The Fiat Group have released their 2003 fourth quarter
and preliminary full year results.
Whilst still incurring operating losses ( €510 million)
and a consolidated net loss of €1.9 billion, the overall
situation had improved compared with 2002. The net financial
position had reduced from (€3.8 billion) to (€3.0
billion) during the same period.
As far as the Ferrari and Maserati Group is concerned Fiat
have released the following information and figures:
"In 2003 Ferrari matched its successes
in Formula 1 racing with gains in revenues, which it was
able to achieve despite the weakness of the US dollar. This
improvement reflects higher unit sales of Ferrari automobiles,
which offset the decrease in shipments of Maserati models
caused by weak demand, particularly in the convertible segment
in the US market. Operating income was lower than in 2002
due to the high level of R & D spending on new products
and unfavourable foreign exchange rates, which offset the
positive impact of higher unit sales and product-mix improvements
for Ferrari models.
In 2003, Maserati introduced the Quattroporte, its luxury
car flagship, and Ferrari used the Detroit Motor Show
to unveil the Ferrari 612 Scaglietti, which will replace
the 456 in the Grand Touring market segment."
FERRARI & MASERATI GROUP
