(€ 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.

Sponsorship and licensing activities included major renewals, such as the Puma agreement, in addition to a new deal with the prestigious Swiss watchmaker Hublot.

Web-based promotion also continued with a steady increase of followers on social networks, such as Facebook (now with more than 5.5 million fans) and Twitter. The official Ferrari Magazine made its digital debut and is now available in browser version or as an Ipad/Android application.

A total of 7,044 cars were sold to end customers, representing a 9.2% increase over 2010.

North America remained Ferrari’s no. 1 market (accounting for 26.5% of worldwide sales), with 1,866 vehicles sold to end customers (+11.6% over 2010). In Europe, a total of 3,162 vehicles were sold, representing a 4% increase over the prior year. In Western Europe, the strongest performances for the year were the UK with 543 vehicles sold (+16%), Germany with 695 vehicles sold (+12.6%) and France with 345 vehicles sold (+8.8%). By contrast, sales in Italy contracted 15% to 586 vehicles. For Eastern Europe, the brand’s most notable gains were in Russia (sales up 16%) and the Czech Republic (up 24%).

In the Middle East and Africa, a total of 505 vehicles were sold to end customers (+6%), with particularly strong performance in the United Arab Emirates (which accounts for 41.6% of sales in the region), where sales increased 45% over the prior year to 210 vehicles. The upward trend continued in the Asia-Pacific region, with a total of 1,394 cars sold (+21% over 2010) on the back of excellent performance in China, Australia and Singapore, which more than offset a drop in volumes in Japan (-23.8% to 313 vehicles) linked to economic conditions. In China, a key market for Ferrari, sales were up 75% to 449 vehicles. Performance was also strong in Hong Kong (+19.7% to 188 vehicles), Australia (+9.5% to 150 vehicles), Singapore (+66% to 83 vehicles) and Indonesia (+65% to 43 vehicles).

A total of 7,001 type-approved cars were shipped to the network during 2011, representing a 6.5% increase over the prior year (including non-type approved cars, +9.5% to 7,195 vehicles). Volumes were higher for both 8-cylinder models (+1.6% over 2010) and 12-cylinder models (+61.6% over 2010), which reflected strong sales for the new FF.

In terms of shipments, North America remained Ferrari’s no.1 market with 1,958 vehicles shipped during the year, accounting for 27.2% of the global total (+145 vehicles compared to 2010). Performance was particularly positive in China, Hong Kong and Taiwan, where shipments were up 63% over the prior year to 777 vehicles. In Europe, the most significant gains were: Germany, with 705 vehicles shipped (+15% vs. 2010); France, with 362 vehicles shipped (+12%); and the UK, with 574 vehicles shipped (+23%).

Innovation and Products

A number of highly innovative new products were rolled out during 2011 beginning with the FF, which combines extreme performance – including application of the patented 4RM traction system capable of handling surfaces with a very low grip co-efficient – with the feel of a GT and a highly-innovative design. Another addition was the F458 Spider, which offers the performance of a true sports car with aluminum hard-top that matches the interior climate control and acoustic characteristics of a closed vehicle and is also lighter than the traditional folding soft-top. The F458 Spider is equipped with the same V8 engine as the coupé version, which was named “Best Performance Engine” at the 2011 International Engine of the Year Awards.

Ferrari has continued to invest in development of low emission technologies and now provides the High Emotion Low Emission (HELE) system on all new models.

Significant investment has also gone into research at the Scaglietti facility, a leading center for the study of aluminum and aluminum alloys whose results have enabled the company to substantially reduce the weight of its vehicles.

Financial Services

Ferrari Financial Services provides car financing to customers in several European countries (Germany, the United Kingdom, Switzerland, France, Belgium, Austria, Hungary and Italy) and in the United States. From the first quarter of 2012, F.F.S. Japan KK, a wholly-owned subsidiary of Ferrari Financial Services S.p.A. incorporated in September 2011 and located in Tokyo, will begin offering financial services in Japan.

The Dealer Finance business line, launched in December 2009, is currently active in the U.S. and throughout the European network (Germany, Switzerland, Belgium, the UK and Italy) and will extend operations to Japan in 2012.

Interactive data

© 2012 FIAT S.p.A - P.IVA 00469580013