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    Ferrari to spin off Maserati for IPO

    TURIN -- Hoping to improve its balance sheet, sports car maker Ferrari is expected to approve Monday the spin-off of its loss-making Maserati luxury sports car subsidiary to Fiat group.

    The move is seen as a preliminary step toward an initial public offering of Ferrari shares later this spring.

    Ferrari's IPO has been rumored for years, but chronic losses at Maserati have forced a delay in the company's plans to go public.

    Fiat group controls 56 percent of Ferrari S.p.A., which in turn owns 100 percent of Maserati.

    Terms of the planned sale aren't available, but Fiat group is expected to pay Ferrari in cash for Maserati.

    Ferrari originally paid 15.4 million euros for Maserati when it bought the company from Fiat in a transaction completed in November, 1999.

    Maserati had been in the red since Fiat bought it from Alejandro De Tomaso in January, 1990.

    In 2004, Ferrari-Maserati production surpassed 9,500 units, boosting revenues to 1.5 billion euros. That was up almost 20 percent from 1.26 billion euros in 2003.

    Ferrari-Maserati lost 57 million euros in the first nine months of 2004, mainly due to the strong euro and heavy investments in Maserati. The combined company hopes to break even for the full year 2004. In 2003, it reported a 32 million euro operating profit.

    Though Ferrari doesn't break out Maserati results, it is clear that, without Maserati, Ferrari would show a substantial profit.

    For Ferrari, 2004 was a record in terms of production: It built more than 4,900 units, up from a 1992 record production of more than 4,400.

    Maserati production rose almost 60 percent to 4,600 units, a level which doesn't allow it to break event yet. The company made substantial investments to launch two new models last year, the new Quattroporte sporty sedan and the MC12 limited-edition supercar.

    By Luca Ciferri
    Automotive News Europe / January 31, 2005

    Re: Ferrari to spin off Maserati for IPO

    Wow... does this mean Ferrari will no longer design the bits that make up Maseratis?

    Re: Ferrari to spin off Maserati for IPO

    ultra interesting and hot info, ron! thanks!

    but i don't know what to think about it...

    this will definitely not help current maser sales and customer loyality. and it's another loss making brand for fiat (hello lancia!) -- but probably FIAT has no other chance than to sale the crown jewels as soon as possible. and now the bride gets dressed up.

    what worries me most:
    for a listed company, it's all about growth. but without maser, the only chance for ferrari to grow is a) increase merchandise and b) increase car production...


    i hope that maser and ferrari will stay together, FIAT recapitalisation will work out in some other way and the ferrari IPO is still some years away... if at all.

    Re: Ferrari to spin off Maserati for IPO

    Hi Guys,

    Although I am a Porsche GT3 driver, I am deeply interested in Ferraris. Also, consider I work in Italy with the Corporate Finance group of a famous consultancy... so a Ferrari's IPO is the hottest matter to me, and I think now it is the right time for such an event.

    Indeed, in addition to the (probable) ongoing Maserati's spin-off, the leading italian car magazine ("Quattroruote") stated that Ferrari will launch an entry-level model (codenamed "Dino") by 2006. It should be based mainly on Maserati GT's beef, but Ferrari's HQ do not comment on that. If true, that would be the classical "development path" move within a valueble, IPO-suited Business Plan... we will see.

    It would be nice to understand the asset allocation (production facilities) between ferrari and Maserati, also in the "Dino" project view.

    I'll keep you informed if anything relevant happens.

    Ale

    Re: Ferrari to spin off Maserati for IPO

    The "Dino" strategy sounds like what Porsche did with the Boxster back in the late 90's.

    Re: Ferrari to spin off Maserati for IPO

    Quote:
    Nuvolari 35 said:
    Hi Guys,

    Indeed, in addition to the (probable) ongoing Maserati's spin-off, the leading italian car magazine ("Quattroruote") stated that Ferrari will launch an entry-level model (codenamed "Dino") by 2006. It should be based mainly on Maserati GT's beef, but Ferrari's HQ do not comment on that. If true, that would be the classical "development path" move within a valueble, IPO-suited Business Plan... we will see.



    I knew farina had something up his sleeves .

    Re: Ferrari to spin off Maserati for IPO

    The Dino should be a small mid-engined car (like the 206 and 246), not based on the heavy Maser front-engined car...

    Re: Ferrari to spin off Maserati for IPO

    With an "independent" Ferrari- how long before the " Dino " line of SUV, 4 door sedan, entry level roadster come to pay the R&D bills ?

     
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