presentazione dei dati di bilancio 2009 del gruppo fiat

8/14/2019 Presentazione dei dati di bilancio 2009 del Gruppo Fiat

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January 25, 2010 Q4 & FY 09 Results Review 1

Older, Wiser and Ready to Re-engage

Q4 & FY 09 Results Review


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Group revenues at 50.1bn, down ~16% over record 2008 with steep declines in demand

experienced by all businesses in H1 (-23.8% Y-o-Y), substantially reduced in H2 (-6.6% Y-o-Y)

Automobiles at 28.4bn: flat unit sales at FGA yielding 26.3bn, recording highest Q4 ever

CNH at 10.1bn, down 21% on most severe decline on record in CE industry and tough comps vs. record high

2008 AG market

Iveco at 7.2bn, down 34% on a 46% decline in deliveries, especially in Europe & Heavy segment

Trading profit at 1.1bn (2.1% margin) w ith sequential quarter-by-quarter improvements in

trading margin primari ly on the back of realignment of production levels & aggress ive costcontainment

Automobiles at 719mn: FGA at 470mn in a notable mixed performance between passenger car & LCV

markets, especially WE; Ferrari at 238mn; Maserati positive despite 46% revenue shortfall

CNH at 337mn: rigorous cost containment and positive pricing partially offset revenue gap resulting from

drastic volume decline in CE and continued de-stocking for both AG & CE equipment

Iveco at 105mn: decisive cost reduction measures yielded positive trading result and margin increased

quarter-by-quarter

Net loss of 0.8bn, including unusuals of 0.6bn

Cash flow generation of 1.5bn driving drop in net industrial debt to 4.4bn, well below FY target

Realignment of production levels including significant de-stocking actions across all businesses and disciplined

management of Capex

FY '09 highlights

Ahead of guidance results...


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Liquidity at 12.4bn, 3x higher than 2008 year-end level

Guaranteeing adequate resources to cover contractual maturities well beyond 2011 and significant financial

flexibility

Re-accessed European and US capital markets in H2, raising nearly 5bn through 4 highly successful bond

issues

Taking advantage of progressive restoration of ABS market in NA

Continuing to strengthen Groups international identity, emerging stronger through a difficult year

Global strategic alliance with newly-formed Chrysler Group LLC

Framework agreement for production of cars and engines in China with GAC Group

Agreement with Kamaz to develop industrial & commercial alliance in AG&CE for Russian market

Cumulative dividends of 237mn proposed across all 3 classes of shares

2010 OUTLOOK

Top line growth of 3-6% in 2010, w ith trading profit of 1.5bn and net debt levels below 5bn

mark

Non renewal of eco-incentives scheme in WE to impact trading profit by 350 to 400 mn

FY '09 highlights (contd)

...reinforced liquidity, positive outlook for 2010


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FY '09

Revenues and trading result by business

CNH Tight grip on cost and positive pricing partially offset decline in

both AG & CE volumes attributable to market conditions

Iveco

Latin America, special vehicles business (seasonally stronger inlatter part of year) and after-sales activities, continued to provide

margin support, in addition to realignment of production levels

and rigorous cost containment measures to counter steep volume

decline

Components

FPT: significant efficiency gains in overheads, manufacturing &purchasing partially offsetting sharp drop in I&M volumes and

unfavorable sales mix

Magneti Marelli: reductions in overheads, increased productionand purchasing efficiencies contained impact of lower revenues

Automobiles

FGA: cost containment measures and volume recovery in H2partially compensating for drop in demand in H1 and lessfavorable product mix

Ferrari: efficiency gains partly offsetting lower volumes,unfavorable product mix & currency movements

Maserati: realignment of production levels and rigorous costcontainment measures partly offsetting significant decline in

volumes

FY09 H209 H109

FGA 26,293 11.8% -14.3%

Maserati 448 -48.0% -43.2%

Ferrari 1,778 -6.8% -8.0%

Revenues(mn)

28,351

50,102(5,866)

(3.5)%

(15.9)%

10,107(20.9)%

7,183

(34.1)%

10,327

(25.1)%

Automobiles CN H Iveco Components Eliminations& Others

FY'09

(14.5) (17.4)

(45.9)

(36.4)

(23.8)

9.3

(24.7)(19.1)

(11)(6.6)

H1 H1 H1 H1 H1 H2H2H2H2

H2

Automobiles CNH Iveco Components Eliminations& Others

FY'09

(59.2)

(71.2)

(98.7)(86.2)

(3.1)

(68.6) (73.1)

(5.8)

(45.7)

% chgvs. 08

H1 H1 H1 n.a. H1 H2H2H2

719

1,058

(34.8)%

337

(70.0)%

(40)

105

(63)

(87.5)%

(68.5)%

% chgvs. 08

Tradingresult(mn)

FY09 H209 H109

FGA 470 35.3% -71.3%

Maserati 11 -88.0% -77.3%

Ferrari 238 -34.9% -24.4%


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Q4 & FY 09

From trading to net result

'09 '08 '09 '08 Trading profit 488 663 -175 1,058 3,362 -2,304

Unusual items, net (425) (407) -18 (699) (390) -309

Operating income 63 256 -193 359 2,972 -2,613

Financial charges, net (218) (345) +127 (753) (947) +194Investment income, net 36 10 +26 27 162 -135

Pre-tax result (119) (79) -40 (367) 2,187 -2,554

Taxes (164) 259 -423 (481) (466) -15

Net result (283) 180 -463 (848) 1,721 -2,569

Q4 FY(mn)


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Tax effects on unusual items of ~120mn

(mn)

RestructuringFixed assets

write-downs

Other

provisions,

net

Total

(312) (135) (252) (699)

Automobiles (54) (104) (88) (246)

CNH (87) - 1 (86)

Iveco (22) - (173) (195)

Others (149) (31) 8 (172)

of which cash impact '09 (93) - (183) (276)

of which cash impact '10 (160) - (98) (258)

of which cash later years (32) - - (32)

Breakdown of unusual items

FY 09


7/48January 25, 2010 Q4 & FY 09 Results Review 7

Financial charges breakdown

FY 09 vs. 08

AverageOutstanding

(bn)

Rate/Spread

(%)

Net Charges (mn)

2008 2009 Chg

Net Industrial Debt 2009 (5.6) 5.5% (308)

(152)Net Industrial Debt 2008 (2.4) 6.5% (156)

Cost of Carry 2009 (5.9) 3.5% (207)(137)

Cost of Carry 2008 (3.5) 2.0% (70)

Equity Swap (hedging stock option plans) (263) 117 +380

IAS 19 (interest cost on pension & OPEB) (155) (160) (5)

Ind irect taxes on banking transactions(South America)

(30) (27) +3

Others

(fees, FX, interest cost on long-term provisions, discount ofcertain receivables...)

(273) (168) +105

NET FINANCIAL CHARGES (947) (753) +194



Q4 & FY 09 Cash FlowWell exceeding year-end target

(mn)

Q4 '09 FY '08 FY '09

(5,832) Net Industrial (Debt)/ Cash beginning of period 355 (5,949)

(283) Net Income 1,721 (848)

607 D&A (excl. Vehicle Buybacks) 2,802 2,667

588 Change in Funds & Others (769) 118

912 Cash Flow from Op. Act ivit ies bef. Chg. in W.C. 3,754 1,937

1,700 Change in Working Capital (3,604) 2,564

2,612 Cash Flow from Operating Activities 150 4,501

(1,235) Tangible & Intangible Capex (excl. Vehicle Buybacks) (4,973) (3,382)

1,377 Cash Flow from Opera ting Activitie s ne t o f Capex (4,823) 1,119

46 Change in Investments, Scope & Other (942) 525

1,423 Net Industrial Cash Flow (5,765) 1,644

- Capital Increase / Share Repurchases / Dividends (770) (20)

(9) FX Translation Effect 231 (93)

1,414 Change in Net Industrial Debt (6,304) 1,531

(4,418) Net Industrial (Debt)/ Cash end of period (5,949) (4,418)

Strong cashgeneration in adifficult year

Performancedriven by workingcapital (partialreversal of 2008

absorption)

Particularly strongcontribution frominventories with a2.9bn reduction(1bn in Q4)

Disciplined Capexmanagement atbelow 3.4bn

Reflecting lowmarket demandand postponementof certain projects



2009 operational highlights & industry forecast

1. Demand conditions

2. Input cost

3. Cost structure & manufacturing capacity



1.1 Industry outlook & sales volume

Fiat Group Automobiles

FY 09(change vs. prior

year)

FY 10E(change vs. prior year)

WE 0.5% (12)% / (16)%*

EE (26.6)% Flat

ITA (0.2)% (5)% / (20)%*

BRA 12.6% 2-3%

WE (27.4)% (5)% / (7)%*

EE (50.7)% Flat

ITA (21.4)% Flat / (10)%*

BRA 12.3% 2-3%LCVs

Passenger cars

LCVs

Italy

WE ex-Italy

RoW

LA

Passenger

cars

Unit Sales (x000)

1,085

307

84

675

2,151

432

2009 2010E

653

2,100 / 1,930*

Q4 09

Strong finish (+23.2%) for passenger car registrations,

outperforming WE market

Share gain (0.6 p.p.) in a record quarter for overall Brazilianmarket

Robust order intake

FY 09

Western Europe

Passenger cars: consistent quarterly share gains year-over-year since 2005 with share up 0.6 p.p. (2.2 p.p. in 4 years) to8.8% driven by gains in Italy (+0.9 p.p.), Germany (+1.5p.p.), France (+0.1 p.p.) & UK (+0.6 p.p.)

LCVs: share gain (+0.3 p.p.) in a steeply declining market

All brands up both in WE & EU27

Highest share in WE since 2001 for Fiat (at 7.1%) and Lancia(at 0.9%)

Alfa share up 0.1 p.p. at 0.8%, awaiting Giulietta in H1 10

Brazil: a sales record in its 33rd year; leadership maintainedwith a 24.5% share in an overall booming market, toppinghealthy 2008 level

FY 10 expectations

WE+EE

Passenger cars: market decline expected to be ~12% mainlydriven by Germany. Non renewal of eco-incentives schemes todecrease demand for an additional 4%

LCVs: market flat or slightly down, targeting share increasedriven by new products

Brazil: growth in line with market increase* in absence of incentives scheme renewal in Italy



1.2 Succeeding in an uneven 2009 WE market


Structural shift moving market towards low ersegments with incentives accelerating process

Coherent product portfolio and eff ective life-cyclemanagement

Panda: breaking record year-over-year since launch in 2003(~310k FY registrations)

500: 190k FY registrations

Punto family: increased penetration to 8.1% (+0.3 p.p.) in B-Segment also thanks to Punto Evo (85k orders at year-end),broadening spectrum to include high-end customers

MiTo driving Alfa brand registrations up 8% vs. last year

A wide array of environmentally-friendly productofferings

Expanded offering of leading-edge engines with introduction inboth gas (MultiAir) & diesel (MultiJet II)

~60% of FGAs registrations 130 CO2 g/km (>50% for 120CO2 g/km) in 09 in Europe

Fiat brand offering widest range of CNG & LPG poweredvehicles in market (200k FY registrations)

LPG available on key products of Lancia

After 2 years of leadership, lowest level of CO2 emissions in

EU with Fiat brand ranked #1 again in Sep 09

Healthier and strengthened dealer network supportingmarket penetration

~290 new dealer appointments after completion last year ofnetwork gap closure plan

Lean organization and prompt decision-makingenabled rapid response to take full advantage ofemerging opportunities

1.4 Fire MultiAir turbo Euro 51st application on

Alfa Romeo MiTo (Sep 09)

Main benefits

Up to 10% increase in max power Up to 15% increase in low-rpm torque

Up to 10% reduction in fuelconsumption and CO2 emissions (up to25% in combination with turbo-charging & downsizing)

Lower noxious emissions (CO/HC/NOx)

Improved driveability

1.3 MultiJet II Euro 51st application on

Fiat Punto Evo (Oct 09)

Main benefits

Digital injection rate shaping bringing

CO2 emissions up to 3% lower

NOx emissions up to 20% lower

Greater accuracy in fuel injectionquantity control

Noise and driveability improvement

Main benefits

Up to 20-25% CO2 emissions reductioncompared to equivalent gas engine

Very low noxious emissions (NMHC)



Months of Supply (as per average of latest 3 months)

Company Inventory

Dealer Inventory

1.3 Inventory trend by quarter


Total inventoryreduction of 63kunits or ~20%compared to 2008year end

Healthy months-of-supply ratio both fordealer and companyinventory

2008 2009




CNH Agricultural Equipment

FY 09 FY 10E

Industry(change vs.

prior year)

CNH(performance

relative to mkt)

Industry(change vs.

prior year)

WW (7)% (5-10)%

NA (21)% (5-10)%


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CNH Construction Equipment

Light

Heavy

FY 09

Decline 38% in all regions

Overall industry down only 4% in quarter as market

decline slows

Market share up in LA for both Light & Heavy

equipment and stable in NA

RoW: strongest growth in markets where CNH has

limited presence

Highly competitive environment based on

aggressive de-stocking actions drove down market

share in WE

FY 10 expectations

Construction activity in LA & RoW regions should

lead to moderate global industry growth

Worldwide industry demand for Light & Heavy

Equipment up 510% as industry rebalances and

renews fleet levels in market

FY 09 FY 10E

Industry(change vs.

prior year)

CNH(performance

relative to mkt)

Industry(change vs.

prior year)

WW (45)% 0-5%

NA (49)% (0-5)%

WE (49)% Flat

LA (54)% 15-20%

RoW (36)% ~10%

WW (30)% 5-10%

NA (47)% (0-5)%

WE (56)% Flat

LA (56)% 20-25%

RoW (14)% ~10%


15/48


1.6 Leveraging strengths in diverse markets

CNH (AG & CE Equipment)

Managing better pricing as AG products

drive profit Leverage higher-end products to increase pricing

in easing markets

Core strength in AG products

NA combines

Tractors 100+hp

Manage slowdown in CE with tight

inventory control

Inventories reduced to low levels

Focus on Parts & Service to support dealers andcustomers

Deliver superior performance on Parts &Service

2 new environmentally-efficient parts centers

opened using latest in RF radio trackingtechnology

Shortened order-to-delivery & service times

New Holland T7000 Tractor Series; mostawarded line of tractors in 13-year history ofthis award

2007 Agritechnica -- T7060 Power Command

T racto r o f th e Year

Go lden Trac to r fo r Des ign fo r 2008

2009 Agritechnica -- T7070 Auto Command

T racto r o f th e Year

Go lden Trac to r fo r Des ign fo r 2010

Deployment of Case IH CVT

Magnum 180,190,210,225

Improved efficiency and performance


16/48



CNH (AG & CE Equipment)

FY production levels 12% below retailsales; production expected toreturn to more normal pattern

FY underproduction at targeted levels(under-produced retail sales by 51%),2010 still to be characterized by tightinventory control


17/48



Iveco (Trucks)

Industry (2.8T)(change vs. prior year)

FY 09 FY 10E

WE (34.5)% Flat / 5%

EE (54.5)% Flat

LA (12.1)% ~5%

FY 09

Industry: poor WW Truck & Commercial Vehiclemarket conditions with significant drop in allsegments and most regions, especially Europe

WE: Light (-32%); Medium (-33%); Heavy (-44%)

EE (-55%) & LA (-12%)

Iveco: overall share in 2.8T WE market down 0.7

p.p. vs. last year heavily impacted by unfavorablemarket mix for Heavy, with improved performancein all segments in latter part of year

De-stocking for new and used vehicles mostlycompleted. Disciplined price management

FY 10 expectations

Industry: H1 10 substantially flat in line with H2 09with signs of recovery expected in H2 10

Iveco: Trucks and CV sales targeted to grow fasterthan market registrations

Light Medium Heavy


18/48


1.9 Consolidated presence in China

Iveco (Trucks)

Iveco trucks unit sales by region (including JVs)

Iveco JV sales in China

2005 2008 2009

18k

107k

92k

A single, strong partner

Strategy for trucks with SAIC

Competitive advantage over peers

First-mover advantage

Up-to-date manufacturing systems

Fully localized range, including engines

Iveco strategy

Serving domestic market Exporting to international markets

Leveraging supplier base for globalsourcing

Full market coverage

Light, Medium & Heavy range

China Truck OfThe Year 2009award


19/48



Iveco (Trucks)

Overall dealer & companyinventory down ~20% vs.previous quarter

FY company de-stocking targetachieved

Dealer inventory (units) Company inventory (units)

WE+EE Trucks & Commercial Vehicles

-41%

-42%


20/48


2 Group purchasing

Direct materials savings

Q1 09Q1 08 Q2 08 Q3 08 Q2 09 Q3 09

FY 09 Average = -2.9%

FY 08 Ave rage = -0.6%

Dec 07=100

Q4 08 Average

Q4 09 Average

FY 09 net savings at

~0.5bn or 2.3%, withFY performanceslightly above target

Continued efficiencyactions on commercial& technical savingsexpected to bringpositive net savings in

FY 10 despite someraw material priceincrease

Q4 09Q4 08


21/48


22/48


All sectors to improve performance over prior year, with Automobile s business dependent on continued availability

of reliable eco-incentives programs to underpin demand in WE

Forecasts include a continuation of rigorous cost containment action initiated as early as latter part of 2008, implementedvigorously throughout 2009

Contraction in Capex programs expected to ease in 2010, with resumption of a normalized level of capital

commitments across all sectors, yielding a 30% to 35% rise in expend itures over 2009

Capital expenditures programs, forming part of 2007-10 industrial plan, underwent a severe contraction in 2009, in

response to uncertainty of demand function for our various businesses and tightening of credit markets

2010 targets

Revenues in 52-53bn range, up between 3% and 6% Trading profit of ~1.5bn

Positive net income of 200 to 300mn

Net debt levels below 5bn

Targets subject to continued availability of eco-incentives in European automotive market, ex Germany where non-renewal of

2009 incentive scheme assumed. If incentives not available in 2010, European demand for automobiles would be negatively

impacted. In Italy alone volumes would decrease by ~20% impacting all car producers, more importantly those particularly

active in A & B segments, and Fiat in particular holding ~30% share

In such a case

Revenues would be 2.5bn lower

Trading profit for both Automobiles and Components would drop by 350-400mn

Shortfall in profits would impact net income on a 100% basis due to unavailability of tax relief, and would balloon debtdisproportionately, pushing overall levels above 5bn mark

Even in these circumstances, Fiat able to post a trading profit in excess of 1bn and have more than adequate financial

resources to transition to 2011 and later years, when a normalized trading environment expected

If eco-incentive schemes extended into 10, Automobiles & Components sectors expected to improve performance over 09

2010 outlook

After uneven trading conditions in 09, a year of transition & stabilization


23/48


Save the date

Fiat 2010-14 Business Plan


24/48


January February March April May June July August September October December

March 26, 2010Annual GeneralMeeting

July 21, 2010Q2 & H1 Results

October 21, 2010Q3 Results

2010 financial calendar

November

April 21, 2010Q1 Results andFiat Investor Day


25/48


Appendix


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Unit Sales (x000)

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09

Revenues (mn)

Trading P rofit (mn)


Closed a challenging 2009 recording highest Q4 revenues ever

5,600

FY 09FY 08

6,829

FY revenues down 2.4% to 26.3bn (substantiallyunchanged on constant currency)

Passenger cars up 5.7% to 1,843k units

LCVs down 24.8% to 307k units

Key markets leading volume increase

Germany: 149k cars, nearly 2x 08 levels

Italy: +6.2% to 653k cars

Brazil: 12.6% to 750k units, including LCV

Q2

Q1

Q3

Q4

7,770

6,636

5,702

6,905

6,541

7,247

(30)

FY 09FY 08

193

Q2

Q1

Q3

Q4

243

190

65

155

155

190-18.4%

-36.2%

n.a.

+192.3%

-1.4%

-11.1%

-18.0%

+27.1%


27/48



Trading profit variance & margin

Volume increase driven bypassenger cars (+100kunits) totally offset by LCVs(-102k units)

Price/ Mix negative effectmainly due to reduced LCV

volumes in WE Purchasing savings

proceeding apace

WCM efficiencies partlyoffsetting uneven absorptionacross factories

SG&A cost reduction at FYtarget

Other mainly relates to FXtranslation effect

(168)

30 0

(130)

69 1

(456)

230

(3 )

6

470

FY '08 Volume Price Mix PurchasingNe t

ProductionCost

Absorp.SG&AR&D FY '09Other

2.6%

1.8%

(mn)


28/48



Registrations & market share

WESTERN EUROPE

Passenger cars

Fiat brand share at 7.1% (+0.5 p.p.); Lanciashare at 0.9% (+0.1 p.p.); Alfa Romeo share at0.8% (+0.1 p.p.)

FGA at 8.8% in WE (+0.6 p.p.)

Italy +0.9 p.p.

Germany +1.5 p.p. UK +0.6 p.p.

WE ex-Italy: +0.5 p.p.

LCVs

WE market share at 12.6% (+0.3 p.p.)

Share in Italy down to 39.9.% driven by phase-out ofDobl (new model available in market in early 2010)and a sharp drop in camper segment, where FiatProfessional has a lions share of market

BRAZIL

Leadership maintained w ith a 24.5%share in an overall booming market,topping healthy 2008 level

8.8

32.8

FY 09

+0.9 p.p.

+0.6 p.p.

Passenger cars(market share; %)

12.6

39.9

-3.4 p.p.

+0.3 p.p.

FY 09

LCVs(market share; %)

2005 2006 2007 20092008

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3Q1 Q2 Q4

2005 2006 2007 20092008

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3Q1 Q2 Q4

Italy

WE

Italy

WE


29/48


Luxury Auto Brands

(mn)

Revenues Trading Profit Revenues Trading Profit

Revenues down ~46% over last year

4,489 units sold, with 48.7% decline attributable tosignificant drop in companys reference markets

Overall market share maintained, with improvement inQuattroportes segment

Trading profit underpinned by realignment ofproduction levels and rigorous cost containmentmeasures partly offsetting significant decline involumes

1,778

FY 09FY 08

1,921

238

FY 09FY 08

339

448

FY 09FY 08

825

11

FY 09FY 08

72

Revenues down ~7% on lower sales volumes andunfavorable sales mix

6,235 units sold, down 4.5% with reference marketdown ~40% globally

Deliveries of 8-cylinder vehicles up, driven by successof California

Trading margin at 13.4%

Efficiency gains partly offsetting negative impact ofvolumes and product mix (both particularly favorablein 08) in addition to unfavorable currency movements

458 Italia

GranTurismo ConvertiblePresented at Detroit Motorshow

for US market


30/48


Agricultural and Construction Equipment

Focus on cash and tight cost controls, disciplined management

FY revenues down ~21% to 10.1bn impacted by most

severe decline on record in CE markets and tough comps

vs. exceptionally strong 2008 AG levels, particularly for

combines

Target company & dealer inventory levels achieved

Progressive slowdown of global demand in AG from peak

highs in 2008

Total combine unit deliveries down 20%; total tractor unitdeliveries down 25%

NA revenues down slightly due to network de-stocking

actions and softening tractor sales partially offset by

strength in combines

Slowdown in remaining regions attributable to overall

industry decline, network de-stocking actions & tight credit

markets

Worldw ide CE industry retail volume down 38%

Overall wholesales decline in both Light & Heavy equipment

in all regions impacted also by de-stocking actions

Light equipment FY unit deliveries down 63% (down 46%

in Q4)

Heavy equipment FY unit deliveries down 55% (down

22% in Q4)

Revenues (mn)


2,598

FY 09FY 08

2,977

Q2

Q1

Q3

Q4

3,631

3,122

3,051

2,860

2,268

2,381

FY 09FY 08

Q2

Q1

Q3

Q4

198

399

284

241

123

6699

49

-27.4%

-21.2%

-12.7%

-22.0%

-76.8%

-69.2%

-75.3%

-58.9%


31/48


Agricultural and Construction Equipment


Low er industry volumes,de-stocking andunfavorable product mix

Positive AG & CE pricing,despite market conditions

Targeted headcountreduction and SG&A costcontainment programs

Reduced R&D includeimpact of synergies w ithFPT on Tier IV development

Other includes lowerearnings at CNH Capital

(mn)

148

(265)(827)

1,122

358

(266)

8.8%

3.3%

337

67

F Y '08 Volume/ M ix P ricing, Ne t P roductionCost

SG&A Other FY 09R& D


32/48


FY revenues down 34.1% to 7.2bn mainly

due to lower sales volumes in a poor

European market, softened by more resilient

after-sales and special vehicles businesses

Q4 positively impacted by strong seasonality of

special vehicles & LA Overall wholesale volumes down 45.9% to

104k units

Sales by geographic area

WE down 47% to 67k units with sharp declines in

all key markets: Italy -31%, Germany -43%,

France -46%, Spain -60% & UK -73%

EE down 73%

LA down 19% in an improved market in latter part

of year

Sales by segment

Light down 42%

Medium down 41%

Heavy down 62%

Trucks and Commercial Vehicles

Tight cost management yielding 1.5% FY trading margin

Revenues (mn)


1,523

FY 09FY 08

2,970

Q2

Q1

Q3

Q4

3,122

2,441

2,361

1,773

1,715

2,172

(12)

FY 09FY 08

222

Q2

Q1

Q3

Q4

248

181

187

2277

-29.7%

-43.2%

-48.7%

-8.0%

-87.8%

-92.7%

n.a.

-11.0%

18


33/48




174

(905)

(63)

838

(65)

28 36 -

62

105

FY '08Volume/

MixPrice Purchasing

ProductionCost

SG&AR&D FY '09Other

7.7%

BB/used

(mn)

1.5%

Volume drop in all

business segments

Pricing impacted by

de-stocking actions in

Europe, partially

offset by LA & aftersales margins

Purchasing savings &

improved

manufacturing

efficiency through

WCM and labor

flexibility

Overhead costs cut by

20+% from ongoing

actions


34/48



Market shares by region

WE market shareFY 09

14.1% 1 24.3% 9.3%

Change vs. FY 08 -1.1 p.p. -0.7 p.p. -1.0 p.p.

EE market shareFY 09

13.2% 2 30.1% 2 11.0% 2

Change vs. FY 08 -2.0 p.p. -3.6 p.p. -0.2 p.p.

Brazil market shareFY 09

27.0% 3.7% 11.9%

Change vs. FY 08 +1.9 p.p. +1.4 p.p. -3.3 p.p.

1 2.8-6T at 7.9% (-0.5 p.p.) vs. last year2 Estimates

Light(3.5-6T)

Medium Heavy

WE market share 3.5Tat 13.6% (9.2% 2.8T),with slight decline inshare reflectingunfavorable market mix

Continued strongcompetition in Lightsegment from car-basedvehicles

Improved penetration in Q4in all segments vs. previousquarter

Brazil

Market share 3.5T at8.3%; Q4 share up 0.4 p.p.vs. last year

Market share loss in Heavysegment due to marginprotection and excessmanufacturing capacity inmarket


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Components

FPT Powertrain Technologies

Revenues (mn)

P&CV

I&M

Other & Elim.-mn

Other & Elim.(8) mn

4,952

3,358

3,650

7,000

FY '08 FY '09

1,580

3,372

Trading Profit variance (mn) & margin

-29%

Passenger & Commercial Vehicles

Revenues down ~8%: ~2.3mn engines (down 63k or ~3%,

with third-party sales declining 50+%) and ~2.2mn

transmissions (+9%)

Industrial & Marine

Revenues down 53%: engine sales at 268k (-51%),

gearboxes at 53k (-50%) & axles at 105k (-62%)

Start of production of F1C engines

Offering of leading-edge powertrains compliant with

strictest emissions standards expanded across

businesses

Technobest 2009-awarded Fire MultiAir

Euro 5 1.3-liter Small Diesel Engine with MultiJet II injection

system technology

Small off-road engines available to meet Tier IV interim

requirements

Range of 5 EEV compliant diesel engines for Iveco NewEcoDaily, also available in twin-stage turbo version, CNG,

bi-fuel (gas & CNG)

Small trading loss for FY (59mn profit in H2)

Significant efficiency gains in overheads, manufacturing &

purchasing partially offsetting sharp drop in I&M volumes &

unfavorable sales mixFY '08 Volume

/MixPrice Purchasing

NetProduction

CostR& DSG&A FY '09Other

166

62

52

6

2,4%

63

(2 )

13

(385)

(25)-0.5%


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5,447

1,123

FY '08 FY '09

837

4,528

728

578

Components

Teksid, Marelli, Comau

Trading Result (mn)

Teksid

Comau

Marelli

Revenues (mn)

FY '08 FY '09

TeksidComau

Marelli

174

41

25

(28)(12)

21

Comau

FY revenues down ~35% (down 31% on a comparablebasis) mainly driven by Body Welding

Services growth in Mercosur unable to offset order decline in EU

Trading result primarily attributable to lower businessvolumes for Body Welding and Die-cutting

Teksid

FY revenues down ~31% w ith ~27% volume decline inCast Iron business and ~6% volume drop in Aluminumbusiness

Trading result reflected significant contraction involumes

Magneti Marelli

FY revenues down ~17% (down 14% on a comparablebasis) primarily attributable to fall in volumes in H1,slowing in H2

Most significant volume declines in Europe (ex Poland) and US

Growth of Engine Control Units in China & India, strong sales

performance for Exhaust Systems in Brazil (both third-party sales

& Fiat)

Notw ithstanding lower volumes, a trading profit of 25mnposted on the back of reductions in overheads, increasedproduction and purchasing efficiencies


37/48


Q4 09

Revenues & trading result

(mn) Q4 '09 Change 2009/ 2008Cons. Industrial Financial Cons. Industrial Financial

Revenues

Fiat Group 13,601 13,323 369 +468 +504 -41

of which

Automobiles 7,815 7,773 49 +1,482 +1,488 -9

FGA 7,247 7,213 43 +1,545 +1,556 -9

Ferrari 491 483 6 -11 -16

Maserati 129 129 -100 -100

CNH 2,381 2,164 267 -670 -639 -49Iveco 2,172 2,127 53 -189 -204 +15

Components 2,872 2,872 +118 +118Others & Elim. (1,639) (1,613) -273 -259 +2

CNH ($) 3,540 3,216 396 -451 -448 -22

Trading result

Fiat Group 488 445 43 -175 -141 -34

of which

Automobiles 257 245 12 +55 +53 +2

FGA 190 180 10 +125 +123 +2

Ferrari 62 60 2 -34 -34

Maserati 5 5 -36 -36

CNH 99 60 39 -142 -123 -19Iveco 77 86 (9) -110 -91 -19Components 77 77 +45 +45Others & Elim. (22) (23) 1 -23 -25 2

CNH ($) 144 87 57 -166 -148 -18


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FY 09

Revenues & trading result

(mn) FY Change 2009/ 2008Cons. Industrial Financial Cons. Industrial Financial

Revenues

Fiat Group 50,102 48,917 1,467 -9,462 -9,518 -68

of which

Automobiles 28,351 28,190 190 -1,029 -1,042 +16

FGA 26,293 26,151 168 -644 -649 +8

Ferrari 1,778 1,759 22 -143 -151 +8

Maserati 448 448 -377 -377

CNH 10,107 9,165 1,129 -2,674 -2,649 -98Iveco 7,183 7,052 151 -3,711 -3,793 +14Components 10,327 10,327 -3,466 -3,466

Others & Elim. (5,866) (5,817) (3) 1,418 1,432

CNH ($) 14,097 12,783 1,574 -4,700 -4,593 -230

Trading result

Fiat Group 1,058 890 168 -2,304 -2,148 -156

of which

Automobiles 719 678 41 -383 -382 -1

FGA 470 435 35 -221 -216 -5Ferrari 238 232 6 -101 -105 +4

Maserati 11 11 -61 -61

CNH 337 184 153 -785 -673 -112Iveco 105 131 (26) -733 -689 -44Components (40) (40) -442 -442Others & Elim. (63) (63) +39 +38 +1

CNH ($) 470 257 213 -1,180 -1,003 -177


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Q4 09 market & market share (ex Ferrari & Maserati)

Passenger CarsQ4 Unit %

Units 000 2009 2008 Change Change

WE Market 3,322.9 2,733.9 589.0 21.5%

Registrations 279.7 226.9 52.7 23.2%

Mkt Share % 8.4% 8.3% 0.1

Italy Market 545.5 450.2 95.3 21.2%

Registrations 171.9 142.6 29.3 20.5%

Mkt Share % 31.5% 31.7% -0.2

Germany Market 816.4 718.6 97.8 13.6%

Registrations 27.9 20.9 7.0 33.7%

Mkt Share % 3.4% 2.9% 0.5

France Market 655.2 474.5 180.7 38.1%

Registrations 26.6 20.7 5.8 28.1%

Mkt Share % 4.1% 4.4% -0.3

U.K. Market 478.0 337.4 140.6 41.7%

Registrations 20.0 9.5 10.5 110.0%

Mkt Share % 4.2% 2.8% 1.4

Spain Market 276.2 213.3 62.9 29.5%

Registrations 7.0 7.3 -0.3 -3.5%

Mkt Share % 2.6% 3.4% -0.8

Poland Market 81.0 85.0 -4.0 -4.7%


Mkt Share % 9.1% 9.2% -0.1

Brazil Market 657.0 473.2 183.8 38.8%

Registrations 161.5 112.0 49.5 44.2%

Mkt Share % 24.6% 23.7% 0.9

Light CommercialVehicles

Q4 Unit %


WE Market 362.1 410.2 -48.0 -11.7%

Registrations 43.6 51.2 -7.6 -14.8%

Mkt Share % 12.0% 12.5% -0.5

Italy Market 51.8 55.0 -3.1 -5.7%

Registrations 20.5 23.8 -3.4 -14.1%

Mkt Share % 39.5% 43.3% -3.8

Germany Market 58.5 74.2 -15.7 -21.1%

Registrations 5.3 7.3 -2.0 -27.6%

Mkt Share % 9.1% 9.9% -0.8

France Market 103.5 108.1 -4.6 -4.3%


Mkt Share % 7.1% 7.2% -0.1

U.K. Market 45.8 52.6 -6.8 -13.0%

Registrations 1.6 2.1 -0.6 -26.0%

Mkt Share % 3.5% 4.1% -0.6

Spain Market 30.0 27.9 2.2 7.7%

Registrations 2.6 2.4 0.2 7.8%Mkt Share % 8.7% 8.7% 0.0

Poland Market 10.3 15.2 -4.9 -32.4

Registrations 3.0 3.7 -0.7 -19.0%

Mkt Share % 29.0% 24.2% 4.8

Brazil Market 140.8 102.1 38.7 37.9%

Registrations 32.8 24.8 8.0 32.3%

Mkt Share % 23.3% 24.2% -0.9


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FY 09 market & market share (ex Ferrari & Maserati)

Passenger CarsFull Year Unit %


WE Market 13,632.9 13,561.2 71.7 0.5%Registrations 1,194.0 1114.2 79.8 7.2%

Mkt Share % 8.8% 8.2% 0.6

Italy Market 2,158.0 2,161.7 -3.7 -0.2%Registrations 707.1 688.6 18.5 2.7%

Mkt Share % 32.8% 31.9% 0.9

Germany Market 3,807.2 3,090.0 717.1 23.2%

Registrations 179.4 99.3 80.1 80.7%Mkt Share % 4.7% 3.2% 1.5

France Market 2,268.7 2,050.3 218.4 10.7%Registrations 98.9 88.6 10.3 11.6%

Mkt Share % 4.4% 4.3% 0.1

U.K. Market 1,995.0 2,131.8 -136.8 -6.4%Registrations 69.4 61.3 8.1 13.3%

Mkt Share % 3.5% 2.9% 0.6

Spain Market 952.8 1,161.2 -208.4 -17.9

Registrations 23.8 41.7 -17.8 -42.8%Mkt Share % 2.5% 3.6% -1.1

Poland Market 320.1 319.9 0.2 0.1%Registrations 33.0 30.1 2.9 9.8%

Mkt Share % 10.3% 9.4% 0.9

Brazil Market 2,520.2 2,237.3 283.0 12.6%Registrations 619.0 557.2 61.8 11.1%

Mkt Share % 24.6% 24.9% -0.3

Light CommercialVehicles

Full Year Unit %


WE Market 1,416.6 1,950.2 -533.6 -27.4%Registrations 178.9 240.4 -61.5 -25.6

Mkt Share % 12.6% 12.3% 0.3

Italy Market 181.1 230.6 -49.4 -21.4%Registrations 72.2 99.8 -27.6 -27.6

Mkt Share % 39.9% 43.3% -3.4

Germany Market 239.5 318.4 -78.9 -24.8%

Registrations 28.6 37.0 -8.4 -22.7%Mkt Share % 11.9% 11.6% 0.3

France Market 381.5 469.8 -88.3 -18.8%Registrations 33.8 38.0 -4.2 -11.0%

Mkt Share % 8.9% 8.1% 0.8

U.K. Market 194.4 301.2 -106.8 -35.5%Registrations 7.1 12.7 -5.6 -44.2%

Mkt Share % 3.7% 4.2% -0.5

Spain Market 105.7 164.2 -58.5 -35.6%

Registrations 9.1 14.9 -5.8 -39.0%Mkt Share % 8.6% 9.1% -0.5

Poland Market 40.1 56.6 -16.5 -29.1%Registrations 10.3 12.1 -1.9 -15.3%

Mkt Share % 25.6% 21.4% 4.2

Brazil Market 489.9 436.4 53.5 12.3%Registrations 118.0 100.5 17.4 17.3%

Mkt Share % 24.1% 23.0% 1.1


41/48



Worldwide unit sales by region, Cars+LCVs (unit/000)*

Brazil

Italy

WE ex

Italy

RoW

+2.7%

-5.9%

-8.1%

1,595

-7.6%

1,725

- 39.4%

+30.1% -0.1%

+55.8%

+25.9%

+28.4%

-16.2%428

556 2,153 2,151

+12.6%

+0.5%

-0.7%

-34.5%

* Incl. sales w/buyback, excl. JVs and Ferrari & Maserati


42/48



Worldwide unit sales by brand, Cars+LCVs (unit/000)*

* Incl. sales w/buyback, excl. JVs and Ferrari & Maserati

LCV

Lancia

Fiat

Alfa

-32.9%

+1.8%

-1.9%

1,595

-7.6%

1,725

-2.0%

+30.1% -0.1%

+5.6%

+37.9%

+39.0%

+2.0%428

556 2,153 2,151

-24.8%

+5.9%

-1.0%

+9.2%


43/48



Production volumes, sales volume & registrations

RegistrationsUnits sold

Production

Registrations & Sales

WW Passenger Cars & LCV(000 units)

2005 2006 2007 2008 2009


44/48


Net debt breakdown

(bn)

Sept. 30, 09 Dec. 31, 09

Cons. Ind. Fin. Cons. Ind. Fin.

25.9 13.2 12.7 Gross Debt* 28.5 15.6 12.9

(0.1) (0.1) -Derivatives M-to-M, Net

(0.2) (0.2) -

(8.4) (7.3) (1.1) Cash & Mktable Securities (12.4) (11.0) (1.4)

17.4 5.8 11.6 Net Debt 15.9 4.4 11.5

* Net of intersegment receivables


45/48


Gross debt

(bn)

OutstandingSept. 30, '09

OutstandingDec. 31, '09

19.3 Cash Maturities 21.3

8.2 Bank Debt 8.49.8 Capital Market* 11.6

1.3 Other Debt 1.3

6.5 Securitization and Sale of Receivables (on book) 7.1

4.0 ABS / Securitization 4.90.9 Warehouse Facilities 0.6

1.6 Sale of Receivables 1.6

0.1 Adjust. for Hedge Accounting on Fin. Payables 0.1

25.9 Gross Debt 28.5

8.4 Cash & Mktable Securities 12.4

0.1 Derivatives Fair Value 0.2

17.4 Net Debt 15.9

0.0 Available Committed Lines 0.0

* Excluding Bond fair value, including interest accruals


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Debt maturity schedule

(bn)

OutstandingDec. 31, '09

2010 2011 2012 2013 2014 Beyond

8.4 Bank Debt 3.5 2.1 1.6 0.7 0.2 0.3

11.6 Capital Market * 1.5 2.6 1.4 1.7 1.6 2.8

1.3 Other Debt 0.9 0.1 - 0.1 - 0.2

21.3 Total Cash Maturities 5.9 4.8 3.0 2.5 1.8 3.3

12.4 Cash & Mktable Securities0.5 of which ABS related

4.6 Sale of Receivables (IFRS de-recognition compliant)

3.0 of which receivables sold to financial services JVs (FGA Capital, Iveco Finance Holding Ltd)

* Excluding Bond fair value, including interest accruals


47/48


Safe Harbor Statement


48/48

Fiat Investor Relations team

Marco Auriemma phone: +39-011-006-3290 Vice President

Federico Donati phone: +39-011-006-2756

Alexandra Deschner phone: +39-011-006-2380

Maristella Borotto phone: +39-011-006-2709

fax: +39-011-006-3796

email: [email protected]

website:

www.fiatgroup.com

Contacts

presentazione dei dati di bilancio 2009 del gruppo fiat

Documents