Chrysler 2000 Annual Report Download - page 70

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Report on Operations – Aviation
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FiatAvio, an innovative company on the cutting edge of
technology, is a contributor in prestigious international
aeronautical and space programs, participating in every
phase of the product development cycle with special emphasis
on customer satisfaction.
Revenues by business unit
Aviation
Engine Overhaul
Gas Turbines
Space
Automation electronics
5%
18%
17%
59%
1%
Production facilities and R&D centers
French
Italy Guiana Total
Production facilities 8 2 10
R&D centers 8 – 8
Operating income grew to 143 million euros (9.6% of
revenues), compared with 109 million euros (8% of revenues)
in 1999, due in part to a favorable dollar/euro exchange rate
and the positive impact of programs designed to reduce costs
and improve operating efficiency.
Additions to fixed assets totaled 36 million euros, while
depreciation and amortization amounted to 51 million euros
and 39 million euros, respectively.
Net income grew to 83 million euros, compared with 61
million euros in 1999.
Cash flow improved to 173 million euros, up from 145
million euros in 1999.
Engine Overhaul Division. It also reengineered its
manufacturing operations, seeking to improve its competitive
position and increase their profitability.
The Space Business Unit continued its involvement in the
Ariane 5 program, contributing to four successful launches.
In order to accommodate the expected increase in launches,
the Sector signed a contract for the expansion of the facilities
where the boosters are manufactured.
In the area of liquid-fuel propulsion systems for satellites, work
continued on the SICRAL, an Italian military satellite that will
power a new three-frequency telecommunications network
linking airborne, land-based and vessel-based terminals.
FiatAvio is responsible for the launcher’s liquid-fuel propulsion
system and for the launch services.
In December, the countries that joined the ESA signed an
agreement for the development of the VEGA launcher, which
will be used to put small satellites into orbit. The contract
for this system will be managed by E.L.V. S.p.A., a newly
established company owned by FiatAvio (70%) and the Italian
Space Agency (30%). One of the highlights of the year was
the development of the Zefiro 16 engine, which will power
the first stage of the launcher. The Zefiro 16 was test-fired
successfully in December.
RESULTS FOR THE YEAR
In 2000, the Sector had revenues of 1,491 million euros,
or 9.6% more than in the previous fiscal year (+5.8% on
a comparable consolidation and foreign exchange basis).
Overhaul of commercial aircraft engines.