Chrysler 2013 Annual Report Download - page 50

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49
Report on
Operations
Luxury Brands
(€ million) 2013 2012(1) Change
Ferrari
Shipments (000s) 7.0 7.4 -0.4
Net revenues 2,335 2,225 110
Trading profit 364 335 29
EBIT 364 335 29
Maserati
Shipments (000s) 15.4 6.2 9.2
Net revenues 1,659 755 904
Trading profit 171 57 114
EBIT 106 57 49
LUXURY BRANDS
Shipments (000s) 22.4 13.6 8.8
Net revenues (2) 3,809 2,898 911
Trading profit 535 392 143
EBIT 470 392 78
(1) Ferrari and Maserati stand-alone have been restated to reflect the allocation to Maserati of its activities in China conducted, from a legal entity standpoint, through the local
Ferrari subsidiary.
(2) Net of eliminations.
Ferrari
Consistent with the 2013 announcement that production would be maintained below the prior year’s level to preserve brand exclusivity, Ferrari
managed shipments to the network down to 6,922 street cars (-5% vs. 2012), including the first 20 units of the special edition LaFerrari.
Revenues for 2013 were up 5% over the prior year to €2,335 million.
Trading profit and EBIT totaled €364 million, an increase of €29 million over €335 million for 2012. Trading margin improved to 15.6% from
15.1%, reflecting a better sales mix and the contribution from licensing and the personalization program.
Maserati
For 2013, shipments were up 148% to 15,400 vehicles, driven by the success of the new Quattroporte and Ghibli models launched during
the year. For the Quattroporte, which was released in March, shipments totaled 7,800 units. For the Ghibli, a total of 2,900 units were shipped
between launch in October and year end. Order intake for the two new models totaled 13,000 units apiece. Combined shipments for the
GranTurismo and GranCabrio were in line with 2012 at 4,700 units for the year.
Revenues were up 120% year-over-year to €1,659 million.
Trading profit totaled €171 million, representing a €114 million increase over the prior year (€57 million in 2012), and the full-year trading
margin was 10.3%.
EBIT totaled €106 million and included a €65 million write-down of capitalized R&D related to development of a new model, which has now
been switched to a more technically advanced platform considered more appropriate for the Maserati brand. The year-over-year improvement
reflected the significant increase in volumes.