in the First Half of 2004 99th Fiscal Year - FIAT SpA

More documents

Recommendations

Info

27 Iveco ❚ In India, Ashok Leyland manufactured and sold a total of 26,946 vehicles, for a gain of 27.1% compared with the first half of 2003. Iveco produced 228,619 diesel engines in the first half of 2004, or about 15% more than in the same period last year. Increased orders from CNH account for most of the gain. During the first half of 2004, Iveco Finance recorded an increase of approximately 11.6% in the number of contracts signed to finance sales of new commercial vehicles with respect to the same period last year. The best gains were recorded in Italy and France. Overall, Iveco Finance provided financing for 24% of the vehicles sold by Iveco, about the same as in the first six months of 2003. The strong performance of the finance operations is the direct result of the improved service provided to customers and dealers and of the progress made in streamlining the contract acquisition process. At June 30, 2004, Iveco Finance had outstanding contracts covering about 103,000 vehicles, about the same as a year earlier (-1%). The value of the loan portfolio amounted to about 2.5 billion euros. Operating Performance Iveco’s revenues totaled 4,539 million euros in the first six months of 2004, or 8.7% more than the 4,175 million euros booked in the same period last year. Higher sales volumes and product prices account for this improvement. Operating income for the first six months of 2004 amounted to 147 million euros, up from 22 million euros in the first half of 2003. The beneficial impact of strong increases in sales volumes and higher prices, combined with the progress made in reducing all product cost components, account for this remarkable bottom line gain.
The key development in the first half of 2004 for Ferrari was the launch of the new 2+2 612 Scaglietti: well received by the press and customers, the waiting list for the new model goes well beyond the production run planned for 2004. Among eight-cylinder models, the Challenge Stradale continues to perform well. The order backlog held steady in relation to the age of the models available. Sales to end customers were strong (2,419 units), a 13% increase over 2003 generated largely by sales of the 612 Scaglietti, the Challenge Stradale and the Enzo Ferrari limited edition (136 units delivered in the first half of the year). A breakdown of shipments to end customers by geographic region shows that the greatest improvements in absolute terms over the first six months of 2003 took place in North America (where sales rose by 118 units) and in Europe (up 73 units). This year has seen further success for Ferrari’s racing operations, with the team achieving its sixth consecutive victory at the Formula 1 World Constructors’ Championship and winning the Driver’s Championship for the fifth time in a row. In the first half of 2004, Maserati registered a total of 1,990 units. This sharp rise over the same period last year stemmed from the success of the Quattroporte, now marketed in Europe, the Middle East, Asia, Latin America and South Africa. As of June 30, 577 units had been registered and orders had been booked for 1,208, testifying to the enormous interest sparked by the latest addition to the Trident marque’s lineup, and its appeal to potential buyers. In Italy, the first market on which it was introduced, the Quattroporte now accounts for over 47% of all sales in its segment. The Quattroporte will be launched on the North American market in September 2004. The coupé and roadster segments expanded in the first six months of 2004, as the competition introduced a number of new models that boosted sales. These effects apart, both segments saw a significant contraction in new car registrations. The coupé segment in particular grew by 25% in the first six months of the year, an increase that was entirely due to newly launched models. Excluding the latter effect, this segment shrank by 24.2%, with the Maserati Coupé posting a decrease in the number of registrations (-2.6%). The roadster segment grew by 49.3%, again as a result of the enthusiasm generated by new models (+ 22.7% if this effect is excluded). For the Maserati Spyder, registrations totaled 375 units: well below last year but still better than expected in view of the spate of new models vying for attention in an intensely competitive market. This stream of new models is not likely to abate in the second half of the year. In July, Maserati introduced the new GranSport, an aggressive and sporty model designed to attract new customers who put a premium on performance and distinctive styling. 28 Ferrari – Maserati Other highlights in the first half of the year included Maserati’s entry on the Russian market, with the opening of a showroom in Moscow. A new showroom was also inaugurated in Shanghai as a further step in building Maserati’s presence on the Chinese market. Operating performance In the first half of 2004, consolidated net revenues in the Ferrari - Maserati Sector came to 735 million euros, a rise of 17.8% over the previous year which was fueled by stronger sales by both Ferrari and Maserati. The period closed with an operating loss of 59 million euros, compared with the 16-million-euro loss posted a year earlier. The deterioration is chiefly due to the negative impact of exchange rates, as well as to the higher expenditures on research and development, advertising and promotion which were involved in bringing out new models, and were not offset by the positive impact of the product mix on sales revenues.
Page 1 and 2: Report of the Board of Directors on
Page 3 and 4: 2 Financial Highlights of the Fiat
Page 5 and 6: PERFORMANCE IN THE FIRST HALF OF 20
Page 7 and 8: INTRODUCTION In order to facilitate
Page 9 and 10: thanks to buoyant demand. The most
Page 11 and 12: volumes, offsetting the negative im
Page 13 and 14: Intangible fixed assets Intangible
Page 15 and 16: Consolidated Statement of Cash Flow
Page 17 and 18: Operating Performance by Activity S
Page 19 and 20: Cash and cash equivalents collected
Page 21 and 22: As previously stated in the Report
Page 23 and 24: On July 9, Fiat redeemed a total of
Page 25 and 26: 24 Fiat Auto in the same period las
Page 27: During the first half of 2004, the
Page 31 and 32: Capital investments showed signs of
Page 33 and 34: The business services market did no
Page 36 and 37: Fiat Group — Consolidated Financi
Page 38 and 39: (in millions of euros) 37 Fiat Grou
Page 40 and 41: 39 Fiat Group Consolidated Financia
Page 42 and 43: At June 30, 2004, the item investme
Page 44 and 45: 7 Accrued income and prepaid expens
Page 46 and 47: for the purpose of providing the Fi
Page 48 and 49: 47 Fiat Group Consolidated Financia
Page 50 and 51: Net revenues by destination (in mil
Page 52 and 53: Revaluations of equity investments
Page 54: Net revenues, Operating income, Dep
Page 57 and 58: (in millions of euros) 56 Fiat S.p.
Page 60 and 61: 59 Annex
Page 62 and 63: Subsidiaries consolidated on a line
Page 76 and 77: Subsidiaries valued by the equity m
Page 78 and 79:
Subsidiaries valued at cost ❚ Aut
Page 80 and 81:
Subsidiaries valued at cost (contin
Page 82 and 83:
Associated companies valued by the
Page 84 and 85:
Associated companies valued at cost
Page 86:
❚ Agricultural and Construction E
Page 90:
Report of the Board of Directors on
show all

in the First Half of 2004 99th Fiscal Year - FIAT SpA

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?