Honda F1 website

MARCH 20, 2003

Whacking bonuses for Montezemolo and Todt

Ferrari has announced that it paid out a $19.2m bonus to chairman Luca di Montezemolo and a $3.2m payment to Jean Todt, the managing-director of the Formula 1 programme to recognise the contributions of both men to the "prestige and value" of the company.

The two payments had a major effect on the company's figures in 2002, reducing the profits to $22.9m for the profit in 2001 of $49.8m. In the same period, however, sales rose by 14% to $1.27bn.