Chrysler 2010 Annual Report Download - page 109

REPORT ON
OPERATIONS
OPERATING
PERFORMANCE:
CONTINUING
OPERATIONS
108
FERRARI
HIGHLIGHTS
(€ million) 2010 2009
Net revenues 1,919 1,778
Trading profit/(loss) 303 238
Operating profit/(loss) (*) 302 245
Investments in tangible and intangible assets 239 290
of which capitalized R&D costs 102 119
Total R&D expenditure (**) 148 156
Type-approved vehicles delivered to the network (no. of units) 6,573 6,193
No. of employees at year end 2,721 2,835
(*) Includes restructuring costs and other unusual income/(expense)
(**) Includes capitalized R&D and R&D charged directly to the income statement
OPERATING PERFORMANCE
Ferrari closed 2010 up significantly over the previous year. Although 2009 performance was not severely
impacted by the crisis, Ferrari’s sales grew in 2010 and it even succeeded in beating its previous all-time record
for deliveries to the network set in 2008, when market conditions were decidedly more favorable. This also
translated into strong earnings, with revenues up 7.9% over 2009 and trading margin increasing to 15.8%.
Those results reflected the continuous investment in product development, with several new models launched
during the year. In addition to the continued success of the Ferrari California and the ramp-up in production
and sales of the 458 Italia, 2010 also saw the release of two limited edition models: the 599 GTO, for which
deliveries began during the year, and the Ferrari SA Aperta. Both models achieved immediate success.
Team Ferrari returned to the top ranks of Formula 1, coming within reach of the Drivers’ Championship Title,
which only eluded its grasp in the final race of an extremely close and hard-fought season. Across the Atlantic,
however, Ferrari took the Constructors’ Title in the American Le Mans Series Championship.
The company further developed the internet as its primary platform for communicating with customers and
enthusiasts around the world. Following launch of the Japanese language version in January, the Chinese
version went live in March 2010, providing Ferrari even closer contact with customers in these key markets.
Expansion of the Ferrari Store network also continued, with new sales outlets opened in several countries,
most notably in New York (Park Avenue), Johannesburg and Abu Dhabi, the largest in the world. These were
accompanied by the opening of Ferrari Pit Stop in Nola (Italy), a new concept store dedicated exclusively to
fans of Team Ferrari.
The result from product licensing was also strong, as collaboration with the company’s most important partners
continued and in November Ferrari World Abu Dhabi was opened. This theme park, operated under license
from Ferrari, offers visitors spectacular attractions, using the latest technology to tell the story and convey the
unique emotion of Ferrari.
A total of 6,461 type-approved cars were sold to end customers, a 3.4% increase over 2009 (+2.7% over a
total 6,293 units sold for 2009, including non-type approved vehicles of which none were sold in 2010).
This result was mainly due to the recovery in North America and excellent performance in emerging Asian
markets, especially China, where the success of the 458 Italia and the California led to a sharp increase in
demand.