Chrysler 2004 Annual Report Download - page 78
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76
components for light vehicles. At the sales level, Teksid
further broadened its customer base in the automotive
industry, acquiring contracts from Japanese manufacturers
in China, increasing the volumes produced for General
Motors in Brazil, and forging stronger links with Renault
and PSA in Europe.
RESULTS FOR THE YEAR
In 2004, the Sector posted revenues of 911 million euros, an
increase of 7.9% (or 10.9% on a comparable exchange basis)
over 2003, thanks to the larger sales volumes achieved by
both Business Units. As in 2003, 87% of revenues were
generated by “non-captive” customers.
Operating income for the year was 35 million euros. Profitability
was up 23 million euros, an improvement that can be attributed
to the positive impact of higher volumes and the efficiency
gains achieved by rationalizing production units, which
were partially offset by the adverse effects of exchange rates
(2 million euros) and higher prices for raw materials.
Net income for the year amounted to 3 million euros, a significant
improvement over the 91-million-euro loss in 2003, when the
Sector was impacted by non-operating expenses including those
generated by the restructuring plan mentioned above.