Chrysler 2003 Annual Report Download - page 57

Operating performance
In 2003 Ferrari’s Formula 1 successes were accompanied by
an increase in revenues notwithstanding the weakness of the
dollar.
Racing operations once again saw excellent performances in
F1, where the team won the Constructors’ and Drivers’ world
championships for the fifth and fourth consecutive years
respectively.
As regards industrial operations, 2003 saw the presentation
of the 360 Challenge Stradale model, a new sports version
of the F360 Coupé for which the order book was full by the
end of 2003. At the beginning of 2004 the Ferrari 612 Scaglietti,
which will replace the 456 in the Grand Tourer segment, made
its debut at the Detroit Motor Show.
Sales of Maserati models were affected mainly by the
contraction in the Spider segment, especially in the US market.
The Quattroporte model met with considerable success at
the Frankfurt International Motor Show in September and
during road-shows organized in major European cities. The
Quattroporte was also presented in the USA and Japan,
where it met with similar success.
Last year saw Maserati’s return to the race track with the
Vodafone-Maserati single marque trophy. The return to
competition will be completed with the racing version of
the MC12 Stradale, which derives from the MC12 Stradale
project developed in the course of 2003. This racing version
will begin competing in the FIA-GT Grand Tourer
championship in 2004.
Sales to end customers totaled 7,077 units (6% down on
the 2002 figure of 7,536). Of these, Ferrari accounted for 4,238
(in line with 2002) and Maserati 2,839 (against 3,300 in 2002,
a decline of 14%).
Sales to the Ferrari network, which amounted to 4,440 units,
confirmed the United States as the principal market, with 1,400
units (+16%). A total of 2,401 units were sold in Europe, where
Germany once again confirmed its position as the largest
European market (second in absolute terms for worldwide sales)
with 661 units, a fall of 3%. Italian customers purchased 520
units, in line with 2002.
Sales to the Maserati network totaled 2,900 units in 2003,
compared with 3,567 in 2002, a drop of 19%.
The most important markets were the United States (876 units,
-25%), Germany (467 units, -21%), Great Britain (300 units, -30%)
and Italy (361 units, -10%).
56 Report on Operations
Ferrari and Maserati
(in millions of euros) 2003 2002 2001
Net revenues 1,261 1,208 1,058
Operating result 32 70 62
EBIT (*) 31 44 62
Net result before minority interest 222 47
Cash flow (net result +
depreciation and amortization) 86 99 123
Capital expenditures 193 176 125
Research and development 130 94 81
Net invested capital 229 142 122
Number of employees 2,968 2,896 2,566
(*) It includes non-operating income and expenses
Highlights
Ferrari S.p.A. – Car sales
by geographical region
0 50% 100%
Italy Rest of Europe
Rest of the world
Maserati S.p.A. – Car sales
by geographical region
United States