FERRARI BOARD OF DIRECTORS MEETING: SIX MONTHS OF CONSISTENT GROWTH

First positive effects of exclusivity-oriented volume reduction strategy: profits spiral while sales slow

Trading profit of 176 million euro (+22%)
Net profit of 116.2 million euro (+20%)
Best-ever industrial net cash position: 1,220 million
Revenues of 1,177 million euro (+7.1%)
3,767 (+ 2.8%) homologated cars delivered

Maranello, 1st August 2013 – The Ferrari Board of Directors met today under the chairmanship of Luca di Montezemolo to examine the financial results for the first six months of 2013.

During the meeting, the board highlighted the first results of Ferrari's strategic decision to reduce output: while the effect of said move on volumes will become clearer in the second half of the year, it is already being felt in smaller growth in volumes than in Q1 which are being matched by a significant increase in both trading and net profits.

On June 30th, Ferrari recorded excellent results confirmed by all of the main economic indicators: trading profit jumped by 22% (176 million euro), while net profits hit 116.2 million, a boost of 20%. Revenues rose to 1,177 million euro (+7.1%).

A total of 3,767 homologated cars were delivered to the dealership network, an increase of 2.8%, and a slower rate of growth compared to Q1. The company's industrial net cash position, however, is the best ever recorded: 1,220 million euro with very high investment into our products and a net cash flow, generated in the first half of the year, of 189 million euro.

These figures are the result of consistently successful sales right across the range. Of the 8-cylinders, the California 30 and the 458 Spider continue to achieve positive results, while in the 12-cylinder sector, sales of the FF remain consistently strong while the F12berlinetta is yielding very good results too. Its engine, in fact, won Ferrari the Best Performance Engine of the Year award for the third consecutive year after the 458's V8 double achievement (it was second this year).

The contribution made by our Atelier and Tailor Made personalisation programmes is still very significant as is that of Ferrari Classiche. The latter's renovated facilities recently hosted the restoration of several extraordinary and highly valuable cars from the world's leading collections.

Our US business continues to grow (+9%) with 1,048 homologated cars delivered (this area includes Canada). Despite Ferrari's decision to reduce sales, short-term forecasts suggest that there will be a slight increase over the next few months to avoid lengthening the waiting list to over two years.

In Europe, Great Britain has become our leading European market (+6%, 415 cars delivered), temporarily outdoing Germany which, with 388 deliveries (+1%), matches its 2012 figures. No surprises from Italy where sales continue to fall, with 116 cars delivered, a figure that accounts for just 3% of total volumes.

Growth was in double figures in the Middle East (+39%, 264 cars) and Japan which, with 172 delivers in this first six months (+28%), has returned to near pre-crisis levels.

There has been something of a slowdown in Greater China (People's Republic of China, Hong Kong and Taiwan) after years of exponential growth. Just under 350 cars were sold – 50 fewer than last year. This drop was mainly due to our decision to decrease deliveries to Hong Kong, a market which had grown strongly in recent times, and fears of a tightening up of taxes on luxury goods.

"Once again in the first six months of 2013, Ferrari has recorded excellent results. Two months ago, we took a strategic decision the effects of which will be felt more clearly over the next six months. However, that move is already beginning to make its mark," said Luca di Montezemolo. "An increase of just over 2% in volumes has been matched by 20% growth in EBIT which is and will remain our primary objective along with maintaining the exclusivity and value of our cars over time."

Data from Ferrari's Brand (Licensing, retail, e-commerce) activities remain positive. In the retail segment, the new Ferrari Store concept debuted in our Maranello store in early May and will soon be extended to the entire network worldwide. Aside from improving clients' shopping experience, the innovative design has also boosted business as revenues have risen by 50% in just two months.

Ferrari continues its rationalisation of its licencing activities. In just over a year, it has cut its licensees to 60 but results are still up 9% in the first six months of 2013.

Good news too from the online front: e-commerce has increased by 21%. Social networks have now become our main communications channel with enthusiasts and tifosi the world over, and our Facebook page now has over 12 million fans.

Finally, the huge success enjoyed by the Ferrari Museum in Maranello deserves a very special mention: the Museum has increased its visitor numbers by over 30% compared to the first six months of 2012, attracting 140,000 visitors since the start of the year.

2013 RESULTS: RECORD PROFITS, REVENUES AND NET FINANCIAL POSITION WITH FEWER CARS

REVENUES: 2.3 BILLION EURO (+ 5%)
TRADING PROFIT: 363.5 MILLION EURO (+ 8.3%)
NET PROFIT: 246 MILLION EURO (+5.4%)
INDUSTRIAL NET CASH POSITION: 1.36 BILLION EURO, THE BEST EVER
HOMOLOGATED CARS DELIVERED TO DEALERSHIPS: 6,922 (-5.4%)
RECORD DELIVERIES TO US AND UK, GOOD PERFORMANCE IN CHINA AND JAPAN RECORD RESULTS FOR BRAND-RELATED ACTIVITIES WITH REVENUES UP TO 54 MILLION EUROS (+3,6%)
BRAND FINANCE CONFIRMS FERRARI REMAINS WORLD'S MOST POWERFUL BRAND

Maranello, 18th February 2014 – Another extraordinary year for Ferrari. After 2012, its best ever year, the company decided to reduce the number of cars sold to maintain a high level of exclusivity and increasing their value over the time, improving results. The concept worked: there were reduced sales in 2013, but record turnover, profits and finances. This fact was highlighted during the meeting of the Ferrari Board of Directors held today in Maranello under the chairmanship of Luca di Montezemolo to examine the end-of-year financial results. While the number of homologated cars delivered to the network dropped to 6,922 cars (-5.4 per cent) in 2013, revenues rose by 5 per cent, eventually reaching an unprecedented 2.3 billion Euro.

End-of-year trading profits reached a record 363.5 million euro (+8.3 per cent). Ferrari also delivered net profits in excess of 246 million euro (+5.4 per cent). RoS (Return on Sales) leapt to 15.6 per cent, on a par with the very bestperforming companies in the luxury sector. The finishing touch to this very positive scenario comes from the significant investments made by Ferrari over the last 12 months, which, including Research and Development, reached an overall figure of 337 million euro (up from 324 million in 2012), almost 15 per cent of revenues. These investments were completely self-financed thanks in great part to the fact that the company's excellent cash flow has been on the increase for some time now, jumping again in 2013 and resulting in a net financial position of 1.36 billion euro, the best ever in Ferrari's history. "This is a very important result that comes as a direct consequence of the huge effort made by everyone. We wanted to maintain a high level of exclusivity, designing amazing products such as the LaFerrari, the 458 Speciale and the just launched California T, the result of significant investment in product and technological innovation." Said President Luca di Montezemolo. " We have also taken important strategic decisions relating to Brand which will make an ever increasing contribution to the success of the company. A great source of satisfaction to us all is that we have been named the world's Most Powerful Brand once again: confirmation we have succeeded in enhancing the value of this incredible brand." Today, 100 per cent of the cars are personalised, with the Tailor Made programme gaining in strength. The Classic Department is constantly increasing its activity and profitability.

The strategy regarding deliveries to the dealership network announced in the course of the year involved a planned overall reduction in volumes, but paying attention to those markets experiencing very strong demand to avoid excessively long waiting lists. One example of this is the USA where there were a record 2,035 deliveries, an increase of 9 per cent on the previous year. The UK market grew slightly and, with 677 homologated cars delivered to the network set a new record and became Europe's leading market, overtaking Germany, where deliveries stood at 652, a drop of around 100 over the previous year. Staying in Europe, sales in Italy were down once again, confirming the trend over recent years. Italy has become a marginal market for the luxury car sector: with 205 orders it now represents less than 3 per cent of Ferrari's global sales. In Greater China (People's Republic of China, Hong Kong and Taiwan) sales to end clients were good, standing at 700, allowing it to retain its position as the second largest market worldwide. Deliveries to the dealership network were down by around a quarter.

However, this was a by-product not of the market situation but Ferrari's decision to contain stock numbers. The positive trend continues in the Middle East and Africa with an increase of 8 per cent bringing to 599 the number of homologated cars delivered to the network. In the Far East, Japan performed exceptionally well once again in 2013, ending the year on 380 cars, a leap of over 20 per cent. Brand-related businesses (Retail, Licensing and E-commerce) also yielded very good results and from this year onwards will be managed by a separate company, 100 per cent owned by Ferrari and based in Maranello. Overall, operating margin in that area was up by 3.6 per cent to 54 million euro. Direct retail activities grew by 19.3 per cent on a like-for-like basis, and by 30 per cent as a result of new openings. Part of this good performance, of course, was because of the new in-store décor concept, which will be extended to upcoming projects, and to the launch of new categories of merchandise. Licensing maintains its positive impetus too, thanks to new licencing deals and the brilliant performance of our main and strategic partners, such as Puma, Hublot, Movado and Microsoft. With regard to e-commerce, growth targets set were met, recording revenues in excess of 8.4 million euros in 2013. Ferrari also enjoys an excellent online and social network presence. The official Ferrari website attracted over 40 million visitors while the brand is one of the leading lights of the global social media scene with 12.5 million fans on Facebook, up 25 per cent from 2012. On the Formula 1 sponsorship front, Ferrari signed two major deals, one with leading logistics expert, UPS and the second with eyewear company Oakley.

Aside from its logo appearing on the Scuderia drivers' helmets, the latter will also develop a new range of eyewear. Several sponsorship contracts were renewed in 2013, most specifically with Weichai Power, which is part of the Weichai Group, one of China's leading industrial corporations. In the meantime, leading London-based brand valuation experts, Brand Finance, have named Ferrari the world's Most Powerful Brand for the second consecutive year, awarding it an AAA+ rating that puts it ahead of highlyrespected and established multinational consumer companies. The brand rating not only takes into account financial metrics, such as average revenue per customer and investment, but also a complex array of other parameters, including brand affection and loyalty, client management and human resources. Lastly, it also gives us great pleasure to announce that today, on the anniversary of the birth of Enzo Ferrari, the company embraces a new challenge by taking over the management of the Museo Casa Natale Enzo Ferrari in Modena. Located in the heart of the city, the museum will complement the activities of the Ferrari Museum in Maranello which attracted a record 320,000 visitors in 2013, making it one of Italy's most popular museums.

Record bonus awarded to Ferrari employees

Maranello, 8 April 2014 – Ferrari has announced that its production bonus for employees for 2013 will amount to 4,096 euro, the highest ever awarded in the company's history.

The production bonus is in recognition of the excellent financial results achieved last year, not least of which were record profits, in addition to other parameters, such as levels of quality.

This means that, on top of the two advances of 1,000 euro each already received, Ferrari employees will find an extra 2,096 euro in their pay packets this month. For a young employee hired recently, this equates to an extra 20 per cent of his or her annual salary.

This bonus, the result of an agreement signed with the unions in 2012, is linked to a grid of operational values with the objective of sharing the company's success.

Last year, as well as the production bonus, an additional three-yearly bonus was paid out and Chairman Luca di Montezemolo has announced its extension for a further three years.

In 2013 Ferrari adopted a strategy to reduce production to under 7000 cars a year to preserve their exclusivity and value over time, and this strategy will continue this year and into 2015. Last year revenues increased by 5 per cent and trading profits rose by 8.3 per cent. These are unprecedented figures, as is the net financial position which, at the end of 2013, stood at an all-time high.