Ferrari have announced that the Board of Directors, headed by Luca di Montezemolo, met on 19 March to review the 2002 results of the Ferrari Maserati Group.

They revealed that whilst turnover and operating result were up 14% compared with 2001, profit before tax declined from 72.3 million Euros in 2001 to 41.7 million in 2002 largely as a result of an increase in extraordinary expenses of 26.6 million Euros.

These extraordinary expenses were due to tax amnesties and additional remuneration paid to Luca di Montezemolo (18.2 million Euros) and Jean Todt (3 million Euros), "in recognition of their contributions to the increased prestige and value of the company" the Ferrari announcement said.

In this last financial year, the Maserati brand has faced a number of difficult challenges, among them re-entry into the US market after an absence of some ten years. Maserati's goal is to make this market number one in terms of sales and assistance. With 3,300 cars taken delivery of in 2002, 26% by buyers in the US, Maserati reached an important threshold in establishing itself as one of the major manufacturers of GT cars.

The year-end financial position was 50.2 million Euros, compared to 172 million Euros in 2001. In June 2002, Ferrari SpA paid a dividend to shareholders of 120 million Euros, or 10.000 Euros per share.

Sales Volume
7.536 cars (4.236 Ferrari, 3.300 Maserati) compared to 6.158 cars in 2001, +22,3%

Turnover
1.208 million Euros (1.058 million Euros in 2001) +14,1%

Consolidated operating costs
70.5 million Euros (62 million Euros in 2001) +13,7%

Net result
21.6 million Euros (47 million Euros in 2001) -54%*

Net financial position
50.2 million Euros (172 million Euros in 2001)**

Self-financing
126 million Euros (135.8 million Euros in 2001) -7,2%

Investment and Research and Development
283.4 million Euros (225.3 million Euros in 2001), 23.5% of total revenues

Employees
Ferrari Maserati Group ended the fiscal year with 2.896 employees compared to 2.566 in 2001, +12.8%

*Not including the extraordinary salary burden and tax payments

**It should be noted that in 2002 dividends worth 120 million Euros were paid out to shareholders

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