Sergio Marchionne becomes CEO of Ferrari. The FCA number one, who is already president of the Maranello company, takes over the position from Amedeo Felisa, who is leaving his post and "after 26 years of dedicated service and will continue to serve on the Ferrari board of directors with a specific mandate as technical advisor of the group”. This is what we read in a note from Ferrari.
“I have known Amedeo for over a decade – commented Marchionne – and I have had the opportunity to work closely with him over the past two years. He is undoubtedly one of the best automotive engineers in the world. Over the past 26 years, he has worked tirelessly to fuel and drive Ferrari's technical development, producing a range of cars that have set standards in terms of performance and style."
Ferrari's Board of Directors, concludes the note, "wants to officially express its gratitude to Amedeo for his contributions and is happy to be able to count on his service as technical advisor to the leadership team".
Ferrari closed the first three months of 2016 with a net profit of 78 million euros, an increase of 13 million euros (+19%) compared to the same period last year. This was communicated by the Maranello company itself, specifying that net revenues amounted to 675 million euros, with an increase of 54 million or 8,8% (+8,4% at constant exchange rates) over the year.
The increase in net revenues from the sale of Automobiles and spare parts (€52 million, +12%), attributable to the growth in volumes favored by the new 488 GTB, 488 Spider and F12tdf models and by the greater contribution generated by customizations and sponsorships, commercial and brand-related income (9 million euros, +8%), mostly attributable to the better positioning in the championship standings, was partly offset by the decrease in the Engines item (7 million euros, -11%), mainly caused by lower deliveries to Maserati, despite higher revenues generated by the supply to other Formula 1 teams.
At March 31, 2016, net industrial debt was €782 million, down from €797 million recognized at the end of 2015 thanks to industrial free cash flow generation. The latter amounted to 28 million, mainly driven by the sharp increase in cash and cash equivalents generated by operating activities, but partly offset by capital expenditure and the negative change in working capital (decrease in advances received for La Ferrari). Industrial Free Cash Flow for the first quarter of 2015 included a one-time inflow of 44 million euros, linked to the partial reimbursement by Maserati of its warehouse in China.
