Meeting: third quarter 2012 results - Fiat SpA

illion, mainly driven by growth in North America. Components reported revenues of approximately €2.0
billion, substantially in line with Q3 2011.
Trading profit totaled €951 million for the quarter. The NAFTA region reported a trading profit of
€660 million, an increase of 67% driven by strong volume growth. For LATAM, trading profit totaled
€341 million, down €56 million over the prior year with better volume and mix more than offset by cost
inflation and negative currency translation impacts of €14 million. APAC doubled to €73 million driven by
improved volumes and mix. The negative trading conditions in EMEA resulted in a trading loss of €238 million
(€116 million loss in Q3 2011), with cost containment actions partially mitigating the impact of reduced
volumes and negative pricing pressure. Luxury and Performance brands and Components contributed
€89 million and €39 million, respectively. Trading profit for Fiat excluding Chrysler was reduced to
€105 million from €295 million in Q3 2011, principally due to the worsened trading conditions in Europe.
EBIT was €880 million. For mass-market brands, EBIT by region was as follows: NAFTA increased by 65% to
€664 million; LATAM was €310 million (with unusual charges of €31 million in Q3 2012), down from €397 million in
Q3 2011; APAC more than tripled to €74 million. EMEA reported a €219 million loss (€136 million loss in Q3 2011);
excluding unusuals, the loss was €195 million in Q3 2012, compared to a loss of €76 million in Q3 2011.
Net financial expense totaled €399 million, compared to €543 million in 2011, which included a €138 million
loss from the mark-to-market value of the Fiat stock option-related equity swaps (€1 million gain in Q3 2012).
Net of this item, net financial expense was substantially in line with the prior year.
Profit before taxes was €481 million, an increase of €199 million over Q3 2011, reflecting a €55 million
improvement in EBIT and €144 million reduction in net financial expense.
Income taxes totaled €195 million (€170 million in Q3 2011) and related primarily to the taxable income of
companies operating outside Europe and employment-related taxes in Italy.
Net profit was €286 million for the quarter, more than doubling the €112 million for Q3 2011. Profit
attributable to owners of the parent amounted to €39 million (loss of €46 million in Q3 2011). Excluding
unusuals, net profit for the quarter was €362 million (€169 million in Q3 2011).
Net industrial debt for the Group at 30 September 2012 was €6.7 billion, an increase of €1.3 billion for the
quarter, with €1.4 billion negative cash flow for Fiat excluding Chrysler, in line with last year and taking its net
industrial debt to €5.5 billion as of quarter-end, and €0.1 billion positive cash flow for Chrysler reducing its
net industrial debt to €1.2 billion.
Total available liquidity, inclusive of €3.0 billion in undrawn committed credit lines (unchanged over June
end), was €20.0 billion (€22.7 billion at June end), of which €9.8 billion related to Fiat excluding Chrysler
(€12.1 billion as of June end) and €10.2 billion to Chrysler (€10.6 billion as of June end). Cash utilization for
Fiat excluding Chrysler reflected primarily the operating-related cash absorption and €1.3 billion gross debt
reduction. Cash reduction of €0.4 billion at Chrysler was due primarily to the annual payment of accrued
interest on the VEBA Trust Note and currency translation effects, net of the positive contribution from the
operations.
Nine months to September
Group revenues were €62.2 billion for the nine months to September. Excluding Chrysler, revenues totaled
€26.4 billion, a 6% decrease over the same period in 2011, mainly reflecting volume declines in Europe.
Luxury and Performance brands increased revenues by 8% to €2.1 billion. Components were down 1% to
€6.0 billion.
2
Q3 2012