Chrysler 2007 Annual Report Download - page 48

Report on Operations Financial Review of the Group 47
Financial Services
In 2007, Financial Services had Net revenues of 1,410 million
euros, down 36.4% from 2006 mainly due to changes in the
scope of operations (sale of B.U.C. – Banca Unione di Credito
in August 2006 and establishment of FAFS at the end of
December 2006). On a comparable scope of operations,
revenues increased 6.1%.
In 2007, Financial Services of Fiat Group Automobiles had
revenues of 127 million euros, against revenues of 991 million
euros in 2006, which included 850 million euros related to the
companies conveyed to FAFS. On a comparable scope of
operations, revenues decreased by 10% mainly due to lower
activity levels in the supplier financing business.
Financial Services of the Agricultural and Construction Equipment
Sector had revenues of 1,158 million euros, for an increase of
9.1%, due to growth in the managed portfolio.
Iveco’s financial services had revenues of 117 million euros,
virtually in line with respect to 2006.
Trading profit totalled 339 million euros in 2007, an
improvement of 43 million euros from 2006.
The Financial Services of Fiat Group Automobiles had a trading
profit of 49 million euros in 2007, down 7 million euros from
the previous year. The decrease arising from the change in the
scope of consolidation was partly offset by financial income
from cash generated by the FAFS transaction, in addition to the
positive effect of efficiencies on governance costs and the
improved result of the financial services company in Argentina.
Trading profit of the Financial Services of CNH - Case New
Holland grew to 277 million euros from 249 million euros in
2006, mainly as a result of higher activity levels.
In 2007 Iveco’s Financial Services had a trading profit of 13
million euros against a trading loss of 18 million euros in 2006.
The improvement is due to the positive performance of
activities in Eastern Europe and the effects of the
reorganisation of renting activities.
(in millions of euros) 2007 2006 % change
Fiat Group Automobiles 127 991 -87.2
Ferrari 8- n.s.
Agricultural and Construction Equipment (CNH - Case New Holland) 1,158 1,061 9.1
Trucks and Commercial Vehicles (Iveco) 117 119 - 1. 7
Holding companies and Other companies (1) - 47 n.s.
Total 1,410 2,218 -36.4
(1) These amounts refer to the banking activities performed by B.U.C. – Banca Unione di Credito sold in August 2006.
(in millions of euros) 2007 2006 Change
Fiat Group Automobiles 49 56 -7
Ferrari -(1) 1
Agricultural and Construction Equipment (CNH - Case New Holland) 277 249 28
Trucks and Commercial Vehicles (Iveco) 13 (18) 31
Holding companies and Other companies (1) -10-10
Total 339 296 43
(1) These amounts refer to the banking activities performed by B.U.C. – Banca Unione di Credito sold in August 2006.