The Sector had revenues of 399 million euros in the
second quarter of 2004. The increase of 17.4% over the same period last
year reflects strong demand for Ferrari branded cars (unit sales up
14%) and rising shipments of Maserati models (+52%), which were buoyed
by the success of theQuattroporte.
The appreciation of the euro versus the U.S. dollar
(negative currency translation difference of about 15 million euros)
and a sharp increase in R & D expenditures for new Maserati models
are the main reasons for the operating loss of 12 million euros.
The order backlog is very strong, particularly for the
Ferrari 612 Scaglietti and the Maserati Quattroporte, with orders already
covering their entire 2004 production run.
