Chrysler 2002 Annual Report Download - page 21

thanks to higher sales stimulated by tax incentives for
purchase of low-emission vehicles.
The slump in demand and aggressive marketing policies
implemented by competitors account for the contraction
in sales volumes in Brazil (-13.9% compared with 2001)
and in Poland (-20.4% with respect to 2001). However, the
annual figures were depressed by the extremely negative
performance of the market in these countries during the
first half of the year, while sales recovered strongly in the
second half, especially in Poland.
❚CNH Global revenues totaled 10,513 million euros in 2002,
down slightly from the previous year (-2.4%) due to the
negative foreign exchange effect caused by strengthening of
the euro against the dollar. Expressed in dollars, the functional
currency of this Sector, CNH revenues were up by 2.8%
principally in consequence of acquisitions. On a comparable
consolidation basis, revenues would have been largely
unchanged with respect to 2001.
Revenues in the agricultural equipment segment improved
with respect to the previous year thanks to higher sales
volumes in Latin American, Asian and Western European
markets, which benefited from strong sales of combine
harvesters.
Instead, the revenues from construction equipment continued
to suffer from the general contraction in demand, largely on
account of unfavorable market conditions in Western Europe
and North America.
❚Iveco ended the year with revenues of 9,136 million euros:
the 5.6% increase with respect to 2001 reflects the line-by-line
consolidation of Irisbus. On a comparable consolidation
basis, revenues would have been slightly lower than in the
previous year (-1.5%) thanks to improvements in the Sector’s
market share that allowed it to substantially maintain sales
volumes, notwithstanding contraction on European markets.
Iveco sold a total of about 162,000 units, an increase of
about 1% over 2001, thanks to the change in the scope
of consolidation. As regards Western Europe, gains were
realized in Italy (+12.7%) and Great Britain; conversely, sales
declined steeply in France and Germany due to unfavorable
market conditions.
❚Ferrari performed well in 2002 and generated revenues
for 1,208 million euros, representing a 14.2% increase over
the previous year due to higher sales of its Maserati models,
abrand that was reintroduced on the North American
market this year.
❚Magneti Marelli, which disposed of its Aftermarket and
Electronic Systems activities, had revenues of 3,288 million
euros (-19.3%). It would have posted a 5.9% decrease on
acomparable consolidation and exchange rate basis due
to lower sales volumes in consequence of reduced demand
in the automotive business.
❚Comau had 2,320 million euros in revenues, or 4.6% more
than in the previous year. Driven in part by a recovery in
acquired orders, this increase was attributable to North
America, while its Comau Service maintenance business
also expanded. These improvements compensated for the
decrease in European activities.
❚Teksid reported revenues of 1,539 million euros, 12.2% less
than in 2001 due to the sale of the Aluminum Business Unit
on September 30, 2002. On a comparable consolidation
basis, revenues would have been 5.3% lower than in the
previous year. The Cast Iron Business Unit suffered a
downturn due to market contraction. The improved results
reported by the Magnesium Business Unit reflected increased
use of this metal in SUV vehicles, particularly in the USA.
19 Report on Operations Analysis of the Financial Position and Operating Results
of the Fiat Group and Fiat S.p.A.
(in millions of euros) 2002 2001 Change
Net revenues 55,649 58,006 (2,357)
Cost of sales 48,619 49,854 (1,235)
Gross operating result 7,030 8,152 (1,122)
Overhead 5,782 6,149 (367)
Research and development 1,748 1,817 (69)
Operating income (expenses) (262)132 (394)
Operating result (762)318 (1,080)
Investment income (expenses) (*) (690)(149) (541)
Non-operating income (expenses) (2,503)359 (2,862)
EBIT (3,955)528 (4,483)
Financial income (expenses) (862)(1,025) 163
Income (loss) before taxes (4,817)(497) (4,320)
Income taxes (554)294 (848)
Net income (loss) before minority interest (4,263)(791) (3,472)
Fiat’s interest in net income (loss) (3,948)(445) (3,503)
(in euros)
Net loss per share (6.66)(0.84) (5.82)
(*) This item includes investment income (expenses) as well as writedowns and upward adjustments in subsidiaries and associated companies valued by the equity method.