DOCSLIB.ORG

Ferrari N.V. ANNUAL REPORT ANNUAL REPORT 2017 REPORT ANNUAL 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ferrari N.V. ANNUAL REPORT ANNUAL REPORT 2017 REPORT ANNUAL 2017 Ferrari N.V. ANNUAL REPORT ANNUAL REPORT 2017 2017 Ferrari N.V. Official Seat: Amsterdam, The Netherlands Dutch Trade Registration Number: 64060977 Administrative Offices: Via Abetone Inferiore 4 I- 41053, Maranello (MO) Italy WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 Ferrari N.V. ANNUAL REPORT 2017 Ferrari N.V. Official Seat: Amsterdam, The Netherlands Dutch Trade Registration Number: 64060977 Administrative Offices: Via Abetone Inferiore 4 I- 41053, Maranello (MO) Italy WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 TABLE OF CONTENTS BOARD REPORT Board of Directors and Auditors 4 Letter from the Chairman and Chief Executive Officer 25 Certain Defined Terms and Note on Presentation 27 Selected Financial and Other Data 29 Creating Value for Our Shareholders 31 Risk Factors 32 Overview 58 Industry Overview 60 Overview of Our Business 64 Operating Results 105 Subsequent Events and 2018 Outlook 134 Major Shareholders 135 Corporate Governance 138 Non-Financial Statement 168 Risk, Risk Management and Control Systems 193 Remuneration of Directors 200 FINANCIAL STATEMENTS Consolidated Financial Statements and Notes at December 31, 2017 Consolidated Income Statement 225 Consolidated Statement of Comprehensive Income 226 Consolidated Statement of Financial Position 227 Consolidated Statement of Cash Flows 228 Consolidated Statement of Changes in Equity 229 Notes to the Consolidated Financial Statements 230 Company Financial Statements and Notes at December 31, 2017 Income Statement / Statement of Comprehensive Income 304 Statement of Financial Position 305 Statement of Cash Flows 306 Statement of Changes in Equity 307 Notes to the Company Financial Statements 308 OTHER INFORMATION Other Information 332 Independent Auditor’s Report 334 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 ANNUAL REPORT FERRARI THE COMPANY BOARD OF DIRECTORS AND AUDITORS Board of Directors Chairman and Chief Executive Officer Sergio Marchionne “Rosso 70”, 70th Anniversary celebratory show 70th Anniversary celebrations worldwide Directors John Elkann Piero Ferrari Delphine Arnault Louis C. Camilleri Giuseppina Capaldo Eddy Cue Sergio Duca Lapo Elkann Amedeo Felisa Maria Patrizia Grieco Adam Keswick 812 Superfast GTC4Lusso Elena Zambon Independent Auditors Ernst & Young Accountants LLP Ferrari Portofino GTC4Lusso T 4 488 GTB 488 Spider WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI THE COMPANY “Rosso 70”, 70th Anniversary celebratory show 6 7 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI THE COMPANY 70th Anniversary event in New York The Silk Road tour to celebrate 70th Anniversary in China The Ferrari Festival of Speed to celebrate the 70th Anniversary in Indonesia 70th Anniversary event in UK 8 9 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI GT AND SPORTS CARS 812 Superfast 10 11 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI GT AND SPORTS CARS GTC4Lusso 12 13 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI GT AND SPORTS CARS Ferrari Portofino 14 15 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI GT AND SPORTS CARS GTC4Lusso T 16 17 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI GT AND SPORTS CARS 488 GTB 18 19 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI GT AND SPORTS CARS 488 Spider 20 21 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 FERRARI GT AND SPORTS CARS FXX K Evo 22 23 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 LETTER FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER Dear Shareholders, 2017 marked Ferrari’s 70th Anniversary. We were surprised and delighted by the enthusiasm and the extraordinary turnout, with tens of thousands of clients and fans participating in the yearlong tour of celebrations all over the world. Events were held in over 60 different countries, providing a truly vivid and unforgettable display of the brand’s power. We had one more reason to celebrate, as 2017 was another year of new fantastic models and a very good, solid financial performance. We continued our growth, offering the widest range of products ever, without compromising on our fundamental principles of exclusivity and leading technological innovation. We launched three new cars, designed to meet the requirements of very diverse clients: the 812 Superfast, our most powerful and fastest road model ever, the Ferrari Portofino, which tops our V8 GT range, and the FXX K Evo, a track-only “laboratory car” unveiled at the Finali Mondiali in Mugello. We won the International Engine of the Year award, for the second consecutive year. This is an important acknowledgement of our leading-edge technology as it is one of the most sought-after plaudits in the car industry. The award was won by the 3.9-litre V8 power unit from the 488 family, for the new benchmarks it set in the turbo engine segment. We are, of course, just as determined to create equally impressive hybrid engines for the Ferraris of the future. In 2018 we will lay the groundwork of our future strategy, which will include hybrid technology as well as new models designed to meet the needs of a GT group of customers, which have not been fully addressed yet. In doing so, we will stay true to our strong DNA, ensuring that, whichever technology we use, we will always provide our customers with a unique driving experience, as Ferrari has always done. On the financial results side, Ferrari ended 2017 with a new record. Two years on from the listing on the U.S. and Italian stock markets, we can confirm that we have not only kept our promises but in certain instance exceeded our own plans. Our adjusted EBITDA grew to over a billion euro, with a margin of 30.3%, two years ahead of the IPO business plan. To mention just a couple of key figures, in 2017, we delivered 8,398 cars, an increase of 4.8% on the previous year, while revenues rose by 10% to 3.4 billion euro. We delivered equally important results on the sustainability front in 2017. Among our many social and environmental achievements and milestones, I am particularly proud of the work we did to help our staff develop their potential, as we truly believe our employees are a vital source of innovation. In 2017 we provided our workforce with over 35,500 hours of training. That investment was rewarded by the 7,600 suggestions our production staff submitted to help us improve our products and processes. Our commitment to sustainability includes naturally a constant reduction of CO2 emission for our models. Ferrari takes its role as an active member of society extremely seriously and decided to make a particular contribution to good causes in its 70th Anniversary year. In September, we donated an exclusive LaFerrari Aperta to Save the Children. Save the Children raised 8.3 million euro, which will be used to provide access to education for thousands of the most vulnerable children across all five continents. We sealed new licensing agreements in the course of the year, something we will continue to do with great caution, as we are conscious of the importance of protecting the brand’s value. We have just started our path and there is still a lot to do. 25 WorldReginfo - 72cba146-472c-4732-b673-0bb9f9c2b6a8 ANNUAL REPORT CERTAIN DEFINED TERMS AND NOTE ON PRESENTATION Last but not least, our sports activities: we had a season with some satisfaction, but also a few regrets. On the GT Certain Defined Terms side, it proved an exceptionally rewarding year crowned by both Constructors’ and Drivers’ titles in the FIA World Endurance Championship. The Formula 1 World Championship taught us a big lesson, we were proud to return In this report, unless otherwise specified, the terms “we,” “our,” “us,” the “Group,” the “Company” and to the circuits as protagonists and with a single-seater well up to what seemed like an impossible challenge even “Ferrari” refer to Ferrari N.V., individually or together with its subsidiaries, as the context may require. References as the first grand prix approached. Unfortunately, it still was not quite enough, but we are now more determined to “Ferrari N.V.” refer to the registrant (formerly named FE New N.V.) following completion of the Separation than ever to compete in the upcoming Championship - and many more to come - without betraying the true and to the registrant’s predecessor (formerly named New Business Netherlands N.V.) prior to completion of essence of the sport. the Separation. References to “FCA” or “FCA Group” refer to Fiat Chrysler Automobiles N.V., together with its subsidiaries and its predecessor prior to the completion of the merger of Fiat S.p.A. with and into FCA on I would like to conclude by thanking you - our valued shareholders - who flanked us along the way and October 12, 2014 (at which time Fiat Investments N.V. was named Fiat Chrysler Automobiles N.V. or FCA), or spurred us to grow. We reiterate to you and all our stakeholders our commitment to living up to the Ferrari any one of them, as the context may require. References to “Fiat” refer solely to Fiat S.p.A., the predecessor of legend worldwide each and every day. FCA. References to the “Separation” refer to the series of transactions through which the Ferrari business was separated from FCA as described in the section “Overview”. See “Basis of Preparation of the Consolidated Financial Statements” below for additional information regarding February 23, 2018 the financial presentation. Sergio Marchionne Note on Presentation Chairman & Chief Executive Officer This Annual Report includes the consolidated financial statements of Ferrari N.V. as of December 31, 2017 and 2016, and for the years ended December 31, 2017, 2016 and 2015 prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“EU IFRS”) and with Part 9 of Book 2 of the Dutch Civil Code. We refer to these consolidated financial statements collectively as the “Consolidated Financial Statements.” Basis of Preparation of the Consolidated Financial Statements As explained in Note 1 to the Consolidated Financial Statements and in “Overview - History of the Company”, on October 29, 2014, Fiat Chrysler Automobiles N.V.
Load more

Recommended publications
  • Ferrari Tribute to 1000 Miglia 2019
    Ferrari Tribute to 1000 Miglia 2019 CLASSIFICA DOPO LA TAPPA 1 POS NUM S 1ºCONDUTTORE NAZ 2ºCONDUTTORE NAZ SCUDERIA cc. ANNO R COEFF. PEN.CO PEN.TOT. PUNTI DISTACCO 1532 MOZZI Giordano I BIACCA Stefania I FERRARI 458 SPIDER 2012A 1.00 275 5624 2 590 FRASCINO Luigi I OLIVIERI Luca I FERRARI 812 SUPERFAST 2018B 1.00 1086 3952 1672 3 573 FERRARI Vincenzo I SANDRUCCI Andrea I FERRARI CALIFORNIA T 2017A 1.00 926 3868 1756 4 555 WEBER Ulrich D LAIS Walter D FERRARI 488 SPIDER 2015 A 1.00 1059 3646 1978 5 510 DE JONG Johan NL DE JONG Randolf NL FERRARI SUPERAMERICA 2005C 1.00 939 3626 1998 6 540 POPP Michael D RASCHYK Johann D FERRARI CALIFORNIA 30 2013A 1.00 964 3601 2023 7 552 KUONEN Oliver CH GUNTERN Romed CH FERRARI 458 SPECIALE A 2015C 1.00 50 1098 3579 2045 8 553 POSMA Per B POSMA Olav NL FERRARI F12 TDF 2015C 1.00 1472 3574 2050 9 550 BINDER Frank MC VAN ZUIJLEN Bastiaan F FERRARI CALIFORNIA T 2015A 1.00 1245 3522 2102 10 505 SCHUMACHER Josef D KELLER Hans D FERRARI 348 CHALLENGE 1990E 1.00 1136 3459 2165 11 519 MONTINI Sandro I CAPPONI Claudio I FERRARI F430 SCUDERIA 2009C 1.00 1232 3437 2187 12 509 ZANARDI Claudio I PELLEGRINELLI Massimo I FERRARI 360 CHALLENGE 2004C 1.00 25 999 3382 2242 13 521 CHEUNG Shu Wan HK LUI Pik Siu Athena HK FERRARI 599 GTO 2010B 1.00 1062 3372 2252 14 600 SCHENK Arno CH SCHENK Matthias CH FERRARI 812 SUPERFAST 2019B 1.00 1268 3246 2378 15596 MARAZZI Stefano I AMOROSO Alessandro I FERRARI 812 SUPERFAST 2018B 1.00 1298 3245 2379 16599 NICOLI Roberto I FESTA Diana Elettra I FERRARI 458 SPECIALE 2019C 1.00 1898
    [Show full text]
  • 2017 Sustainability Report
    Ferrari N.V. SUSTAINABILITY REPORT 2017 Ferrari N.V. Official Seat: Amsterdam, The Netherlands Dutch Trade Registration Number: 64060977 Administrative Offices: Via Abetone Inferiore 4 I- 41053, Maranello (MO) Italy Ferrari N.V. SUSTAINABILITY REPORT 2017 2 Table of contents Letter from the Chairman and Chief Executive Officer 05 A 70-year journey to sustainability 09 Ferrari Group 13 About Ferrari 13 Our DNA 14 Our Values 15 Our Strategy 15 Our Business 17 Sports and GT Cars 17 Formula 1 Activities 29 Brand Activities 30 Materiality Matrix of Ferrari Group 32 Stakeholder engagement 36 Our governance 39 Sustainability Risks 43 Product Responsibility 47 Research, Innovation and Technology 47 Client Relations 53 Vehicle Safety 60 Responsible Supply Chain 63 Production process 64 Conflict minerals 67 Our people 69 Working environment 69 Training and talent development 73 Occupational Health and Safety 77 Our employees in numbers 79 Our Environmental Responsibility 85 Plants and circuits 85 Vehicles environmental impact 94 Economic value generated and distributed 103 Ferrari contributes towards the community 105 Ferrari & universities 105 Ferrari Museum Maranello & Museo Enzo Ferrari (MEF) 106 Scuderia Ferrari Club 106 Ferrari Driver Academy 108 Methodology and scope 111 GRI content index 113 Independent Auditor’s Report 124 3 Letter from the Chairman and Chief Executive Officer Dear Shareholders, 2017 marked Ferrari’s 70th Anniversary. We were surprised and delighted by the enthusiasm and the extraordinary turnout, with tens of thousands of clients and fans participating in the yearlong tour of celebrations all over the world. Events were held in over 60 different countries, providing a truly vivid and unforgettable display of the brand’s power.
    [Show full text]
  • Enzo Ferrari Ende Der 1930Er Jahre Selbstständig Machen Wollte, Suchte Er Einen Kreditgeber
    Interview mit Piero Ferrari ______________________ Als sich Enzo Ferrari Ende der 1930er Jahre selbstständig machen wollte, suchte er einen Kreditgeber. Er fand ihn im italienischen Reifenhersteller PIRELLI. Piero Pirelli, um genau zu sein. Aus Dankbarkeit für diesen 15 Milliarden Lire-Kredit, der das solide Fundament für die Entwicklung, Konstruktion und Fertigung des ersten 12-Zylinder-Ferrari-Motors unter Ingenieur Colombo und die Zukunft des Unternehmens FERRARI sein sollte, gab Enzo Ferrari wohl seinem zweitgeborenen Sohn den Namen Piero. Zweitgeborener Sohn deshalb, weil der Erstgeborene namens Alfredino - abgekürzt Dino - trotz engagierter Bemühungen seiner Mutter Laura und seines die Krankheit akribisch schriftlich dokumentierenden Vaters Enzo im Jahre 1956 an Multipler Sklerose verstarb. Beide Söhne zeigten sich dem Erbe ihres Vaters würdig. Beide waren und sind begnadete Techniker und Ingenieure, die durch ihre Konstruktion von Motoren dem Unternehmen Ferrari, Piero aber auch für das mit 42.000 verkauften Motorrädern der italienischen Marke DUCATI im Jahre 2010, dem bisher erfolgreichsten Jahr in der Firmengeschichte, für Anerkennung, mehr noch: für Furore gesorgt haben. Der Markenname DINO, für die in den 1960er Jahren gebauten Sportwagen mit dem von Dino Ferrari gezeichneten 6-Zylinder-Motoren in hoher Mindest-Stückzahl für die rennsportliche Registrierung als Formel 2-Motor, gilt als zuverlässiges und erfolgreiches Bindeglied für die seit 1969 praktizierte Erfolgsehe mit dem Unternehmen FIAT des Avocato Gianni Agnelli und seiner Ehefrau, der Marquesa Carraciolo, in Turin-Italien. Hinter vorgehaltener Hand geben Mitarbeiter von Ferrari sogar preis, Piero sei nicht nur für die Konstruktion und den Einsatz des überaus erfolgreichen Ferrari-Sportwagens 333 verantwortlich gewesen, sondern habe auch die technische Zuständigkeit in Sachen Weltmeister-Motoren von Michael Schumacher in der Formel 1 der Jahre 2000 bis 2004 zu verantworten gehabt.
    [Show full text]
  • Story of the Alfa Romeo Factory and Plants : Part 1 the Early Portello
    Story of the Alfa Romeo factory and plants: Part 1 The early Portello Factory Patrick Italiano Special thanks go to Karl Schnelle, Indianapolis, USA, for his patient proofreading and editing of the English version of this text Over the last few years, we have had to deal with large changes in Alfa Romeo-related places and buildings, as we witnessed the destruction of the old Portello factory, step by step in the late 80s, and also the de-commissioning of the much more modern Arese plant. Sad tales and silly pictures of places and people once full of pride in manufacturing the most spirited cars in the world. As reported by historians, it has long been – and still is for few – a source of pride to belong to this “workers aristocracy” at A.L.F.A.. Places recently destroyed to make place for concrete buildings now containing commercial centres or anonymous offices, places where our beloved cars were once designed, developed and built. It’s often a mix of curiosity and thrill to have the chance to look behind the scenes and see into the sanctuary. Back in 1987, when the first part of Portello was being torn down, Ben Hendricks took us on a visit to the Portello plant in Het Klaverblaadje #40. That was, as Jos Hugense coined the title 15 years later, the “beginning of the end”. Today, one can see Alfas running on the Fiat assembly lines along with Fiat Stilos and at best Lancia Thesis. These Fiat plants are no longer the places where distinguished and passionate brains try to anticipate technical trends five years into the future, thus ensuring that the new generation of Alfas keep such high company standards, as Ing.
    [Show full text]
  • %Ljmzmx¢ QSHIPPM TVSKVEQQM ` Activities, Models, Programmes
    %ljMZMX¢QSHIPPMTVSKVEQQM`Activities, models, programmes Contenuti / CONTENTS 02 09 25 Attività Sportive GT F1 Clienti Le Fasi chiave GT Sporting Activities F1 Clienti Crucial phases 06 10 26 Corso Pilota Ferrari Racing Days Il breafing e l’analisi Corso Pilota Ferrari Racing Days Briefing and analysis 07 12 29 Ferrari Challenge Finali Mondiali Luoghi e atmosfere unici Ferrari Challenge Finali Mondiali Unique places and environments 08 16 32 XX Programmes F1 Clienti In pista al massimo della potenza XX Programmes F1 Clienti On track, for the maximum performance 18 34 Titolare della Scuderia La consegna, un giorno da ricordare A real Scuderia driver Shake-down, a day to remember 21 36 Tutor d’eccezione Circuiti Exceptional tutors Circuits 3 ATTIVITÀ SPORTIVE GT / GT SPORTING ACTIVITIES Benvenuto nel mondo di Attività Sportive GT, l’ente che sovrintende Welcome to the world of GT Sporting Activities, the body that Da sempre parte della passione Ferrari. Ferrari’s deepest calling. a tutte le iniziative di pista che la Casa di Maranello rivolge ai propri oversees all track initiatives for customers of the Prancing Horse, Nel DNA di Ferrari sono da sempre insiti i concetti di passione e competizione: la Casa Passion and competition have always been in Ferrari’s DNA: the Maranello marque won its clienti, ai piloti come alle scuderie. A questo ente fanno capo i pro- both drivers and teams. The division also handles Competizioni di Maranello vinse la sua prima 24 Ore di Le Mans nel 1949 con una vettura affidata first Le Mans 24 Hours in 1949 with a car entrusted to two customers, Luigi Chinetti and getti di Competizioni GT e di Corse Clienti.
    [Show full text]
  • Template Ferrari CMD 2018
    Company Presentation Investor Meetings May 22-23, 2019 Company Presentation May 22-23, 2019 1 SAFE HARBOUR STATEMENT This document, and in particular the section entitled “Financial Overview” contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the Ferrari brand; the success of Ferrari’s Formula 1 racing team and the expenses the Group incurs for Formula 1 activities, as well as the popularity of Formula 1 more broadly; the Group’s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; Group’s ability to preserve its relationship with the automobile collector and enthusiast community; changes in client preferences
    [Show full text]
  • Maranello World Spiel Maranello Mit Das Magazin Fürferraristi Gelungenes Facelift Portofino M
    AUSGABE 4-2020 # 119 WORLD MARANELLO WORLD DAS MAGAZIN FÜR FERRARISTI MARANELLO MARANELLO MIT GROSSEM WEIHNACHTS GEWINN SPIEL Deutschland € 9,80 · Österreich € 11,50 · Schweiz CHF 15,70 · Luxemburg/Belgien € 11,80 · Italien 12,80 Deutschland € 9,80 · Österreich 11,50 Schweiz CHF 15,70 Luxemburg/Belgien FERRARI ROMA PORTOFINO M FORMEL 1 EVENTS 2020 ERSTE FAHREINDRÜCKE GELUNGENES FACELIFT 1000 GRANDS PRIX HISTORIC RACING MaranelloWorld4-20EberleinZW.indd 1 12.10.20 12:41 EDITORIAL Liebe Ferraristi, mit einem lachenden und einem weinenden Auge wird Sebastian Vettel am Ende der Saison die Scuderia Ferrari verlassen und ein neues Kapitel in seiner Motorsport-Biografie aufschlagen. 2015 war er zu Ferrari gekommen, als vierfacher Weltmeister im Red Bull Racing Team. Die Fußstapfen, in die er trat, waren dennoch riesig, denn Michael Schumacher hatte immerhin fünf Weltmeis- tertitel für die Roten geholt, Doch die Epoche Schumi lag zehn Jah- re zurück, und außerdem galten seit Einführung der 1,6-Liter-Tur- bomotoren mit zusätzlichem Elektroantrieb völlig andere Regeln. Ferrari war bei der technischen Entwicklung ganz vorne dabei und genoss einen klaren Favoritenstatus. Mit seinem ersten Sieg im zweiten Rennen für die Scuderia schürte Sebastian Vettel große Hoffnungen, doch mehr als zwei Vize-Weltmeistertitel hinter Le- wis Hamilton im überragenden Mercedes (2017 und 2018) waren für den Heppenheimer in den sechs Jahren nicht drin. In der vor- letzten Saison verschlechterte sich die Bilanz der Scuderia zuse- hends, und doch kam die Meldung von seinem Rücktritt Mitte Mai 2020 einigermaßen überraschend. Sebastian verhält sich wie ein englischer Gentleman, der mit steifer Oberlippe die letzten Grands Prix der Corona-Saison 2020 mit Anstand über die Bühne bringt und sich trotz offensichtlicher Defizite von Team und Arbeitsge- rät mit Kritik vornehm zurückhält.
    [Show full text]
  • John Elkann: Sergio Marchionne "Will Not Return" Published on Iitaly.Org (
    John Elkann: Sergio Marchionne "Will not Return" Published on iItaly.org (http://www.iitaly.org) John Elkann: Sergio Marchionne "Will not Return" Judith Harris (July 24, 2018) Sergio Marchionne's condition is "irreversible," according to the hospital in Zurich where he is in intensive care. And on July 21 Fiat Chrysler chairman, John Elkann, 42, wrote a wistful semi-obituary letter to the company's 236,000 employees, reminding them that it was Marchionne's "intellect, perseverance and leadership that saved Fiat." ROME -- The Italian component of Fiat-Chrysler [2] cars was already in crisis when Sergio Marchionne, 66, was in a university hospital in Zurich, Switzerland, on June 28, supposedly for an operation on his shoulder. But then Marchionne took a "sudden and sharp" turn for the worse, and is now unconscious on life-support; some here whisper the real cause is cancer, but no official statement has yet come. He last appeared in public on June 26 in Italy, two days before hospitalization. Although TV news footage from that day shows Marchionne weak and with apparent trouble Page 1 of 3 John Elkann: Sergio Marchionne "Will not Return" Published on iItaly.org (http://www.iitaly.org) breathing, some Italian press accounts say that the situation "precipitated almost without warning" while others spoke of an "unspecified aggressively infectious disease" only recently diagnosed. Whatever the cause, no improvement will come, for his condition is "irreversible," according to the hospital; and on July 21 Fiat Chrysler chairman, John Elkann, 42, wrote a wistful semi-obituary letter to the company's 236,000 employees, reminding them that it was Marchionne's "intellect, perseverance and leadership that saved Fiat." Marchionne, born in Italy but raised in Canada, took over the then failing 119-year-old Fiat company [3] in 2004.
    [Show full text]
  • Party of the Year
    SOCIAL SAFARI | by R. COURI HAY Ariana Madonna @ Rockefeller, Raising Malawi Hannah Selleck and Georgina Bloomberg @ NY Botanical Garden Winter Wonderland Ball Event planner Harriette Rose Katz @ Animal Ashram Anne Hathaway @ NY Botanical Prince Pavlos, Garden Princess Marie- Winter Chantal and Wonderland Princess Olym- Bal pia of Greece and Denmark graced Gstaad Board Members Audrey and Martin Gruss @ Lincoln Center Fund Gala, Georgina Chapman honoring Carolina Herrera hosted a dinner in Gstaad PARTYGstaad,Valentino, Georgina OF Chapman, THE Botanical Garden, CarolinaYEAR Herrera, Karolína Wilbur Ross, Madonna & Animal Ashram Kurková @ Raising Malawi TEARS OF A CLOWN artwork by Damien Hirst, Ai Weiwei, Julian Schnabel, Cindy Sher- If parties could win an Oscar, then Madonna’s Raising Malawi baccha- man, Richard Prince, Steven Meisel and a piece by Tracey Emin, nal would take home top honors for 2016. It was a night of a hundred who beamed from the audience when it sold for $550,000. Karolína stars including Leonardo DiCaprio, Adriana Lima, A-Rod, Donna Kurková sold a diamond snake by Bulgari to Prince Alexander von Karan, Len Blavatnik, Jeremy Scott, Natasha Poly, Alexander Gilkes, Furstenberg for $180,000, but only afer she ofered to lick the serpent. P. Diddy, Calvin Klein, Ron Burkle and David Blaine, who smirked Ooh la la! When a Fiat 500 came on the block, she slapped Agnelli as he swallowed a broken wineglass. Tey all played a role in this night heir Lapo Elkann, saying, “Tis car has been arrested along with its of fun, performance
    [Show full text]
  • Part 573 Safety Recall Report 19V-090
    OMB Control No.: 2127-0004 Part 573 Safety Recall Report 19V-090 Manufacturer Name : Ferrari North America, Inc. Submission Date : JUN 17, 2019 NHTSA Recall No. : 19V-090 Manufacturer Recall No. : 69 Manufacturer Information : Population : Manufacturer Name : Ferrari North America, Inc. Number of potentially involved : 2,150 Address : 250 Sylvan Avenue Estimated percentage with defect : 100 % Englewood Cliffs NJ 07632-2500 Company phone : 1800-999-9999 Vehicle Information : Vehicle 1 : 2018-2019 Ferrari 488 GTB Vehicle Type : LIGHT VEHICLES Body Style : 2-DOOR Power Train : GAS Descriptive Information : All vehicles in the production range. Production Dates : OCT 31, 2017 - OCT 11, 2018 VIN Range 1 : Begin : ZFF79ALAXJ0231425 End : ZFF79ALA7K0240861 Not sequential Vehicle 2 : 2018-2019 Ferrari 488 Spider Vehicle Type : LIGHT VEHICLES Body Style : 2-DOOR Power Train : GAS Descriptive Information : All vehicles in the production range. Production Dates : OCT 31, 2017 - OCT 22, 2018 VIN Range 1 : Begin : ZFF80AMA1J0231665 End : ZFF80AMA4K0240880 Not sequential Vehicle 3 : 2019-2019 Ferrari 488 Pista Vehicle Type : LIGHT VEHICLES Body Style : 2-DOOR Power Train : GAS Descriptive Information : All vehicles in the production range. Production Dates : JUL 23, 2018 - OCT 19, 2018 VIN Range 1 : Begin : ZFF90HLA0K0239417 End : ZFF90HLA8K0241447 Not sequential Vehicle 4 : 2017-2017 Ferrari LaFerrari Aperta Vehicle Type : LIGHT VEHICLES Body Style : 2-DOOR Power Train : GAS The information contained in this report was submitted pursuant to 49 CFR §573 Part 573 Safety Recall Report 19V-090 Page 2 Descriptive Information : All vehicles in the production range. Production Dates : OCT 31, 2017 - DEC 05, 2017 VIN Range 1 : Begin : ZFF86ZHA7H0231364 End : ZFF86ZHA0H0232856 Not sequential Vehicle 5 : 2018-2019 Ferrari GTC4Lusso Vehicle Type : LIGHT VEHICLES Body Style : 2-DOOR Power Train : GAS Descriptive Information : All vehicles in the production range.
    [Show full text]
  • Bernard Arnault, 70, There Are Three Men Whose Assets Are Worth More Than Is a Self-Made Man
    Bernard Arnault, 70, There are three men whose assets are worth more than is a self-made man. 100 billion dollars: the Americans, Jeff Bezos and Bill Gates, and for some days now, the Frenchman, Bernard Arnault, Chairman of LVMH. Thanks to a surge in the ac- tions of his luxury multinational, Mr. Arnault has just re- cently surpassed 100 billion. This is what has been re- vealed by the Bloomberg Billionaires Index, which ranks the fortunes of billionaires in real time once they have been listed on the stock exchange. Bernard Arnault and his wife Hélène Mercier. 2019 has been quite a phenomenal year for Mr. Arnault. In just six months his net worth has increased almost by USD$ 32 billion. At 70 years of age, he be- comes the first Frenchman in history to enter the ranks of centibillionaires with a sum that is equivalent to 3 per cent of France’s GDP (the performances of Francois Pinault, the head of Kering, and Francois Bettencourt Meyers, heiress of the L’Oréal group, have also been quite outstanding). “I really admire Apple. I use an iPhone myself,” said Mr. Arnault during one of his rare interviews a few years ago on the American television channel, CNBC. He adds, “but in twenty years’ time, is it guaranteed that people will still be us- ing an iPhone? Not really. On the other hand, I can assure you that they will still be drinking Dom Pérignon champagne.” Delphine Arnault executive vice president of Louis Vuitton Such staying power is the cornerstone of LVMH’s suc- cess.
    [Show full text]
  • 2020 ANNUAL REPORT Passionate About Creativity
    2020 ANNUAL REPORT Passionate about creativity Passionate about creativity THE LVMH SPIRIT Louis Vuitton and Moët Hennessy merged in 1987, creating the LVMH Group. From the outset, Bernard Arnault gave the Group a clear vision: to become the world leader in luxury, with a philosophy summed up in its motto, “Passionate about creativity”. Today, the LVMH Group comprises 75 exceptional Maisons, each of which creates products that embody unique craftsmanship, carefully preserved heritage and resolute modernity. Through their creations, the Maisons are the ambassadors of a refined, contemporary art de vivre. LVMH nurtures a family spirit underpinned by an unwavering long-term corporate vision. The Group’s vocation is to ensure the development of each of its Maisons while respecting their identity and their autonomy, by providing all the resources they need to design, produce and distribute their creations through carefully selected channels. Our Group and Maisons put heart and soul into everything they do. Our core identity is based on the fundamental values that run through our entire Group and are shared by all of us. These values drive our Maisons’ performance and ensure their longevity, while keeping them attuned to the spirit of the times and connected to society. Since its inception, the Group has made sustainable development one of its strategic priorities. Today, this policy provides a powerful response to the issues of corporate ethical responsibility in general, as well as the role a group like LVMH should play within French society and internationally. Our philosophy: Passionate about creativity THE VALUES OF A DEEPLY COMMITTED GROUP Being creative and innovative Creativity and innovation are part of LVMH’s DNA; throughout the years, they have been the keys to our Maisons’ success and the basis of their solid reputations.
    [Show full text]