Ferrari posted its best ever fiscal year (FY) in 2015 after it announced last week its consolidated net revenues and preliminary results for the fourth quarter and twelve months ending December 31, 2015.
According to the statement, Ferrari shipments totaled 7,664 units in 2015, up 6.0 percent from the previous year. This performance was driven by a 17-percent increase in sales of its eight-cylinder (V8) models led by the California T, 458 Speciale A and the newly-launched 488 GTB. Shipments of the 12-cylinder models (V12) were down 24 percent as the F12berlinetta and the FF are respectively in their fourth and fifth year of commercialization, and the F12tdf shipments started in December 2015.
Europe, Middle East and Africa (EMEA), the Americas and the rest of the Asia-Pacific experienced sound year-on-year growth of 2.0 percent, 7.0 percent and 26 percent respectively. Greater China contracted by 10 percent year-on-year, but showed a 7.0-percent upturn for the three months ending December 31, 2015, thanks to the introduction of the 488 GTB.
Net revenues for FY 2015 were 2.854 billion euros, an increase of 92 million euros or 3 percent from FY 2014.
Adjusted earnings before interest and taxes was 473 million euros, up 69 million euros or 17 percent from FY 2014. This was the effect of higher volumes for the California T, 458 Speciale A and the newly-launched 488 GTB, and a positive margin contribution from personalization programs. The increase was also supported by a positive foreign exchange contribution of 41 million euros, mainly from dollar and pound appreciating and partially offset by Japanese yen. The mix effect had a slightly negative contribution of 6 million euros because of the higher proportion of V8 versus V12 in FY 2015 compared to FY 2014. Selling, general and administrative costs grew by 15 million euros because of continued focus on directly-operated retail stores, corporate costs and Formula One racing activities. Research and development costs and industrial costs increased by 3 million euros attributable to the 2016 development of the power unit for F1 racing activity partially offset by a lower R&D on road cars (primarily R&D and product D&A of 458 family) and efficiencies on production costs.
As a result, Ferrari’s net profit for FY 2015 was 290 million euros, up 25 million euros or 9 percent.