Chrysler 2000 Annual Report Download - page 37

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North America, higher sales of low-powered tractors were
offset by lower sales of the more profitable high-powered
tractors and combine harvesters, while sales in Europe
declined due to lower demand.
❚Iveco continued to enjoy strong growth, with revenues of
8,611 million euros during 2000, a 16.6% increase over
1999. Part of this increase is due to the consolidation of
Fraikin, which was acquired towards the end of 1999. On
a comparable consolidation and exchange rate basis, the
revenue increase would still have measured 9%, thanks to
greater sales volumes, especially in Europe, and the growing
contribution made by financial activities and maintenance
and repair services.
❚Revenues in the other Industrial Sectors (Teksid, Magneti
Marelli, Comau and FiatAvio) totaled 10,255 million euros
in 2000, compared with 8,798 million euros in 1999, which
amounts to a 16.6% increase that is partially accounted
for by changes in the scope of consolidation and favorable
exchange rates. On a comparable basis, there still would
have been an 8.2% increase in revenues.
Teksid (Metallurgical Products) reported sales of 1,873
million euros in 2000, representing an 11.4% increase over
1999, partly due to favorable exchange rate trends. On a
comparable exchange rate basis, the increase in revenues
would have been 5.4%.
Magneti Marelli (Components) reported revenues of 4,451
million euros in 2000, up 9.6% over 1999, due to strong
sales volumes and changes in the scope of consolidation.
On a comparable basis, the increase in revenues would
have been 6.1%.
The Production Systems Sector, which is headed by
Comau, posted revenues of 2,440 million euros for
the year (+ 44.1%). This increase was due partly to
the inclusion of Pico in the scope of consolidation for
all twelve months in 2000, as opposed to eight months
in 1999, and partly to favorable exchange rates. On a
comparable basis, the increase in revenues would still have
been a significant 17.5%, thanks to strong sales volumes,
especially for bodywork orders in Europe, and the significant
contribution made by maintenance services (Comau
Service).
FiatAvio revenues during 2000 totaled 1,491 million
euros (+9.6% over 1999, +5.8% on a comparable
consolidation and exchange rate basis). This result
confirms the growth in the commercial aircraft engine
market over the last several years. There was a significant
increase in sales of derivative aircraft engines during the
fiscal year, while the European defense market reflected
the willingness of governments to renew their navy and
airforce fleets.
❚Among the Sectors operating in the Services area:
Toro Assicurazioni wrote premiums during the year
totaling 4,363 million euros, or 11.2% more than the
3,922 million euros reported in 1999, thanks to good
performance in the life insurance business and the
contribution of the French Guardian Group, which was
included in the scope of consolidation in 2000. On a
comparable basis, the increase in premium income would
have been 5.7%, reflecting a positive, albeit slower, growth
trend than in recent years due to the slowdown in the
banking market, which has become the principal channel
for sales of life insurance policies, and the freeze imposed
by the Italian Government on auto insurance premiums.
Revenues Revenues
(in millions of euros) 2000 1999 % change
Automobiles (Fiat Auto) 25,361 24,101 5.2%
Agricultural and Construction Equipment (CNH Global) 10,770 5,246 105.3%
Commercial Vehicles (Iveco) 8,611 7,387 16.6%
Metallurgical Products (Teksid) 1,873 1,682 11.4%
Components (Magneti Marelli) 4,451 4,062 9.6%
Production Systems (Comau) 2,440 1,693 44.1%
Aviation (FiatAvio) 1,491 1,361 9.6%
Publishing and Communications (Itedi) 354 413 (14.3%)
Insurance (Toro Assicurazioni) 4,363 3,922 11.2%
Miscellaneous and eliminations (*) (2,159) (1,744) 23.8%
Total for the Group 57,555 48,123 19.6%
(*) The item “Miscellaneous and eliminations” includes the operating results for the Rolling Stock and Railway Systems Sector that was deconsolidated as of August 1, 2000.