THE FIAT GROUP IN

In Western Europe, Fiat Auto sold 1,456,000 automobiles
and light commercial vehicles, down 13.7% from 2000.
This decrease was partially attributable to the cutbacks in
dealer network car inventory and the natural contraction in
volumes due to phase-out of Bravo and Brava models in
anticipation of the gradual introduction of the Stilo during
the last quarter of the year.
The ongoing crisis on local markets caused sharp sales
decreases in Poland (-42.9%) and Argentina (-61%). On the
other hand, Fiat Auto sales improved significantly in Brazil
(+14.9%).
❚ CNH Global revenues in 2001 totaled 10,777 million euros,
in line with previous year results. Expressed in dollars,
the functional currency of this sector, CNH revenues were
down by approximately 3%, stemming largely from lower
sales revenues due to divestment of production units in
compliance with requests made by antitrust authorities
in North America and Europe following acquisition of the
Case Group. Furthermore, the Sector faced a particularly
unfavorable market in the construction equipment segment
due to a steep decline in demand in Western Europe and
North America.
At the segment level, Sector revenues from agricultural
equipment improved (+3%), mainly in North America and
Brazil, while remaining weak in Europe. On the other hand,
construction equipment revenues significantly decreased
(-15%) due to the previously mentioned contraction in
demand.
Consolidated Revenues
(in millions of euros)
Service Activities
Other Industrial Sectors
Commercial Vehicles
Agricultural and
Construction
Equipment
Automobiles
48,123
1999
57,555
2000
58,006
2001
❚ Iveco revenues in 2001 totaled 8,650 million euros, up
0.5% from 8,611 million euros in 2000. This result was
achieved through expansion of financing and rental
activities, which more than compensated for the effects
of lower vehicle sales volumes.
Iveco sold a total of 160,400 vehicles, down 2.7% from
2000. On its principal European markets, sales decreased
by 11.4% in Germany, due to a significant contraction in
demand, and by 14.2% in Italy, due to strong competitive
pressures. These decreases were partially compensated
by strong growth in Great Britain (+17.6%).
❚ Revenues in the other Industrial Sectors (Teksid, Magneti
Marelli, Comau, and FiatAvio) totaled 9,679 million euros in
2001 2000
(in millions of euros)
Industrial
Activities
(*) Insurance
Activities Consolidated
Industrial
Activities
(*) Insurance
Activities Consolidated
Net revenues 52,610 5,491 58,006 53,083 4,542 57,555
Cost of sales 44,792 5,157 49,854 44,636 4,395 48,961
Gross operating result 7,818 334 8,152 8,447 147 8,594
Gross operating result/Net revenues 14.9% 6.1% 14.1% 15.9% 3.2% 14.9%
Overhead 5,809 340 6,149 5,818 290 6,108
Overhead/Net revenues 11.0% 6.2% 10.6% 11.0% 6.4% 10.6%
Research and development 1,817 – 1,817 1,725 – 1,725
Operating income (expenses) 30 102 132 15 79 94
Operating income (loss) 222 96 318 919 (64) 855
R.O.S. 0.4% 1.7% 0.5% 1.7% (1.4%) 1.5%
Investment income (**) 48 (195) (149) 146 160 304
Financial income (expenses) (1,394) 369 (1,025) (1,172) 149 (1,023)
Extraordinary income (expenses) 366 (7) 359 923 (9) 914
Income (loss) before taxes (758) 263 (497) 816 236 1,050
Income taxes 223 71 294 388 84 472
Net income (loss) before minority interest (981) 192 (791) 428 152 578
Fiat’s interest in net income (loss) (625) 178 (445) 530 132 664
(*) This includes the Toro Assicurazioni Group and Neptunia Assicurazioni Marittime S.A.
(**) This includes investment income as well as writedowns and upward adjustments in subsidiaries and associated companies valued by the equity method.
Report on Operations – Analysis of the financial position and operating results of the Fiat Group and Fiat S.p.A.
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