annual report - FIAT SpA

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Discontinued Operations Agricultural and Construction Equipment CNH – Case New Holland had revenues of €11,906 million for 2010, an increase of 17.8% over 2009 (+12% in US dollar terms) on the back of improving agricultural and construction equipment demand in the Americas and Rest of World markets. Net sales in the Agricultural equipment segment increased 14% for the year (+8% in USD) as a result of solid trading conditions in the Americas due to increasing agricultural commodity prices and good harvest conditions. Trading conditions in Europe were more difficult, largely due to poor harvest conditions in certain countries and tight credit markets. Full year 2010 net sales in the Construction equipment segment grew 46% (+39% in USD) as a result of significant market improvements in Latin America and Asia, and improved conditions in North America largely due to replacement of ageing fleets. In 2010, worldwide agricultural industry retail unit sales increased 8% compared to prior year with improvements in all regions except Western Europe. Global sales grew 8% for tractors and 2% for combines. CNH full year global market share for tractors was largely in line with prior year, maintaining position in Western Europe despite the industry decline and with a slight decrease in North America in under 40 hp and mid-sized utility tractors while transitioning to new and more competitive products. CNH improved its global market share for combines on strong performance in the Rest of World regions. Global construction equipment industry unit sales rose 47% in the year, off a low basis in 2009, with light equipment up 35% and heavy equipment up 59%. CNH’s full year market share was in line with growth in demand across all segments and regions with the exception of Latin America, which was down due to local manufacturing capacity constraints for CNH in both the heavy and light segments. Capacity expansion plans have been initiated at two facilities to accommodate future market growth and in order to meet manufacturing localization targets. Trucks and Commercial Vehicles Iveco reported revenues of €8,307 million for the year, up 15.6% over 2009, primarily as a result of higher sales volumes, which reflect a general recovery in demand, although remaining at modest levels in Western Europe. Iveco delivered a total of 129,630 vehicles, an increase of 24.8% over 2009. Growth was recorded in all segments with light vehicles up 25.3%, medium up 51.3% and heavy up 27.6%. Total deliveries for 2010 were, however, still considerably below pre-crisis levels. In Western Europe, a total of 78,326 vehicles were delivered (+17.3%), with increases in France (+22.3%), Germany (+31.9%), Spain (+40.8%) and the UK (+36.9%), but year-on-year performance for Italy flat (-0.1%). The trend was positive in Eastern Europe, with deliveries up 41.6%, and very strong in Latin America, increasing 52.4%. Iveco’s market share in Western Europe was 13.2% (down 0.4 percentage points vs. 2009). Share was substantially unchanged in the light segment (-0.1 percentage points), with negative relative performance in the UK (-1.4 percentage points) offsetting increases in Spain and Germany (+1.7 and +1.4 percentage points, respectively). Share in the medium segment was down 0.4 percentage points, despite improvements in Spain (+11.6 percentage points), France (+1.0 percentage point) and Germany (+1.1 percentage points). Share decreased 0.9 percentage points in the heavy segment, with negative performances in Spain (-8.1 percentage points) and Germany (-1.3 percentage points) partially compensated for by an increase in market share for Italy (+2.1 percentage points). FPT Industrial For 2010, FPT Industrial (the Industrial & Marine business line of the former FPT Powertrain Technologies sector) reported €2,415 million in revenues, representing an increase of 52.8% over the previous year driven by a strong increase in volumes. Sales to customers external to the Fiat Group as well as to joint ventures accounted for 32.3% (32.6% in 2009). A total of 423,000 engines (+58.1%) were sold, primarily to Iveco (34%), CNH (23%) and Sevel (25%), Fiat Group Automobiles’ JV for light commercial vehicles. In addition, 66,000 transmissions (+25.0%) and 139,000 axles (+32.1%) were also delivered. Report on Operations Financial Review – Fiat Group 41
Trading profit/(loss) Fiat Group posted 2010 trading profit of €2,204 million (€1,058 million for 2009). Trading profit for Continuing Operations was €1,112 million (trading margin: 3.1%), compared with €736 million for 2009 (trading margin: 2.3%), and Discontinued Operations reported a trading profit of €1,092 million (trading margin: 5.1%), up from €322 million for 2009 (trading margin: 1.8%). Overall, the improvements were driven by higher volumes, with the exception of passenger cars for FGA, better product mix and continued focus on costs and industrial efficiencies. Trading profit/(loss) by Business (€ million) 2010 2009 Change Automobiles (Fiat Group Automobiles, Maserati, Ferrari) 934 719 215 Components and Production Systems (Fiat Powertrain (1) , Magneti Marelli, Teksid, Comau) 249 89 160 Other Businesses (Publishing, Holding Companies and Other) and Eliminations (71) (72) 1 Total Continuing Operations 1,112 736 376 Trading margin (%) 3.1 2.3 Agricultural and Construction Equipment (CNH-Case New Holland) 755 337 418 Trucks and Commercial Vehicles (Iveco) 270 105 165 FPT Industrial (1) 65 (131) 196 Eliminations and Other 2 11 -9 Total Discontinued Operations 1,092 322 770 Trading margin (%) 5.1 1.8 Total Fiat Group 2,204 1,058 1,146 Trading margin (%) 3.9 2.1 (1) Fiat Powertrain comprises the activities of the Passenger & Commercial Vehicles business line of the former FPT Powertrain Technologies, while FPT Industrial comprises the activities of the Industrial & Marine business line Following is a discussion of trading profit by business/sector: Continuing Operations Automobiles The Automobiles businesses reported trading profit of €934 million for 2010, up €215 million over the €719 million figure for 2009. All sectors contributed to the growth. (€ million) 2010 2009 Change Fiat Group Automobiles 607 470 137 Maserati 24 11 13 Ferrari 303 238 65 Total 934 719 215 Trading margin (%) 3.1 2.5 � Fiat Group Automobiles recorded a €607 million trading profit for 2010 (trading margin of 2.2%), compared to the €470 million figure for 2009 (1.8% margin). The improved trading performance was attributable to a better product/market mix, linked to the performance of light commercial vehicles and the Brazilian business, in addition to continued improvements from World Class Manufacturing and purchasing efficiencies. � For 2010, Maserati had a trading profit of €24 million (trading margin: 4.1%). The sharp increase over the €11 million trading profit for 2009 (trading margin: 2.5%) was attributable to both higher sales volumes and continued optimization of operating costs. � Ferrari closed 2010 with a trading profit of €303 million (trading margin: 15.8%), compared to €238 million for 2009 (trading margin: 13.4%). The increase was attributable to higher sales volumes, excellent results from the customization program and efficiency gains. Report on Operations Financial Review – Fiat Group 42
Page 1 and 2: ANNUAL REPORT AT 31 DECEMBER 2010 T
Page 3 and 4: FIAT S.P.A. - STATUTORY FINANCIAL S
Page 5 and 6: 2010 IN SUMMARY 2010 RESULTS (€ b
Page 7 and 8: AUTOMOBILES Fiat Practical, versati
Page 9 and 10: The range of tractors, balers and c
Page 11 and 12: FIAT & FIAT INDUSTRIAL WORLDWIDE Fr
Page 13 and 14: OPERATING RESPONSIBLY Fiat Group ha
Page 15 and 16: SELECT DATA BY REGION Fiat Group pr
Page 17 and 18: MAJOR SHAREHOLDERS At the date of t
Page 19 and 20: Ratings Services places Fiat SpA's
Page 21 and 22: UGL sign agreement for relaunch of
Page 23 and 24: MAIN RISKS AND UNCERTAINTIES TO WHI
Page 25 and 26: Risks associated with the high leve
Page 27 and 28: RESEARCH AND INNOVATION Promoting s
Page 29 and 30: the A22 operator, because it will m
Page 31 and 32: ELASIS Established in 1988, at the
Page 33 and 34: HUMAN RESOURCES At 31 December 2010
Page 35 and 36: implementation of the plan were ini
Page 37 and 38: 2011, with a one-off gross payment
Page 39 and 40: Principal changes in the scope of c
Page 41: In Europe, Fiat Professional increa
Page 45 and 46: the remaining 50% in Fiat-GM Powert
Page 47 and 48: Statement of Cash Flows Following i
Page 49 and 50: At 31 December 2010, consolidated n
Page 51 and 52: Operating Performance by Activity F
Page 53 and 54: Financial Services Net revenues for
Page 55 and 56: Assets and liabilities held for sal
Page 57 and 58: The above analysis of net debt by a
Page 59 and 60: Statement of Cash Flows for Fiat Gr
Page 61 and 62: CORPORATE GOVERNANCE FOREWORD The F
Page 63 and 64: ehalf of third parties, with the Co
Page 65 and 66: BOARD OF STATUTORY AUDITORS As requ
Page 67 and 68: €50,000,000 (€35,000,000 follow
Page 69 and 70: SUBSEQUENT EVENTS AND OUTLOOK SUBSE
Page 71 and 72: FIAT GROUP AUTOMOBILES Fiat, Abarth
Page 73 and 74: development of a supply network aro
Page 75 and 76: 427,429 vehicles, representing a fi
Page 77 and 78: FERRARI Highlights OPERATING PERFOR
Page 79 and 80: Fiat Powertrain OPERATING PERFORMAN
Page 81 and 82: COMPONENTS Magneti Marelli OPERATIN
Page 83 and 84: competitive. Significant events inc
Page 85 and 86: PRODUCTION SYSTEMS Comau OPERATING
Page 87 and 88: AGRICULTURAL AND CONSTRUCTION EQUIP
Page 89 and 90: TRUCKS AND COMMERCIAL VEHICLES Ivec
Page 91 and 92: INNOVATION AND PRODUCTS Innovation
Page 93 and 94:
FPT Industrial OPERATING PERFORMANC
Page 95 and 96:
swaps. The €79 million increase o
Page 97 and 98:
Non-current financial liabilities c
Page 100 and 101:
FIAT GROUP CONSOLIDATED FINANCIAL S
Page 102 and 103:
CONSOLIDATED STATEMENT OF COMPREHEN
Page 104 and 105:
CONSOLIDATED STATEMENT OF FINANCIAL
Page 106 and 107:
STATEMENT OF CHANGES IN CONSOLIDATE
Page 108 and 109:
CONSOLIDATED STATEMENT OF FINANCIAL
Page 110 and 111:
CONSOLIDATED STATEMENT OF CASH FLOW
Page 112 and 113:
� As a result of the Demerger, on
Page 114 and 115:
Associates Associates are enterpris
Page 116 and 117:
conditions are met: that developmen
Page 118 and 119:
In particular, Cash and cash equiva
Page 120 and 121:
Assets and liabilities held for sal
Page 122 and 123:
Research and development costs This
Page 124 and 125:
Residual values of assets leased ou
Page 126 and 127:
The above changes in accounting pri
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financial statement items, excludin
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SCOPE OF CONSOLIDATION The consolid
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eliminations of transactions and ba
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Assets and liabilities classified a
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Fiat Industrial - Historical combin
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COMPOSITION AND PRINCIPAL CHANGES 1
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A reconciliation to the income stat
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(€ million) 2010 2009 Theoretical
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Total at Year of expiry Unlimited/
Page 146 and 147:
Ordinary shares Preference shares S
Page 148 and 149:
In 2010 and in 2009 changes in accu
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Goodwill, trademarks and intangible
Page 152 and 153:
subsequent cash flows into perpetui
Page 154 and 155:
In 2010 and 2009, Changes in accumu
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The above mentioned changes include
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In 2009 Disposals and other changes
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have been prepared in accordance wi
Page 162 and 163:
Operations for €57 million (€11
Page 164 and 165:
(€ million) Allowance for receiva
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� the fair value of derivative fi
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(€ million) Currency risk Continu
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� further allocations to the lega
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In this respect capital means the v
Page 174 and 175:
Other comprehensive income Other co
Page 176 and 177:
At 31 December 2010 the features of
Page 178 and 179:
On 18 February 2011, the Board of D
Page 180 and 181:
vesting tied to the attainment of s
Page 182 and 183:
Cash-settled share-based payments V
Page 184 and 185:
In 2010 and in 2009 changes in Othe
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The amounts recognised in the incom
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The present value of the defined be
Page 190 and 191:
� Environmental risks - This prov
Page 192 and 193:
The major bond issues outstanding a
Page 194 and 195:
At 31 December 2009, Payables for f
Page 196 and 197:
The item Advances on buy-back agree
Page 198 and 199:
Operating lease contracts The Group
Page 200 and 201:
also carry out financial services a
Page 202 and 203:
(€ million) CNH Iveco FPT Industr
Page 204 and 205:
(€ million) FGA Maserati Ferrari
Page 206 and 207:
The following is an analysis of rev
Page 208 and 209:
programmes that were implemented fr
Page 210 and 211:
In addition, the financial services
Page 212 and 213:
The following table provides an ana
Page 214 and 215:
Transactions with jointly controlle
Page 216 and 217:
� Cost of sales: transactions wer
Page 218 and 219:
� Trade receivables: these relate
Page 220 and 221:
The consideration paid for this acq
Page 222 and 223:
36. Explanatory notes to the Statem
Page 224 and 225:
APPENDIX I FIAT COMPANIES AT 31 DEC
Page 226 and 227:
SUBSIDIARIES CONSOLIDATED ON A LINE
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239:
JOINTLY-CONTROLLED ENTITIES ACCOUNT
Page 240 and 241:
SUBSIDIARIES VALUED AT COST (contin
Page 242 and 243:
Name Registered Office Country Shar
Page 244 and 245:
DISCONTINUED Name Registered Office
Page 246 and 247:
Page 248 and 249:
Page 250 and 251:
Page 252 and 253:
SUBSIDIARIES VALUED AT COST (contin
Page 254 and 255:
APPENDIX II INFORMATION REQUIRED UN
Page 256 and 257:
FIAT S.P.A. STATUTORY FINANCIAL STA
Page 258 and 259:
STATEMENT OF FINANCIAL POSITION (*)
Page 260 and 261:
STATEMENT OF CHANGES IN EQUITY (€
Page 262 and 263:
STATEMENT OF FINANCIAL POSITION pur
Page 264 and 265:
NOTES TO THE STATUTORY FINANCIAL ST
Page 266 and 267:
and investments in subsidiaries and
Page 268 and 269:
income on a percentage completion b
Page 270 and 271:
Dividends payable Dividends payable
Page 272 and 273:
emain with the entity that transfer
Page 274 and 275:
With regard to the shareholding in
Page 276 and 277:
6. Other operating costs A breakdow
Page 278 and 279:
A reconciliation between theoretica
Page 280 and 281:
10. Property, plant and equipment A
Page 282 and 283:
Investments in subsidiaries and cha
Page 284 and 285:
During 2009, changes in investments
Page 286 and 287:
16. Other current receivables At 31
Page 288 and 289:
Prior to shareholder approval of th
Page 290 and 291:
2009. Under the Program, purchases
Page 292 and 293:
When the dividend paid to savings s
Page 294 and 295:
A summary of the terms of the stock
Page 296 and 297:
20. Provisions for employee benefit
Page 298 and 299:
The amounts recognized in the incom
Page 300 and 301:
22. Other non-current liabilities A
Page 302 and 303:
26. Other payables At 31 December 2
Page 304 and 305:
December 2009), activities to compl
Page 306 and 307:
proceedings, the possible outcome o
Page 308 and 309:
The effects of these transactions o
Page 310 and 311:
31 December 2009 Non- Current curre
Page 312 and 313:
31. Net financial position Pursuant
Page 314 and 315:
List of equity investments (continu
Page 316 and 317:
FEES PAID TO MEMBERS OF THE BOARD O
Page 318 and 319:
APPENDIX INFORMATION REQUIRED UNDER
Page 320 and 321:
Auditor's Reports 319
Page 322 and 323:
321 Auditor's Reports 321
Page 324 and 325:
REPORTS OF THE BOARD OF STATUTORY A
Page 326 and 327:
Examination of the pro forma consol
Page 328 and 329:
completeness, the report on operati
Page 330:
� Riccardo Perotta: Chairman of t
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annual report - FIAT SpA

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