Chrysler 2007 Annual Report Download - page 73

Report on Operations Ferrari
Ferrari
72
Operating Performance
Ferrari confirmed the extraordinary appeal of its products not
only on traditional markets but also on more recently
developed ones yet again in 2007. To meet growing demand
while maintaining its naturally exclusive character, Ferrari
increased sales of homologated cars to end customers by 14%
in 2007, thanks to the performance of the F430 and the 599 GTB
Fiorano 12 cylinder model. Its principal objective was to reduce
delivery wait time and satisfy the demand of new, high-growth
markets.
Once again in 2007 and for the fifteenth time, Ferrari realized
the dual satisfaction of winning both the Constructors’ and
Drivers’ Championship in Formula 1.
A total of 6,465 homologated cars were sold to end customers,
up 14% from 2006. If non-homologated cars, i.e. those
earmarked for race-track use, are included, sales totalled 6,584,
an increase of 12.3% over 2006. The United States gave a
particular significant contribution to Ferrari’s performance and
continued to be the principal market with a total of 1,761 units
sold (+7.7% over 2006), for a 27.2% share of worldwide sales. In
Germany, Ferrari’s most important market in Europe, 717 units
were sold (+5.9%). In the United Kingdom, 687 units were sold
(+8.2% over 2006), and in Italy 680 units (+1%) were delivered
to end customers. New or developing markets also made a
substantial contribution to sales (Middle East, +32.3%, and
Asia/Pacific, +47.2%), which generated a major increase in
volumes without compromising the brand’s exclusivity.
Development of the new commercial network in China resulted
in the sale of 177 cars in 2007, +46.3% from 2006.
In 2007, homologated cars delivered to the dealer network
totalled 6,368 units, up 12.7% from 2006 (6,488 units if non-
homologated cars are included, +11.1%).
Innovation and Products
The excellent results achieved in 2007 were mainly the result
of the great success of the 599 GTB Fiorano, in its first full year
of sales, and the F430 in the berlinetta and spider versions. The
new F430 Scuderia model was also presented at the Frankfurt
Motor Show. The content of this two-seater berlinetta is largely
derived from experience accumulated on Formula 1 racetracks
and was conceived for the car enthusiasts who seek high-
performance sports car handling.
Through Ferrari Financial Services, Ferrari offers its customers
financial products for the purchase of its cars. This activity
began at the end of 2006 in various European countries:
Germany, Switzerland, France, Belgium, and Austria. These
products have also been offered in Italy since January 2007,
and started to be offered on the United States market in the
third quarter of 2007.
Highlights
(in millions of euros) 2007 2006
Net revenues 1,668 1,447
Trading profit 266 183
Operating result (*) 266 183
Investments in tangible and intangible assets 246 142
- of which capitalised R&D costs 93 46
Total R&D expenses (**) 147 83
Homologated cars delivered to the network (number) 6,368 5,650
Employees at year-end (number) 2,926 2,870
(*) Including restructuring costs and unusual income (expenses).
(**) Including R&D capitalised and charged to operations.