2014 earnings

FCA released their 2014 earnings on 28 January. The full consolidated FCA accounts should be ready by end of February.
http://www.fcagroup.com/en-US/investor_relations/events_presentations/quarterly_results_presentations/FullYear2014_ResultsPresentation.pdf
See page 17.


Ferrari highlights are:
€15m severance package to LdM.
7,255 cars sold in 2014.
Revenues in 2014 of €2,762,000,000 up 18%.
Revenue per car of €380,000 (doesn't mean average sale price as includes other revenues not just car sales).
EBIT of €389,000,000 up 7%.
EBIT per car of €53,000 (doesn't mean profit per car as EBIT includes other costs and incomes such as merchandising and possibly F1, but that is a very murky world).

 

Revenues are up 18% because the Euro lost like 20% of it's value over the last year against the dollar. If you adjust for currency debasement you get 2-3% increase, which is still good for a stagnant world economy. Ferrari is going to get looted and saddled with debts from Fiat spin off. Interesting how the V12 models have the biggest % increase in sales despite Speciale release, the F12 really is that good.

 

Another sign that LdM's exit was an ugly one. €15m after his tenure and Ferrari's resultant fortunes seems like a proper kick in the pants to me.

I will be framing the letter he sent out to customers with the last edition of the magazine. A sad ending to an amazing story.

Going forward, I can't think that the land of hedge funds and quarterly earnings projections will be good for the business.