Posted on January 27, 2016.
The fourth quarter financial results for Ferrari have been announced, the first results as a public company following its October initial share sale. These results were part of the overall Fiat Chrysler announcement.
Ferrari NV reported a one-third drop in net profit in the fourth quarter. Net profit fell 34% to €55 million in the three months ended Dec. 31, compared with €84 million in the year earlier period. Sales rose 3.1% to €685 million.
Adjusted operating profit, which strips out one-time items, fell 5.2% to €109 million.
But all this was annotated with a note which suggested that these results were heavily affected by the separation from Fiat Chrysler and that Ferrari would issue its own set of accounts in February.
The annotation said: “Ferrari will separately report its Q4 and full year 2015 financial results prepared in accordance with International Financial Reporting Standards (IFRS) after those results have been approved by Ferrari’s Board of Directors at a meeting which is scheduled for February 2, 2016. The financial information regarding Ferrari which was reported by FCA is not necessarily consistent with the results that will be reported by Ferrari as the FCA reported results reflect internal FCA allocations and eliminations between the FCA Group and the Ferrari Group that will not be applied by Ferrari in presenting its stand-alone results.”
In other words, we will have to wait to see the ‘proper’ results for Ferrari.
