Chrysler 2004 Annual Report Download - page 68
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66
REPORT ON
OPERATIONS
01
AGRICULTURAL AND CONSTRUCTION EQUIPMENT — CNH
SALES PERFORMANCE
In 2004, the worldwide market for agricultural equipment
enjoyed significantly higher sales than in 2003. Demand was up
13% in North America – especially for high-horsepower tractors
and combine harvesters – and 12% in Latin America. In Western
Europe, market demand was up a more modest 4%, due also to
lower demand for combine harvesters.
Overall, CNH reported higher agricultural equipment unit sales
compared with 2003, but performance varied by market
segment. In North America, CNH’s tractor shipments were up
strongly, rising at a faster rate than that of the market in general.
Gratifying results were also achieved in Latin America and the
rest of the world. The exception was Western Europe, where
CNH’s shipments were down both for combine harvesters, which
were impacted by a weak demand, and tractors.
The market for construction equipment expanded at a rapid
pace, with unit sales increasing by 28% in North America, 48%
in Latin America, 16% in Western Europe and 14% in the rest of
the world. All principal product lines contributed to this growth.
In 2004, CNH benefited from the rising demand, increasing its
total shipments of construction equipment at a rate consistent
with that of the overall market. In the important North American
market, Sector’s shipments grew at a faster rate than that
recorded by the market; in Latin America, CNH recorded
Italy Rest of Europe Rest of the world
Revenues by geographical
region of destination
Employees by geographical
region
0 50% 100%
HIGHLIGHTS
(in millions of euros) 2004 2003 2002
Net revenues 9,796 9,418 10,513
Operating result 407 229 163
EBIT (*) 359 99 165
Net result before
minority interest 133 (192) (211)
Cash flow (**) 526 258 330
Capital expenditures 210 217 431
Research and development 214 229 300
Net invested capital 3,946 4,148 5,140
Number of employees 25,746 26,825 28,528
(*) It includes non-operating income and expenses.
(**) Net result + depreciation and amortization.