GTC4 Lusso is an all-new, four-seat tourer that integrates rear-wheel-steering with four-wheel-drive for the first time on display in Beijing. China remains key for the Italian super car brand.
Based on sales of ~260 cars, excluding LaFerrari, Ferrari (NYSE/MTA: RACE) posted its strongest Q1 in history with a net profit increase of 19% to €78 million. Net revenues grew 8.8% (+8.4% at constant currencies) to €675 million. All regions showed growth. This was attributed to a “strong start” of new models, namely the 488 GTB, 488 Spider and F12. At the same time, the newly spun-off company named Sergio Marchionne – CEO of FCA – as Ferrari Chairman. Marchionne replaces CEO Amedeo Felisa, effective immediately who is retiring after 26 years with the company.
This performance was largely due to a 21% increase in sales of V8 models, led by the success of the two new ones: the 488 GTB and the 488 Spider. Shipments of V12 models, however, were down 6% due to the phase out of the F, the completion of the life-cycle of the F12 Berlinetta – now in its 5th year – and LaFerrari finishing its limited series run. This was only partially offset by the introduction of the new F12tdf.
Revised Guidance
The Group is revising its guidance upwards as follows:
- Shipments: >7,900 including supercars
- Net revenues: ˜ €3 billion
- Adjusted EBITDA: ≥ €800 million
- Net Industrial debt3: ≤ €730 million
Formula 1
Scuderia Ferrari has 4 podiums in the first 4 races, with missed opportunities in each one of the 4 events to place both drivers on the podium and take the winner’s trophy. The team is “totally focused on regaining its rightful place as the standard setter in F1 racing and we look to the rest of the season with confidence.” Scuderia Ferrari has 700 podium finishes throughout its racing history.
Chinese Theme Park
As previously announced Ferrari signed a non-binding memorandum of understanding for the licensing of the design, construction and operation of a new Ferrari theme park to be located in one of the primary cities in Mainland China.
Ferrari said it is aggressively exploring the luxury goods space that extends beyond luxury performance sport cars, while expanding Scuderia Ferrari merchandising linked to its racing activities in F1.
Ferrari predicted that that the first evidence of the merchandising – Ferrari branded goods akin to its luxury performance sport car offerings – would be available to potential customers in 2017, when the company celebrates its 70th anniversary.
Financial Services
Ferrari Financial Services S.p.A. (FFS S.p.A.), an Italian indirect subsidiary of Ferrari N.V., and FCA Bank S.p.A. (FCAB) today announced that they have signed a memorandum of understanding for FCAB to acquire a majority stake in Ferrari Financial Services AG, a wholly owned subsidiary of FFS S.p.A. which provides retail and leasing financial services in certain European countries. The consummation of the transaction is subject to approvals of competition and banking regulatory authorities.
