Chrysler 2003 Annual Report Download - page 58

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Results for the year
At the consolidated Ferrari/Maserati level
revenues amounted to 1,261 million euros,
compared with 1,208 million euros in 2002
(an increase of 4.4%).
At 32 million euros, operating income was
lower than the 2002 figure of 70 million
euros as a result of high expenditure on
research and development and the negative
impact of exchange rate movements, which
offset the improved mix on Ferrari models.
Capital expenditures amounted to 193
million euros and research and
development outlays totaled 130 million
euros, compared with 176 million euros and
94 million euros respectively in 2002. These
figures provided further confirmation of the
Sector’s commitment to development and
innovation.
57 Report on Operations Ferrari and Maserati