Chrysler 2003 Annual Report Download - page 50
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Income before taxes of normal operations declined to 23
million euros (285 million euros in 2002), owing in part to
extraordinary charges due to the operational and
organizational processes revision undertaken by the Sector’s
renting companies.
Results for the year
The loss reported by Fiat Auto at year-end, though still high,
narrowed by 27% with respect to 2002 (operating loss of 979
million euros in 2003 against an operating loss of 1,343 million
euros in 2002). This reduction was achieved despite a 9.6%
contraction in consolidated revenues (20,010 million euros
in 2003), an 8.8% drop in unit sales and a 9% increase in R&D
outlays which amounted to 939 million euros in 2003. This
result was made possible by cost reductions and the positive
effect of new models that were introduced in the last few
months of the year. The net loss for the year shrank to
2,058 million euros from a loss of 2,739 million euros in 2002.
This improvement reflects gains in operating profitability
and lower net non-operating expenses (531 million euros
in 2003, compared with 796 million euros in 2002), which
included about 259 million euros in restructuring charges.
The road to recovery set out in the Relaunch Plan, which was
presented in June to the financial community and comprises
actions to improve the profitability and strengthen the financial
structure of the Company, is still long and calls for the
achievement of operating breakeven in 2005 and bottom-line
breakeven in 2006. Nevertheless, we can confirm that the target
of reversing the negative trend was met in 2003 and our uphill
journey has began.
49 Report on Operations Fiat Auto