Chrysler 2009 Annual Report Download - page 102

101
TRUCKS AND COMMERCIAL VEHICLES
Iveco
HIGHLIGHTS
(E million) 2009 2008(1)
Net revenues 7,183 10,894
Trading profit/(loss) 105 838
Operating profit/(loss) (*) (90) 779
Investments in tangible and intangible assets (**) 217 367
of which capitalised R&D costs 84 120
Total R&D expenditure (***) 169 246
No. of employees at year end (****) 24,917 27,108
(1) Following adoption of the improvement to IAS 16 in 2009, as described in the Notes to the Consolidated Financial Statements,
2008 net revenues were increased by €126 million and investments in tangible and intangible assets were reduced by €59 million.
(*) Including restructuring costs and other unusual income/(expense).
(**) Net of vehicles sold under buy-back commitments and leased.
(***) Includes capitalised R&D and R&D charged directly to the income statement.
(****) Excludes employees of the powertrain businesses transferred to FPT (7,685 at year-end 2009 and 8,335 at year-end 2008).
COMMERCIAL PERFORMANCE
In 2009, demand for commercial vehicles (Gross Vehicle Weight or “GVW” >_ 2.8 tonnes) in Western Europe
fell 34.6% over 2008 to 765,162 units, with significant declines in all major markets: Spain (-51.7%), the UK
(-40.6%), Italy (-33.6%), France (-30.0%) and Germany (-28.5%).
The light segment (GVW 2.8-6 tonnes) fell 31.7% over 2008. Significant decreases were recorded in Spain
(-45.3%), the UK (-39.9%), Italy (-29.4%) and France (-27.1%) and, to a lesser extent, Germany (-23.1%).
Demand in the medium segment (GVW 6.1-15.9 tonnes) fell 33.1% over 2008, with declines in all major
markets: Spain (-49.5%), the UK (-37.2%), Germany (-32.9%), Italy (-26.9%) and France (-26.5%).
The heavy segment (GVW >_ 16 tonnes) experienced the largest drop in demand for the year (-44.1%).
Particularly large decreases were recorded in Spain (-66.7%) and Italy (-50.5%). Germany, the UK and France
closed the year with declines in excess of 40% (-41.6%, -44.7% and -40.2% respectively).
For Eastern Europe (GVW >_ 2.8 tonnes), market demand totalled 69,669 units for 2009, a fall of 53.4% with
significant declines recorded in all three segments. Demand was down 43.8% in the light segment (GVW 2.8-6
tonnes) and 55.5% in the medium segment (GVW 6.1-15.9 tonnes). The sharpest decline, however, was in the
heavy segment (GVW >_ 16 tonnes), which was down 69.7%.
Demand for buses in Western Europe totalled 35,000 units, decreasing 11% over 2008 driven by falls in both
the Minibus and Truck Derived segment (-20%) and the Intercity & Coach segment (-15%), which were only
partially offset by growth in the City segment (+5%). Demand for buses was down in all Western European
markets with the exception of France, where it remained broadly stable.