EL DORSINO È DA DEFINIRE - FIAT SpA

Western Europe (914,800 vehicles, +4.9%). Specifically,
vehicles sold rose in Italy (542,600 units, +5.9%), Great
Britain (57,300 vehicles, +8.1%), and Spain (37,800 units,
+7.7%). Vehicle sales also increased in the Mercosur area
(184,000 units, +5.9%) and in the rest of the World (65,000
units, +15.2%).
❚ In the first half of 2000, Iveco recorded revenues of 4,174
million euros (3,450 million euros in the corresponding
period of 1999, or +21%), aided by higher volumes,
especially in Europe, the expansion of its Bus activities and
the consolidation of Fraikin’s results. The financial services
activities in support of the transport sector offered by
Transolver also increased. On a comparable consolidation
and foreign exchange basis, revenues would have been up
11.9%.
In the first half of the year, the sector sold a total of 81,100
units (+18.2%), of which 66,100 in Western Europe (+20%),
led by sales in Italy (23,600 units, +25%) and France (about
11,700 units, +26%).
❚ The consolidated results of the Agricultural and
Construction Equipment Sector, which is headed by CNH
Global (New Holland’s new name following the acquisition
of Case at the end of 1999), include Case’s values.
CNH Global had revenues of 5,679 million euros in the first
half of 2000, up from 2,729 million euros in the same period
of 1999 (5,147 million euros considering Case’s proforma
revenues in the first half of 1999).
The increase in proforma revenues is mainly due to the
rising value of the U.S. dollar, the Sector’s reporting
currency, against the euro, the Fiat Group’s reporting
currency. On a comparable basis, the increase in revenues
for the first half would have been 6.9%.
There are still unfavorable factors particularly affecting the
farm equipment market in Latin America and the United
States owing to the continued low commodity prices,
uncertainty over the harvest for the current year and rising
interest rates.
When unit sales for the first half of 1999 are restated to
include Case, the comparison shows that shipments would
be slightly higher for the construction equipment sector, and
for the farm equipment sector overall. In particular, sales
were up for light tractors, but decreased for heavy tractors
and combine harvesters.
The Other Automotive Sectors (Teksid, Magneti Marelli and
Comau) had aggregate revenues of 4,532 million euros in the
first half. The increase of about 34% over the 3,380 million
euros reported in the first half of 1999 is in part the result of
the changes in the scope of consolidation mentioned above.
On a comparable basis, the increase would have been a
respectable 11.9%, approximately.
❚ Teksid (Metallurgical Products) reported revenues of 994
million euros in the first half of 2000 (856 million euros in the
same period of 1999), an increase 16.1%. This growth
reflects higher sales volumes in all business areas, aided by
the good performance of the main motor vehicle markets,
and the positive impact produced by the rising value of the
U.S. dollar against the euro. On a comparable exchange
rate basis, the increase in revenues would have been 10.4%.
❚ Magneti Marelli (Components) had revenues of 2,413
million euros in the first half of 2000. A healthier motor
vehicle market, including the South American market,
accounts for the 18.2% gain over the same period last year.
On a comparable consolidation and foreign exchange basis,
the increase in revenues would have been 9.6%, mainly due
to the Lubricants and Fuel Systems Divisions which are no
longer included in the scope of consolidation.
(in millions of euros) 1st half 2000 1st half 1999
Net revenues
% change
Automobiles (Fiat Auto) 13,437 12,062 11.4
Commercial Vehicles (Iveco) 4,174 3,450 21.0
Agricultural and Construction Equipment (CNH Global) 5,679 2,729 108.1
Metallurgical Products (Teksid) 994 856 16.1
Components (Magneti Marelli) 2,413 2,042 18.2
Production Systems (Comau) 1,125 482 133.4
Aviation (FiatAvio) 689 617 11.7
Rolling Stock and Railway Systems (Fiat Ferroviaria) 147 195 (24.6)
Publishing and Communications (Itedi) 177 210 (15.7)
Insurance (Toro Assicurazioni) 2,178 1,940 12.3
Miscellaneous and eliminations (1,237) (1,029) 20.2
Total for the Group 29,776 23,554 26.4
Operating performance of the Fiat Group and Fiat S.p.A. in the First Half of 2000
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