(€ million)    2010  2009
Net revenues   1,919
Trading profit/(loss)    303
Operating profit/(loss) (*)    302
Investments in tangible and intangible assets    239
of which capitalized R&D costs    102
Total R&D expenditure (**)    148
Type-approved vehicles delivered to the network (no. of units)   6,573
No. of employees at year end    2,721
(*) Includes restructuring costs and other unusual income/(expense) (**) Includes capitalized R&D and R&D charged directly to the income statement


FerrariFerrari closed 2010 up significantly over the previous year. Although 2009 performance was not severely impacted by the crisis, Ferrari’s sales grew in 2010 and it even succeeded in beating its previous all-time record for deliveries to the network set in 2008, when market conditions were decidedly more favorable. This also translated into strong earnings, with revenues up 7.9% over 2009 and trading margin increasing to 15.8%.


Those results reflected the continuous investment in product development, with several new models launched during the year. In addition to the continued success of the Ferrari California and the ramp-up in production and sales of the 458 Italia, 2010 also saw the release of two limited edition models: the 599 GTO, for which deliveries began during the year, and the Ferrari SA Aperta. Both models achieved immediate success.


Team Ferrari returned to the top ranks of Formula 1, coming within reach of the Drivers’ Championship Title, which only eluded its grasp in the final race of an extremely close and hard-fought season. Across the Atlantic, however, Ferrari took the Constructors’ Title in the American Le Mans Series Championship.


The company further developed the internet as its primary platform for communicating with customers and enthusiasts around the world. Following launch of the Japanese language version in January, the Chinese version went live in March 2010, providing Ferrari even closer contact with customers in these key markets.


Expansion of the Ferrari Store network also continued, with new sales outlets opened in several countries, most notably in New York (Park Avenue), Johannesburg and Abu Dhabi, the largest in the world. These were accompanied by the opening of Ferrari Pit Stop in Nola (Italy), a new concept store dedicated exclusively to fans of Team Ferrari.


The result from product licensing was also strong, as collaboration with the company’s most important partners continued and in November Ferrari World Abu Dhabi was opened. This theme park, operated under license from Ferrari, offers visitors spectacular attractions, using the latest technology to tell the story and convey the unique emotion of Ferrari.


A total of 6,461 type-approved cars were sold to end customers, a 3.4% increase over 2009 (+2.7% over a total 6,293 units sold for 2009, including non-type approved vehicles of which none were sold in 2010).


This result was mainly due to the recovery in North America and excellent performance in emerging Asian markets, especially China, where the success of the 458 Italia and the California led to a sharp increase in demand.


In North America, Ferrari’s number one market in terms of volumes (26% of the worldwide total), where 1,672 vehicles were sold to end customers (+14% over 2009), the sector achieved a return to pre-crisis levels, although the overall market has yet to recover. Market trends varied in Europe, with growth in demand in Eastern European markets and consolidation in Western Europe. A total of 3,056 units were sold, representing a slight decline over 2009 (-1.4%). Italy was the best performing Western European market, with 694 units delivered (+6%), compared with modest contractions in Germany (-4% to 617 units) and the UK (-3% to 468 units). For Eastern Europe, sales were up 82% in Russia and 5% in Romania.


In the Middle East and Africa, Ferrari maintained 2009 sales levels, continuing the excellent results achieved in these markets in recent years, with a total of 476 units delivered to end customers (+1%). Sales growth in the Asia-Pacific region also continued, with a total of 1,151 vehicles delivered (+3% over 2009), driven by excellent performance in China, Australia and Singapore. In China, a key market for Ferrari, sales were up 24% to 256 units. Performance was also very strong in Hong Kong (+10% to 157 units), Australia (+19% to 137 units), Singapore (+150% to 50 units) and South Korea (+44% to 46 units). In Japan, Ferrari maintained its leadership with a 47% share of its segment, despite a decrease in vehicles sold (-18% to 411 units) reflecting difficult economic conditions.


For 2010, a total of 6,573 type-approved cars were delivered to the network, an increase of 6.1% over the previous year (+5.4% over a total 6,235 deliveries for 2009, including non-type approved vehicles).


FerrariAt the Geneva Motor Show in March, Ferrari presented the HY-Kers, a hybrid GT that benefits from eco-smart technologies developed in Formula 1 racing. Powered by two engines, one electric and the other a traditional V12, this car is a demonstration of the carmaker’s ability to combine eco-performance with pure driving pleasure. Geneva was also the venue for the debut of the Ferrari California with Start&Stop.


April saw the presentation at the Beijing Motor Show of the Ferrari 599 GTO: the highest performance street version of a vehicle ever built by the maker from Maranello. Derived from the 599, this model was produced in a limited series of just 599 vehicles, all of which had been sold prior to the public unveiling. Powered by a 12-cylinder, 6-liter engine and boasting 670 horsepower, it can accelerate from 0 to 100 in 3.35 seconds with a top speed of 335 kilometers per hour.


Ferrari was also present at the International Expo in Shanghai where millions of visitors had the opportunity to see the HY-Kers hybrid concept car.


At the Paris Motor Show, Ferrari presented the Ferrari SA Aperta: a limited edition of 80 vehicles, which were all sold almost immediately. The car was produced in celebration of the eightieth anniversary of the historic body-maker, Pininfarina. The SA Aperta is a true roadster with a front-mounted V12 engine. Boasting 670 hp, the SA Aperta embodies the sporting spirit of the 599 and the very latest in Ferrari technology.


Through Ferrari Financial Services, Ferrari also offers car financing to customers in several European countries (Germany, the United Kingdom, Switzerland, France, Belgium, Austria and Italy) and in the USA. In May 2010, the company also began offering financial services in Hungary. The new Dealer Finance business line, launched in December 2009, is currently active in the United States and through the European network in Germany, Switzerland, Belgium and the United Kingdom.


© 2011 FIAT S.p.A - P.IVA 00469580013