Chrysler 2006 Annual Report Download - page 15

Revenues by Business Area
(in millions of euros) 2006 2005 % change
Automobiles (Fiat Auto, Maserati, Ferrari) 25,577 21,275 20.2
Agricultural and Construction Equipment (CNH-Case New Holland) 10,527 10,212 3.1
Trucks and Commercial Vehicles (Iveco) 9,136 8,483 7.7
Components and Production Systems (FPT, Magneti Marelli, Teksid, Comau) 12,366 10,727 n.s.
Other Businesses (Services, Publishing and Communications,
Holding companies and Other companies) 1,581 1,618 -2.3
Eliminations (7,355) (5,771) n.s.
Total for the Group 51,832 46,544 11.4
■Maserati had revenues of 519 million euros, down 2.6% from
the previous year, which had benefited from the sales of the
special MC12 street version, no longer sold in 2006.
Conversely, total volume grew due to an increase in sales of
the Coupé and Spyder models.
■Ferrari recorded revenues of 1,447 million euros. The 12.3%
increase from 2005 is largely attributable to the success of the
F430 and 599 GTB Fiorano models. Revenues were also
boosted by sales in the Middle East and Far East markets.
Agricultural and Construction Equipment
CNH – Case New Holland had revenues of 10,527 million euros,
up 3.1% from 2005 (+2.4% on a comparable currency basis).
Better pricing and higher volume of construction equipment
were partially offset by a decrease in deliveries of agricultural
equipment.
In 2006 the global market for agricultural equipment expanded
by 9%, with contrasting trends across the various regions;
volumes decreased slightly in Latin and North America, while
they were up slightly in Western Europe and significantly in the
Rest of the World markets. Against this backdrop, CNH tractor
shipments were down in North America and Rest of World
markets, stable in Western Europe, and up in Latin America.
Combine harvester volumes were down in all markets except
Rest of the World markets.
The global construction equipment market expanded by 11%
from 2005, with growth in all markets except North America
where the market was stable. Against this background, CNH
unit shipments increased (+3.4%) in all markets except North
America.
Trucks and Commercial Vehicles
As previously mentioned, for both fiscal years the figures of
the Trucks and Commercial Vehicles Sector (Iveco) are shown
Report on Operations Financial Review of the Group 27Report on Operations Financial Review of the Group26
■In 2006 Fiat Auto recorded net revenues of 23,702 million
euros, up 21.3% from 2005, due to the significant increase
in volumes and positive exchange rate impacts.
Trading performance throughout the year was positively
impacted by the growing success of new models, and in
particular: the Fiat Grande Punto and the Panda, with its new
Cross and 100 HP versions, the Alfa Romeo 159 (sedan and
Sportwagon) and the Brera, the Lancia Ypsilon and the New
Ypsilon, as well as the light commercial vehicles New Ducato
and the New Doblò.
In 2006 Fiat Auto delivered a total of 1,980,300 units, up 16.7%
from 2005. A total of 1,289,600 units were delivered in Western
Europe, for an increase of 17.2%.
The increase in deliveries reached significant levels in almost
all of the key European countries, with growth rates far
outpacing the market, as in Italy (+17.5% with respect to 2005
deliveries) and Germany (+21.3%), or realised in declining
markets, such as Great Britain where deliveries increased
by 42.8% and France (+10.9%). The only exception was Spain
where deliveries were impacted by weak demand and
decreased slightly (-1.0%). Fiat Auto had a 30.7% share of the
Italian car market, an increase of 2.7 percentage points from
2005, and 7.6% in Western Europe (+1.1 percentage points).
In Brazil, Fiat Auto exploited the positive performance of
the local market and increased its sales by 15% from 2005,
achieving a 25.3% share of the car market (+0.9 percentage
points). In Poland, where demand increased slightly,Fiat Auto
volume decreased by 2.3%.
excluding the powertrain activities, which were transferred to
the Fiat Powertrain Technologies Sector as of January 1, 2006.
Iveco revenues totalled 9,136 million euros in 2006, a 7.7%
increase from 2005, as a result of higher sales volumes and
better pricing.
In 2006 Iveco delivered a total of 181,500 vehicles, 17,600
of which with buy-back commitments, up 5.2% from the
previous year. In Western Europe, within the context of an
overall positive market (+2.3%), deliveries totalled 135,100
units, up 3.2% from 2005. The Sector recorded significant
increases in Germany (+21%) and Spain (+7.1%), against
decreased in Italy (-5.1%) and Great Britain (-9.9%) where
demand declined. Deliveries were particularly high in Eastern
Europe (+25%), Africa and the Middle East, while volumes
were substantially stable in Latin America.
Iveco sales also benefited from the market’sinterest in the
New Daily,launched in late May.
In 2006 Iveco’s share of the Western European market
remained substantially unchanged at 10.7%. In particular,the
light-range Daily confirmed its position as the top seller in the
3.5 ton segment while, in the medium segment, the Eurocargo
remained co-leader with over 25% of the market.
Components and Production Systems
The Components and Production Systems Business Area
had revenues of 12,366 million euros in 2006, an increase of 8%
on a comparable basis. Revenues increased at Fiat Powertrain
Technologies (+11% on a comparable scope of operations) and
at Magneti Marelli (+10.5%), against a decline recorded at Comau
(-18.6%) due to a sharp slowdown in demand for its services.
The decrease recorded at Teksid (-5.5%) is attributable to the
different scope of consolidation (+3.5% on a comparable basis).
Adetailed review of net revenues by Business Area/Sector
is provided below.
Automobiles
In 2006 the Automobiles Business Area recorded net revenues
of 25,577 million euros; the 20.2% increase from 2005 was
mainly driven by the significant growth recorded at Fiat Auto.
Revenues also improved at Ferrari (+12.3%), while Maserati
recorded a slight decline (-2.6%).
(in millions of euros) 2006 2005 % change
Fiat Auto 23,702 19,533 21.3
Maserati 519 533 -2.6
Ferrari 1,447 1,289 12.3
Eliminations (91) (80) n.s.
Total 25,577 21,275 20.2