Everyone was waiting for the statement from Ferrari yesterday afternoon and when it came, the eye went immediately to what they had to say about Formula 1.
But at the top of the page, the opening paragraphs, there was another story, which was designed to show that Ferrari, unlike many car makers, continues to be a success story. Not only is it selling cars and making a profit, but it is expanding its licensing and branding activity, through things like the Ferrari Store, under the watchful eye of Danny Behar, formerly Dietrich Mateschitz’s right hand man at Red Bull.
“Ferrari’s Board of Directors, chaired by Luca di Montezemolo, today analysed the first quarter results for 2009. Despite the current international economic climate, which has hit the automotive sector in particular, Ferrari’s figures were in line with the record levels reached in 2008. Turnover for the first three months was 441 million euro compared to 455.7 million euro over the same period in 2008.
“The first quarter closed with a trading profit of 54 million euro compared to last year’s 59 million euro.
“These results reflect the introduction of new models, in particular the success of the Ferrari California and the Scuderia Spider 16M, the constant growth in activities linked to the brand (e-commerce, licensing..)”
So while Mercedes and Toyota are announcing first quarter losses of over £1 billion, Ferrari is solidly in the black.