What Really Drove Ferrari’s 2015 Revenues?



Ferrari’s growing revenues

As we discussed in the preceding part of this series, Ferrari (RACE) reported a 3.3% increase in its 2015 revenues. This positive growth was primarily driven by stronger shipments to the Americas and the Asia-Pacific region and by stable demand from the EMEA (Europe, the Middle East, and Africa) region.

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Stronger Americas and Europe

The company’s shipments in the Americas grew by 7% in 2015 while revenues from the region grew by 40%. This geographical market accounted for 34% of the company’s total shipments. This positive growth in these regions was primarily driven by California T sales and higher sales of the limited edition hybrid car “LaFerrari.” The strengthening US dollar also added to revenue growth from this region.

The EMEA segment, which represents 44% of Ferrari’s total shipments, witnessed a 2% YoY (year-over-year) growth in 2015. Within the region, the UK was the largest market for the company that year and saw 5% growth, while Italy grew by 15%. Higher shipments in the region were mainly driven by the demand for the 458 Speciale A and the California T models. European demand for the newly launched 488GTB (in 2015) also added to this positive growth.

We should note as well that the US is a key market for other major automakers (FXD) including General Motors Company (GM), Ford Motor Company (F), and Fiat Chrysler Automobiles (FCAU).

Growing the Asia-Pacific region

Ferrari’s shipments in the Asia-pacific region (excluding greater China) increased by 26% over the previous year. Australia was strongly positive, with 44% YoY shipment growth. Shipments to Japan also increased by 33% last year.

The California T and 458 Speciale car models that helped the company grow in Europe also contributed to Asia-Pacific growth, which can be seen as a positive factor for the company. Despite the decline in growth in China, the company was able to increase its presence in other parts of the Asia-Pacific region.

New launches in 2015

Ferrari launched the following three car models during in 2015:

  • 488 GTB supercar model with 670 horsepower V8 engine
  • 488 spider, an open supercar which is also equipped with 670 horsepower V8 engine
  • F12tdf, a limited edition supercar equipped with 780 horsepower V12 engine, whose production was limited to just 799 units—all of which, reportedly, are pre-sold

Now let’s take a look at Ferrari’s 2015 margins.


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