Chrysler 2002 Annual Report Download - page 54

Operating performance
In spite of the challenging and uncertain economic
environment, Ferrari’s performance in 2002 was better than in
2001, which had already been an excellent year in commercial
and sporting terms.
The Sector’s racing activities achieved victories in both the
Constructors’ Championship and the Drivers’ World
Championship earlier in the season than last year, winning
15 out of 17 Grand Prix, and both Ferrari drivers stepped on
to the winner’s podium nine times. Reliability and consistency
of performance, even on widely different tracks in terms of
characteristics and weather conditions, were the key to Ferrari’s
control over a challenging season against the teams fielded
by the world’s most renowned and respected constructors.
Excellence in Industrial Operations was confirmed with the
launch of the limited series car named after Enzo Ferrari.
The model is meant to be the symbol of the most advanced
technology while still complying with the necessary usability
requirements of a road car. All available 399 Enzo Ferrari
models were ordered at the time of its presentation at the
Paris Motor Show.
During the year, the 575M Maranello 12 cylinder model
was introduced as the successor to the 550 Maranello; it
is characterized by yet more extreme performance, though
coupled with a high level of comfort.
For Maserati, 2002 was the year of the important return to the US
market after an absence of more than ten years, and immediately
making it the foremost sales and assistance area in the world.
The success of the Maserati Coupé, launched in January
2002 and enthusiastically received both by the media and
by customers, confirms the ability to offer innovative cars
whose performance and quality surpass the competition.
The commercial targets achieved and the creation of a
motivated, cohesive team operating in a people-first work
environment have taken Maserati to the first place in the list
of best companies to work for, prepared by Il Sole 24 Ore, an
Italian newspaper.
A final noteworthy item is the presentation of the new Maserati
racing team and the Trofeo version of the Maserati Coupé for
the 2003 single-marque championship, which will see Maserati’s
return to the tracks.
Sales to end customers totaled 7,536 cars (6,158 in 2001, +22%),
of which 4,236 were built by Ferrari (consistent with 2001) and
3,300 by Maserati (1,869 in 2001, +77%).
A breakdown of cars shipped under the Ferrari brand confirms
that the United States is the main market with 1,206 units (in line
with 2001). European customers purchased 2,442 cars. Germany
confirmed its position as the largest European market and
second in the world (683 units, +5%). Italian customers
purchased 518 units (+6%).
In 2002, Maserati shipped 3,567 units, doubling the volumes
of the previous year.
The most important markets were the United States (1,172 units,
after 13 years of absence), Germany (590 units, +38%), Great
Britain (431 units, +21%) and Italy (403 units, +48%).
52 Report on Operations
Ferrari and Maserati
(in millions of euros) 2002 2001 2000
Net revenues 1,208 1,058 893
Operating result 70 62 45
EBIT 44 62 40
Net result before minority interest 22 47 7
Cash flow 99 123 71
Capital expenditures 176 125 52
Research and development 94 81 63
Net invested capital 142 122 113
Number of employees 2,896 2,566 2,341
Highlights
Ferrari S.p.A. – car sales
by geographical region
050% 100%
Italy Rest of Europe
Rest of the world
Maserati S.p.A. – car sales
by geographical region
United States