The results of the day-to-day running of the business confirmed
that the Group has consolidated its growth and attained
important goals, both on the markets and on the track, despite
the fact that 2003 was a year strongly influenced by the
slowdown in the world economy and the considerable drop
in the value of the dollar against the euro. The recorded
growth was even more significant given the fact that the
Group also invested heavily in the on-going development
of Maserati.
In the racing sector, the Scuderia Ferrari once again dominated
the Formula 1 World Championship, winning the World Constructors’
title for the fifth year in succession and the World Drivers’
title for the fourth consecutive season, with Michael Schumacher:
results never before achieved in the history of Formula
1.
On the commercial side of the business, 7,077 cars were
delivered to end clients by the Group in 2003 with respect
to 7,536 in 2002. Ferrari’s delivery figure was in
line with the previous year’s (4,238 as against 4,236
in 2002). Maserati’s financial year, on the other
hand, was heavily influenced by the downturn in its reference
Coupé and Spyder segments, which shrank by 10.2%
and 50% respectively in certain countries. Despite this,
however, Maserati still managed to improve its market penetration,
bringing its share of the coupé market up to 8.2%
(+2 percentage points) and its share of the spider market
up to 3.5% (+0.4 percentage points). In total, the Trident
marque sold 2,839 cars to end clients in 2003 compared to
3,300 in 2002.
With regard to the main financial and economic results
of 2003, the Ferrari Maserati Group’s consolidated
turnover reached €1,261 million, with an increase of
4.4% over 2002. The operating result was positive for €31.6
million, but lower than that of 2002 (€70.5 million),
principally due to high research and development costs and
the severe negative impact of the exchange rates which absorbed
the improvement in the price mix obtained on Ferrari models.
The Group recorded pre-tax profits of €25.9 million
with respect to €41.7 million in the previous financial
year. Net profits fell to €1.7 million, compared to
€21.6 million in 2002.
A total of €336.5 million was poured into investments,
both tangible and intangible, and into research and development,
in the course of the financial year. This was a significant
increase on the €283.4 million invested in 2002. These
funds, which represent approximately 27% of total turnover
(compared to the 23% of the previous year) are, however,
consistent with plans to develop and improve the competitiveness
of Ferrari and, most particularly, Maserati. In fact, in
terms of investment, 2003 was one of Maserati’s most
challenging years. However, considerable funds were also
invested in developing the Ferrari range over the course
of the year: the new models unveiled included, in fact,
the Ferrari Challenge Stradale and the 612 Scaglietti.
The process of renovating the production facilities at
Maranello continued with the completion of the new Product
Development Centre which will house all of the technical
offices, laboratories and support activities relating to
the car development process. The new Paintshop was also
completed and is now one of the most advanced facilities
of its kind in Europe, in terms of technologies and environmental
protection conditions. Both facilities will be fully operational
from the Spring of 2004. In-house financing of €111
million, a decrease of around €15.5 million on 2002,
was allocated to investments, giving a negative net financial
position to the tune of €40.5 million at the end of
the year.
At the end of the Board meeting, Luca di Montezemolo declared:
'2003 has been a difficult year, but surely not only for
us. We benefited from an increase in the turnover, great
success in the motor sport activities and on the worldwide
markets. Despite of the global economy’s slowdown,
Ferrari has reached sales of 4,238 units. Maserati was able
to increase its market share in a negative market trend.
The year 2004 had a positive start both in the racing and
the commercial sectors. The massive investments dedicated
to the development and to the expansion of the model range
– in particular for Maserati – allow us to look
at the future with confidence, even if the weakness of the
dollar had an impact on the Group’s net result.'
