Chrysler 1999 Annual Report Download - page 41

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vehicles (curb weight of 16 tons or more), where demand grew
by 13.8% to 233,000 units, compared with 204,700 in 1998.
Overall, Iveco sold 149,900 vehicles, or 9.6% more than in
1998. If the contribution of the joint ventures and licensees
is added, the total rises to 192,000 units, about the same
as in the previous fiscal year.
In Western Europe, the Sector shipped 119,800 vehicles, for
a gain of 7.7% over 1998. The best results were achieved in
France (+23.3%), Spain (+16.3%) and Italy (11.6%), but sales
were up in all other European countries with the exception of
Great Britain (-12.2%).
Sales to customers outside Western Europe totaled 30,100
units (25,600 in 1998). Starting with 1999, this figure includes
50% (9,000 units) of the light commercial vehicles shipped
by Naveco, a Chinese joint venture in which the Sector holds
a 50% interest.
Irisbus, a recently established joint venture owned in equal
shares with Renault, sold a total of 8,800 units in 1999.
During the year, Irisbus continued to expand its operations
and acquired a controlling interest in Ikarus, a Hungarian bus
manufacturer.
COMMERCIAL VEHICLES — IVECO
Highlights
(in millions of euros) 1999 1998 1997
Net revenues 7,387 6,649 5,850
Operating income 311 261 203
As a % of revenues 4.2 3.9 3.5
Income before minority interest 180 192 174
Cash flow 433 368 374
Capital expenditures 359 307 265
Research and development 215 200 187
Net invested capital 2,359 1,764 1,440
Number of employees 36,217 31,912 32,074
Commercial Vehicles Market (curb weight ≥3.5 tons)
99/98
(in thousands of units) 1999 1998 ∆in %
France 100.4 89.3 12.4
Germany 149.3 131.4 13.6
Great Britain 105.5 108.5 (2.8)
Italy 85.0 68.1 24.8
Spain 64.3 52.6 22.2
Western Europe 629.0 567.5 10.8
Sales Performance – Units Sold
99/98
(in thousands of units) 1999 1998 ∆in %
France 20.1 16.3 23.3
Germany 16.9 16.6 1.8
Great Britain 13.7 15.6 (12.2)
Italy 41.5 37.2 11.6
Spain 15.0 12.9 16.3
Western Europe 119.8 111.2 7.7
Rest of the world 30.1 25.6 17.6
Total units sold 149.9 136.8 9.6
Joint ventures (*) 42.1 56.5 (25.5)
Grand total 192.0 193.3 (0.7)
(*) The figure for 1998 does not include the vehicles sold by Naveco (20,600 units).
SALES PERFORMANCE
In 1999, the European market for commercial vehicles showed
the same sustained growth as in the previous fiscal year,
prolonging the expansion that started in 1994.
In Western Europe, demand for commercial vehicles with
a curb weight of 3.5 tons or more reached 629,000 units
in 1999, or 10.8% more than a year earlier.
The breakdown by country shows gains in all European
markets, with the exception of Great Britain (-2.8%).
Particularly healthy increases were recorded in Italy (+24.8%)
and Spain (+22.2%). The German and French markets also
did remarkably well, rising 13.6% and 12.4%, respectively.
An analysis by segment reveals that while the increase was
across the board, it was more pronounced for heavy-load