Fiat SpA have announced their financial results for the first three quarters of 2003, and they include the results for the Ferrari Maserati group. The following texts are from the Press releases:

Quarters One & Two (Half Year 2003):

The key development in the first half of 2003 for Ferrari was
the launch of the new Challenge Stradale (a direct derivation
of the 360 Challenge racing version). The car continues to be
well received by the press and customers, with a waiting list
that goes well beyond the production run planned for 2003.
Among eight-cylinder models, the 360 Spider continues to
perform well, especially in North America. The order backlog held steady in relation to the age of the models available. Sales to end customers were strong (2,138 units), a slight increase on 2002 generated in part by sales of the 575M Maranello and the Enzo Ferrari limited edition (86 units delivered in the first half of the year).
A breakdown of shipments to end customers by geographic
region shows that, in comparison with the first six months of
2002, unit sales were little changed in Europe and the Far East,
while the full introduction of the 575M Maranello and the
Enzo Ferrari helped boost deliveries in the United States by
a full 20%.

The performance of the market segments in which Maserati
operates was affected by certain economic developments and
segment consolidation in the first half of the year. This caused a
contraction in sales with respect to the corresponding period of
2002, especially in the spider segment (although it must be
borne in mind that the first half of 2002 registered record growth
in sales volume).

The general slowdown in the world’s main economies
continued, while the recessionary trend in the car market
persisted both in Western Europe and the United States.
In addition, the strong expansionary impulse imparted last year
by the introduction of new models by competitors in the spider
segment gradually waned. The decline also affected the coupé segment, albeit to a lesser degree. In both segments, a significant fall in sales volumes was recorded by all the main competitors in the US market. The outlook for the various segments continues to be characterized by sharp competition with the launch of new
models.

In the first half of 2003 Maserati shipped 1,441 cars to end
customers throughout the world, a significant result in view of
the considerable difficulties in the market segments in which
the company operates. Sales to end customers in North America (453 vehicles, an increase of 196 units on the previous year) were boosted by the favorable comparison with 2002 (the year the company returned
to the North American market). Results in the Far East were also
good (with sales to final customers up by 6.5%). The Coupé
performed well in all markets in the first half of this year,
registering an increase of 68% in sales to end customers
(although this is partly due to the advantageous comparison
with the year-earlier period, when the model was introduced).
In August, the new Maserati Quattroporte was presented
in the U.S.A. The model however made its official debut
at the Frankfurt Motor Show early in September.

Operating performance
In the first half of 2003 consolidated net revenues in the Ferrari
and Maserati Sector came to 624 million euros, a rise of 6.3%
on the previous year. The increase is mainly attributable to the
increased sales of Ferraris, especially the contribution of the
Enzo Ferrari limited edition.
The period closed with an operating loss of 16 million euros,
compared with operating income of 10 million euros a year
earlier. The deterioration is chiefly due to the negative impact
of exchange rates (- 20 million euros) and higher expenditure
on research and development (more than 20 million euros),
which were partly offset by the positive impact of the product
mix on sales revenues.

3rd Quarter 2003

Ferrari’s revenues grew by 5.7% to 297 million euros in the third quarter of 2003, despite slower sales of Maserati cars in North America, where this brand was adversely affected by a contraction in the demand for luxury coupes and convertibles. Operating income declined, falling from 22 million euros in the third quarter of 2002 to 9 million euros in the same period this year. The main reasons for this decrease are an unfavorable U.S. dollar/euro exchange rate and higher research and development costs incurred for future Ferrari and Maserati models.

Summary of Results