After Ferrari experienced a record profit for the first quarter the economic crisis and tightening credit markets put a stopper on the car business and halted what was supposed to be a good and profitable year.
Although there were rumors of hard times at Ferrari, the company's ledger sheet doesn't at all lookbleak with 17.6 percent return on sales which means a 1.6 percent increase from 2007 a significant result with the car business' problems in consideration.
This is attributed by Ferrari to cost-cutting measures, wide range of cars and fairly strong sales.
Total income in 2008 came in at 1.921 Billion Euros ($2.49 billion), which is a 15.2 percent increase from 2007 and was brought about by the successful sale of the 430 Scuderia and a strong showing from the 599 GTB Fiorano and 612 Scaglietti. The total number of units sold was 6,587, a figure 2 percent higher than in 2007 which represents 122 more cars.
The largest volume of Ferrari sales is from North America with 1,700 units in total. The brand's non-car related activities rose by 28 percent due to the latest one to one personalization program for 12-cylinder models which also added to the total figures.
E-Commerce rose 65 percent in revenues over 2007. Ferrari won a constructor's title as the icing on the achievement cake. With the new season just over the horizon only the latest Toro Roos and Force India are left to be unveiled.
In all of these Montezemolo is both pleased and cautious as he foresees 2009 is going to be a rough year for everyone.