Paperwork is generally dull, but there are times when it is worthwhile. The recent Ferrari IPO means that the firm now has to give a lot more detail than previously and so the Q3 results that appeared yesterday provide some interest, particularly as they indicate a sum of money that come under the heading “sponsorship, commercial and brand” for the nine months to September 30. There is a note that states that this number includes the net revenues earned by the Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income”. This means that in nine months the company earned $355 million from the above. If one extrapolates that to an annual figure one arrives at $473 million. Not all of this is directly related to Formula 1, although the sport obviously drives the merchandising, licensing and royalty income, but it is fair to say that whatever the case, the company is getting an F1 programme free of charge. Small wonder the firm is happy to veto any change to that scenario.