22.07.2009 FIAT GROUP ANNOUNCES SECOND QUARTER AND HALF YEAR RESULTS

FIAT 500 C

The Fiat 500C (the soft top convertible version) was introduced at dealer showrooms in Italy on July 4th to coincide with the new 500’s second birthday and the 52nd anniversary of the launch of the original version. The Fiat 500 has reached about 390,000 orders in 59 markets since launch.

The Board of Directors of Fiat S.p.A. met today in Turin under the chairmanship of Luca Cordero di Montezemolo to approve the Group’s second quarter and first half 2009 results.

• Group revenues were down 22.5% to €13.2 billion. Year-on-year declines were experienced by all businesses, but with signs of improvement in certain markets compared with Q1 levels:
- Fiat Group Automobiles (FGA) reported revenues of €6.9 billion (-11.1%) on delivery of 591,100 cars and light commercial vehicles (-8.3% over Q2 2008). FGA gained market share in Western Europe (+0.9 p.p. to 9.2%) and, with its product strength in fuel-efficient, environmentally-friendly vehicles, outperformed in most major markets where eco-incentives were in place, including Italy (to 34.5% from 32.9%), Germany (to 5.4% from 3.4%) and France (to 4.6% from 4.3%). In Brazil, Fiat maintained leadership (25.2% share) in continued strong market. Fiat Professional no. 1 ranked brand for LCVs in Western Europe for the quarter.
- Agricultural and Construction Equipment (CNH) revenues were down 21.2% to €2.9 billion, reflecting the global construction equipment industry decline, destocking actions as well as weaker conditions for the agricultural business compared with the record volumes for Q2 2008.
- Trucks and Commercial Vehicles (Iveco) reported a 43.2% decrease in revenues to €1.8 billion, due to the sharp drop in market demand, particularly in the heavy segment and measures to reduce dealer inventories. Total deliveries were down 56.1% to 25,921 vehicles.
• The Group achieved trading profit of €310 million for the quarter, countering significantly weaker year-on-year demand through targeted realignment of production levels and aggressive cost containment measures:
- FGA delivered a trading profit of €155 million (€243 million for Q2 2008), representing a 2.2% margin. Strong market share performance, combined with purchasing efficiencies, cost containment actions, contained the effect of lower market demand and destocking of the distribution channels.
- CNH posted a trading profit of €123 million (€399 million in Q2 2008). Positive pricing and cost savings limited the effect of volume declines, but were unable to fully offset the drastic decline in construction equipment sales in all markets.
- Iveco achieved €18 million in trading profit, down from €248 million for Q2 2008, with extensive cost reduction measures delivering a positive result for the quarter despite steep revenue declines. Additional margin support was also provided by after sales activities, Latin America and the special vehicles business.
• Net industrial debt was reduced to €5.7 billion (€6.6 billion at end of Q1), mainly through working capital improvements, driven by destocking actions across businesses. The Group ended the quarter with strong liquidity of €6.4 billion (€5.1 billion at end of Q1).
• Major strategic developments during the quarter include finalisation of the alliance with Chrysler and the signing of a framework agreement to form a 50/50 joint venture with GAC in China.

Group Results – Second Quarter

Group revenues for the second quarter of 2009 totalled €13.2 billion, a 22.5% decrease over the same period in 2008. The global economic crisis continued to have a significantly negative impact on demand levels for all of the Group’s businesses, but with signs of improvement in certain markets compared with Q1 levels. The second quarter of 2009 closed with an operating profit of €158 million (€1,131 million in Q2 2008), including net unusual expense of €152 million consisting primarily of restructuring costs.

Net financial expense for the second quarter totalled €161 million (€231 million for Q2 2008) and included a €39 million gain from the marking-to-market of two stock option related equity swaps (€79 million loss for Q2 2008). Net of this item, financial expense increased €48 million over the prior year, substantially due to a higher level of debt. The loss before taxes was €16 million (€955 million profit for Q2 2008), reflecting a significantly lower operating result (down €973 million) and a decrease in the result from investments (down €68 million), partially offset by lower net financial expense. Income taxes totalled €163 million (€309 million for the second quarter of 2008), mainly related to taxable income of companies operating outside Italy.

There was a net loss for the period of €179 million, compared with a profit of €646 million for Q2 2008. Excluding unusual items, the amount would be near break-even. During the quarter, Group net industrial debt decreased by more than €0.8 billion, mainly due to the reduction in working capital and disciplined capital expenditure. Group liquidity at 30 June 2009 was €6.4 billion, up €1.3 billion from the first quarter.

Group Results – First Half

For the first half of 2009, Fiat Group revenues totalled €24.5 billion, a decrease of 23.8% over the prior year. Group trading profit for the period was €262 million, down from the €1,897 million recorded in H1 2008. Aggressive cost containment measures and rigorous management of the Group’s operating leverage limited the impact of the significant drop in demand.

Operating profit for H1 2009 was €29 million, compared to €1,914 million for the first six months of 2008. This decrease reflects the decline in trading profit (down €1,635 million) and the €250 million difference in semester-to-semester one-offs (net unusual income of €17 million for H1 2008, €233 million net expense for H1 2009), attributable primarily to restructuring costs in addition to provisions on inventory and residual values on leased vehicles for FGA and Iveco.

Net financial expense totalled €371 million (€441 million for H1 2008) and included a €53 million gain from the marking-to-market of two stock option-related equity swaps. For H1 2008, the same item presented a €142 million loss. Net of this item, financial expense for the first half increased €125 million, substantially due to higher levels of debt. The loss before taxes was €376 million for the first half (€1,591 million profit in H1 2008), reflecting a lower operating result and a decrease in investment income (down €152 million), partially offset by lower net financial expense. Income taxes totalled €214 million (€518 million for the first half of 2008), relating to taxable income of companies operating outside Italy and employment-related cash income taxes (IRAP) in Italy. There was a net loss for the first half of €590 million, compared with a profit of €1,073 million for the same period in 2008. Working capital reduction in Q2 more than compensated for the cash absorption in Q1, resulting in a €0.2 billion decrease in net industrial debt during the first half.

Automobiles

Fiat Group Automobiles

Second Quarter

Fiat Group Automobiles posted revenues of €6.9 billion for the second quarter, down 11.1% over the prior year, due to the significant contraction in the global automotive market. Nearly one-third of the revenue decline was due to unfavourable exchange rate movements. During the quarter, the Sector delivered a total of 591,100 cars and light commercial vehicles, down 8.3% over Q2 2008. In Western Europe, total deliveries decreased 7.2% to 356,400 units. The volumes were substantially flat in Italy (-0.3%), but dropped in France (-22%), Great Britain (-30.9%) and Spain (-71.5%). A significant increase was achieved in Germany (+46.4%). For passenger cars only, Fiat Group Automobiles delivered a total of 514,600 units during the quarter, representing a 1.3% decrease over Q2 2008. Against an overall market decline of 3.3%, deliveries in Western Europe increased 3.4% to 317,600 units. Passenger car deliveries were up 7.2% in Italy, running counter to the market trend, but fell in several of the main Western European markets: France (-10.4%), Great Britain (-22.4%) and Spain (-67.7%). Performance in Germany was exceptional (+108.7%), with the increase significantly outpacing market growth.

FGA's strong offering of environmentally friendly cars enabled the Sector to fully benefit from eco-based government incentives. The Fiat brand, in particular, had an extremely positive performance. In Europe, the Fiat Panda and Fiat 500 continue to be the most sold A-segment cars and the Punto was one of the most sold cars in the B-segment.

In Q2 2009, the Western European passenger vehicle market declined 3.3% year-on-year. Scrapping incentives introduced by governments in several major markets significantly limited the fall in demand. In Germany, the introduction of incentives and reform of the annual vehicle tax were particularly effective and stimulated a 32.8% increase in demand for the period. The 3.8% year-on-year increase in demand in France also benefited from incentives. In Italy, the decrease in demand was limited to 1.4% in the second quarter as the positive impact of scrapping incentives introduced in February began to flow through to the market. By contrast, however, there was continued deterioration in Spain (-33.7%) and Great Britain (-21.2%), where incentives were only introduced towards the end of the quarter. In Brazil, demand increased 3.8% in part driven by government incentives aimed at encouraging purchases of new cars at the entry level.

Despite the negative performance of the market overall, Fiat Group Automobiles achieved significant gains in market share, achieving a 34.5% share in Italy (+1.6 percentage points over Q2 2008) and 9.2% share in Western Europe (+0.9 percentage points). The company retained its position as 4th ranked automobile manufacturer in Western Europe. Fiat Group Automobiles’ relative performance was particularly strong in Germany (+2.0 percentage points to 5.4%) and positive in France (+0.3 percentage points to 4.6%). The Fiat brand achieved a 7.5% share in Western Europe (+0.8 percentage points over Q2 2008) and a 26.8% share in Italy (+1.2 percentage points).

A total of 76,500 light commercial vehicles were delivered in Q2 2009, representing a decline of 37.9% over the second quarter of 2008. For Western Europe, deliveries were down 49.7% to 38,800 units. Fiat Professional’s share in Western Europe, where the market contracted 34.3%, increased to 14.4% (+1.2 percentage points over Q2 2008). In Italy, share for the period was 40.1% (-4.7 percentage points), principally due to the sharp decline in the camper segment where the company has long held a leading position. In Brazil, deliveries for cars and light commercial vehicles increased 1% over Q2 2008. FGA maintained market leadership with a 25.2% market share (+0.2 percentage points).

After a negative first quarter (€30 million loss), Fiat Group Automobiles recorded a trading profit of €155 million for Q2 2009, compared with €243 million for Q2 2008. This decrease reflected the contraction in volumes, destocking actions, unfavourable product mix driven lower sales of light commercial vehicles and pricing pressure in Brazil, which were nearly offset by cost reduction measures and tight controls on the operating structure of the sector.

The Fiat 500C (the soft top convertible version) was introduced at dealer showrooms in Italy on July 4th to coincide with the new 500’s second birthday and the 52nd anniversary of the launch of the original version. The Fiat 500 has reached about 390,000 orders in 59 markets since launch. The Sedici was also upgraded, with modifications to the interior and exterior style and two new Euro 5 engines being offered. The Fiat brand also presented the Panda Panda Cross, the first low-environmental impact City SUV, and the special MSN-edition Bravo, produced in collaboration with Microsoft and equipped with a single device which integrates all of the car’s electronic communication and entertainment functions. And, finally, the special series Fiat Panda 4x4 Adventure has arrived. The Fiat brand received an important recognition for the second consecutive year, being named as the lowest average CO2 emissions (133.7g/km) brand for 2008 among the top selling brands in 21 European markets (JATO ranking).

During the quarter, the Tofas plant in Bursa, Turkey, passed a significant milestone of 3 million vehicles produced. As part of the World Class Manufacturing programme, two FGA plants achieved Silver Level certification: Melfi (the first Italian plant to achieve this level) and Tychy in Poland.

First Half

Fiat Group Automobiles had revenues of €12.5 billion, down 14.3% over the first six months of 2008 due to the significant contraction in demand and unfavourable currency impacts. For H1 2009, Fiat Group Automobiles delivered a total of 1,055,700 passenger cars and light commercial vehicles, down 12.6% over the first six months of 2008 (-6.8% for passenger cars only). In Western Europe, deliveries declined 12% to 632,100 units (-2.6% for passenger cars only). Fiat Group Automobiles reported significant gains in Germany (+65.8%), but experienced declines in Italy (-12.2%), France (-16.4%), Great Britain (-30.5%) and Spain (-73.1%). The Western European passenger car market contracted 9.8% over the first six months of the year, mainly reflecting the sharp declines recorded in the early part of the year. Marked declines in demand continued in Italy (-10.7%), Spain (-38.3%) and Great Britain (-25.9%). The passenger car market grew in Germany (+26.1%), however, and was flat in France. Fiat Group Automobiles’ market share in Italy was 33.4% (+1.4 percentage points over H1 2008), confirming the positive trend. In Western Europe, market share increased to 9.1% (+0.8 percentage points).

Light commercial vehicle deliveries totalled 142,300 units for the first six months of 2009, a decrease of 37.7% over the same period in 2008. In Western Europe, where overall market demand fell 34.1%, total deliveries decreased 50% to 71,200 units. Market share for Fiat Professional decreased to 40.1% in Italy (-3.4 percentage points) and rose to 13.2% in Western Europe (+0.8 percentage points). Deliveries were down for passenger cars and light commercial vehicles in Brazil (-2.9%). Market share decreased 0.6 percentage points to 24.5%, but Fiat Group Automobiles maintained its market leadership.

For H1 2009, Fiat Group Automobiles reported trading profit of €125 million. The decrease over the €436 million figure for the first six months of 2008 was attributable to the fall in volumes, unfavourable product mix resulting from weak demand for light commercial vehicles and pricing pressure in Brazil which were partially offset by cost containment measures.

Maserati

For Q2 2009, Maserati reported €111 million in revenues, a decrease of 45.9% over the same period in 2008. A total of 1,169 cars were delivered to the network during the quarter, down 48.3% year-on-year. Due to the significant cost containment measures taken, there was a €2 million trading profit for the quarter (€12 million for Q2 2008) despite the large drop in revenues. Maserati reported €226 million in revenues for H1 2009, down 43.2% over the same period for the prior year. Sales to the network totalled 2,326 units, representing a 48.2% decrease. The Sector’s reference markets also suffered an average year-on-year reduction of 47% for the period. Trading profit for the first six months of 2009 was €5 million, compared with €22 million for the same period in 2008. The decline was wholly volume driven.

Ferrari

For Q2 2009, Ferrari reported revenues of €450 million, down 12.3% over the same period in 2008 during which the company experienced its historical sales record. The fall was attributable to lower sales volumes, a less favourable sales mix and unfavourable currency movements. During the period, 1,574 vehicles were delivered to the network, an 11% year-on-year decrease: deliveries of 8-cylinder vehicles rose, driven by the addition of the California to the product range, while sales of the 12-cylinder 599 GTB Fiorano and 612 Scaglietti decreased. Sales to end customers totalled 1,746 units (-6.2%). Ferrari closed Q2 2009 with a trading profit of €70 million, compared to €105 million for Q2 2008. The year-on-year decrease reflects the negative impact of volumes and product mix (both particularly favourable in Q2 2008), in addition to unfavourable currency impacts. The decline was partially compensated by increased efficiencies in production and overhead costs, in addition to the positive contribution of licensing activities. For H1 2009, Ferrari recorded revenues of €891 million, down 8% over the same period for the prior year. A total of 3,145 vehicles (-8%) were delivered to dealers and sales to end customers totalled 3,226 units (-8%). Trading profit was €124 million for the first half, compared to €164 million for the first six months of 2008. The negative impact of lower volumes and a less favourable sales mix was partly offset by improved efficiencies, including Formula 1 costs, and the positive contribution of licensing activities.

Trucks and Commercial Vehicles

Second Quarter

In Q2 2009, Iveco reported revenues of €1.8 billion, down 43.2% year-over-year, mainly due to lower sales volumes resulting from the severe economic crisis. Iveco delivered 25,921 vehicles, a 56.1% decrease over the same period in 2008, reflecting a sharp drop in demand and measures to reduce dealer inventories. A total of 17,092 vehicles were delivered in Western Europe (-55.1%). Significant declines were experienced in all principal markets including Italy (-40.7%), France (-59.2%) and Germany (-54%) and were particularly marked in Great Britain (-77.8%) and Spain (-64%). Volumes were also down in other regions: deliveries fell 77.9% in Eastern Europe and 29.8% in Latin America. In Western Europe, the market for ≥2.8 ton trucks and commercial vehicles contracted significantly (-39.1%) over Q2 2008. Demand declined significantly in all segments: -37.6% for light vehicles, -35% for medium vehicles and -45.5% for heavy vehicles. Demand also fell sharply in all major European markets: Italy (-35.7%), France (-33.5%) and Germany (-29.8%), with particularly sharp declines in Great Britain (-50.1%) and Spain (-58.9%), which had already experienced severe contractions in 2008.

Iveco’s market share in Western Europe was 9.0% for the quarter, down 1 percentage point over the second quarter of 2008. Share of the light vehicle segment was down 0.9 percentage points reflecting continuing competition from car-based “van” models. Share of the heavy segment fell 1.8 percentage points, driven by the significant drop in the Spanish market. Iveco increased its relative share in Spain, however, by 1.2 percentage points. Share of the medium segment decreased slightly (-0.3 percentage points), although significant improvements were recorded in Italy (+4.4 percentage points) and France (+4.5 percentage points).

Iveco closed the second quarter with a trading profit of €18 million, compared with a profit of €248 million for Q2 2008. The decrease was primarily attributable to the sharp reduction in sales volumes, only partially offset by extensive cost containment measures adopted throughout the organisation. After-sales activities, Latin America and the special vehicles business continued to provide margin support.

During the quarter, Iveco launched the EcoDaily, the latest transformation of a model that, so far, has sold 2 million units. The new vehicle underwent both styling and engine upgrades, in addition to enhancements to comfort and electronics. The EcoDaily’s principal feature is the two engines which meet the strict new EEV standard (Enhanced Environmentally-friendly Vehicle): a natural gas/gasoline bifuel engine and an electric motor.

First Half

Iveco posted revenues of €3.3 billion for H1 2009, down 45.9% over the same period for the prior year. Iveco delivered 47,406 vehicles, a 59.5% decrease over the same period in 2008, reflecting the sharp drop in demand and measures to reduce dealer inventories. A total of 31,523 vehicles were delivered in Western Europe (-59.6%), with sharp declines in all markets. Volumes were also down in other regions with deliveries falling 79.3% in Eastern Europe and 31.4% in Latin America. In Western Europe, where the market contracted 37.7% over the first half of 2008, Iveco had an overall market share of 9.2%, down 0.7 percentage points over H1 2008. Iveco’s share declined in both the light segment (-0.6 percentage points) and heavy segment (-1.8 percentage points). In the latter segment, Iveco nevertheless posted a notable performance in Spain (+5.3 percentage points) and a share increase in Italy (+0.3 percentage points). Market share was flat in the medium segment compared to H1 2008, with significant improvements recorded in Italy (+5.6 percentage points), France (+4.5 percentage points) and Great Britain (+0.9 percentage points). In H1 2009, Iveco had a trading profit of €6 million, compared to a €470 million profit for the same period in 2008, with the decrease reflecting the sharp contraction in sales volumes.

Components and Production Systems

FPT Powertrain Technologies

FPT Powertrain Technologies reported €1.3 billion in revenues for Q2 2009, a 40.5% year-on-year decrease. Sales to external customers and joint ventures accounted for 15% of the total (21% for Q2 2008). The Passenger & Commercial Vehicles product line closed the quarter with revenues of €891 million (-20.2%), 93% of which was from sales to Fiat Group companies. A total of 631,000 engines (-12.2%) and 579,000 transmissions (-2%) were sold during the quarter. Industrial & Marine reported revenues of €360 million, down 63.8% over the second quarter of 2008 due to sharp volume declines. A total of 62,000 engines were sold (down 61%), primarily to Iveco (37%), CNH (27%) and Sevel (25%), the JV for light commercial vehicles. In addition, 12,000 transmissions (-66%) and 23,000 axles (-74%) were delivered.

FPT closed the second quarter of 2009 with a trading loss of €26 million, compared to a trading profit of €87 million for the same period in 2008. The sharp contraction in volumes and less favourable sales mix were only partially offset by measures to reduce purchasing, manufacturing and overhead costs.

For the new Iveco EcoDaily, FPT Powertrain Technologies developed two 2.3-litre engines (106hp and 126hp) and two 3-litre engines (140hp and 170hp). The latter meet the EEV standard (Enhanced Environmentally-friendly Vehicle), the strictest European emissions standard. The range of FPT engines for the EcoDaily was completed with the Natural Power version, offering a bifuel engine (natural gas/gasoline) that is also EEV compliant. Developments in diesel applications for medium- and heavy-duty vehicles include the launch of production on the new CNG powered Cursor 8 engine which offers improved performance and complies with the strictest emissions standards. In June, FPT signed a strategic cooperation agreement with Perkins Engine Company Limited for the long-term supply of a “clean” 3.4-litre engine for use on agricultural and construction equipment. In May, the SAIC Fiat Powertrain Hongyan joint venture launched production of Cursor 9 diesel engines at the new site in Chongqing.

FPT reported €2.4 billion in revenues for H1 2009, a 42.3% year-on-year decrease. Sales to external customers and joint ventures accounted for 16% of the total (22% for 2008). In H1 2009, Passenger & Commercial Vehicles reported revenues of €1,601 million (-24.3%), selling 1,122,000 engines (-20%) and 1,048,000 transmissions (-10%). Industrial & Marine had revenues of €751 million (-62%) delivering a total of 127,000 engines (-60%). FPT reported a trading loss of €84 million for H1 2009, compared to a trading profit of €134 million for the same period in 2008. The first six months of the year were also heavily influenced by the sharp decline in volumes and a less favourable mix, partially compensated for through increased efficiencies.

Magneti Marelli

Magneti Marelli reported €1,152 million in revenues for Q2 2009, down 28.7% over the same period in 2008, mainly due to the overall decline in volumes experienced across business lines (with the exception of positive sales performance in China) and unfavourable exchange rates. Market conditions continued to be difficult in the second quarter, but the level of revenue decline recorded by the Sector was less severe than for the first quarter, due in part to the positive effect of government incentives introduced in several markets.

The Lighting business saw a slight improvement, especially in Italy, Turkey and the Mercosur region. Revenue increases in Germany and the Czech Republic were only felt in June, however. Engine Control partially offset the decrease recorded in Europe with improvements in China and India. There was an increase in sales of Suspension Systems and Shock Absorbers in Poland, to both external and Fiat Group customers, of Exhaust Systems in Brazil, to external customers, and of telematic products (Portable Navigation Device) for the Fiat 500.

For Q2 2009, Magneti Marelli posted a trading profit of €1 million, reversing the negative result recorded for the first quarter of 2009. Compared to Q2 2008 (trading profit of €72 million), trading performance was impacted by lower sales volumes and a less favourable product mix, partly offset by improved production and purchasing efficiencies and the initial effects of overhead reductions. During the quarter, Magneti Marelli released several new components for engine control and lighting systems, developed and produced for several major European automakers. For the first half of 2009, Magneti Marelli reported revenues of €2,128 million (-27.8%). Magneti Marelli reported a trading loss of €39 million for the first half of 2009 compared to a trading profit of €117 million for the corresponding period in 2008. This decrease is attributable to the sharp decline in volumes, offset in part by cost containment measures implemented.

Significant events: second quarter 2009 and subsequent to 30 June 2009

On June 10th, Fiat Group and Chrysler Group LLC finalised the agreement for a global strategic alliance. On the same date, the new Chrysler became operational. Under the agreement, Chrysler will have access to Fiat’s world-class technology, platforms and powertrains for small and medium-sized cars, enabling the US automaker to expand its product offer, including low environmental impact vehicles. Chrysler will also be granted access to Fiat’s international distribution network with particular focus on Latin America and Russia. The alliance represents an important step toward positioning Fiat and Chrysler among the leaders of the new generation of global automakers. Fiat has a 20% interest in the newly-formed Chrysler Group LLC, which could increase up to a total of 35%, if specific targets are achieved. Fiat will have the right to take a majority interest in Chrysler once the government loans have been entirely repaid. In June, the European Investment Bank (EIB) and Fiat Group signed an agreement for €400 million in financing. The loan, which is to finance the Group’s automotive research and development projects, was issued under the European Clean Transport Facility (ECTF), an EIB financing programme for European manufacturers aimed at investment in the areas of emissions reduction and energy efficiency. At the beginning of July, Fiat and Guangzhou Automobile Group Co., Ltd. (GAC Group) signed a framework agreement to establish a 50/50 joint venture for the production of cars and engines for the Chinese market. The agreement calls for the construction of a new plant with an expected total investment by the joint venture of more than €400 million. Upon completion of the first phase of development, the plant will have a production capacity of 140,000 cars and 220,000 engines per year, with the option to subsequently increase capacity to 250,000 cars and 300,000 engines per year. Production is scheduled to commence in the second half of 2011.

2009 Outlook

The Group delivered results in the first semester of 2009 in line with its internal expectations, with the first quarter being characterized by erratic declines in demand, and the second beginning to show the full effect of the restructuring and cost containment efforts started in the latter part of 2008. We expect an improvement in the remainder of the year, as trading conditions stabilise and improve for most of our businesses. We confirm our view that the truck market and the construction equipment business will continue to suffer depressed demand for the major portion of the year, with signs of recovery only visible in the 4th quarter. On the basis of performance to-date and barring unforeseen systemic shifts in demand, the Group reaffirms its view that the following conditions will materialise for the whole of 2009.

• Global demand for our products will decline ~20% compared to 2008.
• Group trading profit will be in excess of €1 billion.
• Restructuring charges of ~€300 million and other unusual costs ~€200 million.
• The net result for the Group will be in excess of €100 million.
• Group net industrial cash flow will be in excess of €1 billion, with net industrial debt levels below the €5 billion mark.

While working on the achievement of its objectives, the Fiat Group will continue to implement its strategy of targeted alliances, in order to optimise capital commitments and reduce risks.
 

© 2009 Interfuture Media/Italiaspeed