The Prancing Horse of Maranello appears to be riding out the economic storm, posting a 17.6% profit for 2008.
Compared to Ferrari's 15.9% figure in 2007, this was an outstanding result, and particularly good for the car sector.
Ferrari puts part of the credit for this on its diverse range of products and strict cost-cutting measures.
The company enjoyed strong growth in the Brand-related activities (licensing, retail and e-commerce) with +28% overall, the e-commerce segment performing particularly well, as revenues there boomed by over 65%.
But sticking with cars, investments in research and development increased, reaching 18% of revenues in 2008.
Improvements and efficiencies also helped compensate for unfavourable dollar and sterling exchange rates.
And the financial bottom line was boosted by a new range of major commercial initiatives in 2008, including the new One to One Personalisation Programme for its 12-cylinder models and a new client assistance programme.
Commenting on the figures, Ferrari Chairman Luca di Montezemolo declared: "Ending 2008 with results unprecedented in the entire history of the Company is the best endorsement we could have of our strategy of exclusivity, innovation and focus on people.
"These results beautifully cap a truly exceptional year that saw us once again at the top in Formula 1, winning our 16th Constructors' title, our eighth in the last 10 years."
Source : http://www.newcarnet.co.uk (2/12/2009)
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