Chrysler 2011 Annual Report Download - page 112

111
Report on Operations
Ferrari
Highlights
(€ million) 2011 2010
Net revenues 2,251 1,919
Trading profit/(loss) 312 303
Operating profit/(loss) (*) 318 302
Investments in tangible and intangible assets 231 239
of which capitalized R&D costs 94 102
Total R&D expenditure (**) 143 148
Type-approved vehicles shipped to the network (units) 7,001 6,573
Employees at year end 2,695 2,721
(*) 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 2011 with record sales and revenues despite the continuing economic uncertainty.
Growth was registered in all regions with particularly significant increases in the U.S. and in the Far East, where
Greater China (China, Hong Kong and Taiwan) grew to become Ferrari’s second largest market after the United
States. Performance was also strong in Europe, with Germany and the UK registering the most significant
increases.
These results reflect Ferrari’s continued investment and commitment to product innovation, which led to
the introduction of 2 new models: the FF, the brand’s first 12-cylinder, 4-seat, 4WD (equipped with Ferrari’s
patented 4RM traction system); and the 458 Spider, the first mid-rear engined 8-cylinder, featuring an aluminum
hard-top that fully retracts in just 14 seconds.
With the addition of these 2 new models to the product line-up, Ferrari can offer all enthusiasts the car to suit.
During the year, Ferrari also continued expansion into new markets with the opening of its first dealership in
India. In addition, the brand further strengthened its position in China, where Ferrari has also been asked to
set up a permanent exhibit for the next three years in the Italian Pavilion at the former Shanghai Expo, further
confirmation of the brand’s appeal in China.
On the sporting front, the Formula 1 season didn’t meet expectations. However, there were several highlights
during the year including Fernando Alonso’s win at Silverstone in July, exactly 60 years to the month after
Scuderia Ferrari’s first ever Formula 1 win on the very same circuit, with Argentinian driver José Froilán González
at the wheel.
The private Ferrari teams performed well in the GT championships, taking both the European Le Mans Series
and the FIA GT3 Driver’s Championship during the year. For single-make championships, 2011 saw the debut
of the APAC series of the Ferrari Challenge.
Retail activities continued with the opening of new Ferrari Stores, including one in the heart of Barcelona. The
Ferrari Store at Ferrari World in Abu Dhabi continued to perform strongly and has firmly established its position
as the brand’s number one grossing store.