Chrysler 2001 Annual Report Download - page 52

52
Commercial
Vehicles
(in millions of euros) 2001 2000 1999
Net revenues 8,650 8,611 7,387
Operating income 271 489 311
as a % of revenues 3.1 5.7 4.2
Net income (loss) before
minority interest (123) 147 180
Cash flow 287 569 433
Capital expenditures (*) 718 656 359
Research and development 215 227 215
Net invested capital 1,979 2,207 2,359
Number of employees 35,340 35,852 36,217
(*) Vehicles under long-term leases 348 306 61
Highlights
SALES PERFORMANCE
In Western Europe, demand for commercial vehicles totaled
682,700 units in 2001, about the same as in 2000, marking
the end of a growth trend that had lasted for seven years.
More specifically, shipment of light commercial vehicles
(GVW between 3.5 and 6 tons) did continue to increase, but
new registrations of medium vehicles (GVW 6.1 and 15.9 tons)
and heavy vehicles (GVW ≥16 tons) were down.
An analysis of the major European countries shows that
demand was up in France (+5.2%) and Great Britain (+4.5%),
almost unchanged in Italy and Spain, and down sharply
(-6.6%) in the important German market.
In Western Europe, new registrations of light commercial
vehicles grew by 4% to 359,000 units, with good gains
in France (+10.9%) and Great Britain (+7.4%). The other
European markets showed virtually no change from 2000.
Demand for medium vehicles decreased by 5.6% compared
with 2000, with new registrations totaling 87,400 units. The
biggest contraction occurred in Germany (-14.5%). Meanwhile,
shipments were up in Spain (+7.9%) and France (+5.8%).
With 236,300 new units registered in 2001, the market
for heavy vehicles contracted by 3.1%. Demand slumped
in Germany (-11.2%), while different trends in the other
European markets canceled each other out.
During 2001, Iveco sold a total of 160,400 vehicles
worldwide, or 2.7% less than in 2000.
When the approximately 34,300 vehicles sold by licensees
(42,700 in 2000) are added, total sales amount to 194,700
units.
In Western Europe, Iveco shipped 128,400 vehicles,
for a modest 1.9% decrease from 2000.
The main reason for this falloff was weakness in the
German market, where the Sector experienced an 11.4%
decline in unit sales, and a 14.2% drop in shipments to
Italian customers, which was due to aggressive marketing
campaigns by Iveco’s competitors.
These decreases were offset by buoyant sales in Great Britain
(+17.6%), which were made possible by an upturn in demand
for light commercial vehicles.
Iveco’s share of the Western European market for vehicles
with a GVW equal to or greater than 3.5 tons decreased
from 17.8% in 2000 to 17% in 2001. This decline was caused
primarily by a setback in the light vehicle segment, where the
Revenues by geographical
region of destination
Employees by geographical
region
050 100%
Rest of the world
Rest of Europe
Italy
Michel De Lambert,
Iveco’s Chief Executive Officer.
Iveco was created in 1975 through the merger of Italian,
French and German truck manufacturers, some of whom had
been founded before the beginning of the past century. It
later acquired companies in Switzerland, England and Spain,
becoming the first truly European group in its industry. During
the 1990s, it broadened its international presence by
establishing joint ventures and subsidiaries around the globe.
Iveco
Commercial Vehicles Market (GVW ≥3.5 tons)
(in thousands of units) 2001 2000 % change
France 123.1 117.0 5.2
Germany 140.4 150.4 (6.6)
Great Britain 118.6 113.5 4.5
Italy 94.6 94.8 (0.2)
Spain 72.8 72.4 0.6
Western Europe 682.7 681.7 0.1