Ferrari's net profit for FY 2015 amounted to Euro 290M (PhP 15.5B)
Ferrari announced that its shipments totaled to 7,664 units in 2015, a six-percent increase from the previous year.
The Italian automaker said that the company's performance was driven by a 17-percent increase in sales of its 8 cylinder models (V8), led by the California T, the 458 Speciale A and the 488 GTB. On the other hand, shipments of the 12 cylinder models (V12) were down by 24-percent.
Ferrari also reported that Europe, Middle East and Africa (EMEA) as well as the Americas and the rest of Asia Pacific (APAC) experienced sound year-on-year growth of 2-percent, 7-percent and 26-percent respectively.
The company added that the adjusted EBIT (Earnings Before Interest & Tax) was Euro 473 million (around PhP 25.2 billion), up 17-percent from FY 2014. This was due to the higher volumes for the California T, 458 Speciale A, 488 GTB and a positive margin contribution from Ferrari's personalization programs.
The increase was also supported by a positive foreign exchange contribution of Euro 41 million (around PhP 2.2 billion), mainly due to the U.S. dollar and Great Britain pound appreciation and partially offset by the Japanese yen.
The mix effect had a slightly negative contribution of Euro 6 million (PhP 320 million) due to the higher proportion of V8 versus V12 in FY 2015 compared to FY 2014. Selling, general and administrative costs grew by Euro 15 million (PhP 799 million) due to our continued focus on directly operated retail stores, corporate costs and Formula One racing activities. Research and development costs and industrial costs increased by Euro 3 million (PhP 160 million) attributable to the 2016 development of the power unit for F1 racing activity.
As a result of the items described above, Ferrari claims that the company's net profit for FY 2015 was Euro 290 million (PhP 15.5 billion), up 9-percent.