THE FIAT GROUP IN

70
Luca Cordero di Montezemolo,
Ferrari’s Chairman and Chief Executive Officer.
The Ferrari Racing Team was founded in Modena in 1929.
In 1969, Enzo Ferrari sold a 50% interest in his company
to the Fiat Group, which increased its ownership to 90% in
1988. In 1997, Ferrari purchased a 50% interest in Maserati,
buying outright control in 1999.
OPERATING PERFORMANCE
The manufacturing and marketing operations of the
Ferrari/Maserati Group had a record year in 2001. The
same was also true for its racing team.
Sales to end customers totaled 6,158 cars (6,040 in 2000), of
which 4,289 were made by Ferrari (4,070 in 2000) and 1,869
were manufactured by Maserati (1,970 in 2000). For Ferrari,
2001 unit sales were up for the eighth consecutive year.
A breakdown of cars shipped under the Ferrari brand shows
a gain of 10% in the United States, which at 1,206 units was
again the company’s largest market. European customers
purchased 2,440 cars, or 6% more than in 2000. At 651 units
(+6%), Germany was Ferrari’s largest European market and
second in the world, followed by Great Britain at 501 units
(+9%). Italian customers purchased 490 units (+18%).
Several of the Sector’s cars — the 550 Barchetta Pininfarina,
the 360 Modena, the 360 Spider and the 456M — were
honored with numerous international awards in 2001. Ferrari
set a special record in 2001 with its limited edition 550
Barchetta Pininfarina: For the first time in the company’s
history, a new model was approved, manufactured and
delivered to its 448 buyers in a single year, with orders for
the entire run booked before production began.
In 2001, Maserati sold 1,779 units of its 3200 GT, Spyder
and Quattroporte Evoluzione models. This is a satisfactory
result considering that it was achieved during the runout
Ferrari and Maserati
Highlights
(in millions of euros) 2001 2000 1999
Net revenues 1,058 893 758
Operating income 62 45 24
as a % of revenues 5.9 5.0 3.1
Net income before minority interest 47 7 6
Cash flow 123 71 53
Capital expenditures 125 52 63
Research and development 81 63 55
Net invested capital 122 113 185
Number of employees 2,566 2,341 2,282
Ferrari S.p.A. – car sales by
geographical region
Maserati S.p.A. – car sales by
geographical region
0 50 100%
Italy Rest of Europe
United States Rest of the world
phase of the 3200 GT and while the Quattroporte Evoluzione
was being phased out (production ended in April 2001).
Maserati’s biggest markets are Germany (426 units,
unchanged from 2000), Great Britain (355 units, +18%) and
Italy (272 units, -9%). Sales were also up strongly in Japan.
Ferrari 360 Modena.