter results. Ferrari recorded 450 million euros in revenues (up 22.3% year-over-year), and a trading profit of 79 million euros (17.6% of revenues), up 41.1% from the 56 million euros figure (15.2% of revenues) for Q3 2007.

The Board of Directors also examined the proposed changes to the Formula 1 regulations, in the light of the current global economic crisis. Whilst reiterating its wholehearted commitment to a substantial and needed reduction in costs in Formula 1, starting with propulsion, the Ferrari Board of Directors expressed strong concerns regarding plans to standardise engines as it felt that such a move would detract from the entire raison of a sport with which Ferrari has been involved continuously since 1950, a raison d'etre based principally on competition and technological development.

The Board of Directors expressed the opinion that should these key elements be diminished, it would have to re-evaluate, with its partners the viability of continuing its presence in the sport.

-credit: ferrari

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About this article
Series Formula 1
Drivers Luca di Montezemolo
Teams Ferrari