FERRARI SHAREHOLDERS’ MEETING APPROVES RECORD BALANCE SHEET RESULTS

  • FERRARI SHAREHOLDERS’ MEETING APPROVES RECORD BALANCE SHEET RESULTS
  • BOARD OF DIRECTORS APPOINTED FOR 2014-2016 PERIOD
  • LUCA DI MONTEZEMOLO CONFIRMED AS CHAIRMAN AND AMEDEO FELISA CONFIRMED AS CEO

Maranello, 24th March 2014 – The Ferrari Shareholders’ Meeting took place today under the chairmanship of Luca di Montezemolo.

The Meeting approved the 2013 balance sheet which saw the company achieve record results in terms of revenues, profits and its financial position despite having purposely reduced sales.

As anticipated over the last few weeks, Ferrari’s strategy of keeping down the number of cars it builds to preserve their exclusivity and value over time, has yielded excellent results. Even though sales fell by 5.4% (6,922 cars delivered to network), revenues still rose to 2.3 billion euro (+ 5%), trading profit jumped to 363.5 million euro (+ 8.3%) and net profits hit 246 million euro (+5.4%). These are all absolutely unprecedented figures as is the positive net industrial financial position which, at the end of 2013, stood at an all-time high of 1.36 billion euro.

Also part of the agenda was the appointment of the Board of Directors for the  three-year period 2014-2016. The Meeting confirmed current incumbents Luca di Montezemolo, Piero Ferrari, Amedeo Felisa, Al Mubarak Khaldoon Khalifa, Alfredo Altavilla, Eduardo Humberto Cue, Sergio Marchionne, Richard Palmer and Marco Piccinini. These will now also be joined by new members Harald J. Wester, Scott Garberding, Antonio Picca Piccon and Giorgio Fossati.

Retiring from the Board are Gianni Coda, Sir Christopher Gent, Paolo Monferino and Lindsay Owen Jones to whom Chairman Montezemolo, expressed heartfelt thanks for their contribution and many years of loyal service, also on behalf of the other Members.

Following the Shareholders’ Meeting, the new Board of Directors met and confirmed Luca di Montezemolo as Chairman, Piero Ferrari as Vice Chairman and Amedeo Felisa as CEO, and assigned them their various proxies.

A new Board of Statutory Auditors has been appointed. The members are: Ignazio Carbone (regular audior and Chariman), Paolo Piccatti and Piergiorgio Re (regular auditors) and, as alternate auditors, Giorgio Cavalitto and Paolo Claretta Assandri.

 

A LESSON BY MONTEZEMOLO

Maranello, 21 March – There was a lesson with a really special teacher today for 80 students of the Liceo Economico Sociale ‘Margherita di Savoia’ in Rome’s popular Appio – San Giovanni district.

Taking on the role of teacher to speak about ‘Youth and enterprise’ was Luca di Montezemolo, who left behind his responsibilities at Ferrari for one morning to meet the students. There was little formality but plenty of substance in the words of the Ferrari President, who wanted to tell the young people all about his personal and professional experiences. He dwelt over his years of study and the importance of school, underlining how crucial a stable education is for any kind of professional expertise. Another key word used today was merit: the best have to be able to make progress.

Montezemolo also spoke of what it’s like to be at Ferrari, talking about Formula Uomo, the programme that keeps people and their needs first, which has contributed to make the company the best place to work in Europe.

There were many questions from the students: from one who asked how you build a Ferrari to another who found out about the presence of work psychologists in the factory, to Formula 1 to name but a few… it was a genuine torrent of queries from which Montezemolo did not shy away. The meeting ended with a short session of autographing the caps which had been given to the youngsters before an invitation from Montezemolo: ‘Look forward to seeing you at Maranello…”

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