What's the news?
Ferrari is reporting a record-breaking second quarter in terms of finances, in what looks like it will be a bumper year for the Italian supercar company.
Chief driver of this success is that the company has sold more units in the three months from April-June this year, compared to the same period in 2015. That equates to 2,214 Ferraris sold worldwide, an eight per cent increase of 155 units.
The V8 models, driven by the 488 GTB and the Spider, saw sales up by 16 per cent, although the V12s were down 22 per cent due to the retirement of the FF, the end of the LaFerrari limited series run and the F12 Berlinetta being in its fifth year of production. Although the ferocious F12tdf was responsible for a partial offset of this declining V12 trend...
Net revenues were also up 5.9 per cent (€45 million) to a total of €811m compared to Q2 2015, thanks in the main to higher revenues in cars and spare parts (€589m, up two per cent). That meant that earnings before interest and taxes stood at €156m, with a net profit of €104m (+35 per cent) and net industrial debt reduced from the March 2016 figure, now standing at €763m.
Anything else?
On the side of the business concerned with Formula 1, there was more good news. There was a 24 per cent increase in engines (€71m) for the quarter, attributable to higher rental revenues from other F1 teams, while the team's better championship ranking, higher sponsorship revenues and positive contribution from brand-related activities saw the purse swell by 14 per cent to €117m for Q2.